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FOMO is always a terrible reason to invest. But I do hope you are able to profit from the cyclic pump-n-dump schemes going on.
Be ahead of the curve
- Thread starter Direct Laryngoscopy
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What is NEXO lending and why would they pay me 12 percent interest ?
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Looks like peer to peer lending for crypto speculation. Just let that sink in for a moment.
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I realize most here won’t go do the knowledge to understand what’s happening on global scale to the way we interact with currency and money (they are not the same), the digital revolution that’s occurring and a new asset class of digital assets that’s at the early stages. Maybe your money guy said it’s scam or pump and dump that’s going to zero. You should really fire them imo.
To the young medical student, residents and attending that are just starting out, learn about what money is, this new asset class how the world is changing and ask yourself, do you wanna be an early adopter or a laggard? When BTC hits 100K, the average person won’t be able to afford a full BTC.
BTC is digital gold and a way to store your hard work (energy) for tomorrow (time). BTC is scarce (21 million), divisible (1 BTC is broken into 100,00,000 pieces called satoshi), portable (global money that can be moved easily with an internet connection), permissionless and uncensorable (no bank can deplatform you and stop you from transacting on a peer to peer basis). This invention is akin to the invention of printing press did for communication.
I understand the older cats here may not want to put there money in a new emerging asset, but BTC (a some other Crypto) will be leading the way to final settlement of digital bearer assets (look up the SWIFT scam system and how many hops and fees your money has to go to when you send money abroad via western Union or even a check!). Final settlement for pennies on the dollar 24/7 and people think it’s going to zero or is a scam? 12 years of price discovery and BTC is still looked at as a scam.
To the young medical student, residents and attending that are just starting out, learn about what money is, this new asset class how the world is changing and ask yourself, do you wanna be an early adopter or a laggard? When BTC hits 100K, the average person won’t be able to afford a full BTC.
BTC is digital gold and a way to store your hard work (energy) for tomorrow (time). BTC is scarce (21 million), divisible (1 BTC is broken into 100,00,000 pieces called satoshi), portable (global money that can be moved easily with an internet connection), permissionless and uncensorable (no bank can deplatform you and stop you from transacting on a peer to peer basis). This invention is akin to the invention of printing press did for communication.
I understand the older cats here may not want to put there money in a new emerging asset, but BTC (a some other Crypto) will be leading the way to final settlement of digital bearer assets (look up the SWIFT scam system and how many hops and fees your money has to go to when you send money abroad via western Union or even a check!). Final settlement for pennies on the dollar 24/7 and people think it’s going to zero or is a scam? 12 years of price discovery and BTC is still looked at as a scam.
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$BTC $DCR for me. I’m only about the $$$
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I realize most here won’t go do the knowledge to understand what’s happening on global scale to the way we interact with currency and money (they are not the same), the digital revolution that’s occurring and a new asset class of digital assets that’s at the early stages. Maybe your money guy said it’s scam or pump and dump that’s going to zero. You should really fire them imo.
To the young medical student, residents and attending that are just starting out, learn about what money is, this new asset class how the world is changing and ask yourself, do you wanna be an early adopter or a laggard? When BTC hits 100K, the average person won’t be able to afford a full BTC.
BTC is digital gold and a way to store your hard work (energy) for tomorrow (time). BTC is scarce (21 million), divisible (1 BTC is broken into 100,00,000 pieces called satoshi), portable (global money that can be moved easily with an internet connection), permissionless and uncensorable (no bank can deplatform you and stop you from transacting on a peer to peer basis). This invention is akin to the invention of printing press did for communication.
I understand the older cats here may not want to put there money in a new emerging asset, but BTC (a some other Crypto) will be leading the way to final settlement of digital bearer assets (look up the SWIFT scam system and how many hops and fees your money has to go to when you send money abroad via western Union or even a check!). Final settlement for pennies on the dollar 24/7 and people think it’s going to zero or is a scam? 12 years of price discovery and BTC is still looked at as a scam.
