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Cryptocurrency. Quite a concept.

Omega Man

Omega Man

Fortis Fortuna Adiuvat
Staff member
From the Forbes Advisor-

Not only is Bitcoin the first cryptocurrency, but it’s also the best known of the more than 5,000 cryptocurrencies in existence today. Financial media eagerly covers each new dramatic high and stomach churning decline, making Bitcoin an inescapable part of the landscape.

I think I’m too old for this concept.

Whole story here-

https://www.forbes.com/advisor/investing/what-is-bitcoin/

🤑 🤑

OM
 
Yeah, I have some small investments in crypto just for the heck of it, but my retirement is already funded so not worth the risk for me. However, I am fascinated by the premise behind crypto growth.
 
Crypto was invented as a way to launder money without a trace. It has gained some respectability as a good way to gamble but the casinos have a more refined atmosphere. It certainly is volatile. I think if somebody sat at a screen all day, doing day trading so to speak, they might make some money.
 
60 Minutes did a story a few years back, couldn't copy YouTube link a minute ago, but several links to story available with a search.

The US DEA, FBI and others were seeing the laundering operations early on.
 
I was pretty into crypto a while back -- have owned/managed a couple of mining rigs, bought stuff with Monero, attempted day trading on Cryptopia before it got hacked, got in on the ground floor of Electroneum, have owned several weird and obscure currencies, etc.

My opinion is that it's a pretty lousy way to make money nowadays. The time to get in was 5-10 years ago when nobody had heard about it. If I could go back in time and tell my past self to buy $100 in Bitcoin in 2010 and hold onto it, I'd be a multimillionaire now.

In a grand sense, it just seems like a waste of energy now (both literally and figuratively). Bitcoin's algorithm is burning huge amounts of fossil fuels for what is effectively imaginary money. Blockchain technology is kind of neat but it's being used mostly for speculative commodity trading, and that's a shame. It could be far more useful than that.

That being said I still really like Monero. It seems to have the most actual utility of all the cryptocurrencies I'm experienced with. Double-blind anonymous transactions so you can pay other people for things and leave no trace? That's pretty useful for all sorts of stuff.
 
senseamidmadness said:
Double-blind anonymous transactions so you can pay other people for things and leave no trace? That's pretty useful for all sorts of stuff.
Click to expand...

I'm sure it is for some folks. But truth be told I can't think of anything I have paid for that I need this kind of secrecy. Nada! Not a thing.
 
adamchandler said:
:lurk


I'm 35 and already feel old learning about this stuff.
Click to expand...

Welcome to my entire professional life in marketing very high technologies.

Now, being retired, it seems the pace of innovation has increased exponentially. I try to keep up, but so much of it is way over my head.
 
Seems like those trying to bring in a “new” way of currency exchange are suffering. Some of the them (Bitcoin) are down 45%…….since the thread was started :eek
Not for the faint hearted.
OM
 
Omega Man said:
Seems like those trying to bring in a “new” way of currency exchange are suffering. Some of the them (Bitcoin) are down 45%…….since the thread was started :eek
Not for the faint hearted.
OM
Click to expand...

I’m not an investor in crypto but your sentiment goes both ways. I see naysayers pile on saying it’s doomed and stupid and I see blind hype people pile on when it’s up. No one can deny the volatility but for every naysayer, there’s someone who’s’ stoked about it and it feels like a cult. Someone will reply to you in 18 months that’s doubled since your post and 18 months later, you can reply that’s in half again. LOL. In crypto, everyone wins? :)
 
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