BITCOIN

tranquility1

I've just tried to transfer £2K to Coinbase from my Tesco current account.  

Tesco blocked and withheld my money (without telling me, so I thought for a day that it was lost).

They then call me and tell me that they don't recommend crypto and they will withhold my money for another day to give me time to "think and research".

Malthusian

tranquility1 said:

But having everything in your tracker/bonds, and thinking it's "diversified" is short sighted.  Sure you're diversified compared to a guy who only has shares in Tesco.  But you are 100% exposed to the stock market.  And even bonds largely mirror what is happening in equities.

The point of diversifying investments is not to own a wider variety of stuff. The point of diversification is to reduce systemic risk without materially reducing expected return.

If having 100% of my investments in assets with a positive expectation of return isn't diversification (even if I have effectively eliminated the non-systemic risk of individual sectors and shares), and I need to buy into some zero-sum money games to call myself diversified, then I'm happy to be concentrated.

Tesco blocked and withheld my money (without telling me, so I thought for a day that it was lost).

They then call me and tell me that they don't recommend crypto and they will withhold my money for another day to give me time to "think and research".

...and reduce the risk that they are liable for any losses.

Look on the bright side, once Tesco have released the block and you convert your money into digital tokens, you won't have to bother with that kind of hoop-jumping anymore, while the rest of us won't be exposed to the risk of having to bail you out if you fall victim to fraud. Everybody wins.

tebbins

tranquility1 said:

I've just tried to transfer £2K to Coinbase from my Tesco current account.  

Tesco blocked and withheld my money (without telling me, so I thought for a day that it was lost).

They then call me and tell me that they don't recommend crypto and they will withhold my money for another day to give me time to "think and research".

A bank genuinely looking out for the interests of its customers? What planet are you on!

tranquility1

tebbins said:

tranquility1 said:

I've just tried to transfer £2K to Coinbase from my Tesco current account.  

Tesco blocked and withheld my money (without telling me, so I thought for a day that it was lost).

They then call me and tell me that they don't recommend crypto and they will withhold my money for another day to give me time to "think and research".

A bank genuinely looking out for the interests of its customers? What planet are you on!

What do you mean by what planet I'm on?

I simply stated what had just happened. I didn't even pass judgement on it in that post. 

tranquility1

Malthusian said:

tranquility1 said:

But having everything in your tracker/bonds, and thinking it's "diversified" is short sighted.  Sure you're diversified compared to a guy who only has shares in Tesco.  But you are 100% exposed to the stock market.  And even bonds largely mirror what is happening in equities.

The point of diversifying investments is not to own a wider variety of stuff. The point of diversification is to reduce systemic risk without materially reducing expected return.

If having 100% of my investments in assets with a positive expectation of return isn't diversification (even if I have effectively eliminated the non-systemic risk of individual sectors and shares), and I need to buy into some zero-sum money games to call myself diversified, then I'm happy to be concentrated.

Tesco blocked and withheld my money (without telling me, so I thought for a day that it was lost).

They then call me and tell me that they don't recommend crypto and they will withhold my money for another day to give me time to "think and research".

...and reduce the risk that they are liable for any losses.

Look on the bright side, once Tesco have released the block and you convert your money into digital tokens, you won't have to bother with that kind of hoop-jumping anymore, while the rest of us won't be exposed to the risk of having to bail you out if you fall victim to fraud. Everybody wins.

Tesco are not liable for any losses regarding crypto. And neither are you. I've no idea why you think you are?

adindas

tranquility1 said:

I've got £1k of BTC.  £1K of DOGE.  And £100 of XLM.

I will be putting a grand or two more into crypto this week.  Which coins do people recommend?


I am interested in XLM and XRP because some say they could be used heavily in the economy in future.  But XRP isn't on Coinbase, and I can't be bothered with other exchanges...

To me I am not buying any cryptos at the current price. I have ADA, DOGE, ETH, BTC for long-term holding and do not have any intention to sell it. Unless thereis a major catalyst that I believe will have a very high chance to push the price up, I do not buy cryptos when there are a lot of people buying it and the price has already gone up significantly. It might be the wrong decision not to buy now, as they might keep going up, let see. But keep in mind it could also go down from the current price when there is a bad news and cosidering volatility of this assest. But I will not regret applying this strategy that I have adopted since the beginning. Each to their own apply your own strategy which you believe will work for you.

I am glad I added my position about month ago. I will add my position when people start doing panic sell again such as what you saw about a month ago when they people start panic selling after the news about Chinese Government banning crypto and crypto mining. How come this one was a bad thing? CCP is all about control which is not in line with the spirit of cryptos anyway. Now the miners have moved their operation to other more liberal countries.

tranquility1

adindas said:

tranquility1 said:

I've got £1k of BTC.  £1K of DOGE.  And £100 of XLM.

I will be putting a grand or two more into crypto this week.  Which coins do people recommend?


I am interested in XLM and XRP because some say they could be used heavily in the economy in future.  But XRP isn't on Coinbase, and I can't be bothered with other exchanges...

