Cryptocurrency

As I understand it, the first thing you need is a good crypto wallet. DO NOT FORGET YOUR PASSWORD!

Second, use a reputable exchange. One that won't suddenly lose THEIR passwords and take $billions down the drain with them.

I know not what a good wallet or exchange is but I've read horror stories about them.

 

https://tradegenius.co/membership/crypto/

 

I have an account at Kraken.com. They are reliable, have a good reputation, are relatively inexpensive, and seem to be safe.

 

https://www.bitchute.com/video/VfdwQB2cu7nw/

 

I use coinbase, its pretty easy for beginners.

Www.coinbase.com

 

I have no idea what it is, nor do I want to. Must be getting old.

 

I'm with Dave...how do you cash out and get your money?? Here's a new one that is taking off....

What is shiba inu coin? Is there anything real behind its blistering rally, or is it pure hype? | Currency News | Financial and Business News | Markets Insider (businessinsider.com)

 

While I applaud the concept of a currency that is NOT controlled by a governmental entity that can manipulate it for their own benefit, I don't think we are at any stage in crypto that is anything more than a pump-and-dump, semi-ponzi scheme or legalized gambling.

We are at the VHS-BetaMax-Laserdisc-DVD stage. Literally, all of them lost out to streaming, something nobody even had on the radar and single-handedly destroyed the Blockbuster rental empire.

I barely trust my government. I sure don't trust some of the crypto-bros with their crypto schemes. Especially, when the bros lose the crypto keys and tank the exchange or die in India. This is still the wild west to me and, while there is money to be made, most will lose more than they can afford. It is an unsanctioned lottery with no regulators or oversight.

Cream Finance Crypto Exchange Hacked – Lost $29 Million Worth Assets (latesthackingnews.com)

Lost Passwords Lock Millionaires Out of Their Bitcoin Fortunes - The New York Times (nytimes.com)

Golix CEO ‘loses’ private keys to crypto exchange wallet - CoinGeek

Quadriga CEO Gerald Cotten dies, leaving $145 million of cryptocurrency locked away | CNN Business

 

Pro athletes are getting in on it too.

https://www.bloomberg.com/news/arti...dell-beckham-jr-to-take-new-salary-in-bitcoin

 

Everyone I talked to about this that have more money than me (all called it a ponzi scheme) The ones that still live at home and are always struggling with finances all have skin in the game and say they are making money with it because they like to track the value on their phones and some got it by using a different browser.
And they said some are linked with Gold ?? I would rather pay cash for gold and have it in my hand and say it matches the gold standard

 

Because pro athletes are financial geniuses? They chase a ball.

I take financial advice from financial advisors. I take medical advice from doctors.

 

I think Russell Okung was one of the first, by taking half of his salary in bitcoin. This story is from March, where it had more than doubled since he'd gotten the deal.
https://www.audacy.com/sports/nfl/bitcoin-has-made-okung-one-of-nfls-highest-paid-players

 

Hey Cork ! Do I hear Bernie Maddof in there ?? Yes I hear Ponzi Scheme

 

Yes, it's literally based on nothing, but the value someone else places on it. Just like gold or the US Dollar. Neither has any intrinsic value (or not enough to justify cost).

I don't consider it an investment, but I do think it's the future. Letting governments control currency has proven to be a problem. Crypto takes that away from them.

It probably will go up and down a LOT. So there is an opportunity for profit and loss. I have some that I mined back when bitcoin was starting out. It was worth about $25 then, it's worth about $1500 today.

 

Dare I bring up NFTs (Non Fungible Tokens)? This thing seems to go hand in hand with cryptocurrency. I don't fully get it but it's a digital representation of a real item that can be bought and sold. It's getting pretty hot lately I understand.

 

I previously said it was to be applauded as a concept but with no oversight and the massive losses (mere rounding errors in the federal budget though) by the bros that run the exchanges are highly questionable.

I believe you are wrong about gold, diamonds, sapphires, silver and platinum. Those metals and minerals have intrinsic value and are used commercially as well as in jewelry. The US dollar is at least backed by the credit of the US government, for whatever that is worth. There is no FDIC for crypto and when these guys lost the keys to the exchange or died mysteriously in India, well, no recourse.

 

read. everything.
google it. Read FAQs. If you still want to buy it...

Method 1: There are multiple ways to "own" it. You can store your bitcoin yourself (this is what I do), and that's the most secure. But you'll need to buy some hardware (a roughly $200 usb dongle that does.. things), and keep track of a 128 (or so) bit pass phrase. Loose the pass phrase and you lose your money. Upside to this method, you're virtually hack proof, you control your bitcoin, and you don't rely on anyone else to keep it secure. Downside, you have to deal with administrative hassles, some upfront cost, and a (small) learning curve. PLUS, you still have to BUY bitcoin, which means you'll likely have to sign up for an exchagne (there are other ways to get bitcoin that obviates the need for an exchanhge, but probalby not for a beginner). Which leads to method number 2

Method 2: sign up at a reputable exchange. Coinbase is one of the most popular. Once you have an account, buying bitcoin is about as easy as buying stock from any of the online trading outfits. You link your bank account, you buy whatever crypto they exchange in, it goes into your online account. They keep the account for you (you can always transfer it to your own hardware wallet, as in method 1 above, or just keep it with the,). Upside to this method is that it's silly easy. Downside is that they have your personal information and your bank account (just like any other trading company would.). So, all the downsides associated with giving your personal info to a third party.
One massive upside is that evetually, if you ever do want to cash out your bitcoin, you'll pretty much *have* to use an exchange. With coinbase, you can simply cash out your bitcoin and exchange for whatever.. other bitcoin, other fiat currency.

Other methods: there are other methods, those are the most common. Method 2 is what I'd suggest for someone new to this.

 

NFTs are basically just what you said-- digital artwork. The releatinoship to crypto is that the use the same underlying technology -- blockchain -- to confirm that the digital copy you have is copy number 1 of whatever... or confirm that there's only 500 copies of a given piece of art.

 

You don't really need both.
If you have a good wallet (e.g., trezor is a popular one), then you can simply buy crypto like you'd buy any other commodity.. e.g., from a private party. But getting it from an exchange is by far the easiest.
And even if you have an exchange, you don't have to leave your crypto there. You can buy crypto on coinbase.com for example, then transfer it immediately to your trezor wallet.

 

One year chart on Shiba , if your timing was right you made 60,0000 % . Currently tanking .