Crypto firm BlockFi files for bankruptcy as FTX fallout spreads (crime, school)

[TMSRetired]

Originally Posted by mojo101

BUT final decision of invest or not invest is up to the individual?

Come on....they are now "victims" and want someone else held at fault.

Americans have learned not to take personal responsibility for anything these days.

[Mathguy]

Originally Posted by SAN_Man

That's why I crafted my post, I knew it would get a response (most likely from you bc of a prior post of yours).

Do you think crypto is just going to disappear? Poof? Gone with the wind?

Stop trying to imagine me saying something and then strawman me with it.

Crypto will still be around.

I just caution the wild predictions of gains which people have been touting for quite some time.

Do you really want to play the who posted what about bitcoin a year ago game? The search forum can cause some really serious embarassment to some.

[Malloric]

Originally Posted by Mathguy

Stop trying to imagine me saying something and then strawman me with it.

Crypto will still be around.

I just caution the wild predictions of gains which people have been touting for quite some time.

Do you really want to play the who posted what about bitcoin a year ago game? The search forum can cause some really serious embarassment to some.

100k next year for sure. I might, it would be good for me. I dabbled in an irrelevant fraction of a bitcoin back when it was a few thousand then used some of it to buy stuff which is when I kind of got turned off of it. As a currency it's pretty suck.

[SAN_Man]

Originally Posted by Mathguy

Stop trying to imagine me saying something and then strawman me with it.

Crypto will still be around.

I just caution the wild predictions of gains which people have been touting for quite some time.

Do you really want to play the who posted what about bitcoin a year ago game? The search forum can cause some really serious embarassment to some.

Thanks for the answer. You agree that crypto will remain and be around in the future.

Knowing that, wouldn't it be a good idea to get in the game? Give yourself a little exposure in these early years?

[TMSRetired]

Genesis is now in trouble.....the virtual house of coins is crumbling.

People finally realizing they bought "nothing" with their money.

[TMSRetired]

Crypto though was a very good "proof of concept" for central banks around the world.
It proved that a virtual currency can work.

Unregulated crypto with no underlying collateral....it took off.

Now imagine the same..only central banks issue it, regulate it and back its value.

[SAN_Man]

Originally Posted by Malloric

100k next year for sure. I might, it would be good for me. I dabbled in an irrelevant fraction of a bitcoin back when it was a few thousand then used some of it to buy stuff which is when I kind of got turned off of it. As a currency it's pretty suck.

The problem with Bitcoin is that you still have to convert it to dollars to buy stuff. Bitcoin is good for a buy/hold long and hope that it gains value. ie "Store of Value".
Ditto for gold.

One day in the future, we might see merchants accepting crypto/bitcoin en masse, but we're still a ways from that.

I see no issue with the average Joe, buying crypto and holding. Crypto trading is a crap shoot, probably the riskiest asset, wild volatility, with a few major bankruptcies to come.

[Mathguy]

Originally Posted by SAN_Man

Thanks for the answer. You agree that crypto will remain and be around in the future.

Knowing that, wouldn't it be a good idea to get in the game? Give yourself a little exposure in these early years?

Me personally, I think there is too much risk associated with it but I harbor no ill will towards anyone and their investments etc.

[TMSRetired]

Originally Posted by SAN_Man

The problem with Bitcoin is that you still have to convert it to dollars to buy stuff. Bitcoin is good for a buy/hold long and hope that it gains value. ie "Store of Value".
Ditto for gold.

One day in the future, we might see merchants accepting crypto/bitcoin en masse, but we're still a ways from that.

I see no issue with the average Joe, buying crypto and holding. Crypto trading is a crap shoot, probably the riskiest asset, wild volatility, with a few major bankruptcies to come.

For all that Fried did...he's not going to get in much trouble because....it's all unregulated.

[simplechamp]

Wait a minute. Does this mean that when celebrities endorse things they do so out of self interest because they're being paid!? And not doing it as a generous altruistic act to help out the little people!?

I have a hard time coming up with sympathy for people who dumped money they couldn't afford to lose into FTX or any other one of these companies because a celebrity on TV told them to. Hopefully some valuable (if not expensive) lessons will be learned here. Speculation is not investing. Tom Brady or any other celebrity is not looking out for you. FOMO and dreams of hitting it big are not great investment strategies.