Cryptocurrency
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Re: Cryptocurrency
It is like an episode of Line Of Duty with all the acronyms.
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Re: Cryptocurrency
Haha try being in the space, I am constantly googling Acronymsclaretonthecoast1882 wrote: ↑Tue Jan 09, 2024 7:59 amIt is like an episode of Line Of Duty with all the acronyms.
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Re: Cryptocurrency
In all honesty Carlos, you're far from alone on this thread... you just happen to have a bit of sense.Carlos the Great wrote: ↑Mon Jan 08, 2024 10:04 pmI’m glad I don’t understand any of it .. and I intend to keep it that way .. no offence .. I don’t like any I investment I have no control over and I don’t understand
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Re: Cryptocurrency
Newcastleclaret93 wrote: ↑Tue Jan 09, 2024 8:02 amHaha try being in the space, I am constantly googling Acronyms
It's like a foreign language, probably why I prefer to buy things made of brick with my money
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Re: Cryptocurrency
Most or all investments have a risk and like crypto it's the same, very very easy to control your investments and the levels of information out there is across most platforms.Carlos the Great wrote: ↑Mon Jan 08, 2024 10:04 pmI’m glad I don’t understand any of it .. and I intend to keep it that way .. no offence .. I don’t like any I investment I have no control over and I don’t understand
I certainly wouldn't dismiss any investment as there's plenty on here that would help.
Re: Cryptocurrency
If they want to operate in the UK then they'll have to abide by UK rules. If you've been on any exchange recently you must have seen the various hoops that you are required to jump through in terms of verifying identity.No Ney Never wrote: ↑Mon Jan 08, 2024 9:17 pmThey're always looking for people to grass themselves up. Take Kraken based in San Francisco for instance, how can HMRC UK compel them to handover details of trades made by UK citizens? How are HMRC able to assess the amount of tax an individual crypto trader is liable for?
If you really want to you can use a VPN or something to use exchanges operating in different territories and obfuscate the trades but if you're making significant amounts you need to consider how you are going to cash out. In reality, unless you're setting up overseas bank accounts then at some point you're going to have large amounts of money hitting your UK bank account and the red flags that gives.
Re: Cryptocurrency
Only if you make a profit. Large amounts of money going out of UK bank accounts don't raise such a red flag.
Re: Cryptocurrency
The information is there? OK, who runs Bitcoin, who invented it, where is its head office, how do I vote to sack the directors/managers, when is the annual meeting, what assets does it own, where do I find its annual accounts, who do I contact when things go wrong, which financial authority regulates it? (And the same questions for the thousands of other cryptocurrencies.)cockneyclaret wrote: ↑Tue Jan 09, 2024 9:07 amMost or all investments have a risk and like crypto it's the same, very very easy to control your investments and the levels of information out there is across most platforms.
I certainly wouldn't dismiss any investment as there's plenty on here that would help.
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Re: Cryptocurrency
A simple Google search comes up with most of your questionsdsr wrote: ↑Tue Jan 09, 2024 11:13 amThe information is there? OK, who runs Bitcoin, who invented it, where is its head office, how do I vote to sack the directors/managers, when is the annual meeting, what assets does it own, where do I find its annual accounts, who do I contact when things go wrong, which financial authority regulates it? (And the same questions for the thousands of other cryptocurrencies.)
But bitcoin isn't controlled by any single group or person, it's is governed by multiple stakeholders.
Then depending on location SEC or FCA regulates crypto companies but again that can be easily avoided.
If it goes wrong? That's either down to yourself investing poorly or if lost or stolen tokens, that can be recovered by the exchange you have used.
Re: Cryptocurrency
I've just googled Binance, which I understand is the biggest of the exchanges. It doesn't say what its address is, or what its accounts look like, or any details as to why it was suspended from trading in the UK from 16th October last year. It does answer the question about who regulates it - nobody. It's an unregulated foreign company.cockneyclaret wrote: ↑Tue Jan 09, 2024 2:09 pmA simple Google search comes up with most of your questions
But bitcoin isn't controlled by any single group or person, it's is governed by multiple stakeholders.
Then depending on location SEC or FCA regulates crypto companies but again that can be easily avoided.
If it goes wrong? That's either down to yourself investing poorly or if lost or stolen tokens, that can be recovered by the exchange you have used.
I have just googled Bitcoin. I can't see its address. Would it be an imposition to ask you to post it for me?
I don't believe that the only way it can go wrong is by investing badly or losing tokens. The idea that computers are infallible and cannot go wrong is not fashionable at the moment, and the idea that all cryptocurrency operators and dealers are strictly honest, or that fraud can never happen? I don't believe that either.
Putting money in an unregistered "currency" with no backing, no regulation, and no recourse if they nick it, is a game for very high rollers who don't mind losing the lot. Not for me, thanks.
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Re: Cryptocurrency
"I don't believe that the only way it can go wrong is by investing badly or losing tokens. The idea that computers are infallible and cannot go wrong is not fashionable at the moment, and the idea that all cryptocurrency operators and dealers are strictly honest, or that fraud can never happen? I don't believe that either."
That's very true and you have to be aware that funds aren't safe on exchanges.
This is why when investing you move your coins to a safe wallet. Preferably a cold wallet. Which you hold the keys too.. held there no one can take them.
That's very true and you have to be aware that funds aren't safe on exchanges.
This is why when investing you move your coins to a safe wallet. Preferably a cold wallet. Which you hold the keys too.. held there no one can take them.
