My dad talked me into buying crypto last summer. I dumped about 1.5k into it.
At the height I had about 8k in my portfolio, and now I'm down to about 1.3k
My dad still insists crypto is the way of the future and we're both going to be rich. He put about 50k into it. He is 100% positive that it is going to be the future.
Every time he explains this to me, it just sounds like retarded gibberish. Something about the dollar collapsing, and how crypto is slowly being used to purchase products from businesses or something? Also something about how blockchain will change the world or some shit?
I have researched what he's saying but I just don't see how that's possible. I don't even see how 1 ETH is worth $400. I don't see how blockchain could be that profitable either, there's not even a current realistic value for any of these cryptocurriencies. ETH might really be worth $5 per one.
I always thought my dad was good with money but I'm starting to think he's just a boomer brainlet who made too much easy money in the 80's and he actually has no fucking clue about anything.
Is my dad retarded and is crypto the biggest meme of the 2010's?
Your dad is right. If you don't have all your money in crypto right now you're not going to make it.
Aiden Howard
Thanks, bought 100k
Jordan Bailey
Nice larp, everyone with half a brain knows the dollar is on the way out.
Carson Bennett
I don't know if you're memeing but I just do not get it
why the fuck would any of this shit be profitable to the point where like 1 ETH is going to be worth $10,000 per one
I just don't get it. Why would blockchain really matter that much? How is this revolutionary? Why would the government allow cryptocurrencies to be normalized when they are dependent on the federal reserve? They're already regulating it across the world to scare normies away
not seeing it here, just sounds like autistic gibberish. He'll send me a hour long video of a guy sitting in front of his webcam talking about crypto with 600 views explaining it and it just doesn't make any sense to me
How? We have global leverage over all markets. Our military is stationed in like 75% of the world. We have our tentacles in everything.
Our trading power won't go until we are literally crumbling
Jordan Walker
My dad shilled crypto to me in Dec due to a friend asking him to join Airbit Club. Knew about btc but never gave it a chance.
Look at prices.. fuck it why not. Split investment into shit coins, and friends affiliate program
I tell him not to invest into the scam anymore, but he says it's starting to look more promising, and I keep insisting their gonna exit scam anytime soon.
What do?
Juan Hughes
You haven't drunk the coolaid yet. Don't.
There is basically no value to crypto in its current form. I get that having a digital currency is useful, however, it isn't useful when no one accepts it, and no one is going to accept it as currency when it fluctuates so violently minute by minute.
Its absolutely retarded.
Aiden Lee
>dollar on the way out >US military larger than the rest of the planets by several times Heh.
Parker Cook
I've been holding this since last summer but never really understood it
While I was watching it skyrocket I was thinking "ok this doesn't make any sense to me but it keeps going up so maybe people understand something I don't"
Now it's collapsing and I'm thinking "ok pretty sure I was right because this still doesn't make any sense".
My philosophy is if someone can't articulate something in a simple way that any idiot can understand, they probably don't understand it themselves.
Crypto doesn't make any sense. None. Why would anyone use it instead of cash? What's the incentive? How is blockchain going to matter?
Adam Murphy
Don't think today. Don't think tomorrow. And don't think next year. Imagine it's 2009, and you're asking why mining BTC isn't a waste of electricity. USD is deflationary, cryptos are capped (except shit like Infinitycoin, and honestly wtf is the point of that bullshit). Do you get it? Non deflationary. In fact you can actually get interest paid on holding crypto if you have POS. When using crypto (instead of speculating, which is all 99% of crypto is used for now) goes mainstream, the small number of coins that "make it" will go parabolic and then STAY THERE. Stability, adoption- these are the dreams. I'm not even mad anymore I didn't buy in earlier. Hold a small number of coins based on if you think they will go mainstream, and be patient. I recommend XMR, REQ, KMD, LISK, I have a few PIVX more as a gamble than expectation, and of course the ultimate shitcoin BTC. Cold wallets only, make sure your 12 words are written down and hidden well. It's really not that hard. Next step, wait.
Noah Garcia
Does your mom still believe in him?
Angel Jenkins
Ok...
So it's the fact that it is capped right? Because the federal reserve keeps printing dollars right?
So for this system to work, people would have to trade their USD for crypto and start using it to buy common goods...
The government is regulating the trades and the banks from dealing with it though to deter normies away. And they're doing a good job, the money is just draining out of it.
But like you said, it's because it's a CAPPED currency that can't be inflated right? Ok... I guess.
I dunno seems like a massive LARP but maybe it won't be if it catches on.
Why the fuck is money draining out of it right now though?
The idea behind bitcoin is a decentralized ledger, as opposed to a centralized ledger in the form of the federal reserve. A decentralized ledger means that the bookkeeping for transactions and who gets what is automated and cannot be influenced by anyone, gov or otherwise.
