Cryptocurrency

[VIP]

I just don't get it.

Any Rabbitoh friends try their luck in the crypto game? Hopefully, you have made some coin and not lost it.

 

[CCR]

I just don't get it.

Any Rabbitoh friends try their luck in the crypto game? Hopefully, you have made some coin and not lost it.

A few of us have done quite well. It's a speculative asset for most. Either get in and make profit or long hold.

 

[VIP]

Should it bounce back?

 

[Bluey]

Crypto is a nothing, it really has no value, your buying hoping somebody else will pay you more for nothing more than an idea, you can trade Gold on the ASX, the code is GOLD, the units are about a tenth of the price of an OZ in Aussie dollars..

 

[VIP]

If you think about it, money is nothing too. Money only has value because society agrees that it does. Why is cryptocurrency any different?

 

[WB]

I consider it a combination of money & stocks.

In the early days of the stock exchange a lot of people thought it was nothing, worthless, u can't hold it in your hand, it is just numbers up on a screen, & is dependent on people buying & selling.

I am holding hoping it will bounce back, a bit like stocks really.

And money $'s have no value except on what the governments are willing to back it as. It could become worthless like it has in a few countries. It used to have more value & was a safer bet when it was backed by gold.

 

[broncobuster]

I know of people who have both made and lost lots of money on crypto - you're at the complete mercy of the market and since it's unregulated things can get out of control very quickly.

It's very much a high risk, high reward scenario from what I know of it.