Re: Cryptocurrency
And a cold wallet is one of the world's examples of an infallible computer, is it?cockneyclaret wrote: ↑Tue Jan 09, 2024 2:39 pm"I don't believe that the only way it can go wrong is by investing badly or losing tokens. The idea that computers are infallible and cannot go wrong is not fashionable at the moment, and the idea that all cryptocurrency operators and dealers are strictly honest, or that fraud can never happen? I don't believe that either."
That's very true and you have to be aware that funds aren't safe on exchanges.
This is why when investing you move your coins to a safe wallet. Preferably a cold wallet. Which you hold the keys too.. held there no one can take them.
If the Russians (or Fujitsu) mess with the internet and my cold wallet loses something, how do I contact the organisers of the cold wallet, and who are the regulators that I can turn to for redress? I know what to do if the bank loses my money. How about these?
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Re: Cryptocurrency
I’ve got some magic beans for sale if you’re interested.cockneyclaret wrote: ↑Tue Jan 09, 2024 2:39 pm"I don't believe that the only way it can go wrong is by investing badly or losing tokens. The idea that computers are infallible and cannot go wrong is not fashionable at the moment, and the idea that all cryptocurrency operators and dealers are strictly honest, or that fraud can never happen? I don't believe that either."
That's very true and you have to be aware that funds aren't safe on exchanges.
This is why when investing you move your coins to a safe wallet. Preferably a cold wallet. Which you hold the keys too.. held there no one can take them.
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Re: Cryptocurrency
Do you go into a library and tell everyone how you don't read and have no interest in books? Do you go into a sushi restaurant and tell everyone that your not interested in Japanese food and don't like fish?
So WTF are you doing on a thread about cryptocurrency if you aren't interested? The clue is in the title of the thread! There's some proper sad individuals frequent this board.
So WTF are you doing on a thread about cryptocurrency if you aren't interested? The clue is in the title of the thread! There's some proper sad individuals frequent this board.
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Re: Cryptocurrency
For info, just reading that anyone who makes any gains or receives ncome in cryptocurrency over their tax-free allowance, must declare it on their self-assessment return and pay tax on it.
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Re: Cryptocurrency
Anyone had any dealings with Syncus?
Had it recommended by somebody who tends to be pretty good with this type of thing, seems like a pretty good team behind it and the value is increasing every week at the moment.
Been given a discount code of SYNC29 if anyone wants to have a dabble, should give you a 15% rebate
Had it recommended by somebody who tends to be pretty good with this type of thing, seems like a pretty good team behind it and the value is increasing every week at the moment.
Been given a discount code of SYNC29 if anyone wants to have a dabble, should give you a 15% rebate
Re: Cryptocurrency
I don’t think anyone has come along and said it’s a load of rubbish just they wouldn’t invest if they didn’t understand it. If there’s a thread about libraries I think it would be ok if someone posted that they couldn’t read and therefore wouldn’t go into libraries.No Ney Never wrote: ↑Tue Jan 09, 2024 5:15 pmDo you go into a library and tell everyone how you don't read and have no interest in books? Do you go into a sushi restaurant and tell everyone that your not interested in Japanese food and don't like fish?
So WTF are you doing on a thread about cryptocurrency if you aren't interested? The clue is in the title of the thread! There's some proper sad individuals frequent this board.
Re: Cryptocurrency
But if they couldn't read, how would they know what the thread was about? (sorry)Boss Hogg wrote: ↑Wed Jan 17, 2024 3:17 pmI don’t think anyone has come along and said it’s a load of rubbish just they wouldn’t invest if they didn’t understand it. If there’s a thread about libraries I think it would be ok if someone posted that they couldn’t read and therefore wouldn’t go into libraries.
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Re: Cryptocurrency
That doesn't normally stop people.
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Re: Cryptocurrency
If someone buys for 15% off can they sell immediately and receive full price? Asking for a friend.Goliath wrote: ↑Wed Jan 17, 2024 2:54 pmAnyone had any dealings with Syncus?
Had it recommended by somebody who tends to be pretty good with this type of thing, seems like a pretty good team behind it and the value is increasing every week at the moment.
Been given a discount code of SYNC29 if anyone wants to have a dabble, should give you a 15% rebate
I've just found a report that says it is down 45% in last 7 days.
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Re: Cryptocurrency
This is exactly what it is. You have to be OK with the potential of losing all of it, especially as the SEC in the States is trying its best to regulate it and it could all go away in the blink of an eye.
IME, it's good to put a bit of speculative pocket change in, but I only buy the main coins. Investing in a random Scooby Doo coin is like calling buying a lottery ticket "investing".
Re: Cryptocurrency
Theres a 15% sales tax to try and encourage long term holding and to stop the usual pump and dumps.Paul Waine wrote: ↑Wed Jan 17, 2024 6:11 pmIf someone buys for 15% off can they sell immediately and receive full price? Asking for a friend.
I've just found a report that says it is down 45% in last 7 days.
Think you might be looking at the wrong one, Syncus is up 100% in the last 7 days. Try checking on coinmarketcap.
Re: Cryptocurrency
A guy from Nigeria rang me up out of the blue the other day offering me 20 plus percent returns. I didn’t know too much information about what he was talking about but thought I’d give it a go as there’s plenty on Up the Clarets who would help me outcockneyclaret wrote: ↑Tue Jan 09, 2024 9:07 amMost or all investments have a risk and like crypto it's the same, very very easy to control your investments and the levels of information out there is across most platforms.
I certainly wouldn't dismiss any investment as there's plenty on here that would help.
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Re: Cryptocurrency
And your point is??
