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I don't care how many classes, seminars or free food becomes available to lure folks into patched up Crypto snake oil tents.

The future of Crypto is about as murky as the chances of Putin conquering Ukraine and rest of former Warsaw Pact nations without the use of nuclear weapons or having Klingons and Romulans as allies. Or Global Warming suddenly disappearing because the Right Wing wants to continue ignoring it.

Crypto markets have been heading south for weeks and it's clear now that the demand for NFT's has crashed so badly, you can barely find it in the basement. 

Ah, but don't take it from me: 

The NFT market is, shall we say ... in free fall?

My Millennial nephew who's heavily into money management believes Crypto has a future.

 

I told nephew that I will be keeping my money in investments, bank accounts and underneath a mattress. No Crypto-nite. 😁😎

I will share to those i know who are interested in crypto.

The amount of energy necessary for crypto mining is unbelievable. No wonder China has banned Crypto.

Investors are taking a bath because of Crypto. New York's Mayor Eric Adams, an early Crypto enthusiast, lost more than $5,800.

One more time, read what an economic expert's view the latest developments.

"It was supposed to be a financial revolution. Instead, crypto has become an environmentally disastrous gift to con artists." - David A. Banks is the director of globalization studies at the University at Albany, SUNY.  

I would not term crypto cheerleaders as con artists. But crypto definitely is a risky investment and some boosters never offer facts or reassurances. I would label some ardent crypto backers naive. 

Here is Mr. Banks' take: The Cryptocurrency Dream is Fading Fast

For me there is no compelling use case for crypto for the general population. 

 

It is no surprise the mark who paid 3 million for Dorsey's first tweet will was not able to resell it for a profit.  But I understand if someone is willing to pay $70MM for a jpeg others will try to jump on the band wagon -- even if they can only make a fraction of that amount.  But who, other than someone fantastically wealthy would spend that much on an NFT?

 

As far as the energy required to mine that is a problem which is not limited to crypto.  As long as people are making money we will not address this issue.  Again the problem is much bigger than Crypto.

 

The price of Crypto could be described as being in "free fall" since this past winter (see charts below) but this probably considered a buying opportunity for a investor with a high risk tolerance.  

 

In 1934, Parker Brothers created a board game called Monopoly. 

 

Ever since I was a kid, Monopoly has always been my  favorite game to play. But, it's more than a game.

 

Monopoly provides the blueprint  to understanding how money works and the strategies it takes to build wealth. 

 

For 88 years and counting, white folks have been selling the game in plain sight. 😎

Based on the graph you need to have deep pockets, other investment and a long time frame to make money I. Crypto. If it's your sole or major component.i your portfolio you haven't adequately diversified your risk.

 

However that is my non professional opinion as I am not licensed to give financial advice.

6 hours ago, Delano said:

Based on the graph you need to have deep pockets, other investment and a long time frame to make money I. Crypto. If it's your sole or major component.i your portfolio you haven't adequately diversified your risk.

 

However that is my non professional opinion as I am not a licensed to give financial advice.

@Delano, your opinion is correct and would be sound financial advice. It takes money to make more of it. 😎

It's been a while but I did study Finance.

Crypto is unregulated which isn't an issue until there's a liquidity crunch

 

It was always an issue for the cautious. 

@Stefan just for the record, I didn't share this as someone who is personally invested in any crypto. I just know people who are and I know people in this community who are. so I shared. but I want it known I am not an investor in crypto and I have offline spoken against crypto to my friends, some of whom are deeply involved.

I don't share cause I always concur or agree with. I share Black cause the black community is internally multiracial and I want all of the races in the Black community to grow.

 

@Troy I concur to your point about crypto not being for the general populace. But I use more statistics. During the sars -cov-2 the white man admitted that circa 70% of children in the poor sections of los angeles didn't have internet for the online school thing. A similar number the white man stated for the entire continent of africa, which the white man also states has the quickest growing quantity of under twenties in humanity. The internet, all the financial management schemes touted all the time, are clearly not for the general populous in the usa or on earth with such numbers. 

