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JohnnyNJoy

Cryptocurrency we shouldn't invest in?

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I've yet to invest into cryptocurrency myself, but I would like to try my hand at eventually investing. With that being said, what cryptocurrency should we not currently invest in? I want to only focus on legitimate cryptocurrency and I figure we could start a list here of ones that are probably not good. 

 

Anyway, post away. 🙂 

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Posted (edited)

 Warren Buffet does not  like Crypto currencies and Jim Rogers has stated that he doesn't like crypto currencies because he is of the belief that Governments will have their own crypto currencies available for the general public. He goes on to say since they basically have the control of the populace they will eventually not let entities like bitcoin remain since they will used to circumvent governmental control. He says bitcoin and the like will eventually go to zero and will cease to exist as governments introduce their own crypto currencies approved for public useage. 

 

     I  would like to get involved in crypto currencies at some point since I think the handwriting is on the wall but think it is a <deleted> shoot at this juncture and still very risky as we transition away from fiat currency and governments introduce their own crypto currencies.

Edited by watgate
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I can totally see governments trying to implement their own cryptocurrency to get rid of the others out there. If that's the case, I probably won't be investing into anything. I don't want to risk investing into one and then all of a sudden it goes away because the government has their own now. 

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The attached article clearly explains the difference between 'fiat' money and crypto-currencies like Bitcoin.

Fiat money is based on a debt-obligation which can be enforced.  Crypto is just Monopoly-money without such backing and based on thin air, so only worth what the other Monopoly-game players are prepared to pay for it.

Both are subject to manipulation by Big Players, but the risk of losing (and winning) big time is of course much higher with the non-regulated thin-air child's play money.

 

Cryptocurrencies are Digital Version of Children's Play Paper Money.pdf

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On 8/3/2020 at 7:36 PM, JohnnyNJoy said:

I can totally see governments trying to implement their own cryptocurrency to get rid of the others out there. If that's the case, I probably won't be investing into anything. I don't want to risk investing into one and then all of a sudden it goes away because the government has their own now. 

I don't get the point of governments implementing their own cryptocurrencies - I mean, part of the definition of a cryptocurrency is that no government is involved.

 

In addition, there is no benefit to a government to getting involved in or creating a cryptocurrency. In fact, if the government already issues a regular currency, they run the danger of affecting that regular currency.

 

But to answer the question put by the original poster, even the drug dealers and other criminals are only using cryptocurrency because they have difficulty with using regular currency because of banking laws and rules against money laundering. But even they have problems because cryptocurrencies are traceable! So they are using the stuff out of desperation. I see them disappearing due to a lack of demand.

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The partner of Coca-Cola’s largest U.S.-based bottling company is expanding its use of blockchain to enhance efficiency across the beverage company’s supply chain.

They will use the Ethereum Mainnet

Full announcement from August 3, 2020 :  
https://medium.com/unibrightio/baselining-the-north-america-coca-cola-bottling-supply-chain-f87539220269

This is the sort of news you want to keep upto date with so you know which blockchains and coins are really being used and developed.   

 

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Posted (edited)
Quote

I've yet to invest into cryptocurrency myself, but I would like to try my hand at eventually investing. With that being said, what cryptocurrency should we not currently invest in? I want to only focus on legitimate cryptocurrency and I figure we could start a list here of ones that are probably not good. 

You do not need to run the risk of actually buying bitcoin, you can trade the Bitcoin/USD pair as a forex pair.

 

If Bitcoin were to go to 0 you can then short the hell out of it and make 500 million USD in one single day, like these guys did recently shorting oil when it went to 0:

 

https://www.bloomberg.com/news/articles/2020-08-04/oil-s-plunge-below-zero-was-500-million-jackpot-for-a-few-london-traders

 

I did buy some Bitcoin, for a bit of fun, but I much prefer to trade forex. You can still benefit from the Bitcoin price rising without the risk of holding bitcoin and instant disposal of your investment.

 

Edited by Logosone
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