Crypto mining ETF, which jumped 133% in first 4-months of trading, announces liquidation

Seeking Alpha ^ | 12/20/2022

[NWFree]

“ However, since the fund topped out at $56.63 a share on Nov. 9, 2021, it has plummeted to $4.07 a share. This equates to a 92.8% plunge.”

RIGGED

[CFW]

Hubby and I looked at investing in crypto early last year. We researched and read everything we could find on the subject and still could not understand how it would be a long-term money maker. Therefore, we decided to pass on it.

I’m so glad we did.

[Vermont Lt]

Mining Bitcoin and carrying ANY debt is a bad financial idea.

[Vermont Lt]

Earlier this year? Oh my….you would have missed the top by a couple months. You would have been grabbing at a falling sword.

[dblshot]

Dutch Tulip Bubble 1634

[dware]

That's exactly what crypto reminds me of.

Far more to it than that. Your analogy is akin to comparing the inner workings of a steam engine to a rock. Comparing the two shows a severe lack of knowledge on the subject, and a complete unwillingness to learn. That's fine, that's your thing, go to it.

On the flip side, learning more about exactly what it is and how it works will give you a better understanding that crypto, however volatile and untested at this point in the game, is around to stay. The market will "correct" itself to more reasonable levels, and it will likely take a while to bring the masses of investors back, but it is a part of the future. One mistake most folks make is to think that somehow it's investing in nothing. Not true at all. When one invests in crypto, they are truly investing in the underlying blockchain technology.

Interesting stuff, really. Then again, I am a geek.

[Tell It Right]

IMHO, blockchain is nothing more than what we used to call distributed encryption in my younger programmer days. I'm not saying there's zero application for blockchain or no market for it. I can see some uses for it. And I can even see an overall increase in popularity in the future of people using it for more than just crypto (as you pointed out) and more than what I experienced years ago (when we called it distributed encryption).

I just don't see it becoming THAT popular in actual use THAT much to account for the insane price levels the blockchain nerds make it out to be. Like I said, the technology has been around for a while (under a different name) and for whatever reason virtually no one has thought it worth putting to actual use except for the big nothingburger use that crypto currency is.

At least, that's how I view it. But then again, as I point out to my young adult "kids" who think blockchain is better than the invention of the electric guitar, I can't explain a phenomenon like Starbucks either. The only way blockchain can become uber popular and used heavily like they think it will is if someone can think of creative ways to market it like Starbucks figured out creative ways to make young adults think slurping a latte (which Starbucks didn't even invent) is somehow new and totally awesome and different and the consumer is more hip for drinking it if they buy it from Starbucks.

So you can't sell me on investing into blockchain technology based on the technology itself (been there done that). The only way it can get my attention as an investor is if you can tell me how it'll be marketed in a catchier way than the nothingburger of crypto currency.