SonicFlyer

LOL... no it doesn't.... both crypto and the USD are backed by nothing. Both only have value because enough people agree that it does. If/when that changes, the value will drop. Also BTC is deflationary and has a finite supply whereas the dollar is inflated beyond belief, they keep printing more of it, and has lost 98% of its value since 1913.

Lewbronski

Use multiple MetaMask wallets. Use a hardware wallet (Trezor T is what I have) on any wallets that contain anything you don't want to risk losing to scammers. They are very smart and constantly innovating. I also have several Binance Smart Chain wallets, Phantom wallets, and a Terra wallet. Additionally, I've spread funds out across quite a few centralized exchanges just to further compartmentalize my risk. I use a clean wallet any time I'm buying a project that I consider risky.

IMO, KuCoin is the best exchange for Americans to get into alt coins: they've got a pretty large selection of coins and no KYC. Binance US is pretty awful.

Finally, IMO, NFT's have been like buying lottery tickets. There are some huge winners that get a ton of attention but most are major losers. I've had much better luck with major alts and BTC. And I've done pretty well with Strong so far (fingers crossed that the project can achieve true sustainability).

Duffman

Where do you do your due diligence for alt coins? What, specifically do you look for (fundamentals, founders' startup story, certain backing, etc)? Do they have to be proof of stake, or do POW coins still have a future?

What security measures do you have to especially look out for (steal password, hack computer and use password manager, etc)? Are any digital wallets particularly at risk (IE, Yoroi, Coinbase Pro, Voyager, etc)? If someone steals your crypto, is there any recourse?

Andy

I usually agree with most of your stuff, but fiat currencies are backed by the taxing authority of governments. I know that doubly chafes you, but a government can tax itself out of insolvency.

On the other hand, bitcoin is backed by nothing and is worse than Dutch Tulip Mania. At least the fools got tulips; you don't get anything with bitcoin when the bottom falls out.

SonicFlyer

Only to a point.... when people start leaving, or decide to no longer be productive, or overthrow said government, then that puts a stop to it real quick.

You make a valid point in the comparison, but again, both crypto and fiat currency only have value because enough people agree that it does. If/when that changes, then neither will have value.

rickair7777

Crypto currency also has the fairly unique advantage of appreciation due to lost passwords... IIRC something like 20% of bitcoin is non-recoverable for that reason.

Also by definition you can't print more for free. Although if somebody whipped up a functioning quantum computer or the like, that could have a catastrophic effect... you could hypothetically either mine as much as wanted very quickly, or just hack the block chain.

Andy

Recent examples?

Again, fiat has value because of taxing authority of the sovereign issuer.
And while you can talk about overthrowing the government, that's rare. On the other hand, stop paying your property taxes and see what happens. Or any other tax levied on you.
In this digital age, it's getting easier for governments to collect taxes. Just look at how you now pay tax on most Amazon items.

SonicFlyer

So is hyperinflation, but it can and does happen. Zimbabwe, Weimar, Venezuela, Hungary, Yougaslavia, Greece. All of those governments had taxing authority, but their currencies still became worthless.

Right now the only thing keeping the dollar up is that the US federal government requires it for tax payments.

Andy

Greece? Don't think so.
When are you claiming they had hyperinflation?
And I have my doubts on some of the other countries listed.

SonicFlyer

Back in 1944