Cryptocurrency

Y

YourFriendlyNeighbor

New Member
Location
Orange County, California
My son has started investing in "cryptocurrency" (internet tokens) and he's trying to get me to invest alongside him. He has shown me some charts and has talked about newsletters and different articles which has got me somewhat interested. I do have a background on investing (senior analyst at a securities fund from 1979-1994) but I have to admit I have no idea on this.

Just wanted to see if any of you have heard of such investments and if you could provide me with some advice.

Thanks a plenty!

Cheers!:)
 

It would not be for me at this point in my life, I try to stick with things that I understand.

If you are curious and want to learn then start following the cryptocurrency market with a fantasy portfolio or with a little bit of fun money that you can afford to lose as part of the cost of an education.

[h=1]“If you've been playing poker for half an hour and you still don't know who the patsy is, you're the patsy.” - Warren Buffett[/h]Good luck!
 

Let's see....a currency based on vapor, unlicensed and unregulated by any trustworthy agency, hit by more than one scandal over the last few years of hundreds of millions of "currency" disappearing with no legal recourse.....ummmm, no thanks.

The only winners in the dubious game of cryptocurrency were the ones who invented it, got thousands of people to buy into the idea, and sold their "money" when exchange prices were at their peak.

If you have extra $$$$ to play with that it won't hurt if you lose it all, then I'd say go for it. But if you are playing with your "really needed" $$$$, just realize you are taking a big jump into the deep end, and adjust the rest of your portfolio risk accordingly.
 
YourFriendlyNeighbor said:
My son has started investing in "cryptocurrency" (internet tokens) and he's trying to get me to invest alongside him. He has shown me some charts and has talked about newsletters and different articles which has got me somewhat interested. I do have a background on investing (senior analyst at a securities fund from 1979-1994) but I have to admit I have no idea on this.

Just wanted to see if any of you have heard of such investments and if you could provide me with some advice.

Thanks a plenty!

Cheers!:)
Click to expand...

We decided to invest in Canadian pot stocks instead. :) Jury is still out on that.
 
Bitcoins (BTC) started at just pennies a "coin" and shot up to $20,000 a coin then lost significant value. As Mathjak mentioned, BTC took a steep dive in 2018. Obviously anyone who got in when it was 89 cents a share, kept it and now it's only $3,626.74 (latest price) per share, still made a lot of money. But the problem is cryptocurrency can fluctuate wildly and quickly. My son talked to me about Litecoin (LTC which was waaay cheaper than BTC) and at the time, like you, I didn't know much about cryptocurrencies but had heard the negative (cryptos were allegedly notorious for illegal activities). I decided to research more and after my son bought some I bought $500 worth of LTC, less than 1/10th of 1% of my investments. In other words, it's money I could afford to lose. LTC also took a steep dip and now my $500 is only worth $45. At some point, it will probably make a wild upswing again but who knows when. I'm not concerned because my LTC is being held in my son's account and he would inherit it anyway unless it goes way up and I decide to take some of the proceeds. If you want to get your feet wet, just buy what you can afford to "gamble" with because right now, cryptos are a gamble. Also there are much cheaper cryptos than BTC some of which tout better, easier trading platforms. Here's an article from late 2017 on why LTC is considered better than BTC.
https://www.fool.com/investing/2017/12/24/5-reasons-litecoin-is-a-better-choice-than-bitcoin.aspx
 


Back
Top