Crypto Dabble.

Thrugelmir

Adyinvestment said:

Thrugelmir said:

Because it's vunerable people that have issues managing their personal finances that get drawn into such concepts. In the belief it's an easy route to making money.  

Hence the need for more constructive and informed discussions.

Most people unfortunately spout nonsense in an attempt to confirm their own bias. Nothing complex about a digital currency.  

Scottex99

robatwork said:

Didn't there used to be a betting/gambling forum on here? That would be more suitable for this discussion than saving/investing.
I note almost all the contributors to this thread are very low mileage posters. 

What difference does that make? People who have 10 posts to their name must be noobs and therefore must be gambling on crypto?

I've got individual stocks in my portfolio that are over 50% down since I bought them, a bad investment by any means. Am I suddenly gambling because I only have 3 posts here and it's some unheard of altcoin I'm down on?

Let the crypto people have their discussions in peace, its a $2tn industry now. You guys can deal with the "what should I do with £50k?" threads all you like

Adyinvestment

Scottex99 said:

Let the crypto people have their discussions in peace, its a $2tn industry now. You guys can deal with the "what should I do with £50k?" threads all you like

This

There are a number of familiar posters on here that seem to want to make it their mission to ruin any crypto discussion.

Take this thread for example, first post "I put £250 into crypto" - 2nd post "I hope you can sleep well at night". At this point I rolled my eyes knowing what was coming and sure enough most of the next 10 pages are an argument.

What on earth are they going to do if as I suspect in the next 10 years (I actually think much less but being conservative) when crypto is mainstream and half the threads on here are about it?

Yes crypto is early, everything is when it starts out, this is the time for discussion.

Gary1984

It may one day become mainstream and useful as an actual currency but right now it's just pure speculation and inappropriate for basically anyone coming to this forum looking for guidance. After looking at the sensible thread about how to invest £50k they might then see the three threads about crypto and think 'Hey, if there's all this discussion about this on Martin Lewis' forum and everyone in there seems to be enthusiastic and doing well out of it then it's probably worth looking into'. See the problem?

robatwork

Scottex99 said:

robatwork said:

Didn't there used to be a betting/gambling forum on here? That would be more suitable for this discussion than saving/investing.
I note almost all the contributors to this thread are very low mileage posters. 

What difference does that make? People who have 10 posts to their name must be noobs and therefore must be gambling on crypto?

I take it you're being obtuse by asking what difference it makes? Have you been on any forum for a length of time - Reddit, Usenet, Stack Overflow, here?   

Every opinion is welcome but experience shows putting too much weight on a 1 post wonder, or a one topic wonder, isn't particularly wise. Shame the LCF thread has been so heavily redacted as there's an object lesson. 

For disclosure, I dabble in crypto. I certainly don't think it's an investment or keep it as part of my "portfolio". It's a gamble. If my magic beans grow into a beanstalk then the farmer's wife will be happy. If they turn into Japanese Knotweed I'll just shrug. It isn't an investment or savings. 

Scottex99

Gary1984 said:

It may one day become mainstream and useful as an actual currency but right now it's just pure speculation and inappropriate for basically anyone coming to this forum looking for guidance. After looking at the sensible thread about how to invest £50k they might then see the three threads about crypto and think 'Hey, if there's all this discussion about this on Martin Lewis' forum and everyone in there seems to be enthusiastic and doing well out of it then it's probably worth looking into'. See the problem?

They might see them on Instagram, Facebook, TikTok too and should of course tread with caution on those types of platforms that are generally full of scams and mis-information. I've been involved in most of the crypto threads on here and just because I'm pro BTC/ETH and have called out the naysayers (if they are grossly misinformed), I've also done the same for people shilling random projects "to the moon". Check the posts where people explain what may just be a financial revolution and you'll not see anyone advising people to go all in on Bitcoin, the same way people dont advise putting all your money into some Vanguard fund.

Could anyone seriously claim that buying some BTC in recent years has been a bad investment? Yes it's volatile, yes it's nascent, yes there are serious regulatory conversations still to be had, but if even if you're risk averse it's still worth a small % of your investment capital.

I'm heavily invested by a % of my net worth but i'm fairly "young" and make a good monthly income anyway, so it works for me. As bullish as I am on BTC, ETH and DeFi, you wont catch me telling anyone to throw money in that they can't afford to lose. Lack of exposure at this time though is a massive missed opportunity, imo.

Hansplace

Just my humble opinion...

Banks, Central banks are run by the old system ie people over the age of 50 and they want to continue controlling the market.
Crypto is for the young and wanted a change from the old system.

One thing I don't agree about central bank is how can the interest rate be determine by just a handful of people. Back in the days when interest rate goes up and down, these few central bankers will have positions in the market before announcing their votes on the interest rate. Google Nancy Polesi. She have so many positions in the market.
The old are in control and they will want to continue milking it.

Also don't like to be charge commission when I do currency exchange when travelling which is one of the things crypto is trying to sort out.

Michael121

Lets be honest those people that have lost a significant amount of their money didn't even own crypto, they got scammed. Could of been through crypto or any other scam.

If your going to call out the crypto thread you all need to jump on the speculative thread as well, because more money has probably been lost in their than this one. Plenty of threads have been made by the crypto enthusiasts about how to get it and store it. But the stock picks in the speculative thread have offered what, nothing but a punt on a ticker. If some newb reads that thread he/she doesn't know how to value that company either.

If this is strictly a newb forum all stock picks and crypto threads should be out of sight. 

Cus

I have a crypto dabble.  It accounts for less than 0.1% of my investments.  Now I don't know what an appropriate % is, it obviously depends on a lot of factors but I am worried that there is a large number of 20 to 40 year olds who have a massive % of their savings in crypto, and it could all end with a skint generation..

bugbyte_2

The problem as I see it is that no pro crypto poster - including scottex99 - actually challenges other pro cripto posters so when someone posts something like this....

Hansplace said:

Just my humble opinion...

Banks, Central banks are run by the old system ie people over the age of 50 and they want to continue controlling the market.
Crypto is for the young and wanted a change from the old system.

One thing I don't agree about central bank is how can the interest rate be determine by just a handful of people. Back in the days when interest rate goes up and down, these few central bankers will have positions in the market before announcing their votes on the interest rate. Google Nancy Polesi. She have so many positions in the market.
The old are in control and they will want to continue milking it.

Also don't like to be charge commission when I do currency exchange when travelling which is one of the things crypto is trying to sort out.

it left to others to point out the massive mis-information that is being spouted. If left unchallenged, as some on here would like, then casual readers would get the impression from posts like above that BOE is populated by old people who are intrinsically evil who control 'the market' (without explaining what 'the market' is) whilst crypto is for the young and free, and has no charges when using it

In reality Crypto appears to be easily manipulated if you have enough money - see 
https://www.forbes.com/sites/jonathanponciano/2021/06/13/musk-denies-bitcoin-pump-and-dump-and-says-tesla-will-resume-transactions-once-this-mining-goal-is-reached/?sh=6b8b50d6aa2a
and guess what? Musk is 50!

As for 'no commission' - Even if you remove the small matter of you have no idea what your holding is worth from one minute to the next there is a hefty transaction fee:
https://www.coindesk.com/markets/2021/04/21/bitcoin-transactions-are-more-expensive-than-ever/

It would be nice if a crypto fan just once called out this kind of nonsense then the rest of us wouldn't need to.