Very odd why your even on this thread
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Re: Cryptocurrency
Just the same sad individuals who troll every thread looking for an opportunity to attempt wit but failing, you'll find their names cropping up regularly.Boss Hogg wrote: ↑Wed Jan 17, 2024 3:17 pmI don’t think anyone has come along and said it’s a load of rubbish just they wouldn’t invest if they didn’t understand it. If there’s a thread about libraries I think it would be ok if someone posted that they couldn’t read and therefore wouldn’t go into libraries.
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Re: Cryptocurrency
Which government is collecting the 15% sales tax?
Imagine if a bank said when you want to take some money out we will deduct 15% for ourselves.
Of course, that is pretty similar to what some of the financial advisors used to do: give us some money to invest/save for you and we will charge you 5% on what you pay in, then 2% (or more) every year, then take another "exit" fee when you ask us to sell some of your investments and withdraw your savings.
I couldn't see the date of the "down 45%" report. Note, however, that "down 45%" one week and "up 100%" the following week returns the value to not much more than the starting point.
Re: Cryptocurrency
It goes into a treasury which is used for marketing and i believe for buybacks starting in the next week or so.Paul Waine wrote: ↑Thu Jan 18, 2024 1:18 pmWhich government is collecting the 15% sales tax?
Imagine if a bank said when you want to take some money out we will deduct 15% for ourselves.
Of course, that is pretty similar to what some of the financial advisors used to do: give us some money to invest/save for you and we will charge you 5% on what you pay in, then 2% (or more) every year, then take another "exit" fee when you ask us to sell some of your investments and withdraw your savings.
I couldn't see the date of the "down 45%" report. Note, however, that "down 45%" one week and "up 100%" the following week returns the value to not much more than the starting point.
Yes of course it depends on what periods we look at in terms of success, its very volatile at the moment, only started up in December so i dont think looking at the price trends are much of an indicator so far. Its one that i got told to get in early on, so ive just stuck a little bit in as a speculative one really.
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Re: Cryptocurrency
"Only started up in December..." So, what does it do - other than take 15% off the top as a tax on buyers - what is the unique proposition of this brand new cryptocurrency?Goliath wrote: ↑Thu Jan 18, 2024 4:06 pmIt goes into a treasury which is used for marketing and i believe for buybacks starting in the next week or so.
Yes of course it depends on what periods we look at in terms of success, its very volatile at the moment, only started up in December so i dont think looking at the price trends are much of an indicator so far. Its one that i got told to get in early on, so ive just stuck a little bit in as a speculative one really.
I hope you have only put in what you can afford to lose.
Re: Cryptocurrency
For those who want to know more, most of the launches do come with a very detailed prospectusPaul Waine wrote: ↑Thu Jan 18, 2024 4:46 pm"Only started up in December..." So, what does it do - other than take 15% off the top as a tax on buyers - what is the unique proposition of this brand new cryptocurrency?
I hope you have only put in what you can afford to lose.
https://docs.syncus.fi/syncus.fi/vision ... n-dynamics
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Re: Cryptocurrency
Hi aggi, thanks for the link. Is that what cryptocurrencies think of as a prospectus? It all reads like hocus pocus to me. "Give me your magic beans, and I will "tax" (or "hair cut") them and keep your tax in my "treasury" forever... but you will never be allowed to get your magic beans back..." Surely only people who don't understand what they are reading would be taken in and buy SYNCUS. For the most part their "prospectus" describes what went wrong with their first attempt to make themselves rich by describing what they argue went wrong with OlympusDAO.aggi wrote: ↑Thu Jan 18, 2024 5:12 pmFor those who want to know more, most of the launches do come with a very detailed prospectus
https://docs.syncus.fi/syncus.fi/vision ... n-dynamics
The only thing that is missing is the offer to give away all the $billions that will be made to charities, political parties and private villas and living the high life in Bermuda - or another tax haven.
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Re: Cryptocurrency
Really liking the look of ICP at the moment. Anyone else got any fancies for the upcoming bull run?
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Re: Cryptocurrency
I would stick with the main coins. It's too early in the cycle to be able to guess at the moon coins at the moment. I remember ICP mooned late on in the last run so I would probably avoid it this time around unless there's a compelling use case that has presented itself.
I'm holding BTC, ETH, DOT, MATIC and LINK. I like XRP or MNR, AVAX, XLM and HBAR and I'd go for those if I was feeling super lucky (and might go for them after BTC and ETH have topped out and the third-tier coins go on a run).
This is not financial advice - I'm not a lawyer and I don't play one on TV, etc, etc.
I'm holding BTC, ETH, DOT, MATIC and LINK. I like XRP or MNR, AVAX, XLM and HBAR and I'd go for those if I was feeling super lucky (and might go for them after BTC and ETH have topped out and the third-tier coins go on a run).
This is not financial advice - I'm not a lawyer and I don't play one on TV, etc, etc.
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Re: Cryptocurrency
I've no BTC or ETH, nor have I any ICP, maybe your chasing trends of coins increasing, not a good strategy IMO of course.
I think if you're holding DOT you should look at KSM, it's the same ecosystem, but both are high inflationary coins so you can good interest if you stake in the right place.
Right now, with the ETF's the price is dropping for BTC, which is of course the Big Dog that when it wags its tail, all other coins move a larger amount.
I'm now making $500/month passive income from my staking, which I'm happy with but I'm adding more weekly in numerous positions so it's just growing in passive income right now, always nice.
2021 late I put equal amounts in crypto and with my financial advisor, he was beating me but in the last Quarter my gains, means I am outperforming him as of today,
I put an initial sum into one of the BTC ETF's last week, losses there but I don't include this in crypto in reality, just gearing up to add more to the same ETF very shortly.
