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Old 08-17-2020, 02:17 PM   #15
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Not going to dwell on this, but in my opinion, Crypto is still very volatile and unpredictable for the future. There are various sources that say it will skyrocket and others that expect its continued decline over time or downfall. I may not fully understand this, so correct me if i'm wrong, but the interest you gain is on the cryptocurrency itself. In other words, to bring in an example, you purchase 1 bitcoin and place it into one of those accounts that compounds interest. Say it was worth 10K. But the value of the bitcoin is still where the danger lies. Sure, at 8-10% interest over a period of a few years, you may be sitting at around 1.5 bitcoin. But if after those years, Bitcoin is now worth 5K, you just went down 2.5K, no?

Assuming my example is correct, the risk holds true in cryptocurrency. Your assumption is that you have high expectations in its success, and therefore expect to make great gains from this. But this may not be the case.

EDIT: I was typing this before your latest post. I can see that if the value of the coin matches the dollar, the case is different then.
Yep you got it!!

I believe in Bitcoin in the short to mid term, so I keep most all my liquid capital in Bitcoin now. If the price goes up you can see how earning interest in the crypto can multiply quickly. And with it being easy to spend now it is a viable currency.

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Old 08-17-2020, 02:23 PM   #16
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No such thing as a free lunch so even if the "coin" of choice is earning interest there must still be something that could go wrong and you lose it all.
Of course. They are a new age bank. So just like normal banks they make loans. Unlike a typical bank they don't leverage 10x their total deposits. All lending is done as an asset backed loan.

Deposit $10k of Bitcoin and get up to $5k USD loan. Zero paperwork. You have to keep the value of the assets above the liquidation threshold.

So most of the risk is on the borrower. I don't borrow I just use it like a crypto bank. But always risk. Only keep 30% of my crypto on Blockfi to help manage risk.

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Old 08-17-2020, 08:59 PM   #17
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I only blockchain tulips. Waiting for the next surge. It’ll happen.
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Old 08-18-2020, 01:56 AM   #18
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Old 08-18-2020, 07:36 AM   #19
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Haha it's ok, let the adults talk. We don't need you do get it.

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Old 08-18-2020, 12:42 PM   #20
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Haha it's ok, let the adults talk. We don't need you do get it.

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Honest question: what happens if someone "hacks something" and takes your bitcoin/cryptocurrency?
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Old 08-18-2020, 12:55 PM   #21
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Honest question: what happens if someone "hacks something" and takes your bitcoin/cryptocurrency?
Yah that's a good question. It's the scariest part honestly. In crypto you essentially have a Swiss bank account in your pocket and can move your money freely and for a low cost during normal times. While that is not a novel experience in the USA around the world over 2 billion people don't even have access to a bank. So the use case is much greater in those locations.

So as your own bank security is on you. I recommend what's called a hardware wallet. Basically it air gaps the crypto so it is not online. You can't hack it if it is not connected to the internet.

Bitcoin has never been hacked but people are every day. So I don't keep everything in one place. So Blockfi is essentially a crypto "bank". They hold your funds and pay you interest on your deposits. They have a lending program to pay for the interest. Normal bank stuff. But if they are hacked I could lose it all, not likely for this group not impossible. I only keep a portion of my portfolio there. I keep a portion offline. And then some earning revenue or interest on a few others. Odds of them all going down and my cold storage..... Not concerned.

So yes there is risk but education and your habits can minimize those.

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Old 08-18-2020, 01:01 PM   #22
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Honest question: what happens if someone "hacks something" and takes your bitcoin/cryptocurrency?
@Milhouse86 response was good detail, but he didn't directly answer your question, unintentionally.

You lose your money, with some exceptions there are no protections, just like there is no protection of you drop your wallet with a $1,000 in the street.
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Old 08-18-2020, 01:03 PM   #23
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Or forget your password/passkey...

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Old 08-18-2020, 01:03 PM   #24
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@Milhouse86 response was good detail, but he didn't directly answer your question, unintentionally.



You lose your money, with some exceptions there are no protections, just like there is no protection of you drop your wallet with a $1,000 in the street.
Fair, didn't mean to dodge the question. The drop your wallet metaphor is perfect. Or getting your pocket picked. It's gone.

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Old 08-18-2020, 01:16 PM   #25
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Yah crypto is not easy yet. My biggest complaint is that it needs to be easier. That's why I got a few people I know into the crypto .com platform and I own like 35k CRO. It is easy to use for new people. Most crypto is like another freaking language.

I am in the middle of a big start up. I sold a couple other businesses recently and have been running full throttle for a couple years on the new project. I had been looking for someone to do the leg work on a blockchain project because I see a big future. I wanted to mine ethereum but I don't have the technical skills or time.

