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Post by Worthingshrew on Jun 19, 2022 7:16:34 GMT 1
Really not feeling very sorry for myself watching bitcoin crash through the $18k barrier to be honest. Thought it would at least circle the bowl for a bit but no, it's headed straight down the toilet by the looks of things. I do feel really sorry for the people who've been conned in to making risky financial decisions with money they can't afford to lose in "the crypto space" though. Concerning number of suicide hotline numbers being shared in crypto land right now. I'm also generally sorry for the environmental damage done over this. What an utterly colossal waste. There's been a general dereliction of duty by mainstream media on this. All apart from the FT have been asleep at the wheel, if not actively promoting these things. Messrs Sunak and Hancock need to take a long hard look at themselves also, as does Matt Damon. With all due respect, that's the most over the top, sensationalised post I've seen probably ever seen. Really? B&A is full of them! I know very little about cryptocurrency but seems a reasonable summary. Can anyone recommend a balanced explanation about them, just for my general interest? I’ve asked a number of people to explain “mining” and no one seems to be able to explain its purpose.
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Post by Pilch on Jun 19, 2022 8:01:30 GMT 1
there is a site that tracks cryptos and lists the " dead" ones www.coinopsy.comcurrently there are 2417 that have failed top of their list for ongoing ones is bitcoin 40% of those that have invested in bitcoin lost money ( some all of it but their own fault for losing codes ) most are seemingly worthless if I was to dabble I 'd probably pick a random low one, buy £10s worth of dirt cheap coins worth affection of a penny each and hope in about 3 weeks they are worth 25K each ;-)
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Post by shrewder on Jun 19, 2022 9:25:05 GMT 1
I've given these a wide berth. Too old to be gambling my hard earned savings away.
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Post by zenfootball2 on Jun 19, 2022 11:15:22 GMT 1
as with anything , what is your risk profile ,do you understand what you are investing in, investment go up and down,look at diversifying your investment and what your willingness to risk when you are 21 will probably be very different to when you are 61, also in an in an ideal world be at the beggining of the curve anyone who invested in bitcoin when they were $15 held there nerve and sold at $50,000 will be happy any one late to the party hoping it would continue will be less happy .but who know were it will go next.
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Post by martinshrew on Jun 19, 2022 20:33:36 GMT 1
Really not feeling very sorry for myself watching bitcoin crash through the $18k barrier to be honest. Thought it would at least circle the bowl for a bit but no, it's headed straight down the toilet by the looks of things. I do feel really sorry for the people who've been conned in to making risky financial decisions with money they can't afford to lose in "the crypto space" though. Concerning number of suicide hotline numbers being shared in crypto land right now. I'm also generally sorry for the environmental damage done over this. What an utterly colossal waste. There's been a general dereliction of duty by mainstream media on this. All apart from the FT have been asleep at the wheel, if not actively promoting these things. Messrs Sunak and Hancock need to take a long hard look at themselves also, as does Matt Damon. Back over $19,500, like all throughout crypto history, things change fast. Why would you invest in ANYTHING with money you can't afford to lose? Whether it's stocks, shares, metals or anything else, you never invest with money you can't afford to lose.
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Post by barrynic on Jun 19, 2022 21:04:33 GMT 1
Thank God I dumped my bitcoin when it was almost at its peak and put it towards a property in Telford to rent....Nice little 7% earner and the house has increased in value by 15k.
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Post by martinshrew on Jun 19, 2022 21:42:49 GMT 1
Thank God I dumped my bitcoin when it was almost at its peak and put it towards a property in Telford to rent....Nice little 7% earner and the house has increased in value by 15k. Never bad to take profit, I've done it so much at different points that my investment is completely free now. Still hold a decent amount of crypto as well.
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Post by martinshrew on Jun 20, 2022 17:09:10 GMT 1
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Post by blazey on Jun 21, 2022 20:07:21 GMT 1
So, in the last four posts we’ve established that cryptocurrency is a gamble rather than an investment, and choosing your exit point is more down to luck than judgement
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Post by martinshrew on Jun 21, 2022 20:47:23 GMT 1
So, in the last four posts we’ve established that cryptocurrency is a gamble rather than an investment, and choosing your exit point is more down to luck than judgement Like a lot of investments then. Interesting to note it crashed through $18k, didn't end up at $0 as Frankwell predicted and is today sat above $21k. Only a fool makes crypto predictions.
