Cryptocurrency

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KateR
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Re: Cryptocurrency

Post by KateR » Fri Nov 05, 2021 3:03 pm

NRC wrote:
Fri Nov 05, 2021 2:30 pm
Thanks Kate….. I just moved it into XTZ, where I think I’ll let it sit. I have $1,000 in cash in Coinbase right now…. I’m looking to put it somewhere. BTC/ETH too rich right now…
welcome :)

HNT and CRO (Cryptyo.com coin) hit new highs today, CRO is going to introduce Cronos in the next few days, which is why it's been climbing steadily for the last week or so, NOT ADVICE, so just info, part of that jump is also because Coinbase listed CRO this last few days.

I've been buying CRO steadily in bits since I started but more because I want to get their Jade Green debit (pay as you go) card, I've still a way to go and I know my goal is in Feb to acquire it and try that side of the crypto for increased passive earnings plus a few other bonuses.

Lowbankclaret
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Re: Cryptocurrency

Post by Lowbankclaret » Fri Nov 05, 2021 4:08 pm

KateR wrote:
Fri Nov 05, 2021 1:40 pm
Hi Lowbank, I thought that's interesting, I'm sure BTC & ETH are up a lot more than 100%, so I went and checked out of curiosity, this last year has been really good for most crypto buyers who have researched and found solid projects, quite a few are still lingering and waiting to jump because fundamentals and announced future plans for improvements are coming out. The pictures tell a good story if anyone had just invested in the two "blue stock" crypto's for a year. Not bad returns in anyone's book in my opinion, of course they're now where near as good as SHIB :lol:

I compare to my long standing S&P 500, took 7 years compounding to make 100%, so there are alternative investments, risky but certainly more gains
My portfolio would have been well up if I just held Bit and Ethereum that I bought in the first place. Ethereum was around 2000 when I bought it but I sold making a profit and then put the money in XRP, which tanked.
The portfolio I started last year on 20th Nov has just achieved a 32% rise. Best shares , Tesla, Lucid and AMD.

claret2018
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Re: Cryptocurrency

Post by claret2018 » Fri Nov 05, 2021 9:25 pm

KateR wrote:
Wed Nov 03, 2021 10:36 pm
I think your views are like many in the world and here, you simply don't understand it and therefore it's a pyramid scheme, the market is in Trillions of $, this not a few million or even billion, Bitcoin alone has a higher market cap than Tesla. I say this not in a derogatory way but as someone with exactly the same views as you up until March 2021, that is when my eyes were open when my son suggested looking at HNT and the Helium business model. That was my light bulb moment and from there I started researching other opportunities and was totally surprised with how much I had underestimated crypto and the fundamentals, where there are a huge amount of good real life business cases funded by crypto applications.

If you're keeping your cash in the bank and spending it then you're not an investor at all? I started my investing decades ago, I knew nothing, went in very small, tried things out and learned, I've managed to build up an extensive portfolio in the stock market through shares and bonds, all part of that final retirement plan and none gone to crypto.

In March, I started my crypto journey, since I was going to start two new businesses with my sons, one in the UK and one in the US, I decided I needed to put a lot of time and effort into the whole thing and start my own crypto portfolio without touching the others, I'm far from on the sidelines watching passive income but its an important part of the overall strategy because long term it really compounds and builds. I had a substantial bank out that in September was closed because all the funds were transferred over months to various crypto's, I now have 26 different projects, millions of SHIB bought and doing well, USDC stable coin held and getting 10% per annum return, compound after every three months, today I got my USDC stake back, added the interest earned over the last 3 months and staked again within hours for another 3 months.

I have numerous coins that have doubled, have a few that have tripled and some quadrupled, highest gain was buying EGLD for $60, today it's standing around $300. Just to note I have no BTC/ETH in my 26 projects, several of mine hitting the ATH in the last 2 weeks but I'm not a day trader and holding for the long haul.

If you looked at my previous post regarding DeRace which is to me a fun investment, it's to do with horse racing and building your own NFT horses, racing them using blockchain, it gained 35% since my last post, it's a risky one but I'm betting a lot of people like horse racing. The AUDIO I mentioned has been developed for singers/song writers to use for there talents and ensuring complete trust through the blockchain, I'm betting a lot will migrate there and you can already find out who has joined from the music world.

