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Post by Roger on May 20, 2021 15:05:20 GMT
Not according to an interview on Bloomfield with Ark Investments CEO 'Cathie Wood yesterday, she stated that the sudden drop in bitcoin is good and that she expects it to now increase in value to $500k. These rainbows are real and crypto will become the main currency of the future. Cathie Wood does have a good track record for predicting the future of disruptive investments. However, nobody knows how governments Worldwide will behave towards Crypto Currencies. China is not going to stand for it significantly affecting its currency, hence the recent actions. At the moment it doesn't suit them to outlaw it, but that doesn't mean that they won't in future. The same could happen across the World, if World leaders come together to challenge what's going on. People can talk it up, like Cathie Woods, and others will surely follow. In the end, it's all about confidence, and that can vanish in a heartbeat. I honestly don't think anyone knows what the future holds for Crypto Currencies, other than it's going to be like the Wild West for some time to come. I think it's more likely that Governments will step in and make sure that it's them that retain ultimate control of money supply and foreign exchange. Crypto isn't going to go away though. It's far too useful for the Criminal World for that to happen. It might make it into the distant future, but I doubt if any of the names we know now will be part of that future.
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Post by Roger on Jun 28, 2021 7:05:47 GMT
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Post by Roger on Jul 8, 2021 6:51:51 GMT
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Post by Deleted on Jul 8, 2021 8:14:39 GMT
Mean while, last night alone my son made £3k....it's not always a gain but he never takes risks and he only uses the profit from crypto, no dipping into real money 'per se'. He has converted a lot of chia into the 4 bitcoin he now owns. He reads the exchange well, telling us where it's going and when it's the best time to sell or buy, it's uncanny how accurate he gets....but yes crypto is not all fun and games for some. One of the forum members he chats with on a crypto forum tried to show how fallible crypto can be. He created his own coin, put $1 million behind it and launched at a value of $1 each.. it quickly rose to $40 before tumbling again...my son bought 300 and sold when at $19..he missed the high point as he fell asleep..it was early hours here...
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Post by Roger on Jul 8, 2021 14:54:58 GMT
It will certainly be interesting to see where Crypto Currencies go. If you are very tuned in and have a bit of luck, you can certainly make money. This is also an interesting analysis, where some people lost 80% of their money almost overnight. To be honest, I think it's going to be at least a decade before any of them is actually a proper currency that you can spend at the Supermarket. At the moment, it's just a get rich quick novelty with no intrinsic value. Good on anyone who can make money from it, but it's not useful for the thing it was intended for, ie buying thingsm unless those things are illicit.
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Post by Deleted on Jul 8, 2021 15:21:27 GMT
ah but you can Roger, there are many companies that now accept the crypto coin as payment... Hundreds of high street stores in the UK... I mean you can buy a dominoes pizza, or eat at pizza hut using cryptocurrency... Buy a coffee at Nero's...Uber Eats, Deliveroo and Just Eat all now take cryptocurrency and the list grows daily...you can do your weekly shopping at Tesco, Sainsbury’s, Marks & Spencer, John Lewis, Asda and Argos using the Bitpay gift cards. Lush and Shopify online retailers now take cryptocurrency for goods from any of the many retailers that use their platforms... Japanese e-commerce giant Rakuten launched support for payment via bitcoin and other cryptocurrencies at merchants throughout Japan earlier this month, which has 95 million registered users. Apple, Amazon, Google Play all now take Bitpay...
The list is massive and it's growing exponentially...the way we pay for goods is changing.
Pete
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Post by simplyloco on Jul 8, 2021 16:09:28 GMT
SNIP The list is massive and it's growing exponentially...the way we pay for goods is changing. Pete Not 'We', Pete. 'You'... John
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Post by Deleted on Jul 8, 2021 16:13:30 GMT
SNIP The list is massive and it's growing exponentially...the way we pay for goods is changing. Pete Not 'We', Pete. 'You'... John Not I, I don't have any cryptocurrency, but I think it will be the 'royal we' in the not too distant future...
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Post by Roger on Jul 8, 2021 16:44:25 GMT
ah but you can Roger, there are many companies that now accept the crypto coin as payment... Hundreds of high street stores in the UK... I mean you can buy a dominoes pizza, or eat at pizza hut using cryptocurrency... Buy a coffee at Nero's...Uber Eats, Deliveroo and Just Eat all now take cryptocurrency and the list grows daily...you can do your weekly shopping at Tesco, Sainsbury’s, Marks & Spencer, John Lewis, Asda and Argos using the Bitpay gift cards. Lush and Shopify online retailers now take cryptocurrency for goods from any of the many retailers that use their platforms... Japanese e-commerce giant Rakuten launched support for payment via bitcoin and other cryptocurrencies at merchants throughout Japan earlier this month, which has 95 million registered users. Apple, Amazon, Google Play all now take Bitpay... The list is massive and it's growing exponentially...the way we pay for goods is changing. Pete Hi Pete, I didn't know those took Crypto. However, why would I put money into buying Crypto and risk losing it? I can buy things without it, so what added value does it provide? The next question, is which Crypto is going to survive? Every new one is hailed at being the next best thing. I can see that international purchasing might make sense, but not on a local level. Even then, what value would the customs people put on the waybill? If we could all agree that it's Bitcoin, or whatever Crypto is the 'final' one, then it would have much more appeal. At the moment, it's the Wild West. As Warren Buffet clearly puts. If you're buying into it as you would Gold, ie as a store of value, you're relying on the next person to pay more for that when you sell them. Change is certainly coming, but I wouldn't like to bet on the outcome, it's just too volatile and blown by the whims of legislators to ever be stable unless they have their hand on the controls. And that defeats the whole point of it.
