Bitcoin (or any crypto currency)

sargan

I have had several targeted FaceBook posts claiming that Martin Lewis  says the financial future is BitCoin
people need to invest in Bitcoin now.

What is the forums view on this.

ratechaser

I think we need a Crypto sub forum

(in the way that a major city needs an asylum)

Ash_Pole

I can't speak for the forum but my own view is that Martin Lewis said nothing of the sort. 

eskbanker

sargan said:

I have had several targeted FaceBook posts claiming that Martin Lewis  says the financial future is BitCoin
people need to invest in Bitcoin now.

What is the forums view on this.

https://www.moneysavingexpert.com/news/2021/01/martin-lewis-answers-whether-you-should-buy-bitcoin/

BEWARE scam ads which lie that Martin recommends Bitcoin

Fraudsters have wrongly used fake Martin Lewis ads with his name and face on to promote cryptocurrencies, but these are scams. Martin doesn't do adverts – if you ever see one with his face or name on it, it is without permission. In fact, Martin sued social media site Facebook over these adverts and settled for £3 million, which he donated to charity.

Martin said on TV: "You'll have seen adverts with me in for Bitcoin or Bitcoin trading. They are not Bitcoin, they are scams – don't touch them – if you see my face in an advert it's not true. Be incredibly careful to do your research and go for a legitimate source if you want your Bitcoin."

[The point about doing your research is crucial. We don't have a 'How to buy Bitcoin' guide on the site, as we don't usually cover what to invest in. This story is only here because I get asked so many times about this topic; likely because people have seen the scam adverts. Never buy Bitcoin off an advert, do your reading, research it yourself – and if you want Bitcoin, ensure you're buying it, and that no one is selling it to you.]

Zanderman

sargan said:

I have had several targeted FaceBook posts claiming that Martin Lewis  says the financial future is BitCoin
people need to invest in Bitcoin now.

What is the forums view on this.

Never, ever, take any notice of targeted facebook posts, especially when they are making obviously fake claims!!!

csgohan4

OP don't be easily swayed/seduced by random internet ads. If you do, you will regret it. 

Always research things yourself before deciding on investing. There are plenty of threads on above mentioned coin, so need not be duplicated here

Flatulentoldgoat

The forums view on anything Crypto related is that of a boomer who picked up the daily mail and read the headline BITCOIN SCAM. End of, no iffs or buts. Any attempts to deviate from the group think here is going to result in ridicule and loathing.

Caveat being don't click on anything on FB as that probably IS a scam.

underground99

Flatulentoldgoat said:

The forums view on anything Crypto related is that of a boomer who picked up the daily mail and read the headline BITCOIN SCAM. End of, no iffs or buts. Any attempts to deviate from the group think here is going to result in ridicule and loathing.

Well, when someone pops up saying they have seen that the founder of this site was in a targeted bitcoin ad, when it has been highly publicised in his own website that he does not do ads or promote investment styles, it is clearly a scam. End of, no ifs or buts.

strawb_shortcake

Flatulentoldgoat said:

The forums view on anything Crypto related is that of a boomer who picked up the daily mail and read the headline BITCOIN SCAM. End of, no iffs or buts. Any attempts to deviate from the group think here is going to result in ridicule and loathing.

Caveat being don't click on anything on FB as that probably IS a scam.

Now I'd say there are some longstanding well respected forumites on this board that have said that cryptocurrency does form a part of their portfolio, so I'd say your assessment of the forums view is wrong. 

These people also acknowledge that not just cryptocurrency is a risky investment but that also their other investments come with risk too. 
Most knowledgeable people that comment on the crypto posts highlight the risks and comment on what questions should be asked and considered before making an investment in that sector, just as you should consider before making any investment. 

In the other corner, you have fairly new people or people that infrequently post, that cry "boomers don't understand", "your money is safe" and "you literally can't lose money". They reply with a standard, "I'm not explaining how it works, do your own research" a commonly used term by people on social media that can't (not won't) back up their understanding or theory with any facts. 

I haven't invested in cryptocurrencies because I don't understand it, and hearing people say "you can't lose money" screams someone else that doesn't understand investing either. 

All that said, some people will do well and make lots of money, some will be down to luck and others will be down to have a good solid understanding of all things crypto. Not everyone praising crypto fall into the latter

csgohan4

annabanana82 said:

Flatulentoldgoat said:

The forums view on anything Crypto related is that of a boomer who picked up the daily mail and read the headline BITCOIN SCAM. End of, no iffs or buts. Any attempts to deviate from the group think here is going to result in ridicule and loathing.

Caveat being don't click on anything on FB as that probably IS a scam.

Now I'd say there are some longstanding well respected forumites on this board that have said that cryptocurrency does form a part of their portfolio, so I'd say your assessment of the forums view is wrong. 

These people also acknowledge that not just cryptocurrency is a risky investment but that also their other investments come with risk too. 
Most knowledgeable people that comment on the crypto posts highlight the risks and comment on what questions should be asked and considered before making an investment in that sector, just as you should consider before making any investment. 

In the other corner, you have fairly new people or people that infrequently post, that cry "boomers don't understand", "your money is safe" and "you literally can't lose money". They reply with a standard, "I'm not explaining how it works, do your own research" a commonly used term by people on social media that can't (not won't) back up their understanding or theory with any facts. 

I haven't invested in cryptocurrencies because I don't understand it, and hearing people say "you can't lose money" screams someone else that doesn't understand investing either. 

All that said, some people will do well and make lots of money, some will be down to luck and others will be down to have a good solid understanding of all things crypto. Not everyone praising crypto fall into the latter

Sadly some Crypto fans go along on the lines of, 'invest in it quick,  I made 500k, YOLO' Get in before it's too late. 

Sure I agree Crypto  is a form of  investment, just as investing in gold, silver, stocks. e.t.C

however to think it is risk free or 0% you will not lose money is clearly evident of their lack of understanding in these type of volatile investments.

cyrpto is too high for my risk appetite, but it's maybe your kind of investment. Good for if you made 4000x% on your investment. I am happy with my investments and I can sleep well at night. 

ratechaser

annabanana82 said:

Flatulentoldgoat said:

The forums view on anything Crypto related is that of a boomer who picked up the daily mail and read the headline BITCOIN SCAM. End of, no iffs or buts. Any attempts to deviate from the group think here is going to result in ridicule and loathing.

Caveat being don't click on anything on FB as that probably IS a scam.

Now I'd say there are some longstanding well respected forumites on this board that have said that cryptocurrency does form a part of their portfolio, so I'd say your assessment of the forums view is wrong. 

These people also acknowledge that not just cryptocurrency is a risky investment but that also their other investments come with risk too. 
Most knowledgeable people that comment on the crypto posts highlight the risks and comment on what questions should be asked and considered before making an investment in that sector, just as you should consider before making any investment. 

In the other corner, you have fairly new people or people that infrequently post, that cry "boomers don't understand", "your money is safe" and "you literally can't lose money". They reply with a standard, "I'm not explaining how it works, do your own research" a commonly used term by people on social media that can't (not won't) back up their understanding or theory with any facts. 

I haven't invested in cryptocurrencies because I don't understand it, and hearing people say "you can't lose money" screams someone else that doesn't understand investing either. 

All that said, some people will do well and make lots of money, some will be down to luck and others will be down to have a good solid understanding of all things crypto. Not everyone praising crypto fall into the latter

This. 

Excellent post!