[MidCapeCodder]

Bernie Madoff had a great pedigree and promising portfolios...there's thieves and swindlers everywhere as well as victims.

[Boston-Sean]

Originally Posted by PJackpot

Once I read Warren Buffett said "he wouldn't purchase all of the Bitcoin in the world for just $25 if he had the opportunity"....that was enough for me to stay far away.

Once I read that Warren Buffet said that technology companies like Apple were risky investments and he didn't understand the business.

Luckily I ignored him or I'd still be working today.

[Normal]

Congress has the push now to to regulate all cryptocurrencies as nothing more than a fancy. After the crash too many are complaining and something will be done to stifle it into nothingness.

[JMintzer]

Originally Posted by jimjamuser

The stock market details and ups and downs can NOT be predicted / "understood" in the short term. An investor can NOT pick an Individual stock and invest ALL their money because they got some TIP from a TV financial show or a friend who knows someone high up in some company or industry. That amounts to gambling, not investing. People get TIPS on long-shot stocks and act on them. That is a good way to lose hard-earned money.

There is a way (a method) to use the market to accumulate wealth over TIME. You MUST have 20 or 30 years of TIME. Which most seniors do NOT have.......but their GRANDCHILDREN do! The reason having TIME works so well is because the US stock market and that of most western countries have a graph that (OVER TIME) goes from lower left to upper right. Barring a nuclear holocaust over TIME the market ONLY goes IP
........to be continued

I can barely wait...

[JMintzer]

Originally Posted by jimjamuser

So, here is how it works. You get your 20-year-old grandchild to start investing because they have the KEY ingredient in a method to use the stock market to build wealth. It can be called the Warren Buffet method or some call it "buy and hold". To use this method you need time (20 or 30 years) and patience and investible funds. Then, what you CAN'T do is pick only one stock to buy and hold for 20 years. Won't work - the chance of loss is too great. You can't even buy 10 stocks - the chance of loss is still too great. You must buy ALL the stocks in the market, actually MOST all.

So how the He__ do you buy most of the US stock market? Before 1993 you could NOT. Then Electronic Traded Funds ETFs were created to mimic the S+P 500, which was basically the WHOLE US stock market.......available for purchase at a low overhead cost to investors big or small. There are several call letters for different companies that cover the S+P - (SPY), (VOO), and (IVV).............. (google those)
........You can't beat the market, but you can buy the market and go with it............upward.........over time

Except when it crashes...

[PJackpot]

Originally Posted by Boston-Sean

Once I read that Warren Buffet said that technology companies like Apple were risky investments and he didn't understand the business.

Luckily I ignored him or I'd still be working today.

But he does understand the world of finance.

As far as Apple goes....."Buffett started as an AAPL skeptic, stating that technology was a risky field, and he didn’t understand the business well enough to predict its future potential. He later changed his mind, explaining that he now views the company more like a consumer or fashion brand with a huge amount of brand loyalty. By 2018, he had completely reversed his position, and declared that he’d buy the company outright if he could." Berkshire Hathaway currently owns 5% of Apple's stock.

[Fastskiguy]

Originally Posted by jimjamuser

So, here is how it works. You get your 20-year-old grandchild to start investing

Your logic is irrefutable but that first step can be a tough one.

Joe

[spinner1001]

Originally Posted by ithos

The Bitcoin maximalists hate the exchanges and all other crypto. They have to since the only way they can rationalize it as a store of value is that it can not be replicated. But of course it can because it is a virtual asset. There is no law or force of nature to prevent it unless you can convince all of mankind to think like you do.

But if you are a true believer then know that they are advocating keeping it on a cold wallet. So what does that entail?

Per CNBC

1. Plug your cold storage device into your computer.

2. Download the software provided with your cold storage wallet.

3. You’ll be given a seed phrase or backup code.

4. To access your device, you’ll have to set up a pin. Once you have a pin, you’ll be able to add your crypto to your cold storage wallet by clicking receive, which will show you your cold storage wallet’s address.

5. Keep your cold storage somewhere safe and remember, if you lose it along with your seed phrase, your money can’t be recovered.

For reasons similar to why people don’t put all their cash under their mattress (or wherever in their home), most people holding crypto will not use cold storage devices. Inconvenient, risk of loss, etc.

