Crypto Currency

34
Found 19th Dec 2017Edited by:"brenbo"
Lots of Press and uncertainty. Should we go through Learning Curve together - here on HUKD? .Im none the wiser but nice to follow, learn, help others. Thats what the excellent HUKD brings to us all; as fellow 'Joe Bloggers' 😃
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I’ve been holding crypto currency for few years now. Can say it changed my life a lot.
There are quite a few threads on here about crypto currency. I wouldn't get involved unless you know what you are doing.

I also wouldn't put anymore money in than i was willing to lose and definitely don't leverage at all.

Prepare for people on here to tell you it is a pyramid scheme etc.
Anyone recommend the best intermediary to buy/hold bitcoin and other crypto currency?
I started out two weeks back. Bought some bitcoin.
Bitcoin went through the roof, I used the extra I made with bitcoin to put into smaller alt coins. Bought a lot of them at low prices. Hope to hold them for some time.

Each time I make the invest back from the alt coin. I sell half of them and buy another coin.
I've nearly doubled my investment and spread it across a lot of coins in the hope one or two may go nuts.
bullet9t921 m ago

I’ve been holding crypto currency for few years now. Can say it changed my …I’ve been holding crypto currency for few years now. Can say it changed my life a lot.


It changed or you mean didn't change bullet?
Edited by: "brenbo" 19th Dec 2017
Is there a simple formula Steve?
brenbo1 m ago

Is there a simple formula Steve?



If there was a simple formula everyone would be rich.
Litecoin was the one everyone should of bought 3 weeks ago. I remember checking 3 weeks ago and it was 73$ and now its 356$. My friend invested in 20 litecoins around that time at around 1500$. They're now worth 7100$.

Theres other alternative coins (100s of them) that may peak and get you in profits.

But as CoeK said, if you don't know, don't do it. Its a minefield and some experts say the bubble will burst, others say it will double or triple in value. In my opinion its the biggest scam in modern history. Its worse than gambling on roulette. Theres no guarantee, the stakes are high.

The crash will come when a significant amount of people go to cash in their investment only to find there aren't enough buyers willing to pay cash.
brenbo47 m ago

Is there a simple formula Steve?


As others have said. I think it's more luck with the little ones. I noticed the new coins listed on binance after an ICO would drop a lot. As people were cashing in on the profits.

So I bought them low and watched a day two as they went up 100%.

I think long term. You want research the team behind the coins and the concept behind it.
Been following it for the last 5 years, but feel now people are investing for the wrong reasons (greed) whereas the first adopters were investing because they believed in it as a currency. Bitcoin is for sure in a bubble, and someone is going to be left holding the bag when it falls. Now it’s just like gambling based on the greater fool theory.
J4GG41 h, 29 m ago

Litecoin was the one everyone should of bought 3 weeks ago. I remember …Litecoin was the one everyone should of bought 3 weeks ago. I remember checking 3 weeks ago and it was 73$ and now its 356$. My friend invested in 20 litecoins around that time at around 1500$. They're now worth 7100$.Theres other alternative coins (100s of them) that may peak and get you in profits.But as CoeK said, if you don't know, don't do it. Its a minefield and some experts say the bubble will burst, others say it will double or triple in value. In my opinion its the biggest scam in modern history. Its worse than gambling on roulette. Theres no guarantee, the stakes are high.The crash will come when a significant amount of people go to cash in their investment only to find there aren't enough buyers willing to pay cash.


If bitcoin bursts the other cryptos will likely follow.
bluep2 h, 19 m ago

Anyone recommend the best intermediary to buy/hold bitcoin and other …Anyone recommend the best intermediary to buy/hold bitcoin and other crypto currency?