Regarding banks, couple of things you can easily check yourself, $100,000 today would be equivalent to ~ $59,000 2010!! A Disney ticket in 2010 would have cost you $41, today the same ticket is $164. So if you're "investing" in a bank account, your not really investing at all are you?

In just a few months I have seen how crypto adoption is growing, it will be main stream, maybe not next year, but it wont be long I'm betting before a few sceptics here change their mind and start to dabble.

AS EVERYONE KNOW; IT'S RISKY, DON'T INVEST WHAT YOU CAN'T AFFORD TO LOSE, BEWARE OF SCAMS, DO YOUR OWN RESEARCH (plenty of places to check/confirm before buying)
I’m a cautious person financially, plus I can’t be bothered to do the required research! The prospect of making a few quid doesn’t honestly interest me, when it could potentially all be lost.

Newcastleclaret93
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Re: Cryptocurrency

Post by Newcastleclaret93 » Fri Nov 05, 2021 9:39 pm

claret2018 wrote:
Fri Nov 05, 2021 9:25 pm
I’m a cautious person financially, plus I can’t be bothered to do the required research! The prospect of making a few quid doesn’t honestly interest me, when it could potentially all be lost.
Fair enough if that’s your opinion. But in reality we are not talking about “a few quid”. Life changing money can be made in the next 12-24 months
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ian
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Re: Cryptocurrency

Post by ian » Fri Nov 05, 2021 9:51 pm

Newcastleclaret93 wrote:
Fri Nov 05, 2021 9:39 pm
Life changing money can be made in the next 12-24 months
Looking forward to it, although I think we're heading for a bear market before then end of that time frame. Fast forward to the next BTC halving event though, and this time in 2025 I fully expect to have made 7 figures through crypto related projects

RVclaret
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Re: Cryptocurrency

Post by RVclaret » Fri Nov 05, 2021 9:52 pm

Newcastleclaret93 wrote:
Fri Nov 05, 2021 9:39 pm
Fair enough if that’s your opinion. But in reality we are not talking about “a few quid”. Life changing money can be made in the next 12-24 months
Ultimate crypto get rich quick talk that. After also seeing crypto dog adverts on the side of London buses. Red flag after red flag. 2000 all over again. Question is, will you be on the bus? ;)

Newcastleclaret93
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Re: Cryptocurrency

Post by Newcastleclaret93 » Fri Nov 05, 2021 9:58 pm

RVclaret wrote:
Fri Nov 05, 2021 9:52 pm
Ultimate crypto get rich quick talk that. After also seeing crypto dog adverts on the side of London buses. Red flag after red flag. 2000 all over again. Question is, will you be on the bus? ;)
Haha very true. If I hadn’t already made a lot more than I originally anticipated I would be sceptical.

Lowbankclaret
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Re: Cryptocurrency

Post by Lowbankclaret » Fri Nov 05, 2021 10:02 pm

claret2018 wrote:
Fri Nov 05, 2021 9:25 pm
I’m a cautious person financially, plus I can’t be bothered to do the required research! The prospect of making a few quid doesn’t honestly interest me, when it could potentially all be lost.
So how cautious, my main pension is in an account the pays 5.7% with fees of 1.1%. It’s a smoothed fund that pays the 5.7% divided by 365 days a year and pays daily interest.
My investment account did 32% over the last year.
Crypto made nothing over the last year, my fault bad choices.

But in a balanced portfolio, you have 80-90% in safe investments
10-15% in more risky investments
Up to 5% in hail Marie’s like crypto.

Newcastleclaret93
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Re: Cryptocurrency

Post by Newcastleclaret93 » Fri Nov 05, 2021 10:02 pm

ian wrote:
Fri Nov 05, 2021 9:51 pm
Looking forward to it, although I think we're heading for a bear market before then end of that time frame. Fast forward to the next BTC halving event though, and this time in 2025 I fully expect to have made 7 figures through crypto related projects
Wow you must have got in early to some exciting projects.

