Cryptocurrency - help me understand please.

Discussion in 'Trucker Taxes and Truck Financing' started by blairandgretchen, Mar 10, 2022.

  1. blairandgretchen

    blairandgretchen Road Train Member

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    My good friend the chiropractor has sunk between 15-30k into this. The bulk has gone into 'DRIP' and some "Piggies" kinda deal. I struggle with the terminology and thought behind all this as I am relatively stupid and struggle with technology as it is.

    So, to me - it's like I take a lump of firewood, and announce to the world that it is worth $1,000,000. Then I split it into a thousand pieces and sell it to anybody who believes that it is worth that. Maybe back it up with some slick marketing campaign and social media pumping to help out.

    I've always struggled with the way world finances work. I understand the paper currency we have in our wallets depends on the majority having faith in it - that it is bartered and traded, exchanged, and represents the ability to buy, sell and exchange.

    Same with other commodities - gold, or silver - you can't eat it, or lay it down at the local 7/11 to buy goods, but most agree it has value, based on the previous paragraph - faith.

    I've always thought , at least since I was 30 - that if I know a farmer that raises cattle, and that I know how to raise a garden and can/preserve, can chop firewood, that I can survive. These to me are useful relationships and skills. I can drive for the farmer, wrench on his truck, process wood for warmth, and survive at least cold winters. And eat.

    I am struggling with CryptoCurrency.

    So - Confirmation Bias (thanks @double yellow) for hipping me to the term - tells a lot. If you're heavily invested in it with thoughts that it'll be a no-brainer winner - then you won't be able to rationally explain it to me.

    This isn't a fight - I hope anyone invested in it is a sure fire millionaire , but to me, from the limited research I've done, it falls under the same red flags as Ponzi schemes, and Pyramid schemes.

    My friend has more than enough to lose 30k - and I commend him for his bold investment, but lately he comes across as a maniac with all the terminology and speak about faucets and drips and piggies and farms. And I wonder if I'm the idiot.

    All comments well appreciated .
     
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  3. Chinatown

    Chinatown Road Train Member

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    @Pamela1990 posted she's been trading Crypto since she was 19 yrs. old.
    [​IMG]
     
  4. God prefers Diesels

    God prefers Diesels Road Train Member

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    I don't know much about it either. But my cousin dropped $100k back whenever, and just retired at 40 years old. Cashed in at $37 million.

    37 F'n million.
     
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  5. pavrom

    pavrom Road Train Member

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    Have to go to solid projects only .
    I started in 2017 ... didn't loose a dime yet , all available funds go there
     
  6. p608

    p608 Road Train Member

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    Me too, you have to give money that you can hold and see to get money you can't see can't spend and nobody knows it belongs to you
     
  7. blairandgretchen

    blairandgretchen Road Train Member

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    So - is it a case of 'First in - First out?"
     
  8. blairandgretchen

    blairandgretchen Road Train Member

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    What is a 'solid project' ??

    My buddy keeps telling me this 'developer' is 'trusted' - yet won't show his face on anything .

    He's expecting to drag out $865,000 in 6 months time . . . I just don't understand the backing of the value on these 'things'.
     
  9. silverspur

    silverspur Medium Load Member

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    With your limited knowledge just get Bitcoin from an American exchange like Coinbase. Then as soon as you buy it, send it to your Ledger Nano S wallet that you buy directly from the manufacturer in France.
     
  10. Siinman

    Siinman Road Train Member

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    Trying to learn something here. Subscribe
     
  11. Chinatown

    Chinatown Road Train Member

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    Some guy in Las Vegas sold his expensive home and specified "Payment must be in Bitcoin."
    That was probably a year ago.
     
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