Achtung! Cryptocurrency dudes

J

jbj

Poor old Geordie's array...
I'm thinking of dipping my toe into BitCoin or Ethereum (or both) but there's so much info out there it's hard to see the trees for the forest.

I've got a small lump sum just sitting losing value due to inflation and I'm going to have considerably more disposable income month on month within the next few weeks so I definitely want my money working for me better than it is just now.

Pre-COVID I'd probably have looked into real estate / renting (I'd make a sweet slum landlord :embarrassed: ) but I'm not hot on that idea just now due to the market and (famous last words) BTC is here to stay and is only going to get more prevalent as banks and businesses adopt it.

CoinBase seems like it gets a good write up and seems accessible for a total noob like myself but is there anywhere else I should check out before getting involved?

Any pitfalls to be aware of (apart from the obvious) too?
 
Yeah. I will preface this by saying I am not a financial expert (and you should stop reading at that point), but with so many cryptocurrencies emerging the volatility is going to be pretty severe until this shakes down to a few 'standards'. If this is money you can completely afford to lose, then ok. I am way too conservative of an investor to mess with it myself.

I would try to find a good fiduciary financial advisor to at least bounce ideas around with.
 
Denverdave said:
Yeah. I will preface this by saying I am not a financial expert (and you should stop reading at that point), but with so many cryptocurrencies emerging the volatility is going to be pretty severe until this shakes down to a few 'standards'. If this is money you can completely afford to lose, then ok. I am way too conservative of an investor to mess with it myself.

I would try to find a good fiduciary financial advisor to at least bounce ideas around with.
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I am absolutely no financial expert but I agree with both the above and imho these cryptos are just perfect for the uber finance wizards to rape the novice. I also agree with the highlighted quote from DD..."If you can COMPLETELY AFFORD TO LOSE money" then yeah go ahead......<<<<<<<that right there is why I have never invested in anything and most likely never will.
 
BTW I think you should just wait till the covid is settled down and then become a slumlord and if they don't pay just take Lola over and threaten to unleash the fury on them unless they pay up :idea:
 
It seems the time to get in was several years ago. If you're looking for something high priced to park your money in, why not Apple stock? At least they're regulated.
 
Chicken Man said:
It seems the time to get in was several years ago. If you're looking for something high priced to park your money in, why not Apple stock? At least they're regulated.
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I'm sure there's plenty of folk (myself included) thinking they should have got in long ago - I was taken by the idea about 10 years ago when I first read about it on here. I wasn't on a permanent contract so couldn't justify spunking a couple of hundred quid on it at the time :thwap:

Sidenote: I'm looking at investing in more traditional portfolios too btw. This is just something that interests me and I do think it's still worth a punt on, I wouldn't be investing anything I couldn't afford to lose either.
 
track bitcoin for a while before putting money into it, see how it trends. i think the massive gains it has made in the past are just that, in the past. personally, if i were just starting to invest, i'd stick with something more traditional such as what @micwalt suggested. sensible, sound investment doesn't have much appeal compared to something like bitcoin, but it's far more stable and far more likely to actually generate money for you.
 
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I too am tempted by the lure of free money

But not tempted enough to put any of my savings at risk on an asset that can be manipulated by the memeconomey
 
My fear with these things stems from not understanding them and the fact that there is nothing backing my "money". Of course there's nothing backing the dollar either anymore but that feels different.
 
MonkeyZero said:
My fear with these things stems from not understanding them and the fact that there is nothing backing my "money". Of course there's nothing backing the dollar either anymore but that feels different.
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For the average person I think the important distinction is that there are numerous safeguards in place to prevent the 'value' of your govt issued currency from tanking.....not to say that it can't ever but it would be a significant event for many of our respective home countries. This form of currency is more stable and commonly accepted for transactions.

For bitcoin, a simple tweet from the right person can cause a fundamental change in value. It's a volatile market and isn't commonly accepted and there's a cost w/ converting it to your govt issued currency.
 
Long version: If you're planning on mining it yourself there's a bit of a chip shortage.
Short version: Don't.
 
A company that I order from in Denmark offers a 25% discount if I pay with Bitcoin. I've only ever used a bank card to order from the but 25% is a considerable savings. You can purchase Bitcoin with a a credit card and use it to make a purchase. I don't think I'd purchase more than I need to complete a purchase. I think it's too volatile to trust as an investment, although it's becoming more and more common in overseas payment options.
 
Lerxst said:
A buddy made more money re-selling the GPUs he bought to mine than he did mining.
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yeah. I had a bunch of friends that were going to build a PC in 2020. I'm glad I built mine in December of 2019, even if I didn't get a bleeding end GPU. 2060s for $1k? GTFO.
 
Peen Simmons said:
Ok, Boomer. Bitcoin is so last year. I’m investing in NFT art now. I just bought a gif of that dude skateboarding and singing Fleetwood Mac.
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I can't believe the dude is asking $500K for that NFT. I don't blame him for trying to cash in on his 15 minutes, but is anyone dumb enough to buy that at even 10% of his asking price?
 
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