Anyone Into Crypto?

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Bazza06
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Post by Bazza06 »

Anyone Into Crypto, or do you believe it's a massive scam?
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Bluesnose1812
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Post by Bluesnose1812 »

I worry about sterling backed up by the government let alone a currency backed up by hype and literally the ether.
If you want to gamble stick to red at roulette.
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Bazza06
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Post by Bazza06 »

I don't see it as gambling, in fact, I see having investment in fiat as more of a gamble.
Money in the bank is being eroded and the more they print, the less it's worth.

I fully appreciate why many people don't understand what is going on, because we have all been brought up with banks being the trusted keeper of our money, but they know the threat of the development of the blockchain and the services that will create a huge dent in their ability to manipulate our money.
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pmg
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Post by pmg »

I was surprised Cop26 did not propose Countries should outlaw Bitcoin mining.

I prefer assets backed by something of known long-term value rather than a computer-generated ledger entry.

An item for whom demand can disappear as easily as it appeared
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Bluesnose1812
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Post by Bluesnose1812 »

Bazza06 wrote: Wed Dec 29, 2021 8:49 pm I don't see it as gambling, in fact, I see having investment in fiat as more of a gamble.
Money in the bank is being eroded and the more they print, the less it's worth.

I fully appreciate why many people don't understand what is going on, because we have all been brought up with banks being the trusted keeper of our money, but they know the threat of the development of the blockchain and the services that will create a huge dent in their ability to manipulate our money.
The day you can buy a loaf of bread with it is the day it becomes a store of value. Because that is all money is - food vouchers.
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jmgreen100
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Post by jmgreen100 »

I’m definitely intrigued by crypto…..but it is very risky. My track record on investment for growth is patchy to be honest. I’ve earned more with dividends over the past 4 years than I have in growth…..and COVID hammered many stocks.

I researched crypto earlier this year and my conclusion is that it is all based on hype. There’s potential for crazy growth. The two I keep an eye on are Bitcoin and Ethereum which have grown 74% & 414% respectively over the past 12 months. But I can’t explain the reasoning for the growth other than “it’s the new big thing”.

It’s influenced heavily by the actions of people like Elon Musk (who invested big into crypto) and the price soared, but then it slides just as quick.

It all depends on what your risk appetite is. I’m fairly risk-averse, but I’m very tempted to put a small-ish sum in just to see what happens.

But remember, it’s totally unregulated (which is why so many like it….particularly the criminal types!) and runs on something called Blockchain - worth reading how this works. Your money is stored in 1s & 0s somewhere in the cloud, so could theoretically be wiped away by hackers….however the way Blockchain works it would require many many hackers simultaneous working together at the same time to steal your crypto…..or maybe a whole country….think China or Russia…surely they wouldn’t…would they…???
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New User
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Post by New User »

IMHO Cryptocurrencies are a form of gambling so if you can afford to lose and want to play then why not?

Most traditional currencies are underpinned by default risk of the issuing bank and interest rates so whilst you can also gamble on Forex you have some more indicators to guide you. Intellectually both Crypto and Legacy currencies are just types of token and it is a question of trust as to which one you prefer.

Cryptocurrencies and their exchanges are unregulated so buyer beware. I don’t work in financial markets but have run businesses with significant Forex exposure so paid attention in class when my CFO was talking!
Jon A
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Post by Jon A »

Don’t really understand it to be honest but me and my son chucked in a couple of grand into Litecoin and etherium just to dip out toe and see what happened. The good news is that we doubled our investment before pulling out 👍
The bad news is it took two years to do it and the spectacular lows and highs in that time would have been heart stopping if we had put in some serious wonga 😳
Am moving to stock now instead, specifically anything that is involved in mass charging infrastructure - here’s hoping 🤞
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Bluesnose1812
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Post by Bluesnose1812 »

I would happily convert my wealth from sterling into dollars euros or even yuan. But bitcoin!!! 😳
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Col Lamb
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Post by Col Lamb »

On any UK bank note there is the Bank of England term … Promise to pay the bearer.

In your hand you have a tangible physical asset in the Bank note

Where is the guarantee on a currency that only exists is machine code?

Its Matrix time.
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