Australian (ASX) Stock Market Forum

What will be the gold?

Joined
22 June 2021
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Hi all.
I hope everyone is well.
I am pretty new to crypto currency and to this forum.
You no doubt will be able to tell with what i have to say.
I would like to share a few thoughts on my short and small investment journey so far if I may.

Well a few weeks ago feeling like i was missing the boat or something
I got myself an account and started to buy (with AUD)
some crypto.
As a bit of an experiment and out of curiosity too.
Hell,dont want to miss out on becoming a squillionare overnight do I?

I have only bought penny coins that are under $1.00 AUD.
and with money I can (sort of) afford to lose.

And lose I have.

The market for these little suckers sure goes up and down fast.
Mainly down the past few weeks as we know.

As this has been happening some things have come to mind
and I would love to know your thoughts /shoot me down in flames if you want.
Here we go,

So in the old days as far as I know paper money's value was backed by gold and silver.
A pound of silver was a pain to carry around so some smarty said I will give you this note
and its value is equal to a pound of silver.
Paper money was born.
The USD was supposedly covered by the amount of gold in Fort Knox.
I doubt this now covers it.
They just print money when they feel like it.
Money these days seems to be a bunch of figures we transfer to someone else
with a piece of fancy plastic.

So here we are investing in crypto that I am not sure is really covered by anything or is it?
When I purchase coins they are given value by/to the AUD. (that's a worry in itself.)
I am feeling for crypto to really have a value and be more legitimised it needs to be covered by
a stable highly valued crypto currency maybe Bitcoin which let's face it if Musky sneezes
it's value compared to paper money drops.
Another worry.

I mean could Bitcoin or another be the gold that all other crypto is valued by?
It would surely have to be more stable for this to happen.
Do you think all crypto could ever stand by its own value and not be valued to
traditional currencies?

Here is my dumb example i was thinking about,

Rich crypto guy goes into Lambo dealership.
He wants the Adventador.
He asks sales guy if they take Hipcoin.
Sales guy says yes.
Crypto guy says " How much?"
Sales guy says " 10 Hipcoins but let me check"
Sales guy checks market.
Sales guy says " Umm actually make it 12,ahh hang on a sec12.5,no sorry 13.5" etc etc.

So the sale guy sells it for 15.5 and half an hour later he really sold it for 9.
It's sorta not going to work I think.

Let me know what you think about the above uneducated rant.
Maybe tell me how this stuff really works.
Cheers.
 

explod

explod
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Very good post Tokeneffort and you are on the right track in my view.

Some 22 years back I was dudded by financial advisers so went my own way. Have never trusted bitcoin though when first told to get into it could have made a mint.

For me what is solid in the hand only, property, gold and silver and avoid ETFs in my humble view.

Given time you will find some very good and wise investors chatting on this site.

 
Joined
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Cheers Ex.
Sorry to hear about the dodgy stuff.
Yeah like i said I have bought some crypto
but not sure if i have really bought anything in a way.
I guess we will see what happens.


It's funny it's like some boffin comes up with a name for a token
Like i did with "Hipcoin" if it doesn't exist already.
Gets a nice little logo to go with it.
Thinks up a figure to kick it off
Creates some hype on getalifebook.
Then kicks back and sees how many of us takes the bait.

Maybe I will try it myself.
Here we go,

HIPCOIN (Insert Logo here) - Get hip with It!
It's the cool coin for Crypto Hipster!
Market cap only a Million Squillion.
Get in now at .00000000000000000000000000000000000000000000000000000000000000000001 AUD

Now I will kick back and watch the offshore account fill with paper money figures.
 
Joined
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Funnily enough.
My token stash is going back up in value
at the moment the more I have a dig at the whole thing.
Maybe I'm mining?
I dunno, Computer is on obviously.
 
Joined
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Be open to research! Conduct your own research and weigh up the options. The best book that I have purchased was The Intelligent Investor by Benjamin Graham. Please do take time and purchase this book as it will give you a much bigger insight when investing, again only invest small amounts and go through the trade cycle.

Good luck!
 

Craton

Mostly passive, contrarian.
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G'day and welcome Tokeneffort.

Hmm, HipCoin. I like it! Lol.

DYOR is vital.
Plenty of YouTube crypto trading vids, here's one for Dummies aka me.

 
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