I own bitcoin, ethereum, zcash, and dogecoin. Those are my currencies and I have two tokens as well. My investment doubled at one point, but now it's back down to where I'm up maybe 20% overall. It'll go back up again. Crypto is here to stay no matter what. Think about every technological advance. There are the naysayers but that never stops technology from growing. I also bought a hydrogen company in the stock market HYSR. It's a penny stock but it's been very good to me. I'm up over 20 times my investment. It's expected to go way higher once they have news on their second generation product. Good one to look into.
Yes crypto is here to stay but it will aggravate a growing wealth disparity that will most certainly lead to further political and economic unrest around the world. You will see more starvation and disease to those who lack access to technology. Like it or not, we are officially a global community and every change ripples outward sometimes for the good, but often for the bad despite the best of intentions. In modern parlance, deciding which cryptocurrency to buy is a first world white people problem with a few exceptions.
You've described the speculative nature of the native assets that fund and secure their networks. The technology itself is more beneficial to the impoverished.
Never had crypto currently and most likely never will. Don't understand it.
@Lev136 atleast you’re honest about not owning it since you don’t understand it … most people that don’t understand take the much easier approach of “i don’t like it” since they don’t know where to begin in understanding it …
@mark in theory. Almost every country already suffers an expensive technology disparity and a mounting gap in computer literacy. Technology in all guises have promised impoverished populations improvements for two centuries and yet the progress has been minuscule. I understand how theoretically it should improve access but I think you are focusing solely on the cryptocurrency and it’s possibilities just like proponents of AI, nuclear energy and basic computers were touted for their beneficial properties. But mankind is a Pandora’s box of its own making and I do not see this going well for the less fortunate on a farm in Rwanda or a ghetto in Chicago.
Until governments change, population control is efficiently practiced, and climate change is addressed, cryptocurrency will continue to be an investment for those with disposable income, a way for criminal enterprises and nefarious governments to launder money, and a talking point for social theorists. As much as we may all love the possibilities, this will soon be coopted, packaged and regulated faster than you can shake a stick. Elon Musk has already been accused of manipulating the crypto market with various statements.
With that being said, I have cautiously invested. What continues to amaze me is I have met people who enthusiastically invested in a fledgling concept like crypto, but dismiss an established science like vaccines. In that thought alone I do not think a large portion of our world will ever see things improve much regardless of what the possibilities presented by technology.
I understand your broader sentiment which actually seems fairly non-specific to crypto. And I share your concerns over wealth disparity. I've found Ray Dalio's recent takes on that subject, and his sense of urgency, quite insightful.
@mark The broader sentiment is to emphasize how little crypto matters in the grand scheme of things and I bring it up because you pointed out that it would make things easier for the impoverished. My point is we will screw this up before that can ever happen. Several countries are already discussing plans to regulate it and most of it is under the guise of criminal activity and terrorism using crypto to move money. But the main selling point of crypto is anonymity. If tax revenue starts to fall as crypto grows it will be regulated. Taxes will be its downfall. The bad guys already know how to use it, governments will want to control it, and then am the patina that looked so good will be stripped away and we will be back to the same old, same old before you know it. I do not see us ever getting to a point that it is beneficial for the world’s least fortunate. Even the FBI, who is always light years behind, have figured out how to track and retrieve ill gotten gains in the crypto world.
I understand, we'll just have to agree to disagree.
I think decentralised finance is eventually going to absorb much of the traditional system. Crypto regulation in the U.S. has been reasonable so far to the extent it's been received as a positive signal by institutions considering an entry. Today's hearing at the House subcommittee was not concerning. Criminal use of crypto is less than 1% so that isn't a proportionate worry. Avoiding tax is difficult because fiat on and off ramps are regulated, and the IRS are utilising on-chain analytics firms to track between those points.
I also think one of the outcomes that are beneficial to those in power are a strengthening of the US dollar through greater penetration around the world via USDC type stablecoins.
I guess we'll just have to wait and see how much of an impact this ultimately has or is allowed to have.
Imo, the only way to stop the surge that is crypto and blockchain is to shut down the internet. And thats not going to happen. We already saw at every point in time when a country banned or outlawed crypto, there was a surge in purchases from that region. Defi is too gamechanging to leave the playing field untouched
@Mark Yes we can agree to disagree. I have been wrong before but if I was a betting man I will always put my money on humans f*#king up a good thing up. And I would be independently wealthy as a result.
