Which will scare the passive, obeisant little sheep. The folks that truly understand things will laugh at the government’s cute little attempt to control global cryptography, and they’ll go on about their business.
Oh, that is plainly obvious. It’s hilarious to watch people be so closed-minded they won’t even invest a token small percentage of their assets.
And it’s not even from examining things & concluding it’s not for you. 99% of the doubters have never given this a serious thought and are allowing headlines written by 30-yr-old snot nosed journalists to keep them away.
By the way, I don’t know anyone that is 100% in on crypto, or even approaching 50%. That would be a foolish “all eggs in one basket” approach, and such people deserve any losses they might suffer.
6 months ago a good friend threw 10k at bitcoin, his take was that the 10k could go up 1000% or disappear, but he had to get into this crypto thing. After 2 weeks he’s up 10%, he went deeper with 50k, then 100k more, etc. Some of his buy ins are down 50%, and he’s considering adding more but he’s nervous about it obviously.
Two giant differences between me and this dude, he’s 20 years younger and his wife makes 1M a year. Success or failure with the money already committed won’t make a difference to him.
If i could get into crypto without the government in my business i would. Pioneers in the market might have that luxury. Currently if you get a digital wallet that requires state id, ssn, and 1099. If you get the hardware wallet, thats more for long term hold and not transactional. As far as using it as a replacement for visa, the fees for the miners to verify transactions are more expensive than visa. Also, these transactions can take time to verify. I have looked into it and weighed pros and cons. Sure i see the value of currency especially international transactions.
Also many might be surprised that you indirectly own some crypto in 401k. Many corporations are involved in the commercial mining process and some of those hold and not sell.
I don’t think crypto has to do with intelligence. I know many smart people who have lost their ass in crypto.
Crypto is more about your risk tolerance. I understand how it works which is why I don’t invest in it. It’s a scheme and nothing more. Now In the future it may be a viable currency but in its current format it’s a get rich quick scheme.
I have no risk tolerance for that. As such I don’t dabble in it.
Once you understand the 51% attack, you’ll get why I don’t trust it. Once you know who has 51% you’ll understand why I don’t like the risk
I would argue such people are not smart. Not in a common sense kind of way.
I have invested plenty into crypto, but it is a small percentage of my overall portfolio. Something like 5% of my total investments…maybe not even.
It’s not going to zero, but if it did, then oh well. I acknowledge it as largely speculative. But I think the stubbornly unimaginative closedminded folks are limiting their upside massively.
Crypto has plenty of potential as a decentralized deflationary protocol. We should all be wanting it over the central government-controlled, endlessly inflatable fiat.
The stock market is dropping like a rock. The sad part is Biden already spent stimulus money driving inflation. Now he can spend that to stop the recession since it’ll drive more inflation.
The democrats really screwed them us by writing checks we didn’t need.
Not to mention the only tool left will be to cut rates. They have just got started to raise them. if we go to recession, there is not much room for them to cut without spurring inflation again. They are in a terrible spot that could have been avoided if they would have recognized the signs of rapid inflation in May/June of last year. If they were making incremental steps last year instead of boring their heads in the sand and saying it was all transitory, they could have avoided the situation we are in today.
The fed was late raising rates but they’re independent of party so can’t hang this on the Dems. Biden said it was transitory, of course he would, but there’s really little he could do on inflation. The stimulus didn’t help, but both sides did it and it’s not the sole blame of inflation or the coming recession. As proof you just need to look at other western governments, their inflation is up and their Fed banks are raising rates as well.
We love to blame the sitting president for all of our ills but the thing to remember is that recessions are inevitable and are a decade or longer in the making.
I’m a biden apologist? Absolutely not, I’ve recognized the role stimulus played in the inflation. I’m merely saying that we can’t blame the president for everything, this recession was 13 years in the making. If Trump had won, we’d still be here and I’d be saying the same things as KC blamed him for the recession.
You have been deflecting blame from him for 18 months, nothing is his fault according to you.
Now, you also never gave Trump credit for the great economy during his Presidency.
So, you may just look at the Presidency as a “figurehead” and think that their policy decisions are irrelevant.