markysimmo
Johnny nice-tits
How do you do this small investing, I'm interested
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Cryptocurrency
- Thread starter Robbo
- Start date
Will check it out, what are the best sites to use for buying it?
SpurMeUp
Les Howe
The clear interest in crypto in this thread shows this bubble probably still has some way to go before it pops. Interest is fuelled by the gains others have made.
What is fascinating is people don’t seem to ask the question or care that the intrinsic value of what they are buying is...pretty much nothing [emoji23] The value of a virtual coin is based upon new speculators buying in. That is all! Nothing else maintains the value.
It could take years or happen sooner, but at some point people will stop being attracted and there won’t be more money coming in. At which point crypto values must collapse. UNLESS, there actually is a use for the currency. Hence my previous post asking if anyone uses it to pay for stuff.
Sitting on my porcelain throne using glory-glory.co.uk mobile app
What is fascinating is people don’t seem to ask the question or care that the intrinsic value of what they are buying is...pretty much nothing [emoji23] The value of a virtual coin is based upon new speculators buying in. That is all! Nothing else maintains the value.
It could take years or happen sooner, but at some point people will stop being attracted and there won’t be more money coming in. At which point crypto values must collapse. UNLESS, there actually is a use for the currency. Hence my previous post asking if anyone uses it to pay for stuff.
Sitting on my porcelain throne using glory-glory.co.uk mobile app
You can pay PwC with it in HK. It's becoming more popular because it's not subject to quantitative easing and can't be devalued in that manner. I believe you can use it via paypal now as well so slowly things are opening up for it.
SpurMeUp
Les Howe
Interesting. PwC in Hong Kong is a pretty obscure place to spend your money. Have you ever paid for something with a crypto currency? Would be interesting to know if anyone here has. Seen signs in east London hipster bars saying bit coin is accepted at the bar. But idk if anyone actually uses it. And how do you make a payment?
Are taxes levied on crypto? I guess HMRC won’t accept payment in the latest digital currency.
Maybe I’m wrong but it appears that almost all people buying crypto currencies are speculators.
Sitting on my porcelain throne using glory-glory.co.uk mobile app
AuroRaman
Chris Armstrong
Honestly Marky, I'm probably the last person to be giving advice on this. But how I'm doing it at the moment is using the Coinbaise app. I purchase crypto for cash and then am buying more weekly for x amount. I'll then raise or lower the amount I'm buying according to how the currency is doing. I've only just started and with very small amounts (not much of a risk-taker when it comes to this). It's based on a strategy called dollar-cost averaging. Chich, Favour and others probs have much more valuable info than I do but hope this helps!
Some articles on dollar-cost averaging below
https://www.fool.com/investing/dollar-cost-averaging-what-investors-need-to-know.aspx
https://www.nerdwallet.com/article/investing/dollar-cost-averaging-2
Danishfurniturelover
the prettiest spice girl
I'm.using coinbase. But be warned must places are freezing buying in January because of the court case.
Danishfurniturelover
the prettiest spice girl
You need to look and read up on what the different coins(businesses) offer.
Think that it is a bit like the early days of the internet and some companies will make it and some will be pet food direct. Yearn finance and compound are really good walton coin has real world use cases.
Ripple my personal favourite though not my biggest hold want to bank the unbank,which is giving access to the billions of migrant workers around the world a way to send money home to their families without the current high fees that it costs them to send home.
Edit vechain which has been heavily backed by the German and Chinese governments no less are helping to secure the food chain and have signed a number of contracts with each other. They are a business that will survive the inevitable cull of cryptos in a few years. Yes the are too many, but like web companies some will survive and be massive companies in 10 years time. Vechain willie one of them.
Danishfurniturelover
the prettiest spice girl
Take out some of your gains but the are certain companies vechain and I think yearn finance being one of them.who will be here to stay. Save it 20 years mate and have as your pension.
On coinbase theydo training videos for new crypto where you learn while you earn.
The interest only Bezos has been quite staggering
SpurMeUp
Les Howe
It's great info cheers. I've not really thought about blockchain until now, no doubt it is fascinating. I know in Africa people without bank accounts have been using digital payments (not a cryptocurrency) for a long time, via mobile phones. And at one point you could make an argument for the end of traditional banks. Why couldn't all transactions be via apps, removing national borders and inhibitive costs? But of course, the powers that be will not give up control so easily. Not only are the banks and credit card companies in the new digital spaces, but governments are also wary of money laundering, collecting taxes, and ensuring they exert monetary control. I find the Facebook Libra blockchain fascinating. There must some serious discussions with governments taking place. At one point it was effectively halted by the US government. But if it comes through, it will carry trust that maybe other blockchains don't and it will be usable online. Facebook had signed up pretty much everyone who's anyone in the digital sphere.
