Investing in Cryptocurrencies

[dsr-burnley]

5 hours ago, simFox said:

Why not, it's more secure, isn't affected by borders and there is a limited supply. I certainly don't want to be caught without any.

More secure?  Who is the guarantor?  Who props it up when there is a run?  Who do you address your complaints to if it goes wrong?

[Kilworthfox]

6 hours ago, dsr-burnley said:

More secure?  Who is the guarantor?  Who props it up when there is a run?  Who do you address your complaints to if it goes wrong?

Yes far more secure. Hense crypto. 

 

Faith. 

 

Your talking about fiat currencies. 

 

You take responsibility. 

 

 

 

 

 

[simFox]

11 hours ago, dsr-burnley said:

More secure?  Who is the guarantor?  Who props it up when there is a run?  Who do you address your complaints to if it goes wrong?

You need to research exactly what Blockchain is. You can't steal bitcoin, it would be unspendable and the person stealing it would get caught extremely quickly, not only that it's impossible due to the structure that is Blockchain.

 

Or do you think it's held on a spreadsheet somewhere?

 

Nvidia sells Blockchain plus many others, there are quite a few areas to invest, not just buying crypto and it has many uses.

 

I should revise what I said, Blockchain is the future, if you don't know what it is, start reading up on it, I think you'll be quite enlightened.

 

Feel free to take the water though, it takes a while before people understand how wrong they are and how stupid they looked, when the realisation sets in. Don't say you weren't informed. Read up now and put aside your ignorance.

 

 

[dsr-burnley]

2 hours ago, simFox said:

You need to research exactly what Blockchain is. You can't steal bitcoin, it would be unspendable and the person stealing it would get caught extremely quickly, not only that it's impossible due to the structure that is Blockchain.

 

Or do you think it's held on a spreadsheet somewhere?

 

Nvidia sells Blockchain plus many others, there are quite a few areas to invest, not just buying crypto and it has many uses.

 

I should revise what I said, Blockchain is the future, if you don't know what it is, start reading up on it, I think you'll be quite enlightened.

 

Feel free to take the water though, it takes a while before people understand how wrong they are and how stupid they looked, when the realisation sets in. Don't say you weren't informed. Read up now and put aside your ignorance.

 

 

I know what blockchain is.  It's a computer technology, used by bitcoins.  

 

You said that cryptocurrency is the future.  Then you changed your mind and said that blockchain is the future and in the same post tell me I'm stupid for not agreeing with your first thought which you have now amended.  It's one thing to be patronising to someone who disagrees with you when you are certain you are right; but to be patronising to someone who disagrees with what you know you are wrong - what's the point?

 

For information, though, when I was talking about the security of cryptocurrency I was not talking about the security of the technology behind it.  It's the security of its intrinsic worth as a currency that concerns me.

Edited 18 December 2020 by dsr-burnley

[simFox]

1 hour ago, dsr-burnley said:

I know what blockchain is.  It's a computer technology, used by bitcoins.  

 

You said that cryptocurrency is the future.  Then you changed your mind and said that blockchain is the future and in the same post tell me I'm stupid for not agreeing with your first thought which you have now amended.  It's one thing to be patronising to someone who disagrees with you when you are certain you are right; but to be patronising to someone who disagrees with what you know you are wrong - what's the point?

 

For information, though, when I was talking about the security of cryptocurrency I was not talking about the security of the technology behind it.  It's the security of its intrinsic worth as a currency that concerns me.

You can say the same as any currency in the world. I already told you there is a limited supply of bitcoin, unlike other currencies. Like gold, it has to be mined and only 21 million can be created. Like any other resources on earth, supply and demand is what sets the value, but of course you already knew that being a Blockchain expert.

 

I'm being patronising because your questions warrant it. What do you mean by more secure or a run on it, you ask those questions then tell me you know what Blockchain is. Your questions mean you clearly don't know anything, which is why I directed you to the fundamental concepts of bitcoin (Blockchain).

[dsr-burnley]

2 minutes ago, simFox said:

You can say the same as any currency in the world. I already told you there is a limited supply of bitcoin, unlike other currencies. Like gold, it has to be mined and only 21 million can be created. Like any other resources on earth, supply and demand is what sets the value, but of course you already knew that being a Blockchain expert.

 

I'm being patronising because your questions warrant it. What do you mean by more secure or a run on it, you ask those questions then tell me you know what Blockchain is. Your questions mean you clearly don't know anything, which is why I directed you to the fundamental concepts of bitcoin (Blockchain).

