Cryptocurrency

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Claretforever
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Re: Cryptocurrency

Post by Claretforever » Sun Nov 14, 2021 9:45 am

ClaretAL wrote:
Sun Nov 14, 2021 6:25 am
If you’re in Mana, Sand and XRP you are NOT a novice. You can’t buy all those on the same exchanges you’ve mentioned. :D

No need to be a dick and pretend you’re less experienced than you are, just be yourself with fellow Clarets :roll:
What do you mean mate, they are all on Binance?

Screenshot_20211114-062415_Binance.jpg
[/quote]

What I mean is that on Thursday morning you were telling people you were going to start with eToro, and then you said you were in those three, which is a fair jump from wondering about Shib on Tuesday. You can’t buy Sand on eToro right now, so either you’re more experience with it that you’re letting on or you were telling porkies about what you owned.

Now you’ve posted the image, which means you’ve gone through a process to get your funds onto Binance as UK banks aren’t playing ball with that right now, I’d suggest it’s the former, though I don’t understand the need?

Newcastleclaret93
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Re: Cryptocurrency

Post by Newcastleclaret93 » Sun Nov 14, 2021 10:37 am

Claretforever wrote:
Sun Nov 14, 2021 9:45 am
What do you mean mate, they are all on Binance?

Screenshot_20211114-062415_Binance.jpg
What I mean is that on Thursday morning you were telling people you were going to start with eToro, and then you said you were in those three, which is a fair jump from wondering about Shib on Tuesday. You can’t buy Sand on eToro right now, so either you’re more experience with it that you’re letting on or you were telling porkies about what you owned.

Now you’ve posted the image, which means you’ve gone through a process to get your funds onto Binance as UK banks aren’t playing ball with that right now, I’d suggest it’s the former, though I don’t understand the need?
[/quote]

It’s not exactly hard to deposit to Binance. As long as you have a Visa card it’s as simple as purchasing anything online

Claretforever
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Re: Cryptocurrency

Post by Claretforever » Sun Nov 14, 2021 10:44 am

Newcastleclaret93 wrote:
Sun Nov 14, 2021 10:37 am
What I mean is that on Thursday morning you were telling people you were going to start with eToro, and then you said you were in those three, which is a fair jump from wondering about Shib on Tuesday. You can’t buy Sand on eToro right now, so either you’re more experience with it that you’re letting on or you were telling porkies about what you owned.

Now you’ve posted the image, which means you’ve gone through a process to get your funds onto Binance as UK banks aren’t playing ball with that right now, I’d suggest it’s the former, though I don’t understand the need?
It’s not exactly hard to deposit to Binance. As long as you have a Visa card it’s as simple as purchasing anything online
[/quote]

Okay, let’s just say it’s more difficult now than it was. I was picking up on the story changing from asking about Shib, which from the question suggested he’s a total novice, plus saying he was going to start on eToro to learn, to then going into a different and slightly more complex platform and buying MetaVerse stuff - all solid projects I’d suggest. That’s a steep learning curve since Thursday. I’m the suspicious type though, clearly. :D

Good luck to him anyway.

ClaretAL
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Re: Cryptocurrency

Post by ClaretAL » Sun Nov 14, 2021 11:01 am

Claretforever wrote:
Sun Nov 14, 2021 10:44 am
It’s not exactly hard to deposit to Binance. As long as you have a Visa card it’s as simple as purchasing anything online
Okay, let’s just say it’s more difficult now than it was. I was picking up on the story changing from asking about Shib, which from the question suggested he’s a total novice, plus saying he was going to start on eToro to learn, to then going into a different and slightly more complex platform and buying MetaVerse stuff - all solid projects I’d suggest. That’s a steep learning curve since Thursday. I’m the suspicious type though, clearly. :D

Good luck to him anyway.
[/quote]

Just kerning nate and watching what people are saying in groups. According to them this morning VET are making an announcement tomorrow so swapped yo that as the others are falling and something about XRdidge but I can't find that. No worries but it's all a bit fast paced for me so I will wait to see if anything dies materialise and if not withdraw it back on yo my card same way as I paid
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KateR
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Re: Cryptocurrency

Post by KateR » Sun Nov 14, 2021 8:38 pm

dsr wrote:
Sun Nov 14, 2021 12:39 am
Not a ponzi scheme. A bubble. The point of a bubble is that there is nothing behind it - tulip bulbs, south sea companies, being cases in point.

There was a perfect example of a Ponzi scheme in today's Daily Telegraph. They took money off people to sell rooms in hotels; the purchaser was paid 10% interest on the investment. But only until all the rooms were sold; then the sellers were paying the "interest" out of other peoples' purchases, and when they had milked the market for all it was worth, they cleared off with the cash leaving the mug punter with a worthless asset.

Basically, if anyone offers you 10% interest on anything with interest rates being what they are now, then it'a almost certainly a ponzi scheme. Cryptocurrency is nothing like that; the price goes up and down depending on how many people want to buy it. As long as there are enough people who haven't got it and who want it, the price will rise. When there are more people who want to sell than who want to buy, it will fall. You're not buying it for dividends, or for asset value, or for underlying value, or for the technology behind it - you're buying because you believe that someone else will want to jump into the market after you.
You've been given numerous examples of real business cases that are applied to blockchain programs that also utilize crypto based coins or tokens, but you blindly state it's a bubble or a ponzi scheme with zero fact to back this up, absolutely zero. Discussions here are mainly around facts and sharing info, there are no posts to try and convince anyone to buy, that's up to individuals. You're statements of facts, are like people saying all Americans are fat, which is blatantly not true in any way shape or form, similar to your statements of crypto being a bubble or a ponzi scheme. Are some of them a scam, a ponzi, absolutely, no arguments but so are many in the stocks and shares world, is that a bubble that's going to go away and everyone left holding will have nothing? No need to answer that, we all know the answer.

