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?
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
You have to understand the underlying foundations of the crypto you are looking at.
If you buy in just because of hype without any research, you're in for a pump n dump and will lose your money.
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