VickRoxman wrote: givemeabreak1 wrote: Vick
I played some Crypto a few years back made a killing for a short time then got killed. I should have known better and got out with great profits intead I got out with my skin intact! While I agree it is actually providing a real service but it is also a ponzy scheme! Unfortunately, for the most part the real service is money laundering. Also, bitcoins disappear on a regular basis poof gone. So your wallet goes missing who do you go to complain to lol! Lot's of money to be made but because they have no real value that value can disappear overnight. Yep could be going to 10k but was already at 20k on bitcoin.... Comparing them to a junior failure rate is not fair either lol! Compare it to a gold bar where there is no comparison. If everything goes to hell in a hand basket Cryto's for the most part will go to zero so it is a completely different game!
Sorry to hear you lost money when you were into it. If you were in this a few years ago, a lot has happened and is happening now and it's here to stay!
I understand it's not comparable on the physical aspect of gold but there are several investment similarities. You probably remember Bre X, the biggest gold scam ever.... But what came out of that was the introduction of the NI 43 101. So crypto is and will continue to bring in rules and regulations to prevent scammers. In a few years probably all the banks will allow trading just like stocks, check out TD Ameritrade just to mention one.
One could say gold has no value just like Bitcoin, you make no interest.. it costs money to store it. Gold stocks either pay no dividend or very small, so it's all about it going up in price to make money. How many people bought gold and stocks when the price was soaring in 2011 when the talk was it was going to $2500, $3000, and higher? 8 years later gold is still no where near reaching those highs and when will it get there again? So people loose money in gold and gold stocks just like any investment.
Its been a great year so far and I have to say my crypto portfolio has out performed every single investment I have! Even if it falls out of the sky today, it's still out performed everything with my locked in profits I've taken.
Anyway, I just thought it was worth a chat on the board "while we're waiting". for VIT , a nice break from the usual.