It is no secret in my direct and extended family that I'm a nerd who loves tech and other crazily nerdy things... lots of computers and gadgets, and the overhaul lack of dress sense and other nerdy things are all clear giveaways. And they all know that I have a sort of passing interest in cryptocurrencies... although, I think that when they ask about it, they are a little bit disappointed that I end up talking about the technical applications and the possibility of the creation of REAL internet infrastructure and what that might mean for society in general. I'm a crazy idealist, but I'm not quite on the order of cypherpunk!
I think that most of them are interested in cryptocurrencies as a sort of investment sort of thing... of course, I am as well, but as a hugely long time frame type of investment. A long shot... and one that doesn't really matter too much now that I've gotten my initial outlay out. For a freelance musician, the superannuation build up is a good deal slower than most salaried workers... and so, it is a good idea to have a future retirement plan that rests on a diverse set of legs!
A few years ago, my brother had asked about cryptocurrencies... and I had tried explaining how and what they were. But he wasn't really that interested in the nitty-gritty of it all... and he wasn't really that keen to spend time sorting through the mechanics of self-custody. In the end, he just gave me a little bit to take care for him... I made sure to make him understand that it was WRITTEN OFF... and to expect zero. No problem from him. Through the years, I've cashed out a bit here and there to spend on things that we wanted or needed... and I've always tried to let him know that we could track and readjust his balance... but the good thing about our relationship is that money isn't a really big thing in both of our lives. We aren't rich, but we aren't in dire need either... and both of us were brought up to understand that the numbers weren't really that important. He pointed out that I actively managed the stash... and that there were additional additions due to airdrops and bounties and all of that sort of thing (something that I'm not really bothering to actively chase these days...), and he generously said that anything that I took out could just be considered a management fee instead. Cool, neither of us are really that rash and we wouldn't take advantage of each other, so that was a pretty easy arrangement... plus, I wasn't keen to have to try and track everything!
Meanwhile, on the other side of the family... I know that some of the younger ones have dabbled in cryptocurrencies as well. I don't really talk too much about it with them... although, sometimes they do ask me about one thing or another. Sadly, they are more easily influenced by hype and that sort of thing... and as far as I know, were enticed by doggy coins and Cardano. I'm just hoping that they didn't lose too much... I suspect not, but I will always worry that I wasn't able to provide a more stable bit advice to counter whatever they are getting. Now that I'm in the same country as them, perhaps I can talk about it more with them when they are interested.
Now... my mother, who has long been skeptical of all of this. I don't blame her... but she is ultra skeptical, she doesn't even use any online payment still! Every time I see or talk to her, she asks if I have sold everything off! Anyway, she has started to show some interest... and asked about what it is all about! I'm happy to try and talk to her about it... but unfortunately, she shares a trait with my brother in that she doesn't really listen very well! I'm more like my late father, talking much less and more keen to lose ourselves in thought (aka useless...).
Anyway, this time around... she asked me an awkward question... she said, when I think that it is a good time, I should help her buy some Bitcoin. Well... aside from the fact that I'm not completely starry eyed about the future of Bitcoin, I'm really hesitant to even suggest when a GOOD time is. I'm no trader... I completely suck at that! I'm just been lucky and been in the right place at the right time... even though I was slightly unlucky to be distracted by the birth of my first-born to jump at a REALLY good time! Ah well, there are many more important things in life!
If she is really serious, I will do it for her... but she needs to be really really understanding that it is high possibility that it will all turn out to be nothing. More to the point, I'm more keen to handle it for her as I'm more concerned that she would be completely at sea with the entire concept (remember... no online transactions!)... and is more likely to be taken in by a scam instead!
I've never really fully recommended any cryptocurrencies to anyone... I just don't want the responsibility. I've talked lots about the technology and the promise of a different (hopefully, better) future... but I've always told people that it is highly risky, and that SHOULD expect that everything will be worthless. I know I have no idea about what the landscape will be in the future... I hope it will be one of my picks... but there is no way to know. Sadly, I think there are too many people out there who are absolutely certain about what will happen... and that suckers and entices people in a bad way.
I can also be found cross-posting at:
Hive
Steem
Publish0x
Handy Crypto Tools
Ledger Nano S/X: Keep your crypto safe and offline with the leading hardware wallet provider. Not your keys, not your crypto!
Binance: My first choice of centralised exchange, featuring a wide variety of crypto and savings products.
GMX.io: Decentralised perpetual futures trading on Arbitrum!
Kucoin: My second choice in exchanges, many tokens listed here that you can't get on Binance!
FTX: Regulated US-based exchange with some pretty interesting and useful discounts on trading and withdrawal fees for FTT holders. Decent fiat on-ramp as well!
MXC: Listings of lots of interesting tokens that are usually only available on DEXs. Avoid high gas prices!
Huobi: One of the largest exchanges in the world, some very interesting listings and early access sales through Primelist.
Gate.io: If you are after some of the weirdest and strangest tokens, this is one of the easiest off-chain places to get them!
Coinbase: If you need a regulated and safe environment to trade, this is the first exchange for most newcomers!
Crypto.com: Mixed feelings, but they have the BEST looking VISA debit card in existence! Seriously, it is beautiful!
CoinList: Access to early investor and crowdsale of vetted and reserached projects.
Cointracking: Automated or manual tracking of crypto for accounting and taxation reports.
Poloniex: One of the older regulated exchanges that has come into new ownership. I used to use it quite a lot, but have since stopped.
Bitfinex: Ahhh... another oldie, but a goodie exchange. Most noted for the close affiliation with USDT and the Basic "no-KYC" tier!
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You can at least recommend her to invest in Bitcoin and Ethereum through the stock market. You can have exposure to both assets without the need to manage the private keys.
You mean through the companies that have exposure to crypto already? I think in that case, I would just manage everything for her with the keys and everything.
Crypto ETF.
I think a lot if people aren’t interested in the technology, they just want to get rich quick 😆
Which is understandable but also unfortunate as I reckon the cool tech is where it’s at.
Haha... NERD!
NERD?! ME?! I...uh...yeh okay XD
Hello,
I have to say I can relate. I have quite similar experiences:)
Unfortunately my family and friends are not into blockchains, crypto etc at all, so it is so great to find the place, like Hive, that I can get wider perspective on the subject:)
Yes, but always be careful! There are lots of echo chambers around...