We’d like to remind Forumites to please avoid political debate on the Forum.

This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Bitcoin/alts - do not leave on exchange.

13

Comments

  • Type_45
    Type_45 Posts: 1,723 Forumite
    1,000 Posts Fifth Anniversary Name Dropper Combo Breaker
    Malthusian wrote: »

    Virtually nobody bought Bitcoin for pennies. That's why they were trading at pennies.


    That's not how how markets work. That's like saying that "virtually nobody buys penny sweets, that's why they cost a penny". The price indicates their worth. It does not indicate the amount of people who buy them.


    There are lots of Bitcoin millionaires. And plenty more who have made significant sums.




    You sound like a bitter dude who missed the boat.
  • Malthusian
    Malthusian Posts: 11,055 Forumite
    Tenth Anniversary 10,000 Posts Name Dropper Photogenic
    Type_45 wrote: »
    That's not how how markets work.

    Supply and demand is the very essence of how markets work.
    That's like saying that "virtually nobody buys penny sweets, that's why they cost a penny".
    Virtually nobody buys penny sweets as an investment, which is why they cost their intrinsic value (1p).

    If lots of people started buying penny sweets as an investment or "the future of payments" (stranger things have happened), the price would rocket. Up until the point the smart money started to dump them, at which point they would collapse to a penny each, and those who were last out would lose their shirt.

    There are lots of Bitcoin millionaires. And plenty more who have made significant sums.
    There are far greater numbers who made losses so they could make signficant sums.
    You sound like a bitter dude who missed the boat.
    Whereas you sound like someone who, having packed in his 9-to-5 after Bitcoin got him rich quick, has nothing better to do than lounge on his yacht and post get-rich-quick playbook cliches on MSE.
  • cashmonger
    cashmonger Posts: 411 Forumite
    Good to see some other pro crypto people in here.
  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    Well good news is I've still got my 0.5 bitcoin that I bought for $2100 18 months or so ago.

    Would have been a nice profit it if I'd sold when it was $20000 of course but theres hope yet.

    Also, I did put about £10K of my pension into a bit coin tracker pension fund at one point. It went up to £25K so I took the original £10K out and put it back into traditional funds. I've still got about £15K in the BTC fund so that was a nice £15K profit for my pension fund (in abotu 3 months or so as well).

    Didnt do so well with ETH tracker fund which is about £2K down but hey ho.
  • Type_45
    Type_45 Posts: 1,723 Forumite
    1,000 Posts Fifth Anniversary Name Dropper Combo Breaker
    I'm sure they'll be another bull run. When it happens make sure you take your profits
  • short_butt_sweet
    short_butt_sweet Posts: 333 Forumite
    Type_45 wrote: »
    I'm sure they'll be another bull run. When it happens make sure you take your profits
    as will rogers would probably say if he were alive today: "don't gamble; take all your savings and buy some good cryptocurrency and hold it till it goes up, then sell it. if it don't go up, don't buy it."
  • Type_45
    Type_45 Posts: 1,723 Forumite
    1,000 Posts Fifth Anniversary Name Dropper Combo Breaker
    edited 3 April at 1:59PM
    [quote=[Deleted User];discussion/5920246]Have recently had a bit of a bad experience where someone hacked my Bittrex account, sold all my cryptos and converted to bitcoin and then withdrew to their own bitcoin wallet.

    I can trace the login to a VPN provider in Germany but, pretty much, its gone.

    Lesson learned - never leave on an exchange because it can get hacked.[/QUOTE]




    Hi - did you get to the bottom of how you were hacked/compromised?


    ie, was it the exchange which was hacked, or was it your own information which was hacked/stolen?
  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    Type_45 wrote: »
    Hi - did you get to the bottom of how you were hacked/compromised?


    ie, was it the exchange which was hacked, or was it your own information which was hacked/stolen?

    Looks like my own info was stolen somehow. Not sure how yet.
  • Type_45
    Type_45 Posts: 1,723 Forumite
    1,000 Posts Fifth Anniversary Name Dropper Combo Breaker
    edited 3 April at 1:59PM
    [quote=[Deleted User];75048785]Looks like my own info was stolen somehow. Not sure how yet.[/QUOTE]




    Cheers. Would be good to know from a security perspective.


    What I personally do is keep the bulk of my coins offline on a Nano S. I keep my recovery words online, but split between different sites. I use 2FA on all sites where it's available (Bittrex, emails etc).


    Obviously it's better to keep your recovery words offline (which I also do). But if my house goes up in flames I want to have access to them online too.
  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    Type_45 wrote: »
    Cheers. Would be good to know from a security perspective.


    What I personally do is keep the bulk of my coins offline on a Nano S. I keep my recovery words online, but split between different sites. I use 2FA on all sites where it's available (Bittrex, emails etc).


    Obviously it's better to keep your recovery words offline (which I also do). But if my house goes up in flames I want to have access to them online too.

    Most of mine on a nano too just some left on bitrex #worstideaever
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 351.7K Banking & Borrowing
  • 253.4K Reduce Debt & Boost Income
  • 454K Spending & Discounts
  • 244.7K Work, Benefits & Business
  • 600.1K Mortgages, Homes & Bills
  • 177.3K Life & Family
  • 258.4K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.2K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.
Update Your Picture