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Crypto Currency

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Contributor

Re: Crypto Currency

Crypto is a speculative asset. By definition, most economy savvy people would not consider it a currency

 

In order for something to work as a currency, it MUST be finite. Otherwise, it can continually be produced and thus not consistently hold value over time. Our US dollar used to be gold backed for this very reason. You see exactly what happens because we get all sorts of inflation when the gov decides to print a bunch of money out - the money becomes worth less as we produce more. Basic supply and demand at work here.

 

Bitcoin, itself IS finite. BUT, it is not the only crypto. Since there's basically no limit on how many different cryptos can be made, it will never be reliably scarce enough to make it long term as a currency. Bitcoin has risen so much in value purely due to speculation, Hype factor, and people buying more and more of it. Just like a pyramid scheme, the people who buy it higher essentially pay the people who got in early because as more people buy it, the more it is worth. Meanwhile, a very.... VERY low percentage of people actually use it as a currency to buy or sell goods or services. 

 

It will continue to rise in value for a while, impossible to precisely predict for how long. Once it reaches saturation and stops growing it will most certainly pop along with all other cryptos and a lot of people will lose a lot of money. If you're savvy with market functions you can perhaps watch for these signs and cash out before the crash and make some money but it's risky long term for sure.

 

Now a gold or other precious metal backed crypto, that's a heck of a lot safer. But at that point why not just own real gold? Because it's hard to use gold as a currency. Once the market continues to develop modern technology currencies based on REAL assets cryptos will be useless.

 

This is just my 0.02 from having no life and being enveloped by the financial world. Take it with a grain of salt, do your own research.

{Cap1 Quicksilver: $750} {Discover It: $1.5k} {Amex BCE: 20k} {Wells Fargo Cash Wise: $6k} {Sam's Club Credit: $967} {Barclaycard Ring: $750} {Chase Slate: $7,500} {Wal-Mart MC: $7.9k} {Chase Amazon: $2k} {Target RedCard: $850} {AU on BofA card: $15k)
Message 41 of 62
Valued Contributor

Re: Crypto Currency


GlennTheAgent777 wrote:

Crypto is a speculative asset. By definition, most economy savvy people would not consider it a currency

 

In order for something to work as a currency, it MUST be finite. Otherwise, it can continually be produced and thus not consistently hold value over time. Our US dollar used to be gold backed for this very reason. You see exactly what happens because we get all sorts of inflation when the gov decides to print a bunch of money out - the money becomes worth less as we produce more. Basic supply and demand at work here.

 

Bitcoin, itself IS finite. BUT, it is not the only crypto. Since there's basically no limit on how many different cryptos can be made, it will never be reliably scarce enough to make it long term as a currency. Bitcoin has risen so much in value purely due to speculation, Hype factor, and people buying more and more of it. Just like a pyramid scheme, the people who buy it higher essentially pay the people who got in early because as more people buy it, the more it is worth. Meanwhile, a very.... VERY low percentage of people actually use it as a currency to buy or sell goods or services. 

 

It will continue to rise in value for a while, impossible to precisely predict for how long. Once it reaches saturation and stops growing it will most certainly pop along with all other cryptos and a lot of people will lose a lot of money. If you're savvy with market functions you can perhaps watch for these signs and cash out before the crash and make some money but it's risky long term for sure.

 

Now a gold or other precious metal backed crypto, that's a heck of a lot safer. But at that point why not just own real gold? Because it's hard to use gold as a currency. Once the market continues to develop modern technology currencies based on REAL assets cryptos will be useless.

 

This is just my 0.02 from having no life and being enveloped by the financial world. Take it with a grain of salt, do your own research.


I think you over simplify things.  A fixed amount of currency will make an ineffective currency.  Like I said if currency would gain in value over time the incentive would be to hoard currency.   And it would lead to economic collapse.  No incentive to invest in companies, no incentive to loan money to people or corporations.   Inflation at reasonsable rates is a good thing. If you get it at 20 percent than you have issues.  But inflation of 2 to 3 percent is ideal for the economy.  That is why you have Fed with their policies tries to keep inflation at this rate.  There is no organization trying to keep cryptocurrencies from becoming volatiale.  

