Post
Topic
Board Marketplace (Altcoins)
Topic OP
I must be an idiot: Crypto has to be the most Risky
by
MikeSD
on 08/04/2022, 15:54:53 UTC
I have to be an idiot to be looking into this again.

A number of years ago, I put a few bucks, into one of the coins, just to see how it worked.  The first thing I found was that you have to be careful about fees. They can eat you alive.  But I left $50 in one of the exchanges and forgot about it for a few years.  When I looked again, after about 3 years, it was over $300.

But I still believe it's one of the most risky ways of saving/investing/storing your money.  Slightly better than chain letters and pyramid schemes. It's backed by nothing, produces nothing, and money put in is not invested in anything.  Every penny goes into a hole and disappears.  The only way you can ever get your money out, is by trusting there might be someone to buy what you sell.  To buy, someone has to sell.  To sell, someone has to buy.  It's like the mother of all pyramid schemes.

Crypto has a finite number of investors/players.  Once that number reaches it's saturation point, and there are no more investors, the value of every crypto suddenly drops to zero.  And yes, there is a theoretical saturation point. Further, that point isn't limited by the world population.  It can be reached based on world conditions. And no, just because there might be a world calamity like war, that doesn't guarantee that people will be more interested in crypto currencies.

That said, what is the best way to buy crypto c, that has the lowest fees and least headaches?  And while risky, it's not illegal.  So, I'm going to take a much larger amount of money (>$10000) and see how long it takes to double it.  The first thing I need to do is find a way to minimize the fees to play this game.