Cryptocurrency

[Wishmelucknow]

Interested in seeing if it’s worth all the hype. Been investing a small amount on PayPal but it’s seems just to trundle along - put in £80 in 4 different cryptos but seems to hover around £78 and goes down slightly and back up or has done for a week. Is it worth it? My neighbour was doing it but he major computers to do loads of data mining and he was making about £3000 per month but has stopped due to cost of electricity. What causes spikes in crypto?

It's speculative. Don't invest any money in it that you can't afford to lose.

It’s a Ponzi scheme. There’s nothing of actual value in the loop so people only make money if they are lucky and they /others convince more people to buy. By all means, invest amounts you would be willing to lose.

Plus people mining more bitcoin (other nonsense is available) are environmental vandals. That energy could be used to do something useful.

It’s a ponzi scheme

1 Learn how investments of any kind work
2 Choose an investment only after doing number 1 on this list
3 Be prepared to possibly lose money anyway

Ignore the Ponzi scheme ignorance and do some proper research. The potential of crypto is huge and the likes of bitcoin and Ethereum are safe on paper but like any investment carry some risk.

Whilst crypto is not backed by anything physical like gold, now is probably a better time than ever to get into the market now it has cooled off, it's likely it will drop further but if you dollar cost average yourself in (invest a little each month) by the time the next bull market comes around after the next bit coin halving (2-3 years time) the chances are you'll be sitting on a nice little nest egg. I've never bought through PayPal only exchanges so can't vouch for their operation, but my bet would be that they hold it on your behalf in trust. At least if you buy in an exchange you can transfer your crypto into a cold hardware wallet where it is safe from being hacked or lost if the exchange goes belly up.

Only invest what you can afford to lose, I invested £100 a month in the run up to the last bull market over a period of two years and it was worth just over 6 figures at the peak last year. I cashed in a lot but still keep a small bag in anticipation of what is to come.

Do some proper research, there are plenty of great resources online.

Just to add..

The same people generally who refer to crypto as a Ponzi scheme are the same ones that think putting their life savings ina. Cash ISA earning bugger all interest each year is the done thing to do. In essence they take no risks and their savings do not keep up with inflation and they effectively lose money.

Personally I keep my savings/investments in the following ratio split

10% instant access cash ISA for access in emergencies, 25-30% crypto, 60-65% invested in funds like the S and P 500, Global funds etc though a mix of S&S ISA And general investment account as this is the most tax efficient way.

Thx beneficial - it is going up - v slowly. Starting to get back what I put in but taken a week to get there. Notice it goes up
when the football is on lol. Yes I am curious after knowing how much my neighbour made but I really don’t know what I’m doing. Defo only putting in a little ….

I'd rather have my principal safe with less interest than lose 70% of it all

You cannot provide any evidence of crypto's source of value. No one can.

It's just all talk about unlimited potential

If you invest in company shares you can do it based on knowledge of earnings.

Crypto is a big old ponzi.

Have fun staying poor.

The same people generally who refer to crypto as a Ponzi scheme are the same ones that think putting their life savings ina. Cash ISA earning bugger all interest each year

I’m a professional investor and hold 86% equity. Crypto is based on the bigger fool theory. Some people believer the world is flat, in fact it’s an idea that is taking hold in internet land. I don’t have a geography degree, but I don’t agree. I do have a finance degree and the world has gone mad (flat or not) on crypto. IF, just IF it is anything, it’s a store of wealth. What it is not, and can never be, is an investment. How can the premise provide growth, except by sucking the next fool.

That really is the funniest thing I think I’ve ever read on here.

Please don’t. What your neigbour is doing is nothing like what you are doing, you can’t do that so please stop. Invest in something safe. Crypto is not safe, it’s just gambling to invest in it. Look for etfs on the ftse 100 or managed funds from somewhere big and professional.
I’m an investment risk professional, of course you don’t have to believe me but none of the retail or investment banks or very large funds I have worked with invest in crypto.

No, we don’t. Why don’t you let the op ask the people who say crypto is basically a scam? Rather than you pretend you know all about us. Of course we don’t generally recommend people put every thing in a cash Isa. Some of us are actually qualified here. If you’ve got spare money and you’re enjoying the process be duly warned it’s gambling and you are playing against
the house, and you can enjoy your crypto investing knowing you might lose it all.

Ha that's such a wanky thing to say!

Read up on tulip mania. Same old same old.

Love how the person insisting it isn't just a ponzi with zero real value has now gone full on hard sell. It’s a bit like the MLM boss babes who are doing so well that they are just doing you a favour to cut you in on this good deal.

I've made £24k at the beginning of the year in crypto and I only risked £400 so there is money to be made. Right now we are in a bear market. I've watching coins reading up and will be putting some money in over the next 12 months whilst everything is cheap ready for the next bull run.

I only risk money I can afford to lose because whether its crypto or shares etc its all a gamble anyway.

I only risk money I can afford to lose because whether its crypto or shares etc its all a gamble anyway

Well one is flipping coins on the pavement, the other is chasing £20notes into the dual
carriageway.

Tesco v’s Bitcoin.

Have any of those on here who have ‘made money’ actually drawn down on those funds into cash? So many exchanges are going under. It’s a complete Ponzi scheme.

Are you able to quantify the amount of risk you are taking?

Do you know the risk/return of investing £80 in the stock market, on England winning the World Cup, in gold or in playing the lottery?

These are the questions you should find the answer to.

Swifty is that you? 🤣

Yes, cash in bank no issues and it paid for some house renovations.

Yes, no sane person keeps their crypto on an exchange... also would like to take the opportunity to apologise for my earlier 'have fun saying poor' flippant comment.

Withdrew circa £80k throughout 2020/21. Rest is just sitting there now, have been slowly buying back in now the market is cooling off.

I can only talk from personal experience. I would recommend crypto to anyone who can afford to squirrel away a small percentage of their savings/investments a month. (And also wouldn't miss it if it disappeared)

Like I explained in a PP. Crypto makes up around 25% of my savings/investments, it is a risky investment but you can spread your risk in the same way you can with any investment, though largely the market reacts to bitcoin anyway... Majority of my crypto portfolio is Bitcoin and Ethereum, the two largest market caps at this time, the rest in altcoins, which whilst riskier usually yield higher returns.

At the end of the day the choice is personal to yourselves, do your due diligence, do your research and only ever invest what you can afford to lose.

I investigate investment scams for a living and we’ve had thousands of customers this year who’ve lost every penny through crypto and ‘crypto brokers’. Be prepared to lose everything you put in. It’s a Ponzi scheme designed to launder money for illegal and unethical activities. Real high street banks love making money. If they could make money through crypto they’d all be heavily involved in it - yet they’re not touching it with a barge pole. Tells you all you need to know. A small few people make money - the large majority don’t.

Don’t touch Crypto with a 10 ft bargepole, there are too many crooks involved, you will loose your shirt. The same goes for any kind of futures trading, not as many dishonest traders but the professionals know when to buy and sell, in fractions of a second, you will be far to slow.