Taking advantage of cryptocurrency

PalazoGiggy

I have seen a lot of people who often confuse crypto with Ponzi schemes. I can't get but ponder how buying, storing and selling BTC or other cryptocurrencies like ETH, SOL and XRP is related to Ponzi scheme. 
I think it's high time people realize the opportunity in Crypto and tag along. Any thought on this? Feel free to share.

la531983

I think people just see the word crypto and assume its a scam, you wont change their minds.

Solana is well up of late.

Neil49

Worth reading 

https://www.telegraph.co.uk/money/investing/bitcoin-why-invest-crypto/

HappyHarry

PalazoGiggy said:

I have seen a lot of people who often confuse crypto with Ponzi schemes. I can't get but ponder how buying, storing and selling BTC or other cryptocurrencies like ETH, SOL and XRP is related to Ponzi scheme. 
I think it's high time people realize the opportunity in Crypto and tag along. Any thought on this? Feel free to share.

It not a Ponzi scheme. That is very different to cryptocurrency.

Purchasing cryptocurrency is simply buying an asset and hoping that at some point in the future you can sell that asset for a higher price than you purchased it for.

Whether of not you will be able to do so is the source of much debate.

zagfles

PalazoGiggy said:

I have seen a lot of people who often confuse crypto with Ponzi schemes. I can't get but ponder how buying, storing and selling BTC or other cryptocurrencies like ETH, SOL and XRP is related to Ponzi scheme. 
I think it's high time people realize the opportunity in Crypto and tag along. Any thought on this? Feel free to share.

Yeah, I have a thought. Why do crypto investors always have to tell everyone else to buy or what a good investment it is or how they expect to make massive profits, or just to "tag along"? You don't get that with most other investments. Crypto investors do seem desperate to persude others to invest. Wonder why? 

Lots of discussion here https://forums.moneysavingexpert.com/discussion/6218458/bitcoin#latest

Veteransaver

It's the very definition of a Ponzi scheme really. You can only ever make money by convincing a greater fool to buy your currency. 
There is no physical asset or future cashflow associated with crypto either, unlike for example most shares.

HappyHarry

Veteransaver said:

It's the very definition of a Ponzi scheme really. You can only ever make money by convincing a greater fool to buy your currency. 
There is no physical asset or future cashflow associated with crypto either, unlike for example most shares.

That's not what a Ponzi scheme is.

To quote from Wikipedia: 

A Ponzi scheme (/ˈpɒnzi/, Italian: [ˈpontsi]) is a form of fraud that lures investors and pays profitsto earlier investors with funds from more recent investors.

With cryptocurrency you are purchasing an asset, and the value of that asset fluctuates in response to market conditions. 

Hoenir

HappyHarry said:

Veteransaver said:

It's the very definition of a Ponzi scheme really. You can only ever make money by convincing a greater fool to buy your currency. 
There is no physical asset or future cashflow associated with crypto either, unlike for example most shares.

That's not what a Ponzi scheme is.

To quote from Wikipedia: 

A Ponzi scheme (/ˈpɒnzi/, Italian: [ˈpontsi]) is a form of fraud that lures investors and pays profitsto earlier investors with funds from more recent investors.

With cryptocurrency you are purchasing an asset, and the value of that asset fluctuates in response to market conditions. 

What market conditions determine the value of cryptocurrency other than supply and demand though?   

Vectis

The op's first is to try to talk up the purchasing of crypto.

Can we expect some follow-ups of offers to invest people's money or advice on where to invest?

MoneyDany

PalazoGiggy said:

I have seen a lot of people who often confuse crypto with Ponzi schemes. I can't get but ponder how buying, storing and selling BTC or other cryptocurrencies like ETH, SOL and XRP is related to Ponzi scheme. 
I think it's high time people realize the opportunity in Crypto and tag along. Any thought on this? Feel free to share.

I share your view that there is potential to make money by investing and holding cryptocurrencies. But, there is a higher risk of falling prey to Ponzi schemes in the crypto space. 

jamest88

PalazoGiggy said:

I have seen a lot of people who often confuse crypto with Ponzi schemes. I can't get but ponder how buying, storing and selling BTC or other cryptocurrencies like ETH, SOL and XRP is related to Ponzi scheme. 
I think it's high time people realize the opportunity in Crypto and tag along. Any thought on this? Feel free to share.

It works on supply and demand the exact same way as stocks and shares work. Some of the technology in crypto is crazy but it is so new and not adopted yet. I’m keeping an eye on chain link as I think without a way to communicate between websites and the crypto networks then most of the projects down have many real life use cases. With chain link it would be possible to hook into the gov database of house sales and automatically pay out to the correct people as soon as the contracts are signed online. This could speed up so many industries in the future. As a software dev it gets me very excited but trying to explain some of the complexities of it to non technical people is hard. 

Most people have only heard bad things on the news such as SBF FTX etc and won’t do any more research themselves. Been in crypto since 2017 and wish I had bought a full bitcoin. Kicking myself now!