Out of interest have you done anything with NFTS?

ian
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Re: Cryptocurrency

Post by ian » Fri Nov 05, 2021 10:09 pm

No but I've hopped on board ETH recently, BTC since 2017. My main holding is VLRM when they listed earlier this year, they are on the verge of buying the Gibraltar stock exchange to link securities and crypto. A very exciting project with Patrick L Young on board and serious money to be made over the medium to long term

Newcastleclaret93
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Re: Cryptocurrency

Post by Newcastleclaret93 » Fri Nov 05, 2021 10:11 pm

ian wrote:
Fri Nov 05, 2021 10:09 pm
No but I've hopped on board ETH recently, BTC since 2017. My main holding is VLRM when they listed earlier this year, they are on the verge of buying the Gibraltar stock exchange to link securities and crypto. A very exciting project with Patrick L Young on board and serious money to be made over the medium to long term
I will have a look into it thanks.
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claret2018
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Re: Cryptocurrency

Post by claret2018 » Fri Nov 05, 2021 10:57 pm

Image
Lowbankclaret wrote:
Fri Nov 05, 2021 10:02 pm
So how cautious, my main pension is in an account the pays 5.7% with fees of 1.1%. It’s a smoothed fund that pays the 5.7% divided by 365 days a year and pays daily interest.
My investment account did 32% over the last year.
Crypto made nothing over the last year, my fault bad choices.

But in a balanced portfolio, you have 80-90% in safe investments
10-15% in more risky investments
Up to 5% in hail Marie’s like crypto.
Eh I’m not fussed to be honest. I’m comfortable enough and will likely be throughout my working life

SalouClaret
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Re: Cryptocurrency

Post by SalouClaret » Fri Nov 05, 2021 11:51 pm

Invest in SUKU. Wait until next summer and then return to this thread to thank me ;)

dsr
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Re: Cryptocurrency

Post by dsr » Sat Nov 06, 2021 12:35 am

How do you get into it? not buying other people's cryptocurrencies, but making your own? Presumably that's where the real money is - what does a crypto manufacturer (or whatever they're called) have to do to switch on his computer, write his code, and persuade people to buy it?

Claretforever
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Re: Cryptocurrency

Post by Claretforever » Sat Nov 06, 2021 6:29 am

:?
dsr wrote:
Sat Nov 06, 2021 12:35 am
How do you get into it? not buying other people's cryptocurrencies, but making your own? Presumably that's where the real money is - what does a crypto manufacturer (or whatever they're called) have to do to switch on his computer, write his code, and persuade people to buy it?
You mean a “rug pull” project like the recent as quid Game token, get people to invest and then run off with the cash? I like your thinking of so :lol: . Fortunately they are few and far between, though seem to be on the rise, but with a bit of research and common sense you can avoid them. Imagine being UK based and trying to get away with that?!?!

If you mean a solid project utilising a block chain, it looks like it can take years, and usually a solid team of developers.

As an example, this is the journey Ripple have been on to this stage in developing their XRPL, which uses the XRP token as settlement in their ODL model. Years of work and a team including early Bitcoin developers, plus over the years have given themselves credibility will all of the partnership contracts and real world use cases. There are some really good projects out there which will likely be around for a long time, probably hundreds or more.

https://xrpl.org/history.html
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Lowbankclaret
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Re: Cryptocurrency

Post by Lowbankclaret » Sat Nov 06, 2021 2:25 pm

claret2018 wrote:
Fri Nov 05, 2021 10:57 pm
Image

Eh I’m not fussed to be honest. I’m comfortable enough and will likely be throughout my working life
To be fair that’s the whole point, it when your working life finishes you need money to survive retirement.

dsr
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Re: Cryptocurrency

Post by dsr » Sat Nov 06, 2021 2:55 pm

Claretforever wrote:
Sat Nov 06, 2021 6:29 am
:?

You mean a “rug pull” project like the recent as quid Game token, get people to invest and then run off with the cash? I like your thinking of so :lol: . Fortunately they are few and far between, though seem to be on the rise, but with a bit of research and common sense you can avoid them. Imagine being UK based and trying to get away with that?!?!

If you mean a solid project utilising a block chain, it looks like it can take years, and usually a solid team of developers.

As an example, this is the journey Ripple have been on to this stage in developing their XRPL, which uses the XRP token as settlement in their ODL model. Years of work and a team including early Bitcoin developers, plus over the years have given themselves credibility will all of the partnership contracts and real world use cases. There are some really good projects out there which will likely be around for a long time, probably hundreds or more.

https://xrpl.org/history.html
No, nothing illegal. But presumably all these hundreds of cryptocurrencies have got someone who invented them and made some money out of inventing them. They start with nothing, they write a computer program, they make a fortune, and it's not by selling the computer program. What have they done that I couldn't do on my computer at home?

