Cryptocurrency

[psychocandy]

A hedge. If it breaks $5100 then I'll load up again. The next stop is likely to be in the region of $7k. However it might not break up and instead head down to the last support level, $4300.

When playing with 1 or 2 bitcoins it is not big deal. When playing with a few dozen, you learn to hedge.

All a bit advanced for me. Got to learn about this support level etc

[psychocandy]

And there it is

Got to be honest BC is doing well. I bought some BTC trackers on my HL SIPP a few months ago - £8000 of my pension fund. It was about £2100 at the time.
So approx an extra £18K in my pension last few months (its a tracker so its not exact). Happy about that.

Just wish I'd bought more actual BC. Only got 0.2 :-(

[FrontEnder]

All a bit advanced for me. Got to learn about this support level etc

There's not a lot to learn. Draw some lines and shapes on a graph to get the pattern you want and declare it a bullish (up) or bearish (down) signal. No one will tell you that it's basically guesswork.

It's a great exercise in confirmation bias. When you correctly guess the trend you pat yourself on the back and then pretend it didn't happen when you get it wrong.

[FrontEnder]

Got to be honest BC is doing well. I bought some BTC trackers on my HL SIPP a few months ago - £8000 of my pension fund. It was about £2100 at the time.
So approx an extra £18K in my pension last few months (its a tracker so its not exact). Happy about that.

Just wish I'd bought more actual BC. Only got 0.2 :-(

Yeah, I've got about that. bought £500 when it dropped down to about $3000. Took a gamble on some altcoins with about £200 worth and waiting for them to pick up. I wish I had more to put in, but kind of glad at the same time as I'm comfortable to lose a few hundred pounds. I'm just gonna watch and throw a few hundred in when I think there's a dip, gamble on some alt coins if I think there's something in it.

I've said this would seriously consider cashing in what you originally invested from your pension at this point. It's still very high risk. If you take that £8k out now, you've still got £10k in bitcoin but the risk of losing your original investment is now zero.

[psychocandy]

Yeah, I've got about that. bought £500 when it dropped down to about $3000. Took a gamble on some altcoins with about £200 worth and waiting for them to pick up. I wish I had more to put in, but kind of glad at the same time as I'm comfortable to lose a few hundred pounds. I'm just gonna watch and throw a few hundred in when I think there's a dip, gamble on some alt coins if I think there's something in it.

I've said this would seriously consider cashing in what you originally invested from your pension at this point. It's still very high risk. If you take that £8k out now, you've still got £10k in bitcoin but the risk of losing your original investment is now zero.

Yeh at some point I will bottle it and take my original investment out. It was £10K I took £2K out already.

But, I've made money now so chances of it going below original? hmmm. Also, its £8K. Can afford to lose this - even if I wont be happy.

[northernladyuk]

Yeh at some point I will bottle it and take my original investment out. It was £10K I took £2K out already.

But, I've made money now so chances of it going below original? hmmm. Also, its £8K. Can afford to lose this - even if I wont be happy.

Nip down Homebase and check out the price of tulip bulbs.

[FrontEnder]

https://twitter.com/Redknapp/status/918413154585071616

[Drei]

So let me understand this correctly as I am rather uneducated, slow and incoherent.

All you cryptocurrency groupies believe in, support it and want a decentralised currency because it bypasses the banks and the governments, they don't get a cut of you crypto, after all they are all a huge Ponzi as someone said about banks and government. You want to control that crypto without the protection blanket from banks and government, remember you pay a premium for that protection.

The moment someone dares to suggest that you are working with something outside of their protection and understanding, state that they can just come and take it by any means necessary (FYI people got killed for £100), you somehow think that you deserve the same protection as everyone else?

You should probably think about ALL the risks associated with the cyrpto currency trade. You want to stick it to the man (government), colour outside of the lines, be bold and inventive then be ******* prepare for what comes with that freedom. If there is 152+ billion worth of currency out there, be assured that someone has their eyes on it already.

@ FrontEnder how do you insure cryptocurrency? How will a judge rule on your favour for breaking and entering (remember there may be no trace of violence left behind just the missing BTCs)? If someone puts a gun to your face and take your cyrpto, if the police does bother to investigate how will they trace it to the criminals? Will you pay taxes and declare the profits made from cryptocurrency? How can you prove that you owned the cryptocurrency at the time of the theft?

P.S. Purely speaking about cryptocurrency and not Blockchain Tech.

[Lance]

how will they trace it to the criminals?

Will you pay taxes and declare the profits made from cryptocurrency?

How can you prove that you owned the cryptocurrency at the time of the theft?

1) If kept in bitcoins it can't be. As soon as it becomes cash it can be tracked.
2) Yes. As it there is an increased balance in my bank account that I cannot explain unless I declare.
3) I can prove I owned them with my private key and the chain of transactions recorded in the blockchain.

Your lack of understanding of how the blockchain works does not make Bitcoins into what you think they are. It's a false logic.

[FrontEnder]

@ FrontEnder how do you insure cryptocurrency?

Google it.

How will a judge rule on your favour for breaking and entering (remember there may be no trace of violence left behind just the missing BTCs)?

It's pointless going into detail on some hypothetical perfect crime. If there's no trace of breaking and entering, you're dealing with a very good theif. If he's that good I don't think it would matter if they are stealing crypto or anything else, they aren't going to get caught.

In the UK, if I were to allege someone broke into my house with a gun and threatened me to hand over information I would expect them to investigate it properly (police priorities and resource being a different discussion). I don't think what was stolen would matter at all, the crimes of carrying a firearm in public, breaking into a home with it and threatening to kill someone unless they get what they want would be enough to put them in jail, so If they had evidence to arrest and charge they would do.