The money you put into Bitcoin is not safe from value fluctuations. Bitcoin is a volatile investment. If you're looking for a “safe” investment with guaranteed returns, then don't invest in Bitcoin or any cryptocurrencies for that matter.
Can we rely on Cryptocurrencies like Bitcoin?
- Thread starter Claudia Love
- Start date
Agree about it being a volatile investmemt and not the best if your looking for something "safe" However, if your willing to take on some risk it can be a great investment. I myself made a 6 figure profit in different crypto investments last year.
I have cryptocurrency but I didn't buy it, I earned it, so I'm playing with house money (no pun intended). There are ways you can earn crypto like earning money at a job. Brave browser pays you for viewing pop up ads, doing online surveys and even playing games can earn you crypto.
Crypto currency is an energy hog, a trinket for first world rich kids. Society has to decide what it wants most, cryptocurrency or electric cars - you can't have both.
Super Ted will save Texans when the grid system crashes again.
Super Ted will save Texans when the grid system crashes again.
Once the cryptos are instituted… and they will be…. May not be in their current format, but it’s coming…. Gov’ts will have access to most transactions, and scammers will be having a field day both inside and outside the gov’t
Crypto currencies are over hyped. I made a list of 10 methods to hack bitcoin and others when it was claimed that it could not be hacked. Within a few years 7 of the methods have been used successfully - there are now defences for that group of 7 but the 3 backdoors still remain.
Then there is the power problem. Currently bit clones currency is a fringe use, and already the electric power to keep it operational is tasking. If it becomes popular it will cease to function and crash the power grid at least as designed.
That being said, the historical Tulip industry " The Dutch Tulip Bulb Market Bubble was one of the most famous asset bubbles and crashes of all time. At the height of the bubble, tulips sold for approximately 10,000 guilders, equal to the value of a mansion on the Amsterdam Grand Canal " was great while it lasted. But the current batch of bit coin clones can not last with present technology.
The concept, redesigned probably is here to stay - much like the use of playing cards in Canada used as money then eventually became the bills we use today. But using playing cards now as currency today? Sure if you have one of the collector ones there worth a fortune (one for 18k) , but a currency it has no value.
See
Bitcoin Uses More Electricity Than Many Countries. How Is That Possible?
Bitcoin Uses More Electricity Than Many Countries. How Is That Possible?
The most popular cryptocurrency wastes energy by design. Why is that, and could it ever be greener?
www.nytimes.com
It’s like taking the the “wheel” (yes, like a car tire), and making it an App…. Then introducing it to the market. Sure, some people will buy the hype… and I bet it will have cool colours and new features… but it will be useless.
We already have money. I have some in my pocket. And no other people or gov’t know how much.
We already have money. I have some in my pocket. And no other people or gov’t know how much.
I believe crypto will set us free. Don’t know if bitcoin is the answer or not, however it has opened the door.
Think about this “Venezuela's annual inflation rate hit 686.4% in 2021, demonstrating a deceleration of consumer price growth versus the previous year when inflation was 2,959.8%, the country's central bank said on Saturday. https://economictimes.indiatimes.co...1-says-central-bank/articleshow/88780741.cms”
Think about what happens to their savings. If a few years back these people only put $100 they would have been so much better off. All they need to remember is a some words to gain access to their wallet and have access to internet anywhere in the word.
Some countries ban their people from even taking out money out of banks in times of trouble. Other countries are completely corrupt and just steal their people’s money.
In the case of bitcoin once the block is created every single transaction is tracked and from what wallet it was transacted to and from. It’s tracked forever meaning you can regulate it. If you receive funds from an illegitimate source everyone can see this and tag it. Think about gold and how easily it can be melted and reformed. Think about all the wars fought over gold, all the energy, resources, mining, environmental catastrophe and people losing their lives and child labour actually mining gold.
The way is for governments to switch to crypto currencies of their own that they can control and to regulate crypto currency and make sure it is from a legitimate source. You can even make it that only bitcoin mined through sustainable means such as hydro electric power or power from inactive volcanoes is allowed. This can be tracked on the blockchain so you can clearly identify clean crypto or bitcoin. It doesn’t need to be mined to work, there is also proof of stake.
Some places already also only accept crypto for payment. You can easily send crypto to anyone around the world from couple of dollars worth to a couple of billion. Try doing that with gold or fiat.