Newcastleclaret93
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Re: Cryptocurrency

Post by Newcastleclaret93 » Sat Nov 06, 2021 3:01 pm

dsr wrote:
Sat Nov 06, 2021 2:55 pm
No, nothing illegal. But presumably all these hundreds of cryptocurrencies have got someone who invented them and made some money out of inventing them. They start with nothing, they write a computer program, they make a fortune, and it's not by selling the computer program. What have they done that I couldn't do on my computer at home?
Dsr most of these cryptos have genuine utility in the world. Similar to a business if it has no use it will inevitably fail.
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NRC
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Re: Cryptocurrency

Post by NRC » Tue Nov 09, 2021 3:00 pm

NRC wrote:
Wed Nov 03, 2021 12:10 pm
I just caught up with this thread and went utterly green with envy at the fellow clarets that were buying into SHIB back in May. Hats off to you all. I bought $1k 3 weeks ago, took my stake back last week and now playing with profit, like C&J, currently $1,600

Other than that all my punts are pretty flat
COMP
AMP
STORJ is off

I just bought into LRC
so my pitch into LRC was well-timed. I just took my $2k stake back and left the $1k gain in.

dsr
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Re: Cryptocurrency

Post by dsr » Tue Nov 09, 2021 3:17 pm

Newcastleclaret93 wrote:
Sat Nov 06, 2021 3:01 pm
Dsr most of these cryptos have genuine utility in the world. Similar to a business if it has no use it will inevitably fail.
But what are these uses? If I buy some STORJ, for example, what is its genuine utility? Who can use it, and for what?

Newcastleclaret93
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Re: Cryptocurrency

Post by Newcastleclaret93 » Tue Nov 09, 2021 3:24 pm

dsr wrote:
Tue Nov 09, 2021 3:17 pm
But what are these uses? If I buy some STORJ, for example, what is its genuine utility? Who can use it, and for what?
I personally don’t know much about STORJ as it is not a crypto I am involved in.

However this link will give you information about STORJ.
https://www.storj.io/how-it-works

dsr
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Re: Cryptocurrency

Post by dsr » Tue Nov 09, 2021 3:37 pm

Newcastleclaret93 wrote:
Tue Nov 09, 2021 3:24 pm
I personally don’t know much about STORJ as it is not a crypto I am involved in.

However this link will give you information about STORJ.
https://www.storj.io/how-it-works
That seems to be all about a system of cloud storage of data. If you buy crypto coins, are you getting access to that system of cloud storage? Or becoming a shareholder or equivalent in the company? Is there any reason to buy STORJes if you don't want to store cloud data?

ClaretAL
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Re: Cryptocurrency

Post by ClaretAL » Tue Nov 09, 2021 5:46 pm

Might have a dabble at this considering we seem to have some well educated people on the board. So Binance is the platform to use and I'm presumably going ETH route? Don't worry I'm not going massive on it so if it fails I won't point fingers lol

Newcastleclaret93
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Re: Cryptocurrency

Post by Newcastleclaret93 » Tue Nov 09, 2021 5:54 pm

dsr wrote:
Tue Nov 09, 2021 3:37 pm
That seems to be all about a system of cloud storage of data. If you buy crypto coins, are you getting access to that system of cloud storage? Or becoming a shareholder or equivalent in the company? Is there any reason to buy STORJes if you don't want to store cloud data?
Hi Dsr,

Apologies, I am really not the best at explaining things over a messageboard. I have found this useful link for anyone that is interested in getting started with Crypto it explains the basics. I hope this helps you to understand.

https://bitcourier.co.uk/blog/getting-s ... tocurrency

RVclaret
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Re: Cryptocurrency

Post by RVclaret » Tue Nov 09, 2021 7:25 pm

ClaretAL wrote:
Tue Nov 09, 2021 5:46 pm
Might have a dabble at this considering we seem to have some well educated people on the board. So Binance is the platform to use and I'm presumably going ETH route? Don't worry I'm not going massive on it so if it fails I won't point fingers lol
Market top right there
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dsr
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Re: Cryptocurrency

Post by dsr » Tue Nov 09, 2021 11:19 pm

Newcastleclaret93 wrote:
Tue Nov 09, 2021 5:54 pm
Hi Dsr,

Apologies, I am really not the best at explaining things over a messageboard. I have found this useful link for anyone that is interested in getting started with Crypto it explains the basics. I hope this helps you to understand.

https://bitcourier.co.uk/blog/getting-s ... tocurrency
Thanks. But actually, the theory of buying and selling is pretty much the same as buying shares or currencies, though the practicalities are different.

