JackBull
Hunter
Seems like its a huge scam with the possibility of losing your investment. Can anyone explain what it is and why you think its secure?
Who Owns Cypto?
- Thread starter JackBull
- Start date
contender
Ruger Guru
Nope. I prefer to invest in other, more tangible things like precious metals. You know, lead.
I was a millimeter from dipping my toes in back around 2008. (I'd be doing great now) but like you, just cannot wrap my head around magic electrons having value.
Busterswoodshop
Hunter
I don't get it myself.
If you have your money invested in it.
What happens when the internet goes down ?
Without a computer in hand , your money is useless.
If you have your money invested in it.
What happens when the internet goes down ?
Without a computer in hand , your money is useless.
^^^^^^ is probably the easiest way to describe it.
Has anyone, anywhere, opened a physical "crypto" bank where a person can walk into and withdraw or deposit OR convert cryptocurrency to US$ and walk out??? Can you open a crytpo checking account? How does that work?
Has anyone, anywhere, opened a physical "crypto" bank where a person can walk into and withdraw or deposit OR convert cryptocurrency to US$ and walk out??? Can you open a crytpo checking account? How does that work?
Captain America
Hunter
I have yet to have anyone explain exactly what Bitcoin is or how it works...it's all very abstract and very volatile.
DBnoise
Single-Sixer
I will never use it. My son has. You see that is the way to "cyberly" take over a country causes extreme chaos. Only elitists would have it.
How much is Bill Gates worth? More than some country's are worth. Technology is ruling the world. Technology purposely makes it complex and illogical so you cannot or don't have time mainly to figure it out. Got me going.
How much is Bill Gates worth? More than some country's are worth. Technology is ruling the world. Technology purposely makes it complex and illogical so you cannot or don't have time mainly to figure it out. Got me going.
john guedry
Single-Sixer
I thought I was the only one who thought it was all a scam. But I don't think anyone could change my mind.
I would never invest in something like that either.
Cryptocurrency is owned by a variety of people and individuals including
Individuals
In 2024, 40% of American adults owned cryptocurrency, up from 30% in 2023. The rate of ownership by women has increased from 18% to 29%.
Businesses
Businesses are the biggest investors in Bitcoin, with Binance and Grayscale holding the most.
Governments
The United States government holds over 210,000 bitcoins, valued at approximately $13 billion.
Companies
Tether Limited Inc. owns Tether, a cryptocurrency stablecoin. iFinex, a company based in the British Virgin Islands, owns Tether Limited.
Other notable cryptocurrency owners include: The Winklevoss twins, Michael Saylor, and Tim Draper.
[Cryptocurrency ownership varies by country, with India, Nigeria, and Vietnam leading the way in global adoption. The United Arab Emirates (UAE) has the highest rates of crypto ownership globally.
Cryptocurrencies are not considered to be currencies in the traditional sense. They are stored in a digital ledger, which uses cryptography to secure transaction records and verify ownership.
Individuals
In 2024, 40% of American adults owned cryptocurrency, up from 30% in 2023. The rate of ownership by women has increased from 18% to 29%.
Businesses
Businesses are the biggest investors in Bitcoin, with Binance and Grayscale holding the most.
Governments
The United States government holds over 210,000 bitcoins, valued at approximately $13 billion.
Companies
Tether Limited Inc. owns Tether, a cryptocurrency stablecoin. iFinex, a company based in the British Virgin Islands, owns Tether Limited.
Other notable cryptocurrency owners include: The Winklevoss twins, Michael Saylor, and Tim Draper.
[Cryptocurrency ownership varies by country, with India, Nigeria, and Vietnam leading the way in global adoption. The United Arab Emirates (UAE) has the highest rates of crypto ownership globally.
Cryptocurrencies are not considered to be currencies in the traditional sense. They are stored in a digital ledger, which uses cryptography to secure transaction records and verify ownership.
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Sugar River
Buckeye
Try using your credit cards when the internet is down.
Hint: you can't.
Busterswoodshop
Hunter
More than once I have called and done a credit card transaction over the phone.
