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Bitcoin only. Speaking of which, bitcoin being up 5% over the past month is pretty remarkable given the FTX scandal. Perhaps bitcoin is more resilient than many think.
You’re right, but the problem is that FTX is only the latest in a long string of crypto based institutions to screw crypto investors. If Fidelity, Vanguard, ETrade/Morgan Stanley and Schwab all went belly up in a short amount of time, how would you feel holding stocks with any of the others?? Imagine having to order physical paper share certificates and storing them in a safe deposit box because you don’t trust that the “exchange” (your broker) will be in business tomorrow??
Confidence in the institutions is critical in any method of investing, and right now, confidence in crypto is shattered, with prices reflecting that lack of confidence.
It wasn't that long ago when Lehman Bros blew up. But investors with annuities in stalwart companies like AIG were fine...oh wait?
Bitcoin and Etherium are in a league of their own, and they've been bottoming out for a few months now. Who knows if this will hold, reverse, or take off? But for now, it looks like buyers have been coming back in to stabilize the "tug-of-war" so to speak.
“History never repeats itself; man always does.” - Voltaire
Still? The so called currency is “faith based” with nothing concrete behind it. National currencies have the goods and integrity of the named country as a basis while crypto only has the possessors agreeing to its value.
It’s like a popular work of art. A few people think it’s worth a million bucks, so it is. Once that painting gets out of fashion it’s worth next to nothing. So crypto is useful in the short run but no strong entity stands behind it. So only a certain type of person or business should accept the risk of loss of faith. Not me, but I do see its value to some businesses who use it briefly.
What is your thought on coinbase? it seems like a good reputable exchange.
Just want to say that I've been happy with Coinbase and never had any issues. My favorite thing is the Coinbase Card where I can pay for purchases in crypto and get 4% back. Also, it's misleading to compare them to FTX. Coinbase is a listed company, after all, in the US. That being said, crypto advocates encourage people to safeguard their holdings in self custody wallets.
Lastly, I'm not here to recommend (or not recommend) anyone. I just want to express my experiences in light of all the FUD.
It wasn't that long ago when Lehman Bros blew up. But investors with annuities in stalwart companies like AIG were fine...oh wait?
Bitcoin and Etherium are in a league of their own, and they've been bottoming out for a few months now. Who knows if this will hold, reverse, or take off? But for now, it looks like buyers have been coming back in to stabilize the "tug-of-war" so to speak.
“History never repeats itself; man always does.” - Voltaire
Aig’s insurance arm was never at risk in 2008 …they were a separate entity from the divisions that needed a bail out .
Those who held aig insurance products never had a problem or were effected
Still? The so called currency is “faith based” with nothing concrete behind it. National currencies have the goods and integrity of the named country as a basis while crypto only has the possessors agreeing to its value.
It’s like a popular work of art. A few people think it’s worth a million bucks, so it is. Once that painting gets out of fashion it’s worth next to nothing. So crypto is useful in the short run but no strong entity stands behind it. So only a certain type of person or business should accept the risk of loss of faith. Not me, but I do see its value to some businesses who use it briefly.
Not concrete, but bitcoin is backed by the world's computing power, integrity in the blockchain, and the ideals of Satoshi Nakamoto.
Just want to say that I've been happy with Coinbase and never had any issues. My favorite thing is the Coinbase Card where I can pay for purchases in crypto and get 4% back. Also, it's misleading to compare them to FTX. Coinbase is a listed company, after all, in the US. That being said, crypto advocates encourage people to safeguard their holdings in self custody wallets.
Lastly, I'm not here to recommend (or not recommend) anyone. I just want to express my experiences in light of all the FUD.
Thanks, any recommendations on good crypto? Sol and litecoin and perhaps dogecoin have garnered my interest. I'm still reading up on how all this crypto stuff works its a bit overwhelming for a newbie investor.
Bitcoin and Ethereum are out of my price range lol
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Originally Posted by jdhpa
If you mean buying crypto coins and hoping they go up, that isn't investing, that's hoping to benefit from a Ponzi scheme. Which does happen, but it's still a Ponzi scheme.
If you want to invest in crypto, you need to find a publicly traded company that is making products or services that provide value for purposes other than an illegal activity (facilitating a Ponzi scheme doesn't count as providing value). I don't know of any like that, though I haven't looked too hard, either, they may be out there. If you find one, please post it here.
While you're not wrong, this type of reasoning can be applied to any asset whose return is solely dependent on capital appreciation.
Thanks, any recommendations on good crypto? Sol and litecoin and perhaps dogecoin have garnered my interest. I'm still reading up on how all this crypto stuff works its a bit overwhelming for a newbie investor.
Bitcoin and Ethereum are out of my price range lol
You can buy fractional amounts of each coin. IMHO focus on the best of the breed if you want to invest in crypto.
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