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coinbase is easy and will get you started. buy in the dips and hodl is what I hear never chase the rise and remain vigilant against FOMO. transfer your fortune to a crypto wallet on a non networked locked down computer. write down the seed for it on a fire and water proof medium. discover how much transfer/exchange/gas fees are. install metamask and never use it. then maybe forget about it all for a year and hope you bought the good ones. hth!
I find it crazy that each time Musk has a smoke and decides to tweet, millions either make or lose millions.
The guy is a danger unto the world.
What does he get out of it?
I had around £1k worth of bitcoin back in 2016 or so. Was tight for money, it had gone from around $4000 to $10000 and was coming back down so I thought i'd get out while I was still up, got around £1400 back after all exchanges were done. Vouched I wouldn't touch it again as I didn't understand it and it wasn't really safe to hold back then.
Alas, came to Jan/Feb this year and I couldn't ignore it anymore. Bought some ETH and BTC, then sold it for a little profit, then bought back some more. I had some money sitting waiting for a new bike that will probably never be in stock so fired some at altcoins/shitcoins and been trying to sell at all time highs and buy back in lower. As of today 3x'ed the account value. Totally aware that it's worth nothing until I cash out though. Every bit as likely to end up back at 0 and life will go on. I think the potential reward was/is worth the risk. Less so now maybe. Prices are flattening off. Considering pulling most of it out, but prob don't have the balls. Advice welcome.
Managed to sell all of my ETH at around £3k after the Twitter consensus making me decide it was time to sell. Got pretty lucky ngl.
Elon's announcement (supposed genius hadn't considered the energy cost as footflaps says.. 🤔 even though he tweeted in agreement that it's promoting green energy creation only a few weeks ago..) hurt bitcoin, but I had Nano rocketed today so I sold all of it at around £11 🙂 Imagine it will come back to £7 or so, and if it doesn't, I had my fun, made some good profit.
Small cap coins I think are (or were...) worth looking at are Nano, Bancor, Graph, Dia, Bitcoin, Ontology, Origin Protocol, Avalanche, Elrond eGold, Cardano. But yes the altcoin graveyard is large, tread with caution.
Twitter people I follow: @the_coinmaster, @100trillionUSD (have we talked about S2FX yet?), @crypto_stevie .Not sure who called the ETH getting out of hand but will have another look. Take everything with many many pinches of salt and use them to inform your own research/opinions rather than blindly following ofc.
Using crypto.com but trying to find something better. The hidden fees are pretty significant.
What does he get out of it?
Aside from rich...? SERIOUSLY ****ing rich!?!?
It's a power thing for him... He knows that his voice is far more important than anyone else's when it comes to cryptocurrency. He's tested that theory a few times now, with increasing strength every time. Elon Musk knows that right now, he is the single most important person in the world, in the technology that is set to take over the world of money as we know it (crypto full stop rather than BTC specifically)... It's all just a game to him, an ego boost. Ironically the money he has made by shilling DOGE, then shorting BTC is almost inconsequential compared to the knowledge that if he farts, 20% of the crypto owning world want to know immediately what he had for breakfast and why!
Thing is, he might live in a world where money is everything, but he'll lose the lot and spend some time inside if he carries on the way he's going, manipulating the market as he is is straight up securities fraud! The market cap of BTC is over $1Trillion now, it's not something that's easy to ignore any more (despite what the Fed and the BoE would like you to believe)...
Besides the fact that the man that has built his entire company on mining of a finite resource that has a HUGE impact on the planet, his hypocrisy really is quite incredible... Nobody seems intereste in pointing out that these BTC mining facilities in China are being built right next to HEP dams on purpose these days, and that they've been phasing out coal for a while now... Lithium mining will always be a filthy process, and the Electric cars he peddles will only ever be as clean as the dirtiest process in the energy production chain!
Should have kept his gob shut before playing big boy games with things he doesn't understand... If he doesn't serve time in a federal prison sooner than later, I will be amazed!
EDIT: FWIW I had £10k invested across a few crypto's, but more than 50% BTC over the last few months... That wasn't all invested as a lump sum, and some had done better than others. But in the end, decided to cash out my initial investment and left the profit in... Sooooooooooo glad I did that a week ago now! Sold BTC @ £42k, ETH @ approx £2700... I had approx £2k "profit" which I'm just going to let ride, but that's gone down almost 15% now which is at least only about £300, but I could be sat here £1800 worse off right now than I was a week ago, which would have been my entire profit wiped out just because of the DOGEfather playing his sillybuggers games with the market that he doesn't understand!
