Yes, I asked a very popular person on here how much of her wealth was in crypto, and her answer was "Almost all of it." I cringed and the conversation stopped. There was no point trying to convince her of anything either. She's blinded and I'm not going to cure it. haha
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True! We can only be responsible for ourselves.
Just to be devil's advocate, when I was about 12 almost all of my wealth was in Diablo II, and I spent most of my free time there as well.
This is to say 'almost all' of very little shouldn't concern us too much ;p
haha, true. She had a LOT though. From my discussion, it was near 100K. Sure, that's not a lot or a huge amount depending on the person considering it. I suppose if her net worth was 1 million, that 100K wouldn't be a big deal. However, I strongly suspect her net worth is about 100K. Yeah, uhm... please don't do that people!
Oh wow, yeah thats a lot of money for me (with that I would probably make my neighbors' neighbors my neighbors ;p)
So diversifiction is key to investing, but we must understand that diversifying within an asset class is not the same as diverifying between asset classes.
Yes! Thanks for bringing that up too. Owning many different crypto coins and nothing else is not true diversification. People should spread their savings around to many different baskets. I have property, land, precious metals, other metals, barter items, peer to peer lending notes, stocks, crypto, etc. There's no easy way to wipe me out completely.
Wow! You are very diversified!
Consider a few other baskets (that you may also have) in terms of value/wealth -
Food and farm production (meat on the hoof, preserves in the cellar, fruit trees, timber, garden, etc), personal network (friendliness and, crudely, favors owed), information (books, videos, guides; both physical and digital), knowledge and skills.
Wealth is future value - since the future is unknown, we can only guess at what forms of wealth will be the most valuable in the future ;p
A true pleasure discussing with you!
Yes, those are good ones too, and I definitely agree about building a network of trusted friends. No one can survive easily on their own. We, as humans, were meant to collaborate together too since no one person can be a specialist of all things!
Like we've discussed already and you've mentioned in your articles, skills are a great investment. Investing time to learn skills and networking with other likeminded and skilled humans is greatly valuable. I'd say it's one precious asset that increases in value when all form of currency lacks. Look at the innovation that was born from a struggling economy.. 😉