Who's invested in Cryptocurrency

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  • bowlhead99
    bowlhead99 Posts: 12,295
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    Halorey wrote: »
    My friend is kind of cryptospecialist and he invests much in all that cryptostuff. I asked him to select the most reliable and safe coin for me to invest, so on his advice I bought CNX coins , transferred it to Cryptonex windows wallet and keep it online. As far as I can understand it's not exactly mining (though it's called pos mining) but I get 12% annually from it. I've already got 1 mining reward and all that seems to be quite easy and profitable.
    It's not guaranteed to give you 12% annually though is it - it could make 100% loss next year. It is easy to make profits when things are going up in value. When people start finding tips on the internet from other people who don't understand crypto but have just had a second-hand recommendation from someone who is kind of into it, so they bought some and can only describe it in a vague way but found it 'easy and profitable' because it went up in value; that is the time to tut, shake your head and say the thing is just a bubble.

    "I get 12% annually" ? Do you really? CNX only had its initial coin offering in October 2017 so you are less than 6 months into the project. You can't possibly know you'll make gains of 12% annually and don't have any evidence to back up your assertion, only a 'friend' who tells you it is safe. To the rest of us it sounds like you've opened a forum account here to encourage us to buy it in the hope that the demand would increase the value of your own coins.
  • bowlhead99 wrote: »
    It's not guaranteed to give you 12% annually though is it - it could make 100% loss next year.

    Agree. Cryptoworld is unstable in general and risks are all around.
    bowlhead99 wrote: »
    When people start finding tips on the internet from other people who don't understand crypto but have just had a second-hand recommendation from someone who is kind of into it, so they bought some and can only describe it in a vague way but found it 'easy and profitable' because it went up in value; that is the time to tut, shake your head and say the thing is just a bubble.
    These are my suggestions. Everybody must think for himself.
    bowlhead99 wrote: »
    Do you really? CNX only had its initial coin offering in October 2017 so you are less than 6 months into the project. You can't possibly know you'll make gains of 12% annually and don't have any evidence to back up your assertion, only a 'friend' who tells you it is safe.

    Of course I couldn't get 12% as the project was launched in summer or even later. I can only say that I really get my 1% per month so I suppose that it will be 12% annually as they promise.
  • ivormonee
    ivormonee Posts: 395
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    The number of cryptocurrency related posts on this forum have progressively dwindled over the past couple of months or so. Could this be a sign that interest in this arena is waning? If so, might this be an omen of the future of bitcoin and the other coins?
  • sstjc
    sstjc Posts: 22
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    I think your right. However I put a small amount into Bitcoin and Litecoin just to keep my interest up. Although I have lost almost half the money invested my instinct is that something similar will rise from the ashes of cryptos that will cause a rise in the values of current cryptos and I hope to gain a bit back when that happens. Personally I think that what comes next will again be blockchain based but we have yet to see what it is. Its a chance i'm willing to take but of course all the 'make-a-fast-buck' people have, as you say, lost interest.

    Looking back a couple of posts the fact that the established banks and others are now taking an interest in Blockchain based data and money handling systems legitomises the whole thing which removes its attraction for many shady characters and orgainisations that found Bitcoin so attractive in the early days and suggests that transactions will become more tracable. So perhaps for the next get-rich-quick scheme that brings with it the growth we saw in Bitcoin will have to wait until someone comes up with something else that sits underneath the radar of governments and regulators. As always the question then will be who will be quick enough to spot it?
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  • cybermum
    cybermum Posts: 369
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    ivormonee wrote: »
    The number of cryptocurrency related posts on this forum have progressively dwindled over the past couple of months or so. Could this be a sign that interest in this arena is waning? If so, might this be an omen of the future of bitcoin and the other coins?

    No . It simply means the flurry of people who ran in and invested at the wrong time subsequently got burnt . Rather than waiting, researching and studying in depth they threw money at whatever seemed hot ' according to Reddit .

    Far from waning , only increasing among those who can see the future with this tech in it. Most do not . Yet.
    The fast ££££ guys with no idea need to go research and then invest in projects that offer something of substance and not hype.
  • cybermum
    cybermum Posts: 369
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    A hive of activity is taking place on a few forums dedicated to crypto and the emerging tech. The up and coming ICO's this year are many.
    2 catch my eye. But its ever ever evolving at pace. 80,000 retailers in the EU now accept cryptocurrency as a method of payment.
    Its only going to increase exponentially.
  • eskbanker
    eskbanker Posts: 30,375
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    cybermum wrote: »
    Rather than waiting, researching and studying in depth they threw money at whatever seemed hot ' according to Reddit .
    Interesting choice of citation, which (to me) ranks some way below 'according to Wikipedia/the Daily Mail/some bloke down the pub' in terms of credibility! ;)
  • Malthusian
    Malthusian Posts: 10,898
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    cybermum wrote: »
    80,000 retailers in the EU now accept cryptocurrency as a method of payment.

    Less than 100 retailers worldwide accept cryptocurrency as a method of payment. The list is here.

    Allowing you to convert cryptocurrency into fiat money at the till and then pay in fiat money (and taking a fee for doing so) is not "accepting cryptocurrency". It is accepting fiat, while offering a currency conversion service. You are only accepting cryptocurrency if the price is quoted in cryptocurrency and not pegged to its value in a fiat currency.

    OneCoin doesn't count either.
  • markj113
    markj113 Posts: 256
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    Malthusian wrote: »
    Less than 100 retailers worldwide accept cryptocurrency as a method of payment. The list is here.

    Allowing you to convert cryptocurrency into fiat money at the till and then pay in fiat money (and taking a fee for doing so) is not "accepting cryptocurrency". It is accepting fiat, while offering a currency conversion service. You are only accepting cryptocurrency if the price is quoted in cryptocurrency and not pegged to its value in a fiat currency.

    OneCoin doesn't count either.

    That list is not a list of all companies that accept bitcoin, I know that for a fact as I have made several purchased using bitcoin with companies not on that list.
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