Which crypto have you got in your portfolio?

[MsFogi]

Over the coming year I'm planning to drip feed some of my cash into a few crypto currencies (I plan to end up with about £30K exposure).
The obvious ones are of course Bitcoin and Ethereum (and I see there is a Ethereum 2??) - have any wise MNers got any advice for me on whether there are others I should look at and any advice more generally (I'm going to use coinbase)? Thanks

@MintTeaLady

Has anyone got involved in any DAOs? I’ve only just started to get interested in crypto and gone right in at the deep end it seems. I’m listening to weekly AMAs and don’t know who I am anymore!

Ahaha - the crypto world is absolutely amazing when you get really into it isnt it. Its like this massive open secret that no one outside of it believes exists.

Which DAOs are you involved with?

@Cailleachian I went head first into TIME and HEC and a few other smaller ones. Thankfully just what I could afford to lose as it was all a bit of an experiment for me figuring out how everything works. I still love the HEC team and hoping it works out for them. Now I’m thinking about sticking to FTM, AXAX and LUNA as the DAOs are struggling so much. The gas fees for BTC and ETH are too off putting for me as I’m not willing to part with enough cash yet to make it worthwhile.

Loving the whole new world that it has opened for me.

The implosion of the crypto Ponzi scheme grift has been a source of amusement these past few weeks.

What implosion? This is standard crypto world roller coaster behaviour.

BTC going down to 27k and the problems with Terra, Celsius, ETH, to name a few. You know, the literal tens of billions in fraud and lost money.

But also, this is exactly why crypto will never replace fist currency. Ever. U

But weird to be amused by a falling asset? Did you laugh at the stock market crash too?
Odd behaviour

Given the crypto market is a very simple pyramid scheme, the sooner it collapses and shows people not to waste money on it they could invest in something that isn’t killing the planet for no net gain…

Yes, happy to see the cryptobros get shown up as clueless, corrupt, or both.

Same was true of tulip mania, the dotcom bubble, and CDOs in American subprime housing.

I guess people love to lose money on dumb shit, though. Carry on, I guess.

I dont understand why people hate crypto so much.

I mean, you dont believe in it, thats fine, stay away. But there;s a contingent that are actually happy when bad things happen to people because of crypto, they get scammed, rekt, whatever.

I wasnt a big fan of LUNA, I thought it was flawed and risky, and I'd never have encouraged someone to become involved without being aware of the risks, but I'm quite sad that some people lost their life savings to a scammer and some dirty tricks.

We are in for a rocky 18 months, but bear markets are where the building comes, away from the breathless numbers and frothy headlines. Lots are going to fail this time, but crypto will go on, and next time, it will fail better.

1. It solves nothing. The technology behind crypto doesn’t solve any extant problem. But it does introduce whole new ones that the community then tries to solve to make out like they’re making progress.

1. With no reason to exist, the only real avenue here is for it as an investment vehicle, and one with extreme volatility which definitely has pros and cons, depending on risk profile.
2. The whole thing has a cult mindset. The number of people who bought into the coin of the day or NFT du jour to then lose it all, only to then have the online circles say they weren’t true enough believes is pretty galling. Additionally, since the pump and dump schemes are so obvious to anyone who has any nous in finance, it makes it even harder to watch the clueless public go in expecting hilarious returns of 30% weekly forever, only to get totally wiped out of the savings they put in like it was a new ISA.

1. The billionaires manipulating the market just need more marks to offload on to, which is why they peddle this shit so hard. They will get out with actually useful assets when they sell Shitcoin 2.0 for actual dollars to buy actual real world things. But you suckers, I mean “devoted investors”, need to keep the faith and continue to bring people into the world of crypto to keep the grift going. How this isn’t obvious to everyone I will never know.

