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Loko8765 t1_j6ewybl wrote

Reply to comment by lcbomber in TIFU by buying too much crypto by Colinian18

The dollar is supported by the US government, economy, and military-industrial complex. Sure it can crash, but it’s much less likely than crypto is to lose 50% of value wrt buying food and paying for a roof over your head.

Call it an investment if you like… but admit it’s a risky one, and don’t put in risky investments money that you can’t afford to lose.

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iPirateGwar t1_j6hzag1 wrote

I’m not pro crypto but the U.K. £, a reasonably well supported currency and, at times, the major world currency (albeit it a while back) lost up to 20% in one day last year because they put a moron in charge of the country.

What does imply strength in the US$ though is that you had a moron in charge 2016-20 who tanked the economy, built up huge debt levels to the proportionate extent that it would kill many national economies and you survived. The current government is working hard to stabilise it but next time you probably won’t be so lucky. So don’t vote the morons back in.

And crypto….jeez. It’s still an elitist tool whereby the rich screw over those of us too idiotic to see through it.

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lcbomber t1_j6exko9 wrote

Absolutely, it is risky, but so is trusting our politicians in my opinion and lifetime. Absolutely never invest more than you can afford to lose because any asset can become valueless should people stop valuing it. At the end of the day though, crypto is math, dollars are promises.

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AnotherDempsey t1_j6f1ai4 wrote

So care to tell us all how much you've made in crypto? 😂

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lcbomber t1_j6f2bjv wrote

Throughout all of it in the past 2 years, I will admit I’ve been a bit too lazy to keep track very well after 100’s of trades and transactions. Probably about even, because I lend crypto for payouts. It takes a LOT of learning, but it’s possible.

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AnotherDempsey t1_j6fgh2k wrote

So between that, and the fact you asked a girl you just started talking to to marry you because you both liked a video game, I think I'll disregard your advice bud.

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Leaguefizzics t1_j6h2x6i wrote

It’s funny you think the dollar can’t lose 50% of its value considering the dollar has already lost around 92% of its value since 1933

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Loko8765 t1_j6h5q4t wrote

Yeah, there was a qualification there that got lost in the hesitation about whether to refer to years or months or days.

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max8126 t1_j6hjctr wrote

This is like trying to justify jumping off the cliff is ok by saying we are all going to die someday.

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FriscoKid96 t1_j6f06uu wrote

The dollar is supported by printing more dollars. Notice how the US government operates with a debt that keeps going up.... almost infinitely? And the prices of everyday items have been continuously going up? So assuming your pay is the same you are effectively getting paid less because your money is worth less than it was before. That sounds like a scam to me.

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