A Thought About Crypto
By Jim Bauer
@porwest (89267)
United States
June 8, 2021 5:23pm CST
It wasn't until very recently that I became interested in knowing a little bit more about this whole cryptocurrency thing.
Since doing so, it is true that I know a lot more now than I did before. At the same time, I have to admit that there is still a lot of mystery for me surrounding how it all works.
I cannot say that I trust it. I'm not even sure that it is something lasting for the long term. But certainly something is happening with it, and these days when it comes to cryptocurrency, there seems to be no end to new ones being created.
I have started to invest a little bit after opening an account with Coinbase. For now it is simply a matter of playing around a bit. So far, I have only invested a very tiny amount in three main coins.
Bitcoin, Ethereum, and Dogecoin.
Have any of you invested in cryptocurrency? And if so what are your thoughts about it? Even if you haven't invested, I'd be curious to know your thoughts.
So far I have not seen any major movements. But then, the cryptocurrency markets are seeming to take a bit of a rest. And perhaps that is a good thing, considering I am just now getting in at the top of the hype, but during a rest, and so I am essentially not buying in at the top of the market.
13 people like this
14 responses
@lovebuglena (44420)
• Staten Island, New York
8 Jun 21
The only thing I know about cryptocurrency is the name. 
2 people like this
@DaddyEvil (137249)
• United States
8 Jun 21
I know nothing about cryptocurrency... Last year a friend (a customer at Walmart I've known for 14 years) wanted me to buy into a cryptocurrency he was just getting into... I had an extra $100 on me so asked him to invest it for me. (Don't ask me what it was, I can't remember.) Two months later he asked if I'd be willing to sell him my cryptocurrency for $150... I still hadn't gotten around to finding anything out about it, so just agreed. He gave me cash... I still know nothing about it but I figured $50 profit in two months couldn't be bad.
2 people like this
@porwest (89267)
• United States
9 Jun 21
I mean, $50 does seem all right. Not sure when he bought or sold, but I did happen to note that in June of last year Bitcoin (and not sure what coin he bought into) was at $9776 and some change and 2 months later in August was worth nearly $12000. That would made your $100 worth only $122. So, he must have bought in at a different time and at different prices if he was able to make enough to offer $50 and be happy with the transaction.
But I have no idea. lol I'd be curious if you knew what he bought and when and maybe I could see if he gyped you or did good by you. lol
2 people like this
@LindaOHio (176652)
• United States
9 Jun 21
I tossed the idea around for a while; but in the end decided that I didn't want to risk any of our retirement money. The other house is costing us enough.
1 person likes this
@porwest (89267)
• United States
10 Jun 21
It is not something I would ever recommend anyone to put any money in they were not 100% okay with potentially losing. I will willingly invest money I would otherwise consider spending on lottery tickets or at the casino. But beyond that?
I think this is one of the riskiest markets there is currently. So, it is a proceed with low expectation and caution kind of a thing for me.
1 person likes this
@LindaOHio (176652)
• United States
11 Jun 21
@porwest Yeah, it was doing well there for a while; but I think now it's a very "iffy" thing.
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@porwest (89267)
• United States
11 Jun 21
@LindaOHio I have always considered it to be an "iffy" thing despite the numbers. Just too many variables which can simply make the whole thing fall apart.
1 person likes this
@Sam_graphixer (2464)
• India
9 Jun 21
recently cryptocurrency is in a boom .... i have invested once back when it was not much in talk
1 person likes this
@porwest (89267)
• United States
9 Jun 21
Hindsight is always 20/20, and so of course looking at it now I wish I would have learned more and gotten in sooner. BUT, I also trust why I make any decision I make at any time because mostly those decisions wind up being the right one. If I missed the boat on crypto for at least the right reasons, it makes the fact that I did not get in sooner easier for me to swallow considering what may have been the outcome had I in fact gotten in earlier.
If that makes any sense. lol
1 person likes this
@Kouponkaren (5503)
• United States
8 Jun 21
I have not invested in cryptocurrency, but my son who is thirty has invested for years in Bitcoin, and he has made a lot of money. He has tried to explain it to me, but I really don't understand it at all!
2 people like this
@porwest (89267)
• United States
9 Jun 21
Without a doubt, it is a complex market. I still have a hard time understanding the real UNDERLYING value, since there is really nothing tangible to back it up. But that being said, I understand many other things money related, and this is really just money. So, the more I dig into its inner workings the more it makes sense to me, and the better I can make informed decisions about how to deal with it AND make money from it.
