FabSwingers.com > Forums > The Lounge > Do you know anything about crypto?
Do you know anything about crypto?
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"I know I mined a few hundred many many moons ago and didn't take it seriously and lost my wallet. " It’s probably best not figuring out what it’d be worth at the minute 😅 You’d be typing that message from one of your many penthouse suites. | |||
"Its just another money making scheme that can easily end in tears" I wish I'd of bought my crypto 6 years earlier when I was advised, would be able to retire now. Mr F. | |||
"I feel like I should know more than I do. Teach me something? " Go back and learn about the Tulip Bubble. Tells you all you need to know. | |||
"Its just another money making scheme that can easily end in tears I wish I'd of bought my crypto 6 years earlier when I was advised, would be able to retire now. Mr F. " We were so tempted to put 10k into them years ago..... decided against! Silly decision! | |||
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"I feel like I should know more than I do. Teach me something? " Sounds like most on here don’t have a clue… it’s a financial instrument with a $3.3T market cap. A lot of protocols have use cases, a lot don’t… it is regulated to some extent with large exchanges being regulated by financial regulators in the west. Price fluctuations aren’t random, but it is highly volatile to trade. It won’t go anywhere… we live in a digital era now and the younger generation are highly invested in crypto in general. When the market crashes (because they do) just make sure you got some money to stick into to it… just like any other financial instrument 👍🏼 | |||
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"Buy shares in Microstrategy, automatically top up every month. Only invest what you can afford to lose. Thank me in 3 years" Thanks for the financial advice, internet penis profile picture dude. | |||
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"Blockchain tech based on an invention 40 odd years ago called the “Merkle Tree”, its horrifically inefficient in terms of electricity usage, but also transactions per hour. " Eh? There are cryptos that can service the world run from a single wind turbine. | |||
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"Blockchain tech based on an invention 40 odd years ago called the “Merkle Tree”, its horrifically inefficient in terms of electricity usage, but also transactions per hour. Eh? There are cryptos that can service the world run from a single wind turbine." Next you’ll be telling me a crypto coin called “dogs wif hats” is the future of finance | |||
"Blockchain tech based on an invention 40 odd years ago called the “Merkle Tree”, its horrifically inefficient in terms of electricity usage, but also transactions per hour. Eh? There are cryptos that can service the world run from a single wind turbine. Next you’ll be telling me a crypto coin called “dogs wif hats” is the future of finance " Ha, nah... that's not my bag. | |||
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"Its just another money making scheme that can easily end in tears I wish I'd of bought my crypto 6 years earlier when I was advised, would be able to retire now. Mr F. We were so tempted to put 10k into them years ago..... decided against! Silly decision! " I had 5k spare in 2015 and was advised to buy 10 Bitcoins for 400 dollars each in 2015, (he paid $50 each) I was even offered some out of the guys stock and turned them down. Bitcoin is now trading at 100,000 dollars each, that's a million dollars I turned down for £5k 🤦♂️ Same guy 4 years ago told me to buy Dogecoin which we've both now bought. Let's hope he's as good with this prediction as was with bitcoin, so far we're a £1000 up and rising. | |||
"Do you think it can have a financial crash level ending?" so… ? | |||
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"What data is there that the young are biggly into crypto? From what I see its the classic grifter and laundering sector that are big into it. If putting in say £1000 be prepared to lose it all. " Young people generally don’t have a lot of money but they enjoy playing computer games and online gambling so it suits them. They talk a lot about it but probably in reality you’re talking a few hundred pounds you’re not talking serious investment or trading no one in their right mind is gonna risk their future savings or money for a property in a doggy coin are they? | |||
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"The blockchain is the mechanics of crypto, you ask a question and it comes back with the answer so say you want to buy something from scary Mary’s shop of delights (stay with me now) and she only takes digital currency then you pay using whatever card app watch eyeball scan etc the app then asks the question does the OP have enough currency to pay for said items and rather than it being the bank who holds the information then the ‘ledger’ is held by everyone who is data mining and when they say ‘mining’ they are asking the question and then asking everyone else who is mining the same question. So effectively the traditional bank no longer has control over the digital currency and therefore cannot gamble with your actual cash in the traders of banking, if you need to look at how normal banks operate then they are allowed to ‘gamble, move, trade’ with 91 percent of your actual hard cash therefore creating revenue for themselves and also generating numbers on a screen rather than actual hard cash, this is why there is world debt, tin foil conspirators will say actual banking is a Ponzi scheme but the reality is we are all in it, all the way down to the rice farmers in Sudan living off the land and surviving Traditional banks will eventually buckle under the effectiveness of the blockchain and therefore crypto will eventually become the future, when that happens who knows, the blockchain is more secure, you have greater control over your finances under it, government