What do you think of Crypto currency?
By snowy
@snowy22315 (180702)
United States
August 30, 2023 10:43am CST
The longer I own it the more it seems like a scam I have owned some maybe two and a half years..and all it over does is move incrementally and usually in a downward trend For some kind of hedge against inflation, it sure isn't. Do you have positive or negative views on Crypto?
22 people like this
21 responses
@DaddyEvil (137259)
• United States
30 Aug 23
On the... forced... advice of a friend, I joined a site that paid in cryptocurrency. I didn't do bad earning on the site and it was exciting. When I wanted to put some of that money into my PayPal or bank account, I found out I had to make an electronic wallet with another company to transfer the crypto into and then let the second company exchange it for USD. So I set up the new account with the second company and, as a test, moved $20 into the new wallet.
Something happened but I don't remember what it was but it took me a few days to get back to the second company to ask them to exchange the crypto for USD. I tried to log into my new electronic wallet and kept getting a message saying either my name or password was incorrect. After trying several times, I contacted the company and explained my problem. I was told there wasn't an electronic wallet registered under my name... I asked them to check again and told them when I set the wallet up, how much I'd moved into it and other details they asked me.
They couldn't find it...
Since cryptocurrency is purposely set up to be untraceable, my money was gone. Well, I was mad by then and instead of trying to move more of the money out of the first company's crypto wallet, I told a friend that if she could retrieve the money still in my wallet on the site, she could have it. I gave her the details for my electronic wallet on the first site and walked away. She told me she'd had no problem moving the money into her crypto account in a second company and offered to send it to me through PayPal. I thanked her for retrieving it and told her it was hers.
I don't want to do anything with crypto again.
5 people like this
@snowy22315 (180702)
• United States
31 Aug 23
Sounds very annoying..I am supposedly locked out of blockchain wallet too..but there were only a few Satoshi in there. I have some crypto wit PayPal
1 person likes this
@DaddyEvil (137259)
• United States
31 Aug 23
@snowy22315 When I was earning the crypto, PayPal didn't mess with it yet. They started selling and holding it for people right after I left that site.
2 people like this
@LindaOHio (178568)
• United States
31 Aug 23
@DaddyEvil I did a little bit through that site too. I transferred twice without a problem; but now I've had money in CoinBase for months and haven't been able to transfer it to my PayPal account. I just haven't taken the time to call them to get some advice. I would never deal in cryptocurrency again. Have a great day.
2 people like this
@LadyDuck (471500)
• Switzerland
31 Aug 23
@snowy22315 - Many have lost everything when large crypto currencies companies went belly up.
2 people like this
@snowy22315 (180702)
• United States
31 Aug 23
@LadyDuck There is fraud involved in them too. One guy in the US is being prosecuted
2 people like this
@May2k8 (18359)
• Indonesia
31 Aug 23
As time goes by, crypto prices were not as high as they are now and at the beginning of 2021, fraud began to emerge under the guise of crypto money, for those who don't know about it, they will certainly be trapped. Crypto risks are bigger than stocks, that's why I only collect and staking a few crypto coins.
2 people like this
@snowy22315 (180702)
• United States
30 Aug 23
Even some financial advisors recommend it, or they did. I think you are better off with precious metals.
1 person likes this
@DWDavis (25805)
• United States
31 Aug 23
@snowy22315 Precious metals, if you have physical possession and not certificates, are always good to have in your portfolio.
1 person likes this
@LindaOHio (178568)
• United States
31 Aug 23
I have stayed away from it. I have earned a small amount through one of the social sites but have been unable to transfer it to my PayPal account as yet. Good luck and have a wonderful day.
2 people like this
@snowy22315 (180702)
• United States
31 Aug 23
PP allows you to buy it directly, but since I have purchased it loses money 90 percent of the time. The only gains it makes are replacing some of the value it has already lost, kind of like playing a slot machine.
2 people like this
@LindaOHio (178568)
• United States
31 Aug 23
@snowy22315 I hope it goes up enough that you can get your money back.
@GardenGerty (160665)
• United States
31 Aug 23
If it sounds too good to be true, it is too good to be true. I have not chosen to participate.
