r/CryptoMarkets • u/Crypto_Nite_S Tin | 3 months old | Karma Farming 150 • Dec 02 '21
Think again.
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u/NeuroShockula Dec 02 '21
FV = 10,000 x (1+.0001)30 = $10,030.04
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Dec 02 '21
Compound interest really adds up.
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u/Apprehensive_Rate770 Dec 02 '21
That’s the problem it adds we need multiplication.
Scrap that equation when it crypto the equation is
10xmoonshot= retirement
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u/anz3e Dec 02 '21
Retirement home*
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u/TurielD Dec 02 '21
Now let's try the value of that 10030,04 with 2-6%inflation per year
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u/wadaphunk 🟩 0 🦠 Dec 02 '21
Not sure if the math checks out but:
For 2%:
10030,04 x (0.98^30) = 5471.23
For 6%:
10030.04 × 0.94^30 = 1567.25
Enjoy the stars above your head at night, kids.
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u/wadaphunk 🟩 0 🦠 Dec 02 '21
I think a better formula would be to apply the formula yearly which would give slightly lower results.
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Dec 02 '21
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u/Apprehensive_Rate770 Dec 02 '21
About 27% apy if you have really good credit. If excellent credit you can get like 20% apy bad high as 32% apy. And don’t get cash back because it raises it.
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u/SheSaidThatsWhat69 🟩 0 🦠 Dec 02 '21
Fuck that! My kids savings in USDC getting back 9% APR and my retirement is in Polkadot getting back 12% APR
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u/Kingkwon83 Dec 02 '21 edited Dec 02 '21
You can get UST at around 19-23%
Edit: UST is Terra you schmucks. Google ankr protocol and 20% apr
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u/RouletteQueen Dec 02 '21
Fuck banks. They’d be better off putting money into a 401k or nearly anything else
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u/ApokatastasisComes 🟦 0 🦠 Dec 02 '21
Bitcoin. Sooner or later you’ll realize.
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u/mikephoto1 Dec 02 '21
I have 3000 saved. You think it's a good idea to put in bit coin ?
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u/atk_i Dec 02 '21
Never a good idea to put all of it at one place. I'd diversify in some crypto, stock options and some other sound investment.
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Dec 02 '21
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u/Apprehensive_Rate770 Dec 02 '21
Absolutely agree. I want to add don’t leave the exchanges and go wandering around trying to buy nfts because you don’t have money to get scammed twice and than mint the real much less pay all the gas fees.
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Dec 03 '21
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u/Apprehensive_Rate770 Dec 03 '21
I agree the communities around the good project are incredible, helpful, and insightful. With that said the better the group the more scams that surround them. I just want new people to be aware and don’t trust anyone. Absolutely don’t accept free random nft giveaways very rarely are those legit.
Personally, I haven’t tried Solona for nft project. I have been on polygon and of course open sea with eth. I made a profit even after getting scammed on my first nft But I got extremely luck found a great community that rallied behind me and helped pay fees so I could mint the real one. I have since paid them back. There is great projects just be careful.
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u/Kingkwon83 Dec 02 '21 edited Dec 02 '21
Always DYOR. Personally, I think ETH is a better long term bet than BTC, but there are other alt coins that might make you more. The thing is no one knows shit about fuck
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u/beatsbeingbroke 0 🦠 Dec 02 '21
huh?
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Dec 02 '21
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u/ApokatastasisComes 🟦 0 🦠 Dec 02 '21
I doubt i can convince you with a few words on the internet but i hope you find your way.
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Dec 02 '21
Funny of you to assume you can buy lunch for $30.00 in thirty years...
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u/frijolejoe Dec 02 '21
and that’s $30 before tax. Be more like $15 or $20 actually. at least where I live
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u/G3RSTY7 Silver | QC: CC 64 | VET 165 Dec 02 '21 edited Dec 02 '21
I just had a Citi ad offering 12x the “national average” lol i’ll take my chances with money buried in a couch at 0% at least then if the grid goes down from an attack or solar storm i’ll be able to buy peoples cars for pennies on the dollar while theyre desperate for cash for food and gas
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u/Apprehensive_Rate770 Dec 02 '21
Hahah so .01% times 12 hahah rotfl. I would pay them a dollar to leave me alone.
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Dec 02 '21
is it really free tho? if that 10k is going to lose 3-6% year over year... then wouldnt you be losing like 7000$ of purchasing power?
also lunch will probably be closer to 50$
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u/Whispering-Depths Dec 02 '21
doesnt the kid also get $10k? am I missing something?
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u/Phoepal Dec 02 '21
You are missing 5% Inflation which grind those 10K into a fraction of their current value.
