Torn Between Cryptocurrency

DangZagnut · 2019-05-16T03:09:42+00:00

It's a completely unregulated gambling system manipulated by bots, multiple exchanges, a hard to trace value concept, and pretty much nothing but criminals manipulating it.

Craps has a better return on investment.

but you do you. If you didn't get into it 6 year ago, then probably you won't do too well. Maybe there will be another boom, but that was sort of a one trick pony.

The fact that so many people are getting into the 'get rich quick with crypto' shillers out there, means it's probably gone dry. No one sells you have to get rich doing something unless it's already tanked.

All those 'get rich in real estate' people in 2008 found out how well that went down.

EvilPigletOfDoom · 2019-05-16T06:18:01+00:00

Reading through the comment, it’s funny how most MGTOW are against crypto when it’s the fiat currency that is a fraud. Government forces everyone to use fiat currency that it has the power to create. But everyone has the freedom to choose whether or not to use cryptocurrency. Judging by the price and trading volume, I think more people are using crypto by their own choice.

Talking about manipulation, is there any asset today that is not manipulated? US stock price is high only because of things like 401k, share buyback and fiat currency creation. Real Estate is expensive because of speculation. The truth is it doesn’t matter if your objective is to make money.

And about hacking, if a cryptocurrency like Bitcoin can be hacked, why has not a hacker hack it and steal everyone’s Bitcoin? There is a very high bounty right now with the price at 8k. The fact is Bitcoin has never been hacked. But some stupid people lose Bitcoin to hackers because they don’t know how to keep it safe. Just like how you can lose cash if you get robbed.

Assets like cash, real estate, stocks only belong to because the government or the bank say so. They can take your assets at will as in a divorce for example. But no government can take cryptocurrency at will. Only the person who holds the private key owns the cryptocurrency.

Older_Miggy · 2019-05-16T03:28:33+00:00

No, you should not. Cryptos are a scam. A big electronic nothing.

Look for something more tangible.

anduxo · 2019-05-16T09:24:26+00:00

My suggestion is not to risk savings. It's unlikely that you'll get rich with them at this point. I don't know what's the value of your portfolio, but I'd go something like this:

- $2000-$10,000 in savings/investments: Invest $200-$500 in crypto.

- $10,001-$50,000 in savings/investments: Invest $500-$800 in crypto.

- $50,001-$100,000 in savings/investments: Invest $800-$1000 in crypto.

- $100,000+: 1% maximum (for example, $1,000 if you have $100,000). You can set a maximum absolute value here too, depending on your aversion to risk (for example, invest a maximum of $5,000, even if you have millions).

Like I said, you are unlikely to get rich at this point, but you can use them to diversify, and as some form of leverage in case of hyperinflation or other problems with fiat money.

rogerhuston · 2019-05-16T03:18:10+00:00

Definitely not your whole savings and if you do get into investing there are way better currencies to trade and better yet, companies that generate actual profit you get a piece of. There are sectors that still do really well even in economic down turn like consumer staples. I just don't see any real sustainable value in crypto.

anannab1 · 2019-05-16T03:10:41+00:00

Oh man. I don't know what you have for savings. A thousand or three for playing around money I would be able to lose, then sure. Just understand it's gambling.

But if it's everything for you, well it's up to you. I have FOLE.

cryptotim70726 · 2019-05-16T03:48:45+00:00

Never risk more than you are willing to lose. Also, trading bots improve gains.

Itsbbbitch · 2019-05-16T03:51:31+00:00

I put 400 dollars into it right before the Bitcoin crash just because of the hype. Not sad I lost the money, it's still there waiting for my buy high strategy to work out. If Bitcoin recovers I'll cash out only after it goes above what I paid to enter. As with everything financial, start small, and diversify. I will balance out at some point by putting into Ethereum just to make sure I have that security in case of a future crash to even things out, but I definitely fell out of love with crypto. I believe the reason for the crash is because the government got their hands on it and now controls the supply. Those they can't control they will ban/criminalize eventually.

Learn the difference between FIAT currency and actual commodities. FIAR currency is paper money. All paper money is worthless because it follows a floating rate, not a fixed rate, hence why the interest and the Forex changes every day. Whereas precious metals such as Gold and Silver are fixed and have real value. Concert your paper money into gold and silver ownership (but be careful because banks offer a lot of scams like Gold-Exchange Savings Funds that do nothing but try to devalue the fixed rate charge that is behind precious metal commodities). Go for the real thing not the asterisk (*) version your bank offers.

It's all supply and demand at the end of the day.

Stryker7200 · 2019-05-16T15:48:16+00:00

Only invest what you are willing to lose. For instance, if you were on a trip in Vegas, only invest what you would take to the casino with you etc.

Title	Torn Between Cryptocurrency
Author	ItWillBeOkay_Hope
Upvotes	11
Comments	21
Date	May 16, 2019 3:04 AM UTC (7 years ago)
Subreddit	Posted in /r/MGTOW
Original Link	https://old.reddit.com/r/MGTOW/comments/bp7goe/torn_between_cryptocurrency/
Archive Link	https://theredarchive.com/r/MGTOW/torn-between-cryptocurrency.465079 https://theredarchive.com/post/465079

Comments