Anyway... The future is still very bright for crypto, but it needs to mature significantly still, but then when it matures, there won't be significant amounts of money to be made from it I guess. Either way, i'll continue to carefully speculate whilst the market is in growth, and be looking to realise any potential profits when the market turns... Something far too many people forget to do!
I agree, being able to tweet one thing and that having a huge effect on the market isn’t far from fraud, especially when he’s heavily invested now in crypto himself...
So he's both manipulating the market but also playing games with things he doesn't understand. So which is it? I'm going to guess he has a better understanding of these things than most people. But good luck to trying to prove he manipulated a largely unregulated market. Is it ok when he helps the price go up but bad when he makes it go down?
hopefully it will get to a point when people stop listening to him
BTC is an ‘asset’ that’s absolutely perfect for manipulating.
That the price goes up & down like a hookers draws when the navy is in town should be all the proof you need..
@andytherocketeer
Have you got a link to the channel you find useful? Thanks in advance.
I see Doge is mooning again, it's days like these I wish I had more than $100 invested (just for the memes), although a couple of days ago I was glad I didn't :p
Is it ok when he helps the price go up but bad when he makes it go down?
This!
You're buying an asset with zero intrinsic value whose price varies massively on the words of one man - you really don't have a leg to stand on complaining about it.
The volatility is the fun of it! 🙂
Not claiming expertise or anything, just posing the question, but isn't the value of all money entirely abstract anyway? Can't really criticise crypto for that.
Value of gold is due to it's scarcity. You know why bitcoin mining is so bad for the environment - because it's very computationally intensive. Why is that? Because of the scarcity of the solution. Clue is in the name for the process - mining.
Next you'll be saying we should all go back to 26" MTBs.
sirromj
Next you’ll be saying we should all go back to 26″ MTBs
Go Back?!
Some of us never left!! 😉
but isn’t the value of all money entirely abstract anyway?
No, and even if it was, you can't assume the it works the other way round - just because something's abstract doesn't give it value.
Value of gold is due to it’s scarcity.
Not really, and again you can't just assume the converse - something being scarce doesn't give it value. I have on my desk the worlds only Hebtroco beer mat with a squiggly line where I tested a biro. It's scarce, it's worth sod all.
Yes. Value is abstract.
but isn’t the value of all money entirely abstract anyway?
No.
The pound is backed by the Bank of England who are tasked with maintaining it's value / stability. All shops in the UK have to take it in exchange for good by law etc. It's value varies but not by much. Eg I'd be quite happy to sell my house and have the £800k sat in a bank account as £ knowing that when I come to buy another it will still be worth the same. With crypto in a matter of days it could be worth twice that, half that or absolutely nothing.
Also the Bank of England doesn’t tell the world to buy £, then stop accepting it and trash it within the space of a few months…
If you are genuinely pro crypto as a sector there are much better ways of handling it. Too many people in the space right now that are worse than the banks / governments / reserves they are apparently trying to fix.
I find it sad as I’m actually pro crypto. Just anti sh*tcpoin and general douchebaggery that comes with the space.
I don’t understand people b*tching about Visa / Mastercard interchange but are fine with Eth gas fees that are in excess without providing any of the value. E.g rogue retailer simply not sending you bike on payment etc… sure it will all solve itself out in a few year once the jokers are weeded out…
I’d be quite happy to sell my house and have the £800k sat in a bank account as £ knowing that when I come to buy another it will still be worth the same. With crypto in a matter of days it could be worth twice that, half that or absolutely nothing.
Is that just a question of timescales though? Crypto can double/halve overnight, fiat currencies usually take years to do that but can, and do, do it.
That's about a fiver - it was probably worth x500 times that once... 🤣🤣
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Well this is fun 😃
Ha ha!
Sorry, it was inevitable after I bought some 🤣
...yep - strap in tight! Turbulance ahead! 🙂
Well this is fun 😃
Isn't it just 😀
I've said it before but this is why you set stop losses.
Doing ok so far, managed to increase my holdings after the initial loss before my stops triggered. Buy the dip early morning then sell the bounce and repeat.
Oof! Now that was a dip to buy, came back up like it was on elastic 😀
Is that just a question of timescales though? Crypto can double/halve overnight, fiat currencies usually take years to do that but can, and do, do it.
Yes, but in general those currencies that do go through hyperinfaltion, fail.
And you know it's happening, and it'll keep happening at a predictable rate arround 2%. And you can then put any large amounts you have in a low risk savings account where it should just keep pace with inflation over the long term.
