That's why I am not a fan of cryptocurrencies

Over $200 billion wiped off cryptocurrency market in a day as bitcoin plunges below $50,000

https://www.cnbc.com/2021/04/23/bit...s-260-billion-wiped-off-cryptocurrencies.html

Even though it's doing well overall, this is a sign of potential troubles that can and will happen again in the future. It'll be more dramatic though. Some financial gurus I respect and listen to tell their audiences to stay away from crypto. Agree? Disagree?

 

My problem with crypto is that there is no "authority" you can go to if something goes wrong. At least with banks or the stock market or real estate or just about any other investment, you have regulating authorities and the courts in the jurisdiction to go to with issues. With crypto, I am not aware of any such options should you get cheated or something else goes bad. Hard to base investment decisions based on such an unregulated industry.

BTW, the volatility you cite does not bother me: there is always volatility in "gambling" investments like crypto, the stock market, real estate, etc.

 

Bitcoin's rebounding!! However, I did notice my bitcoin transaction fees are higher than before. This is no longer a benefit vs. regular banking.

 

Crypto is nothing more than trading WORTHLESS electrons. Sooner or later the whole Ponzi scheme will come crashing down.

 

I am a fan of crypto since the time, it was not legal in many countries. Specially, Bitcoin. Everybody is aware about the risk involve here and still continue to buy cryptos, as if it is going to make everyone rich soon.
Well, what is the use of investing in any crypto, where even if you invest and can see the profit, you won;t be able to withdraw. And this is the case that had happened with thousands of investors. Many stories on this where there is no use of making ton's quickly and not able to use it as a cash.

I still wonder, what it is going to bring.

 

it bounced back though. and the altcoins are also pumping.

 

i think it s because the bear market will start soon

 

Of course it bounced. EVERY balloon bounces unless it is punctured.

 

well it started with zero though. the bubble pop back in 2018 down to $3k. and it bubbled again which institutions like Paypal, visa, JPmorgan and the rest are buying BTC.

 

It seems like cryptocurrencies are the future of money and the paying process overall, but I am also pretty skeptical about it, as there are a lot of different cryptos nowadays and you can't tell for sure which one of them is the most secure one and that can be a bit annoying. Will see how things will develop in the future, don't think we will be able to escape from it, so will need to find a modus to adjust.

 

My money will sit in bank fixed deposit with annual roi of 5.5% then be sorry when crypto goes to zero.

 

So you will leave your money in the bank at 5.5% even when inflation tops 200% which is likely in a few years? You might wake up one day in the Weimer Republic where multi-millionaires had their bank accounts closed because the millions they had would not even pay the bank fees.

 

What country and bank is paying 5.5% these days?

 

India

 

Crypto is a joe, dick and harry which anyone can program learning blockchain with tutorials from udemy.
With banks deposit I will least have a island to put my foot on but with crpyto there will be thin air coming out of computer screen one day.

 

Apparently you missed my previous post.

 

Wow, here is the U.S., bank savings account rates are .1% - .5%.