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  #2621  
Old 07-05-2021, 10:34 AM
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I've invested in Bitcoin through work on advice of my partners but have little to zero knowledge of crypto. Plan is to just leave the investment there for the long term so not much fun and is tied to my business anyway.

However, this has now sparked my interest and I am keen to start making some (relatively small) personal investments in crypto but want to educate myself considering this is largely all Greek to me at this stage. Do any BBSers have any advice for some where to start in terms of reading material (podcasts?) to get a better insight before investing?

Currently I am getting my info from a couple of Whatsapp groups, colleagues and twitter but I don't really trust any of those sources.
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  #2622  
Old 07-05-2021, 10:35 AM
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I've been watching Youtube videos by a guy called Brian Jung. He makes everything quite understandable and will give you a little bit of insight rather than just hitting and hoping. I'm not in it with the belief of making a fortune, just a speculative amount each month to see what happens
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  #2623  
Old 07-05-2021, 11:14 AM
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Personally I have a few coins I trust, or I'm sitting on for longer term gains.
Bitcoin, ETH, VeChain and ADA. All of which have longer term uses (IMO). I use Coinbase mainly and then a bit on eToro.

I've got a BINANCE account, where I've got some DOGE. Some of which I bought early on, and sitting, and then a few that I trade back and fourth.
I'm doing some very small trading alongside it. Sometimes with coins I trust, i.e. Bought some ADA, sold it when it went up by 30%. Then there is a couple of accounts I follow on Twitter. CryptoBullet is one I like. The guy shares a lot so you have to be mindful you can't follow them all, but if I'm interested I'll buy in low, and then set a sell price, and move on. It's not huge profits, but I've probably put 400 quid in (max!), have a balance of over 1400 and took out 200 the other day.


My personal opinion, is as longer term investment, outside of the main ones, crypto probably isn't the right place if you just want to leave it. For every success story, there is someone losing out. However, if you have the time, then you can definitely make gains.

Personally, I have buy and sell limits, and I try and not regret selling at a point only to see it going up further (i.e. I think I made 30% profit on LSK last night, but it went up by 50%. As far as I care, I've won and made a profit.
I also ensure that I either take profit out to treat myself, or put in another account. I think too many people think they've made profit because they put 1k in and it sits at 5k, but if you don't take it out, that money doesn't exist, and could eventually disappear.

Though I know some will disagree with that, but it's what works for me.
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  #2624  
Old 08-05-2021, 08:42 AM
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The 600 billion U.S. dollars doesn't have anything behind it, other that people willing to buy, sell and trade the things. There is no tangible thing of any worth supporting this value and no country supporting it.
you have zero idea about how decentralised networks work and their advantage over centralised networks. The utility of Bitcoin is that it is borderless so your old man thinking about nation states and ideas of money being 'backed' by something is irrelevant.
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  #2625  
Old 08-05-2021, 08:54 PM
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you have zero idea about how decentralised networks work and their advantage over centralised networks. The utility of Bitcoin is that it is borderless so your old man thinking about nation states and ideas of money being 'backed' by something is irrelevant.
Ouch!

My point is that you cannot continue to create cryptocurrencies and expect them all to grow in value until their combined worth exceeds the National net wealth of all major economies.

I can however see the advantages of decentralised networks and I understand why blockchain offers far greater security than 'old fashioned' currencies.

You need to ask what makes any cryptocurrency worth anything at all. If you were to create a new one would anyone want to use it? Where does it get its value from?

OK, you don't necessarily need to back a currency with a Nation's wealth, or gold, or anything else which is similarly tangible. However, that means that a particular cryptocurrency is simply worth whatever someone will pay for it (or whatever goods may be offered in exchange). There is no objective or fixed measure by which you can establish a value.

You may well be an expert on how "decentralised networks work and their advantage over centralised networks". However, I would still maintain that it's naive to believe that any alternative currency can simply increase in value. Simple mathematics would show that this doesn't work.
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  #2626  
Old 08-05-2021, 09:17 PM
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Tonight could see doge go up if Musk mentions it on SNL.
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  #2627  
Old 08-05-2021, 09:20 PM
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Has bitcoin gone mainstream? By that I mean do we now look at in a normal investment way so you buy on the dips.
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  #2628  
Old 08-05-2021, 09:27 PM
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Originally Posted by Nth Kent Eagle View Post
Has bitcoin gone mainstream? By that I mean do we now look at in a normal investment way so you buy on the dips.
Covid outed it as a safe haven. Whether that is long term, who knows. Signs are though that it's topped for the time being.
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  #2629  
Old 08-05-2021, 09:30 PM
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Tonight could see doge go up if Musk mentions it on SNL.
It’s risen quite a lot on the strength of that. The price may already have it factored in.
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  #2630  
Old 08-05-2021, 09:31 PM
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Covid outed it as a safe haven. Whether that is long term, who knows. Signs are though that it's topped for the time being.
Iím old so struggling to grasp it. Iím wondering if it has really risen due to massive central bank liquidity raising all boats plus low interest rates creating a demand for alternative assets. I might be tempted to poke my toe in the water if it fell 30% but I would never buy on borrowed money.
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  #2631  
Old 09-05-2021, 11:43 AM
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Anyone a big fan of Dogecoin? Was 73 cents last night. Down 35% currently at 43 cents so perhaps a chance to buy it if you were waiting (not my recommendation).
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  #2632  
Old 09-05-2021, 11:49 AM
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Was always a pump and dump scam coin!