I didn't need a computer for that.
I have a little. My son put $3K into various coins at some point around 2020 and he talked me into doing it too. I put $2K in. My son later added another $1K so he has $4000 invested. I later added $400, so I have a total of $2400 invested.
Right now, my $2400 is worth $2100, but has been as high as $4K and as low as $900. Just this past August, it was $1000. Crypto really started to rally with Trump's victory. I've never sold any so far.
Similar situation for my son, his $4K is around $3500 at the moment but was under $2K in the summer. I know he sold some to buy others, but he has not taken any money out either.
My best performer is Bitcoin (BTC) itself, but I never actually bought any! Coinbase gave me $5 worth for free for opening the account, and it is now worth $13.26 for a whopping 165% return. I own 0.00013599 BTC. Too bad I didn't actually buy some!
I'm doing OK on Ethereum (ETH, +53%) and Solano (SOL, +46%).
But the reasons the account is underwater are due to Cardano (ADA, -32%), Polkadot (DOT, -69%), and Algorand (ALGO, -75%).
One of my friends also dabbles and got into it because of his son. His son was earlier into the game than mine and bought 3 whole bitcoins for under $10K, I think BTC was $3200 at the time, so $9600 invested. I don't know if he still has it, but 3 Bitcoins are worth $292,000 today.
Right now, my $2400 is worth $2100, but has been as high as $4K and as low as $900. Just this past August, it was $1000. Crypto really started to rally with Trump's victory. I've never sold any so far.
Similar situation for my son, his $4K is around $3500 at the moment but was under $2K in the summer. I know he sold some to buy others, but he has not taken any money out either.
My best performer is Bitcoin (BTC) itself, but I never actually bought any! Coinbase gave me $5 worth for free for opening the account, and it is now worth $13.26 for a whopping 165% return. I own 0.00013599 BTC. Too bad I didn't actually buy some!
I'm doing OK on Ethereum (ETH, +53%) and Solano (SOL, +46%).
But the reasons the account is underwater are due to Cardano (ADA, -32%), Polkadot (DOT, -69%), and Algorand (ALGO, -75%).
One of my friends also dabbles and got into it because of his son. His son was earlier into the game than mine and bought 3 whole bitcoins for under $10K, I think BTC was $3200 at the time, so $9600 invested. I don't know if he still has it, but 3 Bitcoins are worth $292,000 today.
Bob Wright
Hawkeye
I've got a system. I use three column account books, my check register, and a cash box. Each week I give myself an allowance, in cash, to spend. When, and if, I sped it all that week, I quit buying until the next week. Household bills are paid by check if I can pay in person. My local supermarket allows me to pay my utility bill, and a Bank of America is close by so I can pay my Master Card bill in purson.
Bob Wright
Bob Wright
Bob Wright
Bob Wright
GypsmJim
GypsmJim
No, but the person you talked to on the phone did.
If THEIR computer is down, they may ask for you to give them the number so they can write it down and then put it online later. DON'T let them do that. Of course, anyone on the phone can steal your number anyway if they really want to, but you certainly don't want that number to have a hard copy floating around somewhere.
Me to replicator: Computer, I'd like a ham sandwich.
Computer: All your information has been compromised & you have no remaining credits.
Computer: All your information has been compromised & you have no remaining credits.
I don't understand it so I'm not participating in it. Maybe I'm missing out, but that's ok by me.
Agree with the idea that
“ only invest in things you understand”
While I understand the concept, I’m not comfortable with BitCoin.
“ only invest in things you understand”
While I understand the concept, I’m not comfortable with BitCoin.
Hankus
Buckeye
And gold…
Armybrat
Hunter
I don’t believe you should invest in anything you don’t understand, be it Bitcoin, mutual funds, the stock market, or even real estate. There are several fake cyber coins on the market now and the only people that make out will be the sellers.
From my perspective there is investing and gambling. cyber coins are on the gambling side in the sense that it’s not tied to anything you can measure, like the economy.
In short I’m not invested in cyber currency. After Helene people who had cash hid away could grab it and leave, computers were down, internet was down, your “cyber currency “ was not available.