 

@ProfDyes, the greatest lesson in monopoly is what happens when a player has a little money , owns no lands, and all lands are sold, and is still playing:) 

In defense, ever since the dutch started their stock market, the white community has always created radical financial markets to sucker those who think they can get lucky. The slot machine is a well known device by know and yet, still does a lot of damage to personal accounts. Fiscally wealthy whites comprehend all others, including poor whites, will always have many who will gamble even knowing the odds is bad, crypto is merely one of many. Why do people keep playing monopoly when they are clearly finished:) 

 

@Delano truth. but, people will always risk cause the truth is, .001 percent risk and win, that is the genius of stock markets, card tables at macau, crypto, many people know, if you are not willing to kill somebody for their wealth or enslave somebody for their labor, then absent those sturdier schemes to get rich quick, you have to gamble to get quick and ...

 

 

16 minutes ago, richardmurray said:

but, people will always risk cause the truth is, .001 percent risk and win,

What are you trying to say?

 

18 minutes ago, richardmurray said:

that is the genius of stock markets, card tables at macau, crypto, many people know, if you are not willing to kill somebody for their wealth or enslave somebody for their labor, then absent those sturdier schemes to get rich quick, you have to gamble to get quick

You are conflating gambling, speculation and investing. And while I am not licensed and have some knowledge of finance.

I believe Crypto should be left alone for the time being.

The ones who continue touting it as a financial panacea without clearly pointing out the risks are part of a huge credibility problem. 

@Delano I didn't say anything you comprehended. My apologies.

 

@Stefan I personally agree, but I also think Black people should do what they want. Our forebears were enslaved completely for a long time , to a another phenotypical race. Rightly or wrongly, functionally or dysfunctionally:) our forebears in the usa, chose the path of total individual nonviolent freedom. That to me is what Frederick Douglass plus the Black churches  wanted. I disagree with his choice or their choice but because of what he and the Black churches chose to do at an important time for Black people in the usa, Black people in the usa have done it all outside of killing another people and taking their land or enslaving a whole other people. We tried to be white, tried to go back to africa, tried to be believers in the constitutions premise, tried to be militant, tried and currently try to do a little of various things.  Some things not so nice to other black people. But, it is alright. 

4 hours ago, richardmurray said:

 I didn't say anything you comprehended. My apologies.

No problem, I don't think it will happen again.

A FB had their funds held by Nexo. I don't know more details. Banks sometimes don't allow you to withdraw all of your money from your account. Since it effects their liquidity.

https://www.bloomberg.com/news/videos/2022-05-18/bringing-buyblack-to-crypto-video?fbclid=IwAR3IIuu_O5B34eo0dRUGTkBPlQ1xog9SLjtBImGstcHhghquHhtTLdai0zI

 

On 5/14/2022 at 10:02 PM, Delano said:

Crypto is unregulated which isn't an issue until there's a liquidity crunch

 

https://www.reuters.com/business/finance/singapore-regulator-rebukes-crypto-fund-three-arrows-capital-2022-06-30/

I guess you've been following the prices of Ethereum and Bitcoin.  It would be interesting to know how many people brought at the wrong time and have lost a ton of money.

 

I wonder how long it will take to recover this losses, or even if it will ever happen?

 

Bitcoin and crypto-currency in general is a SCAM.

People should wake up and recognize this and pull their money out of that house of cards.

 

Bulls make money, Beats make money pigs get slaughtered. I heard that both on Wall Street and in Grad School.

 

If you are investing you are competing literally with rocket scientists. And unless you have a prudent long term investment strategy your money is just providing liquidity to the market.

 

If you brought early and sold before the crash you made a ton of money, But the real money is in charging others to teach them how you made money. To me @Pioneer1 that is the real potential for scams come in.  Of course there were some straight up crypto scams, but I don't think Bitcoin is one.