You can say the pound has shifted against the euro and dollar, but it's shifted less in 50 years than crypto currencies do in days/weeks.
Kraken and coinbase are both failing me at the moment. Was going to gamble a bit more on the dip, but it won't let me!
Yep - it's Kraken under the strain! 🤣
...I'll get me 🧥
You've either missed out or dodged a bullet, depending on what happens in the next 30 minutes
Kraken is still dead to the world....trying to get on for the last hour or so & while the pricing page seems to be updating, there is no chance of getting into my account.
Kraken is still dead to the world
Not invested much so may as well leave it alone, will be interesting to see where we are at the end of the month.
I see China is now clamping down on Crypto properly, not a minute too soon as most BC is mined there powered by coal. Hopefully they'll outlaw mining and not just using it.
A lot of red flags for Crypto this week.
China, as mentioned
Rumours that the US might clamp down on businesses paying ransomware payments in crypto (which lets face it is one of the few proven use cases so far)
Tether was due to present its accounts to the NYAG by today
definite 'bubble bursting' vibes at the moment...
Balls - we haven't seen this prices since Feb 2021
I think they call it a dead cat bounce but let’s see.
I’m willing to give a services like Coinbase the benefit of the doubt. Likely hitting both technical scale and financial margin requirements they can’t handle rather than anything unscrupulous. They make their money on spread after all and in theory volatility should be good for them.
Hopefully this will clear out the trash, bad players, scamsters, sh&tcoins and over complicated services pretending to be useful / smart.
Elon musk’s influence is only fun too when he’s saying the right things, he’s far too influential over it, but he’s only echoing what everyone’s thinking I suppose. Well my profit I had had halved and I’m now at the point where I’m tempted to sell a load and keep some back, I assume if there will be a mean rise now it’ll be a slow one over time...
Hopefully this will clear out the trash, bad players, scamsters, sh&tcoins and over complicated services pretending to be useful / smart.
And this is where I struggle. I'm a steady Eddie investor mainly investing in funds and trusts and the odd company that I research before investing in e.g. I'm currently looking for opportunities in Cyber Security companies.
I have tried to get my head around Crypto and planned to put a toe in the water with a small investment but for the reasons quoted above I can't see the logic.
You think some volatility might remove 'bad players' from the world of crypto? It's always been hugely volatile so why would they go elsewhere at this point? When there is more money to me made than ever due to increased publicity etc. So long as it is deregulated, it will remain the wild west of assets.
Crypto is still basically gambling, it's still a long way from being usable by a normal human, and yes it's FULL of bad actors and scammers. Throw in the environmental issues, the fact that one of its main use cases is dark web and ransomware dodginess, and some of the key players being extremely shady indeed, it has moral issues as an investment, like defence and fossil fuels, which may or may not be an issue for you.
Even if you DO give Coinbase the benefit of the doubt, it's very intriguing that while crypto was crashing yesterday, ALL of the main exchanges went offline simultaneously, leaving many people unable to cash out while they were still in green.
If you're a steady eddie investor I probably wouldn't go much further than putting £200 into something like $ADA, and checking back in 2 years time.
As has been said many times on this thread - Crypto is gambling - only chuck in what you can afford to lose.
It's not the place for long-term investments with your life's savings.
@Doris5000 - the tide is turning on the environmental problems with BTC with more and more miners turning to renewables and using things like hydros to power the mines. ETHv2 and beyond is promising to have an absolutely tiny to zero carbon footprint and others will have to follow.
It's too late now, but that flash dip was the time to go shopping. The Crypto world has been here before and i'm not fazed by this dip whatsoever. The space is growing and growing, the technology is improving on almost a monthly basis. There are some great DeFi projects happening along with spurs that help the sector to become safer and more secure.
It's still an exciting time and there's still opportunity for everyone to make some money out of it, but do your research! You can't just chuck in £300 and expect things to go 500x. Keep it steady and spend some time learning what offers what...
You think some volatility might remove ‘bad players’ from the world of crypto?
Surely that's 99.99% of people buying it? If it behaved like a fiat currency, ie very stable price decreasing in value by say 2% per annum (inflation), who would buy it?
there’s still opportunity for everyone to make some money out of it
Yes but... really, no. There's still time for some people to make money out of it, but there's no way everyone can throw £10 in the pot and expect to get £20 out later given that there's no value creation in the system. If it looks like a ponzi scheme and smells like a ponzi scheme then it probably is a ponzi scheme. You may be one of the lucky ones that gets £20 out (or more likely £10 after fees) but let's not pretend that that's not at the expense of those who will lose money.