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 😀

out of interest, how do you fund your account on the exchange?
with natwest blocking transfers to binance, i go via revolut card but i m sure there is a better way?

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.

I was worried about a couple of K & lots of people talk about having 50k or 100k, why not discuss withdrawing money? There have been busy threads recently about S&S ISAs performance which i've been on. I still think it's odd.

Because as I am sure you knew with your couple of k; even waiting even an hour or god forbid a couple of minutes on a bad day can drastically alter you portfolio amount by £100s. 5-10 percent a day fluctuation is normal for smaller coins, have you actually seen it plummet before your eyes?

If your selling your selling. Not chatting about it prior. And after, only hindsight can tell whether it’s a micro spook or the big dip. So encouraging people to sell probably isnt in their best interests. How would you feel if you sold and then it spiked again.

We each have to make our own decisions and make peace with them.

The other reason is it’s not really good to day trade, or swing trade. You can lose a lot of money/ cut your gains if you don’t time it right and it’s near impossible to actually time these things right. You always ‘lose’ money somewhere when you use this tactic. I only do it because I can’t afford to lose what I put in. So it’s round the clock monitoring for me and that’s not sustainable. I go in with a good chunk, withdraw when I feel is right for me.

Really you should DCA in and hold. People with big portfolios do that. They aren’t going to scurry on here and freak everyone out telling them to sell. Who’s benefit is that for. They also likely have stuff in cold storage which takes time to be available to sell. It’s not in their interest to add to a sell sentiment when they can’t sell themselves.

Hope that explains it a bit more.

My point was I was expecting some general chat like there was recently about S&S Isas eg should i move it, stop buying etc. There was nothing about crypto, no concern, no questions, advice, one person started a thread whereas the newspapers had quite a few stories. So as I said I found that odd.

The crypto threads here are usually quiet even when we are on a huge bull run. Probably about 20-30 posters.

I didn’t see the S&S threads, but I imagine lots of people have them and it’s something to chat about.

I also imagine it’s a different sentiment. Most people use an S&S isa as a glorified savings account. How many are really actively trading and managing the account. They probably didn’t even bother to look until the saw a news story and thought oh shit and wanted to rail off about it. They expect it to go up but they probably don’t expect it to go down. It also doesn’t really matter what people say or do when it comes to S&S because the hedge funds control the vast market share and the house will always win.

Crypto is pretty much the complete opposite. We expect it to go up and also down. It’s all retail investors and a few whales. Sentiment is everything. You only have to look at GameStop to realise the power of tens of thousands retail investors moving in the same direction powered by social media. This is the same thing that makes crypto so volatile.

So again it’s about what’s in the posters interest.

FWIW if you want to talk about it - I think we are now in the stable period. Next rises will be in the year preceding the halving as people get ready. Crypto so far has had quite a predictable cycle. So a very slow zigzag for a year and a bit before it slowly starts going back up. Then it will hit the bull run again.

For me I think it’s a good time to start DCA in. Just don’t have much spare cash so currently can’t. But I wouldn’t expect anything much to happen for a while.

I think your OH has missed the boat if he’s looking to make big money in crypto. The comments on here from people saying they’ve made thousands are almost certainly from people who invested years ago.

Etherium has absolutely tanked in the past year so I’ve no idea why someone up thread is using it as an example of a safe bet.

I’ve lost about 50% of my investment in bitcoin and etherium. But fortunately I was only playing with small sums that I could afford to lose. I would never view it as a serious investment. My real savings are in stocks and shares.

People have definitely made money from it, but like any investment, it comes with risks. It might be a good idea for you both to learn more together. Consider researching different cryptocurrencies and their trends. Also, diversification could be a smart approach. For instance, exchange Bitcoin to Tether trc20 as it might add stability. It's all about informed choices. Happy exploring, and who knows, you might end up being the one proving yourself wrong! 🚀💰