Bitcoin, crypto, NFTs

[Indy]

I only do my official-ish checks at the first of every month, so on June 1st I was down 15.2% from my high of a few months ago. I am sure it is down another few % this month so far.

[Superbone]

Gotta stay the course. This might help you see the big picture Indy and relax:



Notice the overall trend over the history of the stock market.

It's always been a long game I'd still avoid cypto. The volatility and questionable practices to derive cryptocurrency make it a big no for me at this time.

Well, yeah. Don't bet your life savings on it. I have a tiny, tiny stake (less than 1% of my portfolio) in crypto. If it completely gets wiped out, it will have no affect on me. On the other hand, if it skyrockets, it could pay for my Tesla Roadster.

[Superbone]

I only do my official-ish checks at the first of every month, so on June 1st I was down 15.2% from my high of a few months ago. I am sure it is down another few % this month so far.

It is. But hopefully everybody is continuing to pile money into it while we're getting a bargain.

[Indy]

That is what I am doing

[Mori Chu]

I don't know what the future is for crypto. But its original vision as an actual currency has turned out to be complete BS. It has become something different; it's a speculative asset, a gamble, like stocks. Nobody really uses BTC to perform purchases, partly due to high transaction costs and partly due to the high volatility of its exchange value.

I'm not sure what the point of crypto is supposed to be. People invest in it, its value goes up and down, but what inherent value does it have? What value is it linked to? All other currency is actually connected to something that represents actual economic value. Crypto is magic beans.

[Indy]

I don't know what the future is for crypto. But its original vision as an actual currency has turned out to be complete BS. It has become something different; it's a speculative asset, a gamble, like stocks. Nobody really uses BTC to perform purchases, partly due to high transaction costs and partly due to the high volatility of its exchange value.

I'm not sure what the point of crypto is supposed to be. People invest in it, its value goes up and down, but what inherent value does it have? What value is it linked to? All other currency is actually connected to something that represents actual economic value. Crypto is magic beans.

What is the dollar actually connected to? It just means something because we all agree it does.

[Mori Chu]

What is the dollar actually connected to? It just means something because we all agree it does.

Sure, but it is connected to the US economy. If the dollar collapses, it has huge negative ramifications on the US economy and everyone connected to it. To some degree if you hold US dollars you are always going to be able to approach the nation of the USA and extract some asset or value from that currency you hold. Bitcoin is by design connected to no particular central entity, no country, no government, no asset. If the entire Bitcoin economy collapsed, nobody would bear any responsibility. I guess I'm describing fiat currency vs decentralized crypto and I'm just not a believer in the latter.

[AmareIsGod]

It's a great time, if you can afford it, to invest. Just make sure it's a company that will survive the forthcoming recession.

[AmareIsGod]

What is the dollar actually connected to? It just means something because we all agree it does.

Sure, but it is connected to the US economy. If the dollar collapses, it has huge negative ramifications on the US economy and everyone connected to it. To some degree if you hold US dollars you are always going to be able to approach the nation of the USA and extract some asset or value from that currency you hold. Bitcoin is by design connected to no particular central entity, no country, no government, no asset. If the entire Bitcoin economy collapsed, nobody would bear any responsibility. I guess I'm describing fiat currency vs decentralized crypto and I'm just not a believer in the latter.

All of those "assets" contained within crypto have a direct relationship with our current US mint and economy based on the transactions being tied to dollars (USD and other forms of global currency). It's interesting that we're pouring actual dollars into cryptocurrency as an asset only to see it having the potential of tanking the dollars going into it. With stock, you are investing in a company succeeding and profiting from that success. Crypto is really a form of gambling more than stock because, other than jobs for people that work for some of these crypto companies along with the environmental impact of mining and maintaining the ledger, it provides no actual consumable product to society. Crypto is essentially a stock, not a stock market and not a true form of currency.

[Superbone]

It's a great time, if you can afford it, to invest. Just make sure it's a company that will survive the forthcoming recession.

Even better just invest in the total market index. That way you don't have to make that bet.

[Cap]

I'm not sure what the point of crypto is supposed to be. People invest in it, its value goes up and down, but what inherent value does it have?

It’s the only way to pay off ransomware. I guess that gives it value. Just like, ultimately, dollars are valuable because they’re the only way to pay taxes.

[Mori Chu]

Wow.

[Flagrant Fowl]

Big news in Korea the last few days has been about a family that died due to financial troubles partially stemming from massive losses in a Luna crypto investment. Saddest of all was the death of a 10-year-old daughter in the parents suspected suicide plot.

I think cryptocurrency has a place in the financial system, but not as a get-rich-quick scheme that seems to be the allure for most people.

[Mori Chu]

The sooner the fraud-ridden crypto bubble finishes popping, the better.

[Mori Chu]

This sums up the NFT market pretty well.

[Mori Chu]

[Mori Chu]

Kim Kardashian and others fined for hyping crypto "pump-n-dump" scheme.

[Nodack]

Crypto, a rock steady investment.

LOL!!!!

[Superbone]

If you bought crypto when Matt Damon started advertising for it, you'd have lost half of your money.

[Mori Chu]

Oops