But what I fundamentally can't understand is, why? If I was a computer whizzkid and created myself a new cryptocurrency called (say) the DSR, why would anyone want to buy it?

RVclaret
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Re: Cryptocurrency

Post by RVclaret » Wed Nov 10, 2021 6:52 am

dsr wrote:
Tue Nov 09, 2021 11:19 pm
Thanks. But actually, the theory of buying and selling is pretty much the same as buying shares or currencies, though the practicalities are different.

But what I fundamentally can't understand is, why? If I was a computer whizzkid and created myself a new cryptocurrency called (say) the DSR, why would anyone want to buy it?
Create a fancy website, do some sexy marketing, tell cryptobros its going to the moon and that it’s going to have real world utility and bingo you may have a shot of ‘making it’.
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Claretforever
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Re: Cryptocurrency

Post by Claretforever » Wed Nov 10, 2021 6:56 am

ClaretAL wrote:
Tue Nov 09, 2021 5:46 pm
Might have a dabble at this considering we seem to have some well educated people on the board. So Binance is the platform to use and I'm presumably going ETH route? Don't worry I'm not going massive on it so if it fails I won't point fingers lol
It’s towards the end of the cycle right now so don’t go stupid would be my advice. Probably weeks left of it rather than many months. The best time to buy other than now will likely be in about a years time if previous cycles are anything to go by, when everything has pretty much bottomed out, and you’ll have more time to get it right and slowly accumulate before the next cycle.

You cannot send money to Binance from your bank because they all blocked it this summer. You can still use Binance, but have to buy of an exchange like Coinbase and transfer over (XLM is one of the cheapest assets to use to transfer).

Though the fees are slightly higher, if you’re looking for a starting point where the platform is Financial Conduct Authority (FCA) approved and UK banks are fine with them, plus moving money in and out to your bank is quite simple, I’d go with eToro until you’re more comfortable with more dedicated crypto exchanges. Also, eToro has a ‘virtual portfolio’ where you can pretend you’re trading real money until you get used to the platform and market. Their crypto offering is limited to the main 50 coins or so, inc Ethereum you mentioned, plus a couple of meta and NFT options, like Decentraland and Chiliz, as I recall. It’s varied enough to start with in my opinion.

Good luck whatever you choose to do.

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Re: Cryptocurrency

Post by ClaretAL » Wed Nov 10, 2021 8:57 am

What is SHIB like? I keep reading it could be a good investment?

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Re: Cryptocurrency

Post by Paul Waine » Wed Nov 10, 2021 9:24 am

Some might find reading Craig Pirrong's latest blog on cryptocurrencies.

https://streetwiseprofessor.com/you-can ... out-crypt/

You Can’t Spell “Cryptocurrency” Without “Crypt”
Filed under: Cryptocurrency,Exchanges,Politics,Regulation — cpirrong

Extracts:

The libertarian/anarchist roots of cryptocurrency, especially Bitcoin, are well known. The supposed allure is that crypto would allow individuals to transact without requiring on state issued fiat currencies (which are subject to various government controls and monitoring) or state-sanctioned financial institutions. Crypto is in theory anonymous, decentralized, and peer-to-peer, outside of the purview or control of the state. A way to Go Galt, virtually.

In the early days of crypto, which of course are not that long ago, I expressed extreme skepticism about that vision. It could be realized only if crypto remained unimportant and utilized by few: if it were ever to become close to realizing the vision on a broad scale, it would be a threat to governments and they would intervene to control it, neuter it, co-opt it, or destroy it.

There’s an irony here. If you believe the ideological argument for crypto–that it is justified as a means of escaping a tyrannical government-sanctioned and controlled financial system–you also have to understand that governments would not permit crypto to survive as the true believers desire it to.