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Post by Pilch on Jun 21, 2022 21:59:39 GMT 1
I recommend investing in cans of Guinness cold brew Coffee Beer instead of crypto its awful and I don't think it will be around long making it a rare collectors item very soon ;-) then again, it could be worthless
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Post by blazey on Jun 26, 2022 12:12:53 GMT 1
Like a lot of investments then. No, not really. Company shares often pay out dividends, you can analyse their potential by reading company reports, metrics such as price/earnings ratio..... Gilts and bonds make regular distributions and then return your capital at the end of a fixed term. Rental property provides yield and is backed by bricks and mortar. you can even get a guaranteed % of interest on cash in the bank and FSCS protection up to £85k! Cryptocurrency does none of the above, it only has an arbitrary and volatile “value”, isn’t backed by any tangible assets and has no natural rate of return. The industry appears to be a haven for scammers and money laundering, exchange charges provide a significant drag on performance, and governments internationally are circling to bring it in the sphere of regulation. Even if you make a killing at it you potentially face an enormous Capital Gains bill as you cannot hold it in a tax advantaged account.
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Post by frankwellshrews on Jun 26, 2022 13:07:03 GMT 1
Like a lot of investments then. No, not really. Company shares often pay out dividends, you can analyse their potential by reading company reports, metrics such as price/earnings ratio..... Gilts and bonds make regular distributions and then return your capital at the end of a fixed term. Rental property provides yield and is backed by bricks and mortar. you can even get a guaranteed % of interest on cash in the bank and FSCS protection up to £85k! Cryptocurrency does none of the above, it only has an arbitrary and volatile “value”, isn’t backed by any tangible assets and has no natural rate of return. The industry appears to be a haven for scammers and money laundering, exchange charges provide a significant drag on performance, and governments internationally are circling to bring it in the sphere of regulation. Even if you make a killing at it you potentially face an enormous Capital Gains bill as you cannot hold it in a tax advantaged account. Great summary, the only thing I would add is "causes a vast environmental impact for absolutely nothing useful in return".
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Post by martinshrew on Jun 26, 2022 15:13:07 GMT 1
Like a lot of investments then. it only has an arbitrary and volatile “value”, isn’t backed by any tangible assets The ££ is the single thing that backs up your entire arguement and portfolio. You'd trade out your stocks, shares, houses etc for ££ or be paid dividends/rent in ££'s. What is the ££ backed by?
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Post by frankwellshrews on Jun 26, 2022 16:07:18 GMT 1
it only has an arbitrary and volatile “value”, isn’t backed by any tangible assets The ££ is the single thing that backs up your entire arguement and portfolio. You'd trade out your stocks, shares, houses etc for ££ or be paid dividends/rent in ££'s. What is the ££ backed by? You've been given the answer to this already though. The fact you won't listen doesn't change the answer and this is also a poor deflection from the litany of value criticisms made of the crypto ponzi.
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Post by shrewder on Jun 26, 2022 16:45:00 GMT 1
Always thought the pound was backed up by the country's gold reserves.
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Post by frankwellshrews on Jun 26, 2022 17:03:26 GMT 1
If anyone is genuinely interested in this topic and has a couple of hours to spare i strongly recommend a watch of this;
Dan's presenting style isn't going to be for everybody and it's fairly technical (and doesn't talk down to its audience) so it's not one to watch with a 6 pack but this is widely regarded as probably the seminal piece of media on the topic (and is the kind of thing everyone will claim to have seen when crypto goes tits up fully so worth getting in on the ground floor)
The history and links to 2008 are particularly interesting given the often repeated claims that crypto is the remedy to "traditional finance".
(Edit; and if you do find this interesting, the one he did on flat earth theory is also fantastic. Think it's called "In Search of a Flat Earth")
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Post by martinshrew on Jun 26, 2022 17:13:46 GMT 1
Always thought the pound was backed up by the country's gold reserves. Nearly 100 odd years ago it was, now backed by nothing.
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Post by staffordshrew on Jun 26, 2022 17:43:02 GMT 1
Can't really see the point of this to-ing and fro-ing. Martinshrew has done well with it, everybody else should make their own decision. You can lose money in other ways, I've just lost a bit with Mccolls shares, though I did get out before they went bust. I had expected Morissons to bid for them - but they were smart enough to let them go bust, then pick them up cheap and make out they were doing it to save jobs. (have offset those losses with Glaxo shares purchased at the same time though). Plenty of those bond things go bust taking your money, then there were the storage pods and airport parking debacles some were sucked into.
