Because the Bitcoin just crossed the $100,000 mark recently, and with the upcoming US president who is friendly to the bitcoin and Cryptos, I saw a lot of excitement and craziness going on in that space.
Came across a question at FB private group:
My young adults (16/19) keep trying to invest in crypto, xrp, etc. Where is a good place to learn about it so they don’t get scammed. Already a few times one has lost $ from graduation gift we gave him to try his hand. What are legit companies to try bitcoin investing that I can learn from? They are definitely targeted on their social media platforms.
Thanks!
My initial answer: Replace “invest” with speculate (or gamble). I don’t think cryptos are investment: they have no real value – other than hope the next guy will pay a higher price.
Someone’s answer to my initial answer: tell that to all the people who have made hundreds of thousands of dollars by investing in it.
My follow up answer: some people are just lucky 🍀- just like those people who won giant jackpot🎰 at the lottery. That doesn’t mean everyone else can have the exact same luck.
Like Warren Buffett, I won’t pay $25 for all of the bitcoins in the world. That being said, if you speculate on it, I still wish you good luck.
PS: I already expressed my opinion on “investing” on bitcoin and other cryptos (I don’t even want to call them cryptocurrencies). But at the same time, recently I realized companies such as Block Inc. with stock ticker symbol $SQ, Coinbase with ticker symbol $COIN, and Robinhood (App) $HOOD etc. actually are still viable business. Imagine them like the casino houses such as Caesar Entertainment, Las Vegas Sand, Wynn or other other casino in Las Vegas, in Macau and in Singapore: they are mostly profitable as long as their casinos are open and they have customers coming to gamble. Or just think them like the operator of Mega Millions or Powerball in the USA. Remember the old saying: the house always wins.
You may also read a Chinese version (translated by Google Translate) here.