Cryptocurrencies--too late to invest?

[baldgriff]

FINRA weighing in on Crypto-currencies a couple days back.

http://www.finra.org/investors/alert...ed-stock-scams

Don’t Fall for Cryptocurrency-Related Stock Scams
Cryptocurrencies (such as Bitcoin) are in the news daily. FINRA is issuing this Alert to warn investors to be cautious when considering the purchase of shares of companies that tout the potential of high returns associated with cryptocurrency-related activities without the business fundamentals and transparent financial reporting to back up such claims.

Do your research before purchasing shares of any company offering investment opportunities in cryptocurrency. And don’t be fooled by unrealistic predictions of returns and claims made through press releases, spam email, telemarketing calls or posted online or in social media threads. These actions may be signs of a classic "pump and dump" fraud.

The SEC suspended trading in a number of securities due to questions regarding the accuracy of cryptocurrency-related activities. For example, trading was suspended when the SEC questioned the accuracy of claims regarding:

the liquidity and value of a company’s assets in DIBCOINS, a cryptocurrency;
assertions by several companies that each planned to conduct an Initial Coin Offering (ICO); and
a company’s claimed transition from a vape products business to one involved in cryptocurrency and adoption of blockchain technology.
Tips to Avoid a Cryptocurrency-Related Stock Scam

Especially in today’s “hot” cryptocurrency environment, it’s easy for companies or their promoters to make glorified claims about new products, services and other cryptocurrency-related connections. And, even when legitimate companies flock to a hot, new sector, fraudsters almost always follow suit, exploiting the news to launch their latest frauds du jour. Follow these tips to avoid costly mistakes.

Do not say "yes" to cryptocurrency stock purchases from an aggressive cold caller, even if the claims sound plausible, particularly if the recommended stocks are very low-priced. Don't feel guilty about hanging up. Not answering at all, or putting down the phone, are generally the best and safest responses to a cold caller or anyone aggressively pitching low-priced stocks or other investment opportunities.
Be suspect of anyone who makes guarantees that an investment will perform a certain way, or makes pushy sales pitches that encourage you to “act now.”
Use FINRA BrokerCheck® to the check registration status of, and additional information about, the people and firms who tout these opportunities.
Check the SEC's EDGAR database to find out whether the company files with the SEC. If so, read the reports and verify any information you have heard about the company. But remember, the fact that a company that has registered its securities or filed reports with the SEC doesn't mean that the company will be a good investment.
Be wary of stocks with huge spikes in price: this could signal potential manipulation or fraud.
Know where the stock trades and pay attention to any cautions associated with the stock. Most stock pump-and-dump schemes tend to be quoted on an over-the-counter (OTC) quotation platform like the OTC Markets, which provides icons to warn investors of concerns associated with a given company. These include a stop sign to indicate the company cannot or will not provide important information to regulators, exchanges or the OTC Markets—and also a skull and crossbones to warn that the security, company or a person who controls the company might be involved in a spam campaign, questionable marketing, regulatory action or more.
If you're suspicious about an offer or if you think the claims might be exaggerated or misleading, please contact us.

To learn more about investment scams, read FINRA Investor Alert: Stock Spams and Scams.

To receive the latest Investor Alerts and other important investor information sign up for Investor News.

Last Updated:
December 21, 2017

[Sour Masher]

Wel over 13k now. Sob. Did you invest a day ago when you started thread? You are now up double digit percent profit. Sob.

You may have gotten out too early, but better too early than too late imo. The long awaited correction is happening, right when equities are also correcting. I'm glad I didn't end up jumping into cryptos. I do regret not shifting a little bit out of equities as I have felt this correction was due as well, but everything I read said to not try to time the market, and at this point, I think it is best to just ride out the down turn and hold for the long term.

[baldgriff]

Bitcoin is plummeting currently.............

[Sour Masher]

Bitcoin is plummeting currently.............

Yeah, that is what I meant to express. I suppose "is coming" was misleading, as it is here, but I meant to suggest that I don't think it is over yet. I edited my post to change the word coming to happening for clarity.

Equities are taking a massive hit now too. I really was tempted to shift funds out of them about a week ago, and I wish I did. Ah well. Not moving them now with such dips already happening. I hope to worst is over there.

[DMT]

Buy on dips.

[Sour Masher]

I never did buy any. Things are looking bleak now. Will there be a deal cat bounce? Maybe it is time to buy soon, or maybe the long awaited end is finally near. Block chain looks 100% legit, but any of the current cryptos becoming the long term standard always felt like a long shot to me. Anyone here into crypto at the moment? Still any Bitcoin believers? At what price point would you speculate on it?

[johnnya24]

"Invest" in something whose only value is what people are willing to "invest" in it. Pretty sure that's the exact opposite of a sound investment.

We had a Bitcoin thread back when it was $300 (on the old site?) ... said it was a dangerous fools game then, views only hardened over the years ... well unless you are one of those who managed to make bank exploiting peoples desire for "money for nothing" schemes. The amount of ignorance and misreporting in the press about what cryptocurrencies really are has been staggering, and responsible for many people losing fortunes. It's musical chairs ... the only way to make money is if someone else is losing it.

[Sour Masher]

"Invest" in something whose only value is what people are willing to "invest" in it. Pretty sure that's the exact opposite of a sound investment.

We had a Bitcoin thread back when it was $300 (on the old site?) ... said it was a dangerous fools game then, views only hardened over the years ... well unless you are one of those who managed to make bank exploiting peoples desire for "money for nothing" schemes. The amount of ignorance and misreporting in the press about what cryptocurrencies really are has been staggering, and responsible for many people losing fortunes. It's musical chairs ... the only way to make money is if someone else is losing it.

If we are talking moral issues, what held me back from taking the plunge more than the exploitation of others' greed was the just horrible environmental impact of these things. The whole thing was horribly conceived from that standpoint, as it is criminal how much damage they have caused in terms of wasted electricity.

[Steve 2.0]

I'd be more likely to invest in kryptonite.

[madducks]

Hope no one here invested with this guy:

https://www.cnn.com/2019/12/14/busin...cli/index.html

Cotten, co-founder and CEO of Quadriga, died of complications in December 2018 arising from Crohn's Disease while traveling in India, the company said on Facebook. At the time, Quadriga -- once Canada's biggest cryptocurrency exchange -- said it was unable to gain access to his digital assets. At least $145 million were left frozen in Cotten's account.

Many of the digital currencies held by Quadriga are stored offline in accounts known as "cold wallets," a way of protecting them from hackers. Cotten was the only person with access to the wallets, according to the company.
In the letter dated Friday, lawyers outlined "the need for certainty around the question of whether Mr. Cotten is, in fact, deceased."

[Steve 2.0]

I'd be more likely to invest in kryptonite.

You're funny.

[Sour Masher]

You're funny.

Ha, it won't be funny when the Kryptonian invasion happens! Then we who have been stock piling kryptonite will be kings! All the other doomsday preppers will be coming to us trading gold, silver, seeds, water, fueld, guns, ammo, dried food packets, etc to us for are precious alien killing rocks.

[revo]

Bitcoin was the best investment of the decade. If you had invested $1 in Bitcoin on January 1, 2010, it would be worth $90,000 today. Of course, no one had heard of Bitcoin on January 1, 2010, so there's that.