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

Again, as with other crypto negatives youre completely misinformed. Research carried out at the end of last year suggests that almost 60% of bitcoin mining uses renewable energy

further to that, the increase in energy prices is driving massive investment in renewable technologies which will benefit everyone. Meanwhile everyone else is doing very little to address the climate issue

MsFogi, just a bit of advice - avoid coinbase as their fees are quite expensive. I use Binance. Also ensure your bank will allow these transactions. HSBC and all the other big banks wont let you buy crypto or transfer monies to a trading platform. I have switched to Revolut

lol

They knew what they voted for, so to speak.

People losing money they couldn’t afford? Sounds like a life lesson as old as time.

Don’t forget that gas power plant opened again in NY state that is literally cooking a local lake with waste heat powering all those ASICs mining Buttcoin.

Also, this is totally not a scam and a very trustworthy enterprise.

Even if that’s true, it’s still wasted energy, which could be used for productive output. Turning off 1MW of mining lets you turn off 1MW of coal-fired output.

Any way you try to spin it, it’s wasting massive amounts of energy. It being expensive and wasteful is baked in to the design.

That’s fine though. It’s not like we have an energy crisis unfolding that will impede people printing more fake money in a computer to buy JPEGs of apes to speculate on.

It’s all just a way for talentless people to gloat about how much better informed and successful they are than those fools who had to actually work to end up with the nice house, nice cars and pleasant lifestyle.

It’s the only way a kid in their twenties living with their parents and doing the Night Shift at Tesco gets to pretend to be a big success.

So long as they actually allow you to, y’know, withdraw your money.

People that buy into crypto unironically think triple digit monthly returns are legit.

And I’m called ignorant, haha. We got geniuses thinking some digits in a hard drive will make their fifty quid worth a million in 24 months.

At least playing the lotto is more fun.

I put £20 then another £20 into Bitcoin, via PayPal. I think it's now worth £25. Bad idea 🙄

I think it costs 50p each transaction, in and out. Am very fascinated by it but I'm glad I didn't commit more.

Oh dear, I just checked and I wish I hadn't. £14.51.

Do you really think that ordinary fiat currency is anything other than a few numbers on a spreadsheet on a central bank computer??? Furthermore this apparently bombproof money has lost around 20% of its value over the past 12 months because it is being massively manipulated and printed at will....how is this any better or worse than crypto....the current system is crippled with debt and is spiralling out of control, meanwhile the poor are getting poorer and the rich banks and institutions are investing in crypto....

Check again in five years time Florence.....you'll be pleasantly surprised

I can exchange pound sterling for goods and services. You know, like money. And when I’m paid in it, it doesn’t go from being worth twice what it was one paycheque to less than half that the paycheque after. We used to laugh at currencies like this. Ask Weimar.

I also seem to recall BTC just lost over 50% it’s value, while Terra became worth as much as a Reichsmark, lol. Lost your money from a bank collapse? FCA got your back. Lost it in random “stablecoin”? Guess you didn’t believe in it enough. Deposit more.

But do please keep telling me how DeFi is not manipulated and useless.

Not to mention the argument that BTC is terrible for the environment.
People happy to invest in a Pension / ISA holding shares in GSK / BP/ BAE.

So happy to invest in animal testing, plastic producing, oil spilling, weapon producing arms companies, but BTC is the bad guy!

Why can't people understand that there is space for Crypto in peoples portfolios if they choose to invest, understanding the risks.

I invest in EIS's for the tax benefits, understanding that I could lose it all, however, it is a calculated risk. Same as my approach to Crypto.

Taking joy in people losing money, in my opinion is a little weird. Each to their own though.

Its the biggest con and scam of modern times. I hope we will see the end of it soon. But as long as thd crooks running it ard in profit they will want to keep it going as long as they can.

Nobody is "running" Bitcoin.....thats the whole point

When people lost money to NFTs last year because they apparently thought a digital image conveys some amazing intrinsic value, I cried. So it’s not all laughter.

But mostly, yes. Investing in companies that pay out dividends from stock raising profits from actual products and/or services? Get outta town. I want my latest altcoin rocket to the moon because a guy on Discord or Twitter plugged it.

I must about, the speed at which libertarian finance is discovering all these concepts TradFi spent over a century dealing with is pretty damn hilarious. A guy on the Celsius subreddit was literally explaining liquidity, bank runs, and a Ponzi scheme as if this was some untold knowledge, only now gleaned because crypto idiots now get to see what a bank run on non-regulated assets leads to.

When people act shocked that, yes, an exchange can go and steal all your money without recourse, I find that… interesting.

It would appear that we're unlikely to agree....which is absolutely fine. I just dont like to see someone taking pleasure in people losing their money

I’d like to introduce you to my friend the investment bank and hedge fund…

The point is to radicalise people against financialisation of the economy in ever dumber ways so that they DON’T fall prey to obvious bullshit cons, invest their life savings, then get even shittier people laughing at them publicly because they didn’t cash out of HODL hard or some shit.

Here, I’ll offer a very well sourced explanation as to why I’m the good guy here by telling everyone and anyone to avoid crypto like it’s plague coronavirus.

It’s like 2008 didn’t happen and an MBS is just a random collection of letters, no meaning.

You are not going to get rich this way. I know that it seems appealing, but the reality is if you want some stability and security in your life, and to have nice things, then it’s going to need to come via earnings.

Stop wasting time dreaming of free money, and get your career on track instead.