Can we have a thread about what the hell to do right now?
🗣️ DISCUSSION 💬
First of all, I'm an idiot when it comes to anything financial. I know many of you aren't. What is the safest thing to do with the money (fiat) that we do have right now? Leave it in our local bank? Credit union? Keep it as cash in my sock drawer? Also, the money in my 401k? Switch it over to bonds or something else I don't fully understand? Any thoughts from someone who's been paying better attention to these things than I?
Get it into Gold, Silver, and/or certain cryptocurrencies (Bitcoin, Cardano,...).
For crypto do your research on what you think has the best foundation to take on 1 Billion+ people using it everyday, doesn't have a history of hacks, is consistently developing, and is bringing on projects that follow regulations in certain countries (but isn't forced on the rest of the blockchain network).
Get out of the US monetary system, leaving any wealth in there will leave you poor
John Law and the Mississippi Bubble
https://www.youtube.com/watch?v=diEVmQZ1QfM
Only asset backed cryptos
What are some asset backed Cryptos you'd recommend?
Do you mean like USDT or USDC stablecoins because I would not recommend those...
Blockchain protocols secure your transactions. Some blockchain protocols, like Cardano, have asset backed Crypto tokens running on the Cardano blockchain. Think for example Land Title NFTs, here is just one example on the Cardano Blockchain system:
https://www.landano.io/what-does-landano-do/
Crypto seems good but it’s largely vapor. Jury is still out on them so far to me
What you need to look at is called Proof-of-Work. It's one of the main technologies that defines Bitcoin and several other cryptos. PoW is not vapor, it is the practice of turning energy (electricity) into digital coins. Any PoW coin cannot be minted out of thin air.
crypto is good until people say its no good. IMO
A lot of it is but you have to understand how a blockchain itself works and why it is better than the current banking system we have right now.
When you understand the basics, you can understand what's vapor and what's useful
(7 min) Blockchain In 7 Minutes | What Is Blockchain | Blockchain Explained|How Blockchain Works|Simplilearn
https://www.youtube.com/watch?v=yubzJw0uiE4
More detailed
(25 min) But how does bitcoin actually work? | 3Blue1Brown
https://www.youtube.com/watch?v=bBC-nXj3Ng4
(16 min) What is Bitcoin Mining? (In Plain English) | 99Bitcoins
https://www.youtube.com/watch?v=BODyqM-V71E
(8 min) Proof-of-Stake (vs proof-of-work)
https://www.youtube.com/watch?v=M3EFi_POhps
Cryptos are the asset...Bitcoin for example IS the asset. The whole point is to solve the problem of fiat AND the difficulty of moving physical assets like gold quickly or internationally. The idea that you have to be hold something physical is not the future.
Depends on what the future looks like.
To see the future extrapolate the recent past...everything goes digital.
Every currency not backed by a real asset has always failed, and it must always fail. They fail because they are based on faith, on belief. Once faith or belief are shaken, the currency automatically falls. Once there is any reasonable alternative it fails completely.
Bitcoin et al are destined for failure. The moment a real cryptocurrency comes along, one that is backed by real assets, with the infrastructure for exchange between real <--> crypto, it will be adopted. Once it is adopted all others will immediately poof into oblivion, only ever mentioned again in bars with a laugh over beers.
I suggest that will happen as soon as the current standard fiat currencies fail (Federal Reserve note, Euro, Pound, etc.), and people see what money (in the not backed by a real asset sense) really is; an asset transfer vehicle.
Again. Bitcoin IS the asset. dollars were backed by gold was to make them limited to the amount of gold that existed. This prevents inflating the hell out of it. What makes gold valuable? For the most part because its rare and doesnt tarnish. More recently we have found uses for gold in electronics but for thousands of years it was valuable because it was rare and people agreed that it was valuable and liked to think of value in terms of gold. Bitcoin solves all of these issues. Its limited and cant be inflated. There will only ever be a max of 21,000,000 and each can be split Into 100,000,000 satoshis. It doesnt need to be backed to limit its production because it is itself already limited. It is valuable because it is rare (there arent enough bitcoins for every millionaire in the world to own just one) and because people have started to agree that it is. It is a more perfect form of money. Read the bitcoin white paper get educated.