Crypto Noob Question - In a Nutshell, WTH is going on?

oatmeal said:
So are you allowed to cash out? If so, does ETH actually have money to pay you? Let's say you a 500k dollars worth of ETH. It's just on paper right? Is that purchasing power? Can you actually go out and buy a few cars and house with it right now? Or are you just holding it there watching it climb and one day cash out to turn it into real world purchasing power like buying a few houses or cars etc. I think I heard somewhere that if someone like Elon were to try and cash out 1 billion dollars of dogecoin (?) that nobody actually has 1 billion to pay you.

Now on the other hand, if the world financial market is replaced by crypto and everything is paid and bought via crypto, then you don't ever have to cash out. Crypto itself becomes real money. o.o mind boggling.


Just for example, I used to play maplestory. I was a billionaire on that game. I had 30 billion mesos. Now mesos is just an imaginary currency in game. But in real world you could sell mesos for real dollars and ppl did this to make money. I sold some of my mesos too. Of course the exchange rate was awful. 1 billion mesos = $100 bucks.

But let's say the world decided we are going to buy and pay for everything using mesos. Then suddenly I don't need to cash out my mesos for dollars as dollars becomes obsolete. Now I'd be an instant billionaire cuz I had 30 billion mesos just for playing a game.
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I bought a brand new car by cashing out ETH. I don't have a billion dollars worth, so I don't know how easy that would be to cash out. It's just like antiques or any collectable; supply and demand. When there's no one to pay the price, the price goes down.
 
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Word Wizard said:
I bought a brand new car by cashing out ETH. I don't have a billion dollars worth, so I don't know how easy that would be to cash out. It's just like antiques or any collectable; supply and demand. When there's no one to pay the price, the price goes down.
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So the problem now is that to buy 1 ETH coin it costs $4000. That's too much "risk/play" money for me and for most of your average joes. But I'm sure for really rich folks, play money of 50k or 100k, then $4k for 1 ETH coin is still cheap and should buy it considering it could up as high as BTC which is at $60k.

But back when ETH was a dollar, yes, I could risk $1000 to buy 1000 ETH coins. Now the problem is, I need to find a coin that is really cheap right now
worth putting 500 bucks into or so and hope it grows to $4k lol.
 
oatmeal said:
So the problem now is that to buy 1 ETH coin it costs $4000. That's too much "risk/play" money for me and for most of your average joes. But I'm sure for really rich folks, play money of 50k or 100k, then $4k for 1 ETH coin is still cheap and should buy it considering it could up as high as BTC which is at $60k.

But back when ETH was a dollar, yes, I could risk $1000 to buy 1000 ETH coins. Now the problem is, I need to find a coin that is really cheap right now
worth putting 500 bucks into or so and hope it grows to $4k lol.
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That depends on how long you're willing to wait. ETH is probably the least risky crypto out there. If you want to go 10x overnight, then ETH is not for you. ETH is over 10x in the last year. I passed on buying BTC when it was $5, but even now, I believe it's still a good investment.
 
With 1 ETH you are relatively safe for at least a couple of months but with shitcoins not even couple of minutes. At the end of the day its all about risk : reward ratio.
you may end up spending 1 USD on 4000 different coins in hopes of making your 1 USD to 4k . at that point is it really worth it?
 
So it seems the smart strategy in this would be to always cash out some when you make profit to ensure that "if" the coin or the market crashes completely, you'll always have earned some profit and not lose all your investment money. So cash out some to ensure you get your profit and protect yourself from total loss, but keep enough in there to ensure your possibility of becoming uber rich.
 
I just signed up with coinbase and submitted my verification documents. Should I also sign up with binance? Does it matter which platform I use to buy coins?

lol this is getting exciting.
 
oatmeal said:
I just signed up with coinbase and submitted my verification documents. Should I also sign up with binance? Does it matter which platform I use to buy coins?

lol this is getting exciting.
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If you are in US binance.us seems to be lot of pain in the ass for people. Go, for kucoin.
For rest of the world binance regular is very good exchange. Binance has lots of options, low fees, p2p trading and so on.
 
10zen said:
If you are in US binance.us seems to be lot of pain in the ass for people. Go, for kucoin.
For rest of the world binance regular is very good exchange. Binance has lots of options, low fees, p2p trading and so on.
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Ok I will try to sign up with Binance too. Coinbase still waiting to verify my ID.
 
Pandemic has made many ultra rich people terrified of loosing their fiat money to inflation and market crashes and have started investing in crypto. This has pushed the prices. Its all speculation tho i'd be cautious.
 
It seems on Binance you cannot buy shit coins. They only have the more reputable coins for sale?
 
Magic555 said:
Pandemic has made many ultra rich people terrified of loosing their fiat money to inflation and market crashes and have started investing in crypto. This has pushed the prices. Its all speculation tho i'd be cautious.
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good point...that makes sense why they'd start investing some into crypto
 
LOL, I have no idea which coins to buy. I'm just going to buy cheap coins based on the how cool their name sounds. I want to try just a few bucks lol.

UPDATE: experiencing some issues now. I can't just buy $2. It seems they have a minimum (like $30 for example). Also, is it safe to use my credit card? I don't know how else to pay for it. Do they accept paypal? I read that CC companies sometimes don't allow this or will charge you fee. Maybe CC is not the best method to pay for coins. How can I put money in my account using my funds from paypal?
 
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not all of them good and not all of them bad, i personally like bnb and cake coin they are great!
 
UPDATE: I was able to get everything verified and setup at coinsmart (for Canadians). It was a very easy process. It's also very easy for me to simply wire transfer my CDN funds from my bank to my Coinsmart account. I decided to start off with a little play money and invested my first $400!! What a thrill lol.

I bought some bitcoin, ethereum, stellar, and cardano with that money.

Now to sit back and see if I make a buck or two lol.
 
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