 

  

 

BOA Cash Rewards, AMEX BCE, AMEX PRG, AMEX Ameriprise Platinum, AMEX SPG, CITI AADvantage Platinum, Chase Hyatt, Chase Southwest Premier, Chase Southwest Plus, Barclay Arrival +, Barclay AAdvantage Red Aviator, USAA Prefered Cash Rewards , Cap One Quicksilver, Lendup L card, JCrew, Pottery Barn, Express, NFCU Go Rewards.
Message 42 of 62
Frequent Contributor

Re: Crypto Currency

As of now i am very much enjoying being involved in cryptocurrency investments. Its very volatile lol! I have made an account in Binance and downloaded an app called delta and have subscribded to the subreddits of currencies i have invested in. There is a TON of potential if a currency and the technology behind it does good. And its amazing to learn how each different currency attends to a unique  demand.  I have researched in the last month bunch of currencies and have invested in ICX ,ENG, REQ,XLM etc. The younger the currency is there is a chance to make more profit in the long term assuming technology behind it is solid. For example if a token is at 0.05 cents against $ if i purchase say 20000 tokens for 1000$ even of one token goes to 1$ i make 20000$ profit. Its important to research the team and technology before investing and its important to avoid day trading. Delta app is cryoto portfolio that shows profit and losses as the currency value goes up and down. Its pretty wild west outhere with a lot of scope of profit and loss ,therefore invest only what you can afford to loose. I bought ETH in early december and its already doubled. Last year one ETH was 11$ , when i bought it was 715$ and now its 1400$. The whole blockchain send money to addresses etc are pretty cool , can be viewed by anyone on block explorers and stuff.  I feel we might be witnessing the beginning of something huge here. The more deep you go in to each currency you learn there is a unique purpose for which it is designed.   Its a vast new field .

Btw here is a post of advice from someone who made over 500k profit.

https://www.reddit.com/r/CryptoCurrency/comments/7pgh7u/ive_made_over_500k_in_crypto_here_are_some_g...

 


 

QS 7K | Disc11.5k | Amex Evday 6.9K | AmexBluCsh 20K| NFCU cashrewrds15.5K | NFCU more rewards amex 9.7K|Penfed cshrewrds 5K | Penfed travel Amex 5K|Consumers Cu Visa signature Cash rebate 6.5K | Blispay 2K| Citi Sim 8.5K|Citi Double cash 7.1k| Chase Aarp 4.2K | Chase amazon prime vis sig 8K | Paypal 2% Cash back 300$ | US Bank Cash+VisaSig 1k | US bankAmex 500$ | Walmart MC 10K | Wellsfargo cashwise 1.5K |2nd Disc 3.5K| Amz Store CC 5K | Care credit 5.5K |Marvel MC 5.5K |Good yearCC 2.4k - Over 150k CL all together

FICO SCORES- TU 737, EQ 710, EX 729 , AAOA 1 year. Inquiries TONS.
Message 43 of 62
Valued Contributor

Re: Crypto Currency


DeepKc wrote:

As of now i am very much enjoying being involved in cryptocurrency investments. Its very volatile lol! I have made an account in Binance and downloaded an app called delta and have subscribded to the subreddits of currencies i have invested in. There is a TON of potential if a currency and the technology behind it does good. And its amazing to learn how each different currency attends to a unique  demand.  I have researched in the last month bunch of currencies and have invested in ICX ,ENG, REQ,XLM etc. The younger the currency is there is a chance to make more profit in the long term assuming technology behind it is solid. For example if a token is at 0.05 cents against $ if i purchase say 20000 tokens for 1000$ even of one token goes to 1$ i make 20000$ profit. Its important to research the team and technology before investing and its important to avoid day trading. Delta app is cryoto portfolio that shows profit and losses as the currency value goes up and down. Its pretty wild west outhere with a lot of scope of profit and loss ,therefore invest only what you can afford to loose. I bought ETH in early december and its already doubled. Last year one ETH was 11$ , when i bought it was 715$ and now its 1400$. The whole blockchain send money to addresses etc are pretty cool , can be viewed by anyone on block explorers and stuff.  I feel we might be witnessing the beginning of something huge here. The more deep you go in to each currency you learn there is a unique purpose for which it is designed.   Its a vast new field .

Btw here is a post of advice from someone who made over 500k profit.

https://www.reddit.com/r/CryptoCurrency/comments/7pgh7u/ive_made_over_500k_in_crypto_here_are_some_g...

 


 


You haven't invested in anything.  You are buying currency in order to make profit.  That shows exactly why things are going to end badly.  You aren't buying it to use the currency. Look what Munger and Warren Buffet just said about it.  But whatever it is your money throw it away if you want.  A friend of mine are starting a currency hopefully to separate some fools and their money before the whole thing crashes. 

