[Finance] The cryptocurrency (Bitcoin etc) thread

[Albion Dan]

Does anyone else leave their coins on the exchanges? I use Binance but wanted to transfer to Exodus or Trust Wallet, but was put off by their fees. Nearly £30 to move my Bitcoin and almost £20 to move my Ethereum.

I stick stuff I don’t Intend to do anything with long term on a Trezor walllet. I’ve got a bit on exodus and I’ve got stuff on binance and KuCoin where I want a stop loss. The rule of thumb is never leave on exchanges but in reality I’ve always got something on there. If it went missing or the exchange decided to just take it I’d have to take responsibility for taking that risk I guess.

 

[LamieRobertson]

I had 18,000 ARB at 8p then sold at 13p. FFS!

Oops

 

[vagabond]

SUCH a shame that the old NSC got reduced to Ground Zero in 2003. Cos the EXACT same BS was being spouted by the gullible dotcom bubble evangelists way back then. Guess what Clevor Trevers? You're just repeating history. And unless you manage to sell your bag on to some Greater Mug then your gain in real money will end up exactly the same. Never mind tho eh, only a decade or two til the next doomed speculative bubble. Timeshare on Mars anyone? Maybe diversify to Venus?

Correct. Be very very careful with crypto. it holds no intrinsic value and there is no divine right to expect it to up in value. Anyone who says otherwise is being dishonest because it’s not a sure thing.

YouTubers and influencers, like with penny stocks, are up to a lot of shady tricks with pump and dumps, always do your own DD, never just buy on the back of an influencer. I think there is money to be made in current climate where savings rates are so low but I despair at seeing some folk putting most of their net worth in crypto or GME/whatever the latest meme stocks are.

 

[KeegansHairPiece]

Correct. Be very very careful with crypto. it holds no intrinsic value and there is no divine right to expect it to up in value. Anyone who says otherwise is being dishonest because it’s not a sure thing.

YouTubers and influencers, like with penny stocks, are up to a lot of shady tricks with pump and dumps, always do your own DD, never just buy on the back of an influencer. I think there is money to be made in current climate where savings rates are so low but I despair at seeing some folk putting most of their net worth in crypto or GME/whatever the latest meme stocks are.

I've been following the thread through intrigue, but to be fair, even our more excitable 'it's only going to go up' posters are always very cautious about never putting in anything you're not prepared to lose, and that losing is a very real possibility. The bubble-excitement / change the world / make lots of money enthusiasm is very tangible, but on this particular thread, I've not seen anything but sensible advice. We're not quite in 'cash in all your assets, pensions and savings and go large on crypto' on here, although, this is no doubt happening.

I posted a link to The Big Short earlier, one of the most powerful moments I thought was toward the end when Mark Baum (real life Steve Eisman) and Michael Burry were crestfallen at what this all meant for society and the people it would crush despite making huge sums of money for betting against the market. Baum sighs “I have a feeling that in a few years people will be blaming immigrants and poor people”...

 

[Nixonator]

SUCH a shame that the old NSC got reduced to Ground Zero in 2003. Cos the EXACT same BS was being spouted by the gullible dotcom bubble evangelists way back then. Guess what Clevor Trevers? You're just repeating history. And unless you manage to sell your bag on to some Greater Mug then your gain in real money will end up exactly the same. Never mind tho eh, only a decade or two til the next doomed speculative bubble. Timeshare on Mars anyone? Maybe diversify to Venus?

Up 50 grand so far from a 1k pot, with a fair bit of reading but very little effort involved.

I’ll let you know when the dunces hat applies. Personally I would stick it on anyone with capital to invest who hasn’t used the incredible opportunity that crypto has had to offer over the last 5 years.

If only I’d listened to the wise old heads telling me “it’s a bubble” and to not get involved repeatedly, as if they even know what that means.

 

[KeegansHairPiece]

Up 50 grand so far from a 1k pot, with a fair bit of reading but very little effort involved.

I’ll let you know when the dunces hat applies. Personally I would stick it on anyone with capital to invest who hasn’t used the incredible opportunity that crypto has had to offer over the last 5 years.

If only I’d listened to the wise old heads telling me “it’s a bubble” and to not get involved repeatedly, as if they even know what that means.

That is a mind blowing return rate even for crypto. Is that the equivalent return rate of 120% over 5 years?

 

[knocky1]

That is a mind blowing return rate even for crypto. Is that the equivalent return rate of 120% over 5 years?

5,000%

 

[Nixonator]

That is a mind blowing return rate even for crypto. Is that the equivalent return rate of 120% over 5 years?

It’s substantially more. I bought into btc/eth during the most recent “it’s going to die” phase

Since then just been buying and selling, and got onto the DeFi train very early.

It’s become more of a side hobby than trying to make a buck/fortune.