So in terms of your bubble, when is it going to happen, next year, 5 years, 10 years, is there a timeframe you might just accept the legitimacy of blockchain and crypto, or will will it be engraved on your headstone, talk about people being blind to what is right in front of them, however I understand you and others well, because a relatively short time ago I would have agreed with you.

To be very clear, I'm not arguing with you, not trying to convince you of something, I just find it fascinating to hear your thoughts (and others on both sides of the "coin") on this subject

Just for a point of proof, please note the picture, these are the interest rates for a few certain coins that I have done and completed over three months as I was mentioning previously, this has all been paid into my account and I can withdraw at any point to any of my bank accounts. Strange scheme that's a scam, which pays you out and allows you to take your money out and enjoy it, perhaps it's just a very poor scam/bubble or ponzi scheme.

As an example, with the Squid coin there was never a mechanism to sell and withdraw, clear evidence of a scam, one needs to do homework and ensure you don't fall for scams, there are quite a few out there without a doubt! Yet the vast majority of crypto is legitimate, this morning I finished locking up a coin for two years and will receive over 17% while it's there and became part of a governance program along with a huge amount of other people doing the same.

I look forward to our continued discussions around this interesting subject :)
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Ric_C
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Re: Cryptocurrency

Post by Ric_C » Mon Nov 15, 2021 12:58 am

I bought into some crypto around April time. Bad timing as the price of Bitcoin and other coins tanked in May. I didn't panic sell though, and now my total investments are up around 40% for the last 6 months.

If you are in it for the long haul, and truly believe in the system, then the only way is up if you make educated choices along the way.

dsr
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Re: Cryptocurrency

Post by dsr » Mon Nov 15, 2021 1:02 am

KateR wrote:
Sun Nov 14, 2021 8:38 pm
Just for a point of proof, please note the picture, these are the interest rates for a few certain coins that I have done and completed over three months as I was mentioning previously, this has all been paid into my account and I can withdraw at any point to any of my bank accounts. Strange scheme that's a scam, which pays you out and allows you to take your money out and enjoy it, perhaps it's just a very poor scam/bubble or ponzi scheme.
That proves nothing. I don't think you have quite grasped how a successful ponzi scheme works. The idea is that the schemer offers an excessive rate of interest, say 10%, to attract investors who don't follow the dictum of "if it looks too good to be true, then it is too good to be true". They take in a load of mug punters with a promise of 10% interest, and pay that interest out of the proceeds of the next lot of mug punters coming in with their capital. When the capital inflows are no longer bringing in enough to pay the fake interest, then the whole scheme goes belly up.

The original Ponzi made the mistake of being identifiable, which is why he is now in jail, but his customers are still penniless. Who goes to jail if (and I say if) your scheme offering 10% interest turns out to be a scam?

Why would anyone offer 10% guaranteed interest, if not to attract the mugs? They could offer 5% or even 2% to attract the serious professionals. At its most optimistic, a 10% investment must be very, very high risk.

If your crypto USD coin is paying out 10% interest, it must be earning more than that. Where is it getting it from?

dsr
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Re: Cryptocurrency

Post by dsr » Mon Nov 15, 2021 1:04 am

Ric_C wrote:
Mon Nov 15, 2021 12:58 am
I bought into some crypto around April time. Bad timing as the price of Bitcoin and other coins tanked in May. I didn't panic sell though, and now my total investments are up around 40% for the last 6 months.

If you are in it for the long haul, and truly believe in the system, then the only way is up if you make educated choices along the way.
Whether you truly believe in the system is irrelevant. If the system fails, then it makes no odds that you believed it wouldn't; if the system succeeds, then it makes no odds that I believed it wouldn't.

KateR
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Re: Cryptocurrency

Post by KateR » Mon Nov 15, 2021 2:27 pm

dsr wrote:
Mon Nov 15, 2021 1:02 am
That proves nothing. I don't think you have quite grasped how a successful ponzi scheme works. The idea is that the schemer offers an excessive rate of interest, say 10%, to attract investors who don't follow the dictum of "if it looks too good to be true, then it is too good to be true". They take in a load of mug punters with a promise of 10% interest, and pay that interest out of the proceeds of the next lot of mug punters coming in with their capital. When the capital inflows are no longer bringing in enough to pay the fake interest, then the whole scheme goes belly up.

The original Ponzi made the mistake of being identifiable, which is why he is now in jail, but his customers are still penniless. Who goes to jail if (and I say if) your scheme offering 10% interest turns out to be a scam?

Why would anyone offer 10% guaranteed interest, if not to attract the mugs? They could offer 5% or even 2% to attract the serious professionals. At its most optimistic, a 10% investment must be very, very high risk.

If your crypto USD coin is paying out 10% interest, it must be earning more than that. Where is it getting it from?
:lol:
Of course it's making more than 10%, but it's not "the coin" making the money it's the business, which you still continue to be unwilling to accept that is a fact and point to making your own coin several times. As I've mentioned previously you'll have to think about and perhaps explain in real terms as to why numerous companies such as BWM, Renault have invested in VET (the coin name) to improve their supply chain, or why a large number of institutional investors have made $100+ million investments into many "coins". Look at HNT (the coin) for Helium, look at 300,000+ devices located globally and providing data transfer for IOT devices across the world, with over 3 Million devices on back order waiting for chips, due to the global shortage, so many real world cases for businesses working in a "different" way. Helium for example sell the ability to transfer data over long range at a very cheap cost and continually have new IOT companies signing up that pay actual $US for that privilege, that's how they make more than 10% profit and can afford to offer 10% interest when you lock up your coin/funds for a certain period.

