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Anyone into Crypto?

Anchorite

Anchorite

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I am not, but I think one of my investment funds dabbles. At any rate, crypto seems to be volatile.

www.cnbc.com

Bitcoin drops below $67,000 as sell-off intensifies and pessimism grows about the crypto's function

Some market watchers have suggested $70,000 is a key level to watch and a break below that could lead bitcoin to decline further.
www.cnbc.com www.cnbc.com

So, what's everyone's take on the topic? Is it a thing? Or not?
I saw a headline that the lady whose mother was allegedly abducted had been made a ransom demand.....for crypto!

What gives!?
 
I am uneasy about it because a group of people agree it is worth something so suddenly it is worth something. Seems to me they could change their mind and start backing something else and my investment dies off. At least investing in a company they have assets...building, inventory, accounts receivables, etc. Something to exchange for their value. But this being worth something because that guy with the pocket protector says it is...not interested. Not that I hold precious metals either. But this is a little too far removed from the mainstream for a fella with 60 in the rear view mirror.
 
Crypto, wasn't that taken from kryptonite (green being fatal for Superman if exposed too long).

Only suckers buy crypto, it's a highly volatile investment and mostly unregulated. It avoids a centralized banking system allowing values to be exchanged by computerized blocks and chains. It can easily be manipulated and gains and losses have no guard rails.

Think of it as the washing machine to launder your money. 🤫
 
Let’s see. People still think our paper cash system, allegedly backed by Gold, is already worthless and that the Gold doesn’t really exist. Crypto, backed by…um…the cloud? And that’s supposed to “feel better”? As someone mentioned above, when I can just launch a crypto “coin” that I named something spiffy anytime I like (I’m sure it’s a bit more involved, but for sure, not regulated), there seems to be quite the risk to “investors”. Some people like to gamble like that, even with stocks. That’s why advisors ask if you’re risk adverse when they get you into mutual funds and stocks. High risk, medium risk, low risk…never “no” risk. I’d put crypto to the far, far, far left of high risk.

Heck, I don’t even like the fact I can’t see and touch the money in my bank accounts 😂. Well, unless I get some out of an ATM every once in a while to “smell that green”!

Besides, Crypto farmers really **** me off because they make the cost of computer video cards and RAM stay at super high inflated priced…priced the top of the line Alienware gaming computer lately?
 
HayesGreener said:
Has anyone cashed in crypto to buy something tangible, like a car or boat ot house
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HayesGreener said:
I am way into Crypto overall and I have made a few bucks... I personally do a crap ton of research, dive into the white papers, tech analysis of a crypto I am interested in etc... Once I made 30k in 1 day on a pretty speculative buy, that was the single best trade I have ever done, I have not replicated that again. Mostly I am buying cryptos that have a very specific technical use case (banking, financial ledger/contracts etc) and holding for the future when all global finance in on blockchain, which will happen although I am not thrilled about it.
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Ozarker said:
Crypto, wasn't that taken from kryptonite (green being fatal for Superman if exposed too long).

Only suckers buy crypto, it's a highly volatile investment and mostly unregulated. It avoids a centralized banking system allowing values to be exchanged by computerized blocks and chains. It can easily be manipulated and gains and losses have no guard rails.

Think of it as the washing machine to launder your money. 🤫
Click to expand...
A volatile investment, HA....it's pure speculation !
 
Trying to purchase real property with any other asset other than cash will require you to be able to show the market value of the purchasing asset used, this will be a tax requirement to prove the basis for the property. The seller can also have issues in valuations to qualify for Medicaid, if a seller ends up seeking assistance for nursing home care. Estate settlements can also be complicated seeking valuations for highly volatile assets as well.

You can have similar issues in selling personal property trading for other assets, where a basis mu8st be accounted for, if valuations might be questioned by Medicaid or taxing authorities, such as precious metals, investment grade jewelry, motor/recreational vehicles.

I'm all in on trading, last fall I swapped a pontoon boat for my Razor, even up, the Razor isn't taxed or road worthy it's not titled so not an issue. Barting is alive and well, but sometimes take the easy road, sell the asset if it's marketable and buy what you're acquiring.

I think there is a place in a sizable portfolio (or young investors) for speculation, unless you can afford to lose it you might play the crypto game, I would not.
 
I think on some level we are all “suckers” with a government that are absolutely terrible stewards of our money.😒
Dollar devaluation?
Probably the best we can do is outpace the rate of inflation.
Thats my silver lining for the day.
 
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