OT: Crypto Discussion---Does it replace Fiat?

[JamesRob]

Any other guys on here think Fiat currency's days are numbered? It won't happen tomorrow but I'm very bullish on crypto's future. When you look at the landscape and the power of financial institutions, crypto is a potential game changer for the common man/woman (assuming developers stay ahead of the greedy politicians). El Salvador recently made headlines by becoming the First Nation in the world to adopt Bitcoin as legal currency. Of course, El Salvador also uses the USD as legal tender (for now). Not trying to get in to a political discussion, but you'd have to be a fool not to realize that the USD is on the decline. The US Government will blow by $30 trillion in total debt (that's 126% of GDP) this year. It is only a matter of time before we are no longer the world's currency.

I'm thinking at some point we'll all have our own person crypto and use that to exchange/purchase goods and services. I own a handful of the coins, I'd say Cardano looks very promising to me. Anyone else deep in Crypto, bullish on it's future?

 

[BattleshipTexas]

I think you will get a synthesis. A government crypto that starts with them, but can be traded like crypto. Something that can't be mined, but comes originally from the government. Isn't all the crypto put together barely over a trillion? Not even the Pentagon's budget.

 

[chief2791]

I don't know if crypto is going to totally replace fiat, but you are correct, things can't keep going as they're going with the USD, it's not sustainable. I think there are major changes coming, I just don't know how it will look and shake out.

Not personally deep in crypto, but I've got some skin in the game. Put some $$ into BTC, ETH, and ADA back around March 2020. I know I'm up nicely, but don't check it. My dad and a few of his friends are deeper, and were in long before I was. They're very bullish. Not so much short term, as it fluctuates and sometimes wildly, but long term they think there's alot of running room left, especially with ETH and ADA.

I don't think a person is smart putting a major piece of their portfolio into it, but I do feel like it's wise to have some part of it invested.

 

[JamesRob]

I think you will get a synthesis. A government crypto that starts with them, but can be traded like crypto. Something that can't be mined, but comes originally from the government. Isn't all the crypto put together barely over a trillion? Not even the Pentagon's budget.

Current market cap for all crypto is $1.94 trillion. I’ve heard some highly credible analyst say BTC will hit $500k a coin at some point. We shall see.

 

[JamesRob]

I don't know if crypto is going to totally replace fiat, but you are correct, things can't keep going as they're going with the USD, it's not sustainable. I think there are major changes coming, I just don't know how it will look and shake out.

Not personally deep in crypto, but I've got some skin in the game. Put some $$ into BTC, ETH, and ADA back around March 2020. I know I'm up nicely, but don't check it. My dad and a few of his friends are deeper, and were in long before I was. They're very bullish. Not so much short term, as it fluctuates and sometimes wildly, but long term they think there's alot of running room left, especially with ETH and ADA.

I don't think a person is smart putting a major piece of their portfolio into it, but I do feel like it's wise to have some part of it invested.

I have a 3 pronged approach…

1. 401k limited to mutual funds
2. IRA/Brokerage accounts, OTC/growth stocks, swing trade and some long holds
3. Crypto pool of funds

My investment dollars at risk decline as you go down the list.

 

[Gamecock Jacque]

I fully expect an apocalyptic future without electricity. Gold and silver will be around but you can't eat it. A piglet might even be more valuable. Stock up on ammunition. That might be the commodity of trade.

 

[PabloSC]

Your thinking is correct, but the POWERFUL world money players are primarily in Europe (most of you have never heard their names) and they won't let Crypto take over. Their money will be fought for with every trick in their bag and they won't fight fair. Politically, they will put up significant roadblocks.

I know you can easily think, oh they can't stop this or that from online trading. Yes they can, and they will.

Just look at what they are doing to the 2nd and even the 1st amendment. A younger friend commented recently the government could never take his guns away. But they can and they will through whatever means necessary (make ammo almost impossible to own or purchase). Guns don't work without ammo.

And look at how they've shut down free speech.

I do think Crypto is here to stay, but the other side is VERY POWERFUL. Don't underestimate how hard they will fight to keep their wealth.

If you want to understand $$$$ and the powerful that control the world's wealth, read "The creature from Jekyll Island". It's a must read to understand today's political environment and who's really pulling the strings. It's MUCH WORSE than you think.

Amazon.com : the creature from jeckyl island

 

[Gamecock Jacque]

Is there something that makes crypto servers immune from hacking? That would shake things up a bit wouldn't it?

 

[BattleshipTexas]

Current market cap for all crypto is $1.94 trillion. I’ve heard some highly credible analyst say BTC will hit $500k a coin at some point. We shall see.

I have heard some highly credible analysts say a cup of coffee at Starbucks will hit $500K at some point in the future if you wait long enough. I have also heard highly creditable people say Bitcoin will hit -0- in our future. That is why it is a high risk investment, possible huge profits and possible lose it all. No one knows.

 

[JamesRob]

I have heard some highly credible analysts say a cup of coffee at Starbucks will hit $500K at some point in the future if you wait long enough. I have also heard highly creditable people say Bitcoin will hit -0- in our future. That is why it is a high risk investment, possible huge profits and possible lose it all. No one knows.

This is certainly not investment advice but keep in mind there are smart contracts and an entire economic ecosystem being built around crypto and privacy. You are correct it's still speculation but no one thought the internet was a big deal even in to the 90s. This could be a similar type disruptor. People have been saying cyrpto is going to crash for years, yet it's created many millionaires. If you think about it, what is fiat based on? Not much any longer.

Cathie Wood is as good as they come but certainly doesn't mean she is always right...

https://news.bitcoin.com/ark-invests-cathie-wood-500k-bitcoin-prediction-crypto-regulation/