Just looking back through the thread and quite pleased with myself on some of the predications regarding BTC and the Bull run/Bottom. For those that clearly don't understand, Bitcoin made double plus, during 2023, I don't have Bitcoin, but I have several coins that made 2X to 3.5X in 2023, and I am happy with my strategy! Learned a lot, can see some mistakes but they didn't cost me money/losses, but I could definitely have increased my profits by some margin, I'll know now for the next Bear but that's years away now.
I never bought any XRP, don't think I missed anything there up to this point. I did start buying SOL (which I thought was overvalued) after the FTX collapse, started at $15 and kept buying up to an average cost of $20.80. Then I stopped and staked, that is around $100 today/this week, so that was lucky as they say the more you practice and learn, the luckier you get!
Hubby is still laughing at my magic internet money, but he is happy that I talked him into getting a crypt card that he uses almost exclusively now, the rewards I take from his account and send to mine for staking and compounding, this circular economy is wonderful when you set it up lol.
The amount of banks going bankrupt is quite amazing, I try to minimize and actual cash there.
I think if you're holding DOT you should look at KSM, it's the same ecosystem, but both are high inflationary coins so you can good interest if you stake in the right place.
Right now, with the ETF's the price is dropping for BTC, which is of course the Big Dog that when it wags its tail, all other coins move a larger amount.
I'm now making $500/month passive income from my staking, which I'm happy with but I'm adding more weekly in numerous positions so it's just growing in passive income right now, always nice.
2021 late I put equal amounts in crypto and with my financial advisor, he was beating me but in the last Quarter my gains, means I am outperforming him as of today,
I put an initial sum into one of the BTC ETF's last week, losses there but I don't include this in crypto in reality, just gearing up to add more to the same ETF very shortly.
Just looking back through the thread and quite pleased with myself on some of the predications regarding BTC and the Bull run/Bottom. For those that clearly don't understand, Bitcoin made double plus, during 2023, I don't have Bitcoin, but I have several coins that made 2X to 3.5X in 2023, and I am happy with my strategy! Learned a lot, can see some mistakes but they didn't cost me money/losses, but I could definitely have increased my profits by some margin, I'll know now for the next Bear but that's years away now.
I never bought any XRP, don't think I missed anything there up to this point. I did start buying SOL (which I thought was overvalued) after the FTX collapse, started at $15 and kept buying up to an average cost of $20.80. Then I stopped and staked, that is around $100 today/this week, so that was lucky as they say the more you practice and learn, the luckier you get!
Hubby is still laughing at my magic internet money, but he is happy that I talked him into getting a crypt card that he uses almost exclusively now, the rewards I take from his account and send to mine for staking and compounding, this circular economy is wonderful when you set it up lol.
The amount of banks going bankrupt is quite amazing, I try to minimize and actual cash there.
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Re: Cryptocurrency
I'm not picking a fight here..........but your post reminds me of when people post a picture of their winning betting slip.....They NEVER post pictures of their many losing slips!KateR wrote: ↑Thu Jan 18, 2024 10:40 pmI've no BTC or ETH, nor have I any ICP, maybe your chasing trends of coins increasing, not a good strategy IMO of course.
I think if you're holding DOT you should look at KSM, it's the same ecosystem, but both are high inflationary coins so you can good interest if you stake in the right place.
Right now, with the ETF's the price is dropping for BTC, which is of course the Big Dog that when it wags its tail, all other coins move a larger amount.
I'm now making $500/month passive income from my staking, which I'm happy with but I'm adding more weekly in numerous positions so it's just growing in passive income right now, always nice.
2021 late I put equal amounts in crypto and with my financial advisor, he was beating me but in the last Quarter my gains, means I am outperforming him as of today,
I put an initial sum into one of the BTC ETF's last week, losses there but I don't include this in crypto in reality, just gearing up to add more to the same ETF very shortly.
Just looking back through the thread and quite pleased with myself on some of the predications regarding BTC and the Bull run/Bottom. For those that clearly don't understand, Bitcoin made double plus, during 2023, I don't have Bitcoin, but I have several coins that made 2X to 3.5X in 2023, and I am happy with my strategy! Learned a lot, can see some mistakes but they didn't cost me money/losses, but I could definitely have increased my profits by some margin, I'll know now for the next Bear but that's years away now.
I never bought any XRP, don't think I missed anything there up to this point. I did start buying SOL (which I thought was overvalued) after the FTX collapse, started at $15 and kept buying up to an average cost of $20.80. Then I stopped and staked, that is around $100 today/this week, so that was lucky as they say the more you practice and learn, the luckier you get!
Hubby is still laughing at my magic internet money, but he is happy that I talked him into getting a crypt card that he uses almost exclusively now, the rewards I take from his account and send to mine for staking and compounding, this circular economy is wonderful when you set it up lol.
The amount of banks going bankrupt is quite amazing, I try to minimize and actual cash there.
CRYPTO is gambling at best........but probably much worse.
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Re: Cryptocurrency
I disagree, this just screams ignorance on the topicTaffy on the wing wrote: ↑Fri Jan 19, 2024 4:12 amI'm not picking a fight here..........but your post reminds me of when people post a picture of their winning betting slip.....They NEVER post pictures of their many losing slips!
CRYPTO is gambling at best........but probably much worse.
If your backing meme coins I agree, but there is genuine real world use for a lot of these cryptos.
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Re: Cryptocurrency
That no-one has come up with in the 14 years since Bitcoin was invented.Newcastleclaret93 wrote: ↑Fri Jan 19, 2024 7:10 amthere is genuine real world use for a lot of these cryptos.
For comparison, the iPhone is only 18 months older.
