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Crypto currency

Ben

Administrator
Staff member
May 11, 2021
506
480
63
Michigan
Crypto for the most part seems to be pump and dump especially with people like Elon practically driving the market with his tweets. With Dave Portnoy driving Safemoon, Charli D'Amelio, Jake Paul, and MrBeast all endorsing some unknown coin, there is little stability. I think if you have the time to keep up with it there is money to be made. And, be at the right place at the right time. I bought and sold Bitcoin and should have held. Also got on the Doge train for a bit. For prepping purposes it’s best to diversify with stocks, some crypto, maybe precious metals and cash on hand.
 

rhino

Apocalypse Survivor
May 17, 2021
133
100
43
Indiana
I don't pretend to understand cryptocurrency, but in terms of prepping, I think relying on anything that depends on computers and internet to have even perceived value is not a great choice. I think it's fine as part of a diversified investment strategy if it appeals to someone, but for preparing for emergencies, I think food, water, tools, knowledge, training, cash, metals, etc. are a better bet.
 
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Exodus Survival

Survivalist
May 28, 2021
11
6
3
Crypto for the most part seems to be pump and dump especially with people like Elon practically driving the market with his tweets. With Dave Portnoy driving Safemoon, Charli D'Amelio, Jake Paul, and MrBeast all endorsing some unknown coin, there is little stability. I think if you have the time to keep up with it there is money to be made. And, be at the right place at the right time. I bought and sold Bitcoin and should have held. Also got on the Doge train for a bit. For prepping purposes it’s best to diversify with stocks, some crypto, maybe precious metals and cash on hand.
I agree with much of this. In my mind there are two main consideration:
- One should be prepared for the most likely eventualities and not just the most extreme ones (ie. Total apocalyptic collapse).
- Stick to crypto's that have fundamental utility (eg. Monero is private, Dash is fast, Ethereum has a lot of stuff built on it, etc.)