Crypto currency

What scares me most (more than losing the money*) is the security side of things.

* Never gamble what you can't afford to lose kids)

 

A big problem is it's not mining at all, that's a complete misnomer, and things go steadily downhill from there. Checks are needed to prevent people spending their virtual money multiple times. Computational power is needed to make these checks. People with the tech to do this are potentially rewarded for making these checks in what is essentially a lottery but you have to create your own lottery tickets by calculating trillions of complex and entirely pointless algorithms. It's utterly nuts.

 

OH, and people have got to stop saying "to the moooon". Fk off, not a chance, whether it be Gamestop/WSB (not west stand bogs) or Crypto.

 

I'm guessing you never had to handle pounds, shillings, and pence?

 

Only bet what you can afford to lose.

 

I’d go one further and say only bet what you’re happy to lose.

 

I've read about 5 minutes worth. I'm still none the wiser. I also need to lie down in a dark room until my head stops spinning.

 

It absolutely amazes me how little people know about cryptocurrency and how people are still pedalling the same ideas on here from five years ago like it's a tulip bubble or has no real-world use.

I put it down to the mainstream media coverage, but
you need to do some proper research on what these projects are doing and how this is already revolutionising finance and other areas of society. It's already being adopted by huge businesses and institutions. Tesla accept bitcoin and hold it, as just one instance of many. National governments are utilising different infrastructure projects.
Heck even Boris Johnson is finally looking into digital currency.

 

On terms of investment, there are people like the Wall Street Bets crowd who are pumping 'meme' coins like Dogecoin for simple profit's stake. And there are people who get sucked into 10x leverage trading and lose everything. This sort of stuff gets all the news, but there is good money to be made investing in projects which wil change the world and have genuine real world use cases in business and finance.

 

It needs to be explained in clear, basic English in that case then.

Feel free to try.

 

So how much of your wealth are you happy to hold in cryptocurrencies, bearing in mind their volatility?

 

Have a small amount in bitcoin, coinbase and miota.

Not huge amounts, but a sum if it goes tits up I won't lose sleep over.

If however, they steadily increase over say 12 months, may make a few quid.

Anything crypto on the markets needs to be held IMO mid to long term.

They are too volatile to day trade or short term, unless you are willing to risk losing loads or have ability to not panick sell and hold

 

Exactly, don’t gamble kids

Ok then, only gamble what you don’t mind losing.

 

I have recently started investing but as others say there is always a risk.

Currently got £500 invested and may take it to £1000 but definitely no more.

I hold coins in Matic, Vet, One, Hbar and Zil.

Plan on holding long term as the benefits could be huge. With risk comes reward but also you could lose it all within a week.

 

So basically it's just shares in a very secretive company that people buy and sell as the share price rises and falls. Is it really any more of a currency than you can call the London stock exchange a currency?

 

Having a strategy like that is worth the effort. Personally I can't sit and watch every other hour to keep checking. Or even look at a strategy.

My only strategy at the moment, is to look at stocks which have potential to increase quite a bit over a good few months.

For example. And I may be bitten by it, I've got a number of open positions at an average of 99p for cineworld. With the view that vaccines and opening up of hundreds will turn this company around. Yes it has large debts, but a load of blockbusters lined up. Oh, and the CEO (mooki or whatever he is called) has large bonuses payable if the share price gets back up to 3.80 odd I think.

Even if it gets to 2 quid, might pay for my drive as well lol

 

Ponzi scheme