Crypto Currency Thread

[toastyhamster]

Supernova190188 said:

Can anybody help me?
My wife has recently got into this whole crypto currency using coinbase which after reading about it seems to be a bit st, she has a few hundred stuck in a gbp wallet on there and there seems to be no way of getting the money out? It can't be exchanged for EUR or used to buy crypto, is there any way to easily get this money out of the GBP wallet?
Appears that a lot of people have issues when trying to send to a UK bank via coinbase. Any help will be very much appreciated. Thanks.

It's not that difficult, go to buy/sell and transfer to Euros or GBP, then try and withdraw (in Accounts), it'll ask you to make a SEPA deposit to verify your bank account (fiver-ish takes a couple of days), when that is confirmed you can withdraw. If in the meantime you want to HODL then do so, else transfer to EUR/GBP immediately to avoid fluctuation.

TBH for the gambling value of a few hundred I would HODL. This is either end of bubble of there will be a bounce back.

[Vyse]

Futures contracts expiring, probably the most likely cause of recent days activity.

[g4ry13]

Vyse said:

Futures contracts expiring, probably the most likely cause of recent days activity.

Really?....You honestly believe that to be attributable for the whole crypto market dumping ~50%?

[Vyse]

Yes, combination of weak hand and institutional investors doing what they do best. Money men always wield all the power.

g4ry13 said:

Really?....You honestly believe that to be attributable for the whole crypto market dumping ~50%?

[anonymous-user]

HannsG said:

Can someone please explain to me why in Binance my portfolio value of TRX is lower than that on here? I have 60,639 coins. That multiplied by the USD rate should equal your portfolio value right? Yet on Binnace my estimated $ value is much lower.

I think I need to start teaching in BTC rather than USD. It just confuses matters..

Edited by HannsG on Wednesday 17th January 20:54

it will work it out in btc then usd price. that is why sometimes you need to work out in btc, as btc can drop on price but you coin is worth more in usd, but it is a fallacy as you have tp convert out.

That is what i posted earlier about icos going 1,000% when in reality they didn't get near that.

[Behemoth]

andy ted said:

Safe haven or everyone having to get out of alts via bitcoins?

Yes, definitely. But I think that aspect results in a feedback loop: the market sees bitcoin going up & momentum carries it further before anyone notices some people only want to dump their alts.

[Supernova190188]

ADEuk said:

Buy BTC from GBP wallet, sell back to Euro then SEPA the euro from coinbase to your Already Verified UK account

Edited by ADEuk on Wednesday 17th January 20:56

Thanks, it was blocking out the buy option at the time, only withdraw was highlighted that's what was confusing me! Bought some coin with it and watched it steadily go back up this past half hour 😊. Cheers.

[jonamv8]

This thread seems to be split between newbees and those who understand crypto. I work in IT and have friends who work across traditional trades. When a good tiler friend of mine comes to me taking about crypto, i know the crash is coming, if i talk to him about dodgy adhesive he has already stopped using it a good few weeks ago. Same for me. I called this about 2.5 weeks ago and got the hell out, exchanges sepa eur/gbp big commission fees big trans forex fees the works. I went in 4 yrs ago so these fees are irrelevant, to those investing today you are mad, the spreads are too large, the costs are too much, the volatility to be frank is horific. I know lads who work in the city and there is no logic to peg your day trades on.....

I hold a little ALT, free money so im not bothered but if you are new to this seriously be careful with your hard earned. Took me 4 years to realise a profit and i expect another 4 years before i profit again, if in fact i profit at all

Good luck all but please if u don’t understand, dont invest!!!!!

[anonymous-user]

jonamv8 said:

Good luck all but please if u don’t understand, dont invest!!!!!

i'm not sure on this when i bought my 30 ETH back in march and built my mining rig i didn't have a clue, i just thought it was something different and learnt along the way. Yes if you have thousands maybe read a little but a hobbist shouldn't be put off, it is actually quite interesting to be part of something that could be big, or the next dot.com, no one knows that is why it is so volatile.

[Vyse]

You don't need to understand something to invest, maybe the mechanism of how to get into the investment but not the product itself.

Only invest what you are prepared to lose and also learn when to get in and out.

