Cryptocurrencies

Archy1221 said:
For me and the advice I gave my college aged son, was that if you have extra money and you are looking for a grandslam investment with a very high risk, then get some crypto and plan on not looking at for 10 years unless it pops again.   
 

It’s not a bad strategy for someone in their 20’s to throw a few thousand into it knowing they have a lifetime of investment opportunities to make that back quickly 
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The bold is important.  Sure, if you have a couple thousand you are OK with losing, go for it.  I have had a problem with celebrities or others who promote these as great investments.

 
I had been curious about investing in crypto currencies, understanding they were high risk investments, and I could lose all the cash invested.  Unfortunately, too many people thought the crypto wave from 2021 would go on forever.

One of the customers for the company I work for is a cryptocurrency that hit it big for about a year, and has crashed the past few months.  It went from $2 to over $200, and has come crashing back down to less than $20.  This company was spending over $1M with us a month, but has recently stopped paying our invoices.  We think that they don't have much liquidity due to the decline in their price of their cryptocurrency.

 
I think cryptocurrency will be a thing once internet matures, maybe into the metaverse, and their is a need for a more universal currency. But right now, I just don't see the point.

 
So, this whole FTX thing is going to be interesting. Cryptocurrency has prided itself as being free from government regulation and control.  
 

So, now a guy basically stole everyone’s money and people want government involved. 
 

To some extent, this will force government to put in regulations.  And, that’s what crypto fans don’t want. 

 
BigRedBuster said:
So, this whole FTX thing is going to be interesting. Cryptocurrency has prided itself as being free from government regulation and control.  
 

So, now a guy basically stole everyone’s money and people want government involved. 
 

To some extent, this will force government to put in regulations.  And, that’s what crypto fans don’t want. 
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I originally thought cryptocurrencies made sense, but I've learned more about the history of money policy and currencies and think cryptocurrencies are a terrible idea. Plus cryptocurrencies take a large amount of energy because of the need or many redundant calculations whereas a bank can do a much simpler calculation once.

I think large institutions like governments and banks will implement regulated blockchain transactions, which will eliminate the advantage of cryptocurrency except for criminal enterprises, tax evaders, and anti-government fanatics.

 
RedDenver said:
I originally thought cryptocurrencies made sense, but I've learned more about the history of money policy and currencies and think cryptocurrencies are a terrible idea. Plus cryptocurrencies take a large amount of energy because of the need or many redundant calculations whereas a bank can do a much simpler calculation once.

I think large institutions like governments and banks will implement regulated blockchain transactions, which will eliminate the advantage of cryptocurrency except for criminal enterprises, tax evaders, and anti-government fanatics.
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What do you think blockchain transactions would do for banking?

 
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