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Post by Deleted on Jul 8, 2021 17:15:07 GMT
ah.. personally I would never buy crypto, as you say it's too volatile.. however.. if you mined it then what have you got to lose?... My son took his investment money out a long time ago, he's also taken large lumps to buy things and has given a large lump to his wife as it saves on tax. His position today is that even if he risked his entire portfolio on one trade ( he never does) and it went south, he wouldn't lose a penny, just what he had built up on the exchange which admittedly currently with 4 bitcoin is a fair bit of money. He's currently eyeing up a deal that could make him £30k in one hit, his ultimate goal is to clear his mortgage. Even so, since starting he hasn't touched his pretty substantial real salary each month from his day job, using crypto funds to pay his way. His real job money is just increasing in the bank where it's safe.
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Post by Roger on Jul 8, 2021 18:06:49 GMT
ah.. personally I would never buy crypto, as you say it's too volatile.. however.. if you mined it then what have you got to lose?... My son took his investment money out a long time ago, he's also taken large lumps to buy things and has given a large lump to his wife as it saves on tax. His position today is that even if he risked his entire portfolio on one trade ( he never does) and it went south, he wouldn't lose a penny, just what he had built up on the exchange which admittedly currently with 4 bitcoin is a fair bit of money. He's currently eyeing up a deal that could make him £30k in one hit, his ultimate goal is to clear his mortgage. Even so, since starting he hasn't touched his pretty substantial real salary each month from his day job, using crypto funds to pay his way. His real job money is just increasing in the bank where it's safe. You won't lose if you're very early in on the mining game, but that window of opportunity happens only once on each new Crypto. Once that's passed, you won't make any money, and you'll be stuck with whatever equipment was involved in the mining. That doesn't matter if you make enough though. So, how many Crypto Currencies do you currently think there are? 5, 10, 100? Well, take a look at this page. I scrolled down to find there are 2500 of them before the market Cap goes to zero. Most of the ones down the page have a market Cap of about $500,000. To me, this just looks like people create them on a whim, mine a load of coins and then try to talk it up. If one in a 100 of them takes off briefly, you'll make a killing, since you're at the top of the pyramid. It's not exactly a scam or a pyramid scheme, but it does rely on getting the next person and the next on board to boost the value of what you've mined. Eventually, mining is uneconomic, so people sell up while there's still some value, then move on to the next one. This doesn't seem like a stable or desirable way for money to work. These seem like chancers to me, hoping to get rich quick, pump and dump. So do we really think there are 2500 people smart enough to create all the software for the blockchain, or are there just a few dozen individuals who are just churning them out? Maybe it's a trivial thing to do if you have a downloadable template to create one, so it's like a 'Hello World' program? My bet is it's the former, I'm pretty sure it's not a trivial thing to set up.
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Post by Deleted on Jul 9, 2021 17:40:43 GMT
Well, my boy wasn't far off the details on crypto last night, he thought he could make £30k, IIRC it could have hit £22k.. He didn't make that much, it was getting late and so he set the exchange to sell automatically under certain criteria as he couldn't watch it anymore... even so, he still made £9k profit last night... he now plans to treat the entire family to one of the Duxford airshows this year. He used (risked) just 1% of his portfolio to achieve this last night...not bad. He's clearly a lot brighter than me, but then he has the qualifications to prove it... Pete
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Post by Roger on Jul 9, 2021 19:51:33 GMT
Well, my boy wasn't far off the details on crypto last night, he thought he could make £30k, IIRC it could have hit £22k.. He didn't make that much, it was getting late and so he set the exchange to sell automatically under certain criteria as he couldn't watch it anymore... even so, he still made £9k profit last night... he now plans to treat the entire family to one of the Duxford airshows this year. He used (risked) just 1% of his portfolio to achieve this last night...not bad. He's clearly a lot brighter than me, but then he has the qualifications to prove it... Pete Let's hope he can keep doing it while there's money to be made. Ultimately you can only make money if someone wants to buy them from you.
