Quote:
Originally Posted by pyroguy
I wasn't meaning to insult, just strike up continued conversation. I'm always interested to hear and learn about how people became millionaires because one day I'd like to be one and the best way I know to become one is to do intelligent things like millionaires. So far the best way I've seen to do that isn't cryptocurrency, but that's not to say that someone couldn't get rich off of cryptocurrency. However, the average person isn't likely to because of the extreme volatility.
My number 1 hangup on cryprocurrency is that it has no backing. Companies that you invest in their stocks have physical assets, precious metals are a commodity and have a physical item to hold or have when you purchase, cryptocurrency is a digital currency that is as valuable as what someone wants to put into a computer. It doesn't have anything that I can hold or physically use. It's one major data breach or server crash from people loosing all of their virtual money. Of course this could be argued with modern day banks except they have backed up files and physical assets to try and cover these types of things in the event of an issue.
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no insults taken here.
I see cryptocurrency as a service, so there is value, like Facebook(?) - albeit an unethical one, i.e. hiding / laundering of money.
There are many who've made millions, I think it's too late for most, unless you find a way to mine it efficiently.
The underlying technology, blockchain, seems to be on the minds of many leaders of many industries, so there's some opportunity there, if you know blockchain.