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Old 04-20-2021, 17:26   #1
NurseTim
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RFI: GSX cryptocurrency

Has anyone ever heard of GSX cryptocurrency? It’s supposed to be backed by by real gold.


My wife is interested in it. We are not very tech savvy and I don’t have my nose buried in my phone 24/7.

We dipped our toe into cryptocurrency back when bitcoin hit 20K. It wasn’t bitcoin that we bought, it was some other kind and after we bought, a month or two later it went tits up. The guy that turned us on to it tried to tell us there was something wrong but we didn’t understand or didn’t react quickly enough. We lost the investment.

Now my wife wants us to invest. But I am very hesitant, my gut tells me cryptocurrency is a scam. At least with real currency, there is something tangible, albeit worthless. With cryptocurrency, there is nothing tangible. It is like our bank accounts, just “1’s” and “0’s” arranged in a certain way to represent value, nothing tangible.

Any help would be appreciated
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Old 04-20-2021, 17:36   #2
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What is it that you are seeking? And this gets to the properties of the crypto and how that fits your personal approach and intent to moving into the crypto market.

Certain cryptos are controlled by a committee or some centralized entity. This may present some conflict if your intent is to move away from a fiat currency (centralized control).

Quick roll through the googlesphere

Quote:
Apollo Fintech owns large pieces of gold mining land in Zimbabwe. GSX holders have full mining rights of the properties owned by Apollo.
Gold mining speculation?? Not sure what it means as to the value

It is boggling what is out there in cryptos (Altcoins)...everyone will have a risk level or a structure they wish to align with.

Lex Fridman has been doing a number of long-format podcasts with various crypto founders or "experts" in the field.
Very interesting althoug somewhat mind boggling.

I've been down the rabbit hole over the last few months on this and I still have not come to a conclusion.

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Old 04-22-2021, 19:25   #3
cluster550
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I don’t consider myself an expert, but I have thousands of hours racked up studying crypto.

While I do not know anything about GSX specifically, it does not show up on CoinGecko or CoinMarketCap (two top sites for tracking basic data on cryptos) which is a red flag. The crypto space is rife with scams as it is, but there is a surge as this next cycle is ramping up similar to how it was in 2017. Even if it is not a scam, many of these projects will ultimately fail.

By far the safest and easiest approach you can take if you want to get started with crypto is opening an account with a reputable exchange like Coinbase or Gemini. From there, DCA (dollar-cost average) into Bitcoin (BTC) and/or Ethereum (ETH). While there certainly is more money to be made from other projects, the risks are much higher particularly if you are not tech savy and keeping up with development in the space. Simply DCAing into BTC/ETH will likely still give better returns than anything outside of the crypto space over the next several months depending on how this cycle plays out. Newer people to the space often look at the prices of top coins, balk, and buy something cheaper (and usually riskier) without having an understanding of these projects.

Another approach you could take if you don’t like the price volatility would be to buy some Dai (a stablecoin that targets the value of $1) on Gemini and deposit it into their Earn program for much higher interest than you’ll get at a bank. You do give up FDIC insurance by doing this, but Gemini does have its own policy that I imagine would cover any issues with the program.

Quote:
Originally Posted by NurseTim View Post
With cryptocurrency, there is nothing tangible. It is like our bank accounts, just “1’s” and “0’s” arranged in a certain way to represent value, nothing tangible.
This is one key point with crypto. If you simply leave it on an exchange there is no difference from a bank account- you just have some numbers associated with an account on a centralized database and trades are managed within a pool on the exchange. However, with crypto, you can withdraw those funds to an external wallet. When you do this, you are moving the funds on to the network and only you have control of the funds via the “keys” your wallet controls (assuming it is a fully decentralized network such as BTC/ETH). “Not your keys, not your crypto” is a common saying in the space, but there is a technical barrier to handling your own keys.

Quote:
Originally Posted by Ret10Echo View Post
I've been down the rabbit hole over the last few months on this and I still have not come to a conclusion.
I’ve gone down the rabbit hole a few times… this most recent trip started early last year, and I don’t see an end any time soon. Seeing some of the early “DeFi” projects, learning how to use the Metamask wallet, and of course stimulus were all lightbulb moments for me.
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Old 04-22-2021, 20:58   #4
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While something starting as a joke like Dogecoin is clearly a solid investment choice, the risk/reward train may have passed. And shorting it with dogebear might be difficult for those not able to access the FTX. So I would like to offer the following for your consideration.