To me I am not buying any cryptos at the current price. I have ADA, DOGE, ETH, BTC for long-term holding and do not have any intention to sell it. I do not buy cryptos when there are a lot of people buying it and the price has already gone up significantly. It might be the wrong decision not to buy now, as they might keep going up, let see. But I will not regret applying this strategy that I have adopted since the beginning. Each to their own apply your own strategy which you believe will work for you.

I am glad I added my position about month ago. I will add my position when people start doing panic sell again such as what you saw about a month ago when they people start panic selling after the news about Chinese Government banning crypto and crypto mining. How come this one was a bad thing? CCP is all about control which is not in line with the spirit of cryptos anyway. Now the miners have moved their operation to other more liberal countries.

I think if you consistently buy when people are panicking, and sell/hold when people are greedy, you'll not do too badly.

eskbanker

Deleted_User said:

eskbanker said:

tebbins said:

eskbanker said:

thompson_2009 said:

Hi have been looking into btc and it looks very dodgy, even those sites that say they are genuine have multiple websites. And scammers are always putting scam adverts on Facebook. Nothing about it is trustworthy. 

If that's the extent and rigour of your due diligence and analytical capabilities then it would certainly appear that crypto isn't for you!

We all start somewhere, it's comforting to see someone (apologies if I assume wrong) newish to the investing game be able to work out Bitcoin isn't for them on their own initiative.

I'm sure it's the right decision, but my point was that it's for the wrong reasons - it's one thing to choose not to buy into it on an informed basis but foolish to dismiss it out of hand because of misconceptions and misunderstandings....

Really the purpose of your comment was to question someone else's intelligence and make a snarky comment, but taking it at face value, I think being overly sceptical about Bitcoin when you don't fully understand it is quite sensible. The consequences of not investing in something for the wrong reasons are fairly minimal.

It's far more dangerous to think you're investing for the right reasons but have a massive blind spot that you haven't properly considered. A little bit of knowledge is a dangerous thing, as they say.

Again, I wouldn't have any issue at all with someone saying something like "I'm steering clear of crypto because I don't understand it and am not confident of being able to differentiate between safe sources and scams", which I agree would be a completely reasonable and sensible stance to take (albeit an odd one to share on this thread), but instead that poster leapt to the conclusion that the entire concept is flawed, based solely on insufficient research, which certainly doesn't seem an intelligent approach to me!

tebbins

tranquility1 said:

adindas said:

tranquility1 said:

I've got £1k of BTC.  £1K of DOGE.  And £100 of XLM.

I will be putting a grand or two more into crypto this week.  Which coins do people recommend?


I am interested in XLM and XRP because some say they could be used heavily in the economy in future.  But XRP isn't on Coinbase, and I can't be bothered with other exchanges...

To me I am not buying any cryptos at the current price. I have ADA, DOGE, ETH, BTC for long-term holding and do not have any intention to sell it. I do not buy cryptos when there are a lot of people buying it and the price has already gone up significantly. It might be the wrong decision not to buy now, as they might keep going up, let see. But I will not regret applying this strategy that I have adopted since the beginning. Each to their own apply your own strategy which you believe will work for you.

I am glad I added my position about month ago. I will add my position when people start doing panic sell again such as what you saw about a month ago when they people start panic selling after the news about Chinese Government banning crypto and crypto mining. How come this one was a bad thing? CCP is all about control which is not in line with the spirit of cryptos anyway. Now the miners have moved their operation to other more liberal countries.

I think if you consistently buy when people are panicking, and sell/hold when people are greedy, you'll not do too badly.

Great advice, how do you suggest doing it?

tranquility1

tebbins said:

tranquility1 said:

adindas said:

tranquility1 said:

I've got £1k of BTC.  £1K of DOGE.  And £100 of XLM.

I will be putting a grand or two more into crypto this week.  Which coins do people recommend?


I am interested in XLM and XRP because some say they could be used heavily in the economy in future.  But XRP isn't on Coinbase, and I can't be bothered with other exchanges...

To me I am not buying any cryptos at the current price. I have ADA, DOGE, ETH, BTC for long-term holding and do not have any intention to sell it. I do not buy cryptos when there are a lot of people buying it and the price has already gone up significantly. It might be the wrong decision not to buy now, as they might keep going up, let see. But I will not regret applying this strategy that I have adopted since the beginning. Each to their own apply your own strategy which you believe will work for you.

I am glad I added my position about month ago. I will add my position when people start doing panic sell again such as what you saw about a month ago when they people start panic selling after the news about Chinese Government banning crypto and crypto mining. How come this one was a bad thing? CCP is all about control which is not in line with the spirit of cryptos anyway. Now the miners have moved their operation to other more liberal countries.

I think if you consistently buy when people are panicking, and sell/hold when people are greedy, you'll not do too badly.

Great advice, how do you suggest doing it?

Don't buy a house right now.  Do buy gold and silver.