Making Money is More Important Than Being "Correct" on the Economy
I've been watching some of Peter Schiff's videos again recently. I still think he's "right" with his analysis of the economy on the macro level, even though I very much disagree with his thoughts on Bitcoin and other cryptocurrencies.
But the problem with Peter Schiff's analysis is that if you acted upon his advice, you wouldn't have invested any money in the stock market over the past decade, missing out on several years of incredible gains. Meanwhile, the gold that Peter has been talking so favourably about hasn't performed well at all in comparison.
That's why I say that when it comes to investing, it's more important to be profitable and make money than it is to be "right" about the economy as a whole with your macroanalysis.
DISCLAIMER: This is NOT financial advice. I am just offering my opinions. I am not responsible for any investment decisions that you choose to make.
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Bitcoin has without a doubt been one of the best investments of the past decades. Given the fact that other cryptos also jumped in for the ride and performed well too, it looks like that the number of projects on the blockchain will only grow from here.
What is a bit surprising to me is people calling Bitcoin a scam, because it makes me wonder what would happen to their careers when this phenomenon keeps on growing? Even as listen to this kind of talk, it sounds like a rhetoric based on ideas that were questionable to begin with.
As for Gold, it is the go to basis of wealth to me. I also think that Bullion has a way of balancing the overall financial portfolio and provide some semblance of balance to it. While on the other hand, portfolios that are not diversified may either go to the moon or sink down to Mariana trench. This is not the case as always but truthfully, I find that investing in the stock market is good idea, particularity when we desire so badly for their money to enter cryptosphere.
Maybe I am just new here and a bit starry eyed but I see nothing wrong with this equation:
cryptos + bullion + real estate + stock market = Good portfolio
Louis you have the right mindset when it comes to investing. For most people the only reason to invest is to make a profit. Someone being negative will miss out on the opportunities and many of us are in the boat.
I started investing in crypto late 2017 and so since then I come to see crypto very much like any other mainstream investment such as stocks, bonds, or properties. The volatility with crypto is part of the high risk and high rewards. Not a scam. People who try to scam others out of their coins and making scam coins are distorting the real value behind bitcoin and many other useful alt coins. We are at a point in time where things are being created where people have never seen before. Just because it is new does not make it a scam.
Right around beginning of 2017 likely was the best time to in set in crypto but one wouldn't have known unless they had a optimistic outlook. The truth we all wil die someday, but to appreciate what we have and what each of us have to offer will bring greater wealth to all of us.
The thought that someone or something can create ones and zeros be worth thousands got me confused at first. Yet not being biast based on the things I know and started learning about cryptography and blockchain I have found a better sense of why I should invest in crypto.
I am hooked to your recommendation of owning 1 btc and the altcoins. Your preference of 10eth is also a fine plan. I am setting some goals similar to what you recommend not because I think you are right but think doing so is an opportunity to making a lot of profit in the future. Thanks.
I’m not sure how you can even listen to PS anymore. I read his books back in 2012 and listened to him then. You’re right, those that listened to him didn’t do well I’ve rthe past half decade. He’s still sticking to his guns tho. Take what he says with a large grain of salt. Just because you may understand the fundamentals, doesn’t mean that the market isn’t irrational. His book “How The Exonomy Grows and Why Ot Crashes” is still one of my favorite. Too bad the market is so easily manipulated. Thanks for the share!
Peter schiff has sound logic but he cannot account for externalities which always keep the gold prices depressed.
It goes back to the old saying , free market is only so much free and is always subject to outside controls.
Smart and wise thoughts. Strongly agree with you! Making money is more important than acting right in the economy. Why? Because of that action, keep coming back about getting money. In addition, the ups and downs of BTC is a natural thing if we want to think critically.
Ultimately what matters is how you can maneuvre the market to make money or at least prevent losses regardless of the direction the market is taking.
Informative video as always. Keep up the good work @louisthomas!
That's why some cryptocurrency analyst predicts doom and woes when they should at least leave hopeful clues so that people can invest in cryptocurrency
You are right brother and that is just the better just like a bird at hand is better than two in the forest, the money making is far more better compared to being corrected.
Investing is the true way to be rich but our decession is very important to be a successful investor. As we analysis the most profitable investment sector then no doubt it's crypto platform. Investors has been getting huge profit here and still investing here. And I think Bitcoin is the best to invest our money. Thanks sir @louisthomas for the valuable analysis about investment.
Making the right investment decision is very important when it comes to making money and reaping the gain from your investment , fundamental analysis is very crucial because it detects the actual market movement in terms of spotting valuable assets to invest into, in other for your to make massive gains from your right investment decision @louisthomas