Original post June 19, 2022
This along with any post that I post is not financial advise, I am not a financial advisor. I enjoy the Shark Tank show and Mr. Wonderful isnt my favorite person on there its Barbra Corcoran, I dont always like how Realtors are represented on tv but thats for another post.
Mr. O'leary I do listen to what he would have to say on residuals and he says a few times a season how he made his money from selling a toy company he likes his royalty payments and licensing. He this week came out and said he cant call a bottom to the crypto market but its healthy for the alt coins which means small cap in stock terms to go through clearing out to the bottom to come out with only strong coins.
He also shared the point of view with bitcoin maxi also known as maximalist they call him Michael Saylor who has called for regulations of coins. I have thought the decentralization promise and originals would not want to see a centralized bank/ also known as centralization since bitcoin was based on a written whitepaper from an unknown person called Nakamoto.
The promise was just shown in Ukraine the power of crypto being sent to get around banks that were central and have funds arrive automatic direct to their crypto department of finance. Those that didnt agree with the invasion could help support the military. There is of course the flip side that there is the possibility of funds going around money launder measures and know your cusomters with mixers and the black pools and market for criminal activity that I think most associate with the starting of crypto with silk road. The crypto market has come a long way I feel with coin rating tools, coin exchanges contract bug reviews, defi safety outlets such as blockchain scanner tools and auditors of smart contracts for nft projects and coins.
If you at all follow business news CNBC they have crypto shows as does Bloomberg. You will have heard of the 30 billion loss of Terracoin holders. This is different than trading on a dex meaning decentralized exchanged that gets hacked and loses coins.
This last month that triggered the decline in coin prices as this was advertised as a stable coin with close to 20% returns. That was followed this week with multiple billion dollar older existing crypto wallet companies with millions of customers that they promised staking which is like getting dividends for your coins they are now putting a freeze on funds similar to Robinhood which I was against as that was anti free markets to stop trading with both companies including the one I have funds with Celsius.
They promise a hodl mode which locked your coins with multiple layers of password and 2 factor authentication which was what drew me in addition to a bonus offer of bitcoin small amount with locking of coins I had already on hand called matic/polygon along with it being a older wallet and US company that had under management billions.
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