Exactly, just like when the Internet was claimed to be a medium of child porn back in the day.
First, ignore the noise. Evaluate the actual blockchain technology when it comes to decentralization, security, and mobility. Then be open mind about the possibilities of this technology in our future society if more and more people start to adopt and accept it.
One thing is for sure: despite the naysayers, there is a continued adoption year by year based on the price chart action.
If all things are a go and you're still risk averse, put 1-5% of your net assets and don't look at it in ten years. If you're now convinced that it is the future, put 1 year of your attending salary into it. The end.
Love to!
Obviously I think you know the big boys BTC and ETH as cocomelon described above. Can buy straight up on coinbase for fiat.
XLM is Stellar Lumens. Started by Jed McCaleb who also created XRP for Ripple but decided he wanted to create something to help bank the unbanked. Stellars goal is to work like an international currency. Has same functions as bitcoin but moves much faster. Can also be bought on coinbase.
NEXO is a lending platform where you can get fiat loans based on your crypto holdings run on the NEXO token. NEXO has an app you can put on your iphone where you can basically hold your crypto as a bank account. Based on how much NEXO you hold as a percentage of your holdings you can get up to 10% interest on your crypto. NEXO you would need Metamask to trade some ETH for NEXO on a DeFi (decentralized finance) exchange like UniSwap which can be accessed thru the Metamask app on your phone. You can also trade on the NEXO app but their exchange rates usually suck.
Finally USDC is a “stablecoin” founded by Circle which is backed by real dollars and is exchanged at a 1:1 rate for fiat dollars. Its pegged to the US dollar always so its basically a crypto dollar. I typically move my crypto to coinbase from NEXO make my trades for USDC then send it back to my NEXO account so I gain interest on the USDC which I can always flip back to dollars or BTC or whatever other crypto I want.
The interest rate is based on what percentage of your holdings is in NEXO. So you have to own NEXO as part of your portfolio for the good interest rates. And the risk is that NEXO or any other crypto fluctuates so much in value you have to keep an eye on it. You get the interest added to your account daily, get bonuses in NEXO from the company either quarterly or biannually I forget which and can always plant USDC in your account which is pegged to the USDollar. Could it be some Ponzi scheme Im not seeing? Sure it could but it is insured for 100M and is backed by Credissimo which has been doing loans for 15 years in Europe I believe.
Crypto is risky but I have paid my student loans off with the money Ive made this bull run and now its just house money. Ill continue using robinhood making monthly investments in FANG-T stocks and Vanguard funds. Im younger so I accept the inherent risks but am not a crypto evangelist. I dont think the US dollar is going anywhere but I do think BTC is here to stay and can be a form of digital gold. I also believe the US dollar will go digital at some point in my lifetime.
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I can see why more people from the boomer generation just buy Gold or Bitcoin. It’s easy to understand and fully backed by Coinbase without the need for a digital Wallet.
I’ve been buying gold since 2009. I’m up maybe 20 percent which is very poor vs the market.
I’ve been buying bitcoin for just a few years and I’m way way up. Clearly, bitcoin has been the better buy.
I’ve been buying gold since 2009. I’m up maybe 20 percent which is very poor vs the market.
I’ve been buying bitcoin for just a few years and I’m way way up. Clearly, bitcoin has been the better buy.
For sure.
But with a little bit of legwork and guidance I bet its easier than it was going from paper charts to Epic.
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My main question/issue is what is the simplest way to own/store it without giving away to much in exchange fees, etc. if we are still a bit uncomfortable/unable to store it on a hard key (USB drive or what not).
I am torn between things like Coinbase versus things on stock market (GBTC etc.).
Any guidance/advice/basic breakdown would be awesome.
I am torn between things like Coinbase versus things on stock market (GBTC etc.).
Any guidance/advice/basic breakdown would be awesome.
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To get lowest fee, Procoinbase not Coinbase or Kraken for transaction fee of .50%, similar to premium % places on currency exchange at foreign banks when you travel. Not a big deal if you buy loads in a few Ks to hundred Ks and stay for the long run.
