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| 101. Author: red-star-par Date: Wed 14th Feb 2024. 14:02 It`s like Tulip Mania. Still, money to be made if you can get in and out at the right time Reply |
| 102. Author: OzPar Date: Thu 15th Feb 2024. 04:11 It isn`t like Tulip Mania at all. The philosophy behind crypto is entirely different, and it is underpinned by genuine technology that is entirely transparent - the Blockchain. Its current weakness is a lack of proper regulation, which means a risk of manipulation exists, as we saw with Elon Musk and Doge a while back. The past 24 hours have seen another surge in crypto. The value of my stock has risen to $2,251. That`s a rise of $69 in a day. Remember that my original investment was $1,400, so that`s a return of more than 60% in three years. A decent pension fund will give you a return of 10% per annum. So, if I had put my $1,400 in there three years ago, with compound interest, it would be worth $1,863 today. Had I stuck it in the bank, I might have got 5% in an interest-bearing savings account today, but for most of the three years, my bank has been offering a less than generous 1-1.5%. Honestly, I thought there was a good chance I would lose my $1,400 long before now. It was a risk I was prepared to take, for I would have spent that money and more on holidays or weekend breaks had it not been for Covid, so this experiment has just been a bit of innocent fun combined with a bit of education. Over the three years, there have been a couple of occasions where the value of my investment dipped into the red, below $1,400, but for the most part, it has remained in the black and healthily so. Reply |
| 103. Author: The One Who Knocks Date: Thu 15th Feb 2024. 10:23 Surely by the Autumn of 2022 you were severely in the red when bit coin crashed from 40k when you bought it 18 months previously down to 15k? Granted it`s now climbed back up so you are again firmly in positive territory from your canny doge coin punt. And although my eyes were open They just might as well be closed Reply |
| 104. Author: OzPar Date: Thu 15th Feb 2024. 10:53 October 12 was the low point when my portfolio dropped to $1,153. That was me down $247 on my original investment. It was hardly ruinous, though. The critical point is that my portfolio is relatively low in value and reasonably balanced. I split the original investment into $600 with Bitcoin, $600 with Doge, $100 in a basket of the top 10 capitalised coins, and $50 each on a couple of “randoms” that were climbing fast on the day – IOTA and Crypto.com. The randoms have both lost me money, but the others have all brought in profits over time. Generally speaking, the best capitalised cryptos seem to be the ones that perform best. Reply |
| 105. Author: LochgellyAlbert Date: Thu 15th Feb 2024. 11:49 Up and down, like a w*ores knickers!💰💰💰 Reply |
| 106. Author: red-star-par Date: Thu 15th Feb 2024. 13:02 I`d urge people to tread carefully though, it`s very much like gambling. And you only really hear from a gambler when things are going well. They don`t often should about their losses. Money to be made, and lost, on this Reply |
| 107. Author: DBP Date: Thu 15th Feb 2024. 13:27 It may be up and down when you look at short term, but the overall trajectory is going up and all evidence suggests it will continue in that direction Edited to say I’m talking about bitcoin only - that’s the only one I’d go near although Govs are trying to wrap regulation round it so will become more difficult to transfer to and from fiat currencies Post Edited (Thu 15 Feb 13:30) Reply |
| 108. Author: Luxembourg Par Date: Thu 15th Feb 2024. 13:58 Buspasspar, Wed 14 Feb 11:58 Time to start looking for clocks in yer garage…  Reply |
| 109. Author: Luxembourg Par Date: Thu 15th Feb 2024. 14:06 DBP, Thu 15 Feb 13:27 Various institutions have enabled MasterCard accounts linked to your Bitcoin wallet. I’m with Xapo bank, and can spend easily enough. Not tried transferrring out or even withdrawing cash yet, but assume that’s ok too. Might be a different story if it was significant sums tho - I’ve only got about 0.6 of a btc Reply |
| 110. Author: DBP Date: Thu 15th Feb 2024. 15:43 When I say difficult, I suppose I mean tracked. Regulated. Taxed Etc! But that’s only entry and exit. You even have to sit a mandatory training type exam now in the uk before you can purchase! Also don’t keep your btc on any app or mobile bank- they’ll probably be arsey about how much you can transfer at a time to any different wallet and they’ll ask about who own it etc - but make sure you have an offline cold wallet - ie self custody! Post Edited (Thu 15 Feb 15:46) Reply |
| 111. Author: The One Who Knocks Date: Thu 15th Feb 2024. 16:08 Profits from trading crypto currency are taxable. ETA: At least in the UK ETA again: Sorry DBP I misunderstood your last post Post Edited (Thu 15 Feb 16:11) Reply |
| 112. Author: DunfyDave Date: Fri 16th Feb 2024. 08:57 You can`t call it "currency". Currency is the lubrication that greases the cog-wheels of an economy with spending. The vast majority of crypto is hoarded like an investment in the hope that it goes up. Similar to what OzPar is experimenting with here on this forum and will only realize profits if people continue to invest. Most don`t spend crypto, they trade like the non-existent gold that it is. If it ever transitions from "investment status" to that of a true currency then perhaps it may have a chance of survival but I have my doubts. Their promoters and supporters suggest that it is a safer, less restrictive alternative to regular monetary transactions/flows claiming the current system is flawed and perhaps straining. They have a point when considering the "Credit Crunch" in 2008 which came perilously close to collapse without governmental action. However, more crypto currencies have succumbed historically than any countries currency. The Russian Rouble pre-Glasnost almost mirrored the US$ on a 1:1 exchange rate. It collapsed to R4,500 - $1 almost overnight but later stabilised and recovered. I run my own business and export worldwide and have never experienced any issues or delays with foreign exchange. The system ain`t broken nor under threat but it is expensive and perhaps needs more competition. In my humble opinion the crypto story does have "tulip mania" written all over it. It has similarities to the "Game Stop" story with hoards of amateur online investors coming together on mass to fight big hedge funds short-selling the company by investing in what ultimately was a failing company with an exceptionally poor balance sheet. The story ends with Game Stops closure but some people whom timed their investment strategy perfectly made millions. Most lost. DunfyDave Reply |
