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Free Cryptocurrency Class

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Stefan Proficient

Stefan

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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?

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ProfD Mentor

ProfD

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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. 😁😎

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Stefan Proficient

Stefan

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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

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Troy Experienced

Troy

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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.  

 

bit.jpg

eth.jpg

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ProfD Mentor

ProfD

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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. 😎

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Delano Proficient

Delano

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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.

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ProfD Mentor

ProfD

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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. 😎

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richardmurray Mentor

richardmurray

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@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 ...

 

 

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Delano Proficient

Delano

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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.

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Stefan Proficient

Stefan

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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. 

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richardmurray Mentor

richardmurray

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@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. 

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Troy Experienced

Troy

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I guess you've been following the prices of Ethereum and Bitcoin.  It would be interesting to know how many people bright 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?

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