Investing In Crypto

Interesting read from Forbes today about whether you should invest in Crypto.

Does anyone here invest in crypto? What are your thoughts on the Forbes article?

And if someone is reading this and wants to get into crypto investing, what platform would you suggest they used?

This podcast came out this morning for anyone interested - it’s not particularly in favour of bitcoin :eyes:

I think the most damning thing against Bitcoin is how much energy it wastes. More than the entire consumption of the Republic of Ireland…
The value is being driven by stolen electricity and browser-hack bots, because it’s impossible to find cheap enough power to make mining economically viable.

See also:

Further bad stuff…
Like only 6 wallets determine the price.
About 20% is stolen.

Etc.

It’s a mess that will eventually come crashing down.
China seems to be the only country with a vaguely sensible approach.

“Invest” is not quite the right term! Closer to pure speculation and gambling.

FCA warning

Quote: “If consumers invest in these types of product, they should be prepared to lose all their money.”

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Yesss they mention this and stealing electricity in the podcast!

I find it all so interesting but pretty confusing :joy:

Like they also talked in the podcast about how the creator of bitcoin has to remain anonymous because if he reveals himself then he opens himself up to hacking, and that even though he has billions of bitcoins he’s not rich enough to get the security he needs??

Needs to be compared to the Banking systems world wide. Saying it wastes electricity isn’t understanding how it works. Most Miners are is China and they are usually powered by Hydroelectric power stations and use what can’t be stored.

The energy that is used secures the Blockchain, meaning that to undo that work is prohibitively expensive and impossible without all the equipment needed to do so.

If Satoshi was one person, they would be the richest person on earth due to the Coin they mined in the early years of Bitcoin.
What gives Bitcoin it’s value is the Rarity of the coin x the energy it costs to make the Blockchain. Also added to this is the other coins that are now out there and what is used by them.
There are scams out there as with everything of value. You just need to learn how these happen and how to avoid getting caught up in them.

Oh you think it could be more than one person?

I’ve also heard people say that there is a limited supply of bitcoin - 21 million? So what happens when all 21 million have been mined?

As the reward halves every few years the Miners will get a bigger % of the reward as Fees instead of new Coins.

I personally think it one person who used the name but I think more than one came up with Bitcoin.

Another reason why bitcoin is seen as a risky move…? Easy to lose?

Who thinks he’ll find it? :sweat_smile:

No chance :joy:

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