Crypto Currency

I moderate a local Facebook group where people post local job vacancies and job requests. As part of the group policy, we ban any sort of posts about investment, crypto currency, foreign exchange, and working from home jobs. This is simply because most of these kind of posts are scams, so we put a blanket ban over it.

A member of the group was not happy about this policy and wrote a strongly worded message to me as a moderator. He said that crypto currency shouldn’t be lumped in as a scam. That kind of mentality is so yesterday from a decade ago, he said. He said you can even buy bitcoins from the local post office, it is a legitimate digital wallet, and the future is heading towards crypto currency.

I’ve heard it all before, but never really believe it. I have not experienced any need to use crypto currency in my day to day transactions. It seems to be within the realm of a small handful of people only, largely irrelevant to the average Joe.

But what was new to me is that I found out that you can indeed buy Bitcoins from my local post office.

What are your thoughts on crypto currency? Is it really the future as these proponents claim it to be?

IMHO most likely no, as the whole world will now be gravitating towards more market regulation rather than less. Its only chance is to become indispensable before that happens but even then it’s nothing certain.

Only if it’s all regulated by governments .
Blockchain surely is the future almost all the banks are getting Themselves future ready by implementing it .

Since I’m an old guy, it will take a LONG time until I would get comfortable with BitCoin or any crypto-currency. To me, BitCoin = dark web human organ harvesting. I know I shouldn’t feel that way, but I just have this impression (most likely wrong) that it’s all shady, sketchy criminals who use it. Hell, it took me MANY years to trust even a simple credit card.

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I don’t trust it at all – I can see the value of decentralized organizing in some matters, but finances is not one of them.

Also, the whole process of mining bitcoins uses so much energy, it is absolutely terrible for the environment. I’ve been reading about NFTs, which is a way of selling electronic artwork via cryptocurrency, and ‘minting’ one piece of art using the blockchain takes as much electricity as most art studios would use in 3 years. It’s just a terrible waste of resources and the only way people who are involved can make money on their investments is to convince others (like you) to pour money into it all.

I love it and known about it since it was $1.10. I have friends who have made ridiculous amounts with it. One had 10,000 Btc and still has 5-6k so around 300m usd. Basically he got them cheap ($1-10 range) early and never sold. Another had a few thousand and sold 1,000 of them to buy a plane when they were $200/ea, I asked him once if he ever look at that plane and sees a 747 because that is what he could have if he waited.

I have some BTC, ETH, AAVE, DOT and ADA but not millions worth by any means. I just try to put money into it each month as another form of an retirement account. My girl has a lot more than me. Wish i kept the few hundred i had early on but sold like a dumb ass. Would have $10m+, sitting on a beach somewhere. Biggest regret of my life and I have plenty of those.

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I have been watching and playing with crypto currencies since 2013. Still kicking myself I bought 100 bitcoin back then. That hard drive is long gone.

I have about $5k in right now. I have made 2k on that 5 over the last 2 months playing the ups and downs. Nothing big. There are wild predictions out there that may happen or may not.

The big concern is when governments try to regulate.

I use coinbase.com as my crypto bank if you will.

Happy to answer any questions

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Believe at this point it’s less than 1% of all BTC transactions are for illegal activities. Currency of choice for criminals will always be USD.

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One of the spam emails I receive regularly is “China Coin”, which I assume is China’s version of Bitcoin. It’s inevitable that they will also get onboard. China copies everything the US does in the tech industry, making clone versions for their own internal market.

China’s digital wallet economy is a lot more widespread and developed than other countries. Almost everyone, even street vendors, use Alipay / Wechatpay on phone apps for transactions. It’s not quite crypto-currency yet, since it’s still based on the Chinese Yuan. If any country has the digital infrastructure and user habit to adopt crypto-currency widely first, it would be China. However, it’s very unlikely the CCP would allow unregulated crypto-currency running rampant in their market.

Lot of lottery stories

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I’ve been investing in crypto for the last year and am sitting on 600% returns currently. thats with very modest, risk averse, moves. Other, riskier people can do plenty better than that. The longer the rest of the world takes to adopt it the better (for profits anyways :kissing_closed_eyes: ). Lots of money and ground to still gain. Dont be asleep at the wheel merely because of a lack of understanding, but make sure you DO understand where your money is going. Plenty of useless bullshit in the crypto space.

Cheers to the future, Cardano :wink:

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There are projects focused on energy consumption and transaction fees, for sure my friend. Those things are a big deal and a valid concern! You’re one step ahead of the BTC buyers, which is the perfect place to be. I own some BTC, but I certainly am against bitcoin maximalism. If youre curious to learn more I could point ya in some directions!

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Everytime Bitcoins come up on a conversation I remind when I refused them, about 10 years ago, their value was $6 each :face_with_symbols_over_mouth: :

join the club, beat myself up daily because of it. Just trying to least make a little and hoping one of these alt coins become the standard (biggest) coin and I get in that one early. Hence putting money into DOT and ADA right now. If any of them hit 55k, I’m golden :slight_smile: lol

Cryptocurrencies are the future, from technology perspective at least. Of course there will be regulations and such, but regular banking system, VISA & MasterCard are so archaic they can’t compete. They have to adapt and evolve or they will be irrelevant. Also bans by countries are not really smart move from those countries from game theory perspective.

Not talking necessarily about BTC, it is slow, expensive to transact a not very environmentally friendly (hence the store of value narrative), but there ale tens of others promising projects building really impressive technology (most without proof of work so environmental concern falls off).

I am “really” in crypto for more than a year now (Had some experiences in 2017, but got out after end of the bull run) and I made nice profits on the way. These days risk/reward ratio isn’t that great since we are really deep in bull run, but there are still profits to be made.

If i wasn’t forced to use regular banks for receiving wage and such I would migrate to crypto entirely. Having freedom with your own money without trusting (and waiting for) unnecessary third parties to process things in their stone age systems is priceless (and much faster). Not talking state of fiat money these days.

In conclusion, crypto is nothing to take lightly. Institutional adoption is huge in this cycle and more news appear every day. Maybe we have few more cycles (one cycle roughly 4 years driven by bitcoin halving) till mass adoption comes, but i am not seeing it to go anywhere.

I got in at 46k and back out at 59k over the last few weeks. Been waiting for a bit of dip or try to climb on when if it goes crazy again. The next big event is on the 14th of April when CoinBase goes public.

How is a decentralized and trustless (also transparent when it comes to BTC and most other crypto) system not good for finances?

Also, what you describe by NFTs is just a small use case. NFTs are non-fungible tokens, that’s it. Every token is unique and recognizable. It can be used for art, collector items, domain names, and many many other things.

Also, that environmental concern is just when you use proof-of-work blockchain like ETH (that is moving away from it anyway), you can “mint” them in any “green” platform you choose. NFTs are concept, platform independent.

And yes, markets tends to go up in price when market capitalization is increasing.

DOT and ADA are great pics, not sure about 55k$ tho :smiley:

Since institutional adoption is increasing, there is more shady, sketchy criminals in crypto than ever :joy:

Who do I complain to when an error is made or my wallet is hacked?