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Topic: cryptocurrency  (Read 7777 times)

oldbuddy

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Re: cryptocurrency
« Reply #120 on: August 05, 2022, 07:44:49 pm »
Is anyone into the bitcoin craze? My oldest son is making money from it, but I wonder how long it can last.

Does anyone understand it to put it in simple terms for a person like me who doesn't really get it?  :confused1:


Be very careful about investing with Bitcoin. There are so many scams out there.  I was just listening to a podcast on AARP and this lady lost $110,00 trying to make money because initially they were making it seem awesome because she invested $400 and got back an additional $600.  So she invested a much larger amount and that's where they got her.
They didn't get her, she got herself. What part of earn it free and let it grow is so hard to understand?

The next most important principal is it is impossible to lose money unless you sell. It's not the market price that determines your profit, it's the difference between what you paid for it and you are able to sell it for by being patient. The real principal is if you can keep increasing your balance even though the value is dropping, the potential is still there to make a nice profit when your increased quantity of coins goes up in value, like it has so many times already.
« Last Edit: August 05, 2022, 07:51:56 pm by oldbuddy »

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