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deleted171991
Somebody should tell Bill Gates he's investing in the wrong stuff:
landreport.com
Oh, wait! They don't make more farmland, the population is growing, it's real and palpable, and it will be needed by everybody even in a recession. Hmm...
Bill Gates is America's Largest Farmland Owner
In this Land Report exclusive, Bill Gates is identified as America's largest farmlandowner with more than 242,000 acres in 17 states.
landreport.com
Oh, wait! They don't make more farmland, the population is growing, it's real and palpable, and it will be needed by everybody even in a recession. Hmm...
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Somebody should tell Bill Gates he's investing in the wrong stuff:
Bill Gates is America's Largest Farmland Owner
In this Land Report exclusive, Bill Gates is identified as America's largest farmlandowner with more than 242,000 acres in 17 states.
There is nothing wrong with that investment. See a common theme: move out of printable fiat assets into hard assets that are in limited supplies want by the people.
But, here lies the problem. What is easier to invest and make money while having minimal maintenance cost? BTC for the average Joes or farmland in Nebraska?
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deleted171991
There are private REITs that invest in farmland, if I remember correctly. Most attending physicians satisfy the sophisticated investor rules.
Crypto reminds me incredibly of the tulip mania (and Ponzi schemes). Hopefully (for those invested), the mass delusion won't end overnight.
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deleted171991
Definitely. Because it's so hard to understand that a set number of coins is generated, and a bunch of suckers behave as if it were gold. Oh, wait, gold is also semi-worthless beyond the 7% or so industrial use (but at least it has some practical uses).
This is a typical Ponzi scheme. The key is to get out before it crashes. I hope you realize that the profit you make comes only from other suckers.
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Gold has not been worthless for thousanda of years. Gold is a time tested currency. Even our founders knew Gold was the true world currency. Gold is t an investment. It’s more of an insurance policy against fiat currency. Gold generally holds up well in terms of purchasing power.
I think cryptocurrency and blockchain are revolutionary. While I own crypto I have reservations about purchasing large amounts of computer generated coins. So far, I’ve missed out on the chance to make a large sum of profit by holding my excess currency in cash vs crypto.
start a farmland crypto making it easier to move money and regular folks to access investing in it. hire coders put together a white paper and launch an ico. streamline the cash flow bro.
problem would be the gubmint is already so heavily involved with farming subsidies it would be hard to get past the regulators.
just looked it up:
Farmland Protocol | Cross-chain DeFi Liquidity Farming
www.farmland.finance
Read the white paper in a long boring case see if youd be interested
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deleted171991
Americans also believed in gods for thousands of years, then kind of stopped in the last decade. Good luck, Goldie!
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Goldman Sachs to Enter Crypto Market 'Soon' With Custody Play: Source - CoinDesk
Banks wanna enter the space to offer services (fees $$). Or maybe they wanna join the Ponzi. We’re still super early. Spend this year learning about the technology, self custody and moving funds. I first used crypto to pay for a service in 2014 without even knowing what it was. After spending a lot of time understanding what BTC is, I feel confident that when the rails continue to build out, I won’t need a bank for anything. It’s coming, so you might as well learn to use it and not pay someone else to hold it for you.
Banks wanna enter the space to offer services (fees $$). Or maybe they wanna join the Ponzi. We’re still super early. Spend this year learning about the technology, self custody and moving funds. I first used crypto to pay for a service in 2014 without even knowing what it was. After spending a lot of time understanding what BTC is, I feel confident that when the rails continue to build out, I won’t need a bank for anything. It’s coming, so you might as well learn to use it and not pay someone else to hold it for you.
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One of the barriers to crypto being a useful currency is volatility. If a car costs 2 BTC one month, and then a few months later it costs 1 BTC, the only people willing to accept it will be like minded speculators.
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When you change your time horizon from months to years, you'll have a better understanding of maintaining purchasing power for tomorrow. Good luck to you.