And we are at that point. Crypto has flourished in the last several years. Not surprisingly, governments are moving to crack down on it.

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Re: Cryptocurrency

Post by tarkys_ears » Wed Nov 10, 2021 12:21 pm

ClaretAL wrote:
Wed Nov 10, 2021 8:57 am
What is SHIB like? I keep reading it could be a good investment?

It'll take off again when Elon decides to tweet and it'll cause a rush, buy into it then and sell before everyone else does.
As for now, theres no hype so it'll just have a slow sell off.

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Re: Cryptocurrency

Post by RVclaret » Wed Nov 10, 2021 12:29 pm

ClaretAL wrote:
Wed Nov 10, 2021 8:57 am
What is SHIB like? I keep reading it could be a good investment?
A good investment :lol: where do you read this absolute rubbish?

ClaretAL
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Re: Cryptocurrency

Post by ClaretAL » Thu Nov 11, 2021 7:48 am

Cheers Guys, took your advice at starting with Etoro just to get used to it, and got some ADA.
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Re: Cryptocurrency

Post by SalouClaret » Thu Nov 11, 2021 7:58 am

ASM recently got listed on coinbase but isn't shown on the 'trade' section, you have to search for it.

It has one of the lowest market caps on Coinbase and is currently around 11-13p a coin.

It's ATH is 47p. I bought 10,500 coins at 2p not long ago. Not selling until 50-60p.

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Re: Cryptocurrency

Post by ClaretAL » Thu Nov 11, 2021 1:35 pm

How do you withdraw from Binance?

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Re: Cryptocurrency

Post by bfcmatt » Thu Nov 11, 2021 1:53 pm

ClaretAL wrote:
Wed Nov 10, 2021 8:57 am
What is SHIB like? I keep reading it could be a good investment?
Shib is absolute garbage, I bought in at next to nothing and sold at ath, It won't go much higher than it is now, sure it will have some high's and some lows but the market cap for a meme coin is already massive, it will never reach a penny per shib, for it to do that it would be the most expensive asset in the world. It is to be truthful sh|t

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Re: Cryptocurrency

Post by bfcmatt » Thu Nov 11, 2021 1:55 pm

If any body is after an asset with potential take a look at Cartesi, I bought at 31p each and is currently trading at 98p. Low market cap and has a good backing and brilliant long term projections.

KateR
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Re: Cryptocurrency

Post by KateR » Thu Nov 11, 2021 2:58 pm

bfcmatt wrote:
Thu Nov 11, 2021 1:53 pm
Shib is absolute garbage, I bought in at next to nothing and sold at ath, It won't go much higher than it is now, sure it will have some high's and some lows but the market cap for a meme coin is already massive, it will never reach a penny per shib, for it to do that it would be the most expensive asset in the world. It is to be truthful sh|t
not strictly true though in answer to the previous question and the answer also lies in DSF's question. It's a coin someone invented but has no real utility, however but they spent a lot of money on marketing it, there's nothing behind it that would say this coin is the equivalent of shares in the blockchain work we are going to undertake to do X, Y or Z.

However, as an investment you clearly bought into it and did well, as have I and a lot more people, as you point out there is still an ability to invest and make money, however given it's non-existent utility you're far more likely to lose money and would be something I would certainly recommend against. Yet against DSR's theory it shows millions have bought it, but DSR would need to gamble that his marketing machine could prompt enough people to cover his costs and make a profit, risky and unlikely.

I think the vast majority agree it will never get to one cent, but it doesn't need to in order to be profitable, it's trading in the $0.00005 range, if it went to $0.0005, then it would be very profitable, or even $0.0001.

What about if SHIB actually teamed with a start up company, which has the business use case but that needs a coin and infrastructure to launch it, perhaps then it would really take off, but just day dreaming there lol.

From DSR's post:
"That seems to be all about a system of cloud storage of data. If you buy crypto coins, are you getting access to that system of cloud storage? Or becoming a shareholder or equivalent in the company? Is there any reason to buy STORJes if you don't want to store cloud data?"