That's just bitcoin though. Eth is that (i think) plus the implementation of smart contracts, and no one can figure out the worth of that either. All the rest of the currencies aim to solve different problems or offer some sort of decentralized service through blockchain tech. It is still in its infancy and has many years to go before its adopted, so that's why the price fluctuates so much. No one knows if its going to be the currency of the future or just something that won't affect much. Although a decentralized public ledger will ALWAYS be worth a lot as fiat currencies are printed out of control.
Owen Young
they are extremely divorced and she thinks he's an absolute fucktard
He's divorced 4 times (almost 5) but is rich
Jaxson Rivera
It’s actually extremely ironic, the whole idea was to have decentralized currency without regulation, yet the entire system of value behind it is being torn apart by a handful of ultra-wealthy manipulators
Aaron Brooks
>decentralized And yet manipulated regularly by several high net worth individuals. Cool.
Ryan Turner
Yeah, this.
Luis Howard
Has he ever invested $25,610 into Bitconnect, which grew to reach around $140,000 at one point?
Dylan Ward
I don't think so
My half-brother invested in ETH and another shitcoin at an early stage and made 600k
Kayden Flores
The only true decentralization would come from it being an actual currency, otherwise yeah it's gonna be hoarded by whoever can get their hands on a ton of it, much like gold.
Cooper Torres
>2018 >not owning a rolex
Explain yourself, poorfags ;)
Pic related is mine, you faggots jelly? hehe ;) it's a new Rolex Submariner ;)
You see i don't wear shitty watch like workingclass dumb idiots wear.. shit watches like Casio and fucking Timex. ;)) I only wear expensive watches ;) hehe
I almost got laid 2 times since wearing this expensive watch ;))
Do you know what smart contracts are? Ethereum’s valuation is based almost entirely on the fact that it’s a decentralized smart contracts platform. Would you agree that a Turing-complete worldwide virtual machine is revolutionary? If not, can you at least agree that the ability to write computer programs that directly manage finances (but can do much more? is revolutionary?
Brody Ortiz
lol you dont get it. Price/Price manipulation is just a biproduct of the ecosystem.
The real value is in the fact that I can send money from point A to B without having to rely on a third intermediary; its true economic freedom. I am in control of my money; not a bank. I am my own bank. I can send value to whomever I want without having big brother watching over me and telling me what to do with my money (one example being restrictions on sending money abroad; currently a huge problem in China and Argentina).
Therefore, the only one who can fuck up is me. I do not have to *trust* a central authority. i.e. the govt, the bank etc. Most people don't care for this but they will when (and I say 'when' because it's inevitable) we have another economic crisis like 2008.
Justin Morales
I would like to add, that it's quite hard to wrap your head around the concept until you actually understand how decentralised blockchain's work.
Jason Lewis
I get that, and I agree, there is a lot of value in that.
However, no one will do that because transferring your $10k, only for it to crash to $5k tomorrow is retarded.
How do you get over this problem?
Leo Jackson
That problem is solved through eventual adoption. It won't be bitcoin to achieve this goal by the way
Wyatt Mitchell
Sell it and hire a personal trainer and dietitian
Grayson Jenkins
Because when *enough* (I use the word "enough" loosely - just a general tipping point. for example, more people using bitcoin than the dollar or sterling) people use bitcoin, whether or not the value is $10k or $1k wont matter. 1 bitcoin = 1 bitcoin. Goods will be consistently priced against bitcoin. The bootstrapping process of pricing bitcoin goods against the dollar is only relevant if you can buy more things with the dollar than bitcoin. But ask yourself, is it easier to spend bitcoin than the dollar? Imo it is. I can send 1 bitcoin to someone in Indonesia from the uk within seconds and only have to wait ~10 minutes before it is permanently secure.
Tbh I am pretty red-pilled though haha. I am almost 100% certain that bitcoin or some other crypto will be the global currency of the future.
As others have pointed out in this thread, it may take years or possibly even decades before we reach the *tipping point* though.
Nicholas Sanders
Liquidity. You need more people buying and more people selling for the price to stabilize. Instead of the market taking a fat dump every time somebody market sells a thousand BTC, it should only drop a few dollars. But in order for this to happen, you need institutional investors to provide liquidity - this will never happen with just individual investors alone.
Chase Lewis
Thank you. This makes sense.
One final question... wtf is with the endless shitcoins being made? Surely that does nothing apart from undermine confidence in crypto as a whole?
Ryder Wright
>Surely that does nothing apart from undermine confidence in crypto as a whole? While it does have this effect, it also makes the "devs" of shitcoins rich.
Bentley Collins
Don't worry, user, I got that joke.
Dylan Bailey
>buying crypto last summer. I dumped about 1.
How have you lost money since last summer? Just tell me, how.
Hodling bitcoin alone at least double your money without taking the forks into account.
Missed ICO's like KNC, OMG, REQ. ICON, WAN? which gave insane ROI?
Blake Moore
It's just another tech bubble. It might work out, it might not. No one knows.
Ian Martinez
faggot its all manipulated. it's beyond obvious by now that big players are buying and dumping, shorting btc. look at that retarded candles.
