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The answer to the original question is - "If you see people asking about crypto on a MTB forum, it's time to sell, not buy". I just wish I'd put more than $1 into that bitcoin cashpoint a few years ago, as 200x return isn't bad. Thanks, recent investors!
I bought £35 of Doge on Tuesday - just sold for £105 - I'm just having a bit of fun with this! 🙂
Free money for everyone!
He’s worse than the US federal bank trying to tell people that inflation isn’t a problem, when almost 30% of the US Dollars in existence were printed in 2020!
Well currently inflation isn't a problem and a big percentage of the extra $ printed has just been saved by households. This means you won't see inflation as most of the extra money isn't chasing limited supply, which is what pushes prices up.
Excess savings are the accounting counterpart of “extra” government debt. According to the principles of national income accounting, the flow of private saving (by households and businesses) must be channeled to one of three uses. It can finance investment, be lent abroad, or lent to the government. In 2020, the U.S. government spent roughly $2 trillion to fight the COVID-19 recession, most of it financed with debt. The $1.6 trillion in “excess savings” is the accounting counterpart of this increase in government borrowing.
https://libertystreeteconomics.newyorkfed.org/2021/04/excess-savings-are-not-excessive.html
ive got some Doge too, wondering if this trajectory will continue, or to sell now.
Depends if you are you happy with your profit! 🙂
£130 in feb is nudging £1000 today. no, not happy. moar needed!
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Hodl and wait for smart contracts to come to Doge !
ive got some Doge too, wondering if this trajectory will continue, or to sell now.
Doge has gone utterly insane today, I put a tenner on it a while back and I think I've made £50 in the past couple of days alone.
It shouldn't be where it is never mind climb any higher. It's a virtually useless crypto with no real value on any rational level, but you wouldn't bet against anything in 2021 so my tenner's staying in. I'm a risk taker.
To all those out there on STW with any crypto, I must apologise.
A few days ago Boredom got the better of me so I thought why not buy £100 worth, spread amongst Bitcoin, ethereum and litecoin...
All seemed so easy, fees covered and into ‘profit’ within hours, but then it seems I personally have caused a day or two of drop in value!
And thinking Bitcoin should bounce back, I #%*@ed up trying to place a buy order, mixing euro and gbp prices on Kraken (to save the fees 🤦♂️). Wondered why the order was filled immediately and realised I had offered to pay £46 for £40 worth of Bitcoin...
I’ll need to hold it for a while just to break even, so I can now predict further falls and then flatlining for a while.
Sorry 😞
Oh that explains a few things! 🤣
I bought doge when it was low and although it’d dipped again after the initial trip to the moon.... it’s been slowly climbing back up again!
Absolutely Bonkers how the markets can be so easily swayed these days!
I’m spread over Bitcoin, Ether and Tron and the Doge is just for fun...
did find the memes quite comical at the time!
Basically the world is hanging on what Musk says next 😑
Absolutely Bonkers how the markets can be so easily swayed these days!
Only really applies to the Crypto market which has no intrinisic value, so purely down to sentiment on the day.
So, do we 'buy the dip' or sell everything now before the bubble collapses completely...?
Buy
I've just bought more Etherium
Thodex founder on the run with $2B of stolen money..
All adds to the thrill! 🤣
Of course - no-ones every defrauded large numbers of people and run off with huge sums of 'real' money!
Although easier to recover real money......
Tell that to Bernie Madoff's victims! 🙂
So, you decided to invest in something equally as dodgy as Bernie....
That’s a well thought out move....👍
I'm not investing - I'm playing. I know the risks and only have a few hundred quid in.
The same way people play the lottery, bet on a horse or play bingo.
The rest of my huge wods of cash is safely in the building society and under the mattress.
Tell that to Bernie Madoff’s victims!
They did actually recover some of the money from his assets.
If someone has stolen / lost the key to a wallet, you're not getting anything back, which is a bit of a flaw as you can't police the system (and yes I know its designed to be unpolicable, but that is also a flaw).
I dont think crypto can be compared to what Madoff did, that implies some sort of deliberate fraud and I dont think it's that
I think the dotcom bubble is a better analogy, we are all getting very excited and chucking lots of money into something, hoping to find the facebook or Apple but concerned that we might have just chucked all our cash at friendsreunuted. As discussed on the 'is cash dead' thread crypto may be the answer but who knows which one may become the accepted transaction method?
It could be none of them of course and this is more like a tulip bubble or gold rush where once the excitement does down we are left with a few bulbs or a small patch of desert, but again neither of those were a deliberate fraud
I've just bought £50 of ethereum and £50 of Maker anyway🤣 Its a bit fun, a gamble, not an investment
Question: Is the mining side of things required to keep these things running? At some point, people are going to question the ethics of an industry that produces 130million tonnes of CO2 a year, for no tangible reason.
Or if ethically you can look past it, will it hit a point where it takes the GDP of a small country to process paying for a coffee and cake at a cafe?
Question: Is the mining side of things required to keep these things running?
AIUIt, for Bitcoin and ETH, (and indeed any other Proof of Work coin - ETH Classic, possible LiteCoin?) yes, it's a bit of a ponzi scheme and is reliant on
At some point, people are going to question the ethics of an industry that produces 130million tonnes of CO2 a year, for no tangible reason
People have been questioning it for ages! There's a steady stream of questions. Here's the FT, from yesterday: https://www.ft.com/content/0448b44d-1d78-48f8-8ca8-6edae7976a5f
But as long as it's profitable, people will find ways to justify it. There are Bitcoin mining companies on the US stock exchanges worth billions.
