U.S. CitiesCity-Data Forum Index
Covid-19 Information Page
Go Back   City-Data Forum > General Forums > Economics
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 03-30-2018, 08:08 AM
 
1 posts, read 1,799 times
Reputation: 10

Advertisements

What is crypto for u?
This is rly important question, so, which cryptocurrency u use and why? Thinking about trading, cus i know some guys who have big profit from crypto
Rate this post positively Reply With Quote Quick reply to this message

 
Old 03-30-2018, 08:15 AM
 
82,996 posts, read 80,473,563 times
Reputation: 58983
not much talk of crypto her anymore since crypto crashed , boy can you imagine if after hitting a record high the stock market plunged 65% ?
Rate this post positively Reply With Quote Quick reply to this message
 
Old 03-30-2018, 09:52 AM
 
7,286 posts, read 5,556,123 times
Reputation: 16256
Crypto has not crashed, but sooner or later it will. For the US only the Federal government can issue money. Sooner or later, if it becomes a big enough issue, it will not be allowed.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 03-30-2018, 10:09 AM
 
Location: North Idaho
25,240 posts, read 33,166,349 times
Reputation: 52027
It's high risk. If you are comfortable with high risk, give it a study and when you think you know enough about it, go ahead and jump in.

However, it's not the best idea to take investment advice off of a public forum where you have no idea about the skill level or the agenda of the posters
Rate this post positively Reply With Quote Quick reply to this message
 
Old 03-30-2018, 10:21 AM
 
3,900 posts, read 2,417,397 times
Reputation: 8708
Quote:
Originally Posted by oregonwoodsmoke View Post
It's high risk. If you are comfortable with high risk, give it a study and when you think you know enough about it, go ahead and jump in.

However, it's not the best idea to take investment advice off of a public forum where you have no idea about the skill level or the agenda of the posters
The problem is, the more you studied it and knew about it, the less likely you would be to go ahead and jump in.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 03-30-2018, 10:27 AM
 
2,102 posts, read 777,965 times
Reputation: 6672
Crypto currencies are NOT MONEY.. at least not yet.

To be a viable 'money' it must become three things:

A medium of exchange, which is demands reliable stability in cross-currency valuations.
A store of value, i.e. not like a head of lettuce which rots very quickly.
A measure of relative worth of goods and services.

To do this cryptos must have durability, portability, divisibility, uniformity, limited supply, and acceptability.

They appear to be durable and are certainly portable, but they are NOT STABLE relative to each other or established fiat currencies.
The rise of alt-coins challenges the 'limited supply' notion, but honestly, nothing but gold retains that quality any more.

But it is in acceptability where the cryptos falter, thus destroying stability and undermining faith in it's value.
It does not matter much that YOU believe in cryptos, but it matters immensely whether you believe that OTHERS believe, and will therefore accept YOUR cryptos.

Until these conditions are met it will remain primarily a speculative commodity for greed-based punters.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 03-30-2018, 10:57 AM
 
Location: Lower East Side, NYC
2,740 posts, read 1,818,932 times
Reputation: 2123
When it comes down to it, anonymous money is just a buzzword for places like my office. I can use the usd, canadian dollar, british pound, euro, yen, etc. with no foreign transaction fee via Fidelity and I believe Charles Schwab offer similar. I don't need some global currency riding on top of that. The concept of an unregulated currency is also rather pointless to me. Why would you buy something with something that fluctuates vs something that's stable? My slice of pizza is $1 be it today, yesterday, tomorrow, or 10 years ago. With the idea of crypto, it could be $1 today, $2 tomorrow, and 50 cents by next Friday. It's kinda like why we don't use gold and silver alongside the USD in America. I feel like there's a benefit to having uniformity in this regard.

And how does one guarantee adoption of a unregulated 'currency'? The dumpling and bodega places I go to ain't going to drop the USD. They don't even except credit cards. I'm not going to maintain two separate balances, and I guarantee countries will make bank on the conversion charges.

Now the underlying technology is the interesting aspect. However, I don't know enough to comment. When the concept of a blockchain first came out, I had issues with envisioning its sustainability. We'll see what happens. If Wall St enables seamless settlement times, I'll probably disable my margin account lol!
Rate this post positively Reply With Quote Quick reply to this message
 
Old 03-30-2018, 12:01 PM
 
Location: Tennessee
28,302 posts, read 21,218,662 times
Reputation: 34702
I made a fairly decent amount of money last year trading ethereum. I got out in early December, and kept what was then $100 of ethereum. That's worth $46.23 right now. I thought about reentering in the $500 range, but didn't. We're now down to $376 on Coinbase. Until there is some evidence of stabilization, I'm not going to try and catch that falling knife.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 03-30-2018, 01:04 PM
 
82,996 posts, read 80,473,563 times
Reputation: 58983
Quote:
Originally Posted by jrkliny View Post
Crypto has not crashed, but sooner or later it will. For the US only the Federal government can issue money. Sooner or later, if it becomes a big enough issue, it will not be allowed.
really , what would you call an investment in anything that lost 65% of its value in a few months with most of it in just weeks .?
Rate this post positively Reply With Quote Quick reply to this message
 
Old 03-30-2018, 01:50 PM
 
2,960 posts, read 1,804,916 times
Reputation: 6454
You are buying one of many but finite answers to a math problem.

These math problems can be easily substituted. There are hundreds of cryptos you can invest in.

So ask yourself, what exactly are you buying and why does it have value?
Rate this post positively Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Economics
Similar Threads
Follow City-Data.com founder on our Forum or

All times are GMT -6. The time now is 03:30 AM.

© 2005-2020, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top