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Your point is taken, but an Aventador SVJ is like $500k+ and that's before the markup premium. Just sayin'
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For conservative investors this is the time to look at gold or other commodities. IMHO, commodities and metals are cheap relative to the fiat currency used to buy them. If you don’t like gold then look at other metals as a hedge against the devaluation of the US Dollar.
This post is about maintaining the purchasing power of the US dollar circa 2023 and 2024. Will the world ignore the largest debtor nation in the history of the planet forever? Can we just keep printing money without affecting what it buys?
By the time the average Joe figures out the US Dollar is no longer a good asset to hold what will the price of hard assets cost to acquire in that same fiat currency?
Sure, farmland like Bill Gates is buying up is a great idea. But, that doesn’t work for me. I need to buy Realty investments via etfs or mutual funds. I can also diversify into hard assets which will maintain their value.
I like good, solid companies which are fairly valued and produce stuff we need to buy. These dividend paying blue chip companies are also a good way to protect your purchasing power.
This post is about maintaining the purchasing power of the US dollar circa 2023 and 2024. Will the world ignore the largest debtor nation in the history of the planet forever? Can we just keep printing money without affecting what it buys?
By the time the average Joe figures out the US Dollar is no longer a good asset to hold what will the price of hard assets cost to acquire in that same fiat currency?
Sure, farmland like Bill Gates is buying up is a great idea. But, that doesn’t work for me. I need to buy Realty investments via etfs or mutual funds. I can also diversify into hard assets which will maintain their value.
I like good, solid companies which are fairly valued and produce stuff we need to buy. These dividend paying blue chip companies are also a good way to protect your purchasing power.
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deleted171991
Note: Commodities tend to be a bad hedge against inflation. I posted this just for the various precious metal returns (Au, Pt, Pd, Ag).
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Mike Burry of Big Short fame is also betting on farmland (and water rights). FWIW his call on COVID last year was very wrong.
hes also shorting tesla or at least said he was a month or two ago
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deleted697127
I think a lot of the concern over fiat currency is overblown. It’s not like we’re the only country printing money. I can’t even remember my epic login. Why would i invest in Bitcoin?
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I also don't understand how this technology is useful in the United States. We already have a very mature banking system and with credit cards it's possible to complete purchases with money that you might not even have instantly almost everywhere in the country. It would be like buying a personal water purifier when in the United States all public tap water is drinkable. I'm sure in some parts of the world it is very useful but in the United States I just don't see it. How often do people need to transfer large sums of money instantly? How is a bank wire not adequate for this process?
I understand the privacy angle just fine however I don't foresee the government allowing that to reach full maturity since losing access to that information would cripple their ability to combat terrorism and money laundering.
I understand the privacy angle just fine however I don't foresee the government allowing that to reach full maturity since losing access to that information would cripple their ability to combat terrorism and money laundering.
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Ever try to make a large purchase of cocaine, meth, or heroin with a Visa card or bank wire? Me neither.
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HSBC draws line under Mexican cartel case after five-years on probation
Just use the bank like the cartels
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Has anyone or does anyone know anyone who has successfully made millions or even just hundreds of thousands of dollars by cashing out their bitcoin investments? Like for real, all this great talk about how valued it is and what a great investement, but what happens to the person who wants to cash out and retirement on the ten million valuation of their bitcoins? So far, I have met ZERO people like that.
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If I made millions on something it wouldn't exactly be something I'd advertise to people.
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I can only imagine that people who have had a giant ride up think it's going to keep going up, so they naturally don't want to cash out. FOMO is real.
Though, if you did suddenly find yourself in possession of many millions of dollars in bitcoin, it wouldn't be unreasonable to pull out 5-10million, invest that in a reasonable 3-fund portfolio, and leave your remaining bitcoin to ride the bumpy ride. But when you've seen your thousands of dollars turn into millions of dollars overnight, I'm sure "reason" hardly exists in your vocabulary anymore. Probably hard to stay grounded at that point.
