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RE: 16th January
This is it - unless you've sold for BTC, or when BTC is dropping too you've sold for USD, everything is in teh same boat. And I have no more FIAT that I can put in which is annoying!
This is it - unless you've sold for BTC, or when BTC is dropping too you've sold for USD, everything is in teh same boat. And I have no more FIAT that I can put in which is annoying!
I'm about to come into a little money (~1000k) and I'm trying to decide whether I should invest in the coming crypto boom, or build a rudimentary mining rig. I'm really more interested in the blockchain technology, it's evolution, and it's inevitable revoltionary applications. Getting my hands dirty with mining to learn more by doing will certainly be a necessity to take advantage of this.
Just trying to weigh the explosive gains coming shortly in crypto investment, relative to the education that'll serve to dwarf the current boom in the long run.
I'm leaning toward better learning the technology. But, at the same time, I know from the history of these kinds of explosions that the gains that we're seening so far are the tip of the iceburg.
Then, of course, (again based on the history of such explosions), the consitently poor decisions based on FOMO and irrational exhuberance will eventually cause a big collaspse. Once The more stable uses take hold, those truly utilitarian uses will rise to the top. Then the real opportunities emerge after the dust settles.
Invest in a (relatively) short term explosion in gains. Or get in early on the long term opportunities? Both benefit from early adoption. But one will be the smarter of the two. Just can't decide if the capital made now through crypto investment will put me in a better financial position to make use of the future opportunties or if a small investment in education through experience now will help to gain the advantage of an earlier adoption in the real opportunities set to dwarf the coming boom?
I wish that I had enough vision to make that call. i'm all ears if you have any imput.
Hey.
Funnily enough, I posted my mining rig setup and potential rewards right before I read your reply! So as far as mining goes I suggest you give that a quick look to see if it holds the kind of rewards you're looking for.
Personally, if you like the idea of the mining, I would consider both - mine a reliable coin like LUX and invest some more in some solid coins. This correction has been much needed and presents a good opportunity to enter the market. There have been ups and downs, and there will continue to be, but I am of the conviction that we will come out winning, the technology will make a difference to the world and a lot of money will be made in the process. Treat it as a gamble though - how much would you put on a horse were you to bet on it tomorrow?
Well, if the horses had the potential that this technology has, I'd put everything that I don't need to maintain a stable lifestyle.
There's this really interesting old TED Talks video from like 15 years ago with Jeff Bezos drawing the parrallels between the dot com bubble disaster and the California Gold Rush, as well as some other spheres within that ilk that have cycled through explosive adoption and implosive downfalls.
He was making the argument about how these boom/bust cycles throughout history sort of facilitate and eventuate in some massive progress that sort of benefits from the momentum that they bring. He also points out the common logistical pitfalls and poorly thought out involvement that causes the downfall of so many who, basically, like I mentioned before, act out of fomo and irrational exhuberance without doing their do dilligence before leaping in.
He certainly survived the dot com bubble and he's done far better than anyone would have expected back then. I have no doubt that there are plenty of Pets.coms and Etoys.coms in the cryptoworld right now. Probably the vast majority. The trick is to see who's emulting their disasterous decisions and which ones are on the paths of an Amazon or a Google.
I just hope to learn enough and work hard enough at doing my do dilegence to hitch my wagon to the right ones. So far I've done pretty well with what little I've invested. I'm not sure how much of that was simply part of the boom, though. I am woefully undereducated on the subject.
But I am pretty good at differentiating between someone spouting bullshit and someone who has something of real value. I was in sales for quite a few years, I never trust anyone who trys very hard to be convincing and isn't able to immeddiately and logically address a problem or overcome an objection. And if they're confronted with a difficult question and dance around it while stressing some selling point, you can be sure they have pure shit. As a salesman, If I have a good product or service, I'll know that bad boy inside and out. I want the objections, I want the hard questions, because when I hit em with that crusher of a rebuttal, then I'm set up to close them with a slam dunk. There're too many good ideas in the crypto world right now to saddle up with anyone other than hard closer. That's why I want to learn this technology, because that's the real product, that's where the slam dunk is. Just my 2 cents.
You're right - there are a number of great projects out there, but they are vastly outnumbered by utter garbage that as you say are nothing but FOMO generators. There's a simple test - if you watched a BitConnect video and thought it sounded like something worth invested in you're doomed, and visa versa. A good bullshit detector is essential in this game.
I've never heard of BitConnect. I'll avoid them like an angry skunk. Thanks for the tip.
Oh, and followed.
Thanks. BitConnect closed its doors yesterday. Lots have people have lost money, but any digging would have revealed it was a pyriamid scheme. Sad, but shows the importance of due diligence.
Damn, I feel bad for the poor folks who lost out. I find myself more and more ambivalent when it comes to regulation in the crypto world. It'd be a lot easier to digest if there were no centralized exchanges.