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Cryptocurrency is an action fake, is it not?

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Anything related to bitcoin, crypto, blockchain

Scot

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After checking my Blockfolio app for the 40th time, I realized I’m setiously wasting my time.

Crypto is an interesting market to speculate it. It can be a decent windfall if you day trade properly. But for most of us not investing significant money into crypto.


Stop reading crypto threads. Stop posting on reddit. Stop checking coinmarketcap and Blockfolio every 5 min to see if your Alt coins moved.

Crypto violates control like WOAH. There is nothing we can do to control the volatility of the market. If you’re not a hardcore day trader like @James Fend or @JScott, HODL and build your business.

I did the math, if 1 of my coins blows up to BTC market cap, I might get $50,000 for my $500 investment... in like, 3 or 4 years.

Or, I could put that time into my business and sell it in 5 years for 8 figures.

One outcome I have total control over, one I have zero control over.


So, I know we’re all excited about the shiny objects that are coins, but get back to work!



This thread is me yelling at myself. If you identify with this, get upset by this, take offense to this, get back to work!!!
 
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Raoul Duke

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After checking my Blockfolio app for the 40th time, I realized I’m setiously wasting my time.

Crypto is an interesting market to speculate it. It can be a decent windfall if you day trade properly. But for most of us not investing significant money into crypto.


Stop reading crypto threads. Stop posting on reddit. Stop checking coinmarketcap and Blockfolio every 5 min to see if your Alt coins moved.

Crypto violates control like WOAH. There is nothing we can do to control the volatility of the market. If you’re not a hardcore day trader like @James Fend or @JScott, HODL and build your business.

I did the math, if 1 of my coins blows up to BTC market cap, I might get $50,000 for my $500 investment... in like, 3 or 4 years.

Or, I could put that time into my business and sell it in 5 years for 8 figures.

One outcome I have total control over, one I have zero control over.


So, I know we’re all excited about the shiny objects that are coins, but get back to work!



This thread is me yelling at myself. If you identify with this, get upset by this, take offense to this, get back to work!!!


I coulda bought a place in Dumbo before it was Dumbo
For like 2 million
That same building today is worth 25 million
Guess how I'm feelin'? Dumbo
 

AllenCrawley

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scottmsul

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I couldn't agree more. Even if you did get rich off bitcoin, could you repeat the process? I don't think so. If you lost it all you can't make it back. There's no learnable skill involved, it goes up once and that's it.

I'd much rather build an income system that I control, then have my net worth tied to a commodity where all I can do is hope. Besides, bitcoin speculation doesn't come with the satisfaction of creating tangible value. It's money-chasing through and through.
 
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MitchM

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I couldn't agree more. Even if you did get rich off bitcoin, could you repeat the process? I don't think so. If you lost it all you can't make it back. There's no learnable skill involved, it goes up once and that's it.

I'd much rather build an income system that I control, then have my net worth tied to a commodity where all I can do is hope. Besides, bitcoin speculation doesn't come with the satisfaction of creating tangible value. It's money-chasing through and through.
Exactly. I would rather invest my time in something that gives me feedback based on my actions so that I can learn and grow from it.

I'm not saying that this isn't possible with crypto, but to me it seems that there are simply too many variables out of your control.
 

ljb7

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If you're looking at cryptocurrencies as a way to get rich, you're doing it wrong.

If you have a stable business that generates income already and want something to invest some cash into (cash you wouldn't think twice about ever needing again), you're doing it right.
 

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I think there is one thing you can learn from crypto which is market psychology and how to play the volatility game like a professional. Zen state control practice without being able to price the asset through underlying cash flow PV is a nice skill set to have..
 
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PedroG

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Yeah, it's insane the amount of time I have spent on this. At the moment I'm waiting for one last ACH transfer to reach Coinbase so I can buy the rest of the coins that I plan to hold for a while. After that, I'm hoping to stop wasting time.
 

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I think you have to still play to your strengths. Mine is obviously ecommerce. I put in $10k in Coinbase a few months ago and my account is now worth $22k. Then I came across a new business in a niche that I liked and would like to get into.
So I took out $10k to fund this new business. Bought $5k of inventory on the first order, got a new computer, a phone, LLCs, logo design, etc... , This new business is basically a freeroll for me.

