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#1 He chases the latest craze (bitcoin) and goes 100% in.
#2 He is only 28 and claims that he is "financially ruined" because he went from $23K to $4K as if he can't learn from this mistake and correct his behavior at a relatively young age.
Reading this funny article and yes...
[url]https://kriptomat.io/bitcoin-is-falling-but-your-neighbour-is-buying-understand-why/[/url]
Bitcoin did fall. But do you think this is the bottom or just a correction. because the past few days the price of Bitcoin and more important market cap of cryptocurrencies is gaining!
Maybe crypto will see a mainstream adoption soon, but NOT YET!
Here is a great article why crypto is not a thing yet:
[url]https://www.influencive.com/why-cryptocurrency-is-not-a-success?utm_campaign=coschedule&utm_source=faceboo k_page&utm_medium=Influencive&utm_content=This%20I s%20Why%20Cryptocurrency%20Is%20Not%20a%20Success% 20(Yet)&fbclid=IwAR3HX83utHzrpVdYCs1IKdbbMfZ8B_ibO K53H_a8R6VVdxfXADmfi_KpeZE[/url]
It's good to diversify. The fact of the matter is that millennials tend to favor tech over things like "gold" which they see as outdated. Also really rich people also may see interest in bitcoin given the central bank inflation going on. Given it's current market cap I see no reason it can't go up another 10X from here, though at this point it would be better to buy LTC because it will go up 50X if bitcoin goes up 10X.. during bull runs altcoins tend to significantly outperform. There's also Bitcoin SV, Monero, and others which have more developer support... LTC is somewhat of a dead coin at the moment.
There are not something you should have 25% of your net worth in.. maybe 5% tops.
Also.. bitcoin is outdated blockchain tech... at this point there is tech that is 10x better as far as energy usage and transaction speeds, but bitcoin has the name recognition and the support behind it. That's really all that matters for now.
I suggest getting a ledger device and learning how to use it. Otherwise getting a Gemini account setup and simply holding it on the exchange is likely not going to really give you serious problems. It's unlikely the exchange will get hacked... this is really the way to go if you are not tech savvy.
How are other cryptos being mined? Is it same as that of bitcoin's mining process?
Some don't get mined, they are premined, meaning all the coins are distributed one way or the other when the coin goes public. This is often known as proof of stake or some other system. I made most of my crypto money by getting a stake of a currency called NEM (XEM) for free by posting on bitcointalk.. I got 2,250,000 coins and sold most of them in 2017 for proceeds in the mid 6 figures. The tax bill that year was pretty huge. Since then I haven't done much with cryptos besides hold a few BTC. Tax treatment of cryptos is pretty horrid in the US.. you have to track the US Dollar price of the crypto at the time you sell it, even if you are just trading it for another crypto, and pay taxes on any gains... so I could have just went and bought BTC with the NEM but the feds would have demanded tax revenue for that transaction. It's really screwy and so complicated I don't recommend the average person trade a lot of altcoins. I already detest paperwork to begin with which is why I like to keep my life simple so I never have to itemize and hopefully never get audited.
Make no mistake these are all just pyramid schemes to get rich quick. It's amazing how many amazing spreadsheets have been made over the years by every altcoin out there about all these services their coin is going to offer, but none of them ever happen and the devs ultimately just cash out the Dev fund and run... bitcoin is a speculative investment to bet that some other sucker will pay more, and they likely will. Just keep that in mind. That can be said about any investment though.
He has been having terrible years..the firm has been guessing wrong over and over
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That can be said about any investment though.