I toned my last reply down just to be polite.  I see I need not have bothered.  

 

Just to prove that I do know what a run on currency is, I will tell you.  It is when investors in that currency believe it is losing value and they decide to sell it, causing it to lose value quickly.  The biggest one in recent memory in the UK was probably the one that caused Britain to leave the ERM.  There have also been runs on the Zimbabwe currency under Mugabe, and more recently the Venezuela currency.  Perhaps the most famous was the one on German Marks in the twenties that led to people having to be paid twice a day, the currency was devaluing so fast.

 

Now, whatever you tell me about blockchain, I refuse that any of those runs on currency were caused by blockchain or could have been stopped by blockchain.  Now, you may believe that because Bitcoin is on Blockchain this makes it impossible for investors to lose faith and the currency to devalue quickly; the evidence suggests that you are wrong, but it's still a matter of opinion. 

[Benguin]

It’s too complicated to become the predominant currency and surely we’d need to achieve globalism first. Perhaps the technology behind it will become more prominent but I can’t ever see Bitcoin or any other crypto being what Margaret used to buy her cat food. 

[Tomek]

I’ve invested a total of $35k (Australian) in bitcoin + other crypto currency and I’m currently sitting on $85k. That being said, never invest more than you can afford to lose. 

Edited 19 December 2020 by Tomek

[newfox1]

2 hours ago, Tomek said:

I’ve invested a total of $35k (Australian) in bitcoin + other crypto currency and I’m currently sitting on $85k. That being said, never invest more than you can afford to lose. 

Thanks for sharing. How long did it take to get to that figure? At what point will you sell up?

 

Did you invest 35k in one go?? 

 

 

[Chrysalis]

They are volatile so can be a great way to make lots of money.

 

But be aware some patience might be required so you need to be prepared to be without the investment for a while in terms of available cash.

 

A few years back I spent a grand on a mining rig, I did make a small profit, but if I instead just pumped it into buying the currency instead I could have made about a 400% profit.  As within a month of the investment it skyrocketed in value.

Edited 19 December 2020 by Chrysalis

[Tomek]

1 hour ago, newfox1 said:

Thanks for sharing. How long did it take to get to that figure? At what point will you sell up?

 

Did you invest 35k in one go?? 

 

 

That is over a period of 14 months. I brought the majority of my bitcoin at 8k, but I have brought some at 10,12 and 19k. In recent months I have brought ethereum at an average price of $400 (now at $650). 
 

as for selling, I don’t intend to sell any time soon. I can only see the price going up as more and more institutional investment comes in. 
 

Citibank recently released a report stating bitcoin has the potential to reach 318k by the end of next year. Although I don’t think it will go to those levels this year, it’s anti-inflation measures through ‘the halving’ every 4 years really has turned bitcoin into gold for the modern day and I’m confident the price can only go up over the coming decades. 
 

(Needless to say, I’m not an expert or a financial advisor and can only talk of my own research and view)

Edited 19 December 2020 by Tomek

[King.Fox]

Seems as though there are some knowledgeable people as to this bitcoin malarky on this thread.

What do people think would be the best invest for the new year, bitcoin or tesla?

Always invest a little every january and am undecided as to which of these two.

[Kilworthfox]

On 31/12/2020 at 18:39, King.Fox said:

Seems as though there are some knowledgeable people as to this bitcoin malarky on this thread.

What do people think would be the best invest for the new year, bitcoin or tesla?

Always invest a little every january and am undecided as to which of these two.

Bitcoin given the 2 options. As there are massive companies that are involved in electrical vehicles  far bigger then Tesla. Also electric isn't the answer for many reasons to help with the desire to reduce carbon from our personal transport. 

 

However once people realise what cryptocurrencies are, what they do, and how they will change money as we know it, and use it, there are much better options (IMO) than Bitcoin for functionality, security and speed. 

 

Bitcoin is like Hoover of crypto as its the first... You want to invest into the Dyson for example... 

Edited 2 January 2021 by Kilworthfox

[Tomek]

On 01/01/2021 at 04:39, King.Fox said:

Seems as though there are some knowledgeable people as to this bitcoin malarky on this thread.

What do people think would be the best invest for the new year, bitcoin or tesla?

Always invest a little every january and am undecided as to which of these two.

My $35k investment in crypto is currently sitting at $130k, so I can only recommend Bitcoin! *not financial advice* 

[King.Fox]

2 hours ago, Kilworthfox said:

As there are massive companies that are involved in electrical vehicles  far bigger then Tesla

Maybe acouple of years ago, but now

 

Tesla is bigger than volkswagon, toyota, nissan, Hyundai, GN, ford, honda, fiat, and Peugot all added together.