I’m good with real estate.
From my perspective there is investing and gambling. cyber coins are on the gambling side in the sense that it’s not tied to anything you can measure, like the economy.
In short I’m not invested in cyber currency. After Helene people who had cash hid away could grab it and leave, computers were down, internet was down, your “cyber currency “ was not available.
I’m good with real estate.
Blackhawk Convertable
Blackhawk
Got a ton in crypto. And have made a ton. But let me say first of all that 98% of the crypto out there is garbage. I own BTC and SOL (Bitcoin and Solana). That's it. No Doge. No Sheba. Etc, etc, etc. The same way with stocks. I own TSLA and MSTR (Tesla and Micro Strategy). That's it. And I've made a ton off those stocks. Whether crypto or stocks, find a small handful of pristine assets. You have to do your homework. Understand the cycles that crypto goes through. You also have to have an exit strategy. And don't fall in love with anything. Or you'll be hanging on as it goes back down. You have to remember Baruch's Axiom. He said he made all his money by selling too soon.
I minored in Economics in college and think that I have a pretty good understanding of most of what affects our economy, but I admit to not understanding the whole "crypto" thing. It seems that this is just a made up currency on computers that gains or loses value solely based on speculation and not tied to anything real to justify the value. Or maybe I just don't get it. Even in a Ponzi scheme some folks make out very well if they got into it early while more gullible folks are still joining in, so I don't doubt that some Bitcoin "investors" made a lot of money as more of the public decided to participate in this new currency, but I have no desire to take the gamble.
Over the long run the stock market has been a good hedge against inflation and seems about the safest place to keep your money without inflation robbing you of any growth at all. So no crypto for me.
Over the long run the stock market has been a good hedge against inflation and seems about the safest place to keep your money without inflation robbing you of any growth at all. So no crypto for me.
Well, I'm above break-even today. My son probably is too, but he is not replying to texts - his second child was due yesterday, so he could be busy - I'm nervously awaiting word of that (their hippy plan is a home birth out in the yurt with a midwife).
I understand the concept of blockchain, proof-of-work, proof-of-stake, supply/demand, mistrust of fiat currencies, and general FOMO. But not enough to bet a bundle on crypto. The $2400 I put in a few years ago was money I felt I could afford to lose. Crypto has no intrinsic value, so it all seems like a casino. And it could all come crashing down at any moment. At least stocks have a book value corresponding to the company's assets. My big money is all in the stock market, which I understand better than crypto, and so I'm into things valued way higher than book value but I still sleep at night. I do acknowledge that too many stocks can be overwhelming to track and manage, and that I should likely consolidate into fewer names. And as I get older, I have started to shift toward less risk, like REITs and bonds, though I still have some highflyers like NVDA. And during the Bidenomics years, even a money market, but those rates should start crashing soon. Hopefully, gun values will start to rebound after the inauguration. I'm always cash-poor because I stay nearly 100% invested in things other than a bank account drawing 0.02% interest. Anyway, it is about time for me to start looking for that crypto exit strategy...
I understand the concept of blockchain, proof-of-work, proof-of-stake, supply/demand, mistrust of fiat currencies, and general FOMO. But not enough to bet a bundle on crypto. The $2400 I put in a few years ago was money I felt I could afford to lose. Crypto has no intrinsic value, so it all seems like a casino. And it could all come crashing down at any moment. At least stocks have a book value corresponding to the company's assets. My big money is all in the stock market, which I understand better than crypto, and so I'm into things valued way higher than book value but I still sleep at night. I do acknowledge that too many stocks can be overwhelming to track and manage, and that I should likely consolidate into fewer names. And as I get older, I have started to shift toward less risk, like REITs and bonds, though I still have some highflyers like NVDA. And during the Bidenomics years, even a money market, but those rates should start crashing soon. Hopefully, gun values will start to rebound after the inauguration. I'm always cash-poor because I stay nearly 100% invested in things other than a bank account drawing 0.02% interest. Anyway, it is about time for me to start looking for that crypto exit strategy...
