Should You Buy Crypto Right Now or Not?


#1

This morning, I woke up and realized something horrendous. Right now I am $30K+ poorer than I was this time last year. That’s a lot for me. I could have built my first Bulgarian property empire with that money. I could have bought 2 full-time wives from Kazakstan. Or I could have bought a small houseboat in the UK, and started living rent-free on quaint canals surrounded by picturesque scenery.

Sadly, I didn’t do any of the above. Instead, every day I looked at my investments dwindling in value and I said to myself, “I’d be stupid to sell now.” Yes, these are the greedy voyages of your average cryptocurrency investor. There is good news, though.

Because I bought Bitcoin way before coins even reached $1,000 in value, I’m actually still over 1000% up on my original investment. In fact, I’ve done everything right as far as investing in crypto is concerned. I bought in early. I diversified my investments across coins which today are still holding strong, despite widespread catastrophe, and I never panic sold or let fear of missing out, spur me to invest more than I could afford to.

Of course, all of the above means nothing, After all, I’m still minus gains I could have realized, not to mention my imaginary Kazakstan wives. As surprising as it might sound though, I’m still very confident about cryptocurrency. For this reason, I’d advise anyone reading this who has $100 to spare, to seriously consider investing in a few crypto coins. Not just any coins. Specific coins like Ripple XRP, DigiByte, Cardano, and Litecoin.

I can’t list all my reasons for flagging those coins in particular. There are far too many to detail and I know that most people here won’t understand most of them. I also can’t guarantee that these coins will ever realize significant returns. What I can say, is that if you ever wanted to invest in cryptocurrency as a kind of long-term $100 lottery ticket, those are the coins to think about. Buy em, learn how to store them offline, then lock them away for 10-years and forget about them.

And now for a short lesson in real economics.

As for why I think getting hold of some crypto now is a good idea, I’m sorry, but the economic world you live in at present is a lie. Think matrix level lie.

In the UK and Europe since 2008, we have had ‘Austerity’ pushed on us. This is explained to the man or woman on the street, as cutting back government spending to pay off old debts. This makes the public imagine governments as households who have overspent on their credit cards. To make things right, those households need to cut back on luxuries and maybe even downsize so they can pay off their balance.

Sadly, this isn’t what austerity is. In every case, governments embracing austerity have spent less year on year on public services, in order to borrow more. When Austerity was introduced in the UK in 2008, government debt to GDP levels stood at 76%. Today dept rest at approximately 90%. This debt level keeps rising faster each year, and as it rises it becomes completely unserviceable. This is a domino.

The next domino is the global housing market. Everybody considers property a safe investment. Once your home is yours, it is yours. However, in Europe, the property market is a train wreck happening in slow motion. Where I live in Malta, there is a surplus of 70,000+ newly developed apartments. These started being built around 2001 and initially sold at a price of $40K - $50K, to predominantly overseas buyers. In 2008, overseas buyers stopped buying up property. However, developers didn’t stop building. Moreover, why this was is simple.

Need for new construction is intrinsically tied to economic growth. If Malta stopped building because of decreased demand, the wider economy would suffer. For this reason, the government started subsidizing new developments, while realtors started simultaneously overvaluing existing property. Today, the same empty property which was priced at $40K in 2001 (and didn’t sell), is valued at $200K+, and still doesn’t sell.

Of course, at some point, developers stop building for the sake of building. However, in Europe, EU member countries have a very interesting way of fiddling the books. Every year in the town where I used to live, the local government would demolish the promenade in November, before rebuilding the whole thing behind a big blue sign saying "development / regeneration / ecotourism development sponsored by the EU.

This isn’t a Malta specific problem. In Spain, they do the same. In Hungary, they build random libraries and resort areas in places where they aren’t really needed or ever put to use. It’s all a bit like a scaled down version of the Chinese ghost cities initiative.

The end problem is that local people are priced out of the property market. Endemic overvaluation means that locals know better than to invest anyway, and the longer properties stand empty, the further they fall into a state of disrepair. Moreover, this problem isn’t specific to the Med.

In places like Miami, Vancouver, Germany, Singapore, and a hundred other areas, similar property bubbles exist. Everything looks sleek and shiny as you are driving by, but the architecture out of the window might as well be a house of cards standing in the middle of tornado country. This is domino number two.

The third major domino waiting to fall after the two already mentioned concerns big government. I would love to have my own business. Once, I and my ex were even on the cusp of opening our own restaurant. However, I noticed something back in 2010. Specifically, that before the UK hospitality company which I was then working for could open for business each year, we had to pay £5K-£10K, just to cover our behind as far as health & safety and food hygiene was concerned.