At the end of the day 1 bitcoin is 1 bitcoin. These price fluctuations don’t both me. I am just accumulating and holding.
Regardless this is the way and the evolution of currency exchange for goods and services. What’s 1 bitcoin worth, it’s worth whatever the market decides and what one is willing to give for it or pay for it vs the other selling. Simple.
Satoshi will set us free
Think about this “Venezuela's annual inflation rate hit 686.4% in 2021, demonstrating a deceleration of consumer price growth versus the previous year when inflation was 2,959.8%, the country's central bank said on Saturday. https://economictimes.indiatimes.co...1-says-central-bank/articleshow/88780741.cms”
Think about what happens to their savings. If a few years back these people only put $100 they would have been so much better off. All they need to remember is a some words to gain access to their wallet and have access to internet anywhere in the word.
Some countries ban their people from even taking out money out of banks in times of trouble. Other countries are completely corrupt and just steal their people’s money.
In the case of bitcoin once the block is created every single transaction is tracked and from what wallet it was transacted to and from. It’s tracked forever meaning you can regulate it. If you receive funds from an illegitimate source everyone can see this and tag it. Think about gold and how easily it can be melted and reformed. Think about all the wars fought over gold, all the energy, resources, mining, environmental catastrophe and people losing their lives and child labour actually mining gold.
The way is for governments to switch to crypto currencies of their own that they can control and to regulate crypto currency and make sure it is from a legitimate source. You can even make it that only bitcoin mined through sustainable means such as hydro electric power or power from inactive volcanoes is allowed. This can be tracked on the blockchain so you can clearly identify clean crypto or bitcoin. It doesn’t need to be mined to work, there is also proof of stake.
Some places already also only accept crypto for payment. You can easily send crypto to anyone around the world from couple of dollars worth to a couple of billion. Try doing that with gold or fiat.
At the end of the day 1 bitcoin is 1 bitcoin. These price fluctuations don’t both me. I am just accumulating and holding.
Regardless this is the way and the evolution of currency exchange for goods and services. What’s 1 bitcoin worth, it’s worth whatever the market decides and what one is willing to give for it or pay for it vs the other selling. Simple.
Satoshi will set us free
How will Crypto be different. The more you create, the less valuable they become. That’s how it works. If Global finance changes to a standard crypto, then they will need to produce them just like bills.
It will encourage accountability and discourage criminal activity because every single transaction and decision can be tracked forever as long as the internet or some way of communicating digitally exist. It is efficient and fast. It will discourage corruption because the whole world can see the blockchain. Obviously this type of transparency threatens a lot of people and they will obviously knee jerk backlash against it. Eventually the solution becomes trivial, but people don’t like trivial because this threatens control and power imbalance.
#1…. That does not address the issue of crypto creation and devaluation
#2… It does not stop corruption at all.
A record $14 billion was scammed from crypto investors in 2021.
Now that Salvador has adopted bitcoin, corrupt gov’t employees appear to have gone into citizens wallets and cleaned them out. When these citizens call to complain, they told it will be looked into… and it never is.
Do not kid yourself… someone will always figure out an angle.
I don't trust cryptocurrencies or NFTs. They seem like a massive speculative bubble. Sure, people who were early investors/adopters made millions. Apparently Canada's richest person is a crypto dude (Changpeng Zhao) is worth something like $88 billion. I've never heard of him until recently. His worth is basically double that of the Thompson family (the owners Thompson-Reuters, the descendants of Roy Thompson and his hall). But there are so many unknowns with it. I mean, how easy is it to convert to cash when you want to pull out of the market? How secure are the wallets? I honestly thought that with blockchain, it would be difficult to steal the money, but that doesn't appear to be true.
Those scams have nothing to so with the reliability or security of crypto, but more with greed and ppl not knowing how to safely trade, mostly defi ponzi, and nft phishing.
Most crypto hacks/scams are on the trading platforms, and ppl uwittingly giving it away.... there is nothing more sexure than the blockchain..... just safeguard your keys.
I guess the issue is that many people who bough in early are now millionaires (or more), but the question remains, if you start buying shit now, are you really making an investment? I mean, will one of the thousands of tokens that get minted be worth anything in two years? Plus, unlike the stock market, how do you make wise decisions on a token's value? We saw this past week how a large number saw massive drops in value. Is it easy to get your money out of the system?
I know a little about all of this, but at the same time, not enough to feel confident in investing.
