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Never touched it myself but everyone seems to be asking for payments in crypto these days.
I have read so many stories of people losing mass amounts of money on crypto so is it safe ?
Am I being an old man and just over paranoid or is it really not what’s it cracked up to be.
I made a bit, but it looks like BTC is in freefall, which means this brings down price of alts too.
If you'd have gone in approx 2 months ago, you'd be down 50%.
It's a pure gamble atm, this may be a good time to buy in, or BTC may continue to drop. I'm deffo out inless we drop back to £10k!
Glad I stayed clear then.
I considered investing a few years ago but lost the bottle and glad I did.
My best mate bought some crypto a few months ago and was talking about it to me in the pub. I said you must be kidding mate it's like a pyramid scheme now. To which he said no it's easy, got his phone out and said look my first buy is... down three hundred, ah, but my second buy is... down three hundred as well.
So he lost six hundred just like that.
If he sells it all then yes but if he doesn't sell it he's lost nothing.Quote:
Originally Posted by Teajunkie
I wasnt grasping it so stuck a £100 in for a bit of fun and to help me try get to grips with it. It's been as high as £240 and as low as £80. Sold my etherium when it peaked for £138 so £38 up no matter what. But can see the wide and crazy swings, my dot was a high of £40 and is now £8, Ada high of £13 now £3. don't think I'd invest any real money for that reason. Holding the dot, Ada and doge I have in the hope they bounce back
Oh and from what I've seen its the rich getting richer and the poorer losing money. Some of the transaction values are mind blowing.
I brought some around 10yrs ago and it really took off and I made quite a bit, Last year I got a letter from the tax man and had to pay them a tidy lump so I then pulled £6k(all profit) and brought a car.. over the past months I have lost several thousand but still have roughly what I put into it at the beginning..
I never really traded I just brought some when I started then added a few coins now and then when I had a few quid spare.
I dont really know what im doing at all but it seemed to work well for me although the volitle markets have be pretty nervy at times.
anyone who thinks you can make a quick profit is prob not going too as it's a long term thing really.
I’d say it’s a bad investment, yes people made a lot of money but that was in a bull run, now crypto is in a bear run people are losing a lot of money. It’s unpredictable, highly volatile and easily manipulated by the few (those with large stakes, those with large a twitter following) so it’s more of a gamble than an investment. Even ‘stable coins’ that were supposed to be pegged to the dollar have failed.
Blockchain will be a game changer, amazing tech, and if you have some money you can afford to lose then worth picking up some coins if they continue to fall and hold for years and will hopefully get another bull run.
I’ve never bought crypto as an investment, I did dip my toes into Argo Blockchain who mine bitcoin, in the first few days it went up 30% or more but now it’s over 50% down. This was a small investment though so not too bothered and will hold onto them and see what happens. I have mates that invested loads into crypto and made huge paper gains but I don’t think they ever sold any so have lost all the profits and more..,