Cryptocurrency

[Bellend Sebastian]

Was at a seminar today where one of the topics was cryptocurrency.

 

I'll cheerily admit that my understanding of the concept, block-chains and all that jazz wasn't great and I learned quite a lot about that,  but the thing I really took from it is that there's no way the majority of the poor sods who have poured money into it have even the slightest idea of what it's all about

[ozleicester]

On 18/05/2022 at 23:57, Bellend Sebastian said:

Was at a seminar today where one of the topics was cryptocurrency.

 

I'll cheerily admit that my understanding of the concept, block-chains and all that jazz wasn't great and I learned quite a lot about that,  but the thing I really took from it is that there's no way the majority of the poor sods who have poured money into it have even the slightest idea of what it's all about

I'd suggest a fair proportion of the poor sods playing the stock market (nadaq down30% since Feb?) actually have little knowledge about the intricacies of it?

 

Not attacking or defending either, just suggesting both are an equal con.

[st albans fox]

On 18/05/2022 at 16:57, Bellend Sebastian said:

Was at a seminar today where one of the topics was cryptocurrency.

 

I'll cheerily admit that my understanding of the concept, block-chains and all that jazz wasn't great and I learned quite a lot about that,  but the thing I really took from it is that there's no way the majority of the poor sods who have poured money into it have even the slightest idea of what it's all about

So true

 

3 hours ago, ozleicester said:

I'd suggest a fair proportion of the poor sods playing the stock market (nadaq down30% since Feb?) actually have little knowledge about the intricacies of it?

 

Not attacking or defending either, just suggesting both are an equal con.

not quite as true as the previous quoted post but plenty of manipulation ongoing. With stocks and shares, if you put your stuff in the hands of a  ‘big’ trustworthy organisation to manage your funds then you should expect them to be ‘inside the tent pissing out’.  Choosing the right outfit is going to make the difference between average growth of 2% or 7%. 
 

Crypto is way more exciting than that but if you’re only gambling what you can afford to lose then I guess it will be quite a ride ….. prefer a day at sandown park myself …..

[Daggers]

Colour me surprised

 

 

[Daggers]

https://www.theguardian.com/technology/2022/jun/02/fbi-arrest-former-opensea-staffer-nathaniel-chastain-crypto-nfts 

 

‘FBI sets sights on crypto economy with arrest of former OpenSea staffer’ 

[whoareyaaa]

10 hours ago, Daggers said:

https://www.theguardian.com/technology/2022/jun/02/fbi-arrest-former-opensea-staffer-nathaniel-chastain-crypto-nfts 

 

‘FBI sets sights on crypto economy with arrest of former OpenSea staffer’ 

Arrested for insider trading not really going to effect anything.

[Innovindil]

 

Gonna be a few unhappy folks today. 

[Footballwipe]

1 hour ago, Innovindil said:

 

Gonna be a few unhappy folks today. 

Just spent 5 mins on Twitter based on this. For the uneducated, what's caused it all? Just a lack of new takers to crypto? Natural market stagnation?

 

Am hugely unknowing about this so just interested in how it's crashing. Assume some people are losing a lot of money today...

[Innovindil]

1 minute ago, Footballwipe said:

Just spent 5 mins on Twitter based on this. For the uneducated, what's caused it all? Just a lack of new takers to crypto? Natural market stagnation?

 

Am hugely unknowing about this so just interested in how it's crashing. Assume some people are losing a lot of money today...

Honestly bud I've got no idea about any of it.   Just in it for the memes. 

[Heskey2011]

1 hour ago, Footballwipe said:

Just spent 5 mins on Twitter based on this. For the uneducated, what's caused it all? Just a lack of new takers to crypto? Natural market stagnation?

 

Am hugely unknowing about this so just interested in how it's crashing. Assume some people are losing a lot of money today...

Spent the last couple of years wishing I had enough spare income to invest in bitcoin tbh. Been seriously considering it as it gets cheaper. Buy on the dip etc but it keeps dipping. 

[Benguin]

34 minutes ago, Heskey2011 said:

Spent the last couple of years wishing I had enough spare income to invest in bitcoin tbh. Been seriously considering it as it gets cheaper. Buy on the dip etc but it keeps dipping. 

Everyone has enough to invest, investing is about consistency rather than amount of capital. As long as you commit to an amount, £10 a month, £100 a month or £1000 a month and automate it so you don’t see it leave your bank. 
 

Dont invest in crypto though, it’s just gambling. Stick to ETF’s and diversify and make it as boring as possible so that you don’t keep checking and allowing movements in the market to effect you. 
 

If you invest consistently, sensibly and boringly, you don’t need a lot to make a healthy bonus pension pot. 

[Izzy]

Has anybody heard of a Crypto App called 'Exodus'?

 

My 12 year old boy (in his wisdom ) has apparently set up an account and lied about his age. He swears he hasn't deposited any money into it or provided his GoHenry Visa debit card details, but I'm not sure I believe him!

 

Reckons he wants money for his next birthday so he can buy some crypto currency and then just sit on it for years in the hope it goes up in value.

 

I haven't got a fvckin clue how this works and it scares the shit out of me but I can't help but admire his entrepreneurial spirit at such a young age 

 

 

[Kopic]

2 minutes ago, Izzy said:

Has anybody heard of a Crypto App called 'Exodus'?

 

My 12 year old boy (in his wisdom ) has apparently set up an account and lied about his age. He swears he hasn't deposited any money into it or provided his GoHenry Visa debit card details, but I'm not sure I believe him!

