Why would you think crypto is a bank?
Maybe I'll get some flak for this but fuck it.
How many posts do there need to be about cloud miners being scams, BitConnect being a Ponzi scheme or how you could make more money by "hodling"?
If you follow any of the cryptocurrency or bitcoin tags on the internet, but Steemit especially, it seems to be one of the most popular topics you'll see. I suppose this is because it generates clicks - and here I am milking those clicks as well.
Anyway, what I actually want to talk about is how all investing is a gamble and people seem to think it should be safe - like putting money into a bank account.
Guess what? If crypto was safe we wouldn't be making the gains we're making - the charts would be a lot slower and much more boring. Remember a few weeks ago when everything was down and then it took "forever" for the coins to climb back up? CD's and Bonds will never, EVER do that and that's why they're considered safe mid-to-long term investments. This is something that could be easily done with crypto as well but for the average day trader, adrenaline junkie - I don't see that happening.
What I assume people will take issue with is my support of programs like Genesis Mining and BitConnect - I am completely aware of the fact that organizations like those might be sketchy - I would never tell anyone that they're safe of something to invest in - unless they were interested in learning more about them. In which case I can only explain my own experiences and people can make up their own minds.
What I said above about crypto not being a bank is as simple as it sounds, you can't just put the bare minimum into a Genesis contract and expect it to continue to perform at the rate it did when you bought the contract because difficulty always changes. You need to continue to upgrade and keep up with it or you will be one of those people on a message board somewhere complaining that Genesis stole your money.
Regarding BitConnect - I was suspect at first, and if you look back through my posts you'll see me saying it smells like a scam and some parts of it still do, but I am playing with cryptocurrency not fiat, so I'm a little more likely to take risks. I decided that I had to see if it was bullshit or not and the only way to do that is to buy a ticket and take the ride.
Both of these options will provide the individual with much greater APR than just about anything a bank can offer you AND do it at a lower rate of investment than it requires to open banking or investment accounts.
You're right and Genesis is a business itself and it does put itself at risk because they're the ones handling the equipment, servers, electricity and of course the crypto that vulnerable to people who want to steal it!
Exactly, I think people look at it like a "set it and forget it" sort of venture - but that's not the case. It's active-passive income as well as investing in a future commodity/coin/token/service/infrastructure or protocol; depending on what it is you're mining.
With something like BitConnect - that shit is a straight gamble and I make no qualms about calling it such. However, dismissing it as a scam without having any proof and never having participated isn't right either. My whole rationale for even trying it out was along the lines of this, "If it's a scam then I've thrown away $100 dollars - if it's NOT a scam, then I've just made an awesome investment" and I've definitely spent $100 in worse ways than my future success.
Fuck it, dog - life's a risk!
@radagast got you a $0.96 @minnowbooster upgoat, nice! (Image: pixabay.com)
Want a boost? Click here to read more!
Buying any crypto is a gamble. High risk can mean high rewards!
I agree you can't win if you don't play, you miss 100% of the shots you don't take. ::insert more sports metaphors here::
Way more brazen with cryptocurrency than with my USD. I was thinking it's because @bluemoona pays attention to the latter.
It's just crazy how many people get FOR REALSIES mad at crypto personalities for advocating making money off of money x.0 - Misleading folks into sham affiliate marketing; I understand being upset about that but...
Resteemed and 100% upvoted. Thank you for using my service!
Read here how the new green bot from Berlin works.
@resteem.bot
Let's @OriginalWorks this!
Thank you, @unprovoked! I appreciate that.
followed
@OriginalWorks Mention Bot activated by @unprovoked. The @OriginalWorks bot has determined this post by @radagast to be original material and upvoted it!
To call @OriginalWorks, simply reply to any post with @OriginalWorks in your message!
For more information, Click Here!
This post has been ranked within the top 80 most undervalued posts in the first half of Aug 08. We estimate that this post is undervalued by $10.26 as compared to a scenario in which every voter had an equal say.
See the full rankings and details in The Daily Tribune: Aug 08 - Part I. You can also read about some of our methodology, data analysis and technical details in our initial post.
If you are the author and would prefer not to receive these comments, simply reply "Stop" to this comment.
This post was resteemed by @resteembot!
Good Luck!
Learn more about the @resteembot project in the introduction post.