@jcastagno i agree completely … just recently El Salvador legalized Bitcoin as its official medium of exchange & will airdrop $30.00 worth of Bitcoin to every adult in the country (worth $135 million dollars) Paraguay has proposed a similar bill to follow in the foot steps (we will see what happens in the following weeks / months, if it passes I see a ripple effect across Latin America ) & yes you will get some opposition like China / India , India seems to be moving more in favor recently … but remember, at the end of the day (it is my opinion) That Trade Finance rules all … if anyone would like please look up ISO20022 …. This will be the standard , so that means blockchain is inevitable.
@DarrenWalker https://cryptoclimate.org/
Just learned this now , the ‘Crypto Climate Accord’ … over 45 crypto & finance companies have come onboard & pledge to be net zero by 2030 & update all progress, I remember this being one of the main negatives in your view so I think you’ll appreciate this as I do myself, Link provided above.
Google "crypto designed to help poor people." I think a few of you might find the reading to be interesting.
Thanks @PrinceDon will do.
@PrinceDon I did just that . I found it interesting that the one google search result admitted that an impoverished person has no access anyway to cyber currency , so the only way immediately right now to feed a poor person is to donate a traditional way .
I've been thinking about this for a while.
@Mark's apparent suggestion that governments can't stop newspapers they don't like from getting access to crypto (as opposed to bank accounts, which they can seize) is a fascinating one. I don't know what about cryptocurrency, as a medium, would prevent a government from putting a hold on certain "wallets," but that sounds like a very useful feature of cryptocurrency indeed. I like that.
@cuddles_ndream's link to a website promising a lower environmental cost for cryptocurrency in the future would be pointless without the benefit presented by Mark—it doesn't matter how low the cost is if what you're buying isn't worth it!
@PrinceDon's idea that cryptocurrency could help poor people, though... that strikes me as an odd one.
Like Asress Gikay says:
"Access to money itself would seem to be a fundamental precursor to any financial transaction, and by definition, this is lacking among the poor, whether in the developed or developing world. Cryptocurrency cannot replace banking either; in fact, having a bank account is generally a prerequisite to accessing cryptocurrencies in many cases."
Poor people are, you know, poor. And crypto costs.
I bought 1,000 coins back in 2011. They were $1.50 each. Keep meaning to check on the value. Has it gone up at all?
@MariettaSnuggle nope it went down lol
Then I don't feel too badly about losing that memory stick lol
I've got 139 Doge ($50 at time of purchase... less now), I just haven't had any spare money to throw at something like Bitcoin.
I don't know what about cryptocurrency, as a medium, would prevent a government from putting a hold on certain "wallets," but that sounds like a very useful feature of cryptocurrency indeed. I like that.
In the same sense that a password saved in your head cannot be seized, this also holds true for non-custodial wallets.
A fiat exit can be blocked but it requires authorities track on-chain movements and force the exchanges to block ahead of time. It's a cat-and-mouse scenario and therefore a significant deterrent.
I view it similarly to the futile attempts to take down The Pirate Bay. Authorities would force ISPs to block a domain but the website, with their hosting safe in another jurisdiction, would simply use another domain.
Any reporting you see about the FBI seizing wallets is actually referring to the wallet owners having inadequate security or choosing to give up access. It's never due to some special capability by the authorities to backdoor the technology.
Crypto update -
Coinbase just released their Coinbase Card (complete game changer) You Earn 4% Apy on your Usdc balance (as long as you don’t live in New York / Vermont / or Hawai smh @ ny ) - plus 4% cash back as Stellar Lumens Xlm (or 1% as Bitcoin btc your choice - I recommend Xlm)
Also, Coinbase guarantees 100% of your USDC balance (FDIC only insures up to $250,000)
https://blog.coinbase.com/sign-up-to-earn-4-apy-on-usd-coin-with-coinbase-cdad79e5f5eb
AMP & staked on the Flexa Network. Few ETH to cover gas prices.
@11jae11 👊🏼😎
Any other Alt favs?
Investing in Anything new on Gate.IO will get you a good ROI. Get in & get out within 24 hrs & wait for the next coin to come out....
@1Zarre i prefer to invest strictly based on fundamentals, not really into the “get rich quick”.
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You can definitely make money on it just don't know what you're doing this some new ones out that are really at the very beginning it's going to be really strong and you don't even need any money down I know it's crazy but it really works
@Bbmm always look at fundamentals/ team/ tokenomics/ coin distribution/ & roadmap as the foundation, never rumors or pumps.