Midfielder Posted January 8, 2022 Share Posted January 8, 2022 Hi All. Been a while since I was in off topic and I have noticed this thread. When it comes to savings, I am pure vanilla in that I save with the bank who hold my current account / ISA, nothing at all outside of that. I know nothing about crypto at all, I am a complete outsider. I am getting interested in it, or rather the idea to have a stab at investing in it. This has only come about as I bought something on Ebay before Christmas and I don't know if it has always been there or is recent, but I noticed an option to buy Bitcoin in of all places, PAYPAL. But then I think, what else is there aside from BITCOIN which I understand has plummeted a bit. Fair play to all of you who have invested in crypto over time. I never had the balls to risk it. But honestly what is the point in having money in an ISA etc at the moment... etc rates are so low. I have just watched some orange bellend with a manbun on Youtube going on about various crypto currencies and I am considering taking a punt at investing. This wallet business puts me off but I guess, but well it is electronic afterall so makes sense. I understand risk of investment and currency fluctuation being likely... so there is risk, like there is with any investment that I could lose out. But can I ask anyone on here, well, if you were me, would you take savings and turn them into crypto investments? Or just leave be? I listened to the guy for as long as I could (every third or fourth word he said was "like") so I sacked it off and went to Google instead, but that is littered with so much crap that I can't take half the stuff seriously. It seems there are a lot of chancers and gobsh-tes running websites with opinions I find very blindly biased and suspect. I really appreciate the time and input, thanks, but can I ask please: 1- Is there a go-to "resources" website you guys use or can recommend in relation to crypto, either explanatory ones or that you use to track trends? 2- This here below is what I just screenshotted from Yahoo, who seem to think these may "explode" in 2022 ( )if you were to take a punt as a beginner, would you go for one of these (or is BITCOIN the best stab)? source: https://finance.yahoo.com/news/5-next-cryptos-explode-2022-150359668.html?guccounter=1&guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&guce_referrer_sig=AQAAAIBT8Lg3KSmCNpEJLG2BIizLZDLuSs1k_HRA3uj9eElT3ObscWRJUOLprKBTIQXqX-kZnWNjIaKoT6TMaT2JknFvbu1JJW50OLzBTyxjVE4TB_nP0tdRrVoDSWIPKbrDlBbHedLQhSryCUG-GH_iGcr-nvq6DyUivbr_qS4B4tjy Link to comment Share on other sites More sharing options...
StefanAVFC Posted January 8, 2022 Share Posted January 8, 2022 *sigh* I have some disposable income and I want to invest. In theory I could put a grand a month (more 800 regularly in truth) into crypto but I know absolutely nothing. 1) is it a good amount to get started? 2) help!! Link to comment Share on other sites More sharing options...
Sam-AVFC Posted January 9, 2022 Share Posted January 9, 2022 Sorry not to answer any questions about crypto, @Midfielder, but I just wanted to make the point that there are investment platforms where you can put your annual ISA allowance in and buy shares with it. I'd definitely recommend looking into this too. 1 Link to comment Share on other sites More sharing options...
Midfielder Posted January 9, 2022 Share Posted January 9, 2022 (edited) 3 hours ago, Sam-AVFC said: Sorry not to answer any questions about crypto, @Midfielder, but I just wanted to make the point that there are investment platforms where you can put your annual ISA allowance in and buy shares with it. I'd definitely recommend looking into this too. Cheers Sam, I will be looking into that thanks. I will also look into the differences between Bitcoin (and how everyone else does it, wallet etc) and Paypal backed purchase and holding of Bitcoin within Paypal itself. Lotta research to do. So many shysters out there in relation to crypto, like nothing I have ever seen before. Like on youtube for instance, people about 20 years old talking about their routes with it, their successes, well why the hell is your bed in the background of the shot then, crazy. Frauds everywhere. Cheers! edit - will also look at those others on that Yahoo list too. I guess doesn't hurt to try baby amounts. Edited January 9, 2022 by Midfielder Link to comment Share on other sites More sharing options...
Genie Posted January 9, 2022 Share Posted January 9, 2022 @Midfielder First and foremost, crypto is extremely volatile and mostly built on sand. Do not invest anything you’re not prepared to lose. If you still want to try your luck then I’d strongly recommend starting with Coinbase. It’s a really simple and clean platform to buy dozens of different coins/tokens. You can keep them in your Coinbase walled if you want (although there is always the risk of the site being hacked and stolen). I think they have some kind of guarantee in that scenario (bit like how a bank guarantees money you’re holding in the case they go bust) but I’m not 100%. In each case they will have the background to what the token is, what it’s use case is, how it has been traded since it was created etc. They also often give away crypto for completing easy quizzes (basically free). 1 Link to comment Share on other sites More sharing options...
Midfielder Posted January 9, 2022 Share Posted January 9, 2022 7 minutes ago, Genie said: @Midfielder First and foremost, crypto is extremely volatile and mostly built on sand. Do not invest anything you’re not prepared to lose. If you still want to try your luck then I’d strongly recommend starting with Coinbase. It’s a really simple and clean platform to buy dozens of different coins/tokens. You can keep them in your Coinbase walled if you want (although there is always the risk of the site being hacked and stolen). I think they have some kind of guarantee in that scenario (bit like how a bank guarantees money you’re holding in the case they go bust) but I’m not 100%. In each case they will have the background to what the token is, what it’s use case is, how it has been traded since it was created etc. They also often give away crypto for completing easy quizzes (basically free). Hi Genie, Thanks a lot cheers bud. This just popped up while I was lurking at the Lucas Digne posts. I saw that site mentioned earlier, Coinbase, referenced on a page as one of the top5. I don't know anyone in my private life who has ever done this so I think I will take up your recommendation as the internet is sh-te and biased or thats my paranoia anyway. Absolutely understood on the volatility, and the amounts I will leave be, are not gonna be huge in any way to start. I will read thoroughly and not put my eggs all in one basket. Will sign up by Weds! It gives me something to do that's for sure. Big thanks and have a good one. I've spent time away from this site, what was I thinking. 1 Link to comment Share on other sites More sharing options...
