Jump to content

Cryptocurrency


Recommended Posts

Anyone here investing in this?

 

Ive had a look i missed the boat which was literally from last April 2020 till now. Most have hit the peak. There are some that are still going up.

 

It is high risk and not regulated. Lots of people are cashing out while some are holding out in order to make more profits

 

Some crazy technology behind it all. More countries governments are investing in it. Many Corporations are accepting it. 

 

Im not going to lie im hoping to get some profits out long term. I think short term hikes are too good to be true. Even if you did become a millionaire overnight youd be paying 45% capital gains taxes. Unless you ran to the Cayman Islands 

 

You could get a spike then lose it all in an instant. Risk is the name of the game. Only put in what you are prepared to lose. Is it really better than a lotto ticket? :lol:

 

Link to comment
Share on other sites

Yes the boat came and went years ago, there is a thread on the VX forum back in 2009 or something like that where some guy says "im buying these things called bitcoin, £30 each, I'm getting some" anyway he posted on the thread literally two weeks ago to say he just sold all of them at £44,000 each and is retiring :lol:

 

I guess you could still jump in there and give it a go? I really dont know enough about them. 

Edited by coldel
  • Like 2
Link to comment
Share on other sites

A friend of mine has made silly money from it, won't lie it's got me kicking myself though the silver lining is, he's got the headaches of the accountant/taxman to deal with and that's a headache I'll always want to avoid - make it sound like I wanna be poor and stay poor lol. 

 

As I guess it's been for most of the winners, he recouped some money from his day trade losses and he's had to reinvest so he can cover the tax that he forgot to account for. I do think it's a little late to the party though tbh, like how much more can it rise? Just a game of hot potato. 

Link to comment
Share on other sites

I bought a BTC when they were about £10K and a couple of Ethereum when they were around £700 just as a punt, obviously done quite nicely but the problem is recovering what Ive made as Im fairly sure Ill regret taking it out as it will continue to increase. 
I think its like stocks, you need to be in it long term to see the best returns (although Ive just doubled my XRP and XLM in the last month or so), Ive already said I wont touch the BTC until it goes to £100K - on balance Id rather lose what I didnt have than sell and watch it inevitably go to the moon :lol:   

 

BTC has a value as you can actually pay for stuff with it and ETH is the same but faster and cheaper but Doge and the like look very suss to me, Im also not comfortable that an individual like Musk can manipulate the market so easily, he cant do that so much with ETH and BTC. 


Tax is a lot easier to avoid with crypto as well ;) 
 

  • Like 1
Link to comment
Share on other sites

I remember having a conversation with a friend about Bitcoin when it came out, probably 2009/2010 ish, it was something like 32p .... we decided it was a bit dodgy and underworldy ..... hindsight eh!

 

That said I would have prob been one of those who lost their digital wallet or something stupid like that 🤣

Link to comment
Share on other sites

Took what I had invested (plus a bit) back in 2017 out last month, now its all profit/investment for me and will maybe buy or sell some coins every now and again, its a total gamble IMO and I have my doubts about the industry. I think the boat has sailed as the majority of my younger work mates are all going crazy for it so I don't expect as huge swings in the larger currencys.

Link to comment
Share on other sites

7 hours ago, Umster said:

A friend of mine has made silly money from it, won't lie it's got me kicking myself though the silver lining is, he's got the headaches of the accountant/taxman to deal with and that's a headache I'll always want to avoid - make it sound like I wanna be poor and stay poor lol. 

 

As I guess it's been for most of the winners, he recouped some money from his day trade losses and he's had to reinvest so he can cover the tax that he forgot to account for. I do think it's a little late to the party though tbh, like how much more can it rise? Just a game of hot potato. 

 

Not too dissimilar to Self employed/Limited Contractors and many who didnt want to go that route. That fear of having to deal with HMRC.

 

System is literally designed to keep people at a certain level. The introduction of IR35 and new tax rules every year. 

 

Surely it would be better for the country if more people could enter the 20%/40%/45% tax brackets then there may be a case for reductions further down the line. Maybe....

 

The 45% guys mostly have accountants anyway....Yeah with crypto the tax man wants in. Like the old days of soldiers banging the door down to collect half of what you made that month. 

 

It can still rise. According to the experts but its more steady than sudden in the case of the main ones.

 

 New coins are very volatile to mess around with. Bitcoin is currently stagnant for the last 2 months. 