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Yes. Neighbor’s son cashed out, bought a house in Lake Tahoe, and retired. My neighbor is a retired Kaiser administrator in his 70s, his son is probably in his 40s.
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Nice.
Yes. I got a taste starting in November 2017 then dollar cost averaged cash in as it inevitably went down. By the time bitcoin hit 3.5K in March I put in a lot more into BTC ETH and XLM. Sold 3/4 portfolio past month. “They” are saying its institutional money going into BTC this time so its different but seeing all the crashes of past four years I dont really buy it. I also bought into 3 ICOs two of which are basically zero at this point and probably dead. The other is up 1000%. Makes me feel like Im Warren Buffet but Im fully aware its luck with some knowledge. BTC gains dont feel like luck bc BTC is a hedge against inflation as there is a finite amount and the halvening every four years squeezes supply.
Alts are obviously penny stocks of the new millenium so the huge swings allow for big opportunities if you play them well. Or just make your own and be Stratton Oakmont.
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I own a materials ETF as part of my portfolio.
XLB is a massive, liquid ETF that invests in basic materials companies from the S&P 500. Its limited selection universe means it is heavily concentrated, with just a few holdings making up a huge chunk of the portfolio. Not surprisingly, XLB favors large-caps relative to our broader benchmark. Still, it offers reasonable exposure to the space. XLB is one of the most popular funds in the US materials segment, with a huge asset base and unmatched trading volume. It’s an excellent choice for occasional traders and institutions alike.
This may be the type of investment you can consider as well.
XLB is a massive, liquid ETF that invests in basic materials companies from the S&P 500. Its limited selection universe means it is heavily concentrated, with just a few holdings making up a huge chunk of the portfolio. Not surprisingly, XLB favors large-caps relative to our broader benchmark. Still, it offers reasonable exposure to the space. XLB is one of the most popular funds in the US materials segment, with a huge asset base and unmatched trading volume. It’s an excellent choice for occasional traders and institutions alike.
This may be the type of investment you can consider as well.
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I’ve been interested in crypto as an investment and hedge against potentially unstable fiat currencies in a terminator-esque type future but haven’t been able to resolve the inherent instability they pose. For instance, I can walk to the OR vending machine and buy a bag of peanuts for $1. Next week I can take that same dollar and buy the same bag of peanuts from the same machine bc the dollar is stable enough to do that. With BTC or any other crypto, if I buy a car for one BTC (now worth ~36k), the seller needs to put that coin into a fiat or stable coin ASAP or risk losing money. Do we imagine a future where BTC or ETH become stable enough to be a true currency? Or will they simply be a volatile asset?
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deleted171991
Any currency is a convenient replacement of barter.
We barter "real" goods and services, things that actually we need, we just use money to represent their value. Accordingly, a currency should have real value behind, even if just by convention. It should be easily replaceable with real stuff.
The reason we've been using paper (fiat) currencies has been the power of the central banks and governments behind them (before that we used coins with real industrial value). The value of such a currency depends directly on its backer. A fiat currency is a contract, and it's as good as the people and the economic power behind that contract.
So I ask myself, what the heck is BTC? Who guarantees its value? And people tell me that it's the market, it's everybody. As long as we accept it as a convention, it's even better than a (multi)national currency, because it's not "controlled" by a central bank. That's BS. Everybody's property is nobody's property. What makes it so fragile is exactly that we have no central bank and economy propping it up. Its value is determined mostly by human psychology, and no country really cares if it loses value.
Now the crypto dreamers are counting on major investors and financial institutions starting to play the BTC game, for FOMO. So what? It's still a Ponzi scheme (there is no economic value being added, as in the case of a stock, or even a fiat currency with a real economy behind it). Given that 85% of all BTC has already been mined, the value of BTC is determined mostly by the demand for it (given that the supply is limited). And the demand depends on the number and psychology of speculators and real-world applications.