Coinbase is probably the only big exchange that hasn’t been hacked. Would recommend storing off site in an external wallet like ledger etc.
J4GG42 h, 26 m ago

Litecoin was the one everyone should of bought 3 weeks ago. I remember …Litecoin was the one everyone should of bought 3 weeks ago. I remember checking 3 weeks ago and it was 73$ and now its 356$. My friend invested in 20 litecoins around that time at around 1500$. They're now worth 7100$.Theres other alternative coins (100s of them) that may peak and get you in profits.But as CoeK said, if you don't know, don't do it. Its a minefield and some experts say the bubble will burst, others say it will double or triple in value. In my opinion its the biggest scam in modern history. Its worse than gambling on roulette. Theres no guarantee, the stakes are high.The crash will come when a significant amount of people go to cash in their investment only to find there aren't enough buyers willing to pay cash.


I agree it's a gamble, but don't agree with the term scam, yeah there may be some small coins that are scam coins, but the overall idea of crypto currency I don't see as a scam.
Everyone seems to talk about buying, but it can also be mined. People are still turning a profit with numerous alt coins doing that.

I've been very lazy and paid it little attention over the years but tried it out with my PC at home recently and earned around $25 within 2 weeks (sia & etn). Not going to go much further but I have friends investing a lot in mining rigs believing they will recover the costs within a year.
Edited by: "delusion" 19th Dec 2017
delusion1 m ago

Everyone seems to talk about buying, but it can also be mined. People are …Everyone seems to talk about buying, but it can also be mined. People are still turning a profit with numerous alt coins doing that.I've been very lazy and paid it little attention over the years but tried it out with my PC at home recently and earned around $25 within 2 weeks (sia & etn). Not going to go much further but I have friends investing a lot in mining rigs believing they will recover the costs within a year.



How much did it cost you to make that $25?
Well if you are in the uk and ran your computer 24/7 it would cost around £15 to run it for 2 weeks in electric alone, not to mention wear and tear. Not a great return really.
cmdr_elito3 m ago

Well if you are in the uk and ran your computer 24/7 it would cost around …Well if you are in the uk and ran your computer 24/7 it would cost around £15 to run it for 2 weeks in electric alone, not to mention wear and tear. Not a great return really.



So a $5 return for 2 weeks basically.
CoeK28 m ago

How much did it cost you to make that $25?


Whatever electricity usage my home pc uses, something someone/I would definitely need to test if taking it further! (did I mention I was lazy)...

There are calculators online that can show power usage/expected profit.
Yup. That’s not worth it in my eyes as by the time you take into account wear and tear you’ll be losing money
sparxuk35 m ago

I agree it's a gamble, but don't agree with the term scam, yeah there may …I agree it's a gamble, but don't agree with the term scam, yeah there may be some small coins that are scam coins, but the overall idea of crypto currency I don't see as a scam.


When I say scam, I don't mean literally, as in you will get scammed if you invest. I meant that this crypto-hype is a unsustainable bubble that is almost certain to crash. People will lose on it. Some will gain on it.
Mining also heavily relies on the gambling element that the currency will rise, you mine it and keep it till it rises significantly then sell up, trouble is they will not keep rising forever so can see why these are being likened to a pyramid scheme.
cmdr_elito3 m ago

Mining also heavily relies on the gambling element that the currency will …Mining also heavily relies on the gambling element that the currency will rise, you mine it and keep it till it rises significantly then sell up, trouble is they will not keep rising forever so can see why these are being likened to a pyramid scheme.



Yeh i see the reason it is likened to a pyramid scheme i just disagree with those reasons.

Yes the people who invest first will gain the most, but they should because they took the biggest risk.
cmdr_elito34 m ago

Well if you are in the uk and ran your computer 24/7 it would cost around …Well if you are in the uk and ran your computer 24/7 it would cost around £15 to run it for 2 weeks in electric alone, not to mention wear and tear. Not a great return really.


I don't think I mentioned 24/7, I just meant in a 2 week period. Etn price for example was about 8p a coin and a midrange nvidia pc should be able to get more than 30 a day over 24 hours as part of a good mining pool, 50-80 a day if using amd gpu. That would earn more than I did, especially if doing 24/7.