| 113. Author: OzPar Date: Mon 19th Feb 2024. 04:48 DunfyDave, you raise several valid points about cryptocurrency. Yes, a large portion of crypto ownership involves holding it as an investment rather than using it for transactions, which can contribute to volatility and hinder its role as a true currency. And it`s true that the widespread acceptance of crypto for everyday purchases is low, limiting its practicality as a common currency. However, while currently used primarily for investment, cryptocurrencies are exploring and implementing real-world uses through microtransactions, smart contracts, and tokenisation of assets. The blockchain, which provides the electronic infrastructure that underpins crypto, is everywhere. The decentralised and tamper-resistant nature of blockchain makes it an ideal technology for recording and verifying transactions. You mention you are involved in exporting internationally. Then, you will be familiar with the Bill of Lading, the legal document issued by a carrier to the shipper of goods. I remember attending lectures on the use of blockchain technology in the context of Bills of Lading in the mid-2010s. Before the electronic lodgement of Bills of Lading, your desk would have been covered in bits of paper requiring your signature before your goods were freed to move internationally. How we have progressed. As far as I understand, efforts are underway to regulate the crypto space, potentially leading to increased stability and trust. Crypto offers advantages like faster cross-border transactions, lower fees for specific applications, and potential accessibility for unbanked populations. Traditional financial systems have faced issues like inflation, inequality, and limited access. Crypto promises more decentralisation and transparency thanks to blockchain, addressing some of these concerns. Crypto can catalyse innovation and competition in the financial sector, potentially benefiting users even if it doesn`t fully replace existing systems. The truth is that crypto has the potential to completely overturn the existing banking systems, and that, in good part, explains why it is facing such stiff resistance from the financial community. But you can`t ignore that the same bankers and fund managers are trying to get their hands on crypto as quickly as possible. You rightly highlight the challenges and risks associated with cryptocurrency. However, it`s important to recognise its potential for innovation and evolution. Whether it becomes a mainstream currency or finds niche applications, crypto will likely continue impacting the financial landscape. Ultimately, I think understanding both sides of the debate is crucial for informed decision-making. Reply |
| 114. Author: DBP Date: Mon 19th Feb 2024. 15:13 BTC is legal tender in El Salvador with the same status as USD, so I think you could now call it a currency apart from growing regulation and gov`s trying to determine exactly where and to whom you`re sending funds, I can`t think of anything that would stop me from taking bitcoin as payment? I have family in Ireland, and have previously sent bitcoin over to them as opposed to sending money and paying FX charges Reply |
| 115. Author: desparado Date: Wed 28th Feb 2024. 17:27 Sky rocketing 🚀 What an opportunity we missed in 2014. Reply |
| 116. Author: OzPar Date: Wed 28th Feb 2024. 20:58 Yes, it is on its sharpest rise in 12 months. When I last reported on February 15, my portfolio was $2,251. Today, it stands at $2,727. Here are today`s values with the change from February 15 in brackets: Bitcoin............. $1,247 (+177) Doge............... $1,114 (+300) Top 10............. $323 (+67) IOTA................ $43 (+1) Crypto.com....... zero Post Edited (Wed 28 Feb 21:16) Reply |
| 117. Author: OzPar Date: Tue 5th Mar 2024. 01:53 It is six days since my last post, which indicated that the value of my crypto portfolio was starting to rise quite sharply. At the time, it had risen to $2,727, but since then, it has climbed more than a thousand dollars - yes, that`s right, a thousand dollars - to $3,755, and it is still rising. Remember that when I began this three years ago, my investment was $1,400. Here are today`s values with the change from February 28 in brackets:- Bitcoin............. $1,423 (+176) Doge............... $1,942 (+828) Top 10............. $339 (+16) IOTA................ $51 (+8) Crypto.com....... zero I would never recommend crypto to anyone. It is fun to follow, but whatever way you look at it, it is not for the short-term investor. A heart attack lies in wait. The repetitive rises and falls, while predictable in the sense that they will likely happen, are so random as to be chaotic in terms of timing. Only enter this market with money you can afford to lose. Every now and again, there is a massive surge like this one that I am experiencing. When you are on it, it feels like what it must have felt like for those whalers on a "Nantucket Sleighride" after they speared the whale. Pure excitement until the whale takes a deep dive. Reply |
| 118. Author: DunfyDave Date: Tue 5th Mar 2024. 08:56 That is an awesome return OzPar. Stunning in fact at almost 170% in such a short period. Maybe an idea to sell now and buy back again when that whale decides to dive into the deep? DunfyDave Reply |
| 119. Author: LochgellyAlbert Date: Tue 5th Mar 2024. 09:06 Hold or sell is the big quandary, plenty of green trading in my portfolio, but for how long?🤔💥🙈 Reply |
| 120. Author: Buspasspar Date: Wed 6th Mar 2024. 18:32 Oz G`day can you convert your crypto gains back into real money ? We are forever shaped by the Children we once were Reply |
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