Re: Cryptocurrency
A few questions -KateR wrote: ↑Thu Jan 18, 2024 10:40 pmI've no BTC or ETH, nor have I any ICP, maybe your chasing trends of coins increasing, not a good strategy IMO of course.
I think if you're holding DOT you should look at KSM, it's the same ecosystem, but both are high inflationary coins so you can good interest if you stake in the right place.
Right now, with the ETF's the price is dropping for BTC, which is of course the Big Dog that when it wags its tail, all other coins move a larger amount.
I'm now making $500/month passive income from my staking, which I'm happy with but I'm adding more weekly in numerous positions so it's just growing in passive income right now, always nice.
2021 late I put equal amounts in crypto and with my financial advisor, he was beating me but in the last Quarter my gains, means I am outperforming him as of today,
I put an initial sum into one of the BTC ETF's last week, losses there but I don't include this in crypto in reality, just gearing up to add more to the same ETF very shortly.
Just looking back through the thread and quite pleased with myself on some of the predications regarding BTC and the Bull run/Bottom. For those that clearly don't understand, Bitcoin made double plus, during 2023, I don't have Bitcoin, but I have several coins that made 2X to 3.5X in 2023, and I am happy with my strategy! Learned a lot, can see some mistakes but they didn't cost me money/losses, but I could definitely have increased my profits by some margin, I'll know now for the next Bear but that's years away now.
I never bought any XRP, don't think I missed anything there up to this point. I did start buying SOL (which I thought was overvalued) after the FTX collapse, started at $15 and kept buying up to an average cost of $20.80. Then I stopped and staked, that is around $100 today/this week, so that was lucky as they say the more you practice and learn, the luckier you get!
Hubby is still laughing at my magic internet money, but he is happy that I talked him into getting a crypt card that he uses almost exclusively now, the rewards I take from his account and send to mine for staking and compounding, this circular economy is wonderful when you set it up lol.
The amount of banks going bankrupt is quite amazing, I try to minimize and actual cash there.
What is passive income?
What is a crypt card?
How do you withdraw/spend your 'cash'?
What is staking and compounding?
What is 'circular economy'?
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Re: Cryptocurrency
Crypto has a $1.7 trillion dollar market cap with millions of transactions every single day.
Suggesting no one has come up with any real day use in 14 years is just complete nonsense
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Re: Cryptocurrency
So for some crypto you can stake it on an exchange and earn a percentage back (bit like a savings account)
The only issue is you can't have access to that crypto until a certain date if you want to unstake it (12-30 days)
So essentially if you had 5k of ETH staking it at 5% /yr you would be earning passive income of £250 a year
The compounding comes into play if for example you staked ETH and in a year the price rose from £2k to 5k you would then be earning a 5% of the new price on top of what the coin is worth.
As long as your coins are on an exchange or in a crypto wallet, you can sell and withdraw at any time if you so desire.
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Re: Cryptocurrency
Name one.Newcastleclaret93 wrote: ↑Fri Jan 19, 2024 2:28 pmSuggesting no one has come up with any real day use in 14 years is just complete nonsense
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Re: Cryptocurrency
Where does the 5% income come from?Ric_C wrote: ↑Fri Jan 19, 2024 2:30 pmSo for some crypto you can stake it on an exchange and earn a percentage back (bit like a savings account)
The only issue is you can't have access to that crypto until a certain date if you want to unstake it (12-30 days)
So essentially if you had 5k of ETH staking it at 5% /yr you would be earning passive income of £250 a year
The compounding comes into play if for example you staked ETH and in a year the price rose from £2k to 5k you would then be earning a 5% of the new price on top of what the coin is worth.
As long as your coins are on an exchange or in a crypto wallet, you can sell and withdraw at any time if you so desire.
Capital gains obviously come from the idea that someone next year wants to pay more for the coins than anyone did this year. That's pretty much the same for all capital assets.
But when banks pay interest, they do it because they're going to lend the money out at a higher rate and make a profit. When governments pay interest, they plan to get it back later out of compulsory taxes. Where do these crypto exchanges pay their 5% out of? Profits, in which case how do they make the profits? Future customers putting money in, which makes it a Ponzi scheme? Or have they another source of income?
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Re: Cryptocurrency
Yep!........relieving you of your hard-earned "real money".Newcastleclaret93 wrote: ↑Fri Jan 19, 2024 7:10 amI disagree, this just screams ignorance on the topic
If your backing meme coins I agree, but there is genuine real world use for a lot of these cryptos.
I expect you know as much about Cryptocurrency as you do about football........a lot, but it all adds up to nothing.
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Re: Cryptocurrency
Look if you don’t want to invest crypto that’s your choice.Taffy on the wing wrote: ↑Fri Jan 19, 2024 4:49 pmYep!........relieving you of your hard-earned "real money".
I expect you know as much about Cryptocurrency as you do about football........a lot, but it all adds up to nothing.
I’ve had a couple of really successful years and I believe this year will pay my mortgage off.
I don’t get why you would even comment on this post if you are not interested in it though?
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Re: Cryptocurrency
NFTs and stable coins are not - and I quote your words - "real day uses". Ignoring NFTs which were always one of the most hilarious transparent scams of recent years, NFTs aren't used for anything day to day.Newcastleclaret93 wrote: ↑Fri Jan 19, 2024 4:13 pmBlockchain, NFTs, digital contracts, stable coins the list is literally endless.
A stable coin is a cryptocurrency, not a use for one. Blockchain and digital contracts are not uses for crypto. Crypto uses blockchain and digital contracts. Come on, this is basic stuff you are getting wrong.