cannot influence your life with mortgage interest rates and inflation as the price of your ‘coin’ is dictated by the collective you What the blockchain and crypto means is the people holding the coins have the power, not the banks, now it’s only in it’s infancy and there will be many hurdles, the reality is there will be those who jumped on at the right time and those that missed the boat. Just FYI I put about 200 quid in two years ago and it’s now worth 200 quid, for transparency:D" If a few million people in China all agree that someone has the money to pay for the goods, then they have the money to pay for goods. This federated system has no regulations whatsoever When it started out, Blockchain was the next big thing like gen AI is now…..it was gonna radically solve problems like land registries in Africa and Asia, but no one ’trusts it for really important things, immutable blockchain ledgers do have a use, but it seems limited to criminal gangs and children gambling pocket money online with doggy coins. | |||
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"The blockchain is the mechanics of crypto, you ask a question and it comes back with the answer so say you want to buy something from scary Mary’s shop of delights (stay with me now) and she only takes digital currency then you pay using whatever card app watch eyeball scan etc the app then asks the question does the OP have enough currency to pay for said items and rather than it being the bank who holds the information then the ‘ledger’ is held by everyone who is data mining and when they say ‘mining’ they are asking the question and then asking everyone else who is mining the same question. So effectively the traditional bank no longer has control over the digital currency and therefore cannot gamble with your actual cash in the traders of banking, if you need to look at how normal banks operate then they are allowed to ‘gamble, move, trade’ with 91 percent of your actual hard cash therefore creating revenue for themselves and also generating numbers on a screen rather than actual hard cash, this is why there is world debt, tin foil conspirators will say actual banking is a Ponzi scheme but the reality is we are all in it, all the way down to the rice farmers in Sudan living off the land and surviving Traditional banks will eventually buckle under the effectiveness of the blockchain and therefore crypto will eventually become the future, when that happens who knows, the blockchain is more secure, you have greater control over your finances under it, government cannot influence your life with mortgage interest rates and inflation as the price of your ‘coin’ is dictated by the collective you What the blockchain and crypto means is the people holding the coins have the power, not the banks, now it’s only in it’s infancy and there will be many hurdles, the reality is there will be those who jumped on at the right time and those that missed the boat. Just FYI I put about 200 quid in two years ago and it’s now worth 200 quid, for transparency:D If a few million people in China all agree that someone has the money to pay for the goods, then they have the money to pay for goods. This federated system has no regulations whatsoever When it started out, Blockchain was the next big thing like gen AI is now…..it was gonna radically solve problems like land registries in Africa and Asia, but no one ’trusts it for really important things, immutable blockchain ledgers do have a use, but it seems limited to criminal gangs and children gambling pocket money online with doggy coins. " The blockchain isn’t private… I’m not saying criminals do not use it, they use things like Monero which are considered ‘privacy’ coins. Do you really think that a market worth 3.3 trillion dollars is limited to criminal activity and kids trading dog coins who you say may only have a few hundred quid to invest? Look at the numbers, ask questions, find answers… | |||
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"The blockchain is the mechanics of crypto, you ask a question and it comes back with the answer so say you want to buy something from scary Mary’s shop of delights (stay with me now) and she only takes digital currency then you pay using whatever card app watch eyeball scan etc the app then asks the question does the OP have enough currency to pay for said items and rather than it being the bank who holds the information then the ‘ledger’ is held by everyone who is data mining and when they say ‘mining’ they are asking the question and then asking everyone else who is mining the same question. So effectively the traditional bank no longer has control over the digital currency and therefore cannot gamble with your actual cash in the traders of banking, if you need to look at how normal banks operate then they are allowed to ‘gamble, move, trade’ with 91 percent of your actual hard cash therefore creating revenue for themselves and also generating numbers on a screen rather than actual hard cash, this is why there is world debt, tin foil conspirators will say actual banking is a Ponzi scheme but the reality is we are all in it, all the way down to the rice farmers in Sudan living off the land and surviving Traditional banks will eventually buckle under the effectiveness of the blockchain and therefore crypto will eventually become the future, when that happens who knows, the blockchain is more secure, you have greater control over your finances under it, government cannot influence your life with mortgage interest rates and inflation as the price of your ‘coin’ is dictated by the collective you What the blockchain and crypto means is the people holding the coins have the power, not the banks, now it’s only in it’s infancy and there will be many hurdles, the reality is there will be those who jumped on at the right time and those that missed the boat. Just FYI I put about 200 quid in two years ago and it’s now worth 200 quid, for transparency:D If a few million people in China all agree that someone has