I don’t consider myself an expert, but I have thousands of hours racked up studying crypto.
While I do not know anything about GSX specifically, it does not show up on CoinGecko or CoinMarketCap (two top sites for tracking basic data on cryptos) which is a red flag. The crypto space is rife with scams as it is, but there is a surge as this next cycle is ramping up similar to how it was in 2017. Even if it is not a scam, many of these projects will ultimately fail.
By far the safest and easiest approach you can take if you want to get started with crypto is opening an account with a reputable exchange like Coinbase or Gemini. From there, DCA (dollar-cost average) into Bitcoin (BTC) and/or Ethereum (ETH). While there certainly is more money to be made from other projects, the risks are much higher particularly if you are not tech savy and keeping up with development in the space. Simply DCAing into BTC/ETH will likely still give better returns than anything outside of the crypto space over the next several months depending on how this cycle plays out. Newer people to the space often look at the prices of top coins, balk, and buy something cheaper (and usually riskier) without having an understanding of these projects.
Another approach you could take if you don’t like the price volatility would be to buy some Dai (a stablecoin that targets the value of $1) on Gemini and deposit it into their Earn program for much higher interest than you’ll get at a bank. You do give up FDIC insurance by doing this, but Gemini does have its own policy that I imagine would cover any issues with the program.
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Originally Posted by NurseTim
With cryptocurrency, there is nothing tangible. It is like our bank accounts, just “1’s” and “0’s” arranged in a certain way to represent value, nothing tangible.
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This is one key point with crypto. If you simply leave it on an exchange there is no difference from a bank account- you just have some numbers associated with an account on a centralized database and trades are managed within a pool on the exchange. However, with crypto, you can withdraw those funds to an external wallet. When you do this, you are moving the funds on to the network and only you have control of the funds via the “keys” your wallet controls (assuming it is a fully decentralized network such as BTC/ETH). “Not your keys, not your crypto” is a common saying in the space, but there is a technical barrier to handling your own keys.
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Originally Posted by Ret10Echo
I've been down the rabbit hole over the last few months on this and I still have not come to a conclusion.
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I’ve gone down the rabbit hole a few times… this most recent trip started early last year, and I don’t see an end any time soon. Seeing some of the early “DeFi” projects, learning how to use the Metamask wallet, and of course stimulus were all lightbulb moments for me.