Published on 12, July, 2020
I have a few just was wondering if anyone else is also into it.
Can people please stop touting crypto as the great saviour of the masses, the poor, whomever. This position simply cannot be supported by the evidence of their historical performance, and the nature of cryptocurrencies themselves. It is dangerous advice and I am very worried that people on here will be convinced by meaningless personal stories of success. If you are relatively poor (I'm sure most of us are on here) then we are actually the people who should be avoiding crypto because it is so risky.
Crypto is a very young market and the values rise and fall drastically, often by the hour. There is absolutely no guarantee the values won't collapse entirely. This is in stark contrast to more conventional investments in stocks, shares, property, cash, and funds. Many respectable people describe crypto investing as more like speculation than investing. Funds - you get dividends. Property - you get rent. And so on. Crypto has no such investment return - you are simply hoping that when you wish to sell there is someone willing to pay more for it than you did.
For every individual success story there are probably just as many failure stories. People do not discuss their failure stories, so what you are seeing and hearing from individuals is a biased sample.
The high volatility in valuations of cryptocurrencies can be seen below. This chart tells me that if you have little savings or income then this is not a sensible place to put your precious money! It is so volatile that you could lose everything.
On top of this there are moves for the sector to be regulated. While this will help prevent individuals from scams (again we on this forum are probably more likely to fall for these than others), the macro effect is likely to be to reduce the overall valuations of cryptocurrencies, so the future is uncertain and potentially not bright going forward.
It is completely unhelpful attacking me claiming that I am jealous, poor, some copy & paste loon who scours Facebook (I lose track of what else I have been called and accused of doing) and that is why I am against cryptocurrencies. I am trying to protect vulnerable people from losing their savings. Please do not be swayed by individuals telling you of their success stories - they may well be telling the truth and have done very well in the past (good for you if this is the case!) but this has absolutely NO predictive value for what will happen to YOU. The volatility of these assets is really scary. Please, please, if you are going to put money into crypto only put what you can live to lose, because this could easily happen.
Crypto is a very young market and the values rise and fall drastically, often by the hour.
^ this..... this is what makes it profitable.would you advise a person who wants to make gains, to put their money on something that instead goes sideways and never moves?to make money, you need to put your money on a big moving asset.... you wont make money if you put it on a asset that moves sideways and is very stable... you may aswel forget about investing entirely if thats your mindset and just keep your money as it is... although saying that, your money doesnt stay stable either, your money is constantly decreasing in value every second due to inflation and due to progression of society. its funny looking at my pension projection.... says in 2090 or whatever i can get like £170 per week from my pension, thats nothing now, but in 2090 or whatever that will be like what..... 0.001p per week? .... it will be worthless by that time. money changes, money devalues, prices of living and items always go up uncontrolably... the house you buy, you think thats a safe investment? housing drasitcally goes up and down and we are actually due for the housing market to collapse any time soon so your house you will buy for 100k will soon fall to 10k or so as the housing bubble is set to reset pretty soon helped along by corona and economic damage and brexit and even the chinese housing industry collapsing which will have a huge knock on effect globally. housing bubble is set to burst, but people still need to buy house to live, do you advise people to not buy house and warn that its risky to buy house, cross a road or live in any such way? lol perhaps it is too risky and instead we must hand all our money over to landlords because that is safer despite that ending with us having nothing and landlords living like kings off our backs? lol
Caelus said:to make money, you need to put your money on a big moving asset.... you wont make money if you put it on a asset that moves sideways and is very stable... you may aswel forget about investing entirely if thats your mindset and just keep your money as it is... although saying that, your money doesnt stay stable either, your money is constantly decreasing in value every second due to inflation and due to progression of society.
Which assets or asset classes are you referring to when you say they are stable? Equities certainly do not meet this description, and this is one of the most popular investment classes. Berkshire Hathaway has tracked S&P 500 data back to 1965. According to the company's data, the compounded annual gain in the S&P 500 between 1965 and 2020 was 10.2%. According to global investment bank Goldman Sachs, 10-year stock market returns (S&P 500 again) have averaged 9.2% over the past 140 years. Similar results for other major indices such as FTSE 100.
10% return over 10 years and you way more than double your initial investment due to compounded returns. You would actualy double it after c. 7 years.
aye, id say making a secure locked bunker under house or garden and filling it with super long lasting food supplies and a water supply is the way to go. and ofcourse for the americans you can fill it up with guns, for us uk folk we can make do with a armory of spoons!
Caelus said:doomsday preparation
You can't eat gold. One must remain mobile and discreet, meek even.