Today’s Show and Tell is how to buy ETH on Coinbase
Yesterday our firm received a call from someone who lost over $600,000 in crypto. His loss wasn’t due to a market decline; he fell victim to a scam.
It was heartbreaking to hear the story: fake websites, requests for personal information, and the inevitable rug pull. Good people are making bad decisions, and it needs to stop.
You will hear lots of people say, “crypto is 100% scams and pyramid schemes!” That isn’t accurate; it’s only 99% scams and pyramid schemes.
Does that make crypto unsafe?
Only if you’re reckless. About 70% of the Earth’s surface is covered by water; does that mean you only have a 30% chance of building your house on dry land?
Of course not, and crypto is no different. It may be 99% scams, but the 1% is easy to spot if you know what you’re doing.
As much as I would love to protect everyone from everything (including crypto scams), it just isn’t practical. People have the right to spend their money on things I think are stupid, crypto included.
My college buddy who once peed in a VCR buys crypto tokens that I’ve never heard of. Good for him. I hope he doesn’t lose all his money, but it’s not like the $500 he blew on crypto was going to cure cancer.
Freedom and security aren’t opposing concepts. You can have both. All it takes is forwarding my newsletter to your ten best friends and politely asking them to forward it to 100 random people.
Not Investment Advice
I am not your financial advisor, so I can’t give you investment advice. I am my own financial advisor, however, so I can tell you what my advisor told me:
Buy ETH; it’s the one you can’t live without.
I can’t tell you ETH will go up in value, and it will be the best investment you’ve ever made.
But I can tell you it isn’t a scam.
I own a ridiculously irresponsible amount of ETH; it currently accounts for around 90% of my cryptocurrency portfolio. My investment thesis is straightforward: for any cryptocurrency to work, ETH must work. If ETH doesn’t perform well, nothing will.
We can debate the details of that some other time, but my commitment is to let my growing list of newsletter readers know what I am doing with my own money.
Crypto is a dangerous place, but so is the food court at your local mall. Follow the tips I give you at Wealth Tacos, and you will know when someone is trying to sell you a three-day-old slice of Sbarro's Pizza.
Show & Tell
Here is how ETH would be purchased on the Coinbase app: What's in your crypto wallet?