Pandy · 9 answers · 3y

What are your thoughts on cryptocurrencies? (i.e. bitcoin)

I bought some cryptocurrencies at the worst time possible, right before the big crash in 2018. However I still consider them a good investment. Fiat currency in my country is plummeting rapidly so I think one of the good options is to invest in cryptocurrencies, especially stable coins that don't fluctuate like bitcoin. In economic crises, investing in cryptocurrencies besides gold and real estate is not a bad choice IMO. Also for transacting in short amount of time and with a meager fee, cryptocurrencies are the best.

If you want to play around with buying and selling it it's cool since it's pretty volatile but other than that I don't really see a use for it

It’s useful if you want to move money around quickly and quietly, and it’s easy to “rinse” it clean - hence its popularity with some pretty heavy-duty people doing some pretty heavy-duty stuff. I’ve looked into it, and it could be useful, but it’s the fluctuation in value bit I don’t like.

I still can’t wrap my head around “mining” bitcoin. The only thing in my schema that I have to compare it to is the California Gold Rush. Is Yosemite Sam going to show up with two revolvers in hand and try to jump my claim? Where do I go cash in my little bag of Bitcoin at the end of the day? Can I buy a side of bacon, a few yards of fabric for Ma’s dresses, and a pair of overalls for Pa down at The General Store with my Bitcoin? I have pressing questions... 😔

I think they are useless but i own some shitcoins cos i believe the risk-reward ratio is really good

It's a digital pet rock.. Bitcoin plummeted in value (what a surprise) some time ago and failed to meet the SEC's consideration for trade on Wall Street. That's a pretty low bar to meet considering "futures" and CDO's are tradeable assets. Only neckbeard fedora wearers like ASouza would ever put their life savings on something so volatile. Read: https://fortune.com/2017/11/25/lost-bitcoins/

I understand the market for it and why certain people might want to use it, but I'm not going anywhere near it personally, I am not down for playing Wild Wild West with my money

Retrospring uses Markdown for formatting

*italic text* for italic text

**bold text** for bold text

[link](https://example.com) for link