Except that I don't see crypto having many real-world applications, not in a world obsessed with tracking money (e.g. for anti-terrorism purposes), exactly because it's anonymous. The other advantage would be convenience. But all my online dollar accounts are as convenient, if not more, and they have the power of a big and serious economy behind them. I can pay with my VISA/Mastercard cards almost anywhere in the world, without even bothering to exchange money into the local currency. Of course, the State can always take away my money, which is much harder with crypto. Crypto are the illegal offshore accounts for regular people (in the legal version, one is obliged to disclose all of one's financial holdings, including crypto, to the State anyway). Again, who will need to hide his money and transactions from the State, except mostly for criminals (or dissidents)?
So the only "value" of BTC I see is speculative, like in a lottery. When all is said and done, some people will win, a lot of people will lose. One can make serious profits in a Ponzi scheme, as long as one is early enough. Just don't forget that it's a Ponzi scheme, i.e. your investment in it may become worthless tomorrow. In investing, bad things happen fast, good things happen slowly. There's no such thing as a free lunch. Crypto will keep existing as long as the crypto cult exists; when something bad happens, which will prove crypto worthless, it will disappear in a puff, like all the Ponzi schemes before.
Have fun, just don't call it investing, and don't make it part of your retirement plans.
We barter "real" goods and services, things that actually we need, we just use money to represent their value. Accordingly, a currency should have real value behind, even if just by convention. It should be easily replaceable with real stuff.
The reason we've been using paper (fiat) currencies has been the power of the central banks and governments behind them (before that we used coins with real industrial value). The value of such a currency depends directly on its backer. A fiat currency is a contract, and it's as good as the people and the economic power behind that contract.
So I ask myself, what the heck is BTC? Who guarantees its value? And people tell me that it's the market, it's everybody. As long as we accept it as a convention, it's even better than a (multi)national currency, because it's not "controlled" by a central bank. That's BS. Everybody's property is nobody's property. What makes it so fragile is exactly that we have no central bank and economy propping it up. Its value is determined mostly by human psychology, and no country really cares if it loses value.
Now the crypto dreamers are counting on major investors and financial institutions starting to play the BTC game, for FOMO. So what? It's still a Ponzi scheme (there is no economic value being added, as in the case of a stock, or even a fiat currency with a real economy behind it). Given that 85% of all BTC has already been mined, the value of BTC is determined mostly by the demand for it (given that the supply is limited). And the demand depends on the number and psychology of speculators and real-world applications.
Except that I don't see crypto having many real-world applications, not in a world obsessed with tracking money (e.g. for anti-terrorism purposes), exactly because it's anonymous. The other advantage would be convenience. But all my online dollar accounts are as convenient, if not more, and they have the power of a big and serious economy behind them. I can pay with my VISA/Mastercard cards almost anywhere in the world, without even bothering to exchange money into the local currency. Of course, the State can always take away my money, which is much harder with crypto. Crypto are the illegal offshore accounts for regular people (in the legal version, one is obliged to disclose all of one's financial holdings, including crypto, to the State anyway). Again, who will need to hide his money and transactions from the State, except mostly for criminals (or dissidents)?
So the only "value" of BTC I see is speculative, like in a lottery. When all is said and done, some people will win, a lot of people will lose. One can make serious profits in a Ponzi scheme, as long as one is early enough. Just don't forget that it's a Ponzi scheme, i.e. your investment in it may become worthless tomorrow. In investing, bad things happen fast, good things happen slowly. There's no such thing as a free lunch. Crypto will keep existing as long as the crypto cult exists; when something bad happens, which will prove crypto worthless, it will disappear in a puff, like all the Ponzi schemes before.
Have fun, just don't call it investing, and don't make it part of your retirement plans.
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deleted171991
As long as you know that, historically, commodities have been a poor hedge against inflation.
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This attitude held by many of the classic investors that still dominate the market is what allows me to keep buying bitcoin at low cost and as those people cycle out of the market and we move into a completely digital future with people who don't resist the change I'll cash in and then cash out. Easiest long term play there is.
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deleted171991
The four most expensive words in English: This time is different.
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It’s so clear to see.
