chazzy2501 Posted October 6, 2021 Posted October 6, 2021 I opened a Binance account a while ago just for fun and got some Doge coin for laughs. it went up then down and stayed there. ooh well.. I bought £200 of Shiba Coin as it was the hot new meme coin and it immediately lost half it value oh well... Today the blooming thing is worth £550! some silly part of me won't cash out as I get the greedy fix... Anyone on here actually know what they're doing with crypto?
paulkerton Posted October 6, 2021 Posted October 6, 2021 Personally, I just see crypto as a big pyramid scheme. No different to Herbalife, or how everyone on Facebook seems to be selling Avon after being recruited by a friend who gets a cut of their recruitee...
ICTDirect_Dave Posted October 6, 2021 Posted October 6, 2021 I've not bought any for ages. But the small amount (£30-£40) I had, coupled with the freebies you can earn by taking coinbase quizes has turned into just over £300 of ATOM, which is nice. I keep saying I'll put it towards PC upgrade at some point but then never quite bring myself to withdraw it.
psydii Posted October 6, 2021 Posted October 6, 2021 (edited) It's gambling. It's basically unregulated. Only put in what you can afford to loose. Maybe it will pan out and you'll be the digital equivalent of the landed gentry. Maybe you'll end up with nothing. The Big Banks are either extremely sceptical or hedging their bets. Many prohibit transactions relating to crypto, and have banned borrowing to invest. They have regulatory responsibility to their customers, so need to be careful. That said they are institutionally amoral so they will bet both ways if they can. So some are taking a position so they can win. (that is protect their customers capital and make lots and lots of money). Much of the finance world works because nobody looks too closely at why things are priced as they are. (Or if someone does look closely, its because they will win if the value of that something goes down) There are two outcome here: At some point some big players are going to find themselves too invested in crypto and they will start talking it up, and the collapse of crypto will be a systematic/existential threat, or more and more institutions will move against crypto blocking crypto holders to convert it to traditional capital, eliminating its value. Note that real people lose real money, and 'too big to fail' banks/institutions still go pop occasionally. People are wiped out by this sort of thing. I believe that crypto's fatal flaw is the cost of a trade - it is astronomical. Finance/Computing experts who have been lukewarm were sceptical of the figures being put about earlier this year (https://www.dailymail.co.uk/news/article-9358737/How-cryptocurrency-uses-electricity-transaction-method.html), but then did the numbers and realised it to be a reasonable estimation. This is not sustainable, and there is *no* viable method for bringing these costs down - the ever increasing complexity of blockchain calculations is baked into the system as a fundamental feature. The flaw is systemic, and will be in no small part why China is taking an agressive stance against them. China is going to win the next 100+ years in terms of global dominance, I'd bet with them. That said if you are young (<30) and have few thousand to invest, putting a few hundred into crypto is probably a wise bet - the younger you are the more risks you can take with your capital. How much risk you should accept is a matter between you and your (regulated) personal financial adviser. Edited October 6, 2021 by psydii 3
TechMonkey Posted October 6, 2021 Posted October 6, 2021 They way to lock in profits are to take a chunk out. Same with day trading. If you make a profit, leave it to ride and it drops you have nothing or make a loss. Take out half and you have locked that profit in. Letting the rest ride means you benefit if there is a further increase or if it drops you have limited or mitigated your losses. This is not for long term 'investing' though.
andy_b Posted October 6, 2021 Posted October 6, 2021 They way to lock in profits are to take a chunk out. Same with day trading. If you make a profit, leave it to ride and it drops you have nothing or make a loss. Take out half and you have locked that profit in. Letting the rest ride means you benefit if there is a further increase or if it drops you have limited or mitigated your losses. This is not for long term 'investing' though. Pretty much what I do. Put in some seed money and everytime it doubles I take half out.
TechMonkey Posted October 6, 2021 Posted October 6, 2021 I started off small. Put £50 in across two different coins. Made £3 in a week! Time to retire!!
dmason2 Posted October 6, 2021 Posted October 6, 2021 I hold some crypto and just have it to keep in long term. That £200 could end up at 200k or 20p, who knows! But definitely not a get rich quick thing, more accumulate and hold until the price is right. Stay away from meme coins and focus on more stable coins and shouldn't have any issues!
jthompson Posted October 6, 2021 Posted October 6, 2021 I'm of the opinion that any money you lose speculating on crypto is only going to end up funding organised crime and multi-millionnaires. 1
mrbios Posted October 7, 2021 Posted October 7, 2021 (edited) I mined crypto back in the early days of btc-e and mtgox, bought two AMD graphics cards at the time, mined the value of the cards, then gave up and was super happy with £500 worth of "free" graphics cards lol. Reinvested in eth when it was £250 a coin, doubled money again and then cashed out. (Obviously regret that now lol) Invested properly again earlier in the year, now hodling long term on eth and mdxt. mdxt is a relatively little known coin with a genuine purpose, low market cap, only $0.10 a coin at the moment, but could easily be similar to FTT in terms of coin value the future given it's an exchange utility token that works in a similar way to BNB (or will eventually). Projects still fairly young, waiting for some aspects of the mandala exchange to finish development. I've got some friends that are heavily into NFT's who are holding cryptopunks and rarepepes, i'll never understand the NFT craze however much they explain it though, i'll stick to good old coins EDIT: Tips: never tell anyone how much you hold. Don't encourage family/friends into it, or if you do, make them well aware of the risks. Always double check addresses, and do test transfers if sending large amounts. Staking can earn decent returns. MFA everything! Edited October 7, 2021 by mrbios
chazzy2501 Posted October 7, 2021 Author Posted October 7, 2021 yes, I do this instead of the lottery. The lotto was £2 a week so a year is approx £200.. Bam.. my 200 is worth £850 right now. but I'll let it ride.