As strange as it will sound to people like Americans, upward social mobility is starting to hit a brick wall. Remember that lemonade stand of yesteryear? Well, that ain’t possible anymore. You need a license now. In the F&B business, you need annual gas safety checks, fire safety inspections, environmental health inspections, the list goes on. The same is true for retail and this is why modern entrepreneurs usually fall into one of two categories. They either buy property to let or move to the Internet to sell whatever they are capable of.

There are fewer generation owned restaurants in the city where you live. Instead, there are specific multi-national brands which can afford the high rents and ever-increasing annual costs of doing business. The rent is higher in the surrounding area because of the presence of big brands and the increasing inability of people to afford housing. That’s okay though because you have the online entrepreneurs. The thing is you don’t.

Since GDPR was introduced in May this year, investment in new startups in Europe has dropped by 80%. Big brands can afford to comply. Startups can’t. And like a contagion, new startup pessimism is reaching non-EU shores. 2018, if you like, is the year where doing business online became as risky for startups everywhere as opening a real-world store.

The downfall of the small to medium-sized business is domino number three. However, there are hundreds of other economic dominos which will eventually start falling. - And they will fall.

As for crypto, nope I’m not deluded enough to think it will be the savior of the economy. It will be that for a while though. The end is coming. Don’t go full freak Bitcoin investor. Just get your $100 lottery ticket (if you can afford it) and wait. - Or don’t. Up to you. I might be wrong, but I consider people here my friends and this is a personal piece of advice which I think could be of benefit. Just don’t put in more than $100 and especially don’t if you can’t afford it. :slight_smile:


#2

I agree with you on what’s going wrong with the world, and am very familiar with the property market scene. One of my most regular clients, an overseas property estate agent based in the UK had to shut shop. Also agree with what you say about it being harder these days to start a successful new business and the part about how social security is unsustainable and governments are running out of money.

Only thing I don’t agree with - your solution. Buy cryptocurrencies. I think I have explained to you in the past why that is not a good idea. But you seem to be heavily invested in cryptos, so I don’t want to put you down.

In India, we have a more serious issue. I have also talked about it here and doesn’t need to be elaborated. Venezuela.

It is in moments such as these that I thank the Lord that I have no wife and kids and only have to take care of myself.

Anyway, I’m gonna keep hustling and make money here and there. When the sh#t hits the fan and everyone loses their cool the Buddha stays calm and starts thinking :slight_smile:

As of now Buddha is focused on working out at the gym, cycling, shopping, going to the movies, visiting long lost relatives and friends and keto diet. And yeah, installing CCTV at house, setting up guardhouses and hiring guards to protect his sites and maybe get a gun license and learn a martial art skill :slight_smile:


#3

Last 5-6 years I’ve only been exposed to the online crowd. Been visiting my long lost relatives, who are completely in the offline world. These are people who have gone through the straight and narrow path - studied hard, did engineering, MBA, got a job in IT companies, got married, had kids, led the perfect Indian upper middle class life. They probably consider people like me to be complete losers - college dropout, never held a real job in his life for too long, not married at 38, etc. And here I am, smiling, with a permanent smirk on my face, knowing I’m far better off than they are and happier too. They could see that too.

Point is, you decide how you feel, control your mind, never let yourself be controlled by it. In ordinary circumstances, I would be what you call “depressed”, and going to psychiatric clinics and spending time at rehabs. But here I am, slowly and methodically building my wealth, not because I am attached to money, but as my way of showing the middle finger to everyone who doubted me :slight_smile:


#4

How very altruistic of you.


#5

I want to do another gamble, which is buying a couple of Snapchat shares now worth around $5 - and who knows they might have a good years, or they might bankrupt. However, those $20 that I might invest might become $400 if they get their :poop: together.


#6

The thing wiith big tech shares is that no brand is future proof. before Facebook, there was Friends Reunited. Apps like Snapchat exist because younger demographics are already ditching FB in favor of new, cooler apps like that and Tick Tock. 20-years ago, not even Google was a thing. In 20-years time, Google might be ridiculed for how out of date it is.

Anyway to take your $20 investment example. Ripple XRP is currently priced at $0.30. $20 would get you 66.6 coins. Previously, XRP has peaked in value at $4. If the next 10 years sees cryptocurrency perform similar to how it has over the past 10, $20 spent today could easily net you $266. It has to be remembered after all, that Bitcoin itself originally cost just cents on the dollar.

Now is basically the time for people on a budget to buy in as a punt bet for the future.


#7

It’s Tik-Tok, grandad. Clearly you aren’t all up with the hep groove like I am cat, hear my jive? I downloaded it to investigate and found a lot of Greek children with excellent English meming. Then a whole lot more screeching their favorite love songs down their phone. Basically, vine for today’s young people who will mostly be happy when the service collapses in fire in a couple of years time.

