View single post by Ultimark
 Posted: Fri Nov 23rd, 2018 01:34 pm
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Ultimark



Joined: Sun Oct 28th, 2007
Location: USA
Posts: 6808
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srossi wrote: I’m just saying that literally the only way to move from one class to another is through investments, whether it’s starting your own business, or getting involved in property, stocks, whatever. The idea that you can generate serious wealth by working 9 to 5 is silly. Once upon a time you could get to a certain level at least by doing that, but in the last 30 years that barely even exists anymore. Poor people work their asses off in retail and stay poor, middle class people work their asses off in some desk job and stay middle class, etc. Generating wealth for others will never generate wealth for yourself. Of course there’s a risk to investing, you don’t make money without taking a risk.All true.  However, people and institutions move $ to assets with less risk during times of increased volatility.  I see no way they move to an asset with zero intrinsic value.  All these coins are now making lower lows.  Could that change?  Sure.  My sense is that the people that drove the prices to their highs in Jan and Feb have all made their $ and have bolted.  There are no quarterly disclosures.  Big players could be selling and talking it up at the same time.  
I said this when Bitcoing was at 15,000 and I still believe it today - I wouldn't invest a dime because this asset class doesn't meet my criteria for investment.   I am not afraid of risk but this all seems to be a shell game to me.