CaddyBou
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This is my hot take and I don't know if this opinion will be taken lightly on a section of the website dedicated to discussing crypto.
In my opinion, cryptocurrency is a scam. Those that have won big from crypto see it as just pure luck. As an investment vehicle, it is gambline. The technology behind cryptocurrency is not a scam, and I think blockchain and peer-to-peer transactions is interesting. However, cryptocurrency as an investment vehicle is a complete, and utter fraud. I am open to friendly discussion about this!
What I have seen is that crypto truly is just a volatile high risk asset which is more suited for high risk acculumation than diversification. In other words, gambling. Crypto is not backed by any tangible assets and its value is completely subjective. It is nothing more than a speculative asset, with its value determined by the willingness of individuals to buy and sell it. This makes it extremely volatile and prone to significant price fluctuations, which can leave investors holding onto worthless assets. With this level of volatility, investors are vulnerable to significant losses. I would rather invest into VTI, or another diversified index fund rather than placing a portion of my portfolio into crypto because you literally cannot accurately predict the value of these investments!
I am not saying I don't match the risk profile of these investments, because I have done risky investments before (such as options, which is also practically gambling), but frankly there are so many complete garbage or actual scams from projects related to crypto.
I am in the pool of trying to retire early and with a FAT stack of cash. It is impossible for me to see crypto as an investing and retirement strategy.
I see the benefits of the technology and how it can be decentralized and avoid government regulation. But, this can be the ONLY useful purpose of this technology I can see.
In my opinion, cryptocurrency is a scam. Those that have won big from crypto see it as just pure luck. As an investment vehicle, it is gambline. The technology behind cryptocurrency is not a scam, and I think blockchain and peer-to-peer transactions is interesting. However, cryptocurrency as an investment vehicle is a complete, and utter fraud. I am open to friendly discussion about this!
What I have seen is that crypto truly is just a volatile high risk asset which is more suited for high risk acculumation than diversification. In other words, gambling. Crypto is not backed by any tangible assets and its value is completely subjective. It is nothing more than a speculative asset, with its value determined by the willingness of individuals to buy and sell it. This makes it extremely volatile and prone to significant price fluctuations, which can leave investors holding onto worthless assets. With this level of volatility, investors are vulnerable to significant losses. I would rather invest into VTI, or another diversified index fund rather than placing a portion of my portfolio into crypto because you literally cannot accurately predict the value of these investments!
I am not saying I don't match the risk profile of these investments, because I have done risky investments before (such as options, which is also practically gambling), but frankly there are so many complete garbage or actual scams from projects related to crypto.
I am in the pool of trying to retire early and with a FAT stack of cash. It is impossible for me to see crypto as an investing and retirement strategy.
I see the benefits of the technology and how it can be decentralized and avoid government regulation. But, this can be the ONLY useful purpose of this technology I can see.