Buy Crypto Or Have Fun Staying Poor! - page 9.

laredo7mm

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f you come to crypto just because of quick profits, i think you will always stay being poor because of your mindset. But if you come to invest in crypto because you believe in it and you know there are a lot of opportunities to make profits, then i think crypto will make you progress. But honestly, there is still no guarantee in crypto but as long as you know how to manage your investments and always make it right, and invest on the amount you can afford to lose, then probably you will also grow and make more progress in your life.

You know what most of coming to crypto by saying I am here for the sake of technology but when you lose their initial investment because of being overconfident they leave crypto with depression. Do you know 95% of crypto investors lose money and this number is going higher? Most investors lost their capital because of their over-expectations. If a newcomer came to crypto by seeing 2,50,00000% raise of Shiba inu over the year and expect that from every coin then what would happen? We need a mature mindset and control of our greed.

Let's see some data about new crypto traders.

1. 80% day traders in crypto quite trading after first two years and in three years its touch 87% to 90%.
2. Only 60% of crypto day traders still trade after one month.

That's means most of the traders lose their capital or are in a negative fund even before they understand what actually crypto is.

Tumanggor

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Quote from: bonyaserg on January 17, 2022, 05:16:17 AM

Quite right, I also tend to believe that fiat money will simply disappear and there will only be digital money with which it will be possible to carry out financial transactions. So time goes forward and the entire banking system will change with the transition to cryptocurrency. So now we are only on the verge of new discoveries and therefore I think it is necessary to invest in cryptocurrency, as in the future it will bring great profits for all of us. Good luck to everyone and great success in business.

the DAO concept will shift the bank. Currently, the majority of human transactions still depend on third parties, namely banks. when mass adoption of crypto occurs then banks are not really needed anymore

large amount of transactions directly from personal wallets to other people is the future that many people look forward to, banks will only lose out over time

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Quote from: bonyaserg on January 17, 2022, 05:16:17 AM

Quite right, I also tend to believe that fiat money will simply disappear and there will only be digital money with which it will be possible to carry out financial transactions. So time goes forward and the entire banking system will change with the transition to cryptocurrency. So now we are only on the verge of new discoveries and therefore I think it is necessary to invest in cryptocurrency, as in the future it will bring great profits for all of us. Good luck to everyone and great success in business.

Just disappear for no reason? do you mean the earth has been crushed by the waves of the sea?
The fact is that we use crypto to buy housing and buy a loaf of bread to eat. Fiat will not disappear, but its value will continue to decrease over time. Digital transactions will expand, but the government is not an institution that is all friendly to the existence of cryptocurrencies. Aren't a few of them opposed?

So to anticipate the loss of value in fiat, the government began to raise the CBDC so that one day when all the useless paper money was scattered, the government would know how to regulate public finances so that they continue to flow into state funds.

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Quote from: Fivestar4everMVP on January 16, 2022, 10:10:23 AM

If you're still primarily holding fiat, you're not paying attention to what we do here on a daily basis. Inflation, according to Elon Musk, is the most regressive of all the tasks. The US dollar has been the strongest currency for the past 100 years, yet it has lost 95% of its purchasing value since 1913. Fiat currency will always lose value over time, but cryptocurrency will always gain value over time; the two are moving in different directions. According to recent studies, 40% of all US dollars in circulation were printed in the last twelve months. Every day, they are printing away our wealth. Opt out and invest in cryptocurrency instead.

Yes and No.

Yes for the fact that fiat has been losing its value and it has been created to lose its value because of its unlimited supply.
No because buying crypto isn't mean that you will already be rich. Most of the investors who tried to invest into crypto ended up as losers. Why? They just invested just because they are greedy enough that they didn't learn anything about crypto including its risks.

I'm not saying that not buying crypto will make you poor because I myself bought some cryptos and TBH, I'm not into the place where I am right now if I didn't bought cryptos years ago but on the other hand it doesn't mean that if you bought crypto it will make you rich already. It also comes with different factors like risk tolerance, your knowledge about crypto and how you will earn money from it. Another one though is that not all "cryptocurrency will always gain value overtime" and in fact there are only a few coins that gained value overtime. Those other coins especially altcoins? They just went down, and down, and down. Only Bitcoin and other top coins gained value.

andriarto

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Inflation that occurs from year to year and continues to increase, of course, makes people dislike saving, whose value development is not greater than the increase in inflation. until finally there is a cryptocurrency that provides a much greater development than an increase in inflation, but to invest of course we must study it first, because it contains risks, so not all crypto buyers profit from it

Mauser

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Comparing 1913 dollar value to today's value is a bit misleading on it's own because the salaries also changed a lot compared to 109 years ago. With a good salary today we can save much more than back in the days. I agree with you that inflation is the biggest risk we face today. For more than 10 years we have been in a low interest rate environment waiting for inflation to pick. This is politically motivated so people don't leave their money in a savings account. The government tries to force us to invest our money. To get around it the only real alternative is to save money in crypto currencies. It doesn't seem like that inflation is going to slow down in the near future. The biggest mistake is right now is to keep fiat money at the bank with 0% interest rate.

bonyaserg

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Quite right, I also tend to believe that fiat money will simply disappear and there will only be digital money with which it will be possible to carry out financial transactions. So time goes forward and the entire banking system will change with the transition to cryptocurrency. So now we are only on the verge of new discoveries and therefore I think it is necessary to invest in cryptocurrency, as in the future it will bring great profits for all of us. Good luck to everyone and great success in business.

