Risking A Little For A Lot
By Jim Bauer
@porwest (78757)
United States
June 14, 2021 9:21am CST
Lately I have been delving a bit deeper into this whole cryptocurrency thing. It is simply just a product of wanting to know more about it, and seeking out the information to learn what it is, and how it works.
I continue to remain skeptical about its true value. But at the same time, the more I understand how it is created and mined, and how it is even valuated in the short term, the more interest I have had in putting at least a little something into it.
And that is what I have been doing. Bit by bit (or coin by coin depending on how you want to look at it).
Of the three coins I have interest in—Bitcoin, Ethereum, and Dogecoin—Dogecoin happens to be the one I currently have the most interest in expanding my base on.
I have committed to owning 1000 coins of Dogecoin. Based on today's price that will require an initial investment of just $330. An amount I would easily enough drop into a slot machine in a casino, or spend in a year on lottery tickets.
I look at it this way. If Dogecoin reaches just $1 per coin, my $330 is worth $1000. What if something occurs that causes Dogecoin to eventually mirror Ehtereum's current price of $2,564.14? It's a reach, but if that were to happen my $330 investment would grow to a staggering $2,564,140.
The worst that happens is I see my $330 go away. I think that is a risk well worth taking right now.
What are your thoughts?
12 people like this
13 responses
@Dena91 (15934)
• United States
14 Jun 21
Mike has been into cryptocurrency since the end of 2019. He researched about it and does a lot of sites where he can make some every single day. He has two laptops that he uses for that. He refreshes them every now and again throughout the day, changes sites every so often. We have made a positive increase in our portfolio, even when they have fallen some, we always seem to bounce back up.
As far as the type of coins he has, the three you mentioned plus a bunch of others. He watched a lot of Michael Saylor, Modern Investor and CryptoViewing videos on youtube.
Good luck with your investment
2 people like this
@marguicha (216389)
• Chile
14 Jun 21
I would like to learn more about criptocurrency. But the time it needs to grow, so to say, is too long for what I need. I want more money in a short term basis.
2 people like this
@porwest (78757)
• United States
14 Jun 21
You are wise to be cautious. Even as I am learning more and more about the whole thing, and thusly becoming quite a bit more confident in anything I am putting even "potentially zero sum gain" money into, right now at best it is all just pure speculation. This is not something I would encourage someone to invest money into that they are uncomfortable losing.
If you have a couple of bucks lying around and just want to play with it, and don't care if you lose it, then taking a shot at it is okay. If it's money you actually want to see stick around and make something, this would not necessarily be a place to put it.
@mythociate (21437)
• Oklahoma City, Oklahoma
18 Jun 21
You give them your money, and they--without a product--tell you you have something that might be more or less later ... clap your hands if you believe in faeries!??...
1 person likes this
@mythociate (21437)
• Oklahoma City, Oklahoma
19 Jun 21
@porwest Sort of. Except--for most money--you can point at 'something you gave' to get it (usually 'hours on a clock,' sometimes 'land or other property you used to own.')
With cryptocurrency (the bitcoin mining-method, not necessarily 'the CTP blogging and/or commenting and/or 'curating' (fancy name for 'liking')), the closest thing you can point to is "energy you wasted 'mining' the random number on the central computer.
1 person likes this
@porwest (78757)
• United States
19 Jun 21
That is kind of the way actual currency works as well. A dollar really has no value other than your belief that it does. We have a "faith based" currency in the United States now, and most currencies around the world have adopted similar faith based currencies.
Granted, there is SOME measure of value, such as GDP and such. But really, the only thing that says a dollar is worth a dollar is everyone's belief that it is worth a dollar.
1 person likes this
@porwest (78757)
• United States
19 Jun 21
@mythociate Money, ANY money, is ALL smoke and mirrors. How many times in history have we seen currencies become worthless, and what makes you think the U.S. dollar is immune?
As for the mining thing, it is simply a process of computations to validate transactions within a block. So, this does actually "validate" the transaction, and therefore the currency.
1 person likes this
@porwest (78757)
• United States
14 Jun 21
@NJChicaa lol. I hear ya. Although, when it comes to paying bills I much rather enjoy doing that with money I didn't have to go out and bust my butt for.
But who knows? I may have to equally bust my butt to recoup my investment into losing coins. 
1 person likes this
@AkoPinay (11544)
• Philippines
14 Jun 21
I love Dogecoin but only because of its LOW transaction FEE. I still prefer to always have some satoshi sleeping on my wallet for higher returns long term. 
@porwest (78757)
• United States
14 Jun 21
These are some very interesting projections. Not sure how these projections are "calculated." But there is one thing I find that I like about them.
They seem realistic.
In other words, unlike the projections and claims of some others, including for Dogecoin, these projections seem to take a more "natural" path. Who knows if they are right. But like I said, it is interesting.
As for satoshi, which is essentially just a "derivative" of Bitcoin, it is unavailable on the platform I use to buy cryptocurrency. BUT, it also does not interest me as much as some of the other alternatives.
1 person likes this
@porwest (78757)
• United States
15 Jun 21
This is very true. At the same time every investment's risks is determined by how much one knows about an investment, and the various strategies around investing.
The more you know the less risky. The less you know the more risky.
Being that crypto is still a bit of an unknown, it makes it an inherently more risky investment even armed with some knowledge about it.
1 person likes this
@JWMILLER (3280)
• Westmoreland, Tennessee
16 Jun 21
As long as other people are happy with their money, so am l. I haven't gotten interested in this money, but more power to you.
@lovebuglena (43191)
• Staten Island, New York
14 Jun 21
I've not heard of any other cryptocurrency but bitcoin. I thought that was the only one in existence. Shows how much I know.
This investment is risky but I guess in the big scheme of things losing $330 to potentially make thousands is a risk worth taking... Or is it?
This investment is risky but I guess in the big scheme of things losing $330 to potentially make thousands is a risk worth taking... Or is it?1 person likes this
@porwest (78757)
• United States
23 Feb 22
Gosh, there are thousands and thousands of coins and tokens out there now. And more are added every day especially with these new smart chains. I am still on the fence whether or not crypto has any real legs long term, but I am only 2% into it, so I guess I am not losing much if it is just a trend that never goes anywhere.
1 person likes this
@LindaOHio (158581)
• United States
15 Jun 21
As long as you're limiting your losses, I say go for it.
1 person likes this
@janethwayne (5193)
• Philippines
15 Jun 21
Many tries cryptocurrency and so am i before but I only invest small amount.
1 person likes this
@Pani2202 (124)
•
14 Jun 21
I am till date confused about that currency.
Firstly 1946 is the time when USD was declared as world Trade currency and that made USA a Different world all together.
DO we really willing to engulf the fact that a 'digital currency which is probably going to be the replacement of the USD will be allowed without a financial war fare'?
Anyway it's the value we trade for currency is just a agreement form.
Still, we are going to have a system which is like you are not earning but mining? What will happen to those who are deprived of internet and computer services. ? How the world trade will be happening ? Will governments pay this for import and exports ? salaries ? So your pay check will be like 1 DOG COIN/ 0.0001 BITCOIN ?
I feel like big economies are letting people just have some fun around this. So that you will get engaged you know.
Just a View. Don't take it otherwise. Again saying I am very confused about it.
1 person likes this
@porwest (78757)
• United States
15 Jun 21
You are confused because it is a VERY confusing thing. Even as I learn more, there is a TON I do not know about it. Of course that makes the prospect of it even more risky. Maybe I will do a series trying to explain some aspects of crypto if anyone is interested in knowing more about it.
1 person likes this
