It will be only be true if there is a real collapse and you can’t use the internet. Most people are just mad that so many early investors became millionaires for a ridiculously low amount of money,
@DSTdrummer, so you are day trading alt coin? What are the returns on that? Does it pay the bills? I don’t know anything about it myself, and I’m interested if you want to share 
I’m not trading at the moment, but I did for a while. Me and the wife are focusing on starting a brick and mortar business.
And yes, it can pay the bills. Notice I said CAN not WILL. You can lose a loooot of money. Day trading skill is something that takes time to hone. I was just talking to a buddy of mine the other day, actually the guy that got me into it. He said he looks back and realizes how little he knew when he got started.
There are a ton of, “rules”, to learn. But the most important I can say are-
-Learn analysis.
-When you actually get in to trading. Set up your trade. Do it on paper if you have to. Know when you think you want in, and set when you’ll get out. Don’t deviate. If the price goes higher than you thought, it is what it is. Don’t chase it!
-Which leads me to, don’t get caught up in FOMO. (Fear Of Missing Out).
There is way, WAY too much to get into here. If you don’t know anything about trading, like I said before. Check YouTube. Lots of good traders teaching analysis on there. But look at many different traders. They will all have different ways of going about things, and use different indicators and so on. But you can test them on paper and see what works for you.
I followed a very successful trader that goes by Philakone. Hes in Canada so he can short and all that, but he’s really, REALLY good at it and become a multimillionaire in like a couple of years. He has had issues and was a hot mess for a while and might still be, lol. He was doing drugstore and calling folks out and all kinds of drama. But that was a different kind of fun to watch. Lol
Anyhoo, if you don’t know anything at all about trading, take the time to soak up knowledge. If you do know about trading, take more time to soak up knowledge about crypto.
Again, I can’t even scratch the surface here.
I wish you good luck, and I would encourage anyone to at least give it a shot.
Donnie
Yea the fact you used to day-trade, learned a lot, and now don’t, is probably a good warning to me. It seems though that using stocks you expect to do good long-term should provide a safety net. If you fail to make a profit during the day, you just keep holding the stock until you recover your loss. I imagine that’s part of the trick, no?
I’m not out forever. I still don’t work a real job. Lol
Like I said. It’s really hard to get into all the intricacies in this format. But in day trading, you don’t hold too much. You might have swing trades going at the same time you are day trading.
Bitcoin is tricky because you have billionaires that can convert it into cash in an instance but the rest of us they make us jump through hoops.
Savings accounts suck too with the ridiculous interest rates, but in the long run it's going to go negative no matter what anyone says. If
you search for an IMF document, you will see the plan outlined in detail about CBDC's and how they plan to screw anyone with a
savings account. Best way is to diversify safely and also have hard assets for safety such as different types of real estate.
I’m not sure what you mean. I always got in to trades and sold instantly. Actually, depending on the coin and the market cap, the more you hold the harder it becomes to sell.
As for converting to cash. You find you account with $9000, you buy 1 BTC at $9000, then you sell 1 BTC at $10,000. Then you can initiate a deposit to your bank account just like say, PayPal. You transfer 10,000 USD to your bank. It will take whatever time it normally takes to transfer.I mean, it is what it is. It’s just an electronic transfer of funds.
Again, I don’t understand. In day trading, you always end the day in your domestic currency. My exchange accounts are always settled at days end, and when I am done trading for the day, my account holds money in USD. And when I sell the aforementioned 1 BTC, it is instantaneous.
Unless you are talking about buying and hodling, (not a typo). Then I revert back to my previous statement. That I’m not sure crypto is I great long term investment. I could be wrong about that, but I’m a day trader at heart. Only time will tell.
I’ve been contemplating the Forex market.
Not much movement, so it’s a lot of margin trading. But it’s very lucrative if you have the nerve to use higher leverage. 
By savings account I mean just parking your own money in a regular bank savings account and were this is headed, nothing to do at all with bitcoin at all because some here were talking about diversifying investments etc.
Still don't trust bitcoin at all because there is no safety net if you try and sell it if and the exchange gets hacked in the process or the exchange goes under. And why does it become harder to sell bitcoin the more you have of it when the whales can offload their money without any hassle? Something doesn't add up, but I will say that it would be fun to jump in an out with smaller amounts and keep playing it that way.
I’m a strong believer in not putting more on the line than you are willing to totally lose. That brick and mortar business you mentioned you and your wife are starting sounds like a better place to focus efforts.In my opinion of course. I don’t know your situation. What type business are you two starting?
My advice: stay away from it! It’s way too late now to profit from bitcoin.
Also, stay away from Ripple. That’s the most scammy crypto coin, because the company that owns it continuously does pump-and-dump schemes while announcing partnerships and all kind of BS. Even now as we speak, after Ripple has increased naturally due to this paypal-bitcoin thing (like every other coin), the company is dumping their stash again.
Of all the coins, only bitcoin will hold some value regardless of what happens, because it is the only coin actually used for buying/selling stuff, mostly internet services, like vpn for example. All the other coins have their value backed-up solely by speculations/trading.
So if you have money to loose and want to buy crypto, stick with bitcoin because you have good chances to not loose all of your money.
Brick and mortar is at a turning point in history. It would have to be really unique and even then their are no guarantees against copycats.
Well, like I said before. You set up a trade, set a stoploss, and follow the plan. Let your trade play out. If you lose, you lose. But at a three to one R/R, if you win 50% of your trades, you make money. One thing people do in day trading that is a HORRIBLE idea, and that most don’t understand is, you take calculated risks. It’s not gambling. And don’t go all in either. Lol
We are going to open a sandwich shop here in Daytona. We have gotten an overwhelmingly positive response in our market tests.
Well, there is a lot of money to be made every single day of every single week. Even in a bear market.
I’ve done it. A lot. Lol
I latched on to LTC for some reason.
I’m not sure I understand.
Well I didn’t expect you to say a sandwich shop during Covid. How well are similar sandwich shops in your area doing at this time?
Talking about the store thing. Taxes, insurance, repairs, weather, bookkeeping, utilities, payroll…………One big fricken headache. Long hours , low pay.
Talking about the store thing. Taxes, insurance, repairs, weather, bookkeeping, utilities, payroll…………One big fricken headache. Long hours , low pay.
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Hmmm, I’ve had a business before and it’s not that much of a headache really. Taxes are a breeze really. Pay income tax when it’s due, file at the end of the year. Insurance….didn’t have any kind of insurance. Repairs are on the landlord. Not sure how weather factors in. Bookkeeping is easy if you stay on it. Utilities can get pricey. Especially here! No payroll.
Long hours. Sometimes. But I’be alway favored putting in hours for me, rather than someone else’s gain. And low pay? Well, it all depends on the business type, and what you put into it.
Gotta be willing to put in the effort to reap the rewards.
Location probably is one of the biggest things. Bad location and you end up treading water. You will always take the job home with you. Profit margin on a sandwich? A few cents after all said and done. Gotta sell a load of them daily. Property/school taxes will be in your rent. Depending on your situation, weather plays a huge part in it. Hurricane, rain, cold, snow (not Florida hopefully) all play a part in traffic. Not saying it can’t be done but it is tough. Food before covid was working on thin margins.