Quote:
Originally Posted by unpinkpanther
I'm speaking of cryptocurrency
I used to quickly brush off anything crypto as a "scam" but it's becoming too pervasive to completely ignore.
My questions specifically:
Based on your experience in INVESTING in general, which aspects of cryptocurrency do you see as viable for investors?
And what loopholes should an investor avoid?
Thank you
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I mostly follow one of my mentor's advice, Dick Buchholzer, who said he didn't invest in what he had no control in.
When you invest in a bldg, you can control it as for appearance, etc.
When you invest in a business, you should be in control of it.
When you turn your money over to someone else to use, to manage then you have to calculate the risks.
There may soon be a day when crypto is the primary way of exchanging value, but I doubt I'll see it. It is, today, in my opinion, a step or two of playing the lottery (although I am getting 22% roi on my lottery investments when they stay below 1k)...
So the questions are, what can you afford to lose? How much is going into high risk? How much is safer or protected? Are there better options for your money?
There will be that Bernie Madoff character down the road, or the gov't which operates crypto and confiscates the bank. It is a wild west show at this point and I would argue that the TIME it takes to learn how to trade crypto, could be better leveraged for higher ROI than what it is today.
I suspect INFORMATION about it, would be my choice for entering the market, and maybe start with an interview of an established trader, one who has been at it five years at least and is showing substantial ROI.
As an investor, I might be willing to put a nickel out of every dollar I would invest into some sort of crypto. But I'd put 5X that into food supply industries.
I don't like Wall Street or letting other people use my money, but for many it is fine, although I know of many a retiree who lost their pensions in the housing collapse. As a chatteler, lots of opportunity to buy low when the bottom falls out of any markets. Might be able to pick up a Maserati on the cheap when the Crypto Guru surrenders to the (pick one) IRS, FTC, LBJ or whomever.
I strongly advise a deep immersion into EDUCATION, which could be the foundation of an information product, APV even, before I put my wallet at risk. But that is just me.
Gordon