[PJackpot]

Originally Posted by PJackpot

But he does understand the world of finance.

As far as Apple goes....."Buffett started as an AAPL skeptic, stating that technology was a risky field, and he didn’t understand the business well enough to predict its future potential. He later changed his mind, explaining that he now views the company more like a consumer or fashion brand with a huge amount of brand loyalty. By 2018, he had completely reversed his position, and declared that he’d buy the company outright if he could." Berkshire Hathaway currently owns 5% of Apple's stock.

But here's the other thing...if you had invested in Berkshire Hathaway instead of Apple, you would probably would have retired a lot earlier.

[Fastskiguy]

Originally Posted by spinner1001

For reasons similar to why people don’t put all their cash under their mattress (or wherever in their home), most people holding crypto will not use cold storage devices. Inconvenient, risk of loss, etc.

It's true. Most people kinda need a bank. Which means it can't be anonymous and somebody has to get paid. Anonymity and zero cost are the cornerstones of what makes crypto great. It's just not exactly user friendly.

Joe

[ithos]

Originally Posted by spinner1001

For reasons similar to why people don’t put all their cash under their mattress (or wherever in their home), most people holding crypto will not use cold storage devices. Inconvenient, risk of loss, etc.

100% agree. But that is one of the dilemmas that owners are faced with. The other option is also risky. Look at how many people have lost their crypto by letting third parties control them.

But since crypto has been glorified by so many traditional news outlets including CNBC, many folks have been completely oblivious to many of the risks. I guess ratings and advertising revenue are far more important to them than objective reporting.

Cramer called SBF the JP Morgan of this generation.

[JMintzer]

Originally Posted by PJackpot

But he does understand the world of finance.

As far as Apple goes....."Buffett started as an AAPL skeptic, stating that technology was a risky field, and he didn’t understand the business well enough to predict its future potential. He later changed his mind, explaining that he now views the company more like a consumer or fashion brand with a huge amount of brand loyalty. By 2018, he had completely reversed his position, and declared that he’d buy the company outright if he could." Berkshire Hathaway currently owns 5% of Apple's stock.

Only took him 30 years to change his mind... Well after Apple had far surpassed anyone's expectations...

A bit late to the party, if you ask me...

[collie1228]

Here is how Wikipedia explains blockchain: "The bitcoin blockchain is a public ledger that records bitcoin transactions. It is implemented as a chain of blocks, each block containing a cryptographic hash of the previous block up to the genesis block[ in the chain. A network of communicating nodes running bitcoin software maintains the blockchain.:  Transactions of the form payer X sends Y bitcoins to payee Z are broadcast to this network using readily available software applications." Now that you understand what it is, you can invest your life savings with confidence!

[Boston-Sean]

Originally Posted by collie1228

Here is how Wikipedia explains blockchain: "The bitcoin blockchain is a public ledger that records bitcoin transactions. It is implemented as a chain of blocks, each block containing a cryptographic hash of the previous block up to the genesis block[ in the chain. A network of communicating nodes running bitcoin software maintains the blockchain.:  Transactions of the form payer X sends Y bitcoins to payee Z are broadcast to this network using readily available software applications." Now that you understand what it is, you can invest your life savings with confidence!

Actually, understanding how blockchain works is what made me jump into crypto. There are lots of youtube videos that illustrate how it works. Elegant is the word I would use to describe it.

And I only invested what I could afford to lose.

[Worldseries27]

Originally Posted by ithos

the bitcoin maximalists hate the exchanges and all other crypto. They have to since the only way they can rationalize it as a store of value is that it can not be replicated. But of course it can because it is a virtual asset. There is no law or force of nature to prevent it unless you can convince all of mankind to think like you do.

But if you are a true believer then know that they are advocating keeping it on a cold wallet. So what does that entail?

Per cnbc

1. Plug your cold storage device into your computer.

2. Download the software provided with your cold storage wallet.

3. You’ll be given a seed phrase or backup code.

4. To access your device, you’ll have to set up a pin. Once you have a pin, you’ll be able to add your crypto to your cold storage wallet by clicking receive, which will show you your cold storage wallet’s address.

5. Keep your cold storage somewhere safe and remember, if you lose it along with your seed phrase, your money can’t be recovered.

you should catch the episode of billions where all that happened