Do you mine bitcoins?

I am trying to figure what it is that makes blockchain so popular. My state government is investing heavily in blockchain technology.

I want to make some money through stocks and cryptocurrency… I think it’s a lot easier than real jobs in terms of work load.

1 Like

It’s just gambling really. You could lose big time.

2 Likes

What is the difference or similarities between stocks and gambling? I don’t know much

There is no difference.

1 Like

I read an article recently which says that stocks are good for the economy but gambling serves no purpose

Gambling is great for the economy. Lots of people are employed in the gambling industry I guess.

1 Like

Cryptocurrency mining is a money sink generally, since it’s more profitable to just buy the currency and hold it.

Which crypto is popular?

Then why do most countries ban it?

I’d just buy bitcoin, it’s the most reliable. Altcoins generally post bigger losses than bitcoin during a bear market.

But my country has banned bitcoins … i am from india

Ethereum is the next best one then.

1 Like

I bought a bitcoin at £70 and soold it for £400, then a year later the world went crazy for bitcoin and i rue the day :smiley:

I bought 22 litecoins for £1.50 each quite awhile ago too. 6 months ago they were worth £200 each, but they are back to £56 each now. The market is quite volatile.

There may be another jump, but it is a gamblling game. I bought when they were cheap and think unless you are trading daily the horse has already bolted in these markets of alt coin. If you bet big with capital the losses and wins can be huge and is a dangerous game.

image

Not sure if this breaks the no gambling rule, or is just investment advice

7 Likes

Stocks serve a purpose because they’re a way for rich people to store their money, which then fuel the economy like money should. It’s safer to spread them out over many different stocks than to keep them all in one business, it’s more profitable than banks if you’re not unlucky, and (most importantly) it’s easier to cheat the stock market rules than the casino rules. Watching the prices and trying to predict them from that is useless. We already have computers that do that a gazillion times faster and more accurate than we can. The only way to profit from stocks without risk is using knowledge that others don’t have. Which is usually illegal, but not often possible to detect. In other words, stocks are a fundamental part of our economic system which rich people can take advantage of, in mostly dubious ways, to get even richer. I.e. systematic and lawful gambling and cheating. Those of us who aren’t rich might as well just go to a casino. Same with cryptocurrency.

2 Likes

That’s exactly right. You’re a wise man !

1 Like

That’s really a great view.

It reminds me of a documentary my friend recommended once to me. I forgot its name… It talks about the economy and how it was created and everything.

Any good docs or films on these subjects of economy banks and govts and corporations you can suggest?

1 Like

No, not really. I saw a great one on how international corporations use the legal system to take advantage of poor countries, but that’s a different subject. I believe you can find it here: http://thewhy.dk/whypoverty/

3 Likes

I’ve tripled the money from my initial investment in three months on Bitcoin. But I only used a nominal amount so that if it went down to zero, it wouldn’t ruin me financially. There’s strong arguments on both sides for or against cryptocurrencies…but I am of the opinion this isn’t going away anytime soon, because of Bitcoin’s deregulated nature, and the fact that there’s a limited amount in circulation. My crystal ball says more people will use Bitcoin once people lose confidence in the dollar. Why will that happen? Because the Chinese are now using their own currency (yuan/renminbi) instead of dollars to buy oil - the one thing that props up the dollar. This should be sending shockwaves throughout the financial world, but is by far the most underreported story of the year.

The trillion dollar question: What happens to the value of the greenback if other countries also ditch the dollar when buying and selling oil?..

Just remember that this stuff is all open source so any “coin” can implement any new technology. BTC is the OG and will almost surely be one of the few left standing when this “alt coin” bubble bursts.

The markets are also now heavily manipulated by trading algorithms. Google “flash crash”. I like buying homes and renting them out so my renters pay for my property, which I’ll sell when I retire.

2 Likes