Bit of a catch all thread for the stock market, investing, cryptos and the economy/inflation.
First off for disclosure, I hold no cryptos or stocks at present but having had a spell in investing post 2008 crash, I've kept an interest in it. A couple of years back I began to notice that a lot of young people were being sold on the idea of investing and most notably in cryptocurrency. This concerned me because they were being sold on the idea during a sustained (unsustainable) bull run.
It must have seemed to a lot of these young kids, who had no previous investing experience, that this was a license to print money and given how the economy is in general, their one true shot at real wealth. This was incredibly dangerous because as investors know all to well, markets go up but they also go down and the key to this game is NEVER be over-leveraged in any one thing.
Now as the price of Bitcoin fell from $60k to its current level of $20k, these same Crypto Bro sharks have been telling these kids "buy into the dip", if they were happy to buy at $40k, then $20k is a steal, right?
Same thing Ponzi Schemes have told unwitting dupes for decades.
... and they had all sorts of impressive candlestick charts showing wavey lines to back up their claims.
Truth is 99% of these Cryptoguys on Twitter have no clue what they're doing, it's essentially big time gambling, I've seen posts from guys who have made $2.6m punts on Terra/Luna and seen it reduced to $1k.
So what do you guys think about all this stuff, are you invested in anything, do you owns stocks, funds, etc?
Are Cryptos the future of currency or a flash in the pan ponzi scheme that will be looked back in 20 years time as a few years of collective madness?
First off for disclosure, I hold no cryptos or stocks at present but having had a spell in investing post 2008 crash, I've kept an interest in it. A couple of years back I began to notice that a lot of young people were being sold on the idea of investing and most notably in cryptocurrency. This concerned me because they were being sold on the idea during a sustained (unsustainable) bull run.
It must have seemed to a lot of these young kids, who had no previous investing experience, that this was a license to print money and given how the economy is in general, their one true shot at real wealth. This was incredibly dangerous because as investors know all to well, markets go up but they also go down and the key to this game is NEVER be over-leveraged in any one thing.
Now as the price of Bitcoin fell from $60k to its current level of $20k, these same Crypto Bro sharks have been telling these kids "buy into the dip", if they were happy to buy at $40k, then $20k is a steal, right?
Same thing Ponzi Schemes have told unwitting dupes for decades.
... and they had all sorts of impressive candlestick charts showing wavey lines to back up their claims.
Truth is 99% of these Cryptoguys on Twitter have no clue what they're doing, it's essentially big time gambling, I've seen posts from guys who have made $2.6m punts on Terra/Luna and seen it reduced to $1k.
So what do you guys think about all this stuff, are you invested in anything, do you owns stocks, funds, etc?
Are Cryptos the future of currency or a flash in the pan ponzi scheme that will be looked back in 20 years time as a few years of collective madness?