BOA Cash Rewards, AMEX BCE, AMEX PRG, AMEX Ameriprise Platinum, AMEX SPG, CITI AADvantage Platinum, Chase Hyatt, Chase Southwest Premier, Chase Southwest Plus, Barclay Arrival +, Barclay AAdvantage Red Aviator, USAA Prefered Cash Rewards , Cap One Quicksilver, Lendup L card, JCrew, Pottery Barn, Express, NFCU Go Rewards.
Message 44 of 62
Contributor

Re: Crypto Currency


frogman1 wrote:

GlennTheAgent777 wrote:

Crypto is a speculative asset. By definition, most economy savvy people would not consider it a currency

 

In order for something to work as a currency, it MUST be finite. Otherwise, it can continually be produced and thus not consistently hold value over time. Our US dollar used to be gold backed for this very reason. You see exactly what happens because we get all sorts of inflation when the gov decides to print a bunch of money out - the money becomes worth less as we produce more. Basic supply and demand at work here.

 

Bitcoin, itself IS finite. BUT, it is not the only crypto. Since there's basically no limit on how many different cryptos can be made, it will never be reliably scarce enough to make it long term as a currency. Bitcoin has risen so much in value purely due to speculation, Hype factor, and people buying more and more of it. Just like a pyramid scheme, the people who buy it higher essentially pay the people who got in early because as more people buy it, the more it is worth. Meanwhile, a very.... VERY low percentage of people actually use it as a currency to buy or sell goods or services. 

 

It will continue to rise in value for a while, impossible to precisely predict for how long. Once it reaches saturation and stops growing it will most certainly pop along with all other cryptos and a lot of people will lose a lot of money. If you're savvy with market functions you can perhaps watch for these signs and cash out before the crash and make some money but it's risky long term for sure.

 

Now a gold or other precious metal backed crypto, that's a heck of a lot safer. But at that point why not just own real gold? Because it's hard to use gold as a currency. Once the market continues to develop modern technology currencies based on REAL assets cryptos will be useless.

 

This is just my 0.02 from having no life and being enveloped by the financial world. Take it with a grain of salt, do your own research.


I think you over simplify things.  A fixed amount of currency will make an ineffective currency.  Like I said if currency would gain in value over time the incentive would be to hoard currency.   And it would lead to economic collapse.  No incentive to invest in companies, no incentive to loan money to people or corporations.   Inflation at reasonsable rates is a good thing. If you get it at 20 percent than you have issues.  But inflation of 2 to 3 percent is ideal for the economy.  That is why you have Fed with their policies tries to keep inflation at this rate.  There is no organization trying to keep cryptocurrencies from becoming volatiale.  

 

  

 


Sorry but you are incorrect. I would further your research into how money and economy works. Peter Schiff is one of the smartest people I've come across in my path for understanding, maybe watch some of his stuff. It's very no nonsense and he helps clear the incorrectness of a lot of economists who really don't truly understand the field. He was also one of the few people who predicted the '08 crash. Written several books, you should really read them.

 

A currency supply must be reasonably fixed otherwise it has no real value and won't work long term as a medium of exchange of value. It doesn't have to mean you can't invest, it just means as the economy grows the medium of exchange becomes worth more. To explain further this is exactly what happened in the stages of bitcoin. A whole coin was cheap and people bought lots of them. Now fast forward to today bitcoin trades in crazy decimals like hundreds of a coin for instance. Why do you think people invest in gold? Common sense, it grows in value over time, not depreciate. Cash sitting in your account becomes less and less valuable.... If I were to pick a currency I would want something that grows and has REAL value not fiat currency or cryptos which governments can stop at any time or people can just keep introducing new crypto supply and devaluing the crypto market. Yes some of this is simple, thats the beauty of economy! People sometimes get wayyyyy to advanced so much so that the true nature of the basic laws escapes them. Supply. And. Demand.

