Cryptocurrency

[ChimpMaster]

My XRP went up 127% the past 7 days and me Light Coins over 60%. Well into six figured sum now

Hard to believe I only started with 6-7k eight weeks ago.



All Currencies | CryptoCurrency Market Capitalizations

But can you sell, is it liquid?

[diseasex]

amazing bubble we are experiencing

[The_Equalizer]

amazing bubble we are experiencing

Doesn't half sound like it. I'd take the profit and run.

[diseasex]

Doesn't half sound like it. I'd take the profit and run.

Exactly.

What value it has? it's just a file on computer. A text file.

[Drei]

I talked to scooterscot and was looking at getting into this but it seriously looks like a lot of headache. I wanted to buy some Litecoins when they were $24, seems that they went up to $36 over 2 days, from under $10 a few weeks ago. To me anything that goes up by %200 in 1 month just looks like a Ponzi scheme. I did sign up to a few exchanges that seem better and also looked at the app scooter recommended which is similar to ebay, you deal directly with the sellers/buyers no middleman (exchange) taking a % from your transactions.

With the Cryptocurrencies you gotta get an offline wallet, as there are so many currencies which wallets do you use? Looks like you would need to get the official wallets from each currency. You could also use the online wallets provided by these exchanges but would you trust them with your money? Some offer backing of up to $500k or $50k. What does that backing actually mea? Is it enforced by anyone? Trading seems a pain in the a$$, if you go to any decent sites you have to pass all their security checks, need to present photo ids, bank statements etc. This answers on the whole anonymous criminal purchase question I guess. Even if they use a front man there would still be a paper trail.

I tried getting 4 LTC using my CC, transaction was pending on Coinbase then after a day it just disappeared. Hell knows what happened (gonna keep an eye on CC so I don't get charged). Tried to use the app that scooterscot mentioned but I could not find any sell orders for LTC with real $$$ only for BTC.

Most trading exchanges prefer you to have some bitcoins as the trades are Currency/BTC.


It's easy to say get on the train when you buy that currency at under $10 or even under $4 and then it suddenly shoots to $50... harder to do so when it is $25 $30 as the risk for you is soooo great. If the currency doubles sure, you made %50 but to actually see a profit I would need to invest a minimum of £10k. If I start with £1000 why bother, I can make that money contracting pretty fast and I don't get the headache of dealing with exchanges, keeping an eye on the market and stressing that I lose the money.

When the currency is $0.20 or $10 sure I can drop £100 or even £500 and then if it goes to £30 I can cash out and have a little fun. If I buy in at £20 or £30 hoping it hits £50 and it goes back down to $2... I am screwed.

Remember that Litecoin hit $60 back in 2013 and 2015... then fell to under $1.

Sure, I wish I could go back to 2011 and buy 100 Bitcoins instead of laughing my ass off thinking who the hell would use this currency besides criminal. Found it so stupid that I didn't even bother farming for it with my GPU.

Have any of you cryptocurrency guys actually cashed out? How much can you even cash-out at one time? Are there any restriction on Coins to $$$ transfer? I would really like to know what the banks and HMRC says when you suddenly have £100k++ coming into your account. Might even get tagged as a terrorist and you get MI6 knocking on your door? Are you currently only having this profits virtually? As in any profit you make off the ALT currencies you transfer into Bitcoins and keeping the Bitcoins or did you invest some of those profits in real world tangible stuff? Sure Amazon, Steam and other shops accept Bitcoins but there is only that much crap I can buy for £100k from them.

Unless I can buy a Ferrari or a house using Bitcoins I am unsure how I could benefit off this huge profit before I lose it all.

[MrMarkyMark]

I talked to scooterscot and was looking at getting into this but it seriously looks like a lot of headache. I wanted to buy some Litecoins when they were $24, seems that they went up to $36 over 2 days, from under $10 a few weeks ago. To me anything that goes up by %200 in 1 month just looks like a Ponzi scheme. I did sign up to a few exchanges that seem better and also looked at the app scooter recommended which is similar to ebay, you deal directly with the sellers/buyers no middleman (exchange) taking a % from your transactions.