You've now understood a business case, now like looking at any share for a company with a utility, that's the question you need to answer yourself, you know people use the cloud, will this company offer a better, safer, lower way of doing it? Blockchain is the safest, so I would say on that front yes it could be a model that people turn to long term, but it's a guess and wouldn't be one I would turn to. However, it's one I haven't read about so perhaps the poster who brought it could enlighten everyone

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Re: Cryptocurrency

Post by bfcmatt » Thu Nov 11, 2021 3:25 pm

KateR wrote:
Thu Nov 11, 2021 2:58 pm
not strictly true though in answer to the previous question and the answer also lies in DSF's question. It's a coin someone invented but has no real utility, however but they spent a lot of money on marketing it, there's nothing behind it that would say this coin is the equivalent of shares in the blockchain work we are going to undertake to do X, Y or Z.

However, as an investment you clearly bought into it and did well, as have I and a lot more people, as you point out there is still an ability to invest and make money, however given it's non-existent utility you're far more likely to lose money and would be something I would certainly recommend against. Yet against DSR's theory it shows millions have bought it, but DSR would need to gamble that his marketing machine could prompt enough people to cover his costs and make a profit, risky and unlikely.

I think the vast majority agree it will never get to one cent, but it doesn't need to in order to be profitable, it's trading in the $0.00005 range, if it went to $0.0005, then it would be very profitable, or even $0.0001.

What about if SHIB actually teamed with a start up company, which has the business use case but that needs a coin and infrastructure to launch it, perhaps then it would really take off, but just day dreaming there lol.

From DSR's post:
"That seems to be all about a system of cloud storage of data. If you buy crypto coins, are you getting access to that system of cloud storage? Or becoming a shareholder or equivalent in the company? Is there any reason to buy STORJes if you don't want to store cloud data?"

You've now understood a business case, now like looking at any share for a company with a utility, that's the question you need to answer yourself, you know people use the cloud, will this company offer a better, safer, lower way of doing it? Blockchain is the safest, so I would say on that front yes it could be a model that people turn to long term, but it's a guess and wouldn't be one I would turn to. However, it's one I haven't read about so perhaps the poster who brought it could enlighten everyone
I understand what you are saying and get your point, but that is if it manages to get teamed up with a business, there would be a long way to go before that happens, as for it doubling where it is now? Can you honestly see that happening, the market cap would be phenomenal for that to happen and would be a massive punt, certainly not worth investing any real money in.

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Re: Cryptocurrency

Post by Claretforever » Fri Nov 12, 2021 11:26 am

ClaretAL wrote:
Thu Nov 11, 2021 1:35 pm
How do you withdraw from Binance?
You can’t withdraw to UK banks from Binance at the moment I don’t think? Someone else might know better.

Whatever crypto you have, exchange it to a token with low transaction costs if it isn’t already. XLM is a good one.

Transfer your XLM from your Binance wallet to your Coinbase wallet. I assume you have Coinbase as many people do for this reason?

Convert XLM to GBP. Withdraw to bank (you will have to have deposited something to set that up I think, so a £5 investment maybe via a bank transfer) or to PayPal from there.
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Re: Cryptocurrency

Post by duncandisorderly » Fri Nov 12, 2021 12:55 pm

Once you've deposited from binance to paypal there's nothing to stop you transferring from paypayl to your bank, is there?

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Re: Cryptocurrency

Post by ClaretAL » Sat Nov 13, 2021 7:53 pm

As I'm a complete novice on this and I'm sure many watching can the proffesionals amongst drop us a top every now and then please? I'm currently on MANA SAND XRP

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Re: Cryptocurrency

Post by willsclarets » Sat Nov 13, 2021 9:58 pm

It's a massive asset bubble, it's not investing for the main part, it's gambling on short term price appreciations. And that's not just crypto, that's big firm investors pumping big stocks to 300 times earnings based on nothing fundamental. Tesla is the prime example of this, it's priced at a level where its 1.2 trillion (ish) market cap is pretty much equal to every other car manufacturer combined. It all stems from massive QE and zero rates, the money has nowhere to go but the markets. Meanwhile, inflation soars with asset prices and at first it's all great because prices keep going up.

The very fact that the market cap of these crypto companies are billions of dollars without any sort of fundamental foundation is characterostic of the place we're at. It's a reflection of a hyperbubble. The share value is purely based on what someone else is willing to pay for it, there's no real product, future flow of dividends, growth indicators are tough to identify. It's pure speculation akin to a ponzi scheme with unassuming participants. I'm not saying digital currency isn't going to play a big part in the fabric of our monetary system, but it's a casino out there.