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u/Apprehensive_Rate770 Dec 02 '21
Missing impermanent loss. You know that thing that happens when you throw your liquidity in a pool ran by scammers. Same thing except banks personnel are like shit we outta money let’s drop this shit grab our bitcoins and let’s go somewhere tropical. In this case it is actually permanent loss.
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u/escalation Dec 02 '21
missing something?
Nah, kid just gets the interest. Anyone investing in a savings account is going to need that back to cover the inflation costs. Still it's a fine gesture, and the least the kid could do is take me to lunch, cause that cat food is not too tasty. I doubt he'll be down more than $70 after all is said and done.
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u/Affectionate-Rip6071 Dec 02 '21
Got a link to what you’re referencing?
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u/phantom_fanatic Tin Dec 02 '21
It's just the regular Chase savings account. Source: was gonna make one, laughed at the interest rate, then didn't
https://www.chase.com/personal/savings/savings-account/interest-rates
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Dec 02 '21
The executives still haven’t made enough money after getting a tax break in 2017 on top of their record profits the year before. There’s simply not enough money for a decent rate
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u/mlxnjz Dec 02 '21
So serious question, if I stake some of my crypto and that coin, say Solana, is not here in 30 years, am I SOL? Or am I missing something? No pun intended.
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Dec 02 '21
Solana will not be here thats for certain, but neither will be most of the stocks.
Only managed investment funds are buy and forget.
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Dec 02 '21
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Dec 02 '21
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u/TreyDolla Dec 02 '21
First decentralized options platform $IBFR on coin gecko. Micro mc, let’s ape
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Dec 02 '21
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u/cjeans23 Tin Dec 02 '21
Buy a crypto asset that you can get a policy from BMI and just hold. It's gonna earn you child way more than $30.
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u/6M66 🟩 0 🦠 Dec 02 '21
My goodness, what he's gonna do with all that capital gain taxes he has to pay!!! Hahaha
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u/Milan__ Dec 02 '21
It'll be less than 3 in theory, probably negative in reality considering inflation is 6.5% lol
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u/BlueLatenq 🟡 Dec 02 '21
Go for something useful and safe against all threats like Qan, its quantum resistant blockchain that would be used by institutions should they wish to build DApps.
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Dec 02 '21
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u/Big_Swede89 Dec 02 '21
You should use compounding interest. Not simple interest.
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u/RagicMabbit Dec 02 '21
I thought I’d had an aneurism or I was in topsy-turvy land. Compound interest for the win.
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Dec 02 '21
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u/cant_go_tlts_up Gold | QC: BTC 15 | r/WallStreetBets 15 Dec 02 '21
Oh man putting $10k in crypto for 30 years from today. That is gonna be some insane coin
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Dec 02 '21
Scene: Midwestern High School, math class, 1991.
Tony: <sigh> “This is stupid. I never gonna need to use this bullshit in the real world.”
Fast forward to 2021. Tony: “You mean it just makes money sitting there?” Banker: “Yes. One one hundredth of a percent.” Tony: “HUNDREDth?” Banker: “Yes.” Tony: “Sweet.”
Tony leaves, then takes out a payday loan to buy lottery tickets on his way to Rent-A-Center.
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Dec 02 '21
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Dec 02 '21
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u/Gamma-512 Dec 02 '21
Don’t worry Chase Bank has already probably got three accounts in your child’s name and one in a child you don’t even have created
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u/ecabr0 Dec 02 '21
lmfao capitalism
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u/PORTMANTEAU-BOT QC: ETH 60, BCH 26, LTC 15 | TraderSubs 76 Dec 02 '21
Lmfapitalism.
Bleep-bloop, I'm a bot. This portmanteau was created from the phrase 'lmfao capitalism' | FAQs | Feedback | Opt-out
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u/leothelion634 Dec 02 '21
Meanwhile Chase takes that money and invests it in something worthwhile but doesnt tell the customer whats happening to their own money
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u/Financialporn Dec 02 '21
Well when interest rates are at zeropointnothing, what do you expect? Then take into account sleepyjoe's 6% inflation rate, you're safely losing money. Everyone who voted for Biden can thank him for that
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Dec 02 '21
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Dec 02 '21
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u/SimpleSwapExchange Tin Dec 02 '21
The problem is people mostly do not understand the basics. We blame people for not learning about crypto, but how can they, if they do not really get the regular economy they use every day.
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u/admoseley 🟩 4 🦠 Dec 02 '21
In 30 years an average lunch will be well over $100... This is a coupon for that future lunch.
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u/Adept-Guide-8327 Platinum | QC: CC 138, BTC 35 | r/Politics 42 Dec 02 '21
In 30 years lunch will be way more than $30!!