Who's invested in Cryptocurrency
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Be very careful about getting into an "echo chamber" environment where you only hear what you want to hear. There are a lot of people vehemently ramping up the price of cryptocurrencies because that's where they've invested heavily, and if you surround yourself by nothing by them, you will only ever hear one side of the argument.Thank you. Yes you are right, I am riled, this is not the right place for me. Personally I don't want anyones bubble to burst, financially, I prefer a more nurturing environment, so i'm off.
Properly nurturing someone's views means challenging them and testing the rationale behind them. Fail to do that and you hugely increase the chance of your views simply being wrong.I am a Chartered Financial Planner
Anything I say on the forum is for discussion purposes only and should not be construed as personal financial advice. It is vitally important to do your own research before acting on information gathered from any users on this forum.0 -
Thank you. Yes you are right, I am riled, this is not the right place for me. Personally I don't want anyones bubble to burst, financially, I prefer a more nurturing environment, so i'm off.
Some of us can at times be a bit energetic in expressing our views. However, on balance you do get a reasonable spread of views and knowledge here. There's nothing wrong with someone questioning your beliefs. After all, if they are built on a sound foundation they will survive a few knocks.
As to cryptocurrencies, I have nothing against it, but my belief is that it is no more than a gamble with no fundamental support.0 -
I'm sorry if you've taken offence at this and you may have already abandoned the thread never to return - but I'll give you the thought process so you can understand the perspective. Maybe you'll take offence again or maybe not.bowlhead99 SERIOUSLY, you bothered to 'stalk' back hundreds of posts, to try and prove 'what'. I'm useless on a calculator and you think it's such great a great find, you will quote it.
I didn't stalk you across hundreds of posts. I was genuinely curious if you knew much about investing or finance and things that would help you evaluate currency and commodities markets etc, or were just someone innocently caught up in the hype.
Based on your initial comments I had pictured you feverishly reading everything you could find about ten different products with a view to investing in the next week before the boat sailed without you (as it had with the WePower ICO for example). However, you then said you had years of merchant banking experience with a good understanding of markets so I thought I might have misjudged you - mischaracterising you as a kid caught up in hype when actually you are a seasoned professional or at least an enthusiastic amateur with some experiences to draw on.
So I wondered if you'd previously been active in the savings and investments part of the site, as if (for example) you had been there or the pensions areas etc or even the gambling / matched betting areas, there would perhaps things which we could could use to draw analogies with the decisions you are now making on these opportunities you currently have under review, in how to go about evaluating an opportunity and the best practices to adopt when trying to figure out if something is suitable or not. Drawing on past experience or guidance you've previously received on a forum - or even guidance you've given to other people on a forum - can be a great way to kick off a candid conversation about investment opportunities.
When I clicked on your name to 'view other posts by Save Dosh', they mostly seemed to be about old style moneysaving or embarking or a savings challenge, rather than anything meaty about investments or markets or crypto stuff. So rather than trying to read them I just flicked back a year (Forum Search, advanced, posts by a user, one year ago and older, only Essential Money area of the site, by last posting date descending). That gives a list of your post titles and first few lines of text for each.
Skimming down the first page presented by the search tool, was you asking how to use a calculator to find a number as a percentage of another. The answer being basically that you can put the number in and divide it by the other to find out what relationship a number has to another.
At this point I realised that your 'most of my life working in merchant banks' probably had not translated into much relevant stuff we could draw on in terms of financial analysis: investments appraisal, currency markets, commodities markets, credit markets etc which banks might get involved in. Getting to understand market dynamics is all about financial relationships between data and percentage movements etc; the 'madness of crowds' and game theory and psychology also explains some of it, but being numerate and understanding returns and loss potential is key to having a snowball's chance in hell of navigating the waters.
Investing is open to all. And anyone can have a punt. Throwing money at cryptocurrency you will discover that the market participants are non-discriminatory and unbiased. They will make money for some people and screw over other people, but the market doesn't care whether the holder of a bitcoin is rich or poor, black or white, smart or dumb. The market will do what it wants, go where it wants, up or down, and ruthlessly crush anyone who takes a position in its way without an once of sympathy.. When did you ever have to be a calculator whizz to invest a few bob in something.
So, knowing that the market can be a hard opponent whether you are well read and numerate, or sheltered and inexperienced and not numerate, I would generally urge caution. And more caution if someone is not numerate.