I asked you. I'm not doing your homework for you.Newcastleclaret93 wrote: ↑Fri Jan 19, 2024 4:13 pmHave a look at some of the top cryptos and look at there uses.
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Re: Cryptocurrency
I thought I said I've some that are down, but unlike betting they will come back and make money, this is just my opinion and not guaranteed, however it's not like betting where you win or lose, it's similar (not the same) to stocks and shares, they go up, they go down, but the vast majority continue to go up over time. So, like you I'm not trying to pick a fight but it's not the same, similar yes, but by your own admission, you really don't know anything about how it works. And, for that reason alone I wouldn't recommend you try it, but perhaps a more open mind would be helpful. Feel free to ask if you've any pertinent questions, this magic internet money has been around quite a while now, and I don't think it's going anywhere soon, especially now the big boys have decided to play in this game through ETF''s.Taffy on the wing wrote: ↑Fri Jan 19, 2024 4:12 amI'm not picking a fight here..........but your post reminds me of when people post a picture of their winning betting slip.....They NEVER post pictures of their many losing slips!
CRYPTO is gambling at best........but probably much worse.
Re: Cryptocurrency
Just to add to below, my comments in caps to clarify:
So for some crypto you can stake it on an exchange and earn a percentage back (bit like a savings account) NOT QUITE CORRECT, YES YOU CAN STAKE ON EXCHANGES, BUT THEY TEND TO BE MORE VULERABLE TO FRAUD, EXCHANGES ARE LIKE TOHMAS COOK, YOU GIVE THEM CASH (FIAT IN CRYPTO SPEAK) AND THEY GIVE YOU COINS OR TOKENS, THERE IS A SUBTLE DIFFERENCE IN THE TWO, & WHEN YOU WANT TO SELL YOUR CRYPT THEY GIVE YOU CASH (FIAT) IN YOUR PERONAL ACCOUNT WHICH YOU TRANSFER TO ANY BANK ACCOUNT OR YOU BUY OTHER COINS/TOKENS. HOWEVER THAT'S REDUNDANT AS YOU CAN SWAP COINS TO OTHER COINS BUT NOT ALL. THIS IS NO DIFFERENT TO THE BANKS OFFERINGYOU INTEREST, TYPICALLY THE LONGER YOU LOCK IT UP FOR THE MORE INTEREST THEY GIVE YOU, I'm SURE EVERYONE IS FAMILIAR WITH THIS CONCEPT?? HOWEVER RATHER THAN USING AN EXCHANGE YOU CAN USE A WALLET FOR YOURSELF, TYPICALLY AFFIATED WITH THE COIN TOKEN YOU WISH TO STAKE (GROW PASSIVELY THROUGH INTEREST) THIS IS 99% OF THE TIME SAFER AND USUALLY YOU GET A HIGHER RETURN OF INTEREST. FOR COMPARISON, IF YOU PUT IT IN AN EXCHANGE, THEY WILL TAKE YOUR COIN, PLUS MILLIONS OF OTHER COINS AND STAKE IT DIRECTLY THROUGH A WALLET AS I OUTLINED. THIS MEAN THEY PAY YOU LESS FROM WHAT THEY RECEIVE. THIS IS EXACTLY THE SAME AS A BANK TAKING YOUR SAVINGS AND MILLIONS OF OTHERS, THEN LOANING IT OUT AT A HIGH INTEREST RATE BUT PAYING ALL THE ACCOUNT HOLDERS LESS, THEY ARE PUTTING YOU MONEY TO WORK, AND SO DO EXCHANGES! IT SHOULD ALSO BE NOTED, JUST TO COMPLICATE THIS, CERTAIN COINS/TOKENS HAVE TWO METHODS OF STAKING DIRECT OR THROUGH A POOL. IF DIRECT YOU GET A SAY IN HOW THE FOUNDATION WORKS, THIS IS THE PART THAT PROVIDES THE STAKING MONEY/TOKENS FOR VARIOUS COINS. IF THROUGH A POOL, YOU HAVE NO VOTE IN HOW THE FOUNDATION OPERATES, THIS PERSON TAKING YOUR POOL MONEY HAS A BIG SAY THOUGH.
NOW, JUST FOR FURTHER CLARITY AND NO DOUBT CONFUSION, POUNDS/DOLLARS/YEN/EUROS ETC ARE ALL DEFLATIONARY, MEANING YOU CAN BUT LESS LESS FOR THE SAME AMOUNT THE NEXT YEAR, WE WON'T GO IN TO ARGENTINA ETC. BUT THATS THE SAME! NOW WITH CRYPTO AND REMEMBER THERE ARE THOUGHSANDS NOW, NOT ALL OFFER STAKING. PLUS EACH COIN IS LIKE A CURRENCY, SOME HAVE A MUCH HIGHER DEFLATION THAN OTHERS, SO TYPICALLY THE HIGH THE DEFLATION, THE HIGHER THE REWARDS IN STAKING. HOWEVER, THE KICKER HERE IS, THAT WHILE A COIN MAYBE DEFLATIONARY IT'S PRICE IS NOT FIXED AND CAN FLUCTUATE QUITE WILDLY, SO, IF YOU ARE LUCKY ENOUGH TO CHOSE A HIGH DEFLATIONARY COIN & GET HIGH INTEREST AND THE COIN GOES UP IN PRICE FROM WHEN YOU BOUGHT IS, THEN IT'S WIN WIN. OBVIOUSLY, THERE IS THE INVERSE TO THIS, SO TIME OF BUYING IS CRUCIAL, BUT THAT'S NOT DIFFERENT TO STOCKS & SHARES.
