RE: You're 60 years old. Why should you start now investing in this weird crypto space?
I like @aggroed because he posts great stuff, but this post crosses the line...
Right now the market cap of the crypto space is 100 Billion dollars and fluctuates around there. Over the next 5-10 years that's likely going to grow by an order of magnitude to 1 trillion or more.
OR
Cryptocurrencies are not a sound investment for seniors. Crypto is billions of dollars of air. There is nothing there. When a crypto washes out, the money is all gone. There is not even furniture, pens and copy machines to liquidate. It's all a total castle in the air.
There is no regulation. Any common crook can create a token, rake in the money and skip town. It's happening right now as I write. Hackers are looting cryptocurrencies for tens of millions all day long and you are recommending cryptocurrencies as an investment??
Young people can lose it all and start all over again. Seniors spent their life building their assets. If it goes, all that remains is declining health, destitution and poverty; not the greatest of lifestyles. Early death, however, is a viable option as it provides an acceptable exit strategy.
He did say that it's not an investment for someone living paycheck to paycheck.
The crypto space is just about as full of crooks as Wall Street. Stocks are regulated but that only goes so far. Just ask everyone who was affected by Enron, Bernie Maddoff, Leman Brothers, or the rest of the financial services crash in 2008.
No one's saying dump everything you own into crypto. Responsible investing strategies advise that you never put more into any one asset class than you'd be comfortable losing and even then, use a trailing stop so that you don't lose it all. We're in such an early state that even a little bit put into bitcoin or a small basket of top tier currencies could outpace anything that's been seen in the stock market since the dot com boom of the early 90s.
I was gonna write this, but decayin did it for meh. So, heres an upvote and follow for taking the words right out of my mouth!