Corrine (cadi_ray) wrote,

I haven't been around as much, because I have been researching cryptocurrency. I already posted about them some and liked some on Facebook, but I don't want to talk about my research too much. It tends to have an ulterior motive once money is involved. I would love to argue for why you should invest in what I invested in. These currencies have great potential. They can speed up bank processes, decentralize currency, and make millionaires out of common lucky people. Now it doesn't completely decentralize currency, it recentralizes currency. It recentralizes it to big mining operations in China or to early investors who own large amounts. Bitcoin itself isn't so speedy, but other currencies can be speedy. This technology is very interesting, can't say I understand exactly what a block chain is, but it is revolutionary. The trouble with investing is knowing what coins will survive. I remember going to a car museum when I was a child. There were hundreds of car companies, but today only a small fraction of those still exist. The trick is picking companies that have long term potential. Many of these currencies are bound to die off. Another similar situation was the dot com boom of the nineties, most companies died off. The other issue is what are these coins offering in value over Fiat currency? Money laundering? Ability to gamble? Technological geeky appeal? The articles I read say the main value they have is speculative, meaning they have no more value than people imagine they are worth. People keep buying them hoping they will be worth more tomorrow than they are today. They appeal to the fear that this will be the money of the future and I will be the only one without one. I bought it, I am still buying it. Colleges are accepting it. It is being taken more seriously. This really could be a currency. That is just Bitcoin, but if Bitcoin wins people over these altcoins will also be sought after. It is a cold and dry subject to think about, but it interests me. My life would be different if I had bought when I first thought I should. I could have had bitcoins at $300 each, but when a financial advisor says stay away it is hard to rebel. I see potential in a few altcoins, but again I don't like to have ulterior motives. I hear not to invest any more than you can afford to lose and to do your own research. Don't wait for a coin to break out, buy low when it looks like a coin is undervalued. Look into many different coins. I don't look too deep, because I figure other people are about as lazy as I am and will only go so far underground. I don't know if that is a good strategy, maybe research as much as you have time for. Once it has broken out don't touch it, many people think they can make money this way, that it will go higher, but when you get caught up in the excitement you often lose judgement and buy at a high cost. But don't beat yourself up if you do, it is part of being human, we make mistakes. Just hodl onto it and wait for the next boom. I don't really have many job choices right now, so I am hoping this pays off. If estimates are correct, I won't have much to worry about financially, but that is just a fantasy right now. I find myself living in fantasy often with cryptocurrency. I get very excited about its potential, not where it is right now and it is very ungrounding. Nobody really knows where it can go. They all seem to be theorizing, but how can they know? The market is so volatile it scares me. If I checked it once a month it might feel okay. People are using bitcoins to bring money over seas. They have a purpose.
Tags: bitcoin, cryptocurrency
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