In the regard to "why would they do that", not all do as evidence by various percentages in the picture, many many do not offer anything, the one thing crypto is trying (and succeeding) to do is to smooth out the vast fluctuations in prices as the price is tied to their market cap. By getting people to lock up their funds (coins) for a period then sales can not happen when there is a dip, smoothing out the worst of the valleys, it makes business sense. Yes it's still the wild west and not disputing that but every year the huge upswings and troughs have lessened and will continue to for the foreseeable future, but that also provides an opportunity for many to buy more and get more funds cheaper for sale in the next uplift through the peaks.

I would counter that I can only see mugs putting savings into banks for less than 1% when they see the profits announced by these institutions yearly for decades. You continue to lose your "safe" bank holdings to inflation every year. It's a great scam spread over years/decades that ensure you lose the value of your funds every single year, yet you continue to push this as the way to go. For many, they've woken up to this issue and gone a different route, every year more and more mass adoption of blockchain/crypto currency can be seen, from small nations adopting as legal tended to schools/universities offering course.
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Claretforever
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Re: Cryptocurrency

Post by Claretforever » Tue Nov 16, 2021 12:05 am

KateR wrote:
Mon Nov 15, 2021 2:27 pm
:lol:
Of course it's making more than 10%, but it's not "the coin" making the money it's the business, which you still continue to be unwilling to accept that is a fact and point to making your own coin several times. As I've mentioned previously you'll have to think about and perhaps explain in real terms as to why numerous companies such as BWM, Renault have invested in VET (the coin name) to improve their supply chain, or why a large number of institutional investors have made $100+ million investments into many "coins". Look at HNT (the coin) for Helium, look at 300,000+ devices located globally and providing data transfer for IOT devices across the world, with over 3 Million devices on back order waiting for chips, due to the global shortage, so many real world cases for businesses working in a "different" way. Helium for example sell the ability to transfer data over long range at a very cheap cost and continually have new IOT companies signing up that pay actual $US for that privilege, that's how they make more than 10% profit and can afford to offer 10% interest when you lock up your coin/funds for a certain period.

In the regard to "why would they do that", not all do as evidence by various percentages in the picture, many many do not offer anything, the one thing crypto is trying (and succeeding) to do is to smooth out the vast fluctuations in prices as the price is tied to their market cap. By getting people to lock up their funds (coins) for a period then sales can not happen when there is a dip, smoothing out the worst of the valleys, it makes business sense. Yes it's still the wild west and not disputing that but every year the huge upswings and troughs have lessened and will continue to for the foreseeable future, but that also provides an opportunity for many to buy more and get more funds cheaper for sale in the next uplift through the peaks.

I would counter that I can only see mugs putting savings into banks for less than 1% when they see the profits announced by these institutions yearly for decades. You continue to lose your "safe" bank holdings to inflation every year. It's a great scam spread over years/decades that ensure you lose the value of your funds every single year, yet you continue to push this as the way to go. For many, they've woken up to this issue and gone a different route, every year more and more mass adoption of blockchain/crypto currency can be seen, from small nations adopting as legal tended to schools/universities offering course.
After reading several of his comments it was a quick realisation that he’s not worth spending time on. He’ll be part of the few still calling it worthless in 2035 when it begins to level out like the stock market of today but the advancements have taken over the world. He might be correct then. There’ll be an I told you so moment I’m sure. You can try to help fellow clarets to water, but you can’t make them drink. Leave it at that. It’s not worth arguing. Just make your money and smile.
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ClaretAL
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Re: Cryptocurrency

Post by ClaretAL » Tue Nov 16, 2021 7:07 am

I see Biden has rocked the boat a little with his new tax.

aggi
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Re: Cryptocurrency

Post by aggi » Tue Nov 16, 2021 3:14 pm

Man City's new cryptopartner looks "interesting"
https://twitter.com/uglygame/status/1460508273363333120

RVclaret
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Re: Cryptocurrency

Post by RVclaret » Tue Nov 16, 2021 3:36 pm

ClaretAL wrote:
Tue Nov 16, 2021 7:07 am
I see Biden has rocked the boat a little with his new tax.
How does the crypto broking reporting stuff even get into the infrastructure bill... ah yes, sorry forgot... US politics. In reality it's asking for KYC, to which the industry is saying a big "no".... I think clearly there is a huge gap here. The regulators are bothered about money laundering and the crypto brokers are saying it's not an issue (or more to the point - that's going to affect my bottom line if i have to start AML checks in crypto-crypto space). The US is not going to be a crypto friendly jurisdiction in the near term, and I think the crypto industry is going to have to sit up and tune in a little more to govt concerns. That's why i think we've seen the selling today. The revolution has been delayed by potentially quite some time....

KateR
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Re: Cryptocurrency

Post by KateR » Tue Nov 16, 2021 3:45 pm

ClaretAL wrote:
Tue Nov 16, 2021 7:07 am
I see Biden has rocked the boat a little with his new tax.
I'm in the US and was always going to put my crypto dealings down in next year when completing my 2021 tax forms, the bottom line is you only pay any tax on gains, whether it's in your income tax as your income grew in the year because you bought and sold within the 12 month period. Or whether you pay capital gain tax because you held crypto for over 12 months before selling.

I have to do exactly the same with my share funds, or if I was to sell a house/buy a new one. The bill is not aimed at people who mine crypto, which I do, as far as I know it's exempt, however it is aimed at the traders and exchange houses.

I think some form of regulations around crypto are also good but I'm waiting to see what that is, I already did everything through the KYC program so I've nothing to hide.

The dip is just an opportunity to buy more before the year end rally.