The analogy of the early days of the web seems a good one. Millionaires were made by folks riding a wave. You could set up a chat room website, build a user group, list the company, with investors lapping up anything with net on it; and walk away with many extra zeros on your bank account. No matter that the business never made money, and never would.
There is nothing wrong with riding a wave. Those who can detect fashions. See excitement. See how things will stimulate people, are often ahead of the game. Just so long as folks get that. Almost all of the money in bitcoin is speculation I am guessing. Very little of it is bought to be used to trade goods or services as things stand. Personally, I'd keep an eye on Libra and the plans for it. If it happens it could make a big dent outside china.
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Danishfurniturelover
the prettiest spice girl
I think bitcoin or at least the farming of it has more to do with geo politics then people would like to admit. Most of the farms mining bitcoin are located in China.
Yes bitcoin is decentralised but the Chinese own huge amounts of it (they have been increasing their gold holdings as well) it reminds me of bin laden shorting the air line stocks before 9/11.
Bitcoin is here and here to stay as a digital save haven, its price in 10 years time would be hard to accurately guess and with such large amounts being in the hand of so few the is the issue of market manipulation. The have been a few pump and dumps even this year when it looked like a breakout was happening before it finally did. The halvening was the key for me.
Libra might be a thing. The USA needs to back that or ripple or it is going to get very far behind, to far to catch up.
Crypto appeals to me in every way. Global, about the future and most of them independent. Making money is actually believe it or not secondary.
SpurMeUp
Les Howe
Is the key question: what will people actually use day to day as a currency?
Trust is huge. And a network is also vital. Hence Facebook being well positioned. But I think Libra has been hugely diluted to satisfy regulators and the US government. Facebook may take that just so they can get a foothold.
Speculation can only drive a currency so far. Surely, it being used to buy things is the acid test?
SpurMeUp
Les Howe
I could well be wrong about this. As @P.D. pointed out, while there is quantitative easing (printing money) there is a limited supply of blockchain. So people could be turning to it instead of gold. As a kind of safe haven. But gold has an underlying value. People buy gold jewelry and its used in manufacture. Just seems to me that the reason people are buying crypto is to make money, not to use money, which renders it a bubble ultimately.
In China you can pay for things a lot easier via apps, transfer money to people etc. In the west, governments are not there yet to allow this it seems. At least without regulation. Banks work with governments and police forces, even in Switzerland which used to have complete banking independence from authorities. So it seems to me, that digital currencies will have to work with existing structures. Otherwise, we will be making illegal activity a lot easier, more than we will be liberating and making transactions efficient.
Who can work with existing structures and gain trust?
In China you can pay for things a lot easier via apps, transfer money to people etc. In the west, governments are not there yet to allow this it seems. At least without regulation. Banks work with governments and police forces, even in Switzerland which used to have complete banking independence from authorities. So it seems to me, that digital currencies will have to work with existing structures. Otherwise, we will be making illegal activity a lot easier, more than we will be liberating and making transactions efficient.
Who can work with existing structures and gain trust?
Diamond Lights
Alan Hutton
right so am looking to get involved.
Where do i start?
do i download a coinbase app and then start investing? is it straightforward?
Where do i start?
do i download a coinbase app and then start investing? is it straightforward?
Danishfurniturelover
the prettiest spice girl
Yeah good start.
Do the training videos to earn yourself some free crypto.
My tezos has earned me more interest then my savings account.
Compound and yearn have been other ridiculously successful purchases.
markysimmo
Johnny nice-tits
This ??
Favour
Nicola Berti
Yes.
Favour
Nicola Berti
I have Coinbase, perhaps not the best, but the easiest IMO.
Diamond Lights
Alan Hutton
Coinbase asking for me to provide Photo ID... that right??Yeah good start.
Do the training videos to earn yourself some free crypto.
My tezos has earned me more interest then my savings account.
Compound and yearn have been other ridiculously successful purchases.
NoLimits01
Goran Bunjevcevic
Yep, they all do that. It took ages to register with BitStamp but Coinbase was pretty quick, I’m also on Crypto.com as it trades some crypto that Coinbase don’t