Cryptocurrency

[dolomite]

I’d like to have one of the resident experts on here explain all about crypto, advantages, disadvantages etc….
I’ve heard explanations on TV and it all sounds so foreign. Why would you have it if it can vary in price so much, e.g. you might be to buy a house with just a small amount and then down the road aways you would be lucky to be able to buy a week worth of groceries with the same amount.

[Mjl]

It's a guessing game. The idea is that government shouldn't be in control of currency, that that should be decentralized. I would argue that cryptocurrency isn't decentralized either, it's just not government controlled... but the code still has maintainers that could do anything with it.

I'm guessing against it - governments have judicial systems to put laws around currency, so it's more secure. Crypto folks would loudly and vehemently disagree with that. I think they're tunnel visioned, looking too much at the security details of the Blockchain and missing the big picture.

If you want to diversify for safety, BitCoin and debatably Ethereum shouldn't be as volatile as what you describe.

[dolomite]

I bought some Dogecoin just to say I had some. About .01% of my total portfolio.

[Mjl]

My dog was a mutt but resembled a Shiba Inu more than any other breed. Before Dogecoin when I referred to her as a Shiba Inu mix almost everyone responded they had never heard it. That changed in the last year of her life - and I am guessing that's in part due to Dogecoin.

I wouldn't recommend buying a currency that was started as a joke.

[Overlander]

Devils cash