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chronyx

Ignoring crypto

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This is not meant as a wind up (you'd know it if it was) but is anyone happy to just sit this one out?

I ask as it's taken me long enough to read and comprehend threads dealing with established financial protocol like DBs deflation thread

I have a full on day job as it is and I just think I'll get burned. If I had a desk job maybe I'd sneak in some trades in the day or something 

Again this is a non biased post. I don't have a good enough understanding to form a workable opinion of crypto. Just a very sketchy outline of the basics 

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My friend told me to buy bitcoin when they were £7 each. I didn't buy them then, so would I buy them now? No.

I did buy 3000 litecoins at one point, gambled 1500 away on some silly game and sold the rest for breakevenish. Worth $750,000 in todays money lol.

My friends a millionaire now. Me, not so much.

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Doesn't sound like you're kicking yourself about it TBF

I'm sure there's money to be made there. I just don't think it will be made by me :lol:

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Just now, chronyx said:

Doesn't sound like you're kicking yourself about it TBF

I'm sure there's money to be made there. I just don't think it will be made by me :lol:

The money was there to be made, it's not there now. I can't fathom for one moment why you'd want to invest now into a space with 100 competing crypto coins all with the same thing in common, zero value outside of speculation. Think of it like MySpace, valued at billions and worthless today. This is the age on the internet, when something better comes along computers change the software at the dop of a hat and off they go elsewhere. Crypto has its place in society, the potential is amazing, but the potential to get rich now, very unlikely.

I'm not bitter because I know I wouldn't have held onto any coins I had long enough to get to todays valuations.

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early investor are always going to be the head line winners... a very small number of individuals.

best advice seemed to be put 1% of your wealth in, if it comes to be as big as the ramp then great if not you still have 99% left.(not sure if its as good today though).

most of the participants now seem to be speculators rather than wanting to use it as currency, turning it back to fiat seems to defeat the object, however the early investors that have cashed out have done well.

to me it appears the mother of all pyramid schemes(aside from the current accepted system)

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1 minute ago, honkydonkey said:

 

I'm not bitter because I know I wouldn't have held onto any coins I had long enough to get to todays valuations.

Exactly, well put. It just doesn't resonate with me

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1 minute ago, honkydonkey said:

 

I'm not bitter because I know I wouldn't have held onto any coins I had long enough to get to todays valuations.

most people I know that have been in and out of crypto through work cashed out as soon as they double/trebled etc. Simply because they wanted to buy something with there "winnings".

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2 minutes ago, HowMuch! said:

early investor are always going to be the head line winners... a very small number of individuals.

best advice seemed to be put 1% of your wealth in, if it comes to be as big as the ramp then great if not you still have 99% left.(not sure if its as good today though).

most of the participants now seem to be speculators rather than wanting to use it as currency, turning it back to fiat seems to defeat the object, however the early investors that have cashed out have done well.

to me it appears the mother of all pyramid schemes(aside from the current accepted system)

Good post. I'm no defender of the current system but i don't feel crypto as the answer. Just a feeling, all i have to rely on :lol:

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4 minutes ago, honkydonkey said:

The money was there to be made, it's not there now. I can't fathom for one moment why you'd want to invest now into a space with 100 competing crypto coins all with the same thing in common, zero value outside of speculation. Think of it like MySpace, valued at billions and worthless today. This is the age on the internet, when something better comes along computers change the software at the dop of a hat and off they go elsewhere. Crypto has its place in society, the potential is amazing, but the potential to get rich now, very unlikely

Yes, the Myspace analogy is very good. This was my concern all along (although I should have done the 1% thing at £9, but would have taken profits ages ago if I had)

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To be fair i was even less convinced by myspace, and recently Facebook and Twitter crazy valuations. At least crypto has the valuation of embedded energy and unique digits and is self sustaining in that regard (vs pics of what I had for lunch )

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Bought at £150 with house deposit and cashed out 7 figures last week, sharing here as can't tell anyone in real life. Who knows where it goes from here.

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Anyone remember friends reunited?

 

I quite like the current system, its only shit now because of the cost of housing relative to wages.

if housing cost came in at 25% of single average wage then everything else would be fairly simple.

you could build up a 3-12 reserve quickly in your first job, get a deposit together in a couple of year, start to fund a pension etc.

pretty much everything else is tinkering around the edges?

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2 minutes ago, doomed said:

Bought at £150 with house deposit and cashed out 7 figures last week, sharing here as can't tell anyone in real life. Who knows where it goes from here.

take it your talking bitcoin, so a big 6 figure tax bill(or how do you avoid it?)

the house deposit discussion came up at work when some one said they didn't have any money spare to invest, but did have a small lump of cash for a house deposit in years to come.

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2 minutes ago, HowMuch! said:

Anyone remember friends reunited?

