The Crypto Chaos
By Jim Bauer
@porwest (78759)
United States
November 23, 2022 6:43am CST
Is it just me, or does the entire world of crypto currency look like a complete imploding disaster? It's not necessarily surprising. It is simply interesting to watch, especially considering that crypto is doing now what all of the big supporters of it claimed one would be protected against by owning it and ditching regular currency.
It's scandal after scandal, scam after scam, and one calamity after another.
It completely dispels any claim made in the past that crypto currencies are better than traditional fiat. It dispels any claims that crypto is more secure and better protected. It dispels any claims that crypto is the future of money. It dispels any claims that crypto is "for the little guy" and a way to "beat the man."
Crypto currency is one thing and thing only to me. Completely worthless. Does it have any future? I am honestly not sure. But one thing that is for sure right now is that with all that has happened in the past couple of years around it, very few people with any money sense at all are going to want to touch it with a ten-foot pole, and for that reason I think the future prospects of crypto is simply a blip in the world of money and certainly not the next big thing people in the cryptoverse said it would be.
18 people like this
19 responses
@moffittjc (118515)
• Gainesville, Florida
23 Nov 22
I never got involved in crypto mainly because I never had time to study and research it properly to determine if it was worthwhile. But from the beginning, I never really had much faith in it. I always thought it was some kind of ponzi scheme or something. I didn't want to put too much faith into something that wasn't really tangible, such as traditional flat. At least I can hold a dollar in my hand.
Now, with that being said, I think that with our ever changing and evolving world we live in, the future of currency will eventually be something different than traditional flat. Maybe flat currency will never go away, but I do see currency continuing to evolve with the times, and with the technology. Time will tell if someone comes up with something that can truly live up to the promises that crypto promised us all in the beginning.
5 people like this
@SeishiroX (1093)
• Philippines
23 Nov 22
Crypto is problematic now because of the whales that pump and dump the prices.
2 people like this
@StartFlatBoke (222)
• Portland, Oregon
24 Nov 22
A Ponzi scheme is when new people joining send all their money to those higher up and in the plan I follow we don't send money to anyone. It's totally unrelated to a Ponzi.
1 person likes this
@porwest (78759)
• United States
24 Nov 22
@moffittjc I have, of course, been investing for 30+ years, and I can find nothing "investment" related in it honestly. So, while I am not considering myself a "deep study" of crypto, it just seems to me like a huge gamble at best. I also do not see any relation to any actual currency as it wants to be. It's not stable enough to even act like a currency in my opinion, and because of the volatility of it, it seems to me that if you tried to use it like a currency it simply wouldn't work.
Beyond that, it has been around for about 13 years and while it has gained in popularity, it still has not really made any inroads in attracting a massive amount of potential users and is still virtually unspendable.
I have put some money into it, and continue to use various faucets to gain some. But it is a VERY tiny portion of my overall portfolio and will remain so. I just don't see much value or worth to it at all. So, really, any investment I have in it is "just for fun," much like I'd expect when I walk into a casino.
I agree that currency will always evolve, and who knows what it will be far into the future.
1 person likes this
@porwest (78759)
• United States
23 Nov 22
When it comes to money, I make it a point to understand what I don't understand, otherwise I am ill-equipped to make a solid judgement about it. Having looked into crypto, I still do not understand it, and so it falls very low on my radar. lol
I do not see the point nor the value of it.
3 people like this
@Jenaisle (14079)
• Philippines
23 Nov 22
I am not so familiar with crypto, but it has always been a red bell for me. I didn't dare invest or made use of it. Up to now, I'm skeptical as ever.
Based on your discussion, it seems I was right, after all, not "touching it with a ten-foot pole." I would rather have something I can actually touch and make sure it is real. 
2 people like this
@porwest (78759)
• United States
24 Nov 22
The fact is, I could be wrong. But it seems to me that there are just too many problems with it, and I think the argument for decentralization is showing failure considering the fact that with no one tending the farm, all the animals are allowed to run free and it's hard to round up the bad players leaving good, honest ones in the dust.
1 person likes this
@1creekgirl (40576)
• United States
23 Nov 22
I thought about you and hoped you hadn't invested a lot in it, if at all.
2 people like this
@StartFlatBoke (222)
• Portland, Oregon
23 Nov 22
If you mean money, I have not invested any. The only investment I make is time and since I am retired with nowhere to go and all day to get there, I have plenty of that.
@porwest (78759)
• United States
24 Nov 22
@StartFlatBoke That is basically my only investment in crypto as well these days. Just time. I run my faucets and earn a little bit of interest on BTC on one of them. It is, for me, a wait and see how it goes kind of a thing, and because more and more of my investment is not made through physical money, if it is ever worth anything I guess it's all a gain even if it is not worth anything overall.
@porwest (78759)
• United States
24 Nov 22
@1creekgirl My physical investment has only been a few grand. A drop in the bucket, and I knew it was a gamble when I got into it. I still run faucets and earn free crypto...for whatever THAT'LL be worth. lol
1 person likes this
@LindaOHio (156717)
• United States
23 Nov 22
All I know about cryptocurrency is that I managed to transfer my $16 from Noise to CoinBase; but I can't transfer it to PayPal. Need to get on the phone with them and figure it out.