Otherwise, I’m with Cy on the cryptomessage.


#8

Says the Roman. I can’t help it if I’m not hip with new things. I don’t even use wifi. Hell, I can’t even get used to using the term ‘App’ instead of ‘Application.’ I dread to think how out of touch I will be by 2025.


#9

I have calculated that by 2025, we will all communcate exclusively in grunts, memes, and sexual gestures; much like a pretentious orang-utan who needs taking down a notch or two. We have many years to prepare for the new information economy batten down the hatches, though. I recommend a course in Photoshop 101 combined with Memeology Theroretics.

P.S. Pax Romana, yo.


#10

It is interesting you had to say this after reading that comment.


#11

I’ve realized the goal of my life is to live well but without getting noticed, be a detached observer and be the last guy to turn off the light bulb :slight_smile:


#12

News flash. We know!


#13

Why??? :confused:

I want to spend all my money, travel the world and see everything the good Lord has given this planet before I die! OBTW, when I die, it won’t be in the hospital. It will be on a mountaintop - somewhere beautiful - at about 100 years old or so! :grinning:


So, Andy, I’m buying some crypto today, bitcoin cash. I’m not planning on investing, just want to buy on Fivebucks. I’m taking that leap away from Fiverr - bit quite disillusioned lately with them. I’m going to give Legiit and Fivebucks a try today to see if they are more buyer friendly.

I looked at zeerk and they are quite a mess. They do not impress me as a good site, but the other two I mentioned above seem really promising, so!


#14

I’m not dying in hospital. Been there, done that. (Not myself but with friends and relatives.) I’ll find a nice spot in the wilderness. However, I probably won’t choose a mountain. Have you ever been cold on a mountain? It’s murder. Also, even in the best case where you go quickly, you still risk some German scientists finding you a few hundred years later, before propping you up naked in a museum for the whole world to ogle at.

I’ll be in the forest. Or by a big lake. Or in a desert.

Well, make sure to buy Bitcoin Cash ABC, not Bitcoin Cash SV. - I’m pretty sure Five bucks won’t accept the latter. I’m not 100% sure of that but do some research first and you should be fine.


#15

Okay, newbie here. I have a bitcoin wallet and it has two options: Bitcoin Cash or Bitcoin Core. It doesn’t distinguish between ABC & SV.


#16

Mmmhhh… This could be confusing. First off, where are you planning to buy Bitcoin Cash?

To avoid any confusion, you might be best suited setting up a wallet and buying Bitcoin Cash at Bitcoin.com. There you can create a paper wallet or get their free app wallet. You would need to buy what they list as Bitcoin Cash and which you can buy via credit card on their site. If you buy Bitcoin Cash anywhere else, you would need to buy the coin known as Bitcoin Cash ABC.


#18

Trying to buy bitcoin is more complicated than I thought.

1st, it only takes VISA & MC, with 22.5% transaction fee.
2nd, it requires my phone no.
3rd, it has me up load my personal government issued identification, after I pay. :unamused: (so much to anonymity.)

Now my computer is frozen from trying to scan & crop my drivers license. I can’t upload & I’m afraid to log off or reset my computer. I think 5 bucks need to open up to other currencies.

I’m on my tiny tablet, typing one letter at a time. :frowning:


#19

Why don’t you use “Adobe Scan” on your mobile/tablet it’s a great tool for scanning documents. I use it all the time - and it does an awesome job. Plus, it exports your files as a PDF. :wink:


#20

Thanks, freaky.

I just found out that 5 bucks takes bitcoin sv - geesh!


#21

This is not normal. If I were you, I would stop and buy from Coinbase. There are instant exchanges where people can buy coins at a premium using credit cards. it sounds like the payment gateway on Bitcoin.com is using one of these. Coinbase charges 1.49% transaction fees.

Also, all exchanges will require ID and personal information as if based in the U.S, this is required by law. In this case, iof you are struggling with buying from bitcoin.com and are paying 22.5% fees, you are better off just buying from Coinbase.

It is also hugely important to remember that Bitcoin Cash is NOT Bitcoin. Bitcoin.com is extremely confusing in this regard, as they use the Bitcoin.com domain name to imply that Bitcoin Cash is the real Bitcoin. (Because they created Bitcoin Cash).

Quit what you are doing and just head to Coinbase. You will still need to set up an account with your ID and contact details. When you buy your Bitcoin Cash (Which there might be listed as Bitcoin ABC) you can then send this to your existing Bitcoin cash wallet.

Edit: It is also important to remember that exchanges are like Fiverr in that if they have any reason to expect that you are not who you say you are, they could freeze your account. In this case, make sure to set your account up correctly, while also making a hard record of your login details.