To ask if anyone dabbles with bitcoin?

[MollyWantsACracker]

Disclaimer: I am totally clueless

I bought a few euro worth today, just for fun really

Anyone else?

I absolutely will do!

Where are all the people who were posting about how they were fab at day trading and had made £1k in the last week alone?

They will be cruising in the Caribbean or might even have bought their own private island with the profits from their Bitcoin. . When this ends it will be tears before dawn. Still plenty of warnings around.

blueshoes

A) I changed my user name from noofly when I bought my Doge and stated that on this thread.

B) I think I’ve missed one day of the chat

C) I’m not a trader and never claimed to be. I bought in 2012 when they were £10 a coin and have not sold any. I have no plans to sell any until they are worth considerably more than they are now, however long that may take. I’m in it for the long haul.

I have been as helpful as I can be in suggesting how to avoid Coinbase fees when cashing out etc and have always made it absolutely clear that this is ridiculously high risk and if you aren’t OK potentially losing all of your money you should not purchase.

Oops. I’ve missed three days of chat. Purely because I didn’t see any additional comments until now.

Ijustwantabloodyusername - that wasn't aimed at you necessarily. I just find it frustrating that people are trying to invest in something designed to bypass the very regulations that are there to protect them, and when it goes wrong they want those regulations in place. I do trade crypto as well, though mainly shorting the obvious BTC bubble from about 15k downwards. I do it through a regulated UK spread betting service and have some trading experience. I would never trade on any exchange that wasn't based in a well regulated country.

I'm also extremely skeptical about both Bitcoin and Blockchain and think that they're both massively over-hyped. I don't think many people who bought in in the last year really actually understand what they are and how they work.

And just as I posted, we get news of another exchange hack, with panic selling of all crypto.

This is one of the better exchanges too.

I read about this too. Apparently it was a bot (presumably that means a robot) which was connected to the exchange at that was hacked. It's really far too risky and unregulated. I wish people wouldn't put there faith in this. Too many crooks involved in it.

Or just not be stupid and keep their coins on exchanges...

At least it looks like finally something is being done about it:

www.nytimes.com/reuters/2018/03/07/technology/07reuters-crypto-currencies-bitcoin.html?partner=IFTTT

Similarly, regulators in Japan are looking at some of their exchanges too, with the view to shutting some down.

@starfro, I didn't take offence and completely understand why you posted.

I think it's important to update people and point out when these things happen.

Barclays has announced it will be providing access to the Faster Payments System to Coinbase so hopefully it’ll get easier for U.K. Coinbase customers to cash out. Testing with institutional customers first with retail to follow...

uk.businessinsider.com/coinbase-uk-gets-fca-licence-access-to-faster-payments-with-barclays-2018-3

My understanding - from that piece - is that the FCA licence doesn't cover Coinbase's crypto currency activities?

No, it doesn’t. What it does do is eliminate the need to transfer £s to Euros and back again and via SEPA transfers etc when withdrawing that has been driving UK customers batty.

Below $8,000. So what about those poor blighters that bought at $15,000 plus, say?

Well I sent the coinbase all my information to verify my account back in January.. And I still have not had account verified, I just get emails saying.. Sorry has this been done yet, its often done by the time we get to your email.. I have had about four of these emails now.

So please be aware.

Hi 👋🏻 I’m the OP. I was never a daytrader...!
Just bought a few euros worth of LTC (cashed out) and a bit of a bit of a bitcoin. Haven’t sold that, have no intention of selling it

Maybe they sold high cozie

Maybe they did, Molly. Maybe they did.

Where do you think their 'profits' came from? (Assuming they managed to 'cash out'.)

Not been on this thread for a while. Nearly all the coins are down. Bitcoin or Bitcon as I like to call it is at quite a low price now. Why are people still pouring money into this scam. So many people are losing out. Don't they realise there is no profit and no growth. It's a pyramid/Ponzi scheme.

A yes, first you know nothing and then your the expert. You just like sitting on your high horse lecturing people.

I don't like to see people being conned and losing their money to a load of crooks.

No. A couple years ago I went through a phase of watching Max Keiser on RT, and he was always on about bitcoins and crypto generally. I had one voice in my head saying 'Just buy a few quid's worth for fun!' and another voice saying 'Anything being pushed this heavily must be a scam'. The second voice, plus the feeling that I'm not really sophisticated or numerate enough to invest in anything, won the day. (I really must learn to be less timid in future and learn to take calculated risks.) Then Mt Gox collapsed and I assumed it was all over... and I'm still bemused that it wasn't. Am I missing something, especially since one stroke of a legislator's pen could regulate it out of existence? Why is bitcoin still a thing?

Mr Money Moustache did an interesting post recently on 'Why bitcoin is stupid'. Obviously I now have a bias against bitcoin due to my bitterness at having missed out, but his piece seems well reasoned and well referenced, maybe you crypto enthusiasts/ sceptics might want to check it out.

With every respect, vivienne don’t you think people can do their own research? We’re all grownups here.

Augusta

You said it yourself. FOMO.