Poker Player

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Actually what the OP says is true of investments in general. Before Bitcoin came along, it could be applied to stocks of good companies, gold, Real Estate, etc. Investing, apart from wanting to make a return, is a way to hedge against inflation. With the Bitcoin, we have the best asset to protect against inflation and the most profitable, at least so far, since its creation. The OP skates in including shitcoins as Lucius says, but the picture he paints is generally correct.

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Well in the first place wouldn't the ones able to buy crypto in the first place the not poor ones? Most people use fiat simply because they can't afford to invest in anything else, though if one has savings somewhere that is just sitting in fiat, well now that is the time then to actually invest it in something and not let it sit there. I'd recommend crypto really, but spreading your assets to other investments should also do you good, just so that you can avoid getting destroyed by the volatility of the crypto market. That is, if you have the capacity to invest, if not then honestly worry about living another day before anything else.

maju69

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Buy crypto or have fun staying poor? I will answer Buy crypto then have fun.
Those of us who have been in the crypto world for a long time will definitely choose to buy crypto. But not with beginners, it will be a long journey for them to decide whether they invest in crypto or not. They certainly wouldn't be so quick to decide, unless they had a lot of courage.

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Quote from: Fivestar4everMVP on January 16, 2022, 10:10:23 AM

Opt out and invest in cryptocurrency instead.

Investment in fiat is really not a good choice in this time, the best option amongst a few other choices for keeping, ensuring and making future investment is cryptocurrency. But care should be taken on the cryptocurrency to buy because not all crypto bought or investment in have the ability to eradicate poverty and ensure wealth. A wrong investment in crypto can lead to losses, so you must exercise caution, and seek professional help if you cannot come a decision on your own on which crypto to invest in.

laredo7mm

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Quote from: The Cryptovator on January 16, 2022, 01:55:11 PM

Agree with OP. Fiat losing value day by day, its not all about US currency, all fiat value goes down. Once we notice increasing price of our daily needs, means fiat value decreasing. And in the current world's economy we can see reflection of daily needs prices. However, investing crypto is the best choose to increase your portfolio if you have patience. You need hold for longer, because always can't make profit from cryptocurrency instantly.

There is no doubt that crypto is the best choice to get rid of inflation but you have to understand it's a very risky place too. 100 new projects coming every day with new promises. Most of them failed and rekt their investors. Last year I almost lost 10k in a few projects and this is the scenario with most of the new investors. From this point of view, other valuable assets like gold and silver are better for someone who does not understand how to utilize cryptocurrency. To earn money from crypto patience is not the only essential element but also you have been smart about your money management and control of your greed.

Quote from: The Cryptovator on January 16, 2022, 01:55:11 PM

Holding fiat in Bank wouldn't help us to increase our wealth. But if we could take risks then crypto would change our life once a time. But keep in mind, everyone can't be a gainer from crypto. It's because once you are gaining someone loses on the other hand.

Most of the new investors came to crypto because of their greediness of grabbing some quick money. These people end up being calling crypto is a scam by losing everything! Be realistic with your expectation and manage your risk with simple money management. Do not be overconfident and do not chase the market because opportunity will come.

Sterbens

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Quote from: Fivestar4everMVP on January 16, 2022, 10:10:23 AM

Fiat currency will always lose value over time, but cryptocurrency will always gain value over time; the two are moving in different directions. According to recent studies, 40% of all US dollars in circulation were printed in the last twelve months.

That's sweet, but what about the bitter moments we've had so many times with crypto? Seeing dollar inflation is indeed the right choice is to divert our funds in crypto. Not a few people who lack information and knowledge of investing in crypto are poor as a result of choosing the wrong initial step. The nature of crypto that has up and down movements is not always crypto has value. How many cryptos have also failed in the market in the end? That indicates that the only way is to have the right choice of where our finances will be stored. not on all types of cryptocurrencies in general.

vv181

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Seems those kinds of narratives are making cryptocurrency as a get cash quick scheme whereas we already saw some people are allured here because of it. The idea that cryptocurrency is a gateway to exit poverty seems promising for some people who are aware others is gaining an enormous amount of money, and they got excited and fomo'ed while doesn't get a grasp of the bigger picture.

I rather think of it as an exaggerated move, I mean there are many ways to beat inflation, cryptocurrencies may offer some better benefits than others, but most people are really should take into consideration of what they truly know instead of blindly investing in cryptocurrencies.

