Please or to access all these features

Add post

Watch this thread

Save thread

Start a new thread

Flip thread

Hide thread

My feed

Active Unanswered threads

Getting started FAQ's

Unanswered threads Acronyms Talk guidelines

Hide shortcut buttons

Talk

Investments

Discuss investments with other users on our Investment forum. For more advice read our tips for saving for your child's future.

Flip

1 2 3

Original poster

Bitcoin. Did you cash out too early like me?

72 replies

utterflapdoodle · 08/03/2021 14:32

And if so how vigorously are you kicking yourself?

Anticipating a sharp drop like the 2017/18 cycle I cashed out in mid January. My investment had doubled at that point and I thought that was good enough after holding for over three years.

I'm making it sound like a thoughtful decision but it wasn't. The price was dropping quite fast at the time and I panicked. I later bought back in with about half of the total but missed out on some of the subsequent big rises.

It doesn't help that the other "safer" investments I put the profit into have since dropped. I know the stock market as a whole has taken a downturn at the moment but still it's really galling.

I'm mentally beating myself up about this almost constantly. I can't help checking my investment totals daily and comparing the sum to what it would have been if I had held my Bitcoin.

I know this isn't productive. Investments should be viewed in the long term and from that perspective I've done pretty well. It is not as if I even urgently need the money for anything but I can't seem to forgive myself for this string of bad decisions.

Any words of wisdom about how to learn from this and move on mentally?

OP posts:

Original poster

utterflapdoodle · 03/05/2021 14:18

@Puttingouthefirewithgasoline I've put some money in a fund called Invesco Elwood Global Blockchain ETF . It's a tracker that mirrors the price in a large basket of companies in the whole Blockchain and decentralised finance area.

It's done very well since its launch, 140% last year and 37% so far this year but has recently taken a sharp downturn. Bear in mind that it is a highly specialised fund and much more volatile and risky than your average tracker. It is also denominated in USD so the exchange rate is a factor in the value.

I bought it through my German Fidelity account. You can buy it through Hargreaves Lansdown in the UK.

OP posts:

Puttingouthefirewithgasoline · 03/05/2021 14:24

Brilliant thanks op!

I've got most ££ in what I regard as very safe vanguard funds and like to have some gamble ones too. I think the block chain is interesting.

MintyCedric · 03/05/2021 14:31

I've been pondering crypto for a few weeks after a convo with a guy I met on Tinder of all places!

It's something my elderly mum has also talked about but whilst she's very astute financially, I don't think she'd understand the technical side of it.

Is anyone on here able to link to a really good 'idiots guide?

Also thoughts on Dogecoin?

hiimjackie · 03/05/2021 14:44

@MintyCedric

I've been pondering crypto for a few weeks after a convo with a guy I met on Tinder of all places!

It's something my elderly mum has also talked about but whilst she's very astute financially, I don't think she'd understand the technical side of it.

Is anyone on here able to link to a really good 'idiots guide?

Also thoughts on Dogecoin?

There's no idiots guide, every crypto is highly different on its fundamentals.

Dogecoin will dip hard again which is a good buying point for it, it's too high to make real profit right now

To MNHQ: you like banning people on investments talking about crypto so I just wanna say this isn't investment advice it's just my own opinion

MintyCedric · 03/05/2021 15:37

Yep that's what I thought as far as I could make out.

The impression I got is that it's low now and not likely to suddenly shoot up as it different from.others in being much more available, buy I wonder if as more people take an interest in crypto, there will be more beginners investing in it as a cheaper option and it will climb.

I won't be investing thousands but a bit of a fun splurge with a small windfall at some point would be good.

Sweetchocolatecandy · 09/05/2021 11:57

Hi I’m new to the world of crypto so I’d be grateful if someone could advise me. I have downloaded the trust wallet app but I’m a little confused- what is the difference between transferring funds from the exchange to there and transferring directly back to my bank account? Essentially what I’m asking is what is the purpose of the wallet.

MotherofGoddess · 09/05/2021 12:16

How much were people investing years ago to cash out as millionaires? I’m investing about £200 in Cardano cryptocurrency but will this ever make me even a 4 figure return? (I realise I need to invest much more to become a millionaire!)

Sweetchocolatecandy · 09/05/2021 15:16

@MotherofGoddess I’m sure I read that at the start of Bitcoin if someone invested just £100 they’d be a multi millionaire by now! I’ve also invested in cardano and it seems to be rocketing at the moment while all the other coins are going down.

