Not true, when paper money was created it was based on Silver, we later moved into Silver Certificates. If you look at older US dollars you will see that. Later we moved to the gold standard, rumors has it all our gold was in FT Knox, although I was not allowed to see it when I was stationed there in the early 70's. over time as the government decided they need to inflate things and create a deficit with more zero's than I can count, our gold was used to pay off some of that debt and we moved into what we now have which is a Fiat currency, which is based on a promise. That promise is of course is only good as long as we have a government.
Cypto on the other hand was created was created by individuals with only an idea, that sold that idea to millions, the only people who made money were the creators, and the first in/out. some resent examples are "November 2022, crypto exchange FTX suffered a major liquidity crisis, and filed for Chapter 11. In July 2022, two major crypto trading platforms, Voyager and Celsius, declared bankruptcy.
Cypto can be compared to the DOT.COM's of the early 1990's, what were you investing in (nothing)which is what crypto is (nothing) who backs either one in case they fail- (no one) the owners bail and leave the investors holding the bag. Yes I now the same an be said for any stock, buy a good many people who have stocks use brokers, and some brokers have enough common sense to bail.
I was a day trader for many years, studied chart patterns, sometimes my trades were for 10 - 30 min, other times they might have been for a few days, I traded Forex (currencies) and Futures, I would bail at the first sign of things moving in the opposite dirrection.
How many of you that bought crypto, hung on to it?
