Thursday, September 28, 2017

PSA: Consumer Alert for Cryptos

I think a good place to start for people interested in cryptos is this page on MoneySense.

At first, I was slightly annoyed that it is in the same category of "Common Unregulated Schemes" such as Gold buy back programmes, land banking and forex trading software.

But on second thought, there are a SHIT TON of risks in cryptos.

Scams and frauds are a daily occurrence. Hacks happen all the time.

As much as I am balls deep invested in crypto, I want to make it explicitly clear that this is not an "investment" for "everyone". A lot of people have no clue what they are getting themselves into.

I put it at high odds that people will lose their money from getting scammed or hacked, rather than the value of their holdings go to zero.

In cryptos, "caveat emptor". That means, if you buy it, it's your problem. No recourse.

-------------------------------------- End of PSA --------------------------------------

Kk, there we go. PSA over.

BTC is back over $4000. ETH is back over $300. Are we back in bull mode?

With the amount of money pouring into the space and development progressing strong, I quite feel that the "crash" of September marked a nice significant low to flush out all the noobs. I am fully prepared for cryptos to continue to power upwards from here on out.

And if cryptos tank another 40% from here? Guess what, I'd still be okay too. 

All that China news? Who cares? Not me, for sure. The point of a decentralized crypto currency is that nobody should give a shit what any single person or authority says. The network is decided by its users, not observers. 

I am all bunkered down into my positions and I am ready for each and every positive news to punch my portfolio profits higher and higher.

Profits are extremely fat and healthy now. If I walk away now, I would be locking profits that not even being invested in the stock market for the next 10 years could give me. 

Normally I'd want to sell my winners and lock in my profits - I'm just conservative like that. But considering how immature this market is and how much more we have to go, I'm not even tempted to cash out anything back to SGD yet. We've got a long way more to go, and the end of the line for me is definitely much MUCH higher than where we are now.

3 comments:

  1. Hi Victor,

    Thank you for the email.

    Please rest assured that your coins are safe with Coinhako. We maintain a cold wallet (which is offline) where most of our customers' coins are stored. This cannot be hacked. For your issue, we do have protection against hackers as most of our coins are stored in Cold Storage and it is recommended for you to set up 2FA on your account for further protection. Additionally, you can purchase hardware wallets(eg. Ledger nano s) to store your coins which will have better security.

    Thank you for your understanding. Please kindly let us know should you have any other enquiries.

    Regards,
    Karen

    the above is the mail i receive to assure me that my coin are safe, so do u think it is necessary to buy a hardware wallet?

    I think so, just for your opinion only.Thanks
    Lucky i did buy some when there was a big sale recently, better than buy stupid sti blue chip. Handsome profit. Thank again.

    victor

    ReplyDelete
    Replies
    1. Victor, please see my latest post.

      If you are playing around with less than a couple hundred dollars, I don't think it is necessary to get a hardware wallet.

      However, once you have a certain amount, it is foolish NOT to have a hardware wallet.

      Delete
    2. Prior to the current crash because of china i already bought about 11K, actually i was about to buy more, but u say a big correction of some 30% on the way, and true enough it came, thus you ready save part of my ass. You really spot on. Now mine vestment is some close to 25k, long way to move over from stock.

      In fact i bought a hardware wallet quite sometimes ago from a local dealer, he is Australian acting as dealer. I pay 110$, but as i told you, my IQ too low yet I am greedy for big profit so dies dies must buy. Now I m waiting for my son back from oversea to teach me how to configure this.Thanks.

      victor

      Delete

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