claret2018 wrote: ↑Wed Nov 03, 2021 11:15 am
The biggest difference between this and traditional investing is that crypto could disappear overnight and become utterly worthless. The FTSE100 isn’t going to vanish into thin air.
It’s more akin to a pyramid scheme, which is fine if everyone keeps going along with it but my fear would be the whole thing collapses after a while.
But then again I’m a cautious investor. I’d rather keep my cash in the bank, or spend it.
I think your views are like many in the world and here, you simply don't understand it and therefore it's a pyramid scheme, the market is in Trillions of $, this not a few million or even billion, Bitcoin alone has a higher market cap than Tesla. I say this not in a derogatory way but as someone with exactly the same views as you up until March 2021, that is when my eyes were open when my son suggested looking at HNT and the Helium business model. That was my light bulb moment and from there I started researching other opportunities and was totally surprised with how much I had underestimated crypto and the fundamentals, where there are a huge amount of good real life business cases funded by crypto applications.
If you're keeping your cash in the bank and spending it then you're not an investor at all? I started my investing decades ago, I knew nothing, went in very small, tried things out and learned, I've managed to build up an extensive portfolio in the stock market through shares and bonds, all part of that final retirement plan and none gone to crypto.
In March, I started my crypto journey, since I was going to start two new businesses with my sons, one in the UK and one in the US, I decided I needed to put a lot of time and effort into the whole thing and start my own crypto portfolio without touching the others, I'm far from on the sidelines watching passive income but its an important part of the overall strategy because long term it really compounds and builds. I had a substantial bank out that in September was closed because all the funds were transferred over months to various crypto's, I now have 26 different projects, millions of SHIB bought and doing well, USDC stable coin held and getting 10% per annum return, compound after every three months, today I got my USDC stake back, added the interest earned over the last 3 months and staked again within hours for another 3 months.
I have numerous coins that have doubled, have a few that have tripled and some quadrupled, highest gain was buying EGLD for $60, today it's standing around $300. Just to note I have no BTC/ETH in my 26 projects, several of mine hitting the ATH in the last 2 weeks but I'm not a day trader and holding for the long haul.
If you looked at my previous post regarding DeRace which is to me a fun investment, it's to do with horse racing and building your own NFT horses, racing them using blockchain, it gained 35% since my last post, it's a risky one but I'm betting a lot of people like horse racing. The AUDIO I mentioned has been developed for singers/song writers to use for there talents and ensuring complete trust through the blockchain, I'm betting a lot will migrate there and you can already find out who has joined from the music world.
Regarding banks, couple of things you can easily check yourself, $100,000 today would be equivalent to ~ $59,000 2010!! A Disney ticket in 2010 would have cost you $41, today the same ticket is $164. So if you're "investing" in a bank account, your not really investing at all are you?
In just a few months I have seen how crypto adoption is growing, it will be main stream, maybe not next year, but it wont be long I'm betting before a few sceptics here change their mind and start to dabble.
AS EVERYONE KNOW; IT'S RISKY, DON'T INVEST WHAT YOU CAN'T AFFORD TO LOSE, BEWARE OF SCAMS, DO YOUR OWN RESEARCH (plenty of places to check/confirm before buying)