 

 

 

Edited by GranTurismoEra
Link to comment
Share on other sites

1 hour ago, evilscorp said:

Took what I had invested (plus a bit) back in 2017 out last month, now its all profit/investment for me and will maybe buy or sell some coins every now and again, its a total gamble IMO and I have my doubts about the industry. I think the boat has sailed as the majority of my younger work mates are all going crazy for it so I don't expect as huge swings in the larger currencys.

 

Very suited username for this topic :lol:. I guess thats why it all came about.

 

your right anyone getting in now missed the train. Now its just small investments for long term. Sudden rises most around November till last month on many coins including Bitcoin. Still all new for me but glad I looked it up. Im always watching videos and doing some checks.

 

6 months ago i reckon I would have just about got on the train. Its okay though patience is key...

 

Ethereum and Cardano have great potential and are steady. Although Ether took a strong dive in 2018 and rose again last April. Any others youd recommend thats not overrated dogecoin :lol:

Link to comment
Share on other sites

3 hours ago, DoogyRev said:

I remember having a conversation with a friend about Bitcoin when it came out, probably 2009/2010 ish, it was something like 32p .... we decided it was a bit dodgy and underworldy ..... hindsight eh!

 

That said I would have prob been one of those who lost their digital wallet or something stupid like that 🤣

 

Should have put a tenner on 300+ coins. A new one came out few days ago and rose 2900%. Missed it but some claim to have put £500. But theyre not cashing out.

 

I did hear a story about two lost hard drives and a guy offering £500,000 to the council to find them in landfill. 😂

Link to comment
Share on other sites

The whole market took a dive. Perfect time to sell your bitcoin would have been mid April at £45,000. 

 

The current dip is only temporary. People are signing up in millions everyday. A lot of people are angry at him for market manipulation. The authorities will soon start investigating him as he has too much influence 😂

 

Bitcoin is still predicted to hit £80-£100,000 in the next year then take a dive after apparently based on historical patterns.

 

When Bitcoin dips the whole market is affected pretty much

Link to comment
Share on other sites

31 minutes ago, GranTurismoEra said:

Bitcoin is still predicted to hit £80-£100,000 in the next year then take a dive after apparently based on historical patterns.

 

Still got a fair way to go to catch up with Mr Buffett ...... $437,260 per share today 😱

Link to comment
Share on other sites

I remember having a conversation with some lads at work a good number of years back, and the consensus was that we had missed the boat with bit coin.... little did we know.

 

Musk seems to be having a good laugh with it all atm. Months of hyping up bit coins then now claims they are bad for the environment. Surely tesla`s arent much better.

 

Who knows where bitcoins & the like will go. Some say bitcoin will be $250,000 end of next year. They are about £34,000 now so thats  big increase. There is a lot of talk about a global currency crash happening before long with all the crazy amount of money printing the central banks have been doing, and governments around the world borrowing trillions to give to pharmaceutical companies & others over the covid stuff so it could all explode at some point. Therefore a lot of people are looking to other ways to store their cash etc. gold, bitcoins, property etc. anything other than keeping money in the bank!

  • Like 1
Link to comment
Share on other sites

1 hour ago, Umster said:

Really mugged me off. Tried buying a loaf of bread with my 0.00005 bitcoin today but when it tanked by 25%, I had to cough up some more. 

 

Now it's turned out to be an expensive loaf of bread. Dammit. 

 

You could always take a photo of your loaf and put it up in a NFT auction . . . you might make a few bucks..... well enough to get another loaf 😆

  • Haha 1
Link to comment
Share on other sites

14 hours ago, DoogyRev said:

 

I guess the Chinese have different ideas . .  

 

https://www.bbc.com/news/business-57169726

 

 

 

Anything to help China's own official crypto currency. Britcoin is next up. No joke

 

Centralising a decentralised idea....You can only eat burgers if you buy through state sponsored "brit burgers" owned by Rishi Sunak

Edited by GranTurismoEra
  • Like 1
Link to comment
Share on other sites

On 19/05/2021 at 22:41, Umster said:

Really mugged me off. Tried buying a loaf of bread with my 0.00005 bitcoin today but when it tanked by 25%, I had to cough up some more. 

 

Now it's turned out to be an expensive loaf of bread. Dammit. 

 

Could have been worse, I was reading about the bloke who bought 2 pizza`s with 10,000 bitcoins back when that amount was only worth £30. Now they would have been worth £300 million.

  • Haha 3
Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

×
×
  • Create New...