KateR
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Re: Cryptocurrency

Post by KateR » Tue Nov 16, 2021 8:07 pm

just for anyone remotely interested in the US Infrastructure bill and the effects on crypto, in reality it mirrors my last post above and confirmed by a tax accountant:

The new U.S. Infrastructure Bill will NOT have an impact on crypto or your taxes. Full analysis here.
MARKETS
TL;DR - Unless you are Coinbase, Kraken, or Michael Saylor, the recently signed U.S. Infrastructure Investment and Jobs Act bill will NOT affect you.

full text of law: H.R.3684 - Infrastructure Investment and Jobs Act

Yesterday, on Nov. 15, 2021, U.S. President Joe Biden signed into law H.R.3684 - Infrastructure Investment and Jobs Act (a.k.a. the Bipartisan Infrastructure Bill). There have been several new articles and headlines exacerbating the impact on crypto that this bill may have (e.g., "Controversial Bitcoin Tax Provision...", "How the Infrastructure Bill Could Change Crypto"). My suggestion is to ignore this noise completely.

First off, the Bill incorporates the definition of "broker" from 6045(c)(1) of the Internal Revenue Code of 1986. Modifying the definition (with a major change by adding Section (D)) ... the Bill defines "broker" as:

(A) a dealer,

(B) a barter exchange,

(C) any person who (for consideration)’’ regularly acts as a middleman with respect to property or services, and

(D) any person who (for consideration) is responsible for regularly providing any service effectuating transfers of digital assets on behalf of another person.

Right off the bat, we can see the plain language is not directed at "personal" or "solo" investors. Specifically, two keys phrases/words exclude almost all folks: "for consideration" and "regularly." The term "for consideration" means in exchange for money, thus someone is paying you for this service. Next, "regularly." Regarding the IRS regulations, "regularly" is considered " frequent, continuous, or regular." See Endicott v. Comm'r, T.C. Memo 2013-199, 106 T.C.M. (CCH) 184, 2013 Tax Ct. Memo LEXIS 209 (T.C. Aug. 28, 2013). So, if you invest for yourself; or do it for someone else, but are not paid, or do it rarely--you are good!

Next, if you are a broker/exchange (Hi, Michael!), the Bill does provide a time period for this new requirement. The Bill amends 26 U.S.C. 6045(g)(3)(c), to now state that the "Applicable Time Period" will be "January 1, 2023, in the case of any specified security which is a digital asset." Thus, if you do find yourself part of this select few of Americans, you have over a year to make the adjustment.


On the basis of this I think the dust will settle and people will understand it better and buy the dip, where we could see it continuing it's rise towards the end of the year, this is purely my guess and I've been wrong so many times, so I'm not advising anyone to buy.

benstone12
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Re: Cryptocurrency

Post by benstone12 » Tue Nov 23, 2021 11:56 am

I don't own any cryptos but I've been interested in blockchain tech for some time.

what with the global financial changes to cryptos scaring the market and subsequent dip, I feel it could be a good time to make some small investments.

What would be the best platform to make a start and get a feel for this? coinbase? robinhood?

Newcastleclaret93
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Re: Cryptocurrency

Post by Newcastleclaret93 » Tue Nov 23, 2021 11:59 am

benstone12 wrote:
Tue Nov 23, 2021 11:56 am
I don't own any cryptos but I've been interested in blockchain tech for some time.

what with the global financial changes to cryptos scaring the market and subsequent dip, I feel it could be a good time to make some small investments.

What would be the best platform to make a start and get a feel for this? coinbase? robinhood?
I use Ku coin and Binance.

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Re: Cryptocurrency

Post by benstone12 » Tue Nov 23, 2021 12:38 pm

Thank you

Do most people use binance and then transfer to coinbase to move to bank accounts?

I'm not looking to make quick buck/trades, more small investments periodically in new coins to build a portfolio over time.

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Re: Cryptocurrency

Post by Newcastleclaret93 » Tue Nov 23, 2021 1:12 pm

benstone12 wrote:
Tue Nov 23, 2021 12:38 pm
Thank you

Do most people use binance and then transfer to coinbase to move to bank accounts?

I'm not looking to make quick buck/trades, more small investments periodically in new coins to build a portfolio over time.
I use Binance you can transfer as long as your card is Visa.

In the current market I’ve moved a lot of my crypto in high interest staking. Currently got a bit in AXS on Binance at 115% interest.

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Re: Cryptocurrency

Post by bfcmatt » Tue Nov 23, 2021 1:29 pm

benstone12 wrote:
Tue Nov 23, 2021 12:38 pm
Thank you

Do most people use binance and then transfer to coinbase to move to bank accounts?

I'm not looking to make quick buck/trades, more small investments periodically in new coins to build a portfolio over time.
Might as well just cut Binance out and purchase on coinbase pro, save all gas fee's

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Re: Cryptocurrency

Post by KateR » Tue Nov 23, 2021 2:02 pm

benstone12 wrote:
Tue Nov 23, 2021 12:38 pm
Thank you

Do most people use binance and then transfer to coinbase to move to bank accounts?

I'm not looking to make quick buck/trades, more small investments periodically in new coins to build a portfolio over time.
I use Crypto.Com, they have there own coin, and just in case DSR is reading the way the % in interest is cater for is in two main ways, one as mentioned before is to lock coins so people can't sell and smooth out those dips and troughs. The how it gets paid is because these crypto exchanges are just that, like many companies such as Global Exchange, Value Penguin, Travelex, plus of course majority of banks globally, they make profit by providing a service/utility and you pay fees on "crypto trading", whether it's for cash to a bank or a trade to another crypto coin.

CDC (Crypto Dot Com) have been spending millions in marketing this year and it's paying off, they are moving up the table in terms of largest market cap, their coin CRO has been shooting up in value, they are able to use these funds and offer you the various interest rates on what you buy. For CDC their own CRO in a basic earn program provides 6% if you lock it for 3 months, additionally they offer CDC Debit Cards (NOTE this is a pay as go card) at various level with various benefits depending upon what level of card you go for. Each card tier requires you to lock a certain amount of the native CRO up for 6 months, for this you move to 10% interest for the base card and 12% for a higher card, it also provides Amazon Prim & Spotify free, plus at a higher level you can also get free access to many airport lounges. The interest is paid in CRO and you're free to do what you want with it as that is not locked up and provides good passive income.