[g4ry13]

jonamv8 said:

This thread seems to be split between newbees and those who understand crypto. I work in IT and have friends who work across traditional trades. When a good tiler friend of mine comes to me taking about crypto, i know the crash is coming, if i talk to him about dodgy adhesive he has already stopped using it a good few weeks ago. Same for me. I called this about 2.5 weeks ago and got the hell out, exchanges sepa eur/gbp big commission fees big trans forex fees the works. I went in 4 yrs ago so these fees are irrelevant, to those investing today you are mad, the spreads are too large, the costs are too much, the volatility to be frank is horific. I know lads who work in the city and there is no logic to peg your day trades on.....

I hold a little ALT, free money so im not bothered but if you are new to this seriously be careful with your hard earned. Took me 4 years to realise a profit and i expect another 4 years before i profit again, if in fact i profit at all

Good luck all but please if u don’t understand, dont invest!!!!!

You're clearly doing some of this wrong. I converted my GBP at the eur/gbp spot rate. My transfer to the exchange was free. When I transferred money out of the exchange I paid €0.09 to do so. The money came in euros which I then converted at spot rate (I actually pulled up the eur/gbp chart and made the decision to hang on to my euros to maximise the amount of £ i'd get back).

I initially used my high street bank and had to pay £4 for each wire + got a rubbish rate compared to the spot market and then I looked into alternatives.

[anonymous-user]

limpsfield said:

Actually a few more thoughts on this. It's very rare that anyone owns up to their losses.

I worked, and still do, in a trading business where >75% of people lose money. Cryptos are even worse than that. If you want to buy through a wallet, it seems a really spurious way of setting up your account and then actually getting your money back. You can trade it through spread betting and CFDs in recent months - thats adding leverage on top which is going to magnify the pain. There are some horrible losses here.

Then you have an evangelical belief amongst many - they have no strategy for getting out. Someone earlier on in the thread claimed to be up 1300% on Ripple at the peak. Let's say you invested £100. So you are up £1,000 plus. The top was 3.3. It's currently 0.88. So you give back 70% of your profits.

Most crypto investors/traders are mug punters on a scale I haven't seen before. It is fascinating.

I get that people believe the tech will change the world and that is fair enough. But so many new entrants are "just take my money" types and that never ends well.

Indeed.

People who are inexperienced in speculation see losses differently from those who are i.e. the latter see them as inevitable and necessary. As no doubt you know, generally speaking a good loss is more important than a good win.

Coincidentally with you mentioning it, I took my first (and perhaps last) spreadbet on BTC today. The volatility and price changes are something else. Using a derivative to trade crypto that does eliminate some of the risks. I'd much rather be risking my money with an FCA regulated broker who are making their own market. The issue is one of spreads. BTC used to be 20, but when the ranges really started to increase it's now 120, which is rather wide even amongst thousand point moves.

[MelbourneWoody]

Today is one hell of a ride!!! green all over the place.

[bongtom]

Yeah. In your face neysayers!

[MelbourneWoody]

I took a punt on a few alt's yesterday an they've started to recover. It's going to be interesting to see what happens this month an who survives

[p1stonhead]

MelbourneWoody said:

I took a punt on a few alt's yesterday an they've started to recover.

Which ones did you go for? Presumably there good reasons the ones you chose are recovering?

[Behemoth]

Vyse said:

You don't need to understand something to invest, maybe the mechanism of how to get into the investment but not the product itself.

Didn't Warren Buffet suggest you only invest in what you understand? About 95% of the crypto tokens currently available will end up being worthless. If you believe you can deduce which and when with no understanding of the product, very best of luck.

[hostyle]

Investing in something without at least understandig a bit about it and it's future, isn't investing. That's just gambling.

[MelbourneWoody]

p1stonhead said:

Which ones did you go for? Presumably there good reasons the ones you chose are recovering?

Little bit of spread across ones within the top 100, gambling on them bouncing bad. Got in too early on some, an late an others but ending in + at the moment. If it all tanks tomorrow I won't be grabbing for a pitchfork.

[HannsG]

Doubled my investment in TRX within a day or so. I purchased at 1am Tuesday.

Incredible. This is more addictive than penny shares which was my bread and butter.

Anyone have a reliable source for Nano Ledger S wallets? Are they all on preorder now till March?

Cheers