Avoided like the plague .... just FOMO from Elon took it to its peak - now it’ll crash and burn
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  #2633  
Old 09-05-2021, 12:11 PM
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I think it will reach $1 at some point now it's 'out there'.
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  #2634  
Old 09-05-2021, 12:45 PM
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Was always a pump and dump scam coin!

Avoided like the plague .... just FOMO from Elon took it to its peak - now itíll crash and burn
Yeah me too. Unbelievable do many ppl bought into it. Of course you can make massive massive gains riding the hype pumps and dumps buy could never risk it. Its a joke coin! Literally memes and lies!!

Every time it has pumped I've left it because it will absolutely plummet when the pump stops. Me buying in would be a trigger haha!!
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  #2635  
Old 09-05-2021, 02:47 PM
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Yeah me too. Unbelievable do many ppl bought into it. Of course you can make massive massive gains riding the hype pumps and dumps buy could never risk it. Its a joke coin! Literally memes and lies!!

Every time it has pumped I've left it because it will absolutely plummet when the pump stops. Me buying in would be a trigger haha!!
Me and my son bought in for a laugh at 0.055. Took out our initial investment when it rose and just checked and we are still 377% up. As you say it has no real value .
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  #2636  
Old 09-05-2021, 06:12 PM
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What does the panel think of Polkadot? Like Etherium, this is not 'just another cryptocurrency'.
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  #2637  
Old 09-05-2021, 06:31 PM
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Ouch!

My point is that you cannot continue to create cryptocurrencies and expect them all to grow in value until their combined worth exceeds the National net wealth of all major economies.

I can however see the advantages of decentralised networks and I understand why blockchain offers far greater security than 'old fashioned' currencies.

You need to ask what makes any cryptocurrency worth anything at all. If you were to create a new one would anyone want to use it? Where does it get its value from?

OK, you don't necessarily need to back a currency with a Nation's wealth, or gold, or anything else which is similarly tangible. However, that means that a particular cryptocurrency is simply worth whatever someone will pay for it (or whatever goods may be offered in exchange). There is no objective or fixed measure by which you can establish a value.

You may well be an expert on how "decentralised networks work and their advantage over centralised networks". However, I would still maintain that it's naive to believe that any alternative currency can simply increase in value. Simple mathematics would show that this doesn't work.

It all comes down to showing up the enigma that is "Money" It's basically just faith in return. It's what people believe and their own assets and backing that give it value at the end of the day. If people en masse stopped backing or believing in the GBP, stopped accepting it no amount of backing from the government could stop it's fall. Especially with the debt the UK and other nations apparently hold.

Because central banks can print money ad nauseam and Crypto doesn't that is where Crypto has it all over traditional currency. Add certain anonymity in holding the various coins, lack of borders, plus the fact that everyone basically holds their money digitally now.... We are now at this crossroads.


I'm fully expecting Bitcoin to be usurped by one of the more useful alt's, what that is is the multi-trillion "crypto" question. So give "Dot" ago... Only with money/value you are prepared to lose though.


My own issue is, the value I've made since placing my "bet" back in February, if that now falls way below the 350pct we've made thus far... does that count as a loss... or have I only lost when It falls below my initial "bet"
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Last edited by ozzieEagle; 09-05-2021 at 06:34 PM.
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  #2638  
Old 09-05-2021, 06:37 PM
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How many things can you actually buy with this currency?
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  #2639  
Old 09-05-2021, 06:43 PM
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Dollars. GBP. Real currency of your choice.
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  #2640  
Old 09-05-2021, 06:43 PM
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How many things can you actually buy with this currency?

The crypto that achieves that mass acceptance goal first will be the winner

You can buy certain things at certain places with BTC like cars etc in Australia... However you will pay a premium over the AUD currently in the value that you hold. The taxman wont know much about it though

Telcoin/Etherum/VET/ADA are all in the race for worldwide common acceptance. One of them or indeed Bitcoin will come to the fore eventually.

Meantime it's a slow progression into mainstream acceptance.

The otherside of Crypto, is you can easily change from one coin to another. Thus the one that is most acceptable is the one that you can change into.
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