Interesting stuff Chris. Thanks for the insight. Do you know anything about litecoin? I’ve been watching that as well. I’m just wondering if that will quietly make a run up the ladder. I’m thinking about buying some litecoin.
I see that bitcoin dropped below $13k around noon today. I’m gonna guess we’ll see it drop below $10k this week. I might consider a purchase then.
Litecoin is very similar to bitcoin. Many people believe that litecoin will replace bitcoin within 5-10 years. The advantages of litecoin are: 84 million coin cap, faster transaction speeds, easier for mining and the transaction fees are very small, as in a few cents, where bitcoin charges around 12USD per transaction. Not sure if this is an advantage or disadvantage but with bitcoin, your wallet is tied to you by a string of numbers, with litecoin the user’s identity is tied to their wallet in ways. Also with litecoin a portion of block rewards from mining goes back into litecoin’s development and funds their developers. From what i’ve seen, litcoin’s value has gone up more recently but looking at last year and early 2017, to me litecoin, litecoin has been treading water. Personally, i got into bitcoins when the value wasn’t even close to where its at now. Where litecoin is at now, reminds me of where bitcoin was when i got into the game.
I think that many people look at cryptocurrency like a bank almost. Bitcoin, Litcoin, ect.. . In my opinion, any type of cryptocurrency should be viewed as a way to invest your money and not as a bank account or a place to holds your funds. The beauty of bitcoin and litecoin is that there really isn’t that “middle man” or in other words “the banks” ripping you off with service charges and all these hidden fees. The only fee with bitcoin or litecoin is a transaction fees, which is a minimal fee especially with litecoin. I other words i will be investing into litecoin in the near future wether I’m putting my personal USD into litecoin or trading in bitcoin for litecoin. Not sure yet.
The best advice i can give a person thats interested in cryptocurrency is to the homework and know what your getting into, only invest money that expendable right away and to do what your gut tells you to do. When i got into bitcoin, my non-computer development friends and family thought i was a f**king idiot for “throwing” my hard earned dollars away. 8 year later now, there all pissed off at theirselves for not listening. I think a good analogy is comparing cryptocurrency to precious metals. Gold, silver, platinum, ect… all experience price fluctuation. Most people don’t have a problem investing into precious metals because their physical objects; meaning, a person can touch, taste, smell, see or anything else. With cryptocurrency, its just a number on a screen until you cash out. Some people argue that with precious metals that there is only so much out there, meaning that the value will always stay the same or grow, but in reality that pretty close to how cryptocurrency works also. I personally do not play the lottery, gamble or do anything else that puts my hard earned money at risk but i will take a calculated risk where i know that my odds are in my favor.
Hope this helps biggill!
Bitcoin = Ponzi Scheme. I would not put a nickle into it.
Even if it is semi legit, I’m guessing the US government will take it down. At least for US citizens. This will happen under the Patriot Act laws that are intended to prevent transfer of funds to terrorists or terrorist governments.
-J.
This is the definition of a Ponzi Scheme: A Ponzi scheme is a fraudulent investing scam promising high rates of return with little risk to investors. The Ponzi scheme generates returns for older investors by acquiring new investors. This is similar to a pyramid scheme in that both are based on using new investors’ funds to pay the earlier backers. For both Ponzi schemes and pyramid schemes, eventually there isn’t enough money to go around, and the schemes unravel.
An example of a ponzi scheme is when your in the mall and a random person comes up to you and says, “If you buy into this for a fixed amount up front(usually a service of some kind) and then do this, your return is going to be so great that the Ferarri, Lamborgini, mansion, ect.. (things that people want but most cant afford) will be yours in a matter of a short period of time”. These people promise you things with no intend to deliver, all there looking for is your money and not your best interest. When this happens, most people can read through the BS because theres not physical data to back up what that scammer is tell you. With cryptocurrency, anyone can see data from day one for that specific currency on the internet. The data is not hidden, and theres countless resources to compare with.
When you buy into cryptocurrency your investment only effects YOU (excluding litecoin because there are only so many coins and thats for a reason so they hold value and gain value). Money is being generated and thrown back into the foundation through mining/blockchaining. Cryptocurrency is 100% legal and is going nowhere. Cryptocurrency is more prevalent in todays society and is going to continue to grow. The closest thing to a Ponzi scheme that relates to money that is present now, should be Wells Fargo. Wells Fargo should be shut down and upper management should be put in prison. Wells Fargo doesn’t care about their customers and are screwing most over finically. Wells Fargo has lost many customers and more importantly has lost trust in most people. If i did bank at Wells Fargo, I would be more concerned about my hard earned money with them, then putting it into Bitcoin. Your money is better off in smaller banks, cryptocurrency or there are many other great investment opportunities out there. I would be willing to bet that Trump will never try to put an end to cryptocurrency because he probable invests in it also. From what I’ve seen in my life, smart investors think outside the box and thats why cryptocurrency is appealing to those that do. I’m also confused on how physical paper money doesn’t fund terrorists too? Sorry for going on a rant and i’m not trying to call anyone out, but comments like this get under my skin because it couldn’t be any farther from truth and reality.