4 years later I still don't have anyone with the work ethic that I would back financially. But I did get some forced free time with covid. So I did a deep dive into crypto finally and while I still have a lot to learn I will be setting up my own ethereum validator node when ETH 2.0 is released.

So I am far from an expert but I think this is some really important technology and the only way people will learn is if we talk about it. I don't make anything from someone jumping into Bitcoin, it's daily trading volume is over 25 billion dollars. I just think it's cool tech and there is a lot of money to be made in emerging technologies. Win win



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Old 08-18-2020, 02:43 PM   #26
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If I could buy my morning coffee at the gas station with it, I think that would be a huge hurdle jumped. I understand computers and do appreciate the amount of "work" (by processors) that goes into it. However, I don't think the average human [insert George Carlin video about average stupidity] is going to see any value in it until they can use to get something they can hold in their hand without going onto the dark web. I shouldn't even say stupid because honestly until it's treated as a legit currency it's just a hobby with value only to those who want to play that game. And when it was bitcoin alone I would (and was made some money) buy into it but now even though it is seemingly on a short term upswing there are just too many other cryptos out there. What if Dogecoin or whatever becomes the currency you can buy a soda at 7-11 with? Bitcoin goes to zero. That plus the threat of being personally hacked, forgetting the password, the hardrive going bad, or quantum computers smashing encryption at record pace... they just all threaten the long term value of it. I think I'll stick to real estate even though I have clean up after people every couple years.

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Old 08-18-2020, 03:00 PM   #27
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@Milhouse86 response was good detail, but he didn't directly answer your question, unintentionally.

You lose your money, with some exceptions there are no protections, just like there is no protection of you drop your wallet with a $1,000 in the street.
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Fair, didn't mean to dodge the question. The drop your wallet metaphor is perfect. Or getting your pocket picked. It's gone.

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I get the analogy, but the same typically doesn't happen if you lose your wallet, and the thief uses your bank card. In most situations, the bank will return the money. I have had fraudulent charges on my bank cards and credit cards multiple times in my life, and every single time the bank closed the car and refunded me my money, or they didn't make me responsible for paying off the fraudulent purchases on my credit card.

The other thing about your analogy is typically people aren't storing large sums of cash in their wallet or their life savings in their wallet, but people do store large sums of money in cryptocurrency or their life savings in cryptocurrency, which is not protected from theft the same way I described above, correct? That is what I am asking.

I feel like banks are federally insured, and my money is safe. I feel like the stock market can go up and down, but my 401k or Roth IRA can't be stolen. By its very nature, isn't cryptocurrency like carrying or storing large sums of cash, and if so, isn't that the reason people secured money in banks in the first place because the money was safer in a bank than in a mattress or a home safe?

https://nypost.com/2019/04/13/hacker...ike-big-shots/
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Old 08-18-2020, 03:04 PM   #28
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If I could buy my morning coffee at the gas station with it, I think that would be a huge hurdle jumped. I understand computers and do appreciate the amount of "work" (by processors) that goes into it. However, I don't think the average human [insert George Carlin video about average stupidity] is going to see any value in it until they can use to get something they can hold in their hand without going onto the dark web. I shouldn't even say stupid because honestly until it's treated as a legit currency it's just a hobby with value only to those who want to play that game. And when it was bitcoin alone I would (and was made some money) buy into it but now even though it is seemingly on a short term upswing there are just too many other cryptos out there. What if Dogecoin or whatever becomes the currency you can buy a soda at 7-11 with? Bitcoin goes to zero. That plus the threat of being personally hacked, forgetting the password, the hardrive going bad, or quantum computers smashing encryption at record pace... they just all threaten the long term value of it. I think I'll stick to real estate even though I have clean up after people every couple years.

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Good point! But here is the best part! I put gas in my car with Bitcoin yesterday. Check out the Crypto .com debit card. I get 3% "Cash back" paid in crypto. The crypto i am paid in is up 200% this year and they tripled the users to 3 million world wide. Anywhere visa is accepted. It needs improvement but its getting good.

See we don't remember when the car was slower then horses, more expensive, did not work as well on the dirt/mud roads, hard to find gas to fill up..... until the infrastructure is built new tech seems silly.

Development in the crypto space is blowing up right now. Not really ready for mainstream yet but I think its coming next year to some degree regardless.

And the use case for blockchain is MUCH wider then just use as money. That's a pretty boring use in my opinion.

https://www.investopedia.com/news/ho...g-real-estate/

https://www.forbes.com/sites/emilsay.../#7bd286994aad

Its not just nerds in there basement anymore. Did you know that 97% of all bitcoin sold today is in the profit?? Investors look for the fastest horse in the race and for the past decade nothing has outclassed Bitcoin. (Disclaimer - Not sold on a $1 million per bitcoin price in 5 years personally. The cycles are getting longer and decreasing in % swing from bottom to top.)

https://www.forbes.com/sites/billyba.../#694f6fc8157d

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