crypto interest

Uncle Wally One Ball said:
No
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Banks continue to commit elaborate theft from their customers. Crypto is starting to offer interest rates normal people can only dream of from banks. More people are gradually beginning to see this.Yes it would take a long time to reach the mainstream but you don’t think banks are aware of this or starting to worry?
 
Mazzarelli's Swiss Cheese said:
Gullible idiots or not, this serves to remind us that any currency depends on a sort of religious style act of faith by those who use it. No currency is actually worth anything at all in itself.
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Exactly, just look at how the government was able to print money when it needed to.
 
banks are going the way of 45's, betamax and the phonebook. good riddance and cannot happen soon enough.
 
There are loads of people on this forum that come along and compare crypto to tulips, or call it a Ponzi scheme. Go look at the other crypto thread and go back a few years. If those same people had bought crypto instead some of them would be sitting on 1,000 % gains.

Yet those of us who have invested and made good returns are gullible? Or perhaps we did our research and understood the risk vs reward.

I still think it has a long way to go. I still hold some of the larger market cap coins and imagine I will do for the next few years.

Chances are those of you who think it’s shit hold it indirectly in your pensions anyway. Companies like Tesla and Square have billions worth on their balance sheets. That it is if you have a pension and are not hiding your retirement pot under your mattress.
 
My take on this crypto lark…..I’m in my 50’s and up until 12 months ago was as sceptical as some on here about the cryptocurrency world. I just thought it was a scam.
My two 30 year old kids were just getting into it, and doing ok, and because we had a bit of spare cash doing nothing decided to take the plunge and buy into Bitcoin.
We did loads of research, found platforms launching new coins (legitimate projects with utility) to buy into at the bottom (IDO’s) and have recently started playing about with NFT’s.
They are more aggressive and take more risks than me, and in 12 months one has $250,000 staked in Yield which pays 10% APY and the other has different goals but has $175,000 which she converted to stablecoin (USD) to use as a deposit for a house. She recently bough an NFT of a penguin for $300 and two months later sold it for $10k, madness.
They have appointed a specialist crypto tax expert, and the staked currency is insured through specialist crypto insurers.
We are currently hoping to enter a bull run anticipated to last until the end of the year, where we plan to sell it all into stablecoin before the inevitable bear market returns.
You can be as sceptical as you like, just as I was, but it’s real, and it’s here to stay.
I still pinch myself every day.
 
Keith Moncrieff said:
Crypto currency is old hat and has a huge carbon footprint with the electricity used mining it. The impact on climate change is going to be grim to say the least!

NFT are the better and cleaner investment.
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Think you are confusing Bitcoin with the rest of crypto
 
Invested 1k at the start of the year, bought mostly doge and chz. Saw the potential and stuck another 2k in. Since then I've recouped and withdrawn my 3k and still have 3k in binance. I'm happy to make £20 overnight by simply selling high and buying back lower while I sleep. Suck on it you fuckin luddites..
 
Phil Mitchell Foden said:
Being a "gullible idiot" has made some people extremely wealthy, for next to no investment.

Your attitude is that of a dinosaur mate, sorry.

There are idiots in the space, and conmen trying to sell crap, but crypto is a legitimate asset class at this point and it's reflected in the market cap now, which is absolutely enormous and growing all the time. It's a volatile space, but it's still in its infancy.

Someone bought two pizzas with 10000 Bitcoin in the early years, to demonstrate its use as a currency. Bitcoin he acquired for next to nothing.

Those Bitcoin he parted with would be worth about half a billion dollars today. Or 250 million dollars a pizza.

The banks are piling into crypto now and while I wouldn't put all my life savings into it, it's still a speculators paradise, it's increasingly a hedge against inflation now and a legitimate long-term holding for cash.

If you want to speculate to try and get rich quick on obscure "coins", you're likely to lose a lot of money. But you can invest sensibly, I don't think there's a hedge fund or bank that doesn't have a small position in crypto now. I was a sceptic for a while, so I understand the perspective, but you're simply naive at this point if you ignore it all now.