Now, my $10k that I took out could be worth $250k in 3 years. But I'm thinking my new startup ebiz will be worth much more than that.

I guess we will find out in December 2020!
 

ALC

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It can produce money for your next business, so why not ?
But i don't see myself becoming rich because of coins, it would just help to build something else like @biophase has done.
 

OMDA

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Here's how I see it as someone not yet out of the slow lane:

There's a potential huge upside coupled with potential huge downside (losing all the money put in it). The potential huge upside includes a shift to cryptos as the primary means of buying/selling. This could have long term very negative consequences for USD and other fiat currencies.

I've put a small amount into it and have quadrupled some of it, and doubled some of the rest. However, this is not yet 'real' because I haven't made a withdrawal and paid taxes on converting it into USD. It's a minor hedge.

Checking it constantly unless you are actually making money as a trader is a waste of time.

If you jump on the fastlane and have income coming in from a real, non-crypto product, and the whole market shifts to using BTC, BTH, LTC, ETH, alphabetsoupcoin... you'll be able to accept payment in these currencies anyway and switch over after the 'shock' of the transformation.

Mostly, it would probably be good to be aware that the allowing people to pay you in cyptos is a potential good option. Until it's normal for people to pay with cryptocurrency, it's anyone's guess as to which will become the predominant one. Therefore, a bunch of wild speculation with risk and earning potential.

The key is, you probably want to be useful and have good products already and shift the medium of exchange when it's time.
 
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For me, I built a business that generates anywhere from 10k to 20k a month, so I have some money to drop into crypto. What I am getting out of it is the following......

Learning to look for and spot the great deals
Learning to be patient
Learning how to trade assets and to read charts
Its fun

I built one business and gained some success. I don't see any harm in dabbling in crypto, learning a few things, and perhaps generating some funds to start a bigger business. Who knows, maybe I might spot a problem in the crypto world that I can solve and become the next Apple.
 

NickC

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I resonate with this. I haven't gotten much done in the past 1-2 weeks i spend way too much time with this stuff. I've made money, but theres better things I should be focusing on. I'm gonna try and limit myself
 
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socaldude

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I don't think it's an action fake because its just supposed to be a currency.

Now, if you don't know anything about it and you are buying into it cause you view it as your lottery ticket to riches then that's different.

But you can make a lot of money if you are willing to understand the dynamics involved.

Crypto violates control like WOAH.

So does the U.S. dollar. We can't control the stupid decisions our government makes. If you keep $10k in a bank account for 20 years, what if the government hyperinflates it away so that the $10k is only worth a gallon of milk?

There is nothing we can do to control the volatility of the market.

True. But you can control your knowledge and understanding which leads to high probabilities of predicting outcomes. Which means you can make money.
 

amp0193

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Crypto is an interesting market to speculate it. It can be a decent windfall if you day trade properly. But for most of us not investing significant money into crypto.

If you are investing serious sums, and you're learning the analysis and making proper unemotional trades... I don't think it's an action fake at all. This is a wild market, and I see it more as a rare opportunity to make some significant short-term gains (as well as some long ones)

Playing around with $500... yeah, there's probably better uses of your time.

I like how @SinisterLex put it in another thread... "If you don't got money to play with, you don't get to play".


FWIW, I think it's fun, interesting, and a nice little distraction for me during a lull in my ecommerce business. A distraction that has made me a lot of money in 3 weeks.
 

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So I took out $10k to fund this new business. Bought $5k of inventory on the first order, got a new computer, a phone, LLCs, logo design, etc... , This new business is basically a freeroll for me.
Awesome ROI. But, a freeroll? Doesn't 40% of that go to uncle sam?
 

nordien1978

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You are correct it is violating the CENTS commandments escpecially Control and Entry.
1 - Entry low barrier open an account at one of the exchanges and buy crypto.
2 - Control there is no control in the crypto markets the ones invested early before the rise made a lot of money but it is speculating at this point can rise and correct.

Also when Bitcoin was on the radio and normal people where talking about bitcoin gains, it sounds like get out and stay out. (Canary in the coalmine scenario).