Wear and tear is not a massive issue for me (I suppose it is if you plan to keep the machine as long as you can without upgrading), but you could also overclock to maximise mining potential if it wasn't a concern at all.
Edited by: "delusion" 19th Dec 2017
J4GG426 m ago

When I say scam, I don't mean literally, as in you will get scammed if you …When I say scam, I don't mean literally, as in you will get scammed if you invest. I meant that this crypto-hype is a unsustainable bubble that is almost certain to crash. People will lose on it. Some will gain on it.


This. @sparxuk literally everyone has the same intention, to make money. To make money, someone has to buy bitcoin back off you at a higher rate. It’s the greater fool theory. Eventually, investors will die down, people will want to cash out, and then, some people, are going to be left holding the bag. You can certainly make money on the way up, but there is no telling when it will go down.
Lotsoftrees11 m ago

This. @sparxuk literally everyone has the same intention, to make money. …This. @sparxuk literally everyone has the same intention, to make money. To make money, someone has to buy bitcoin back off you at a higher rate. It’s the greater fool theory. Eventually, investors will die down, people will want to cash out, and then, some people, are going to be left holding the bag. You can certainly make money on the way up, but there is no telling when it will go down.


Yep, the way you do it is how stevethomas20mentioned to do it. Thats the safest way. Even then you need to know what coin to invest in, so you need a little knowledge.
I have a small amount of money invested in crypto, spread over a couple of different alt coins, ones which I researched and felt had potential to have a use in the real world.

I agree only invest what you can afford to loose, and do your research.
One Of Bitcoin's Founders Has Reinvested In Another Cryptocurrency Instead - LADbible
ladbible.com/new…219

Quote:
"Given the price surge in Bitcoin this year, it's hard to see why anyone would lose faith in the cryptocurrency just yet. But, worryingly for potential investors, one of its prime advocates already has.

Emil Oldenburg, the co-founder and CTO of the influential website Bitcoin.com has admitted he is skeptical about the direction in which it's headed.

Oldenburg's even gone so far as to sell all of his Bitcoin and re-invest it in Bitcoin Cash (BCH) instead as he believes that the spin-off currency has a brighter future in store.

"I would say an investment in Bitcoin is right now the riskiest investment you can make. There's an extremely high risk," he said in an interview with Swedish tech site Breakit.

"I have in fact sold all my bitcoins recently and switched to Bitcoin Cash."

Bitcoin Cash split from Bitcoin in August and recently overtook Ethereum as the world's second largest cryptocurrency. It has also received praise from Oldenburg's co-founder Roger Ver.

Two of the problems Oldenburg has highlighted with Bitcoin is its high transaction costs and confirmation times - with fees doubling every three months and the average transaction taking 4.5 hours to confirm.

As there's only a limited amount of transactions you can make per second on the Bitcoin network, Oldenburg has argued that it makes bitcoin highly risky, calling the old network 'highly unusable'.

Oldenburg said that as soon as new Bitcoin holders start to see these problems - selling or trading the currency rather than just buying them - they will start to sell."
Send me a bitcoin so I can see if I like it.
If "learning curve" means losing, then no thanks.

CCs are a big gamble right now. They always were a gamble, but there's a greater chance of losing your shirt now than there ever was IMHO. CCs are not an investment.

If you want to make money, then invest for the long term in equities, and a bit of "other asset classes" (eg bonds, commodities, property, etc depending on how aggressive/defensive you want to be) using funds. Read up on how to do it properly (MSE forums is a good place to start), and ask questions before you commit.

Personally I like to keep a small (but significant) amount of cash to hand, and invest when there is a correction in an asset that I think is likely to rebound. Always buy low and sell high. Volatility is an investment opportunity, unlike buying into a CC bubble that could burst at any time.
I see bitcoin is tanking today!
sparxuk1 h, 55 m ago

I see bitcoin is tanking today!


It dropped because Bitcoin Cash (BCH) has been manipulated again. However bitcoin only dropped to $17000. It should go back up again.
Just been reading about it, insider trading by coinbase staff apparently. I have some bitcoin cash, will be interesting to see where it goes.
Edited by: "sparxuk" 20th Dec 2017
Aaaaaaand it’s crashing 🔥
PoP !
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