I think it's important to do your own research on what exchange you chose, obviously you need one that is legal in your country, after that like banks and money exchanges they provide a spread across buying & selling plus there are some fees for certain activities. Much like you would do going on your holidays you want to exchange your pounds and get the best rate for Euro's, dollars, etc. so find out, which is best and also remember you can have many "exchanges" plus various individual wallets associated with a single coin, security is very important in all cases.

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Re: Cryptocurrency

Post by benstone12 » Tue Nov 23, 2021 3:11 pm

I did take a look at Crypto.com but couldn't see anyone on here really endorsing it. I will do some more checking on both coinbase and crypto.com. Ive kind of ruled out binance even though I am UK based.
I will take a look, thank you very much for the response and also additional explanation too! much appreciated!!

Are there any cryptos of interest at the moment for anyone?

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Re: Cryptocurrency

Post by RVclaret » Tue Nov 23, 2021 3:33 pm

benstone12 wrote: I did take a look at Crypto.com but couldn't see anyone on here really endorsing it. I will do some more checking on both coinbase and crypto.com. Ive kind of ruled out binance even though I am UK based.
I will take a look, thank you very much for the response and also additional explanation too! much appreciated!!

Are there any cryptos of interest at the moment for anyone?
So one of your investing rules is to check that a random online poster that you don’t know on a football message board is endorsing. Must admit I didn’t see that in any of the Warren Buffett books I’ve read, maybe I’m reading the wrong ones. :)
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benstone12
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Re: Cryptocurrency

Post by benstone12 » Wed Nov 24, 2021 6:29 pm

Interesting viewing today with some of the coins others have mentioned.

Shib seems to have plummeted.
Mana and Sand though have shot up today.

Interesting stuff!

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Re: Cryptocurrency

Post by Superjohnnyfrancis » Thu Nov 25, 2021 1:16 pm

Whens Kilt out is there a date yet?

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Re: Cryptocurrency

Post by KateR » Thu Nov 25, 2021 2:36 pm

RVclaret wrote:
Tue Nov 23, 2021 3:33 pm
So one of your investing rules is to check that a random online poster that you don’t know on a football message board is endorsing. Must admit I didn’t see that in any of the Warren Buffett books I’ve read, maybe I’m reading the wrong ones. :)
So as a general factor how do you chose your crypto investments? I've never read a Warren Buffett bock, or any other book for that matter, which focuses on investing, let alone one related to crypto investments.

I don't mind if it's here or any other social platform such as Reddit but I do like to hear what people are investing on and why, I did it with stocks & shares, it's a gateway to knowing about potential coins, trying to understand the why they think it's good, usually if I feel it's of any interest at all I then go to the company websites and download whitepapers, read and try to rationalize what is the underlying business fundamental. Then I look at that business in general global terms, how does it fit with established companies in that space, do they have something new, something that I think or believe might have an impact and grab market share. If it's I think, I might buy a little just to see and remind me in my portfolio and buy more as I learn more, when it's believe, I buy more and continue to monitor/learn much more and usually set alerts around the high/low but it's the low that really interests me so I can continue to top up.

As per the last post, for example I'd never heard of KILT, until someone here mentioned it, I researched what I could, which is not much but it's got my interest regarding the launch and getting in early.

Even a football message board can provide a bit of market intelligence and potentially help you select something, as you know, far to many coins to research all so anytime I hear about one from anywhere I try to learn a little and see what it might be. Of course it's 100% agreed I or anyone else should never just be blindly buying of the recommendation put out here or for that matter from anyone, whether it's Elon Musk or Warren Buffet :)

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Re: Cryptocurrency

Post by Newcastleclaret93 » Thu Nov 25, 2021 3:16 pm

If anyone is interested in NFTS

There is an official Warner brother Matrix NFT release next week.

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Re: Cryptocurrency

Post by claret2018 » Thu Nov 25, 2021 4:20 pm

NFTs seem to be the dictionary definition of the greater fool theory.

Fair play to anyone who makes money selling them to morons.

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Re: Cryptocurrency

Post by Newcastleclaret93 » Thu Nov 25, 2021 4:30 pm

Image
claret2018 wrote:
Thu Nov 25, 2021 4:20 pm
NFTs seem to be the dictionary definition of the greater fool theory.

Fair play to anyone who makes money selling them to morons.
Depends how you view them. A lot of NFTS open you to some fantastic opportunities.

For example S curry the basketball player recently purchased one for 1m dollars. Because owning the NFT gained him
Access to high end parties where he could make business deals with other millionaires/billionaires.

The end of the day it is a strange concept but if there is money to be made why not at least look into it.

I purchased an NFT from open sea last week for .1 Eth, it is now selling for 0.24 Eth.

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Re: Cryptocurrency

Post by jdrobbo » Fri Nov 26, 2021 10:03 pm

Brilliant podcast on the scam that was OneCoin

https://www.bbc.co.uk/sounds/brand/p07nkd84
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Re: Cryptocurrency

Post by KateR » Fri Nov 26, 2021 10:24 pm

For those interested, another data point in regard to crypt true value cases in the real world beyond it's coin:

The Bitcoin network already processes more volume by dollar value than PayPal, and the largest decentralized cryptocurrency network in the world by market capitalization could outstrip Mastercard by as early as 2026.

A Thursday report from market intelligence platform Blockdata titled “When might the Bitcoin network process volumes like Mastercard & Visa?” points out that the Bitcoin network processed about $489 billion per quarter in 2021, which is greater than PayPal’s $302 billion. After just 12 years in existence, Bitcoin processes about 27% of Mastercard’s $1.8 trillion per quarter and 15% of Visa’s $3.2 trillion.

Three factors could see the Bitcoin network rise to the level of the two credit card giants in terms of total volume processed: the total number of transactions, the average amount of Bitcoin sent per transaction, and the rise of the price of Bitcoin (BTC).