MotherofGoddess · 09/05/2021 16:17

Thankyou @Sweetchocolatecandy - that’s very interesting about Bitcoin, I totally missed the boat there!

But my cardano investment has nearly doubled in about 3 months. Only £25 to nearly £50 but better than anything I’d get from interest rates in the bank!

MotherofGoddess · 09/05/2021 16:18

Meant to say, I’m hoping to invest £200 across cryptocurrency, Cardano is just the start!

LordOfTheOnionRings · 09/05/2021 16:27

I have made 30% return on Ethereum in the last few weeks. My next ones will be XRP and Cardano - I have coinbase but now i'm a bit worried!

Rbaby · 09/05/2021 16:39

Hi everyone I'm keen to give this a go - so is Coinbase the best way to have a dabble?
Is a crash imminent? Everything seems super high at the moment!

hiimjackie · 09/05/2021 16:39

Cardano Elliott wave figures are coming back with high up trends in the long term, long way to go but if you buy and never look at the figures for a good while you should be pleasantly surprised

This is not financial advice this is my own Elliott wave count and I'm not responsible for other peoples decisions

Tworoads · 11/05/2021 20:32

I have joined Coinbase but there is something strange about their bank. I have tried sending to them from two different banks and neither can verify their account from the sort code and account number. It's really odd. Has anyone else had this? What did you do?
Coinbase ask so many verification questions as you apply but fail a crucial one!

hiimjackie · 12/05/2021 07:34

@Tworoads

I have joined Coinbase but there is something strange about their bank. I have tried sending to them from two different banks and neither can verify their account from the sort code and account number. It's really odd. Has anyone else had this? What did you do? Coinbase ask so many verification questions as you apply but fail a crucial one!

Try do it through the 3D card purchase limit 1st, which will get you a good start, other then that I'm not sure I've never had any problems, did you verify with another countries passport? Maybe send it through IBAN if it gives you the IBAN code?

Winebottle · 12/05/2021 08:31

I cashed out 6.6btc before it spiked for the first time. I think I got around £3k so I definitely know the feeling. Suddenly people were interested in bitcoin so I had to listen to colleagues talking about the price every day and think about what I could have done with a six figure sum.

Time heals. It crashing temporarily also helped. I'm over it now and I don't even see it as an error of judgement, I wasn't to know. I spoke to a lot of payment industry people through work and they convinced me that it is very inefficient as a currency: it's slow, expensive, uses a lot of computing power and energy. If a cryptocurrency doesn't work well as a currency, I don't see where it's value lies. The bubble will burst.

Original poster

utterflapdoodle · 12/05/2021 11:55

@WineBottle I sympathise. I sold off all my altcoins in January which have since doubled or trebled. If I was physically kicking myself as much as I am mentally I would be black and blue by now!

I'm glad to hear you are over it now. You are quite right that you weren't to know and neither was I. Nonetheless I'm still struggling to reach the sunny uplands of acceptance. I waver between counting my blessings that I made a decent profit and extreme annoyance that it could have been a lot more.

I think crypto and the whole decentralised finance concept does have a long term future and I intend to keep buying steadily with an eye to holding for at least five years or so.

OP posts:

Winebottle · 12/05/2021 16:34

Don't overthink it and keep things in perspective. A 50% gain is not a lot in the grand scheme of things. At least you are not the person who forgot to put their lottery numbers on the week they won the jackpot!

It may take you a while but you can make 50% on something else. Spend your energy thinking about the next opportunity, not the last one.

least

Winebottle · 12/05/2021 16:34

It may take you a while but you can make 50% on something else. Spend your energy thinking about the next opportunity, not the last one.

daytriptovulcan · 12/05/2021 20:34

Is this a bot attempting to lend credibility to a ponzi scheme?

crystalize · 12/05/2021 23:28

@Tworoads when you enter the coinbase account and sort code details on your online banking at first it can say something like 'couldn't verify the account, proceed anyway'. If all is entered correctly then accept proceed anyway. This happens to many of my new payee setups.

Coinbase recommends you send a 2£ payment first to show all is ok.

Tworoads · 14/05/2021 20:49

Thank you! Well I have managed it. I have put something on Ethereum and ADA. Quite excited just to watch it.

Flip

1 2 3