{Cap1 Quicksilver: $750} {Discover It: $1.5k} {Amex BCE: 20k} {Wells Fargo Cash Wise: $6k} {Sam's Club Credit: $967} {Barclaycard Ring: $750} {Chase Slate: $7,500} {Wal-Mart MC: $7.9k} {Chase Amazon: $2k} {Target RedCard: $850} {AU on BofA card: $15k)
Message 45 of 62
Valued Contributor

Re: Crypto Currency


GlennTheAgent777 wrote:

frogman1 wrote:

GlennTheAgent777 wrote:

Crypto is a speculative asset. By definition, most economy savvy people would not consider it a currency

 

In order for something to work as a currency, it MUST be finite. Otherwise, it can continually be produced and thus not consistently hold value over time. Our US dollar used to be gold backed for this very reason. You see exactly what happens because we get all sorts of inflation when the gov decides to print a bunch of money out - the money becomes worth less as we produce more. Basic supply and demand at work here.

 

Bitcoin, itself IS finite. BUT, it is not the only crypto. Since there's basically no limit on how many different cryptos can be made, it will never be reliably scarce enough to make it long term as a currency. Bitcoin has risen so much in value purely due to speculation, Hype factor, and people buying more and more of it. Just like a pyramid scheme, the people who buy it higher essentially pay the people who got in early because as more people buy it, the more it is worth. Meanwhile, a very.... VERY low percentage of people actually use it as a currency to buy or sell goods or services. 

 

It will continue to rise in value for a while, impossible to precisely predict for how long. Once it reaches saturation and stops growing it will most certainly pop along with all other cryptos and a lot of people will lose a lot of money. If you're savvy with market functions you can perhaps watch for these signs and cash out before the crash and make some money but it's risky long term for sure.

 

Now a gold or other precious metal backed crypto, that's a heck of a lot safer. But at that point why not just own real gold? Because it's hard to use gold as a currency. Once the market continues to develop modern technology currencies based on REAL assets cryptos will be useless.

 

This is just my 0.02 from having no life and being enveloped by the financial world. Take it with a grain of salt, do your own research.


I think you over simplify things.  A fixed amount of currency will make an ineffective currency.  Like I said if currency would gain in value over time the incentive would be to hoard currency.   And it would lead to economic collapse.  No incentive to invest in companies, no incentive to loan money to people or corporations.   Inflation at reasonsable rates is a good thing. If you get it at 20 percent than you have issues.  But inflation of 2 to 3 percent is ideal for the economy.  That is why you have Fed with their policies tries to keep inflation at this rate.  There is no organization trying to keep cryptocurrencies from becoming volatiale.  

 

  

 


Sorry but you are incorrect. I would further your research into how money and economy works. Peter Schiff is one of the smartest people I've come across in my path for understanding, maybe watch some of his stuff. It's very no nonsense and he helps clear the incorrectness of a lot of economists who really don't truly understand the field. He was also one of the few people who predicted the '08 crash. Written several books, you should really read them.

 

A currency supply must be reasonably fixed otherwise it has no real value and won't work long term as a medium of exchange of value. It doesn't have to mean you can't invest, it just means as the economy grows the medium of exchange becomes worth more. To explain further this is exactly what happened in the stages of bitcoin. A whole coin was cheap and people bought lots of them. Now fast forward to today bitcoin trades in crazy decimals like hundreds of a coin for instance. Why do you think people invest in gold? Common sense, it grows in value over time, not depreciate. Cash sitting in your account becomes less and less valuable.... If I were to pick a currency I would want something that grows and has REAL value not fiat currency or cryptos which governments can stop at any time or people can just keep introducing new crypto supply and devaluing the crypto market. Yes some of this is simple, thats the beauty of economy! People sometimes get wayyyyy to advanced so much so that the true nature of the basic laws escapes them. Supply. And. Demand.


I like how you don't respond to anything I have posted.  Is your post supposed to be comical?  Schiff has said that Bitcoin is the biggest bubble he has ever seen and is headed for zero.  I also predicted the .com bubble and the housing bubble.  They are simple to see.  Amazon is a bubble too.  I try to talk to people who are buying bitcoin and they don't even know the issues with it.   The small block sizes and the 10 minutes between transactions and how unless you very high transaction fees you will never be in a block.  Even if you believed in crypto currencies having value bitcoin would not be the one. 

 

I like how tea companies and companies like Kodak say they are going to start crypto currencies and their stock triples over night.  But I hope people keep drinking the Kool Aid until we have our initial coin offering.  