FWIW my mum is pretty poor with a calculator and had always struggled with maths herself despite having been a teacher. Like many people, of course she has lots of other skill sets that put me to shame in other areas - and being bad at doing percentages or using a calculator or smartphone without a handbook, is not a disability and does not preclude her from investing a few bob in something.. However, of the two of us, I am the one that has much of the input on how to invest her ISA.. And I wouldn't recommend she take on the role of evaluating opportunities within the largely unregulated crypto currency market, even if she had money she could afford to lose.
In many markets there are well established regulations. In crypto the are fewer and they are newer and somewhat untested. There is less to protect people from themselves. So, well meaning people on forums will sometimes step in to help challenge views and caution against the risks. If the punters just go to a crypto channel on YouTube they may hear other people with vested interests tell them it's great , with little opposition; this board is not like that.
When I did the quick forum Search mentioned above, I initially had the drop-down box set to have your old posts in ascending date order instead of descending order. So the page it presented me with showed your 2011 activity instead of 2016/17.
Don't think I've ever been on debt free wannabe (or whatever its called). Please don't spend another few hours 'trolling my posts' to prove different - why would you do that - get a fking life??
I mention this just to assure you that I am not spending hours reading your old posts. The reason I would even spend my time looking at the names of boards or thread titles you visited, has already been explained. It was to see if the was something that could be used to better help you. I appreciate it probably doesn't feel like you are getting any help or support. - maybe more like a character assassination. But it came from a place of goodwill.I spend most of my time on the 'Grocery Challenge'. Yes, we do pat each others back, I call it encouragement. I know this is a different board, but I wasn't expecting this hostility. I honestly thought I would come over here, say hi guys wot do you think, but hey. I will stick to the experts on YOUTUBE.
BananaRepublic had a very good point when he said that if your beliefs are any good they can take a few knocks. If you have an investment plan or even just a few things in a watchlist, don't worry if people say they are rubbish or the plan needs more consideration or you should take more time to be patient and evaluate rather than reading stuff as fast as you possibly can and diving in. All those sort of comments are to help you get a rounded view of what people think of your plan.
By contrast if you go to YouTube and a channel run by someone with many bitcoins, he will probably not be urging you to take your time and be patient and sit back and consider stuff before investing. He will make money from your visiting his channel and indirectly by the addition of your bitcoin demand into the market, boosting his own wealth. Really you need impartial views not just partisan ones.
Good luck with what you decide.
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I see that Bowl Head is back on form. Did I earlier mention something about attention to detail?
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The harsh reality is that if you "invest" in currencies, cryptocurrencies or commodities as an individual rather than as someone who works with these markets day in, day out, you are gambling. If you understand that and go ahead anyway, then best of luck, but people have certainly reached the mania stage of the cryptocurrency asset bubble where fear of missing out is driving decisions to buy rather than any rational understanding of why prices should continue to go up.
It is gambling but I wouldnt put it on par with saying doing a punt on a football match.
If you bet on something on a bookie, if you lose then thats it, your money is gone.
If you invest in some crypto coins, and the value drops, at that point you still have the coin as an asset, the option is there to just wait and hold for a recovery. So two very different scenarios.0 -
It is gambling but I wouldnt put it on par with saying doing a punt on a football match.
If you bet on something on a bookie, if you lose then thats it, your money is gone.
If you invest in some crypto coins, and the value drops, at that point you still have the coin as an asset, the option is there to just wait and hold for a recovery. So two very different scenarios.
It’s a valid point. However, most of the companies that had sky high valuations in the dot com boom never again attained such heights. That of course tells us nothing about the future worth of Bitcoin, but it does suggest that caution is advised.0 -
Space man has 1 LTC, he's expecting Litepal and Litepay to become a working reality before he really believes his investment is a wise one. Although he notes that he is already in profit if he chooses to cash out now, as LTC went up in value this year.
Well done Space man,
Cheers everybody!0 -
If you invest in some crypto coins, and the value drops, at that point you still have the coin as an asset, the option is there to just wait and hold for a recovery. So two very different scenarios.
There are plenty of altcoins whose value has dropped to zero, or which have been delisted from every exchange and are no longer tradable. Either way the punters have lost 100% of their money, and it is exactly like betting on football.0
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