Crypto currency

It works as a currency, absolutely. Just way over valued considering that nothing marks it out as unique other than its dogginess and meme hype.

 

Kraken exchange have an intermediary company called payward that do transfers for around £2

 

Safemoon seems to be the next big thing.

 

It was a month ago, has it had its day already?

 

https://coinmarketcap.com/

There are hundreds of them.

I like the Atari one coz its a cool name.

What is differentiating one from another?

 

This is why I can't ever see me investing in crypto, it just seems way too volatile. 10% of your investment wiped out because one guy says one thing...

https://www.bbc.co.uk/news/business-57096305

 

Depends really - as a long term hold it makes sense - and don’t put your life savings into it …

still very early days with the tech.

 

Dodgecoin.

 

Not trying to be awkward Loko, but how can Crypto be a hedge against inflation when there is nothing to underpin it's value?

 

To be honest 10% is a very small amount in the Crypto game. Most investors in Bitcoin are up 100's if not 1000's of percentage points.

When Elon speaks it really isn't 'one guy, saying one thing'. Tesla are the first large mainstream company to accept and use Bitcoin for transactions. The biggest issue with Bitcoin are its green credentials. So when your biggest backer decides your biggest issue is too big of a hurdle it would cause any stock to fall substantially, regardless of the industry.

 

I'd rather listen to Greta Thunberg than Elon Musk.

 

But the value of 401k's would ultimately depend on performance across decades, not a transitory phase during the recovery from a pandemic-induced economic slowdown? US GDP growth is forecast to be high this year (>4%) but falling back again in 2022 and 2023. We may see the same pattern over here.

 

Point still stands though. It's volatile.

And 10% is a massive hit in anyone's book, surely? I'd be up in arms if 10% of an investment I made was just wiped off.

Would you be impressed if your house lost 10% of its worth literally over night?

 

BUY THE DIP!

 

Just leaving this here for a bit of context - if the pandemic has taught us anything, it's that we know the BBC doesn't deal in context, simply fear and sensationalism. Of course a 10% drop hurts, but I’m pretty happy with my investment so far...

 

That's cool n'all, but what if another large entity cast doubt on the credentials of digital currency and it falls 10% again, and then another, and then another? We've all seen plenty of evidence when it comes to race and environmental issues where corporations seem to fall in line with each other when one of them makes the first call to arms.

Crypto seems to be affected (positively and negatively) more by personal opinions than financial insight and for that reason alone I wouldn't touch it with a barge pole.

 

10% of an asset that has risen 1200% in a year. Good luck matching that elsewhere.

But seriously, that's unfortunately part of the game but if you invest on fundamentals (eg Bitcoin's deflationary algorithm, adoption as a store of value by financial institutions) then you're used to these small dips and plot the overall trajectory.