"I don't know" for me has never been an excuse to not learn.
@hora_fugit (5863)
• India
9 Jun 21
I have been hearing about it since a long time. Never invoked an interest in me. Then a time came when I could actually invest, so I did. Never cared how it went, after two weeks.
@kaylachan (68488)
• Daytona Beach, Florida
9 Jun 21
It's a little bit of a risk for me, still. Good if it works out, but a bit buggy with it still fairly new.
1 person likes this
@porwest (89267)
• United States
9 Jun 21
The stance I have taken with it is this. I play the lottery and probably spend about $10-$20 a week. It is ALL money I have no intention of ever seeing again. But MAYBE it is worth millions or hundreds of millions depending on what lottery I am playing. So long as it is money I can afford to play, and afford to lose, I think it has some worth.
And so far my crypto "investments" have held more money than the money I spend on the lottery.
If I buy 1000 Dogecoin coins today at $330, and that Dogecoin goes to $1000 per coin, I am sitting on $1 million. It has enough of an appeal to make me at least consider it. Will Dogecoin ever get to $1000? Who knows? Who ever thought Bitcoin would get to $65,000 before it dropped back into the 30s?
In my mind, so long as it is money I couldn't care less if I lose. So long as it is money I might otherwise toss into a slot machine with no return expected at all...
It is a risk I am willing to take.
1 person likes this
@RebeccasFarm (89741)
• Arvada, Colorado
9 Jun 21
I have not invested, have no spare to do so, and am not interested in it.
1 person likes this
@porwest (89267)
• United States
9 Jun 21
Fully understand. But at the same time you know my stance. One does not ever have spare change if they don't figure out how to make it. But THAT being said, in no way and in any lifetime would I EVER in a million years recommend something as risky, speculative, and unknown as crypto to ANYONE, especially one not already somewhat understanding of the basic markets.
1 person likes this
@porwest (89267)
• United States
9 Jun 21
My reason for not investing until now was precisely for that reason. I did not understand anything about it. But it did not stop me from looking into it. I don't like not knowing things, especially when it can potentially make me money if I DO know something.
2 people like this
@NJChicaa (119361)
• United States
9 Jun 21
@porwest Back when I lived at the house we had neighbors across the street who bought the huge house and totally renovated it. It fascinated me b/c neither the husband or wife seemed to have a stable daily job. They were very nice and devoted to God but no regular job.
The wife took care of the 2 young daughters. The husband is one of those who buys cars in any condition and then breaks them down to sell the parts. One day on FB he posted something to his regular account that was supposed to go to some cryptocurrency group. So he is into that as well. I guess he does well enough because he still was working for himself (if that is what you want to call it) as of 2 years ago.
@porwest (89267)
• United States
9 Jun 21
For me, especially when it comes to money, NOT knowing something bothers me. I see people making money and it makes me think about it, wonder about it, and then try to learn about it. My investment philosophy is similar to Buffet's, although obviously my bank account pales in comparison.
But Buffet has always said, "I only invest in things I understand how they make their money."
Taking that stance, I began to look into crypto to understand more about it, how it creates value, what the whole "mining" thing is about and more. The more I look into it, the more I understand it, and the more I can have the ability to make informed decisions about how much, and to what extent I am comfortable being involved with it.
The more I look into it, the more it fascinates me.
And when it comes to money in general, the more I learn about how it is actually made...it has made me far wealthier than I could ever have become had I simply said "I don't know" and left it at that.
When I see a guy in a big house driving a Mercedes I don't want to simply say, "Nice house and nice car." I want to know how he GOT it.
2 people like this
@AkoPinay (11542)
• Philippines
12 Jun 21
I started with cryptocurrency out of curiosity and became addicted collecting various altcoins (Bitcoin Alternatives) for FREE. :-)
I missed blogging at bitlanders and steemit where I earn more cryptos.
@spiderdust (14761)
• San Jose, California
9 Jun 21
I haven't invested in it, but I'm also a bit curious about it. Do you remember Beenz or Flooz back in the late 90s/early 2000s? I used to earn those and use them to buy Walmart gift cards, and then I'd use those gift cards to pay for Christmas. That was the beginning of online earning for me.
I guess I think of cryptocurrency as similar to Beenz, as it was an online currency that I could exchange for real items.
1 person likes this