Let the invester beware and make their own decisions based on the risk they want to take. For me, that means it's currently too late to go into the crypto world - when everyone's getting into something it's time to get out.
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Post by martinshrew on Jun 27, 2022 9:11:29 GMT 1
Can't really see the point of this to-ing and fro-ing. Martinshrew has done well with it, everybody else should make their own decision. You can lose money in other ways, I've just lost a bit with Mccolls shares, though I did get out before they went bust. I had expected Morissons to bid for them - but they were smart enough to let them go bust, then pick them up cheap and make out they were doing it to save jobs. (have offset those losses with Glaxo shares purchased at the same time though). Plenty of those bond things go bust taking your money, then there were the storage pods and airport parking debacles some were sucked into. Let the invester beware and make their own decisions based on the risk they want to take. For me, that means it's currently too late to go into the crypto world - when everyone's getting into something it's time to get out. It's not even that I've done well with it as such. I just understand it, don't irrationality dismiss it out of hand and realise it's wise for it to make up a small part of someone's portfolio if they're under 50. Of course it has its problems, plenty of them, it's still in its infancy really.
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Post by frankwellshrews on Jun 27, 2022 19:07:06 GMT 1
Can't really see the point of this to-ing and fro-ing. Martinshrew has done well with it, everybody else should make their own decision. You can lose money in other ways, I've just lost a bit with Mccolls shares, though I did get out before they went bust. I had expected Morissons to bid for them - but they were smart enough to let them go bust, then pick them up cheap and make out they were doing it to save jobs. (have offset those losses with Glaxo shares purchased at the same time though). Plenty of those bond things go bust taking your money, then there were the storage pods and airport parking debacles some were sucked into. Let the invester beware and make their own decisions based on the risk they want to take. For me, that means it's currently too late to go into the crypto world - when everyone's getting into something it's time to get out. It's not even that I've done well with it as such. I just understand it, don't irrationality dismiss it out of hand and realise it's wise for it to make up a small part of someone's portfolio if they're under 50. Of course it has its problems, plenty of them, it's still in its infancy really. Asking in good faith here, but what is it you think you've "understood" that others can't and what's "irrational" about the myriad perfectly valid criticisms expressed here and elsewhere? I believe bitcoin launched within a few weeks of the chrome browser; would you say the latter is "in its infancy?" Finally, are you aware that ego massage and appealing to a mark's "greater intelligence" are classic hallmarks of investment scams? "Say, Mr, you look like a savvy guy....."
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Post by Pilch on Jul 7, 2022 22:43:49 GMT 1
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Post by martinshrew on Jul 19, 2022 21:58:20 GMT 1
Really not feeling very sorry for myself watching bitcoin crash through the $18k barrier to be honest. Thought it would at least circle the bowl for a bit but no, it's headed straight down the toilet by the looks of things. I do feel really sorry for the people who've been conned in to making risky financial decisions with money they can't afford to lose in "the crypto space" though. Concerning number of suicide hotline numbers being shared in crypto land right now. I'm also generally sorry for the environmental damage done over this. What an utterly colossal waste. There's been a general dereliction of duty by mainstream media on this. All apart from the FT have been asleep at the wheel, if not actively promoting these things. Messrs Sunak and Hancock need to take a long hard look at themselves also, as does Matt Damon. Just logged in and I'm not bankrupt, what's going on, I thought it was the end?
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Post by frankwellshrews on Jul 20, 2022 7:47:23 GMT 1
Really not feeling very sorry for myself watching bitcoin crash through the $18k barrier to be honest. Thought it would at least circle the bowl for a bit but no, it's headed straight down the toilet by the looks of things. I do feel really sorry for the people who've been conned in to making risky financial decisions with money they can't afford to lose in "the crypto space" though. Concerning number of suicide hotline numbers being shared in crypto land right now. I'm also generally sorry for the environmental damage done over this. What an utterly colossal waste. There's been a general dereliction of duty by mainstream media on this. All apart from the FT have been asleep at the wheel, if not actively promoting these things. Messrs Sunak and Hancock need to take a long hard look at themselves also, as does Matt Damon. Just logged in and I'm not bankrupt, what's going on, I thought it was the end? Only 50% down for the year to date then (and 90% down from the all time high for your xrp). Have you actually seen what's happening in crypto? Major exchanges, DeFi etc going bust (Coinbase was limiting withdrawals earlier in the week amid rumours it's about to go, crypto.com making massive cuts, celsius, 3AC, there's a laundry list tbh), Mt Gox settlement about to dump a 6 figure number of bitcoin onto the market. Doesn't look very healthy to me but if all you're bothered about is line go up I suppose you probably don't pay attention to all that stuff.