the money to pay for the goods, then they have the money to pay for goods. This federated system has no regulations whatsoever When it started out, Blockchain was the next big thing like gen AI is now…..it was gonna radically solve problems like land registries in Africa and Asia, but no one ’trusts it for really important things, immutable blockchain ledgers do have a use, but it seems limited to criminal gangs and children gambling pocket money online with doggy coins. The blockchain isn’t private… I’m not saying criminals do not use it, they use things like Monero which are considered ‘privacy’ coins. Do you really think that a market worth 3.3 trillion dollars is limited to criminal activity and kids trading dog coins who you say may only have a few hundred quid to invest? Look at the numbers, ask questions, find answers… " It depends how you defined criminal activity doesn’t it? I was looking at the story of the guy who paid £12 million for the banana on the duct tape. Now he’s referred to as a successful crypto entrepreneur businessman but he’s got a whole spring of investigation and conviction for fraud / market fixing. Is all the types of criminals that will flock to unregulated financial products and scams and they will get in and out and unless you are in there in a circle you will have no clue when you want to get out and you will lose all your money | |||
"Buy (long) when everyone is selling and sell(short) when everyone is buying.. so there's no need to reinvent the wheel. " Unless they’re buying because it’s worthless but will go up | |||
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"The blockchain is the mechanics of crypto, you ask a question and it comes back with the answer so say you want to buy something from scary Mary’s shop of delights (stay with me now) and she only takes digital currency then you pay using whatever card app watch eyeball scan etc the app then asks the question does the OP have enough currency to pay for said items and rather than it being the bank who holds the information then the ‘ledger’ is held by everyone who is data mining and when they say ‘mining’ they are asking the question and then asking everyone else who is mining the same question. So effectively the traditional bank no longer has control over the digital currency and therefore cannot gamble with your actual cash in the traders of banking, if you need to look at how normal banks operate then they are allowed to ‘gamble, move, trade’ with 91 percent of your actual hard cash therefore creating revenue for themselves and also generating numbers on a screen rather than actual hard cash, this is why there is world debt, tin foil conspirators will say actual banking is a Ponzi scheme but the reality is we are all in it, all the way down to the rice farmers in Sudan living off the land and surviving Traditional banks will eventually buckle under the effectiveness of the blockchain and therefore crypto will eventually become the future, when that happens who knows, the blockchain is more secure, you have greater control over your finances under it, government cannot influence your life with mortgage interest rates and inflation as the price of your ‘coin’ is dictated by the collective you What the blockchain and crypto means is the people holding the coins have the power, not the banks, now it’s only in it’s infancy and there will be many hurdles, the reality is there will be those who jumped on at the right time and those that missed the boat. Just FYI I put about 200 quid in two years ago and it’s now worth 200 quid, for transparency:D If a few million people in China all agree that someone has the money to pay for the goods, then they have the money to pay for goods. This federated system has no regulations whatsoever When it started out, Blockchain was the next big thing like gen AI is now…..it was gonna radically solve problems like land registries in Africa and Asia, but no one ’trusts it for really important things, immutable blockchain ledgers do have a use, but it seems limited to criminal gangs and children gambling pocket money online with doggy coins. The blockchain isn’t private… I’m not saying criminals do not use it, they use things like Monero which are considered ‘privacy’ coins. Do you really think that a market worth 3.3 trillion dollars is limited to criminal activity and kids trading dog coins who you say may only have a few hundred quid to invest? Look at the numbers, ask questions, find answers… It depends how you defined criminal activity doesn’t it? I was looking at the story of the guy who paid £12 million for the banana on the duct tape. Now he’s referred to as a successful crypto entrepreneur businessman but he’s got a whole spring of investigation and conviction for fraud / market fixing. Is all the types of criminals that will flock to unregulated financial products and scams and they will get in and out and unless you are in there in a circle you will have no clue when you want to get out and you will lose all your money" Of course… there are scammers and grifters in every corner of the financial industry, including traditional banking, cash, precious metals etc. That is the nature of financial markets. But to ignore that crypto is its own volatile beast that you can benefit from if you understand economics and investing is ludicrous. | |||