With the Cryptocurrencies you gotta get an offline wallet, as there are so many currencies which wallets do you use? Looks like you would need to get the official wallets from each currency. You could also use the online wallets provided by these exchanges but would you trust them with your money? Some offer backing of up to $500k or $50k. What does that backing actually mea? Is it enforced by anyone? Trading seems a pain in the a$$, if you go to any decent sites you have to pass all their security checks, need to present photo ids, bank statements etc. This answers on the whole anonymous criminal purchase question I guess. Even if they use a front man there would still be a paper trail.

I tried getting 4 LTC using my CC, transaction was pending on Coinbase then after a day it just disappeared. Hell knows what happened (gonna keep an eye on CC so I don't get charged). Tried to use the app that scooterscot mentioned but I could not find any sell orders for LTC with real $$$ only for BTC.

Most trading exchanges prefer you to have some bitcoins as the trades are Currency/BTC.


It's easy to say get on the train when you buy that currency at under $10 or even under $4 and then it suddenly shoots to $50... harder to do so when it is $25 $30 as the risk for you is soooo great. If the currency doubles sure, you made %50 but to actually see a profit I would need to invest a minimum of £10k. If I start with £1000 why bother, I can make that money contracting pretty fast and I don't get the headache of dealing with exchanges, keeping an eye on the market and stressing that I lose the money.

When the currency is $0.20 or $10 sure I can drop £100 or even £500 and then if it goes to £30 I can cash out and have a little fun. If I buy in at £20 or £30 hoping it hits £50 and it goes back down to $2... I am screwed.

Remember that Litecoin hit $60 back in 2013 and 2015... then fell to under $1.

Sure, I wish I could go back to 2011 and buy 100 Bitcoins instead of laughing my ass off thinking who the hell would use this currency besides criminal. Found it so stupid that I didn't even bother farming for it with my GPU.

Have any of you cryptocurrency guys actually cashed out? How much can you even cash-out at one time? Are there any restriction on Coins to $$$ transfer? I would really like to know what the banks and HMRC says when you suddenly have £100k++ coming into your account. Might even get tagged as a terrorist and you get MI6 knocking on your door? Are you currently only having this profits virtually? As in any profit you make off the ALT currencies you transfer into Bitcoins and keeping the Bitcoins or did you invest some of those profits in real world tangible stuff? Sure Amazon, Steam and other shops accept Bitcoins but there is only that much crap I can buy for £100k from them.

Unless I can buy a Ferrari or a house using Bitcoins I am unsure how I could benefit off this huge profit before I lose it all.

My mate almost did for around £140K.

Unfortunately he lost the lot, due to the Mount Gox exchange scandal.

[scooterscot]

Don't give up. Jaxx is a good wallet for multiple cryptos. And yes the process of ID checking is there for money laundering purposes. I had to go through it myself.

I bought 2.5 million stellar a few weeks ago at $0.0026. They've gone up for me +1000%, that's right I've turned about £12k into £120k inside 30 days. Floating around 3 cents now and everyone else thinks bargain. Seeing a 1/10th of a change means nearly €10k euro a pop at this end. All mad.

I'm very tempted to take it and run. But I'm not going to, I'm in it for the long run. I'm choosing as carefully as I can. Bitcoin is about to bubble burst, it's jumping too high too fast. Litecoin is waiting to collect the fallout. Don't miss it, you'll be gutted.

As Mr Buffet once said, the stock market is about transferring money from the impatient to the patient.

[scooterscot]

My mate almost did for around £140K.

Unfortunately he lost the lot, due to the Mount Gox exchange scandal.

Never keep cash on the exchanges. Unless you're planning an exchange.

[MrMarkyMark]

Never keep cash on the exchanges. Unless you're planning an exchange.

He didn't.
It was lost at the very point of exchange, have you not read about it?

in fact he did it twice, tried once, then got it back when it didn't go through.
Tried the same thing a day later and the whole lot vaporisd.

[ChimpMaster]

Don't give up. Jaxx is a good wallet for multiple cryptos. And yes the process of ID checking is there for money laundering purposes. I had to go through it myself.

I bought 2.5 million stellar a few weeks ago at $0.0026. They've gone up for me +1000%, that's right I've turned about £12k into £120k inside 30 days. Floating around 3 cents now and everyone else thinks bargain. Seeing a 1/10th of a change means nearly €10k euro a pop at this end. All mad.

I'm very tempted to take it and run. <snip>.

But what might happen if you sold and tried to cash out £100k+? Have you actually cashed out of any coins, back to real currency?