Off Topic Cryptocurrency

I have a piggy bank which smiles every time I withdraw from it

 

Mine fires a fag out it’s arse

 

Wonder if this guy will ever get his hard drive back? 210 million in bitcoin on it

https://www.bbc.co.uk/news/amp/uk-wales-55658942

 

I'm with you on this one.

Many years ago, as part of an economics exam I had to answer a question on 'The History of Wealth', (or some such title).

Middle Ages, the number of men you could put on a battlefield and work your lands for free.
Then
Agricultural Land and the income it brought you.
Then
Factories and Manufacturing.
Then
Property, Stocke & Shares etc
(a very brief summary)

All of these had a basis to them that was understandable for their time.
It was tangible.

But no matter how much I read and how hard I try to understand it I can see no logic to these 'Crypto Currencies'.

They seem much like what I used to sescribe as 'Laudable Prospects in the 4.30', where, of course the bookie is the usual winner

 

While as a casual investor, with not much money... I would not touch speculative bitcoin with a barge pole.

Having said that all monies, coins and paper money and deposits, overdrafts etc are not that different, they all are a medium of exchange and bitcoins etc may become commonplace in time.

ATM, it is all a bit 'gold rush fever' and you could be getting on the bandwagon when its about to slide down.

If you can be bothered with all the hard work researching, bonds and stocks, particularly if you band together in a club, (bigger amount of investment the cheaper) it is fun and can be reasonably profitable.

 

I didn’t expect this thread to get as long as it did. I thought maybe there would be three or four replies and it would die a natural death.

 

I didn't bother to mention Barter or for example Gold in my bit as I was trying to keep it as simple as possible.
Until 1926(?) The Pound Sterling was backed by the value of the Gold held by The Bank of England. At that time the value of gold was fixed and had been for many years.

However your post has reminded me of that historical example, The South Sea Bubble.

Vast fortunes were made by those who got in early then took their profit.
Vast fortunes were lost by those who jumped onto the bandwagon before the Company hit the brick wall that is insolvency.

For those who might be tempted I would suggest that you take on board the best bit of advice you are ever likely to get, (on this subject) and which has been mentioned by a few.
ONLY INVEST WHAT YOU CAN AFFORD TO LOSE.

 

Since this thread came on I have been bombarded with Bitcoin emails very strange and by the sound of it I have already had a couple of hundred thousand put in my bank with out me knowing, very nice.

 

Good day to invest today as markets dropped.

Mastercard going to be accepting BTC soon I can see it passing the 100k mark.

Was 3k for 1 coin a gear ago about 35k+ i think now

 

I remember selling just over 1 Bitcoin years ago for about £200, think I paid around £20 originally. At least I made a profit I suppose.

I’ve dipped in and out of cryptocurrency for a few years but only small amounts. Currently have 500 dogecoins worth £20 or so. Just letting them sit there and see what happens.

Interesting now that Elon Musk is getting involved in it though.

 

It goes back to what @polyphemus said. Only invest what you can afford to lose.
Initially I wasn’t going to say how much I’d invested, but to bring it out in the open, in September last year Mrs EJK and I agreed on $3000 to ‘invest’.
We’re not rich by any means but we knew that it was an amount that if it all went tits up we would miss it but at the same time it wouldn’t present a problem where we couldn’t pay the bills or put food on the table.
Anyway the upshot of it all was that for a long while it fluctuated between $2400 and $4000. It was only in the last month or so that we saw a steady increase. It was on Saturday just gone that it reached around $12200 that we decided to pull out the initial $3000. Since then it has started to drop a bit but the remaining amount is still sitting at around $8800. Bottom line is that we haven’t lost anything and even if it crashes completely tomorrow we had a bit of fun doing it.

 

I'm off to Newport South Wales with my shovel
https://www.bbc.co.uk/news/uk-wales-55658942

 

Yes I get several a day in my junk file...I never open them it only encourages them etc or could be you would download a virus unwittingly..

 

Oh, getting emails like that is scary. Honestly speaking, crypto is not a scam. It is very very legit, to be honest. It's hard to learncrypto but it actually is worth it if you really devote some of your time to it. It's pretty amazing. it's like being a part of the stock market but on a different light. It's really interesting and it does hold a lot of potential. I do read some articles here and keeping myself somewhat update at learncrypto. maybe it'll give you some insight.

 

I’ve just invested my initial investment into Reef and Cardano. Seeing a bit of profit already.

 

I bought £100 just over a week ago. By Sunday morning 1 week later it was worth £290 then Sunday night while I was asleep every currency dropped loads and by Monday morning it was back down to £160. I exchanged it for something called trueUSD while everything still seemed to be dropping as that never really changes then yesterday I bought a load of crypto.com coins and it's moved back up over £180 this morning.
Absolutely crazy how much this can change in such a short space of time. Glad I did it for the price of a big night out just to see how mental the risks can be. Going to leave it a while and see what happens with them. If it gets up to near £300 again I might withdraw my £100 so I've lost nothing but will leave it if it drops again, as I say it's only the price of a big night out and it's been worth it just to watch it all unfold and get an idea of the dangers and the excitement of watching it nearly triple in a week.
Hopefully Elon Musk won't open his gob complaining about how over valued his coins are again as that seemed to start the vast majority of them all dropping **** loads of value.

 

And for the long haul - try mid cap growth funds. Former small caps on the way to becoming large caps. For example, (RPMGX) >10% annual return since inception - which was way back in 1992.

 

Even if you / he found that hard drive in one piece, getting any useful data off it after all of this time would be almost impossible.

 

Thats the best time to buy in when they have dropped and low.

 

For the long haul it's advisable to speak to someone who knows what he's doing . . . . an expert, perhaps, who has being dealing with stock markets for a lot of years, rather than just suggesting a fund type, of which there could, and probably will be many underperforming as well as overperforming funds