RE: TELL ME ABOUT YOUR CRYPTO EXPERIENCE
I think there is some good future in Steemit man, you're ina good spot. I also think there is a lot of money to be made in other cryptocurrencies as well. I think going at it with the idea of striking it rich from cryptocurrency might be the wrong mindset. The average return of the S&P 500 is around 7% and look how much money is in the stock market. Gains will be there but, in the long run, very few will be the 1000% gain type coins. When the dust settles, I think many of the startups will fail and we'll be left with a few good platforms. I haven't made a whole lot of money crypto trading but, I think we're still in the very early stages of the tech and the reasonable gains will come. I tend to invest my time and money in projects that I believe have real world use case, not just "Decentralized money" type stuff, good developers, and a good community. And even then I keep conservative expectations. If I can beat 7% annual return, then I've invested better than I would with an S&P 500 index fund. (Not to say I'm putting all my investments in crypto).
Sorry, I don’t get something right here.
Please what is S&P 500 index fund I’m lost.
Take that again, make it really simple.
The S&P 500 is a collection of large cap stocks traded on the New York Stock Exchange and NASDAQ. The idea of the index is that they select large companies from across a broad range of markets and sectors to try to emulate the rise and fall of the market as a whole.
You can purchase funds from investment companies, i.e. Vanguard, that are made up of stocks in the S&P 500 index.
By doing this you more or less will see a return similar to what the market is doing a whole. And since generally markets rise over time (7% on average) you will see profit over a longer period of time.
Warren Buffet is a huge fan of these index funds. He recently did a $1 million challenge. He said he would pick the cheapest Vanguard index fund and put it up against one of the best hedge fund managers in the US. And funny enough how index fund out performed the hedge fund drastically. 85% return vs. 22%!