The first factor — the total number of transactions — is the most variable-dependent. Theoretically, “if Bitcoin were to increase its value transferred per transaction today by ~260%, it would be processing an equivalent volume to Mastercard on a daily basis.”

However, the report could not find current data indicating that the average amount of Bitcoin sent per transaction is on an upswing. The trend could change in the future, but a rise in price to $245,000 at the current volume would also bring Bitcoin to match Mastercard. This price action is potentially more likely than an uptick in volume, according to some analysts.

Blockdata ultimately claims that it is unlikely for Bitcoin’s price to rise to the appropriate level to match Mastercard. If one considers the average yearly Bitcoin price, it might take until 2060. On the other hand, “taking the current growth rate in 2021 as a metric, it could happen as soon as 2026.”

The report noted that although it is relatively young, the decentralized Bitcoin network has managed to achieve high volumes compared to the two centralized credit card giants.

“It’s impressive how Bitcoin, as a 12-year-old decentralized network, is 27% of the way in terms of volume processed compared to Mastercard, a company founded in 1966.”

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Re: Cryptocurrency

Post by Paul Waine » Fri Nov 26, 2021 11:42 pm

KateR wrote:
Fri Nov 26, 2021 10:24 pm
For those interested, another data point in regard to crypt true value cases in the real world beyond it's coin:

The Bitcoin network already processes more volume by dollar value than PayPal, and the largest decentralized cryptocurrency network in the world by market capitalization could outstrip Mastercard by as early as 2026.

A Thursday report from market intelligence platform Blockdata titled “When might the Bitcoin network process volumes like Mastercard & Visa?” points out that the Bitcoin network processed about $489 billion per quarter in 2021, which is greater than PayPal’s $302 billion. After just 12 years in existence, Bitcoin processes about 27% of Mastercard’s $1.8 trillion per quarter and 15% of Visa’s $3.2 trillion.

Three factors could see the Bitcoin network rise to the level of the two credit card giants in terms of total volume processed: the total number of transactions, the average amount of Bitcoin sent per transaction, and the rise of the price of Bitcoin (BTC).

The first factor — the total number of transactions — is the most variable-dependent. Theoretically, “if Bitcoin were to increase its value transferred per transaction today by ~260%, it would be processing an equivalent volume to Mastercard on a daily basis.”

However, the report could not find current data indicating that the average amount of Bitcoin sent per transaction is on an upswing. The trend could change in the future, but a rise in price to $245,000 at the current volume would also bring Bitcoin to match Mastercard. This price action is potentially more likely than an uptick in volume, according to some analysts.

Blockdata ultimately claims that it is unlikely for Bitcoin’s price to rise to the appropriate level to match Mastercard. If one considers the average yearly Bitcoin price, it might take until 2060. On the other hand, “taking the current growth rate in 2021 as a metric, it could happen as soon as 2026.”

The report noted that although it is relatively young, the decentralized Bitcoin network has managed to achieve high volumes compared to the two centralized credit card giants.

“It’s impressive how Bitcoin, as a 12-year-old decentralized network, is 27% of the way in terms of volume processed compared to Mastercard, a company founded in 1966.”
Hi Kate, is this report comparing like with like? I imagine that Mastercard's $1.8 trillion per quarter and Visa's $3,2 trillion represent the value of goods and services that have been purchased using Mastercard and Visa (both credit cards and debit cards). What does the value of Bitcoin transactions represent? Is it the same as Mastercard and Visa and represents goods and services purchased or is it just the value of Bitcoin (in USD) that has been exchanged between holders of Bitcoin?

I'm not sure I'd read too much into Bitcoin's "12-year old decentralised network" compared with Mastercard "a company founded in 1966..." Credit cards were very slow in rolling out and gaining traction.

A couple of personal anecdotes: 1) I'd had a meal in a pub/restaurant somewhere outside Burnley in 1977. I asked if I could pay the bill with my credit card. The manager said, "of course." Then after he'd put my card through his mechanical card payment machine he then asked me to write a cheque and wanted to copy the credit card number on the back of the cheque. 2) In 1990 I was in Houston for the first time, a business trip was extended over a w/end and I need to buy some stuff for the extended time travelling. I visited Macy's in the Galleria area, picked out the things I needed and offered my credit card to pay for them. Turned out that Macy's didn't take either Mastercard of Visa. It was either Diners or cash. I had to put some things back. The only way I could get more cash was to wait until the banks opened on Monday morning.

What I'm saying is that the use of plastic (credit cards, debit cards) has grown massively over the past 2 or 3 decades - alongside things like computers/chips and the internet, which have facilitated this growth. Comparing Bitcoin's 12 years with Mastercard founded in 1966 is one of those Meaningless Indices of Performance, otherwise known as MIPs. (I think IT people used to speak of Million Instructions Per Second).
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Re: Cryptocurrency

Post by KateR » Sat Nov 27, 2021 11:17 pm

Paul Waine wrote:
Fri Nov 26, 2021 11:42 pm
Hi Kate, is this report comparing like with like?
Hi Paul,
it's like for like in the value of transactions, no mention in regard to what each transaction is for but people are buying goods at least with Bitcoin, also financial services are paid for with Bitcoin.

US banking is still archaic compared to the UK/Europe, with Banking I have to wait 2 business days for a bank to bank transfer in the US, I can do a one day transfer but only up to $2000/month, so forget trying to send anything on a Thursday and/or Friday if you need it urgently. $5 billion transferred using Bitcoin in less than 10 minutes with less than $1 fee, for me there's little comparison with banks.

Crypto still has a long way to go and yes I think Mastercard & Visa are better now for sure, the point is though you can see that crypto is growing and is under global adoption in a massive way, not just Bitcoin, I move money around now in crypto all times day & Night plus weekends, but I'll admit I still get scared/worried when doing it and always send very small amounts to test the addresses first. During November I've made a lot of transfers without a single issue, I'm still learning and not advocating anyone should get into crypto, that's a personal choice everyone needs to make for themselves.