"The blockchain is the mechanics of crypto, you ask a question and it comes back with the answer so say you want to buy something from scary Mary’s shop of delights (stay with me now) and she only takes digital currency then you pay using whatever card app watch eyeball scan etc the app then asks the question does the OP have enough currency to pay for said items and rather than it being the bank who holds the information then the ‘ledger’ is held by everyone who is data mining and when they say ‘mining’ they are asking the question and then asking everyone else who is mining the same question. So effectively the traditional bank no longer has control over the digital currency and therefore cannot gamble with your actual cash in the traders of banking, if you need to look at how normal banks operate then they are allowed to ‘gamble, move, trade’ with 91 percent of your actual hard cash therefore creating revenue for themselves and also generating numbers on a screen rather than actual hard cash, this is why there is world debt, tin foil conspirators will say actual banking is a Ponzi scheme but the reality is we are all in it, all the way down to the rice farmers in Sudan living off the land and surviving Traditional banks will eventually buckle under the effectiveness of the blockchain and therefore crypto will eventually become the future, when that happens who knows, the blockchain is more secure, you have greater control over your finances under it, government cannot influence your life with mortgage interest rates and inflation as the price of your ‘coin’ is dictated by the collective you What the blockchain and crypto means is the people holding the coins have the power, not the banks, now it’s only in it’s infancy and there will be many hurdles, the reality is there will be those who jumped on at the right time and those that missed the boat. Just FYI I put about 200 quid in two years ago and it’s now worth 200 quid, for transparency:D If a few million people in China all agree that someone has the money to pay for the goods, then they have the money to pay for goods. This federated system has no regulations whatsoever When it started out, Blockchain was the next big thing like gen AI is now…..it was gonna radically solve problems like land registries in Africa and Asia, but no one ’trusts it for really important things, immutable blockchain ledgers do have a use, but it seems limited to criminal gangs and children gambling pocket money online with doggy coins. The blockchain isn’t private… I’m not saying criminals do not use it, they use things like Monero which are considered ‘privacy’ coins. Do you really think that a market worth 3.3 trillion dollars is limited to criminal activity and kids trading dog coins who you say may only have a few hundred quid to invest? Look at the numbers, ask questions, find answers… It depends how you defined criminal activity doesn’t it? I was looking at the story of the guy who paid £12 million for the banana on the duct tape. Now he’s referred to as a successful crypto entrepreneur businessman but he’s got a whole spring of investigation and conviction for fraud / market fixing. Is all the types of criminals that will flock to unregulated financial products and scams and they will get in and out and unless you are in there in a circle you will have no clue when you want to get out and you will lose all your money Of course… there are scammers and grifters in every corner of the financial industry, including traditional banking, cash, precious metals etc. That is the nature of financial markets. But to ignore that crypto is its own volatile beast that you can benefit from if you understand economics and investing is ludicrous. " If you understand economics and investing, then you would likely stay away from volatile and regulated risky things like this. I’ve worked with some really good fun managers in places like HSBC jersey and they would not touch this and they make phenomenal money for clients | |||
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"The blockchain is the mechanics of crypto, you ask a question and it comes back with the answer so say you want to buy something from scary Mary’s shop of delights (stay with me now) and she only takes digital currency then you pay using whatever card app watch eyeball scan etc the app then asks the question does the OP have enough currency to pay for said items and rather than it being the bank who holds the information then the ‘ledger’ is held by everyone who is data mining and when they say ‘mining’ they are asking the question and then asking everyone else who is mining the same question. So effectively the traditional bank no longer has control over the digital currency and therefore cannot gamble with your actual cash in the traders of banking, if you need to look at how normal banks operate then they are allowed to ‘gamble, move, trade’ with 91 percent of your actual hard cash therefore creating revenue for themselves and also generating numbers on a screen rather than actual hard cash, this is why there is world debt, tin foil conspirators will say actual banking is a Ponzi scheme but the reality is we are all in it, all the way down to the rice farmers in Sudan living off the land and surviving Traditional banks will eventually buckle under the effectiveness of the blockchain and therefore crypto will eventually become the future, when that happens who knows, the blockchain is more secure, you have greater control over your finances under it, government cannot influence your life with mortgage interest rates and inflation as the price of your ‘coin’ is dictated by the collective you What the blockchain and crypto means is the people holding the coins have the power, not the banks, now it’s only in it’s infancy and there will be many hurdles, the reality is there will be those who jumped on at the right time and those that missed the boat. Just FYI I put about 200 quid in two years ago and it’s now worth 200 quid, for transparency:D If a few million people in China all agree that someone has the money to pay for the goods, then they have the money to pay for goods. This federated system has no regulations whatsoever When it started out, Blockchain was the next big thing like gen AI is now…..it was gonna radically solve problems like land registries in Africa and Asia, but no one ’trusts it for really important things, immutable blockchain ledgers do have a use, but it seems limited to criminal gangs and children gambling pocket money online with doggy coins. The blockchain isn’t private… I’m not saying criminals do not use it, they use things like Monero which are considered ‘privacy’ coins. Do you really think