 

Blockchain is probably here to stay, but like the WWW there needs to be some regulation otherwise people will get exploited.  

 

I don't even know how much my little investment in crypto is worth today.  I use a cold storage wallet -- which I just came across after three months of not being able to out my finger on it (or my keys)...  Maybe in 10 years the value would have increased. I'm treating it like a savings bond, albeit a very volatile one 😉 

The Crytocurrency industry is little more than a giant scam. But if you're fortunate and bamboozle a whole bunch of turkeys, you can get rich.

Don't let the threat of handcuffs deter you.

Crypto - tip toe to Apocalypto.

https://www.cnbc.com/2022/06/30/fbi-adds-cryptoqueen-to-ten-most-wanted-fugitives-list-for-fraud.html

3 hours ago, Troy said:

there needs to be some regulation otherwise people will get exploited

That is one of the aspects that is touted as a benefit. There is no regulating body. And that is fine until it starts plummeting and all of the elephants try to get through one door.

 

Time will tell.

18 hours ago, Troy said:

If you brought early and sold before the crash you made a ton of money, But the real money is in charging others to teach them how you made money. To me @Pioneer1 that is the real potential for scams come in.  Of course there were some straight up crypto scams, but I don't think Bitcoin is one.

 

Blockchain is probably here to stay, but like the WWW there needs to be some regulation otherwise people will get exploited.  

 

I don't even know how much my little investment in crypto is worth today.  I use a cold storage wallet -- which I just came across after three months of not being able to out my finger on it (or my keys)...  Maybe in 10 years the value would have increased. I'm treating it like a savings bond, albeit a very volatile one 😉 

Not being the brightest bulb in the lamp.....what you're talking about sounds a little too complicated for me to risk investing my money in.

That's why I say most people should stick to safer investments like real estate or partnership with businesses instead of all of these pyramid schemes and super-complex financial plans where you need a doctorate degree in economics just to figure out what the hell you're doing.

 

Investing shouldn't be NEARLY as complicated as Wall Street is making it.

1 hour ago, Pioneer1 said:

Investing shouldn't be NEARLY as complicated as Wall Street is making it.

It's not complicated.  Most of it comes down to seizing opportunities and luck. 

 

Wall Street is in the business of gambling with other people's money. 

 

You're right about safe investments. But, the best bet is to know people who already have money and do what they do.  

 

The catch is very few folks with short money can access the places and people who have real money.  

 

Anyone who was closely associated with a Bill Gates or Jeff Bezos when they were on the rise is at least a millionaire or better. 

 

Real estate is a good investment providing that one has the capital to buy undervalued or distressed properties and rent out or flip them for profit. 

 

*Making* money is relatively easy to do if one focuses on it.  Requires knowledge and discipline. 

 

Unfortunately, most people focus on making just enough money to spend it...consumerism. 😎

Voyager files for chapter 11 Bankruptcy

 

Chapter 15 Bankruptcy.

SURPRISING FACT

The overall value of the world's cryptocurrencies has plunged about 70% to $929 billion, from an all-time high of about $3 trillion in November and $2 trillion at the start of the quarter. Meanwhile, the tech-heavy Nasdaq has plummeted about 32% this year.

 

https://www.forbes.com/sites/jonathanponciano/2022/06/14/coinbase-lays-off-1100-employees-billionaire-ceo-warns-recession-could-worsen-impact-of-1-trillion-crypto-crash/

 

Crypto is losing money and folks are getting laid off but the Coinbase CEO is a 39-year old billionaire.  😁😎

Strictly Business

On 7/3/2022 at 8:56 AM, Pioneer1 said:

Investing shouldn't be NEARLY as complicated as Wall Street is making it.

This is true, but there is value is in remaining opaque. 

Every field has a language whose purpose is to facilitate communication with members and exclude outsiders.