Since about the beginning of this year I have been getting involved in crypto. One of the easiest ways to start was cloud mining. I started with Minegate, Genesis and Metizer. Now as some of you know Minegate and Metizer are no longer with us as they were straight up ponzi schemes. Thankfully I followed my "don't spend what you can't lose" policy and didn't lose terribly.
I also considered the cost to be simply the cost of learning. At the time I didn't know what made Genesis better than the other two. But now Genesis, other than recently, has been working pretty good and I expect it to get back on track.
I have also found other programs like Hashflare, Bitconnect and Control-Finance. Those three programs are going flawlessly so far however Control-Finance is new to me. Either way only time will tell. If you're skeptical guess what, so am I!
I think I'm not alone on this, even though I am invested in all of those I am aware that they could be a scheme or scam or just simply fail anyway. I'm ok with that. As I've said in previous post and videos, if you don't take risks life stays the same.
Now about the title. What do I mean you're already in one?
Well you're definitely in one and possibly two, and you've invested tremendously more time and money into them.
Social Security is a blatant Ponzi scheme, you can't get more blatant. It is designed specifically that new workers pay for retired workers income. As you may be aware, it is failing and will be paying out more than it takes in in a few short years at least organically. They will probably steal our money in some other way to bail it out that will reduce our currency value for sure.
On to thing two, If you have been paying attention to the news then you are aware that pension funds in at least 10 different states are failing. People that thought for sure they would have a retirement they were promised waiting for them at the end of 30 years of laboring at a job they most likely hate. Well...pension funds are by in large, Ponzi schemes! They count on new money coming into the fund as well as hopefully a wise investment portfolio to pay retirees. Of course, they are failing and missing the mark by millions of dollars leaving people wondering where their "sure thing" is.
Now my question is, why are people so passionately trying to call every crypto opportunity out there, weather it be a coin or an investment opportunity, a Ponzi scheme, yet not spending one second calling out the massive Ponzi schemes out there?
If you studied the data up front on those schemes they should have never been legalized or trusted by anyone. They were designed to fail. Yet nobody called them on it.
I personally want out of those types of massive life sucking, time sucking, money sucking Ponzi schemes like SS or worrying about a pension fund.
Here is the good news about crypto at least so far. There are a lot of opportunities to make anywhere between a decent income and huge income in the crypto world. Yes, there are Ponzi schemes and you have to use caution and have your guard up. However, if you find opportunities that work weather it be a coin or investment or mining it is such a huge reward for the risk. And here is the kicker, while you do have to pay taxes on your income from crypto, you will not have to pay into the big Ponzi scheme Social Security.
That's right, you do not pay into Social Security on capital gains! So by risking possible Ponzi schemes in the crypto world you could find your way partially or completely out of paying into one of the worst Ponzi schemes ever created. I personally find that to be a nice reward on top of just making income.