mdrabble Posted October 7, 2021 Posted October 7, 2021 Back in 2013 I CPU minded Einsteinium and later upgraded to a couple of 28mhz scrypt miners. After swapping and changing between different coins I had 6.4 bitcoins..... cashed out in 2016 for approx £2,500 and paid for honeymoon and I was happy with the decision to sell. Now if I had kept hold of them..... at recent prices....... Well I have no regrets about selling them back then and I would have done the same if I had a crystal ball as it paid for some wonderful memories. Would I start again - I'm on the fence but as other have said only spend what you can afford to loose and remember - and remember to figure in capital gain tax depending on the amounts you earn.
Jaan Posted October 7, 2021 Posted October 7, 2021 I own 16.000.000 Shiba coins...... after a £100 investment.... its up 305.82% in 3 days to the moon!
supportman Posted October 7, 2021 Posted October 7, 2021 (edited) Had a schedualed monthly purchase of £100 worth of bitcoin for a few years now. Its worth a lot now but I don't check just to not get too excited. I'll HODL is for years, who knows what will happen but its a small monthly stable gamble for me. I invest a lot more into shares and poperty so its in a balanced portfolio. Edited October 7, 2021 by supportman
jthompson Posted October 7, 2021 Posted October 7, 2021 There was an interesting series about Elon Musk on the BBC recently. One of the episodes covered cryptocurrencies. The series was pretty sceptical of Musk/crypto and made an interesting argument that cryptocurrencies were basically an attempt to revert back to a medieval model of money. 'Coins' that you alone were responsible for holding, with no recourse if they were stolen from you, etc. and no banking services providing layers of protection and security. https://www.bbc.co.uk/programmes/m000y5ds I do wonder whether, for crypto to realise its goal of becoming an everyday thing for the masses, it wouldn't first need those very layers of abstraction (i.e. banking services) that it's trying to shake off.
chazzy2501 Posted October 7, 2021 Author Posted October 7, 2021 have you ever thought about inflation. Gov "we want £200 of your £1000" You get lost I'll riot! Gov ok We'll just print more money until your £1000 has the spending power of £800. You, shrug. 1
kennysarmy Posted December 1, 2021 Posted December 1, 2021 Bought myself £100 of Bitcoin and £100 of Ethereum a week ago. Available value is now £215.10. Just did it for fun really. Maybe in ten years when I come to retire it might be worth something worth smiling about - if not - was worth a punt!
round2it Posted December 1, 2021 Posted December 1, 2021 i would like to have a go, whats the easiest way to get into it. (google it you fool) i have a bit of spare cash at the moment sitting in the bank doing nothing gaining no interest might be worth a go
TwistedHelixis Posted December 1, 2021 Posted December 1, 2021 I have been holding coins since 2017. After the first month I had made enough to take out my initial investment. Will leave it there until I retire. If I have none, no worries its not cost me anything, otherwise who knows.
TwistedHelixis Posted December 1, 2021 Posted December 1, 2021 I did try to get some way back in 2012 but couldn't workout how to buy them as there were no real exchanges, or none that looked legit.
bald_pig Posted December 1, 2021 Posted December 1, 2021 i would like to have a go, whats the easiest way to get into it. (google it you fool) i have a bit of spare cash at the moment sitting in the bank doing nothing gaining no interest might be worth a go Take a look at coinbase (referral link)
TwistedHelixis Posted December 1, 2021 Posted December 1, 2021 A few years ago I got a crypto credit card, so I can buy normal items (shop in Tesco's) and pay with Crypto. I didn't renew as I decided it would be best just to hold my coins.
kennysarmy Posted December 1, 2021 Posted December 1, 2021 i would like to have a go, whats the easiest way to get into it. (google it you fool) i have a bit of spare cash at the moment sitting in the bank doing nothing gaining no interest might be worth a go Did mine through the paypal app on my phone.
TwistedHelixis Posted December 1, 2021 Posted December 1, 2021 Personally, I just see crypto as a big pyramid scheme. One of my friends does those 'If you are feeling mentally low, call us for a free season' type of adds in Facebook. He originally contacted them when he was going through a hard time. After many appointments and feeling more like himself, he was then offered a training course at 20K through the same company and now does counselling as part of this scheme. He will get sent people from the original person who helped him, he then councils them (or passes' it on), offers them some training at the end etc etc. Its all one big pyramid scheme. Last year he took home 160K. I don't think he would care if it's a pyramid scheme or not, as he is raking it in.
supportman Posted December 1, 2021 Posted December 1, 2021 One of my friends does those 'If you are feeling mentally low, call us for a free season' type of adds in Facebook. He originally contacted them when he was going through a hard time. After many appointments and feeling more like himself, he was then offered a training course at 20K through the same company and now does counselling as part of this scheme. He will get sent people from the original person who helped him, he then councils them (or passes' it on), offers them some training at the end etc etc. Its all one big pyramid scheme. Last year he took home 160K. I don't think he would care if it's a pyramid scheme or not, as he is raking it in. As long as you get in early, any pyramid scheme will be lucrative, But it will also inevitably fall apart at some point. I suspect Crypto will fall apart when the US financial regulator just gives up and bans it. Personal I started with £86 in bitcoin and its "worth" £1,100 now. I just keep it as a gamble.
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