4 people like this
@StartFlatBoke (222)
• Portland, Oregon
23 Nov 22
Linda the only problem I see is now that you have it in CoinBase there will be mining fees charged to transfer it anywhere else. What I do is transfer incidental earnings like that directly into my account at CryptoWin so I pay less in fees. That $16 is 96,048 Satoshi which would buy you 96 Active Shares that would pay you 673 Satoshi every day for the next 180 days. Each time it reaches 1,000 (2 days) you could buy another Active Share to ladder your income even higher. That's how I managed to build mine to almost 4,000 Satoshi a day which buys me 4 more Active Shares. I love working for Bitcoin only because there are so many websites like Noise where it is so easy to earn and feed those small amounts into CryptoWin so they can expand.
2 people like this
@LindaOHio (156717)
• United States
24 Nov 22
@StartFlatBoke Thank you for the information. That sounds like a good way to go! Hope you have a nice Thanksgiving.
@porwest (78759)
• United States
24 Nov 22
All I know about cryptocurrency is that I managed to transfer my $16 from Noise to CoinBase; but I can't transfer it to PayPal. Need to get on the phone with them and figure it out.
@LindaOHio I wish I could be of more help on that one. I have so far never converted any crypto to cash, so a phone call might be in order, and hopefully they can help you to be able to figure it out. From what I understand it is supposed to be a simple process...but again, never done it yet so I have no idea.
1 person likes this
@Beestring (13358)
• Hong Kong
23 Nov 22
Don't know much about crypto. So I've stayed away from it.
2 people like this
@porwest (78759)
• United States
24 Nov 22
Not knowing about something, when it comes to money, is a reason for me to understand it. There is something to be said about losing money making a bad investment, and entirely another thing to be said about losing money because you missed an opportunity.
1 person likes this
@Beestring (13358)
• Hong Kong
25 Nov 22
@porwest I agree. The value of crypto is so volatile and currently there is no specific legislative framework in Hong Kong which regulates crypto-assets, I just take a wait and see approach and stay away from it for now.
@popciclecold (35294)
• United States
23 Nov 22
Don't know much about it, but it always scared me.
1 person likes this
@porwest (78759)
• United States
23 Nov 22
I don't shy from things I don't know much about, at least when it comes to money. But having looked into it I think the decision to shy away from any major investment in it coming from an informed decision is better than avoiding things simply because I do not understand them.
Part of the divide between the rich and the poor in this country is really about poor people not taking the time to understand what makes people rich.
@StartFlatBoke (222)
• Portland, Oregon
23 Nov 22
If someone waved a 100 Dollar Bill under your nose and asked if you wanted it free, would it scare you enough that you would run away? I mean if you accepted it free you might lose it later when it fell out of your pocket, but would that be horrible even though you got it free? That is all I need to understand about Bitcoin to put it to good use along my online journey.
@SeishiroX (1093)
• Philippines
23 Nov 22
Cryptocurrency has a lot of promise. unfortunately, speculative investors are overdoing the hype and getting unwitting individuals to invest as the prices rise up, and then these people suddenly unload their holdings and drive the price down. Those who bet too late are left with trying to recoup their losses, without any hope of profit as everyone has already yanked the rug under them.
1 person likes this
@porwest (78759)
• United States
23 Nov 22
In order for people to have interest in an investment they have to have faith in it. I think crypto lacks that with all that has happened. Beyond that, one thing investors HATE is uncertainty, and if there is anything more uncertain than crypto, I can't find it.
2 people like this
@Treborika (17296)
• Mombasa, Kenya
24 Nov 22
There is nothing like that my friend. There is no correct crypto trading all is gambling
1 person likes this
@StartFlatBoke (222)
• Portland, Oregon
23 Nov 22
I see discussions all over the Internet about not understanding it, so it's best to avoid it and I don't agree. I earn it free, invest it wisely and reap major increases no matter what the price is doing. That price means nothing to me, unless I sell some part of my holdings. Since I got it free and grow more free every day, I don't care what the price is or was as long as I can exchange it for tangible goods and services, which I have no problem doing. I know that as of today 1,000 Satoshi is only worth 17 cents USD, but I don't care because I have several Million of them that I got free. It's not the 17 cent price I care about, it's all about the Millions I own that increase daily and never go down unless I spend them.
2 people like this
@SeishiroX (1093)
• Philippines
23 Nov 22
Hello, sir. That's the thing there. You've an obvious advantage because you managed to acquire holdings for no investment at all. It's just too risky for the average Joe given the current circumstances and the volatile ups and downs of the price. Congratulations on those millions of Satoshi holdings though.
2 people like this
@porwest (78759)
• United States
24 Nov 22
I don't ever necessarily regret any investment I have ever made that I lost money on. At the same time, I invested very little into crypto and have never sold any coins to date and have no intention to. But I went in (in a very small way) fully aware that I might be sending money to pasture. I continue to run faucets to get free crypto, but right now have no intention of investing another dime of my own money.
@Henmanth3377 (45)
•
11 Dec 22
This bitcoins are really not worth of investing hence a scam its happening and cheating innocent members its just like pump and dump...
1 person likes this
@RasmaSandra (73603)
• Daytona Beach, Florida
24 Nov 22
I stay away from cryptocurrency and stick with what I know - making regular money and getting gift cards,
@just4him (306710)
• Green Bay, Wisconsin
24 Nov 22
If I remember correctly, in the beginning, you said it wouldn't be worth it. Now, your prophecy seems to be coming true.
@Treborika (17296)
• Mombasa, Kenya
24 Nov 22
Crypto currency especially bitcoin keeps on declining in its value. I think it's not the right time to invest in it. As it goes it's likely to decline so drastically and in the near future bitcoin would be very low in value. I can say there are people who already reaped heavily on bitcoins especially when it grew I think in its peak a couple of years ago.
Otherwise hold on for now and find for alternatives means of online earning like investment in shares and or stocks.
