Cashed in my Crypto

[Chris]

The question is if it is time to get back in. It seems to have survived and hit bottom and be on the way back up. So was 19,000 an over reaction?

To me it was just too volatile.

Not that the market isn't these days.

[DGUtley]

I've never had any crypto. I had dinner with my broker I think maybe a year of so ago and he said 'no'. So, I said 'no'.

[carolina73]

To me it was just too volatile.

Not that the market isn't these days.

I agree. I have no interest in short term trades. I don't have the time to watch them. I would only do it on a bet that bitcoin might go back to 30,000.

[Ethereal]

I've never had any crypto. I had dinner with my broker I think maybe a year of so ago and he said 'no'. So, I said 'no'.

I remember you mentioning this, but I'm pretty sure it was more than a year ago. You basically missed out on the entire crypto rally because of your broker's advice.

[Ethereal]

It's actually fairly simple. Someone--Elon Musk in the case of Dogecoin--decides to create a coin, specifies how many coins can be generated, and an algorithm for generation. Others, called miners, run the algorithm on computers and feed the market. And then the trading begins. Something from nothing. But value is subjective.

It's funny because cops will detect some house consuming inordinate amounts of electricity, assume it's a marijuana form, raid it only to discover it's some guy mining crypto.

My advice if anyone wants to try it is go to some platform like Coinbase. They will teach you the ropes, even reward you with coins for taking their lessons. They make it easy.

Pretty sure Elon did not create Dogecoin.

[Ethereal]

All money - whether it's the dollars printed by the central bank or the digital tokens on blockchains - is a construct. What makes a piece of paper, a dollar, worth anything? Because it's the only thing you can pay your taxes with. And if you don't pay your taxes, you go to prison. What makes digital tokens worth anything? Because people voluntarily adopt them. And that is the difference between government money and market-based monies. One is based on force and fraud while the other is based on voluntary exchange.

[Chris]

Pretty sure Elon did not create Dogecoin.

Ture, some other guys created it, Musk invested heavily into it, and many followed him.

[donttread]

It's actually fairly simple. Someone--Elon Musk in the case of Dogecoin--decides to create a coin, specifies how many coins can be generated, and an algorithm for generation. Others, called miners, run the algorithm on computers and feed the market. And then the trading begins. Something from nothing. But value is subjective.

It's funny because cops will detect some house consuming inordinate amounts of electricity, assume it's a marijuana form, raid it only to discover it's some guy mining crypto.

My advice if anyone wants to try it is go to some platform like Coinbase. They will teach you the ropes, even reward you with coins for taking their lessons. They make it easy.

Thanks. It's too voliile at my age but I love the concept of a currency the government doesn't control.