Also, ArgoBlockchain are going green.
Also, ArgoBlockchain are going green.
I always feel slightly that those things are fudging the numbers somewhat. If they weren't using the energy to pointlessly crunch numbers, it'd be powering something useful on the grid.
A bit like when people claim that Ovo/Octopus/EON tariffs etc are "green", they're not, they're buying the same electricity mix as everyone else, they just buy up the renewable certificates which are supposed to encourage green energy production, but are currently barely worth the virtual paper they're written on.
I was thinking more like:
https://www.cnbc.com/2021/03/02/china-bitcoin-mining-hub-to-shut-down-cryptocurrency-projects.html
Particularly in China, not a country you would associate with the ideals and reality of Bitcoin, a decentralized, currency immune from government interference, that's ended up concentrating wealth in the power of a few? It's very un-China.
Also, ArgoBlockchain are going green.
Utter bollocks. Diverting some "green" energy , from where it would otherwise be used, to waste it on crypto is not green.
So, to sort of repeat someone's question above, is there a greener cryptocurrency?
XRP if you believe the sales pitch....
One bitcoin transaction consumes an average 700 KWh of electricity, whereas one XRP Ledger transaction consumes just 0.0079 KWh. This means that for every 1 million transactions, 4.51 billion lightbulb hours are used to mine bitcoin compared to 79,000 lightbulb hours used by the XRP Ledger. In all, this makes the energy consumption of XRP 57,000 times more efficient than bitcoin.
Bringing this back to computational costs, running a single XRP Ledger server is comparable to running a small email server and yet still has the means to power global payment transactions.
How does it compare to, say, a share trading exchange?
Utter bollocks
I was being slightly facetious. But then I don't know how much (excess?) energy that Canadian geothermal plant is producing
I had £100 of DOGE for a purely speculative gamble. It went down to about £40 immediately so I just ignored it - checked my wallet randomly the other day and it had balooned to £400 for no concievable reason; decided that return was good enough to cash out.
The energy point made by Richard above is what I think will ultimately kill Bitcoin; so much focus from all investors globally on emissions these days that I just can't see that surviving in the long term (given any coin could easily replace it as it's not generally an accepted medium for transfer).
Well covered in this post but Crypto is a pure gamble, anyone who says otherwise is generally trying to justify their own exposure to themselves IMO. My opinion only, YMMV, many have a different one clearly and they are welcome to it.
I've got a number of equity and ETF investments; you could argue that they are more tangible given potential access to actual cashflows, but it's become quite evident over the past few years that performance and DPS bears almost no relevance to equity valuation. In short, all a gamble, just a broader upside/downside fan which investors should take into account.
In short, all a gamble
Not really. Currencies and commodities are a gamble because you're betting the price for them is going to go up.
Shares of companies, or bonds, actively generate cash and are an investment rather than buying a thing (like Bitcoin, or orange juice futures) and hoping it costs more next week.
Share prices have increased at at overall average of over 10% for over a century.
Can someone recommend a wallet? I am shying away from a HW wallet, for now, as I've only gambled a little bit of money and buying a HW wallet will be a fairly significant cost compared to my initial outlay. Yes, I am a tight git 🙂
Metamask or MEW.
I was being slightly facetious. But then I don’t know how much (excess?) energy that Canadian geothermal plant is producing
I think it was hydro but that's beside the point.
Unless they've reached a point where all the fossil fuel stations are turned down then it's not really excess. You're just nominally allocating some green energy to crypto whilst some coal years someone's house.
Without the crypto mining that house would be using the green energy.
Can someone recommend a wallet? I am shying away from a HW wallet, for now, as I’ve only gambled a little bit of money and buying a HW wallet will be a fairly significant cost compared to my initial outlay. Yes, I am a tight git 🙂
Just leave it on the exchange, if you're using a reputable one (Kraken, Coinbase, Gemini). A softwqre wallet introduces a greater risk of user error, and is therefore unlikely to be more secure IMO.
If you leave it on an exchange maybe have two, halves the losses from any hack, or three, or...
I've finally got round to signing up to Kraken to start investing in cryptocurrency.
I just wanted to check I am doing the correct thing for the first time transfer of funds. When I click on deposit gbp and choose the bacs option, I basically get their bank details along with a reference number for my account,
I guess I just go to my online bank account & set-up a new payee using their details and my reference number so it ends up in the correct account??
This makes sense but just seems a little old school, compared to what I was expecting. I thought it would be a bit slicker.
The first deposit is held for 72hrs; I guess while they do some background checks or whatever...
I think further down the line I can add a bank account to do this a bit slicker...
Not sure about kraken but that's how Coinbase works. Maybe just send a couple of quid over first to make sure you're doing it right before doing anything significant
Cheers! I found a couple of YT videos last night and it does look like that is the correct way. Like you say though, I'll probably send a smaller amount and when it arrives, send the rest!
I guess I just go to my online bank account & set-up a new payee using their details and my reference number so it ends up in the correct account??
Not sure about kraken but that’s how Coinbase works. Maybe just send a couple of quid over first to make sure you’re doing it right before doing anything significant
Agreed
And more importantly IMHO was doing a test withdrawal as well.