that a market worth 3.3 trillion dollars is limited to criminal activity and kids trading dog coins who you say may only have a few hundred quid to invest? Look at the numbers, ask questions, find answers… It depends how you defined criminal activity doesn’t it? I was looking at the story of the guy who paid £12 million for the banana on the duct tape. Now he’s referred to as a successful crypto entrepreneur businessman but he’s got a whole spring of investigation and conviction for fraud / market fixing. Is all the types of criminals that will flock to unregulated financial products and scams and they will get in and out and unless you are in there in a circle you will have no clue when you want to get out and you will lose all your money Of course… there are scammers and grifters in every corner of the financial industry, including traditional banking, cash, precious metals etc. That is the nature of financial markets. But to ignore that crypto is its own volatile beast that you can benefit from if you understand economics and investing is ludicrous. If you understand economics and investing, then you would likely stay away from volatile and regulated risky things like this. I’ve worked with some really good fun managers in places like HSBC jersey and they would not touch this and they make phenomenal money for clients " Right so I guess the SEC approving crypto ETF’s back in 2021, and some of the largest financial institutions onboarding their clients with their products is just a myth, right? | |||
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"I take it the subject is crypto currency. Once upon a time you could pay for things with bits of real copper. If you collect enough you could make a knife. As time went on money began to be made of silver and gold, not easy to make something of practical use. Then came the bank note and a promise to pay the bearer an amount of coin. Now we have crypto, no value at all unless the person you are trading with agrees with you. I would leave crypto to the criminal class." I suppose you could cut fish and chips with a knife made from copper, but it would probable taint the flavour.. | |||
"I know quite a bit about Crypto " U want to share? | |||
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"I see a fair few people saying it's a scam it's full of criminals, well yes there is some of that going on for sure. However it's like that in all financial institutions. Personally I've never lost money always made money. Also my opinion here people who call it a scam have probably never even looked into crypto. My best advice is put in what you are willing to lose. Then set yourself a target of how much you would REALISTICALLY like to make and cash out if you hit that target. I have friends who put in 50 quid and think they will make thousands not going to happen unfortunately. I tend to think if I can get a month wages from holding it for a few months I'm pretty happy. " Bonds are at a 100 year low and still beating cash , other asset classes are making 8-20%. Even cash is making 5% Why would anyone , even with the smallest brain risk putting money into crypto right now ? | |||
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"It’s ok I know the answer…..same reason people buy scratch cards " 🤣. I’ve never bought a scratch card. People buy loads at a time! And I know nothing about crypto. I don’t take money risks. Premium bonds is my limit | |||
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"I know I mined a few hundred many many moons ago and didn't take it seriously and lost my wallet. " Like the guy that wants to dig up a tip.  | |||
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"It’s ok I know the answer…..same reason people buy scratch cards " Of course it's a gamble but if you take your profits when you have them, then surely it can't be a bad thing. Like I said I've never lost money been doing it for years. Some people get greedy they are the ones that lose they will always hold out for that few extra quid and then say it's a scam. Unless you actively trade crypto and understand how it works then leave us to it please | |||
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"I bought in 2020, it was a pure gamble, now sitting at 8x, big institutions are putting people of by calling it a scam, maybe it is, maybe it isnt....of course the instituitions calling it are investing on the down low. If you can afford it then invest small amount each month" 8x what ? If you bought in 2020 you should be at 11x not 8x Here’s some interesting mathematics it’s based on real examples using todays prices A man invests £100 in crypto one year later he has £256. Another man invests £100,000 in the S&P 500, one year later he has £130,000.. The first man could afford to lose his £100 the second could not afford to lose his £100,000. One man spends his winnings on only fans subscriptions another spends it on property. One of these investments was the wise one, do you know which one it was? | |||
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"I bought in 2020, it was a pure gamble, now sitting at 8x, big institutions are putting people of by calling it a scam, maybe it is, maybe it isnt....of course the instituitions calling it are investing on the down low. If you can afford it then invest small amount each month 8x what ? If you bought in 2020 you should be at 11x not 8x Here’s some interesting mathematics it’s based on real examples using todays prices A man invests £100 in crypto one year later he has £256. Another man invests £100,000 in the S&P 500, one year later he has £130,000.. The first man could afford to lose his £100 the second could not afford to lose his £100,000. One man spends his winnings on only fans subscriptions another spends it on property. One of these investments was the wise one, do you know which one it was? " Based solely on the maxim you should never gamble (invest) more than you can afford to lose, then the first guy, plus his rate of return was far higher. | |||