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Quote from: Reid on January 16, 2022, 02:36:24 PM

What about the risk factor? You cannot please everyone and not just anyone have the courage to buy cryptocurrencies or Bitcoin. Traditional thing is to save money in the bank, in fiat. That is the safest up until now even though there is no increase with whatever you save. Banks trust rating is still higher than anything even a piggy bank.
Not against it but lets just list the facts first in this pandemic. Having fast cash when you need it is the one being supported and not cryptocurrencies where you have to go with a lot of steps before taking it out as a means of purchasing.

Risks is always been part of investment and it should really be that a basic thing on which you should be aware about whenever you had decided to step your foot into this market.There's no such thing
about safe-haven when it comes to investment thats why its part of consideration on thinking off on how things should be done.

Have fun on staying poor? Not always the case because we are all aiming on making our lives better, it is really just that there are people which couldnt do a thing eve if
they wanted to do because of lacking capacity or capability.

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Broadly speaking, this is absolutely true and today we always see how fiat money plays a role from year to year. especially if the monetary crisis occurs gradually which makes fiat money just a pile of paper.

On the other hand, the existence of cryptocurrencies, especially bitcoin, provides a store of value. But fiat, especially the US dollar, will always be maintained and made to exist. Of course, in this case, we have a choice, and when it all comes down to the storage of value in bitcoin as a whole what happens to fiat?

In my view, with the scattering of cryptocurrencies, there is only one option as a store of value, namely Bitcoin. and for what you said about "cryptocurrency will always gain value over time" that's not entirely true either. We cannot forget the fluctuations and market diversity that sometimes discourage investors and traders from leaving one crypto for another. So in this case I think it would be more appropriate if "~~cryptocurrency~~ will always gain value over time" to "Bitcoin will always gain value over time".

That would sound more specific, rather than general. Because in the figure of speech the specific statement refers more.

wheelz1200

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Quote from: Fivestar4everMVP on January 16, 2022, 10:10:23 AM

If you're still primarily holding fiat, you're not paying attention to what we do here on a daily basis. Inflation, according to Elon Musk, is the most regressive of all the tasks. The US dollar has been the strongest currency for the past 100 years, yet it has lost 95% of its purchasing value since 1913. Fiat currency will always lose value over time, but cryptocurrency will always gain value over time; the two are moving in different directions. According to recent studies, 40% of all US dollars in circulation were printed in the last twelve months. Every day, they are printing away our wealth. Opt out and invest in cryptocurrency instead.

I agree obviously but it isn't an easy all for one one for all. I'd say 99% of the cryptos that are created will eventually lose 100% of their purchasing power. The problem with crypto is weeding through all the garbage. Just stick with bitcoin for the majority of your portfolio and you should be fine, but people gamble too much on all of these "projects".

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I am in agreement that holding wealth in fiat is a very bad idea and is a definitely going to lead to devaluation of your wealth overtime. Some parties may not agree however that ~~cryptocurrency~~ bitcoin is the best alternative. One popular idea you will get here is, 'do not invest more than you can afford to lose', so you cannot use bitcoin as a primary store of value as majority of your wealth is too much to lose.

An alternative is precious stones like gold or silver, or its equivalent.

There was a thread some time back discussing how bitcoiners may be storing majority of their wealth in bitcoin as the alternatives are not as attractive to them, I would say; if you trust the network and can bear the risks involved, then you can lean your investments into bitcoin.

mindrust

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Quote from: Reid on January 16, 2022, 02:36:24 PM

What about the risk factor? You cannot please everyone and not just anyone have the courage to buy cryptocurrencies or Bitcoin. Traditional thing is to save money in the bank, in fiat. That is the safest up until now even though there is no increase with whatever you save. Banks trust rating is still higher than anything even a piggy bank.
Not against it but lets just list the facts first in this pandemic. Having fast cash when you need it is the one being supported and not cryptocurrencies where you have to go with a lot of steps before taking it out as a means of purchasing.

Cash has its place. It is not completely useless. As long as you don't hold huge amounts, it is fine to hold some cash for emergency use. Bitcoin and other crypto aren't risk-free neither. Pakistan banned crypto and some other country which I forgot banned it too recently. If you were living one of those countries and you had your life savings in crypto, your life would become pretty shitty right now. Imagine having all that money in crypto but you can't spend it, you can't convert it to your local currency because of the law. Your only choice is the black market and god knows what is going to happen to you there. I guess diversifying is a good idea. Don't go all in with one position.

Reid

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What about the risk factor? You cannot please everyone and not just anyone have the courage to buy cryptocurrencies or Bitcoin. Traditional thing is to save money in the bank, in fiat. That is the safest up until now even though there is no increase with whatever you save. Banks trust rating is still higher than anything even a piggy bank.
Not against it but lets just list the facts first in this pandemic. Having fast cash when you need it is the one being supported and not cryptocurrencies where you have to go with a lot of steps before taking it out as a means of purchasing.

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