As you note regarding plastic, I remember the early days very well, and people didn't want it and cash was king, yet look at today, as you say decades of adoption. What I am saying is, basically Crypto, lead by Bitcoin is in it's first decade of adoption, think what it will be like in 2030/2040. I also remember the skeptics around the world wide web and being able to talk to each other on hand held devices, don't get me going in terms of being able to see the other person on the other end, a continent away let alone the other side of Burnley. lol
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Re: Cryptocurrency

Post by KRBFC » Sat Nov 27, 2021 11:35 pm

claret2018 wrote:
Thu Nov 25, 2021 4:20 pm
NFTs seem to be the dictionary definition of the greater fool theory.

Fair play to anyone who makes money selling them to morons.
I agree to an extent, I am however a SoRare user, which is like football cards NFT but you actually use the cards bought to play 5 aside fantasy leagues to win more cards you can then sell for ETH. Utility is essential for me, I wouldn't touch NFT otherwise.

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Re: Cryptocurrency

Post by KRBFC » Sat Nov 27, 2021 11:37 pm

Any football fan into Crypto and not signed up on SoRare is seriously missing out, incredible design, very rewarding, official club licencing out of the asshole.

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Re: Cryptocurrency

Post by KateR » Sun Nov 28, 2021 12:04 am

KRBFC wrote:
Sat Nov 27, 2021 11:37 pm
Any football fan into Crypto and not signed up on SoRare is seriously missing out, incredible design, very rewarding, official club licencing out of the asshole.
I looked, but I only use Crypto.com (CDC) to buy my coins and they don't offer it unfortunately. However, I do have some Chiliz (CHZ) which is similar in regard to football and is doing ok, we will see in the long run.

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Re: Cryptocurrency

Post by KRBFC » Sun Nov 28, 2021 12:16 am

KateR wrote:
Sun Nov 28, 2021 12:04 am
I looked, but I only use Crypto.com (CDC) to buy my coins and they don't offer it unfortunately. However, I do have some Chiliz (CHZ) which is similar in regard to football and is doing ok, we will see in the long run.
You can deposit via RAMP, directly from your card with zero fees, you enter the FIAT amount, they provide your in game wallet with ETH. Or you can use an ETH wallet like MetaMask which is easy to setup.

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Re: Cryptocurrency

Post by KateR » Sun Nov 28, 2021 8:15 pm

KRBFC wrote:
Sun Nov 28, 2021 12:16 am
You can deposit via RAMP, directly from your card with zero fees, you enter the FIAT amount, they provide your in game wallet with ETH. Or you can use an ETH wallet like MetaMask which is easy to setup.
Thank you, the problem I have now is to many wallets, not sure I want another one, but appreciate the info and will consider it and see.

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Re: Cryptocurrency

Post by KateR » Mon Nov 29, 2021 2:57 pm

Blockchain being used by companies for various real use cases in Energy Applications, might be interesting for some to realize how much blockchain is being used main stream, this is just one industry and a small one compared with financial services and a couple of others.
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Re: Cryptocurrency

Post by CrosspoolClarets » Fri Dec 10, 2021 7:10 am

https://www.bbc.co.uk/news/technology-59596267

Podcast on today related to football NFTs.

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Re: Cryptocurrency

Post by Hipper » Fri Dec 10, 2021 9:28 am

KateR wrote:
Sat Nov 27, 2021 11:17 pm
US banking is still archaic compared to the UK/Europe, with Banking I have to wait 2 business days for a bank to bank transfer in the US, I can do a one day transfer but only up to $2000/month, so forget trying to send anything on a Thursday and/or Friday if you need it urgently. $5 billion transferred using Bitcoin in less than 10 minutes with less than $1 fee, for me there's little comparison with banks.
Are these banking restrictions due to money laundering regulations perhaps?

If not you would think banks would change their ideas as they must be losing business.

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Re: Cryptocurrency

Post by KateR » Fri Dec 10, 2021 4:37 pm

Those banking regulations have been there forever and certainly nothing to do with crypto, plenty have banks have had very fines for ripping of people, fixing rates, etc. so let's not pretend banking is great. In todays age, I would expect when I send an electronic bank transfer it goes immediately. It shouldn't be held up for two working days, which translates to if I want to send money on a Friday I don't see it in my other account until Tuesday! Crypto is not the only way to do money laundering, which was happening well before the existence of crypto

Banks are very scared of crypto and many many leading banks now have a crypto group because they see it becoming mainstream through institutions and everyday people. Crypto is a $3 Trillion industry today and continually growing, therefore they want a slice of that pie, 2021 saw a very large growth in the crypto market, numerous people lobbying against crypto and you can see where the banks are the ones paying them to introduce measure to stop the growth. Simultaneously, they see they are not stopping it so they are going address it direct and become part of the crypto world but they will try to have the terms and conditions set to benefit them, not individuals who use crypto. Let's not forget the countries who want to introduce taxes since the market is large and getting larger

Crypto still has a long way to go and I agree certain regulations are required and in my opinion welcome.

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Re: Cryptocurrency

Post by RVclaret » Fri Dec 10, 2021 4:53 pm

It’s funny that crypto people are so anti-bank when in fact it’s arguably the liquidity provided by central banks over the past ten years, along with record low interest rates, that allow people to have spare cash to speculate in crypto.

Crypto as a tradable asset are simply a high risk beta play and in my opinion when the market regime changes (banks start raising rates, Fed liquidity finishes, possible recession) tech stocks will crash from their bubbly over valued levels (I say that as a holder of multiple tech stocks) and cryptos will follow suit but worse.

Definitely not a store of value or inflation hedge as some like to call it, or at least not the way I see it. It’s a great market to trade as it provides unparalleled volatility and if you know how to trade vol there’s some awesome opportunities to make dollars.

