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If prices go down due to this scandal, it might be a decent time to buy and make some money once it comes back up. (Of course, you'll have to do so on an exchange where you'll actually be able to get your money back).
That being said, crypto is still volatile. It can be a small part of a diversified portfolio, but put most of your assets into low-risk.
If prices go down due to this scandal, it might be a decent time to buy and make some money once it comes back up. (Of course, you'll have to do so on an exchange where you'll actually be able to get your money back).
That being said, crypto is still volatile. It can be a small part of a diversified portfolio, but put most of your assets into low-risk.
What is your thought on coinbase? it seems like a good reputable exchange.
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.
With the recent FTX scandal do you think it's still wise to invest in Crypto or is it just one big Ponzi scheme?
I've never invested but thought crypto might be lucrative but since the FTC scandal, I'm not sure anymore. It seems risky and not backed by anything.
Respectfully, the FTX scandal has NOTHING to do with the underlying instrument. Just like if a banking institution goes bankrupt due to fraud, or otherwise, the dollar isn't a Ponzi scheme.
Respectfully, the FTX scandal has NOTHING to do with the underlying instrument. Just like if a banking institution goes bankrupt due to fraud, or otherwise, the dollar isn't a Ponzi scheme.
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.
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