 

[KeegansHairPiece]

5,000%

I was trying to calculate annual growth - I think. Obviously 5000% overall, but at 120% Y1 £2200, Y2 £4840. Y3 £10,648. Y4 £23,426. Y5 £51,537.

 

[Notters]

I stick stuff I don’t Intend to do anything with long term on a Trezor walllet. I’ve got a bit on exodus and I’ve got stuff on binance and KuCoin where I want a stop loss. The rule of thumb is never leave on exchanges but in reality I’ve always got something on there. If it went missing or the exchange decided to just take it I’d have to take responsibility for taking that risk I guess.

I know someone who had most of their bitcoin hacked off a Trezor. Would recommend a Ledger as I don't think this is possible as you have to press a button to allow any transaction.

 

[Albion Dan]

I know someone who had most of their bitcoin hacked off a Trezor. Would recommend a Ledger as I don't think this is possible as you have to press a button to allow any transaction.

Really? I've never heard of that. To do it the hacker must have got hold of the seed keys which can also happen with a ledger?

 

[Albion Dan]

I've seen some charts which show a scenario where Bitcoin dumps to around £42-45k from the 10th April (chart showing a big pivot on this date) before coming back up. Should be the healthy correction we are expecting if it happens to enable the real parabolic run. As ever make sure your risk management is on point just in case.

 

[Notters]

Really? I've never heard of that. To do it the hacker must have got hold of the seed keys which can also happen with a ledger?

I understand he just left it plugged into his computer for around an hour. I can't give you an answer to the technical stuff as it's a bit beyond me despite my best efforts.

Looking like Maidsafe testnet will launch today.

 

[Bry Nylon]

Up 50 grand so far from a 1k pot, with a fair bit of reading but very little effort involved.

Can someone who understands this stuff just humour me for a moment as I know absolutely nothing about these currencies but am genuinely intrigued.

If, in the scenario outlined above, [MENTION=33924]Nixonator[/MENTION] wanted to convert his 50k holding into GBP in his bank account tomorrow, is that possible?

(If that is a stupid question I am more than willing to put on the hat, obvs)

 

[beorhthelm]

Can someone who understands this stuff just humour me for a moment as I know absolutely nothing about these currencies but am genuinely intrigued.

If, in the scenario outlined above, [MENTION=33924]Nixonator[/MENTION] wanted to convert his 50k holding into GBP in his bank account tomorrow, is that possible?

(If that is a stupid question I am more than willing to put on the hat, obvs)

yes. various exchanges (Coinbase, Binance, Kraken) allow direct payments to banks, a wider range allow SEPA payments.

 

[KeegansHairPiece]

It's all getting a bit James Bond super villain lair!

https://www.mount10.ch/en/mount10/swiss-fort-knox/

 

[durrington gull]

Can someone who understands this stuff just humour me for a moment as I know absolutely nothing about these currencies but am genuinely intrigued.

If, in the scenario outlined above, [MENTION=33924]Nixonator[/MENTION] wanted to convert his 50k holding into GBP in his bank account tomorrow, is that possible?

(If that is a stupid question I am more than willing to put on the hat, obvs)

Good question- I’ve read on forums that’s not always straightforward- I’ve got £100 across various crypto currency on my SwissBorg app atm so will see shortly if I can convert back to GBP and put back into my account- I’m just dabbling on very small amounts atm

 

[Barnet Seagull]

Can someone who understands this stuff just humour me for a moment as I know absolutely nothing about these currencies but am genuinely intrigued.

If, in the scenario outlined above, [MENTION=33924]Nixonator[/MENTION] wanted to convert his 50k holding into GBP in his bank account tomorrow, is that possible?

(If that is a stupid question I am more than willing to put on the hat, obvs)

Standard bank transfers are possible to the exchanges with Fees. Exchanges in addition to crypto also have FIAT ($,€,£,etc) So when i want to take some profit or when I want to hold cash on my trading account, I will sell into GBP. I then use Payward to transfer out any profit from Kraken (the exchange I use) to my HSBC accoint via SWIFT.

 

[Albion Dan]

Standard bank transfers are possible to the exchanges with Fees. Exchanges in addition to crypto also have FIAT ($,€,£,etc) So when i want to take some profit or when I want to hold cash on my trading account, I will sell into GBP. I then use Payward to transfer out any profit from Kraken (the exchange I use) to my HSBC accoint via SWIFT.

I transfer from my binance account to my bank debit card fine. Not sure what the upper limit is though. Another option is coinbase out to PayPal which has always worked seamlessly.

 

[Albion Dan]

I understand he just left it plugged into his computer for around an hour. I can't give you an answer to the technical stuff as it's a bit beyond me despite my best efforts.

Looking like Maidsafe testnet will launch today.

I don’t get that. I have a Trezor and you have to confirm on the device if you want to transfer anything but shows you have to be super vigilant. Use vpn etc