Cryptocurrency

[Jarman]

Bought again since and just sold for another 20%. It got to 1.70 and I was poised to either buy big or or sell in case people had that pre-set on trades, it wobbled and then fell back to about 1.65 so I'm out again for now but watching carefully. XRP, DOT and ADA are 3 I'm closely following. And DOGE obviously.

Just hodl it mate, it will go places I rekon.

[DealorNoDeal]

Just hodl it mate, it will go places I rekon.

Trading (aka gambling) should come with a health warning. If you're not careful, it will seriously screw you up.

The typical pattern is:
1) person starts trading and they have a few wins
2) which in some ways is the worse thing that can happen because it makes them think they've got it sussed
3) overconfidence causes them to take bigger risks
4) then they start having some losses (probably some big ones)
5) the losses rack up and then they start chasing
6) from there on, it usually doesn't end well

And most folks who have been through this would never have believed, when they started, that this is how they would end up.

[Jarman]

Trading (aka gambling) should come with a health warning. If you're not careful, it will seriously screw you up.

The typical pattern is:
1) person starts trading and they have a few wins
2) which in some ways is the worse thing that can happen because it makes them think they've got it sussed
3) overconfidence causes them to take bigger risks
4) then they start having some losses (probably some big ones)
5) the losses rack up and then they start chasing
6) from there on, it usually doesn't end well

And most folks who have been through this would never have believed, when they started, that this is how they would end up.

I could not agree more! Spot on! People need to be careful and have extra awareness of the situation and their finances. Never trade or "invest" more than you can afford to lose! People borrow money in order to trade, why? It is stupid!

[d000hg]

I haven't entered crypto before because I've not really had money for high-risk until relatively recently. The last few years I've been dabbling a bit outside my normal trading (buying funds for my ISA largely as advised by the broker) - put a couple of grand into a Seedrs company, a few grand into Zopa - and now crypto.

Is it gambling? I suppose that depends on your definition and how much effort you put in. If there is risk, is it gambling? Just because you can consistently win, doesn't mean it's not still gambling... professional gamblers are still a thing after all.

I'm in for £2000 and that'll do. It's fun to play at trading when fees are so miniscule, more than likely I'll get bored and either take it out, or leave it as a longer term speculation I forget about and come back to in a few months. As a coder, the fun of APIs and so on makes it an interesting thing to play with.

[DealorNoDeal]

https://theodoregreenbaum.medium.com...f-55303bbd7a23

"They are digitally counterfeiting US dollars without any capacity to redeem them for their customers, and those make-believe dollars have been the primary driving force behind the enormous crypto bull run we’ve seen so far in 2021."

If true

[mogga71]

I haven't entered crypto before because I've not really had money for high-risk until relatively recently. The last few years I've been dabbling a bit outside my normal trading (buying funds for my ISA largely as advised by the broker) - put a couple of grand into a Seedrs company, a few grand into Zopa - and now crypto.

Is it gambling? I suppose that depends on your definition and how much effort you put in. If there is risk, is it gambling? Just because you can consistently win, doesn't mean it's not still gambling... professional gamblers are still a thing after all.

I'm in for £2000 and that'll do. It's fun to play at trading when fees are so miniscule, more than likely I'll get bored and either take it out, or leave it as a longer term speculation I forget about and come back to in a few months. As a coder, the fun of APIs and so on makes it an interesting thing to play with.

£2000 eh? There was a story a few months back that $1000 dollars invested in Bitcoin shortly after it first came out was now worth $43 million.

In all reality though, I bet the only people who made such gains were ones who forget they had it as surely everybody would have bailed at first million?

Another really naff aspect for us in the UK is the fiat that we cannot put cryptos in ISA's ... meaning lots of pesky Tax Return rubbish to complete.

Personally I think all of these dodgy new crypto currencies recently introduced tells me that the whole bitcoin thing will eventually crash. At the end of the day, its supposed to be an alternative currency but over here in the UK, what can you actually buy with it? Also, its price is too volatile.

[d000hg]

There are lots of people who buy in emotionally to these things, not just financially - they stick with it because they truly believe in it whether idealistically or that their 1m will go to 10m.

I would agree the only way to get 1000X is to go into one of the totally unknown coins and get very lucky. For every millionaire there are presumably thousands who went into the coins which DIDN'T skyrocket.

Bit of a bloodbath this morning... 15% down across the board.

[_V_]

Bit of a bloodbath this morning... 15% down across the board.

All Crypto NOW ON SALE!!! This sale must end soon!

*Cheap Crypto available whilst stocks last, hurry, don't miss out!

[Paralytic]

All Crypto NOW ON SALE!!! This sale must end soon!

*Cheap Crypto available whilst stocks last, hurry, don't miss out!

DFSCoin

[_V_]

DFSCoin

https://coinmarketcap.com/currencies/dfscoin/

Sofa so good