Crypto

[The Artist Formerly Known as Audrey]

Just wondering if any of you cadavers have dipped your toe into crypto.

[jayohaitchenn]

Yeah I've got a couple of hundreds quids worth. It's confusing but fun.

[The Artist Formerly Known as Audrey]

How did you choose one or did you take pot luck?

I’ve got a grand to chuck at it so thinking to have a nibble at a few rather than just one.

[stfcjack]

How did you choose one or did you take pot luck?

I’ve got a grand to chuck at it so thinking to have a nibble at a few rather than just one.

Are you looking to trade it or as an investment over a period of years?

[The Artist Formerly Known as Audrey]

I have an intricate plan.

Double my money, take out my original stake then leave the ‘profit’ to ride.

What could go wrong!

[Samdy Gray]

What could go wrong!

Everything.

As I've posted about on here before, until everyone agrees that a particular cryptocurrency is a valid means of exchange of value, they are all nothing more than speculation.

With the exception of a few (Bitcoin, Ethereum and some others) most are just pump and dumb schemes designed to fleece people like you of their money.

If you don't understand it, don't put your money in it.

[Batch]

or, only put in what you expect to lose .

You might get lucky, you might lose it all.. is surely going to pop at some point.

[Peter Venkman]

I have an intricate plan.

Double my money, take out my original stake then leave the ‘profit’ to ride.

What could go wrong!

My mate about 2 years ago made £120k in about 6 months, but he never cashed out when he had the chance and lost £60k of that almost overnight last November, hes still up but nowhere near as much.

I fear you could be a little late to the party but I understand you can still make some money from it.

Just like gambling, only put in what you can afford to lose and treat it like betting.

[Nemo]

If you don't understand it, don't put your money in it.

Probably a good life rule. With crypto in particular, even if you do happen to understand it, enough people who don't are now investing as to make it a very irrational market. You might make money, you might not, but it's essentially gambling at this point.

If you want to do it, stick with the bigger names. If you just want something that has the potential for better returns than a cash bank account, buy shares in something.

[stfcjack]

As others have said above, it’s incredibly risky and very volatile. I personally don’t touch it but would only ever consider the more established Bitcoin and Ethereum. You could get lucky, or you could lose the lot. Only ever put in what you can afford to lose.

[Formerly Drummer Boy]

Yep, got a good whack of my investment portfolio tied up in Crypto and got a few friends that are developers on crypto projects.

If you have a look at https://coinmarketcap.com/, the top 25 to 30 projects are the most established in the crypto space.

Bitcoin, obvious the most well known, is arguably equivalent to Gold. It's mental that countries like El Salvador and just yesterday, Central Africa Republic, have adopted it as a currency but demonstrates the future of crypto.
Ethereum has a lot more use cases as it's the most developed smart contract based crypto. Smart contracts absorb data from other blockchains that help it code an agreement into the crypto, so for example a very simple explanation is you put £20 on Swindon winning promotion this season, if we won promotion, the smart contract would activate and pay you your winnings
Tether - It's a stablecoin that is tethered to USD. So 1 tether token is worth $1 USD. But Tether is not very transparent just don't touch it...
BNB is a exchange crypto that is similar to Ethereum (ETH) and has a lott of projects built on top of it that is exclusive to the Binance exchange
USDC is the same purpose as Tether but a ton more legit. Use USDC if you want to use stablecoin. A lot of platforms will pay 12% daily compounding interest just for hedging fiat in stablecoins
Solana - becoming the bedrock of the NFT world. Really interesting project.
XRP - embroiled in a court case with the SEC which is due to be dismissed months ago.. When it does, it will go through the roof but until the court case is dismissed, many exchanges won't let you buy or trade it.
Terra - not all too familiar with this one TBH
Cardano - ETH competitor
TerraUSD - Tether and USDC competitor and linked heavily to Terra
Dogecoin - one of the biggest piss takes in Crypto legitimised by Elon Musk. Starting to have potential but Elon loves to pump and dump it so be careful.
etc...

Other notable mentions to have a look at, Chainlink and Uniswap. So many great projects doing some great stuff with tons of potential but it's so so early in there development still, even Bitcoin.

If you want some non financial advice, set think about much you want to invest overall. Split your cash proportionately across multiple assets and buy with 5% of your total cash at a time to 'dollar cost average' buy. Spreads your risk and then just leave it. Be prepared for the highs and the lows. It can be very volatile and turn on a pinhead. But lastly, do your research. You wouldn't buy a car without understanding it's features and statistics, crypto is no different!

Give me a shout if you want to chat more, happy to talk all day about it. I've help a lot of people get onboard and collectively invested more than £50k into various crypto assets.

[Samdy Gray]

Bitcoin, obvious the most well known, is arguably equivalent to Gold.

Hahahahahaha. Utter bullshit.

I knew you'd be along to spout your fanboy ideologies.

[Batch]

pssst, want to buy don't6 NFTs? I'll swap it for that cow you are taking to market

[Formerly Drummer Boy]

Hahahahahaha. Utter bullshit.

I knew you'd be along to spout your fanboy ideologies.

https://www.gov.uk/government/news/government-sets-out-plan-to-make-uk-a-global-cryptoasset-technology-hub

Fanboy ideologies or the future of finance whether you agree with it or not? It’s OK to agree to disagree but let’s keep this friendly and avoid lowering the tone of a good debate. Hang your head in shame and have some respect for others POV

[RobertT]

I am no Finance expert, but given Gold's safe haven status comes from being a thing of physical existence and rare, how is Bitcoin even close to being relatable?