But again it is an interesting Industry with some interesting projects.
 
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Scot

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Taking action and making money (regularly withdrawing) is not an action-fake, in my humble opinion.

Missed the point of the original post.
 

TinyTim

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Missed the point of the original post.

I do get your point - Pointlessly looking at Blockfolio, posting moon memes, etc.. Yes that is an action fake and wasting time. I was just answering the thread title in a blunt, yes/no fashion.
 
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Coalission

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And I just found out how easy it is to create your cryptocurrency, and how many people are doing just that.

Get ready for a plummet.

That's irrelevant. Network effect and social consensus are what give a specific coin value, not just the fact it exists.

Anyone can create a website nowadays, yet some are worth hundreds of millions, and most are worthless. You can even view the source code and create an exact copy of Facebook. Let me know when that makes you Mark Zuckerberg.
 

jilla82

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That's irrelevant. Network effect and social consensus are what give a specific coin value, not just the fact it exists.

Anyone can create a website nowadays, yet some are worth hundreds of millions, and most are worthless. You can even view the source code and create an exact copy of Facebook. Let me know when that makes you Mark Zuckerberg.
but a pump and dump of a stock is a real thing.
 

Drango

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The real answer is "it depends". It's action faking if you're not taking it seriously and are blindly following people's advice by investing in coins without doing any of your own research. But if you actually take this seriously, put a lot of time & effort in the research, and can actually day trade successfully - that's consistent action taking at its best (without having to work 12+ hours each day on a new venture as most do when starting out which is arguably a bigger risk of its own).

And to anyone putting down people who do it for the money - guess what? This is the same concept as stock markets, forex trading, or real estate investing/flipping, etc. Everyone part of these things is doing it for the money, not so much because they care about those coins/projects/companies. And it's not just any money, it's PASSIVE INCOME that significantly increases in value each and every month. A $2k profit I make today is ultimately equivalent to a 10-20k profit several years from now at the very least, always keep that in mind, this is POWERFUL.

And honestly, there's nothing wrong with that. If I can travel the world and have all the time in my hands making thousands of dollars a day via crypto trading within a click of a button - why wouldn't I be doing this? I'm not deceiving, persuading, or engaging in any spammy sales tactics to get people to pay for some shit program/information for $1997 they can find for free on YouTube; nor am I scamming people with their money with fake promises of products/programs like some blackhat affiliate marketers have done in the past. If anything I'm supporting and kick-starting great projects and companies that will make life a lot better for the years to come.

It is simply a huge opportunity to make a lot of money; but is also a unique personal journey that teaches you a lot about decision-making and understanding your instincts which is a powerful life skill. And your only competition is literally yourself - no one else; and if you surround yourself with the right people then you can all do some amazing things together and more or less equally profit.

Crypto investing is quick wealth acceleration at its best, and at the end of the day that's what we all want - the freedom to live life on our terms and do whatever the hell we want without worrying about the price tag of our ideal lifestyle, but also not spending 5+ years getting to this stage.

And perhaps in a couple of years time when you become massively profitable from this and the time feels right, you can easily afford to start your "passion" project 100% stress-free and actually making a big impact in the world and be known for something great (which is my current plan).

This is truly an opportunity of a lifetime and I'm so glad the timing is perfect now given I'm in my early 20s with enough money saved up to invest.
 
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Xeon

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And I just found out how easy it is to create your cryptocurrency, and how many people are doing just that.
Get ready for a plummet.

FastLane business idea: An all-in-one kit that allows the average man on the street to create their own crypto currency without any knowledge of blockchain and crypto.

BOOM!
 

Kak

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I look at Crypto with the facts, no it’s not an action fake, because it’s not an action, it is a currency. There aren’t true investment fundamentals at play here. Just speculation. Not that gamblers don’t often make money, but I don’t gamble because I don’t have to.

Currency isn’t business in and of itself. Currency is value for free exchange. Crypto is super cool as a currency and I love the capitalist principles some of the currencies are built upon.

Now a final word on the topic and my speculation. I caution everyone about what happens when common nonentrepreneurial people start seeing dollar signs... Windows of opportunity close. Bubbles burst. Fortunes are lost.
 
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