It is the in the top 6 companies in the US on par with Facebook

 

Anyway, Thanks KilworthFox, and Tomek, as you both agree gonna go with it.

Edited 2 January 2021 by King.Fox

[Benguin]

The other thing I really

don’t like is how easy it to lose. I might have already mentioned this but I have some

bitcoin. Not sure how much (I think between £20 and £100 in 2013 prices. I used it in my gambling addict days. At today’s prices that’s worth between £440 and £2300. I managed to find the wallet ID, it’s in a site called blockchain.com but I have no idea what the password is and there is no lost password function. If this was a bank I’d go in with my ID but it’s not possible here. The only recovery option is a 12 word phrase that I have no idea what it is. 

[Rocket-Ron]

17 minutes ago, Benguin said:

The other thing I really

don’t like is how easy it to lose. I might have already mentioned this but I have some

bitcoin. Not sure how much (I think between £20 and £100 in 2013 prices. I used it in my gambling addict days. At today’s prices that’s worth between £440 and £2300. I managed to find the wallet ID, it’s in a site called blockchain.com but I have no idea what the password is and there is no lost password function. If this was a bank I’d go in with my ID but it’s not possible here. The only recovery option is a 12 word phrase that I have no idea what it is. 

You know neither your password or how much you actually havein there, smooth

[Benguin]

Just now, Rocket-Ron said:

You know neither your password or how much you actually havein there, smooth

As I said it was 2013 and I was a gambling addict at the time. The point is though, if either careless like me or just by error you lose your information, your money is gone. That doesn’t happen with money in the bank and is one of the reason why I can never see crypto replacing normal

money. 

[King.Fox]

Oh, for sure you spot on with the lost wallet scenario. there are horror stories of lost bitcoin all  over the internet.

 

One man in Wales took the council to court because they buried in a tip, his bitcoin, after he threw away his hard drive, and would not let him dig the tip to recover.

[Sly]

 

People saying it’s the future, need to consider that until 2020, we weren’t even a paperless society. 
 

It may well be the future, however until It’s controllable, taxable and widely accepted by the government, it isn’t being accepted. 
 

Whilst I pay for everything electronically, I can if I want go and withdraw it all. My savings are a tangible asset. Crypto currency isn’t. 

Edited 3 January 2021 by Sly

[Mike Oxlong]

https://www.google.co.uk/amp/s/www.walesonline.co.uk/news/wales-news/bitcoin-landfill-newport-james-howells-19622781.amp

 

 

https://www.google.co.uk/amp/s/www.bbc.co.uk/news/amp/technology-55645408

 

 

[Sambiasso]

What alt coins are people looking at? I've dipped in with Bitcoin and Etherium via Coinbase but not sure what else to drop feed into each month. 

[RobHawk]

1 hour ago, Sambiasso said:

What alt coins are people looking at? I've dipped in with Bitcoin and Etherium via Coinbase but not sure what else to drop feed into each month. 

I've got money in around 30 coins. Invested around £200 in each. I have some now worth over £3k and some around £50. 

 

I've done some research on all of them and still hope they all come good. Chances are a few will fail and become worthless but hopefully a few more will make a big impact. 

 

I could list some of the ones that aren't doing so well now, I'd you are interested, as these are the ones I'd recommend putting money on, rather than the ones already doing well

[BroughtonFox]

I have a work colleague who always goes on about this. Never looked into it my self but he raves about it all the time. Is it worth getting into or is it just basically gambling?

[Benguin]

43 minutes ago, BroughtonFox said:

I have a work colleague who always goes on about this. Never looked into it my self but he raves about it all the time. Is it worth getting into or is it just basically gambling?

Basically gambling. Crypto has no value other than what people are willing to pay. At the moment people are willing to pay a lot.

Don’t get me wrong, money isn’t backed by gold anymore so you could say it also has no value but the difference is, money is backed by the Bank of England who promise to pay the bearer.
 

Crypto has a lot of better solutions to problems with money not backed by anything, for example it is decentralised and in a lot of cases has a finite supply. 
 

I think however that there are far too many obstacles in the way for crypto to ever become the main currency. I expect it will be worth zero eventually and will live on as a kind of Ponzi scheme for a bit before that happens. You could of course make some money buying it but nobody really knows.

 

if you are going to do it, diversify. Invest in lots of things. ETF’s, bonds etc. Don’t put all your eggs in one basket.