Ignoring crypto at this point is equivalent to those who thought the combustion engine wouldn't catch on.
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People got wealthy eh? And in what currency did they measure that wealth? That’s right, them old fiat dinosaur currencies.

Your whole post sums up what crypto is. It’s a highly volatile (and becoming a highly leveraged) asset. 99% of people don’t give two fucks about the “back story” they just care about being able to make cash - you included if you read your post. That’s fine with me but just call it for what it is. Then there are the TAs who crack me up, spouting about retracement lines and the such like there are logical conclusions you can draw about value.

Will crypto disappear? Not any time soon if at all. Money laundering is a massive problem. Is it overpriced? Fuck yeah, it has zero intrinsic value, it’s a money store that’s all. Would I have brought some 5 years ago if I could see the value today - fuck yeah.

Remember this, for every winner their is a loser or losers. So for every story you read about people making fortunes one or more people have had to pay for that. Everyone thinks they’ll be that winner.
 
metalblue said:
Remember this, for every winner their is a loser or losers
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not in crypto there isn't.
Next week El Salvador are making bitcoin legal tender, and giving their population of 6.5m a small amount of bitcoin to start their wallets off. El Salvador is a country where a lot of citizens recieve money from relatives working abroad.

They have been living wsith up to 20% charges from firms such as Western Union and the big banks, stimated at 350 million per year in total.

With bitcoin the cost for each remittance goes to less than a penny.
Plenty of crypto winners there.
 
zerox said:
not in crypto there isn't.
Next week El Salvador are making bitcoin legal tender, and giving their population of 6.5m a small amount of bitcoin to start their wallets off. El Salvador is a country where a lot of citizens recieve money from relatives working abroad.

They have been living wsith up to 20% charges from firms such as Western Union and the big banks, stimated at 350 million per year in total.

With bitcoin the cost for each remittance goes to less than a penny.
Plenty of crypto winners there.
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Great post.
 
Manchester33 said:
For anyone who's interested in Crypto, but doesn't know much about it, I'd like to explain what it is and how it works.

Over a decade ago, some smart people came up with a system called blockchain which made trading anonymously online more secure. A virtual currency (word currency used loosely) called Bitcoin was designed to be traded using blockchain. A handful of morons bought these bitcoins. Over the years, interest in bitcoin grew and more morons were drawn into buying it. The original morons got incredibly lucky and made vast profits which enticed even more morons in.

Now everyone is trying to get on the gravy train by both creating random 'coins' and also buying random 'coins' in the hope that bigger swathes of morons further down the line will be daft enough to pay more for it.

There is always a new coin that has loads of 'potential' that disappears a few days later. Even the most recognised coin has literally no day-to-day use now, ten years on. The market of morons willing to spend more than the previous morons has become saturated so now people who are stuck with tons of their money invested into this useless thing create threads on bluemoon forum trying to bolster interest in the particular 'coin' they were daft enough to buy in the first place.




The unfortunate truth with 'Crypto' is that the boat has set sail. The people who got involved early on have made their money. There are some lucky people who make a few quid today, but that's the same with any gamble.
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You’re not a fan then? Sounds like a pyramid scheme to me when you said it’s saturated. If you want to make money stick with managed funds.
 
manchester blue said:
You’re not a fan then? Sounds like a pyramid scheme to me when you said it’s saturated. If you want to make money stick with managed funds.
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No, I'm not a fan and my reasoning is that crypto is completely speculative. You're investing in the hope that someone else will be willing to invest more than you for the same thing in the future. At best crypto is a commodity like gold, watches, wine, tulips etc. When you're gambling, there's always going to be winners (and losers). You only ever hear about the 0.000001% who made £10m overnight and not the 99% who have made losses or very modest gains.

I do perfectly well investing in index funds. These are real businesses with the smartest minds in the world working towards increasing value or paying dividends. It's very easy to do, it's tax efficient and its much lower risk (although there's always going to be risk involved with investing).
 
comparing index funds with cryto is like comparing Stockport with City.

Crypto could drop 90% today, and still be miles in front of index funds over the last 5 years.

God knows what the comparision will be like in 5 years time
 
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