Facebook, Ameritrade, Bitcoin discussed on The Doug Collins Podcast
Market. Of course, I'm not offering financial advice here. Well, exactly. And neither one, we're just saying, here's a few interesting question, okay? Because a year ago, if you just look back on the year to date charts and whether you're just a simple investor on TD ameritrade or anywhere else, you look at the crypto charts, and you can say that last year at this time, Bitcoin itself was 60,000. It's now 16,000. And last year in this time, 300 of Facebook was 350. And now it's trading about a $100. So both stocks and cryptocurrencies have had a steep decline. Well, and I think that you might have a great point. They're just because of the results of one doesn't carry the results of all. But the curious question here, though, is opposed to say a Facebook stock, which has thousands of other stocks out there, you know, a similar liking kind, if you would. Crypto is still considered neat. Crypto is still considered, I mean, if you ask a man on the street, ten people, I would be amazed if you got four people that actually understood crypto in Bitcoin and others and the markets how it works to start with possibly less than that. I understand what you're saying about it not affecting others. But the reality is, I think for newer investors, for those who are looking at, don't you think this could actually affect and if not, have we settled a little bit? I mean, maybe Facebook will shouldn't be at 300. It should be at a hundred. Maybe Bitcoin shouldn't have been at 60, it should have been at 16. Where do you see that? I think the big issues. I mean, going up and down generally stocks and cryptos going will go up and down. And that really isn't an issue for it's an issue for the maybe an issue for the individual investor. That's why it's important to diversify, but it's not an issue for public policy. One of the issues with cryptocurrency is that with exchanges you just because of the way the law actually you don't have the same rights as far as being able to access the crypto at whatever value it is. I mean, some exchanges are now doing things like proof of reserves, but generally if they go bankrupt your like an unsecured unsecured credit or rather than having access to that. And there are things that can be done like allowing banks and trust companies to offer trust accounts where there is what's called segregation of assets, but generally now the choice is either either doing that on an exchange where there are less controls about what they do with customer assets. And as far as in as far as legal rights and there are holding it in a wallet of what's called a cold wallet, digital wallet, where, you know, you don't have the risk of the exchange losing it or going by. But then you have other risks like remembering your password, a very long password. So if there was something and in a way, I mean, the part of that is the SEC's and other regulatory agencies fall for not approving things like trust accounts like exchange traded fund that could give people a less risky exposure to the sector and they have in other countries like Canada. All right, well, that brings us to this segment. We've gotten here, I think you're going to see more and more as the bankruptcy now head of the company basically saying that he's never seen anything this bad..