Off Topic Cryptocurrency

I’ve got absolutely no idea how it works. All I know is that I invested some of my hard earned cash in VChain in September last year and it’s showing a tidy profit now of which the initial outlay is now sitting back in my (in other words Mrs EJKs) bank account.
Anyone else on here do it?

 

Sadly not. I didn’t believe it was real (and still don’t know how it can be) si I think I’ve missed the boat.

 

I've tried to understand it but I can't get my head round it. I believe people can get work mining bitcoins? I suspect the image in my head of what that is has nothing to do with the reality.

I remember I had a similar feeling when I first heard about the internet, I was on a computer course with school and some bloke was explaining it, didn't have a clue then either it all sounded like some flash in the pan nonsense to me.

 

I don’t understand it at all. It was our son who put us onto it. When he said he’d invested some money into it me and Mrs EJK had a right go at him. Then every week he’s showing us his account that’s going up. So he talked us through setting up our own account we put some money in and basically ignored it for a while. Then the beginning of this year it just sort of exploded. We’ve put our initial investment back in our bank account so we haven’t lost anything meaning anything from this point is pure profit......or loss if it all comes crashing down!

 

Fair play, glad it's worked out for you. I'm not usually an idiot when it comes to tech stuff but I can't grasp this at all, I might have to wait for my kids to grow up and explain it to me too.

 

The latest Ponzi scheme... I think I've missed the boat.
The blockchain technology behind it is very powerful with lots of potential applications but there are so many types of crypto currency out there, you can see that it's pure speculation. There will be a few winners and lots of losers - my advice is DON'T invest unless you can afford to lose it all.
In the early days it was so complicated to set up a wallet to keep your crypto keys and it was very difficult to legally spend the coins anyway. Now that a few trading firms and big name investors (e.g. Elon Musk) and getting involved it has exploded - seems a bit odd when we are close to the worst ever economic crisis.

 

I’m not clever enough to work out if it’s a Ponzi scheme, but you're right about only investing what you can afford to lose. Me and Mrs EJK decided on a figure that we were both happy - if that’s the right word - to lose if it all went tits up, and it wasn’t that much I can assure you!

 

Sell now, bitcoin not for faint hearted, if you gamble and can afford it great, enjoy.

When I first retired I got into doing my own day trading, but its like the nags, you have to spend all day researching, and still be prepared to lose.

Now I just stick any lump sums into low cost market tracking, only investing on the dips

 

the rght way to do it. personally think it's very iffy, and is inflated by the huge amounts of cash & /savings kicking around, which is creating a bubble in stocks generally. Then the likes of Elon Musk bigging it up is driving up prices. I would take a good chunk of profit out now, just keep a bit in to ride the wave. i could be completely wrong like

 

Tulips from Amsterdam.

 

I always wanted to do the stock market but Mrs EJK didn’t want to. She’s very conservative in that respect and was and still is happy to keep all of our cash in banks and credit unions.
In most respects we were very very fortunate. We moved over here back end of November 2007. We completed on our house on the day we flew out. Literally a week later the GFC hit. Australia rode it out pretty well and we got established building our house here within two years. All down to Mrs EJK being good with money. I’d would’ve spent the lot years ago. So it was quite a shock when she was happy to invest in crypto.

 

I’ve been looking into it for a while, and have tested the water with a small amount. As of this morning, my investment was worth double but XRP has dropped 10% in a matter of hours so just less. That shows you can lose money quickly tho so only put in what you can afford to lose. I’m going to try and do it long term, put £100 or so in a month and try and build a pot.

 

Well stock market day trading is much safer than bitcoin, your wife should realise that, unless you really know what you are doing and get in and out, it is a mugs/conmans game. Mind so are lots of stocks, enough movies about 'boiler's rooms and the Wolf of Wall Street etc. To give warning.


Banks in the UK charge about a tenner a trade, or other sites do it for free if you deposit cash or do a certain number of trade's. There are lots if online tipsters, it used just to be the FT and Investors Chronicle...

It has been fun recently seeing how a load of day traders clubbed together in the States to give the hedgefunds a bloody nose, when they tried to short sell a stock.

 

I read about that hedgefund thing. If I’m honest I didn’t really understand what they were trying to achieve though. I saw that they made one company ten times more richer or profitable than it actually was. What the end result of that was meant to be I had no idea but I knew that the company they were doing it to were probably an unwitting pawn in it all.

 

You certainly haven't missed the boat.

I seen a stat where only .005% of the world own Bitcoin.

I'm banking on Link

 

well the idea of 'money from nowhere' is strange to most of us, this is exactly what happens, some have spent thousands on mining rigs and i have heard many sites now accept it when buying goods...not something i have tried to get involved with but many praise it to the hilt.

then again, you only need look at your mortgage to see that 'money from nowhere' already exists and makes a few people rich (all except the homeowner usually)

 

Stellar Lumens XLM for me

 

Absolute nonsense. Another idiotic example of money creating money for the sake of money without actually doing anything in the world.

That said, I don't think it will go anywhere any time soon.

I'm just old and grumpy. I no longer understand what money is anymore.

 

A big player a hedge fund, agrees and contracts to sell a stock it does not own for say £10 at a particular date, in the expectation ( by selling the stock short) that the price of that stock will fall to say £5. They then buy the stock at £5 and sell it for £10, a nice profit. However lots of small individual day traders, all by and large using the same 'stock trading app', buy said stock and force the price to £15, leaving the big institutional buyers with losses.

Although the market authorities stepped in and helped them the big beasts, which in turn has caused a row.

 

Oh have an eToro account, and just play the steady game.

Never took anything out of it yet but it’s made about £8K over a year or so.

There’s some very safe wins, buy in a big tech company when you know a product launch is due etc.

You only need I think £200 to open an account.

I don’t trust crypto, but the numbers are real and folk have made a lot of money from it.