Again I'll reference tesla, it's a meme stock that bulls will tell you is going to reach 10 trillion, or double every year. But if you're investing, in the truest sense of the word, you're saying "I'm buying here because in 5 years I expect tesla to have way over and above (in order to profit) 500 times current earnings." Most of their profit comes from carbon credits, which will disappear. Their competition will adapt to a changing world, the future may change (what if we're all driving hydrogen powered cars in 10 years?) Rivian has just floated and has a market cap of 140 billion I think. Its sold about 100 cars and it's bigger than GM.

Make money by all means and good luck to you in the crypto space, but it's an asset class that's in the same bubble as everything else. At some point, most of it will go to sh*t
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Re: Cryptocurrency

Post by Claretforever » Sat Nov 13, 2021 10:56 pm

As I'm a complete novice on this and I'm sure many watching can the proffesionals amongst drop us a top every now and then please? I'm currently on MANA SAND XRP
[/quote]

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:

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Re: Cryptocurrency

Post by LS7 » Sat Nov 13, 2021 11:05 pm

This entire thread is the shoe shine boys talking it up

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Re: Cryptocurrency

Post by KateR » Sun Nov 14, 2021 12:23 am

LS7 wrote:
Sat Nov 13, 2021 11:05 pm
This entire thread is the shoe shine boys talking it up
not really, a good portion is from people who freely admit they know absolutely nothing about crypto but advise people that it's all a scam and a ponzi scheme, be more inclusive please, rather than trying to put people down who are discussing something they believe in and sharing information.

It's a mirror image of the posts regarding the new owners, those that absolutely know that they are scam artists and have never put a penny into BFC with the intent to rape the system. Are these the sort of people who dump dirt on the shoes of the shine boys?

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Re: Cryptocurrency

Post by dsr » Sun Nov 14, 2021 12:39 am

KateR wrote:
Sun Nov 14, 2021 12:23 am
not really, a good portion is from people who freely admit they know absolutely nothing about crypto but advise people that it's all a scam and a ponzi scheme, be more inclusive please, rather than trying to put people down who are discussing something they believe in and sharing information.
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.

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Re: Cryptocurrency

Post by ClaretAL » Sun Nov 14, 2021 6:25 am

Claretforever wrote:
Sat Nov 13, 2021 10:56 pm
As I'm a complete novice on this and I'm sure many watching can the proffesionals amongst drop us a top every now and then please? I'm currently on MANA SAND XRP
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:
[/quote]

What do you mean mate, they are all on Binance?
Screenshot_20211114-062415_Binance.jpg
Screenshot_20211114-062415_Binance.jpg (280.87 KiB) Viewed 4086 times

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Re: Cryptocurrency

Post by Damo » Sun Nov 14, 2021 7:20 am

I have absolutely no idea how these things work, but I did have two lads on one of my projects working last night, claiming to have made 4k on something called shiba and begging me for another £150 shift next weekend.
Make of that what you will

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Re: Cryptocurrency

Post by willsclarets » Sun Nov 14, 2021 8:23 am

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.

I definitely agree with this, although one of the characteristics of a bubble is fraudulent and increasingly unethical behaviour in order to keep the euphoria going. While it's wrong to say the whole crypto space is a ponzi scheme, there are obvious attempts to pump and dump stocks. In this case the bag holders who bought in at the top are essentially victims of a ponzi. The crypto space is also completely unregulated, which I think people miss from time to time. It's much more open to abuse, manipulation and fraud.

It's a massively volatile marketplace, and most professional investors would say the vast majority of projects will fail long term. For a portfolio manager this means making high risk crypto stocks a small % of their overall investments.

For alot of retail, its gambling on a wide spread of crap, hoping one of them will "go to the moon". The get out in 6 months and sip cocktails on a yacht. That's fine if you have good risk management, but it's volatile and high risk.

The valuations are also nuts, the very idea of value has just left the building recently. The crypto market now has a combined market cap greater than all the big financials. Based on nothing more than "I'll pay more for that coin and hope that someone else will want to buy it for more than I did."

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