Posted on 05/12/2022 8:17:02 AM PDT by Browns Ultra Fan
“There is nothing here tangible to invest in.”
Thats actually not true but whatever. I don’t feel the need to convince people otherwise.
I guess there are a lot of traditional investors here who worked a lifetime and played by Wall Street’s rules, and they just can’t comprehend kids and some early adopters replicating their lives work in less than 10 years. I think the criticism is a defense mechanism.
I feel the same way, outside of some friendly discussion for curious people who have misapprehensions about bitcoin. The discussion about bitcoin’s legitimacy is already over (FIS’s news alone about adding 20% crypto to your retirement account should be enough by itself).
Some people just haven’t gotten the memo or have an instinctive aversion to it. Which is fine, if it’s not your thing it’s not your thing. They’ll be quietly kicking themselves when BTC tops $100k and beyond.
If this is a concern, the fix is easy; get a non-custodial wallet and store your keys some place safe.
In that scenario, NO ONE can ever touch it, not even the Feds.
I just threw all the spare fiat I had left over after paying taxes last month (ouch!) to buy some SOL at an average of about $46 per token. I doubt I’ll see prices like that for it again. I only wish I had had more cash laying around to invest.
I try to tell people this. The history of fiat currencies is that they all go to zero eventually. Governments just cannot resist the temptation to spend money they do not have. So they adulterate the currency. They get away with it for a while but eventually it catches up in the form of massive inflation. You can even see them doing it in late Roman coins! This saga is that old.
The solution is to take the printing press away from the people who decide the budget. ie Cryptocurrency. Trustless, and there is a fixed amount that can ever be for Bitcoin. Others like Ethereum are deflationary.
This dip did not scare me or anyone I know who is in crypto. We all looked at it as a golden buying opportunity and pounced.
Yep. The cycle of acceptance is what gives anything its value as a medium of exchange.
The only reason I will accept pieces of paper with pictures of dead presidents on them in exchange for my labor is because I know others will accept those pieces of paper as having value.
The same goes for a lump of shiny metal like gold or shiny rocks like diamonds, emeralds, rubies, etc.
These things are not very useful. They’re just not. They don’t have much intrinsic value. If other people would not accept them as having value, how much shiny metal would you want to hold? The whole mystical tangible argument “but I can hold it in my hand! It has weight, therefore its valuable!” argument is laughable.
Dude, you're already ahead!! SOL is back up to $55.
Crypto has already started recovering, and the drop likely decoupled a lot of the speculators and correlation with the S&P and Nasdaq. That disassociation will only increase.
You can see it in the stats, but there were obviously a TON of bitcoin buy orders at $25K. Crypto naysayers on FreeRepublic and elsewhere COULD have used this as a buying opportunity, but a lot of them prefer griping, moaning, and trying to be proven right to making money.
You can grab it for 60 cents now.
I have a bunch of Cardano. I think its a good buy at the current price. Unfortunately, mine was bought when it was about $1 per token higher than it is now. Its not going to make your rich tomorrow but I think its a good long term buy.
You can’t explain it because it doesn’t exist.
You are gambling, not investing
Haha!
Have a great weekend friend.
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