The BLMM alt.coin.

While not backed by gold like the GSX, it is based on 90M in donations and some swanky Marxist owned properties. Still in the works, this is a ground floor opportunity for the educated/woke investor. BLMM would prefer that you take delivery of the physical coins you buy. Then donate them back to the org that will in turn use them as payment to the consulting firms helping to defund the police across our country. Firms owned by the wealthiest Marxists since Stalin.

Its a win win win.

I am posting this here because there is a contest for the face designs of the soon to be minted coins. Even the coin material is still to be determined. If they use your idea you wont receive anything tangible, thats not what BLMM is about. Just the knowledge that you helped destroy the free world.



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Last edited by Last hard class; 04-23-2021 at 01:27.
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Old 04-23-2021, 06:21   #5
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Originally Posted by Last hard class View Post

I am posting this here because there is a contest for the face designs of the soon to be minted coins. Even the coin material is still to be determined. If they use your idea you wont receive anything tangible, thats not what BLMM is about. Just the knowledge that you helped destroy the free world.



LHC
I vote for THIS design
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Old 04-23-2021, 09:08   #6
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I may be naive, skittish, hesitant, shy, and leary,
but I don't see cryptocurrencies as a viable investment..


Over $200 billion wiped off cryptocurrency market in a day as bitcoin plunges below $50,000
https://www.cnbc.com/2021/04/23/bitc...urrencies.html


Turkish crypto exchange boss goes missing, reportedly taking $2 billion of investors’ funds with him
https://www.cnbc.com/2021/04/23/bitc...x-missing.html
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Old 04-23-2021, 12:47   #7
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Originally Posted by 7624U View Post
I vote for THIS design
Nice.

I was thinking a pic of Don Lemon crying on one side and Kinko the Clown on the back with the inscription " In equity we trust" along the edge.


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Old 04-23-2021, 15:29   #8
NurseTim
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Quote:
Originally Posted by Last hard class View Post
Nice.

I was thinking a pic of Don Lemon crying on one side and Kinko the Clown on the back with the inscription " In equity we trust" along the edge.


LHC
Is Kinko’s nickname “bubbles”. Then under Don’s image we can put, “Blowing Bubbles”.
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Old 04-27-2021, 06:51   #9
Costa
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Speculating

A helpful tool that I use sometimes for giving me clarity related to investment speculation is CANSLIM.

\https://www.investopedia.com/terms/c...lly%20invested.

Its a simple acronym/system that was created by Investors Business Daily, and a good primer for thinking like an analyst or trader would. With cryptos, I believe they are "new", and as of recent have "institutional sponsorship", but beyond that just appear to be the next get rich quick recipe. I could be wrong, as generally anything that makes people rich quick isn't predicted by many.

That being said, have you seen the price of ammo recently? With where we're at in the business cycle, it might be worth looking for commodities that you believe are valuable, and will continue to be.-- as with any investment.
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Old 04-27-2021, 08:38   #10
rsdengler
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Quote:
Originally Posted by 7624U View Post
I vote for THIS design
Nice....

To be honest, I really don't know too much about Cryptocurrency. It's such a big thing now, but I guess I'm not much in the loop. I'd have to do some more research to get a better understanding of the entire kit and kaboodle.
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Old 04-27-2021, 16:44   #11
tom kelly
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The Internet Crypto Investment:

My next-door neighborhood has a "crypto" AR-15 & 5,000 rounds of "crypto ammo" that he bought on the internet with crypto-coins...stored in his crypto account. My other neighbor has a H&K MP-5 and 50 boxes of 9mm /124 grain Sig Sauer loaded into 30/ 30 round magpul magazines...Guess which neighbor will deter real in-person invaders. If you don't have it in your hands when you need it....WTF good is it.
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Old 04-27-2021, 21:44   #12
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If you don't have it in your hands when you need it....WTF good is it.
Money laundering. The cartels love it.
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Old 04-28-2021, 10:00   #13
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There are lots of people who made a killing on tulips in Holland.
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Old 04-28-2021, 16:40   #14
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There are lots of people who made a killing on tulips in Holland.
Gosh, I was almost there but now I'm confused again. There's a line on this? Is it like schportz betting in Vegas?
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Old 04-28-2021, 20:02   #15
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Originally Posted by Badger52 View Post
Gosh, I was almost there but now I'm confused again. There's a line on this? Is it like schportz betting in Vegas?
I believe he is referring to speculation.

TR
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