written by reader Crypto has Arrived-and right on cue-Altcoins tank

By rlevine99, December 23, 2020

Im starting to see more frequent references and inquiries about crypto here. Today will be as good a buying opportunity
For several of the main altcoins including link/ada/vet as i just checked my account and these are all down 15-20 % in last week.
One of the incredibly frustrating things about crypto is how it is almost impossible to own all the different coins you want on a single
Exchange. In general, these exchanges are not customer friendly, but some of the exchanges you would need to access some of the newer defi issues are
Downright anti-social. And then there is the issue where new yorkers are severely limited as to their crypto options. And lastly, the ledger HACK from last week has scared the crap out of a bunch of people.
While Travis attracts many wise investors, lets just say as a whole, we might be (as are most market investors) a bit behind in the crypto curve.
The first step in climbing the curve should be watching the β€œCryptopia” doc on prime video. I cant imagine a better way to hep you understand
Crypto and the Blockchain than this great Doc. I already had a decent working knowledge of crypto and this Doc filled in many blanks.
I have made my picks, i have my Hodl bags and i am not gonna let the whales shake me out.
With each passing day, Crypto and the Nasdaq are becoming more entwined, and what i have noticed is that a basic understanding of both leads to greater understanding of both.

This is a discussion topic or guest posting submitted by a Stock Gumshoe reader. The content has not been edited or reviewed by Stock Gumshoe, and any opinions expressed are those of the author alone.

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tapaspanda
Irregular
December 24, 2020 1:01 pm

Thank you for the advice and guidance. I have been trying to take plunge myself but never knew where to start and never understood how to differentiate all the different currencies available there and the source where I can get the knowledge on what is happening in that world. Any further advice on this topic will greatly help people like me in this forum.

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tapaspanda
Irregular
December 28, 2020 10:10 am
Reply to  rlevine99

Thanks Richard. I watched Cryptopia in Amazon this weekend. I think I understood most of it. But came out with the understanding that Bitcoin is the only one that truly follows the protocol written back in 2008. All the rest could be a gamble. I will have to watch it again and pause in between and do more research as I watch it to grasp it better. Litecoin looked promising to me too. But it has gone up so much in the past 30 days that I am getting nervous to enter now.

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dreamdoc
Irregular
December 29, 2020 8:35 pm
Reply to  rlevine99

Hey Richard, thank you – I am in the US (California), looking at Binance.US. Viable?
Also how good is the security among crypto sites? Do I really need to buy an offline wallet and bury it under my Apple tree?

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wendlefly
Irregular
December 25, 2020 4:21 pm

I posted a reply and was either not approved, or deleted. Disappointing to say the least. I did not think this was facebook….

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wendlefly
Irregular
December 26, 2020 2:11 pm

Hi, I don’t think I was making political comments in regards to the subject. Just a observation on my particular view of cryptos and there worth as a investment. No need to get snippy about it. Again, it was just my opinion and people are free to do what they want. However, when I hear about the bullish side of bitcoin and the like, I am compelled to speak up and present a counter view.

I would like to think we can all agree that the issuing of money is the states greatest power. My opinion is that I find it hard to believe this power will be handed over so easily and I state that. I do not think I made any political statements, although I made many on the nature of governments and control, which is a function of all governments. In this context, I think it has a lot to do with bitcoin and private cryptos as a long term assets class going forward.

There is always facebook if you want a echo chamber of views that you agree on, and many other platforms. I tend to embrace platforms that allow a free debate of ideas that let people critically think about things. This does not frighten me.

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wendlefly
Irregular
December 26, 2020 2:48 pm

“Thank you for the advice and guidance. I have been trying to take plunge myself but never knew where to start and never understood “. I think again we can all agree on this. If you don’t understand a investment, “cryptos are made incredibly difficult to understand by design” you will probably lose money. Again not a bug of crypto, but a feature. If you do not have a good understanding of how it works, it will be hacked, stolen, or disappeared from you. Happens all the time.

I guess I may be a old fuddy duddy. I take my bars of silver and hide them. They will not be hacked, phished or anything else. As long as I tell the ones close to me I trust, no one knows what I have. I like that. Anonymity. Every bitcoin you own, they know were it is and its history. Hell for @#its and giggles I opened up a account on coinbase just to see. They wanted a picture of my DL and IDs to buy bitcoin!!!! LMAO WTF so much for anonymity. Even though that doesn’t matter because the first legit transaction you do with it links it to your forever.. In the future bitcoin will make tulip mania look like pikers. The scam to end all scams.

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machina
Member
machina
December 27, 2020 7:47 am

My short bitcoin tale. At its coming out my youngest daughter knew a wiz gamer guy. She learned from him about Bitcoin. She tried very hard to get me to invest. Lacking a thorough understanding I refrained from doing so. Her friend loaded up. Maybe a year later I hit a horse track bet and took payout in Bitcoin. I cashed in most and left a coin. That went up to $7,000. I cashed out and resolved to forget about Bitcoin forever. Added a solar room which I thoroughly enjoy. It is known as the most expensive room in the house because bitcoin has gone to tens of thousands. My daughter’s friend bought himself a mansion outside the city. He paid cash for it with his Bitcoin gains. That one time I should have listened to the youngest.

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dreamdoc