The best lesson I learnt in crypto : Friday Evening Goalsetting of a Silver Stacker
There are 16 Million millionaires in USA today, but only 31 Thousand people in the world can own a ton of Silver. The ratio is 500:1. I know what this means. It means that the people who hold 1 ton of silver will be by far more wealthy than a millionaire, we are talking a factor that I am too afraid to mention. I am stacking. I have commited myself to stacking! I can sit on my crypto, yes I have been doing crypto for a few days. Don't know my way that well. Mine a bit. Trade a bit. Using it. Learning.
The best lesson I learnt in crypto:
My view of this, I have a real problem with crypto. I hate it. I hate it! People tell me: "With your bank account, banks are broke, get crypto." Yes, they say you don't know if you can get your money. But wait, hold on! At what point in time do I know if my private keys really work? That got me cold. Hell, it's a real psycho-film constantly lurking in the cupboards of my mind.
Please comment: When are YOU sure that your private key works, or still works? Does it ever give you the creeps? You check on blockchain.info, but you can never ever test your private key, not if you hold it cold. Let's see different point of views.
(Source: http://www.comingsoon.net/horror/news/757345-american-horror-story-season-6-teaser-finds-a-monster-in-the-mist, https://imgflip.com/i/k42r2)
I like the idea of crypto's and can see many benefits, the problem I have with them is the interest they are starting to get from governments and banks. Everything they touch turns to SHIT and I don't like the stench, cheers digger.
Yes, their interest is annoyining. As I take it, you are not fearful of not knowing if your private keys will actually work, not fearful of the fact that your private key may not be correctly associated to your public key?
I have always been scared of wallets. Al this stuff can be hacked and the what. I am with you, I would rather work on getting to a ton of silver.
Ray, I believe you are right. The only real money is that what you can store in your cupboard, but it must store real work. Yes, I believe 1/2 ton the way to go.
I'm not so sure silver is going to be as cheap as it is right now much longer.
I have been saying for a while now to keep stacking all the way down with silver, well I believe its going to begin its climb upward and the bottom price is gone, so now may be the question , will you invest more into it now or when everyone starts seeing it going higher , it probably wont get attention till it hits past 20.00, which could happen very soon.
Crypto is another animal all together, will bitcoin hold or will Etherium or even Neo take off? either way I see crypto as a must to invest, you can make a lot of money here, but silver is in hand and wont just disappear, or hacked, but then you have those with the argument, it can be confiscated, so seems like no matter what you do there is risk, yes i worry about crypto being lost or stolen, yes if you have a lot of precious metals they can be stolen or confiscated, right now I don't have a lot of either one, but i feel safer buying physical and holding, but i would also feel safer if say something catastrophic hit your home or neighborhood, and you couldn't get to your silver/gold. or you had to relocate, then crypto would be the best thing to have as you don't really have it on you.
Those are my thoughts....
Great response! I'm doing my best to diversify in PM and cryptos as I can see the potential in both, as well as the potential folly of going all in on one over another! I'm still more confident in my silver than my cryptos for long term wealth but I'm not so in love with the idea that I can't pivot my future investments should my confidences change👍
Pivot. Excellent strategy.
Good point of view. Whatever catastrophic event, fire, water, whatever, the chances are you can recover the material. Right?
Yes and no, if it's in a safe, which hopefully it is, you may be ok, but after the like of when hurricane Andrew hit Miami it looked like a war zone, and looters everywhere.
While some were struggling for food and water, others were out stealing anything they could find, it's why I see value in both precious metals and crypto.
Makes good sense!
Good point, can i creat a new wallet and enter my private key from my other wallet? Assuming they will ttansfer from my old to new? Would this work for a test?
Good test, but always risking to get hacked while you enter the private key. Your new private key? Does it work? Understand what I am getting at?
I know how you feel. I am stacking silver also. It is better to hedge your bets and spread your money out. Then if the unthinkable happens you are ready. Don't forget everyday items can also be worth a lot depending on what happens.
I have a good feeling with silver. I don't have the same feeling with crypto, I am always feeling uneasy.
A lot more can go wrong. Extended power loss or loss of service being the biggest. Hacking and scammers coming in at number two. You just have to take steps to protect yourself and never invest more than you are prepared to lose. Keep your cryptos off exchanges till you are ready to trade!
My greatest fear is that while my public key shows the value of my deposit, my private key could be a trojan code or not work, or I simply get hacked when I scan or want to withdraw. Besides the loss of BTC (all the people I gave BTC 5 years ago lost them!!!), we have to also consider those people like me who are too afraid to ever withdraw their deposits, thereby artificially diminishing "offer".
Well, you are free to make your own choices. I wish you good fortune in what-ever you choose to do. :)
what are these things Means.. ??
Do you have Bitcoin? I am try to understand what you want to know? It means that you never know if your crypto will work until it's too late.