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Post by Deleted on Jul 13, 2021 19:23:13 GMT
Remember that joke $1 coin that one of my son's forum members created to show how crypto currency behaves.....I thought that my son had sold the 300 coins that he bought...he didn't, he kept 100. As stated before the rest he sold for $19 dollars each...I thought he had bought the 300 for $1 each, I was wrong, he missed the first few minutes and got them at $3 a piece...still good going. Anyway, the reason for this post, that same coin hit $140 today..not bad, $14k for those alone...he still has the coins, waiting to see where they go. In the meantime, he made $20k today on some of his other coins, he's had a good week... As for crypto only being worth something while people are willing to pay?..well the same goes for everything...crypto is here to stay.. Pete
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Post by simplyloco on Jul 13, 2021 19:27:38 GMT
Remember that joke $1 coin that one of my son's forum members created to show how crypto currency behaves.....I thought that my son had sold the 300 coins that he bought...he didn't, he kept 100. As stated before the rest he sold for $19 dollars each...I thought he had bought the 300 for $1 each, I was wrong, he missed the first few minutes and got them at $3 a piece...still good going. Anyway, the reason for this post, that same coin hit $140 today..not bad, $14k for those alone...he still has the coins, waiting to see where they go. In the meantime, he made $20k today on some of his other coins, he's had a good week... As for crypto only being worth something while people are willing to pay?..well the same goes for everything...crypto is here to stay.. Pete Hi Pete. Has the boy given up his day job yet...?
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Post by Deleted on Jul 13, 2021 19:32:58 GMT
Nope...he's not silly, he has a young family, plus he's on £80k salary...those jobs don't grow on trees...
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Post by simplyloco on Jul 13, 2021 19:41:29 GMT
Nope...he's not silly, he has a young family, plus he's on £80k salary... those jobs don't grow on trees... Unlike crypto currency...
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Post by Deleted on Jul 13, 2021 19:51:12 GMT
Nope...he's not silly, he has a young family, plus he's on £80k salary... those jobs don't grow on trees... Unlike crypto currency... [/quote Trading in stocks and shares of any type has its risks, crypto just has the largest possible gains...
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Post by Roger on Jul 13, 2021 21:01:30 GMT
Remember that joke $1 coin that one of my son's forum members created to show how crypto currency behaves.....I thought that my son had sold the 300 coins that he bought...he didn't, he kept 100. As stated before the rest he sold for $19 dollars each...I thought he had bought the 300 for $1 each, I was wrong, he missed the first few minutes and got them at $3 a piece...still good going. Anyway, the reason for this post, that same coin hit $140 today..not bad, $14k for those alone...he still has the coins, waiting to see where they go. In the meantime, he made $20k today on some of his other coins, he's had a good week... As for crypto only being worth something while people are willing to pay?..well the same goes for everything...crypto is here to stay.. Pete If you're one of the very few in the right place at the right time, it can be a bonanza. Yes, crypto is here to stay, but whether it will benefit the ordinary man in the street as well as the select few is debatable. The difference between Crypto and say shares in a company, is that there are usually assets and a return created on the capital. Like Warren Buffet says, you can buy a Farm, and at the end of a year, you've still got the Farm and the profit it's generated. With Crypto, you only have what people are willing to pay. It's not the same thing at all, there's no intrinsic value in Crypto at all. Sterling and the Dollar are worth what they are because of the confidence that they are propped up by Governments. There's no such mechanism for Crypto. Ultimately, all the time you have money in Crypto, it's a lottery as to what it will be worth tomorrow. Unless you have cashed in your coins, you can't say what you've made on any given day, because by the time you come to sell it, it might be worth much less. Great if you can make it work, but would you want to get paid in Bitcoin? Volatile currency values just favour the dealers, not you and me. We need to know that the money they've earned this week will still be worth what we need to pay our mortgage at the end of the month. So far, I haven't seen any Crypto that's been remotely stable. Maybe that will change one day, but I wouldn't bank on it.
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Post by Deleted on Jul 13, 2021 22:07:36 GMT
I don't think farms are a good analogy, or perhaps they are? They are just as volatile as any other form of trade/business, The US two years ago hit a 9 year high for farm bankruptcies...UK farms have suffered too.. as I said, everything has its risks, none of them are as safe as houses, not even houses themselves are completely safe. The difference with cryptocurrency is the rewards are unlimited. As for making it work, there are tens of thousands of normal people out there earning thousands a day trading crypto, which can be done auto through a number of trading platforms. As far as I know, they all have a very good record for profit, some as high as 90%. Some of these algorithms have been written to redistribute wealth which IIRC is what bitcoin is all about, or at least in part. This article is worth a read, it's a few years old when bitcoin was only worth $15k but it describes how bitcoin was affecting all other types of monetary value, even gold, and how other money has been left behind, I recall one comment of the dollar in your pocket being worth 92% less in bitcoin terms when the article was written, of course, today bitcoin is worth double what it was then. fee.org/articles/is-bitcoin-a-wealth-redistribution-scheme/I'll leave you with that.....arguing is bad for the blood pressure I need to walk away from such...err chats...
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