 

Reckons he wants money for his next birthday so he can buy some crypto currency and then just sit on it for years in the hope it goes up in value.

 

I haven't got a fvckin clue how this works and it scares the shit out of me but I can't help but admire his entrepreneurial spirit at such a young age 

 

 

Let him do it. I wish my parents had when I was that age. I was offered a lot of free bitcoins to play in a team in a game I was good at and my parents were adamant they were nonces and cut me off. They may well have been, but we'd all be millionaires now.

[Izzy]

7 minutes ago, Kopic said:

Let him do it. I wish my parents had when I was that age. I was offered a lot of free bitcoins to play in a team in a game I was good at and my parents were adamant they were nonces and cut me off. They may well have been, but we'd all be millionaires now.

Holy shit, O.K. then.

 

So there's no risk to me giving him money for Xmas and Birthdays for him to put into this? (apart from investments can do down as well as up etc...)

 

[Kopic]

Just now, Izzy said:

Holy shit, O.K. then.

 

So there's no risk to me giving him money for Xmas and Birthdays for him to put into this? (apart from investments can do down as well as up etc...)

 

It was a slight tongue in cheek reply (this was many years ago when bitcoin began). But at the time I was genuinely offered about 100 bitcoins to join a team and my parents said no. I must admit, other than XRP, I haven't done much regarding crypto myself. If it's a legit exchange, you own your coins etc the only risk is losing your investment but you only lose that if you cash out at a loss.

[Kopic]

I myself am not an investor (except XRP which did me well a few years ago). Many people get sucked into "shitcoins" and memes like dogecoin etc so if that's what he's seeing and aiming for I'd at least give him some advice but I genuinely think it would be a good skill to learn as it would be transferable and if you/he can afford to lose it (you might not but its high risk) then there is no real harm imo.

[RobHawk]

8 minutes ago, Izzy said:

Holy shit, O.K. then.

 

So there's no risk to me giving him money for Xmas and Birthdays for him to put into this? (apart from investments can do down as well as up etc...)

 

I dont know the specific app but generally speaking with crypto, there's a risk he could lose it all, but if you give him a £100 to play with, it's a lesson regardless innit. 

 

Let him learn, you learn from your mistakes so even if it drops to nothing it's still worth the £100 in the lesson he'll learn

[Izzy]

16 minutes ago, Kopic said:

I myself am not an investor (except XRP which did me well a few years ago). Many people get sucked into "shitcoins" and memes like dogecoin etc so if that's what he's seeing and aiming for I'd at least give him some advice but I genuinely think it would be a good skill to learn as it would be transferable and if you/he can afford to lose it (you might not but its high risk) then there is no real harm imo.

 

15 minutes ago, RobHawk said:

I dont know the specific app but generally speaking with crypto, there's a risk he could lose it all, but if you give him a £100 to play with, it's a lesson regardless innit. 

 

Let him learn, you learn from your mistakes so even if it drops to nothing it's still worth the £100 in the lesson he'll learn

Thanks for the advice fellas.

 

I'm happy to write off £100 in the grand scheme of things if means he learns a few life lessons at an early stage.

 

P.S. Funnily enough, I don't invest in individual stocks but got suckered into an app called 'Stake' about 18 months ago who were offering a 'free stock' on sign up. Deposited $100, got my free stock (worth fvck all of some company I'd never heard of surprise, surprise) and bought $100 worth of Disney shares.

 

Now worth $51, so lesson learnt. I won't be buying single stocks again!

 

Edited 23 June 2022 by Izzy

[whoareyaaa]

Anyone still buying?

[Guest Lako42]

On 23/06/2022 at 23:00, Izzy said:

 

Thanks for the advice fellas.

 

I'm happy to write off £100 in the grand scheme of things if means he learns a few life lessons at an early stage.

 

P.S. Funnily enough, I don't invest in individual stocks but got suckered into an app called 'Stake' about 18 months ago who were offering a 'free stock' on sign up. Deposited $100, got my free stock (worth fvck all of some company I'd never heard of surprise, surprise) and bought $100 worth of Disney shares.

 

Now worth $51, so lesson learnt. I won't be buying single stocks again!

 

Crypto is gambling atm. 

 

Be a shame to get a 12 year old hooked on gambling. 

[yorkie1999]

https://www.cnbc.com/2022/04/30/warren-buffett-gives-his-most-expansive-explanation-for-why-he-doesnt-believe-in-bitcoin.html

[oxford blue]

Does the collapse of FTX signal the end of cryptocurrency? I think it might; hope no-one has lost too much money with any holding on bitcoin etc given collapse in price. For me, I can't think anyone will invest now and I can only see price falling further, unless there is an official regulator which is not going to happen. 

Is there anyone with confidence in this?

[WigstonWanderer]

Put in $1,000 late last year as a gamble just to see what would happen. Now worth about $250 
 

Should have stuck to my assessment that it’s all a ponzi.

[st albans fox]

6 hours ago, WigstonWanderer said:

Put in $1,000 late last year as a gamble just to see what would happen. Now worth about $250 
 

Should have stuck to my assessment that it’s all a ponzi.

Could never get my head around it and still can’t 

 

I don’t think it’s the end for crypto though - the numbers of people out there with an inherent distrust of authority means that those who create these things will find a ready audience, happy to throw their money in the air. 
 

And they could argue that all our market held pension pots have shrunk over the past year or so. I just cannot place my savings into an unregulated area with no guarantees about its safety.  To me, it’s no different to buying currencies with an independent offshore trader and watching your stake go up/down.