Crypto - Anyone else really uninterested?
Discussion
Is anyone else really uninterested in all things crypto currency? I believe that I have a fairly solid understanding of the subject but am not in the slightest bit interested, nor would I go near any of it with my own money.
So many of my friends seem to be jumping on the bandwagon and trying to talk me into different coins, platforms etc. But the conversations are so dull, and at least in my circle of friends, it is the less educated amongst them that are into it the most, but they can't really explain anything about it but some have thousands of pounds in different coins. I can't fathom why you would have money invested in things that you don't fully understand.
It almost feels like a cult at times, the people who are into it are so into it that it is almost all they can talk about and literally cannot wrap their brain around why everyone isn't doing it.
So many of my friends seem to be jumping on the bandwagon and trying to talk me into different coins, platforms etc. But the conversations are so dull, and at least in my circle of friends, it is the less educated amongst them that are into it the most, but they can't really explain anything about it but some have thousands of pounds in different coins. I can't fathom why you would have money invested in things that you don't fully understand.
It almost feels like a cult at times, the people who are into it are so into it that it is almost all they can talk about and literally cannot wrap their brain around why everyone isn't doing it.
World's biggest pyramid scheme. I've been dabbling in investments recently and while there is the opportunity to make big money on crypto during a rise, there's the opportunity to lose it all.
Plus, Bitcoin uses over 91 TWh of electricity annually. More than Finland - 0.5% of the world's total energy and 10x what it was 5 year previously.
Plus, Bitcoin uses over 91 TWh of electricity annually. More than Finland - 0.5% of the world's total energy and 10x what it was 5 year previously.
Craig W said:
... the people who are into it are so into it that it is almost all they can talk about and literally cannot wrap their brain around why everyone isn't doing it.
We're not all like that. I spent over a year researching it and learning about it before exposing a small percentage of my savings to it. I don't talk to anyone about it or encourage anyone else to get involved.Never the original intent, but crypto and NFTs are largely massive pyramid shaped hype machine nows.
If you've got the time, stick this complete explainer on - much less about the technology of bitcoin and NFTs, more the massive hype machine that it is https://www.youtube.com/watch?v=YQ_xWvX1n9g
If you've got the time, stick this complete explainer on - much less about the technology of bitcoin and NFTs, more the massive hype machine that it is https://www.youtube.com/watch?v=YQ_xWvX1n9g
Puggit said:
World's biggest pyramid scheme. I've been dabbling in investments recently and while there is the opportunity to make big money on crypto during a rise, there's the opportunity to lose it all.
Plus, Bitcoin uses over 91 TWh of electricity annually. More than Finland - 0.5% of the world's total energy and 10x what it was 5 year previously.
The electricity argument only applies to cryptocurrencies that use a PoW for their consensus algorithm. Most of them now are PoS or some variation thereof, which doesn't require the CPU-intensive mining of coins.Plus, Bitcoin uses over 91 TWh of electricity annually. More than Finland - 0.5% of the world's total energy and 10x what it was 5 year previously.
My brother is very active with it.
Now retired he bought £60k of bitcoin and cashed out making £12k which paid for a new roof on his house.
Not sure how much success he's had since but is still very active.
He told me I should get involved but the difference between him and I is that he's always been a bit of a gambler whereas I have zero interest in it.
From my very limited understanding it is exactly that - Gambling.
Now retired he bought £60k of bitcoin and cashed out making £12k which paid for a new roof on his house.
Not sure how much success he's had since but is still very active.
He told me I should get involved but the difference between him and I is that he's always been a bit of a gambler whereas I have zero interest in it.
From my very limited understanding it is exactly that - Gambling.
I have made a good amount of money over the last few years with crypto.
But who hasnt its all been a massive bull run.
I would never encourage anyone to get involved. Experiment with about 5 percent of your portfolio if you like.
Some call it the future, others pointless. I really dont care as long as I make money.
However, I also like to hold silver and gold.
Plenty of people say these are a pointless investment, especially gold, but i quite like it. Each to there own.
But who hasnt its all been a massive bull run.
I would never encourage anyone to get involved. Experiment with about 5 percent of your portfolio if you like.
Some call it the future, others pointless. I really dont care as long as I make money.
However, I also like to hold silver and gold.
Plenty of people say these are a pointless investment, especially gold, but i quite like it. Each to there own.
I've always had a suspicion that there's a blockchain backdoor and some sneaky 
is going to empty Crypto accounts wiping the Centrl registries at some point.
That said, there have been a number of high profile hackings in recent times, and despite this major banks have taken steps to enable custody of Crypto assets. FOMO?
It's a matter of time before a massive crunch hits.
I'm very happy to be proven wrong, but I'm risk averse, so I don't / haven't / wouldn't invest in these asset types.
is going to empty Crypto accounts wiping the Centrl registries at some point.That said, there have been a number of high profile hackings in recent times, and despite this major banks have taken steps to enable custody of Crypto assets. FOMO?
It's a matter of time before a massive crunch hits.
I'm very happy to be proven wrong, but I'm risk averse, so I don't / haven't / wouldn't invest in these asset types.
tone said:
Yup, giant Ponzi scheme in my view. I have a few friends who are into it and, to be fair, they recognise it has no real value and plan to get out just before the SHTF.........
It's could be argued it's less of a ponzi scheme that actual currency. How much is pound sterling really worth? It's value fluctuates against other currencies, 5% inflation means it's value is eroding, and the govt have printed hundreds of billions on a whim to pay for the pandemic. How much is a £5 note worth when the govt can print unlimited amounts. If everyone could just go into their garden and dig up diamonds whenever they wanted, would diamonds have any real value? How much are dollars worth. Just look at the US finances, they are trillions in debt.
Gold is just a metal. It has no practical value. It's less useful that water or potatoes. But relatively, there's not much of it, and it's hard to get hold of initially. That's where the perceived value is. Why is that any different from Bitcoin?
x5tuu said:
digimeistter said:
From my very limited understanding it is exactly that - Gambling.
This is exactly how I see it. Looking at the swings as well the volatility is far more than a calculated gamble could ever be.Be educated before you give your opinion, not just on cryptocurrency, but on anything.
It most definitely isn't gambling.
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