LONG ANSWER TO A SHORT QUESTION
The only issue is you can't have access to that crypto until a certain date if you want to unstake it (12-30 days) ACTUALLY, THERES A HUGE DIFFERENCE IN WHEN YOU CAN HAVE YOUR COINS BACK PLUS INTEREST, I ACTUALLY LOCKED ONE COIN UP IN BATCHES, 9 MONTHS, 12 MONTHS, 18 MONTHS AND 24 MONTHS. OBVIOUSLY EACH HAS A DIFFERENT RATE OF RETURN AND THE REAL DOWNSIDE TO THIS IS, IF YOUR COIN REALLY TAKES OFF IN PRICE, YOU DON'T HAVE ACCESS TO IT TO SELL AND MAKE THOSE MEGA BUCKS. THIS IS WHERE THE STATE OF THE MARKET COMES INTO PLAY, HOWEVER, I HAVE OTHER COINS I CAN ACCESS IN SEVEN 7 TO TEN 10 DAYS, SO YOU HAVE TO DECIDE HOW MUCH AND HOW LONG DO YOU WANT TO LOCK IT FOR, BUT AGAIN NO DIFFERENCE TO A FIXED TERM BANK ACCOUNT WHICH GIVES HIGHER RETURNS.
So essentially if you had 5k of ETH staking it at 5% /yr you would be earning passive income of £250 a year. THERE ARE A VAST AMOUNT OF COINS PROVIDING RETURNS. HOWEVER, 99.99% OF CRYPTO PLAYERS DON'T WORRY ABOUT THE RETURNS, ONLY, HOW MUCH CAN THEY SELL THERE COIN FOR WHEN IT REACHES A CERTAIN PRICE. THEREFORE MANY WILL NOT LOCK THERE CRYPTO UP EVEN FOR A WEEK OR A MONTH, PERSONALLY i THINK IT'S SHORT SIGHTED BUT i DO UNDERSTAND IT. THIS COMES MORE INTO PLAY WITH CRYPTO TRADERS, THEY NEED TO REMAIN LIQUID SO THEY CAN SELL AND BUY/SELL MULTIPLE TIMES WHEN THEY FEEL THE PRICE IS RIGHT.
The compounding comes into play if for example you staked ETH and in a year the price rose from £2k to 5k you would then be earning a 5% of the new price on top of what the coin is worth. BIT CONFUSING BUT ANY NEW EARNED COINS FROM STAKING ARE YOUR AT THAT PARTICULY PRICE WHENEVER THE INTEREST IS PAID, SOME PAY DAILY, SOME WEEKLY AND SOME NOT UNTILL YOUR TERM IS UP, PEOPLE LOCK COINS FOR YEARS.
As long as your coins are on an exchange or in a crypto wallet, you can sell and withdraw at any time if you so desire. ONLY EXCHANGES ALLOW YOU TO SELL TO BANKS, BUT YOU CAN GIVE, TRADE OR WAP IN CERTAIN PLACES P2P, P2B. WHILE I''M IN THE US MY ELDEST SON IS IN THE UK, I HAVE SENT HIM CRYPTO THAT TOOK LESS THAN A MINUTE FOR HIM TO RECEIVE, HE CASHED IT TO GBP AND TRANSFERED TO HIS BANK ACCOUNT. I CAN USE CRYPT TO PAY FOR NUMEROUS THINGS, ARBNB FOR EXAMPLE, HOWEVER I HAVE NO INTEREST IN DOING THAT
CIRCULAR ECONOMY IS THAT I'M BUYING, STAKING/GROWING AND WILL SELL BACK TO USD AND BUY A HOUSE ON THE BEACH, WHICH I WILL THEN RENT OUT AND RECEIVE MORE USD, WHILE BEING ABLE TO USE IT WHEN IT'S NOT RENTED, THINK ARBNB, AND WITH THE PROFITS I'LL BUY MORE CRYPTO
Re: Cryptocurrency
IT'S A VERY SIMILAR PLAY TO BANKS AND STOCKS BUT SOMEWHAT COMBINED. THERE ARE MEME COINS BUT LET'S FORGET THEM FOR NOW, WHEN COMPANIES START, SOME DO AN ICP, THINK IPO, ONLY IT'S AN INITIAL COIN OFFERING, TYPICALLY ONLY LARGE CORPORATIONS OR ABOVE A CERTAIN THRESHOLD CAN BUY IN, THESE BECOME "THE INVESTORS". IF ENOUGH IS NOT SOLD THEN SOME WILL OPEN TO RETAIL, YOU AND ME. THERE IS A WHITE PAPER AND A PLAN IN TERMS OF REVENUE, IN YOUR PARLIANCE, HARD CURRENCY GENERATION FOR A SERIVE PROVIDED. YET' THERE NO SHARES, JUST OWNERS AND INVESTERS BUT A CRYPTO CURRENCY IS DEVELOPED AND MANAGED FOR GENERATIONS, IF WE CALL THE CRYPT XYZ, THEY ASSIGN A NOTIONALE VALUE BUT IT HAS TO BE SOMETHING PEOPLE AND COMPANIES ARE GOING TO BUY, SO THIS PRICE IS CRITICAL AND PEOPLE/COMPANIES NEED TO SEE VALUE.dsr wrote: ↑Fri Jan 19, 2024 4:36 pmWhere does the 5% income come from?
Capital gains obviously come from the idea that someone next year wants to pay more for the coins than anyone did this year. That's pretty much the same for all capital assets.