 

I quite like the current system, its only shit now because of the cost of housing relative to wages.

if housing cost came in at 25% of single average wage then everything else would be fairly simple.

you could build up a 3-12 reserve quickly in your first job, get a deposit together in a couple of year, start to fund a pension etc.

pretty much everything else is tinkering around the edges?

Yep. I'm all for due diligence and looking into investing etc, but there comes a point where there just isn't enough time to focus on everything (unless the financial industry pays your wage)

Me, i work with my hands. No room for bullshitting there, at the coalface anyway 

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10 minutes ago, doomed said:

Bought at £150 with house deposit and cashed out 7 figures last week, sharing here as can't tell anyone in real life. Who knows where it goes from here.

Fair play as they say. You gambled and won - someone had to!

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Just now, chronyx said:

Yep. I'm all for due diligence and looking into investing etc, but there comes a point where there just isn't enough time to focus on everything (unless the financial industry pays your wage)

Me, i work with my hands. No room for bullshitting there, at the coalface anyway 

Yeah I am a manual worker also, at work the younger ones where I work are now a mix of property is the only way to those who are checking crypto prices on there phone several times a day. Quite a few have trading apps(ok so nothing more that gambling).

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5 minutes ago, HowMuch! said:

take it your talking bitcoin, so a big 6 figure tax bill(or how do you avoid it?)

the house deposit discussion came up at work when some one said they didn't have any money spare to invest, but did have a small lump of cash for a house deposit in years to come.

Yep just going to pay it. I would like to just piss off abroad but family ties keep me here, suppose just be thankful the upper limit is 20% and can use the wife's allowances. If it was 40% I do not believe I could part with it.

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2 minutes ago, HowMuch! said:

Yeah I am a manual worker also, at work the younger ones where I work are now a mix of property is the only way to those who are checking crypto prices on there phone several times a day. Quite a few have trading apps(ok so nothing more that gambling).

Same here.  I might as well have been looking at the BetFair app

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Been a long time reader into Cyrptocurrencies and often was tempted in but never did put any money in (seemed too much of a faff). Not in the least bit bothered about it now, I'd be as inclined to go into a casino and play roulette as to play them now. Slightly peeved but life goes on! Don't begrudge the early takers their profits, won't spare any thought to those jumping on the bandwagon in a mania phase.

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of course we only hear of the winners(in the main).

If I was to be investing in the "next big thing" then I would have a lot of losers in the basket a long side the odd winner.

if crypto had been one of those it likely pays for all the losers, but today?

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Iirc bitcoin's USP back in t'early days was that it could be used to anonymously purchase guns, ammo, recreational drugs and child porn on t'dark web. Is it any wonder many of us didn't at that time want to touch it with a ten foot barge pole? 

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Disclaimer: I bought some bitcoin way back when for a small amount of money.

When I first heard of bitcoin I thought it was just ridiculous. I saw it had one big bubble in the past which then collapsed, by big bubble I'm talking like £30 at the peak, something like that. A while later, another bubble occurred. That got me interested. The fact that it can undergo a second bubble after the first is unusual, even unprecedented. Can anyone else think of a case?

When I read up on how the currency worked, I realised that this was a real advancement in technology and society. Think of it like this, anybody, anywhere in the world with a smart phone or computer and internet access can download a version of the software. They can get themselves an account, a numbered account that doesn't have their identity tied to it. They can then send and receive funds to anybody else with one of these accounts for almost zero cost (that has changed now, but I think the fee situation will get resolved) and almost instantly. There is no paperwork, no rules, no restrictions, no nothing. Anyone can do it. National borders simply don't exist in the bitcoin network. The network itself is decentralised, so it can't be shut down. Even better, only 21 million bitcoins will ever exist so inflation can't occur by definition. The source code is open source, anyone can read it and verify that it does what it is supposed to do. What's not to like?

There is an old mathematics book, called "The Elements" written in ancient Greece. It contains all of mathematics that was known at the time. The book starts with the basic assumptions like the definition of a point, the definition of parallel lines etc and builds up from there. One result in the book became known as the 'bridge of donkeys'. This is because the less intelligent proportion of the readers can't understand it and can't progress any further. The book is progressive, you have to understand one result before you can move onto the next. The more intelligent proportion of the readers can understand it and can progress through the book. The donkey's can't cross the bridge as it where.

I think that bitcoin is like a bridge of donkeys for our age. Some people get it, and some people don't and those who don't get it get left behind and those who do get it take advantage. It's as brutal as that.

One more point to address. I was able to take advantage of the bitcoin technology because I was old enough to have some money, young enough to be interested and motivated in these things and I knew something about technology, software, maths, inflation and society. The boomers got their houses, but my ilk will get cryptocurrencies. It's unfortunate, I feel for the switched on kids who are too young to take advantage to the extent that I have.

 

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