Crypto Curriencies

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  • bostonerimus
    bostonerimus Posts: 5,617 Forumite
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    edited 14 October 2018 at 2:09PM
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    RomfordNavy wrote: »
    There are many, including myself, who think that a holding of Gold & Silver should be part of a balanced portfolio. In the modern world maybe Crypto should be included as well?

    Your assertion about gold and silver is arguable and so the assertion that follows about crypto currency is even more arguable. Most people answering your question don't agree with you about crypto currencies so I don't think you'll get much useful advice from them.
    “So we beat on, boats against the current, borne back ceaselessly into the past.”
  • RomfordNavy
    RomfordNavy Posts: 684 Forumite
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    astedman wrote: »
    Crypto is not an investment, it’s a gamble. Unlike shares, a crypto-currency’s value cannot be attributed to anything but market sentiment, and has no place in a serious portfolio other than a bit of fun.
    Thats what thought until I started looking into how crypto currencies are being used around the world as a means of cost free transactions. There are many more crypto transactions going on around the world than most of us in the UK appreciate.
  • Alexland
    Alexland Posts: 9,653 Forumite
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    RomfordNavy wrote: »
    Thats what thought until I started looking into how crypto currencies are being used around the world as a means of cost free transactions. There are many more crypto transactions going on around the world than most of us in the UK appreciate.

    Honestly I think you are just trolling us now. If you are enlightened why do you need our help?

    Alex
  • fwor
    fwor Posts: 6,810 Forumite
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    RomfordNavy wrote: »
    There are many more crypto transactions going on around the world than most of us in the UK appreciate.

    To convince anyone here about this, I think you will need to quote a credible source, rather than just saying it.

    In preparation for that, you might want to start by looking into the technical limitations of - for example - how many transactions per second Bitcoin can handle in its current form, compared to the infrastructure of one of the major credit card transaction processors.

    Once you have done that, I suspect you will realise that you are mistaken.
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
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    RomfordNavy wrote: »
    Thats what thought until I started looking into how crypto currencies are being used around the world as a means of cost free transactions. There are many more crypto transactions going on around the world than most of us in the UK appreciate.

    What's your view on the power consumption that's required?
  • masonic
    masonic Posts: 23,279 Forumite
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    RomfordNavy wrote: »
    Thats what thought until I started looking into how crypto currencies are being used around the world as a means of cost free transactions. There are many more crypto transactions going on around the world than most of us in the UK appreciate.
    Cost free? Do you realise that you have to pay bitcoin miners a fee for them to process your transaction and include it on the blockchain? Did you know that in the future that fee will be the only income they'll receive from mining and will therefore have to cover all of their energy costs? Did you know during the last (and perhaps only) Bitcoin boom the transaction fees were in excess of $5 for a sustained period of time, since there are a limited number of transactions that can be included on each block and miners will sell these slots to the highest bidders?
  • bostonerimus
    bostonerimus Posts: 5,617 Forumite
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    I don't need to invest in anything as volatile as crypto currencies, but I work with a guy who sold a lot of his GBTC when bit coin was around $15000 and bought a BMW 4 series. He's watched the value of what he held onto go down and down over the summer. So he now has a car that will cost a lot to maintain and hasn't succeeded in doing anything to secure his future.
    “So we beat on, boats against the current, borne back ceaselessly into the past.”
  • markj113
    markj113 Posts: 256 Forumite
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    edited 14 October 2018 at 4:14PM
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    masonic wrote: »
    Cost free? Do you realise that you have to pay bitcoin miners a fee for them to process your transaction and include it on the blockchain? Did you know that in the future that fee will be the only income they'll receive from mining and will therefore have to cover all of their energy costs? Did you know during the last (and perhaps only) Bitcoin boom the transaction fees were in excess of $5 for a sustained period of time, since there are a limited number of transactions that can be included on each block and miners will sell these slots to the highest bidders?
    Did you know bitcoin is not the only crypto currency and there are several others that offer fee free transactions and other advantages such as better privacy and faster confirmation rates.

    Thrugelmir wrote: »
    What's your view on the power consumption that's required?
    What are the power requirements of the traditional banking system inc. buildings, data centres, employee transport requirements?

    bostonerimus wrote: »
    I don't need to invest in anything as volatile as crypto currencies, but I work with a guy who sold a lot of his GBTC when bit coin was around $15000 and bought a BMW 4 series. He's watched the value of what he held onto go down and down over the summer. So he now has a car that will cost a lot to maintain and hasn't succeeded in doing anything to secure his future.
    But he has managed to purchase a car outright with no lease agreement or loan. This will save on interest and free additonal funds to maintain the car + some left over. How will you feel the stock market crashes shortly and what you hold goes down and down?
  • masonic
    masonic Posts: 23,279 Forumite
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    edited 14 October 2018 at 4:31PM
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    markj113 wrote: »
    Did you know bitcoin is not the only crypto currency and there are several others that offer fee free transacions and other advantages such as better privacy and faster confirmation rates.
    Yes I did, and there will be newer ones in the future that will improve upon those you mention. I should point out I hold some small change in a number of the newer coins, but not for investment purposes. The OP is referring to the "many more crypto transactions going on around the world than most of us in the UK appreciate". My comments hold for the cryptocurrencies that are being used for the largest volume of these transactions, and not just bitcoin although I used it as a specific example.

    Do you think I misunderstood the OP and he really doesn't intend to include BTC, ETH, etc in his cryptocurrency portfolio?
  • RomfordNavy
    RomfordNavy Posts: 684 Forumite
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    Thrugelmir wrote: »
    What's your view on the power consumption that's required?
    Clearly not good for the planetm but we're not debating the rights and wrongs of crypto, just whether it is here to stay or not.
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