BOA Cash Rewards, AMEX BCE, AMEX PRG, AMEX Ameriprise Platinum, AMEX SPG, CITI AADvantage Platinum, Chase Hyatt, Chase Southwest Premier, Chase Southwest Plus, Barclay Arrival +, Barclay AAdvantage Red Aviator, USAA Prefered Cash Rewards , Cap One Quicksilver, Lendup L card, JCrew, Pottery Barn, Express, NFCU Go Rewards.
Message 46 of 62
Regular Contributor

Re: Crypto Currency

I've probably made around $600 off of Bitcoin and Etherium over the last several months but I've left much more than that on the table. I've bought a hundred here and there and sold a hundred when it doubled...repeat, repeat, repeat. I know there's a huge downside so I just keep playing with it in small financial quantities and I'm already to the point to where I will only win in the end because I'm not putting my arsse out there to where I'll lose.  I guess it goes without saying I'm not on the path to become the next crypto billionaire.

Message 47 of 62
Frequent Contributor

Re: Crypto Currency


frogman1 wrote:

DeepKc wrote:

As of now i am very much enjoying being involved in cryptocurrency investments. Its very volatile lol! I have made an account in Binance and downloaded an app called delta and have subscribded to the subreddits of currencies i have invested in. There is a TON of potential if a currency and the technology behind it does good. And its amazing to learn how each different currency attends to a unique  demand.  I have researched in the last month bunch of currencies and have invested in ICX ,ENG, REQ,XLM etc. The younger the currency is there is a chance to make more profit in the long term assuming technology behind it is solid. For example if a token is at 0.05 cents against $ if i purchase say 20000 tokens for 1000$ even of one token goes to 1$ i make 20000$ profit. Its important to research the team and technology before investing and its important to avoid day trading. Delta app is cryoto portfolio that shows profit and losses as the currency value goes up and down. Its pretty wild west outhere with a lot of scope of profit and loss ,therefore invest only what you can afford to loose. I bought ETH in early december and its already doubled. Last year one ETH was 11$ , when i bought it was 715$ and now its 1400$. The whole blockchain send money to addresses etc are pretty cool , can be viewed by anyone on block explorers and stuff.  I feel we might be witnessing the beginning of something huge here. The more deep you go in to each currency you learn there is a unique purpose for which it is designed.   Its a vast new field .

Btw here is a post of advice from someone who made over 500k profit.

https://www.reddit.com/r/CryptoCurrency/comments/7pgh7u/ive_made_over_500k_in_crypto_here_are_some_g...

 


 


You haven't invested in anything.  You are buying currency in order to make profit.  That shows exactly why things are going to end badly.  You aren't buying it to use the currency. Look what Munger and Warren Buffet just said about it.  But whatever it is your money throw it away if you want.  A friend of mine are starting a currency hopefully to separate some fools and their money before the whole thing crashes. 


OK. Thank you for your 'opinion'. I have invested for my own reasons and i am pleased about it.

QS 7K | Disc11.5k | Amex Evday 6.9K | AmexBluCsh 20K| NFCU cashrewrds15.5K | NFCU more rewards amex 9.7K|Penfed cshrewrds 5K | Penfed travel Amex 5K|Consumers Cu Visa signature Cash rebate 6.5K | Blispay 2K| Citi Sim 8.5K|Citi Double cash 7.1k| Chase Aarp 4.2K | Chase amazon prime vis sig 8K | Paypal 2% Cash back 300$ | US Bank Cash+VisaSig 1k | US bankAmex 500$ | Walmart MC 10K | Wellsfargo cashwise 1.5K |2nd Disc 3.5K| Amz Store CC 5K | Care credit 5.5K |Marvel MC 5.5K |Good yearCC 2.4k - Over 150k CL all together

FICO SCORES- TU 737, EQ 710, EX 729 , AAOA 1 year. Inquiries TONS.
Message 48 of 62
Regular Contributor

Re: Crypto Currency

Overstock accepts bitcoin, so does newegg. Tons of Non profits accept it. You can buy tons of stuff with it. Must be nice to have Warren Buffet do your thinking for you. Amazon is bubble, are you high? Show me a website that doesn't use aws. They are taking over the world. As far as value of bitcoin its fluctuating but to say its not of value I disagree with. But there are a lot of incorrect statements being made about spending crypto and just regurgitated negative sentiment by its authors own admitting comes from Warren buffet and tycoons invested in big banks. I agree with Deepkc.


My credit .... It's over 9,000!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Message 49 of 62
Moderator

Re: Crypto Currency

Friendly reminder... spirited dialogue is always welcome but please remember to keep your posts respectful, especially when you disagree.

 

Thanks,

--UB

Message 50 of 62