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Post by blazey on Jul 20, 2022 9:58:07 GMT 1
Just logged in and I'm not bankrupt, what's going on, I thought it was the end? Since the turn of the year your “inflation hedging” bitcoin has returned c. -45% once you take CPI into account, you’ve underperformed even the FTSE 100 index. Have a medal!
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Post by martinshrew on Jul 20, 2022 10:45:05 GMT 1
Just logged in and I'm not bankrupt, what's going on, I thought it was the end? Only 50% down for the year to date then (and 90% down from the all time high for your xrp). Have you actually seen what's happening in crypto? Major exchanges, DeFi etc going bust (Coinbase was limiting withdrawals earlier in the week amid rumours it's about to go, crypto.com making massive cuts, celsius, 3AC, there's a laundry list tbh), Mt Gox settlement about to dump a 6 figure number of bitcoin onto the market. Doesn't look very healthy to me but if all you're bothered about is line go up I suppose you probably don't pay attention to all that stuff. It was more than way you stated it was heading down the toilet and talked like the world was coming to an end, only for it to climb $5,000. Celsius paid hefty interest and staking rates so I'm not overly surprised something went tots up there. I certainly can't see Coinbase going the same way. Much like stocks, it's not a profit until you sell, likewise not a loss until you sell.
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Post by frankwellshrews on Aug 27, 2022 20:04:23 GMT 1
Only 50% down for the year to date then (and 90% down from the all time high for your xrp). Have you actually seen what's happening in crypto? Major exchanges, DeFi etc going bust (Coinbase was limiting withdrawals earlier in the week amid rumours it's about to go, crypto.com making massive cuts, celsius, 3AC, there's a laundry list tbh), Mt Gox settlement about to dump a 6 figure number of bitcoin onto the market. Doesn't look very healthy to me but if all you're bothered about is line go up I suppose you probably don't pay attention to all that stuff. It was more than way you stated it was heading down the toilet and talked like the world was coming to an end, only for it to climb $5,000. Celsius paid hefty interest and staking rates so I'm not overly surprised something went tots up there. I certainly can't see Coinbase going the same way. Much like stocks, it's not a profit until you sell, likewise not a loss until you sell. Awfully quiet on this thread of late.
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Post by martinshrew on Aug 27, 2022 20:06:45 GMT 1
It was more than way you stated it was heading down the toilet and talked like the world was coming to an end, only for it to climb $5,000. Celsius paid hefty interest and staking rates so I'm not overly surprised something went tots up there. I certainly can't see Coinbase going the same way. Much like stocks, it's not a profit until you sell, likewise not a loss until you sell. Awfully quiet on this thread of late. It's been quiet since mid-July. Not a huge amount to talk about to be honest.
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Post by frankwellshrews on Aug 27, 2022 20:09:14 GMT 1
Awfully quiet on this thread of late. It's been quiet since mid-July. Not a huge amount to talk about to be honest. I'm only winding you up tbh. I do think it's quite interesting that btc has dipped below its previous cycle high again. Day after the cap hike is interesting timing.
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Post by Pilch on Nov 24, 2022 15:59:12 GMT 1
Back at sub $50k today after a spectacular 13% drop in under 24 hours. Other coins suffering too. Coincidence that yesterday was tether's deadline to respond to the US Senate? There was a localised crash in India last week in response to the news the Indian government is likely to legislate against crypto. Interesting times ahead? Not sure if your head is buried in sand, or you just have something against Crypto? Have you noticed practically everything has dropped, including Apple, Microsoft and tonnes of other huge companies. It's mainly due to Omicron and negative COVID sentiment in the US. India constantly threaten to ban Crypto, it's never happened as yet. Time to go shopping, some nice dips. Greedy when others are fearful! heard bitcoin mentioned earlier and thought I'd look so see how it faired this year , bitcoin today 13,611.25 good news that India backed down from banning it back in January and we've not heard omicron since then either, no idea what covid problems the us have had this year so can't comment there I think I'll pop my head back in the sand a bit longer ;-)
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