Midfielder Posted January 12, 2022 Share Posted January 12, 2022 I am up and away, first investment made. Thanks again for the help Genie. And just for any newbie outsiders fresh off the boat, I researched, and so far am quite impressed with Coinbase afterall. I was tempted by Etoro but CoinBase seemed a fair bit more user friendly - to me anyway. Had to go through ID, address, etc uploads and verification processes but it was all quick and straight forward. That's me done. Ta. 2 Link to comment Share on other sites More sharing options...
Genie Posted January 21, 2022 Share Posted January 21, 2022 Bitcoin down almost 50% since November. Some fingers getting burned there I expect. The problem with that is that it pulls everything else down with it. Link to comment Share on other sites More sharing options...
Rds1983 Posted January 22, 2022 VT Supporter Share Posted January 22, 2022 On 21/01/2022 at 11:21, Genie said: Bitcoin down almost 50% since November. Some fingers getting burned there I expect. The problem with that is that it pulls everything else down with it. Personally happy for it to keep dropping down. If it does at some point I'll top up again. 1 Link to comment Share on other sites More sharing options...
ender4 Posted January 24, 2022 Share Posted January 24, 2022 On 21/01/2022 at 11:21, Genie said: Bitcoin down almost 50% since November. Some fingers getting burned there I expect. The problem with that is that it pulls everything else down with it. yep, massively down. So is the stock market, my pension, etc. Will just hold everything for years though. Link to comment Share on other sites More sharing options...
PieFacE Posted January 24, 2022 Author VT Supporter Share Posted January 24, 2022 Be safe out there. It's a bloodbath. 1 Link to comment Share on other sites More sharing options...
Genie Posted January 24, 2022 Share Posted January 24, 2022 16 minutes ago, PieFacE said: Be safe out there. It's a bloodbath. Haha yeah, it’s carnage. I feel for those who have over done it and are in the shit now. It’s built on sand and the tide just turned. Link to comment Share on other sites More sharing options...
Xela Posted January 24, 2022 Share Posted January 24, 2022 3 hours ago, ender4 said: yep, massively down. So is the stock market, my pension, etc. Will just hold everything for years though. Same - my pension, my shares, my global investment accounts. Carnage. Link to comment Share on other sites More sharing options...
HanoiVillan Posted January 24, 2022 Share Posted January 24, 2022 Was wondering about this, and finally found a guy who did the sums: https://twitter.com/pkedrosky/status/1483816858901905409?ref_src=twsrc^tfw As I suspected, during the long bull run, Bitcoin has become well correlated with the Nasdaq (and there's a guy in comments claiming it's even more tightly correlated with the S&P500). Now seems to be nowhere near 'a hedge against inflation', more like a speculative tech stock with no earnings. Link to comment Share on other sites More sharing options...
HanoiVillan Posted February 9, 2022 Share Posted February 9, 2022 Wild: They haven't been accused of stealing it, just of laundering it. Kind of like Ozark I guess! The lady concerned is a rapper. Here is one of her music videos. I challenge you to get to the end! Classic crypto stuff. Link to comment Share on other sites More sharing options...
HanoiVillan Posted February 9, 2022 Share Posted February 9, 2022 Further to the above, this brilliant tweet: Link to comment Share on other sites More sharing options...
ender4 Posted February 9, 2022 Share Posted February 9, 2022 2 hours ago, HanoiVillan said: Further to the above, this brilliant tweet: Did the Feds 'steal' the bitcoin back? or they just confiscated it under their equivalent of Proceeds of Crime Act? I wonder if they will sell it all, or hold it forever as a crypto investment, or spend it on buying tanks and RPG's? Link to comment Share on other sites More sharing options...
HanoiVillan Posted February 9, 2022 Share Posted February 9, 2022 33 minutes ago, ender4 said: Did the Feds 'steal' the bitcoin back? or they just confiscated it under their equivalent of Proceeds of Crime Act? I wonder if they will sell it all, or hold it forever as a crypto investment, or spend it on buying tanks and RPG's? No, they definitely didn't steal it, he's just joking. It as, as you say, evidence of a crime. But the joke is that a lot of crypto people believe their crypto holdings are safe, untraceable etc. No idea what they're going to do with it, not sure there's any protocol for this situation! Link to comment Share on other sites More sharing options...
PieFacE Posted February 9, 2022 Author VT Supporter Share Posted February 9, 2022 (edited) 3 hours ago, HanoiVillan said: Further to the above, this brilliant tweet: "I thought none of these things were supposed to happen with bitcoins." The bitcoin were stolen from an exchange. Which is very different from a network hack. There's a misconception that people think Bitcoin is anonymous to some degree, but it's much easier to trace than fiat, which is why the whole "criminals use Bitcoin" argument is dumb. If you were to hack an exchange and steal billions of $ worth of bitcoin, you can't do jack shit with it cos not only is it fully traceable but everywhere would require KYC to turn it into fiat. Edited February 9, 2022 by PieFacE Link to comment Share on other sites More sharing options...
Genie Posted February 10, 2022 Share Posted February 10, 2022 I don’t think many people think keeping coins/tokens on exchanges is safe. Rule one is to move them offline. 2 Link to comment Share on other sites More sharing options...
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