1. Crypto has existed in a world of ZIRP and QE. That world is vanishing now as stagflationary pressures bite. Look at the massive rallies in crypto and then tell me that isn’t a liquidity based move due to easy money being throw into the system. That will all vanish, as it is doing, because the money taps are being turned off and inflation and interest rates are rising. Look at how the tech sector is seeing a crash now after over a decade of rampant idiocy with billion dollar valuations for companies that literally make nothing and never turned a profit. This madness is ending, with a bang no less.

If I had house money to play with, I’d stay as far away from crypto as I could. In fact, if a person still wants to play the markets for that thrill, I’d direct them to trading other assets such as FX (as I do) or invest in tangible assets like commodities or companies with solid fundamentals.

No, you won’t get 1000% returns annually, but that’s because anyone expecting that is deluding themselves. This whole movement of people doing little to nothing productive in their lives and living off insane returns on virtual Monopoly money that is propped up by excess liquidity in a precarious system is the very definition of unsustainable. Remember how everyone said the same thing about [insert historical bubble mania here] and the response from the investors was “yeah, but this time it’s different”? That.

Caveat emptor.

Ha Ha, you mentioned Crytpo Bro's, FX Fake Rolex HP Merc Bro's are the worst!

As you must know, one can lose their shirt in FX as quickly as one can in Crypto.

I have Crypto as part of my larger portfolio, it is in there for the next 20 years, short term volatility does not bother me. Yes, it may Zero, however, so may my Rio Tinto divi stock.

I hold Eth, BTC, Solano NEAR. No small coins for me, because as you say they are pump and dump rug pull gambling (at best), I would rather put that money on a 50.50 roulette spin.

I don't think ruling the whole concept of crypto as a scam is just, there does however seem to be a lot of noise and un realisitic goals arond the sector which does not help.

DH is a professional investor (ie written books, speaks all over the world on portfolio management). He specialises in small cap value investing.

We both have about £20 on coin base to get the money from top cashback and do the free quizzes when they come out to get more. Would never invest any real money though and would be prepared to lose any that was in there.

I think a lot of the scammers from FX and small cap stocks went into crypto when it got enough public traction. I know some who made bank and cashed out during the first BTC rally, but others are still in despite at one point having more than their salary in the market.

FX, though it does have a learning curve, unless you’re going into the exotics, it has much less volatility and also has better leverage and margin requirements than trading crypto. If you know what you’re doing, it should be a good earner with less random movements than the crypto space.

That said, looks like we have a bear market in the making. There’s blood in the water this morning across the board.

🍿

My kingdom for a damn edit button.

twitter.com/molly0xfff/status/1536184590586585089?s=21&t=5PjF7gC8QBweQDwQ1nqB6g

A Bitcoin got stuck in the machine. We're trying to get rid of the stuck transaction there. Please, stop trying to remove all of your funds from the exchange until we have transferred them to a Cayman Island account of our choosing.

It'd be funnier if this wasn't the 247th time I've seen an exchange, coin, or person basically scam people out of cash.

Wow! Liebig, youre actually taking pleasure in ordinary folks losing their money. Nice. If youre such an expert on the subject why didnt you get in and make a million then cash out rather than messing about with leveraged (and very risky) FX??? The way you talk about crypo make you sound a bit ignorant to be honest. The majority of educated, knowledgeable investors accept that crypto is here to stay and that there are issues with a lot of the altcoins. Thats not the case though with bitcoin and if youre suggesting otherwise then youre obviously I'll informed.

The wasted electricity is quite a good reason to hope Bitcoin dies.

So just to be clear are we saying traditional banks in massive tower blocks dont use electricity while theyre robbing poor people?

They are, but not in the vast quantities that Bitcoin etc use electricity. Crypto mining uses HUGE amounts of energy.

Yes, huge amounts or renewable clean energy otherwise it wouldnt be worth doing

Robbing poor people? Oh dear.

And yes, mainstream banking, despite being thousands of times bigger than crypto, used far less power. Bitcoin mining wastes as much electricity as a country the size of Argentina uses. It’s obscene.

No, most of it is done in countries which still use coal for much of their power generation.