But when banks pay interest, they do it because they're going to lend the money out at a higher rate and make a profit. When governments pay interest, they plan to get it back later out of compulsory taxes. Where do these crypto exchanges pay their 5% out of? Profits, in which case how do they make the profits? Future customers putting money in, which makes it a Ponzi scheme? Or have they another source of income?
ONCE ALL THIS HAS BEEN DECIDED, THEN THE OWNERS AND INESTORS GET A CERTAIN AMOUNT OF THE COIN, WHICH CAN OBVIOUSLY GO UP OR DOWN AND A CERTAIN AMOUNT OF COINS ARE PUT TO THE MARKET EACH YEAR FOR SALE, SO MONEY IS GENERATED THROUGH COIN SALES BUT THIS IS NOT THE MAIN REVENUE. IF YOU LOOK AT HELIUM AS A COMPANY THEY ARE PROVIDING A TECHNICAL SERVICE THROUGH IOT, COMPANIES WITH IOT EQUI[MENT THEY ARE SELLING FOR CURRENCY NEED TO BE ABLE TO TRACK WHAT IS HAPPENING, LIME BIKE/SCOOTERS/RAT TRAPS/HEATorFLOWoR TEMP MONITORING, THEY USE HELIUM FOR THIS AND NEED TO BUY DATA CREDITS WITH HARD CURRENCY. HELIUM IN TURN PROVIDE NODES TO ANYONE WHO WANTS TO BUY, THESE NODES DO THE TRACKING WORLDWIDE AND PEOPLE WHO OWN THEM EGT PAID FOR THE AMOUNT OF TRACKING THE DO, HOWEVER THEY GET PAID IN THE HELIUM CRYPTO CURRENCY AND NOT HARD CASH.
BITCOIN AS YOU KNOW IS AFINANCIAL TOOL AND IN 2001 DID MORE FINANCIAL TRANSFERS THAT PAYPAL, EACH TRANSACTION, BITCOINS TAKES A MINUTE PAYMENT, IT WAS FORECAST TO OVERTAKE MASTERCARD BUT WITH THE MARKET DOWNTURN THAT NEVER HAPPENED, BUT IT MIGHT IN 2025, JUST MIGHT MINDYOU THERE ARE MANY MANY OTHER FINANCIAL COINS, THEY FASTER AND CHEAPER THAN BITCOIN BUT THEY'RE NOT FIRST TO MARKET.
FETCH.AI IS A COMPANY OUT OF CAMBRIDGE THAT WORKS IN THE AI SPACE, THEY HAVE TECHNOLOGY FOR EXAMPLE WHERE YOU DOWNLOAD AN APP, WHICH SHOWS YOU THE CLOSEST PARKING SPACE IN A CITY, THERE COIN IS FET AND IT'S GROWING IT'S BUSINESS NICELY
NOW WE COME TO THE "WHERE DOES THE PERCENTAGE PAYOUT COME FROM, WELL, ALL THESE COMPANIES FORM SOME SORT OF TREASURY, WHERE COINS ARE SENT AT THE BEGINNING, THESE ARE OFERRED TO PEOPLE WHO BUY AND HOLD AS AN INCENTIVE, THIS ALSO HELPS SMOOTH OUT THE HIGH & LOW SWINGS AS PEOPLE HAVE LOCKED AND CAN'T SELL. AS THE COMPANY GROWS THE COINS ARE CONTIUELY REPLENSHED FROM PROFITS, CLEARLY A BALANCE IS NEEDED.
THEN WE COME TO THE OTHER WRINKLE, MANY COINS, AND BITCOIN STARTED IT, THEY HAFL THE AMOUNT OF COINS THEY WILL MINT IN ANY GIVEN YEAR, SOME DO IT EVERY 2 YEARS, OTHERS EVERY 4 YEARS, THIS OF COURSE MEANS THERE IS A GROWING SCARICITY. WHY, BECAUSE IN THE WHITE PAPER AND IN EVERY COINS DOCUMENTS AND ON EXCHANGES IT TELLS YOU EXACTLY HO MAY COINS WILL BE MINTED IN TOTAL. SO, THESE COINS TEND NOT TO BE DEFLATIONARY BUT OTHER COINS HAVE NO LIMIT AND THEREFORE THEY DEFINITELY CAN BE DEFLATIONARY DEPENDING ON HOW MANY COINS EACH YEAR THE PUT TO THE MARKET, AND OF COURSE THEY CAN ALWAYS MINT MORE FOREVER, THESE COINS ARE THE ONES TYPICALLY OFFERING HIGH INTEREST FOR LOCKING THEM UP, BECAUSE THAT STILL ADDS TO STABILITY, AS LONG AS THE COMPANY DON'T JUST FLOOD THE MARKET. HOWEVER, HERE AGAIN IT WOULD BE SILLY TO DO THAT, THE OWNERS AND THE INVESTERS TOOK COINS AT INCEPTION, IF THEY GO DOWN THEN THEY ARE THE BIGGEST LOSERS!
AND WE COME BACK TO EXCHANGES, THEY HAVE THEIR OWN TOKEN AND BLOCKCHAINS FOR THE MOST PART BUT IN REALITY THEY MAKE THEIR MONEY ON WHAT CUSTOMERS BUY AND SELL AND THAT'S REAL MONEY PLUS CRYPTO, WHETHER SPREAD OF FEES OR EVEN BOTH SO, HOLDING AN EXCHANGE COIN MEANS YOU'RE BETTING ON THEM MAKING A PROFIT BECAUSE THE COIN GOES UP AND DOWN LIKE ALL THE OTHERS IN A MARKET. THEY'RE USUALLY LATE TO GO UP AND ALSO LATE TO GO DO DOWN SOMETIMES, IT'S ALL IN THE VOLUME.