Author Topic: cryptocurrency and me  (Read 593 times)

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Offline Albalaha

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cryptocurrency and me
« on: November 05, 2021, 09:47:29 am »
I heard about bitcoin while it was hardly a year old and had miniscule value. Once I was offered 5000 bitcoins in return of one of my system that I denied because I had no means to put in any casino back then nor could I get it cashed in India, that time. Then I heard of it, 5-6 years thereafter while it reached $1,000. I thought oh, had I taken 5,000 bitcoins back then and kept as investment I would have had $5 millions. Anyways, I had a misconception that I can't buy bitcoin in fractions and I thought it has already saturated too. By the time bitcoin reached $50k, I bought ripple for about $3. It started sinking then and bitcoin started crashing daily too. I thought it is over now. I sold ripples at little loss correctly as it went as bad as few cents too.
            Now for a year or so, it again going great. I have bitcoin, ripple, doe, cardano, shiba inu, etc, eth and a few more and I can see good growth too. Shiba Inu, in particular has outdone bitcoin too. Any of you are into crypto? Any predictions?
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Offline ADulay

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Re: cryptocurrency and me
« Reply #1 on: November 07, 2021, 04:50:50 pm »
Good to see you on the boards.


Anyway, in 2017 around Thanksgiving time here in the Colonies, some friends and I were discussing the relatively new concept (to us) of Blockchain and BitCoin and all of that and pretty much decided it was a giant Ponzi scheme with an excellent mathematical back end.

The alcohol was flowing and we eventually all put up $1000US to purchase a "1/10" interest in a BitCoin, each.   Mainly just for grins.  As it was more gambling money than any kind of serious investment, it was joke money over a holiday.

We watched it for awhile and then kind of just blew it off as a novelty and nobody wanted to cash in so it still sits there in my account.   One tenth of a BitCoin.

Do I take BitCoin seriously?  No.  Absolutely not.  It is not part of any plan for the future, retirement, working or even my gambling account.  It is merely a blip on the screen of life and I'll just watch it move up and down from time to time.

"Investing" in BitCoin is a bit of a misnomer for sure.   As with most of the crypto world, people buy into ANY coin that starts up with the hope of riding it to a higher value down the road.    Buying 100,000 "coins" of some newly marketed name at .0000001 cents a coin is only meant to have others pile in after you so that you can sell your "vast holdings" when the valuation gets up to a half cent, hopefully.

Using BitCoin as some kind of investment tool is not really a good idea.  Just looking at the major players in BitCoin should set off warning flags in a person's head.   It's a gambling coin, not a life style investment choice.

Am I planning on selling my BitCoin in the future?  I doubt it.  It's always fun to explain to people how I've really made a killing (not really) with my initial $1000 joke purchase.   As the money came out of my gambling account, it won't hurt a bit if BitCoin craters to nothing in the future.

BitCoin continues to hold its own at the 60K level due to mass media never saying anything bad about it.

Sound familiar?

Anyway, that's just my take on it.    It is my own personal opinion and that is all anyone should take it as. 

I do know two people who have basically swapped out their retirement accounts to purchase BitCoin for the future.   I find those people to be terribly short sighted and not very good at retirement planning but it is their choice.    I'll leave BitCoin to the realm of digital gambling.

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Offline Albalaha

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Re: cryptocurrency and me
« Reply #2 on: November 10, 2021, 05:18:22 pm »
Captain,
 Yours or my perceptions does not change the reality. Like it or not. Bitcoin is a big concept with real market values that could astonish anybody. Shiba Inu grew a billion times in a year without seeking permission of yours or mine. We do not have any control over its future. It could grow further or doom at once. My point is, have you taken a plunge into it and your experience or exposure in it.
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