But if you are hodl’ing, fair enough, just make sure you’re out before the clock strikes midnight.

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Re: Cryptocurrency

Post by KateR » Fri Dec 10, 2021 5:22 pm

RVclaret wrote:
Fri Dec 10, 2021 4:53 pm
It’s funny that crypto people are so anti-bank when in fact it’s arguably the liquidity provided by central banks over the past ten years, along with record low interest rates, that allow people to have spare cash to speculate in crypto.
I don't know whether that was aimed at me plus others or just a general comment, I am not anti bank and they have there place, my crypto portfolio is approx. 5% of my typical traditional portfolio, one third of which is with a major banking institute.

However, I did empty and close my savings accounts in banks in UK & USA, those funds were divided up (70% of the 5% to crypto) & (30% of the 5% going into three high risk stocks/shares, where I thought there room for growth)

I don't think banks are great though and that they need to improve a lot in what they provide to the public in general, previously it was pretty much a monopoly but now there is an alternative they're the ones crying about it, surely having the ability to chose is better than not?

Additionally, I have been a saver and investor for decades, I personally never saw a difference in this wonderful low interest rate regarding savings to any meaningful amount. Yes I did do a home loan and used the low interest to make a renovation to my home, but it certainly never went to crypto!

Consequently, I have additional monthly payments I have to make to a bank now that I didn't before, my crypto investment came from money that was hard earned and my bank manger was not happy at the withdrawal and closing of a savings account offering less than 1% because now I and everyone has an alternative.

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Re: Cryptocurrency

Post by Ric_C » Fri Dec 10, 2021 5:40 pm

Despite all the turbulence:

Year to date:

Bitcoin up 168.57%
Ethereum up 639.50%
Solana up 10,696.54%
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Re: Cryptocurrency

Post by KateR » Fri Dec 10, 2021 7:32 pm

Ric_C wrote:
Fri Dec 10, 2021 5:40 pm
Despite all the turbulence:

Year to date:

Bitcoin up 168.57%
Ethereum up 639.50%
Solana up 10,696.54%
But, but, my money in my savings account was much safer for that same time period and the stocks and share I have have also gone up. Look at the average for the SP 500, 10% a year, much better than banks, so over the last 7 years my S&P fund compounded has gone up 100% and was so much safer.

How many years has Bitcoin gone up over a 100%/year for the last 10 years, this trend is why many forecasters are saying end of 2022 it will be in the $100,000 range, but yet every year so many say I'm not buying because it's to high an entry price right now.

If we go back to banks, I'll hate on them a little more, along with Governments and will take the US as an example:

In the last 100 years only 13 with deflationary years, and those by a small margin! In the last 50 years only ONE year has been deflationary, and that was by 0.3%.

Yet we have a government, which is spending like mad and making numerous statements around this is just transitionary inflation, well yes some items could be but the inflation is now the worst since 1982, worst in 40 years, but the interest rate is at one of it's lowest ever! The FED refuse to put interest up so far and continues to see this as a good thing. As previously mentioned the lowest rates for a long time are encouraging people to buy things and take out long term loans from banks mostly, yet the government has kicked the can down the road for repayment of it's debt, people who kept there money in banks lost over 10% this year alone to inflation.

This is in the country who are supposed to be world leaders, look at the numerous countries that see inflation regularly 15%, who have a large part of the people who don't have bank accounts, look at say all those expats sending money back to family in the home land, banks, western union, paypal, etc. all taking more than there fair share, crypto has allowed these people to ensure that there families got more of their hard owned money, instantaneously almost, no waiting for central clearing houses to hold there funds for days, no more excessive fees to pay. It is a blockchain system and the money can't be stolen, much safer than banking systems, yes you have to be very careful to ensure you have the right currency to send and the right address to send it to but the system is there and it's gaining more adoption every year, the pandemic actually heled this happen, fueling the growth 2020 & 2021.

Yet for the most part anyone who invested in decent crypto a year have lost zero and most have significant percentage increases in the value they hold today even though the crypto market has been falling significantly for the last week. Many in the crypt0 market are presently buying to average down costs depending on when they bought in the last year. Certainly my holdings are significantly above inflation, and therefore a store of value against inflation, next year may be different but that's an unknown but for 2021 and the pandemic it has been a very good move from my perspective. Yes there's be added risk but this has been calculated and not just a shot in the dark or throw it at the casino games. it's funny how doing research and putting the effort in makes me very lucky.

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Re: Cryptocurrency

Post by LS7 » Sat Dec 11, 2021 10:49 pm

It’s a massive cult.

Not blockchain. Crypto.

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Re: Cryptocurrency

Post by ian » Sun Dec 12, 2021 7:24 am

Ric_C wrote:
Fri Dec 10, 2021 5:40 pm
Despite all the turbulence:

Year to date:

Bitcoin up 168.57%
Ethereum up 639.50%
Solana up 10,696.54%
Gold -6.5%

It doesn't take a genius to work out where institutional money is going

Retail investors will be next, for sloppy seconds

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Re: Cryptocurrency

Post by claret2018 » Sun Dec 12, 2021 8:09 am

Ric_C wrote:
Fri Dec 10, 2021 5:40 pm
Despite all the turbulence:

Year to date:

Bitcoin up 168.57%
Ethereum up 639.50%
Solana up 10,696.54%
If this isn’t a massive red flag I don’t know what is.

If you are investing long term in this it’s going to end badly.

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Re: Cryptocurrency

Post by RVclaret » Tue Dec 14, 2021 9:22 am

https://www.bbc.com/news/business-59636958

Bank of England warn against crypto risks.

Interesting that a few comments from crypto enthuisasts on here suggest how big crypto is and how it can't possibly ever fail.

Yet as the article states only 0.1% of UK households wealth is in them.

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