Have you made money in crypto?

[pinkyperkyandmrjerky]

Just this I guess. Have you or anyone you know made money from crypto? My husband is convinced he's gonna make serious £ and I'm happy for him to have an interest but I know little about it and I'm a bit 🤨 about it all. So prove me wrong 😀

I’ve started dabbling! I use Coinbase as a platform and I’m currently up 20%

Yes DH has made shitloads but went in when values were low. Market is high at the moment so gains may not be so great at the moment. It’s all about timing - both investment and cashing out. We are going to use the gain to buy a bond to finance early retirement. And you must only invest money that you could comfortably lose every penny of overnight as that is what could happen.

I was interested until I did a bit of online research about ethics of cryptocurrency, eg;

The crypto world was designed to operate outside regulation and the law. So it’s a natural place to hide and launder the proceeds of crime. Some negate this by saying how little illegal money there is in crypto. But due to its untraceable nature, this is a dubious assertion.

@TiddleTaddleTat

I was interested until I did a bit of online research about ethics of cryptocurrency, eg;

The crypto world was designed to operate outside regulation and the law. So it’s a natural place to hide and launder the proceeds of crime. Some negate this by saying how little illegal money there is in crypto. But due to its untraceable nature, this is a dubious assertion.

I'm far from an expert at all, and unsure of the origins way back when it started. In the UK anyways, when you cash out any crypto- you need pay tax on the capital gains- well supposed to! That is hardly a hidden, untraceable income and we set aside an amount to pay the capital gains specifically, taking this out of any earnings.

Yes, well DH
He invested £3,000 then made that back within a short space. He cashed in the original £3k and put it back in our savings. We agreed that he then was free to 'play' with the money he made.

It's currently at apx £55k

Yes all the major exchanges share data with HMRC so anyone thinking they simply won't declare their gains could be in for a nasty surprise.

About £80. Quite happy 😂

Not forget you have a cgt allowance per year of just over £12k before tax is due though

Yes, I am very far from a 12k gain (about £11.9999k away!) so not a worry for me!

Do you all just hold or do anything else with it? I am staking a little too.

I posted this on another thread but: only invest in crypto if you are prepared to lose all of your money. It’s extremely volatile and risky, and unregulated so if you lose it you’re not getting anything back.

Yes we've made quite a lot. It's extremely, extremely volatile though.

@TiddleTaddleTat

I was interested until I did a bit of online research about ethics of cryptocurrency, eg;

The crypto world was designed to operate outside regulation and the law. So it’s a natural place to hide and launder the proceeds of crime. Some negate this by saying how little illegal money there is in crypto. But due to its untraceable nature, this is a dubious assertion.

Its completely traceable.

Every single transaction can be seen by anyone on the blockchain.

Its actually an advantage, governments cant create or hide their expenditure. Every coin is accounted for and can be seen by anyone.
There are a limited number of privacy coins that cant be traced but most cryptocurrency can be traced.

Yes, re tax DH warned me we will need to pay tax on it...no different to any investment.

I have put in £340 and am currently £140 up, so v happy with it so far. Tempting to put more in, but don't want to risk losing more. Fun though!

@FortunesFave

Yes, re tax DH warned me we will need to pay tax on it...no different to any investment.

I'm not sure on the position in Australia but as a relatively small investor it's pretty easy for me to make sure my other investments are tax sheltered in an ISA or are in a pension with tax relief on the way in. I don't think it's possible to include crypto in either of those at the moment (not that I'm thinking of sticking my pension into crypto!)

oh and i don't think capital gains applies to gains in a pension anyway (?)

Following.

@Mia85

oh and i don't think capital gains applies to gains in a pension anyway (?)

I think there are some new investments, that can be out in a pension. Basically they follow the price of crypto coins. Cant remember their names now.

I bought a bit of Ethereum, Bitcoin and a couple of others when they were loosing a lot of value around summer. Haven't touched them since then, but the value is roughly x2.15 what I put in.

However I would eco what other are saying - this is gambling, not what would traditionally be considered an investment. I only put in money which I can afford to loose, I would never use money intended for house deposit, retirement etc. to buy crypto. I don't have time to watch every move of the market so I tend to buy more trusted coins when their price dips. I would be uncomfortable if the value of crypto in my total savings portfolio exceeded 10% (I would sell a portion to bring it down to 10%).

There are other safer, but still a bit more riskier ways of investing than putting money into ISA, including some riskier ETFs available on Vanguard if you are feeling adventurous and want to put there a bit more money. Make sure you consider all options before buying crypto. There are undoubtedly a lot of people who made loads of money in crypto, but as somebody mentioned, it is sometimes a full part job. Also if you look at the demographic profile of them you will quickly see that majority are very young men on good salaries from tech/finance companies living in the US, with no financial obligations other than rent. When they loose $50k they will get it back when their annual bonus is paid, so of course they can afford to go crazy.

How’s 2022 been for you crypto wise!? Just seen this thread and read with lots of interest and seen many have been successful. We’ve “invested” (gambled) about £4.5k. Sitting at £3k though as it’s been a red market for sometime now - but dollar cost averaging and have a diverse portfolio. It’s nice to read that others have had success! (I often think it can’t happen to us!) Can I ask what coins you purchased?

I always found it weird that the crypto threads which were often quite busy were so quiet when it was crashing earlier this yr. I posted about it & it was tumbleweed.

Doubled my house deposit last year. Now that was hairy. Bought high, Missed the peak, doubled down in a valley and managed to average out to a good profit just before Elon crashed the whole thing. Crazy times.

If I didn’t have a very diversified portfolio it wouldn’t have worked. Also got to be quick and decisive about getting in and out. Have an aim and stick to it. Don’t get greedy.

Because most on here aren’t avid crypto hodlers or trying to pump the price when it crashes. We just either withdrew what we had or looked the other way and forget about it. Now prices are consistently bobbing along. In my eyes been a good time for a while to invest again just haven’t got round to it.