1 person likes this
@snowy22315 (180702)
• United States
31 Aug 23
I had to laugh when the IGA type store here put in a crypto machine. I bet 3/4 of the people in this county have no idea what it is other the name Bitcoin, and those that do and .might actually have some are not gonna be shopping in that little dive market. I hope it didn't cost them alot of money to put in.
@snowy22315 (180702)
• United States
30 Aug 23
I think unless you were in at the very beginning you will not make any money with it.
1 person likes this
@snowy22315 (180702)
• United States
31 Aug 23
@reploid You are welcome. I think it is an interesting topic.
1 person likes this
@reploid (1371)
• France
31 Aug 23
@snowy22315 Makes sense. I think you won't make money with crypto if you don't trade at this moment. Trading has a risk that comes with it though (you either earn or lose money) so we got to be wise when trading. Thanks for this nice topic.
@marguicha (223008)
• Chile
30 Aug 23
I am very prejudiced against it. I have no reason not to like it, but I don´t.
1 person likes this
@marguicha (223008)
• Chile
31 Aug 23
@snowy22315 Even the word "cripto" makes it worse.
1 person likes this
@FourWalls (68014)
• United States
30 Aug 23
I have thought since its inception that it’s a scam. It’s worth something “because somebody says” it’s worth it. I’ll stick with cash, because there’s no disputing that gold sitting in the vault in Ft. Knox.
2 people like this
@snowy22315 (180702)
• United States
30 Aug 23
We could all make up codes and say they were worth something.
1 person likes this
@Tampa_girl7 (50250)
• United States
30 Aug 23
I no longer do anything crypto. My son made a bit off of Bitcoins. He had a mining machine he made. I can’t remember what happened, but he no longer does it. It was easy back then to make some money with it . I remember that a single Bitcoin was worth a few thousand dollars.
1 person likes this
@snowy22315 (180702)
• United States
31 Aug 23
I think those who got started early with it early made some money That is great for your son
1 person likes this
@Tampa_girl7 (50250)
• United States
31 Aug 23
@snowy22315 He was still in his teens when he did it. He made really decent money. I need to ask him why he stopped dealing with the Bitcoins.
@hillhjill (23717)
• United States
30 Aug 23
It's all still so confusing to me. I was on one site along time ago that paid in crypto and I couldn't figure it out.
1 person likes this
@snowy22315 (180702)
• United States
30 Aug 23
All those satoshis and what not are worth some small fraction of a bitcoin.
1 person likes this
@hillhjill (23717)
• United States
31 Aug 23
@snowy22315 it still makes me hear spin, I've heard that they want us all to go to one currency. Hope it's not crypto lol.
1 person likes this
@snowy22315 (180702)
• United States
31 Aug 23
I have had mine for years and it has only lost money.
1 person likes this
@freelancermariagrace (27970)
• Philippines
31 Aug 23
I am fairly new to crypto. I do not have any idea how it really works, but I'd like to learn about in the future. Many people are into crypto trading.
1 person likes this
@snowy22315 (180702)
• United States
31 Aug 23
I hope they do OK. Unless one is an expert, I would suggest putting very little into that kind of thing. It is all so speculative.
1 person likes this
@rsa101 (38166)
• Philippines
4 Sep 23
@snowy22315 Yes this is something that was not considered. They were created to skip the bureaucracy in the government but then the scammers were there to take advantage of that loophole.
1 person likes this
@snowy22315 (180702)
• United States
31 Aug 23
It needs some kind of oversight...as people could lose their shirts. Those who have caused people to lose massively have been prosecuted.
1 person likes this
@RebeccasFarm (89882)
• Arvada, Colorado
30 Aug 23
I still don't get it, don't want to, and don't care about it. It's dumb.
1 person likes this
@snowy22315 (180702)
• United States
31 Aug 23
It is something that sounds good in theory, but in practice is something else.
1 person likes this
@snowy22315 (180702)
• United States
30 Aug 23
It is pretty out there especially the mining
1 person likes this
@RasmaSandra (79858)
• Daytona Beach, Florida
31 Aug 23
I don't like to have any doings with crypto. Just give me plain good old money,
1 person likes this
@snowy22315 (180702)
• United States
31 Aug 23
Yep, never really goes out of style .
1 person likes this