Mrcopier
Well-known member
No. I understand a exchange company which most crypto currency goes through is about to go bankrupt. I understand if it does, if you used them your crypto goes with it. Someone correct me if I am wrong
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- Thread starter Son of Butch
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Son of Butch
Well-known member
An over simplification and lacking in any information to either be confirmed or denied. But I doubt it is anywhere near correct.
Mrcopier
Well-known member
Then do some research
Coinbase admits users may lose crypto if exchange goes bankrupt
If the exchange goes down, it's taking investors with it.
Nesikep
Well-known member
Bitcoin seems like a good investment if you like high risk or want to always be looking at what it's doing and buying/selling frequently
Son of Butch
Well-known member
Yes, it is not as safe as a FDIC account and in the unlikely event of an exchange bankruptcy the legal process of who gets paid first and how much has never been tested in court yet. Using a personal wallet linked to the exchange instead of using your exchange account to store funds avoids the problem.Then do some research
Coinbase admits users may lose crypto if exchange goes bankrupt
If the exchange goes down, it's taking investors with it.fortune.com
Safety first, but it's far from a sky is falling scenario.
Bitcoin-Crypto has now been institutionally advertised in 2020 and 2021 (pumped) much like the dot.com advertising of the late 1990's. MOST all the people that want to be involved with cryptos ARE already in them....there's no new blood to buy-them-up (to increase them)....will bitcoin go under $20k again absolutely....will bitcoin go back over $50k ABSOLUTELY. Who should invest in bitcoin? Seasoned Traders -and clueless gamblers should be in them. Will bitcoin ever get back to 70k slight MAYBE...maybe even 100k. What you need to realize is NOW bitcoin is being trading and held by ONLY crypto (so-called) investors...they are buying and selling against themselves...without any new blood...and 50% of existing traders-holders losing money...the crypto fade will end just like the dotcom bust. Due to energy costs to support cryptos you know there will be new legislation to ban them. Cryptos are a dangerous trade...better to trade in a company with a P/E ratio....at least you're a shareholder in that company.
A lot of this is just not true. Do you want to buy bitcoin and hold it planning to get rich, no, you buy it to use for something. Don't fool around with the joke coins like shiba, and the multitude of others that I can't even remember the names. You want to get one of the three top coins and use it for something. Any coin to last needs utility.
Crypto will never go away, yes it will be regulated, but it is being used in too many countries for our government to ban it.
Everything in life is a risk, and I always tell people do not risk what you can't afford to loose.
If you bought a cow for $3000 and 2days later she dropped dead in your pasture and you hadn't gotten insurance on her yet, you just lost your money, but it was a risk you were willing to take. If you are standing still taking no risk in life, you get nowhere.
I would rather have a bird in hand as two in a bush. You have to take risks with just about everything, but damn.
Phil Mickelson lost more than 40 million gambling as I as sure he thought he could win. With him it was pretty much easy come easy go.
Phil Mickelson lost more than 40 million gambling as I as sure he thought he could win. With him it was pretty much easy come easy go.
simme
Old Dumb Guy
Just some thoughts on the analogy. I know nothing about crypto currency. (I thought crypto was a parasite that infected a person's or cow's intestines and produced a feeling of near death. Probably a different crypto, but maybe some similar traits.)
If I buy a healthy cow for $3000 and it dies 2 days later, then I lost $3000. With cow experience, I hope I did a good assessment of worth and condition and just had bad luck. If I bought a $60,000 cow that had been bought and sold many times over the past 5 years with selling price from $5000 to $65,000 and everywhere in between and then find that my $60,000 cow shortly after purchase is only worth $25,000, then I probably did not do enough evaluation of value and risk on that cow. I think I had better avoid the high dollar stock and stick with those $3000 cows - a little overpriced at the $3000, but I just don't need a cow that asks for a password.
@mtchick per your quote "If you are standing still taking no risk in life, you get nowhere"....just don't take excessive risks in what many feel is easy money crypto. God delights us to work hard and clean for our blessings and to bestow onto others. Buying stocks-shares is an investment in a company that serves a purpose to help the company and help people. Gambling in a casino is excessive risk. Cryptos are hyped-up, pumped-up seeking new blood to buy it for more. You state: "you buy (it) bitcoin/cryptos to use it for something" Yeah, so i buy bitcoin at $58,000. and now i'm ready to use it at $32,000." Yeah that sounds fun...what can i buy? Sure wish I kept my original $58,000. in the U.S. Dollar. Way too risky for most folks. MtChick if you are successful in making money off crypto without getting burned..you are in the small group of either lucky or experienced winners in the 35%.... more than 60% will be losers right out of the gate buying cryptos.
