Crypto - anyone can do it...
Discussion
Today I chanced to meet a bricklayer for the first time in about 7 years since he did some work for me. We exchanged the usual pleasantries and I asked him what he was up to. Investing in crypto he said. Blockchain he said, listens to podcasts all about it. Showed me his phone - a list of stuff all going up by 250% a day - it's a bull market he said - just reinvest it and get 16% interest. Sometimes up to 75% interest. He got in early, 0.00001 of a thingy now 20 cents etc. Rattled off a load of companies I'd never heard of it. One is just about to do a massive deal in Africa, he said. You can send a billion dollars across the world in a second with no fees he said. The dollar will collapse and all the banks will use digital currency. They're all working on it now he said. What about tax when you sell? I asked. You just buy dual nationality he said.
I left with mixed feelings. (1) It's too good to be true (2) If it is true it seems destined to implode stupendously and I don't want to be anywhere near (3) I don't understand it so I won't be investing (4) Or is he right? Either way I'm quite satisfied with my conventional setup using real money which is called Fiat apparently.
Anyway, he seems very happy with it all. I asked him why he was sitting in a van with his boss's name on the side. Just a backup to pay the bills he said.
One question to the forum - is 'digital money' the future? If so what is it based on, other than thin air?
I left with mixed feelings. (1) It's too good to be true (2) If it is true it seems destined to implode stupendously and I don't want to be anywhere near (3) I don't understand it so I won't be investing (4) Or is he right? Either way I'm quite satisfied with my conventional setup using real money which is called Fiat apparently.
Anyway, he seems very happy with it all. I asked him why he was sitting in a van with his boss's name on the side. Just a backup to pay the bills he said.
One question to the forum - is 'digital money' the future? If so what is it based on, other than thin air?
Edited by Simpo Two on Tuesday 30th March 20:57
Blockchain technology is the future but what people are trading in is cryptocurrency. These are not directly linked. For example, the blockchain technology behind Ripple is already in use but the Ripple cryptocurrency is still of little value.
It is possible to make money on the highs of crypto but very difficult to predict and very easy to get burned.
For Bitcoin, there will only ever be a finite number produced, I think about 85-90% have already been mined and the remaining 10-15% are harder/more costly to mine, hence the recent price rise. Where it will end up is anyones guess.
It is possible to make money on the highs of crypto but very difficult to predict and very easy to get burned.
For Bitcoin, there will only ever be a finite number produced, I think about 85-90% have already been mined and the remaining 10-15% are harder/more costly to mine, hence the recent price rise. Where it will end up is anyones guess.
I've started in mining as I'm naturally geeky and into stuff like this (thread here : https://www.pistonheads.com/gassing/topic.asp?h=0&...
However from here I've learned about CoinBase platform and how accessible it is to invest in crypto currency.
I've got around £30 free cash plus from watching some videos plus my £20 investment on it and in two days I've gained £10 by not doing much.
Crypto is very volatile so need to exercise caution but at the moment it is bullish. If I have stacked a little more, based on recent days I would've gained about £500-£1000.
However from here I've learned about CoinBase platform and how accessible it is to invest in crypto currency.
I've got around £30 free cash plus from watching some videos plus my £20 investment on it and in two days I've gained £10 by not doing much.
Crypto is very volatile so need to exercise caution but at the moment it is bullish. If I have stacked a little more, based on recent days I would've gained about £500-£1000.
I read up about bitcoin when it was first in the public eye. I looked at investing in it but never did because
1. I couldn't understand how it worked. With hindsight that's irrelevant as I don't really know how Fiat money works either
2. It was tricky to buy then as it was still in its infancy. It meant sending 'real' money to a website no one had ever heard of in the far East and trusting that they wouldn't just keep it.
3. I didn't like that it had to be stored on a server somewhere and that if it shut down then my bitcoins could disappear.
Again, with hindsight, I should have put in the £500 I was thinking about as I'd now be sitting on a decent house worth of bitcoins, but I don't think I'd invest now for the same reasons I had back then
1. I couldn't understand how it worked. With hindsight that's irrelevant as I don't really know how Fiat money works either
2. It was tricky to buy then as it was still in its infancy. It meant sending 'real' money to a website no one had ever heard of in the far East and trusting that they wouldn't just keep it.
3. I didn't like that it had to be stored on a server somewhere and that if it shut down then my bitcoins could disappear.
Again, with hindsight, I should have put in the £500 I was thinking about as I'd now be sitting on a decent house worth of bitcoins, but I don't think I'd invest now for the same reasons I had back then
I see it at two levels. One is investing to make money - got that. But the other and more important thing in the long run is - is it going to take over the world's financial systems? Will we all have to convert to 'digital' money in the future and regard existing 'real' money as antiquated as shillings and crowns? And if we do what will be the practical difference? Will a stampede to digital see the value of real plunge because nobody wants it?
I appreciate that current money is all IOU notes and has no real backing, but it seems very solid compared to crypto.
I don't doubt he means what he said; he's not stupid; he's put lots of time in learning about it and I couldn't call BS on any of it. It just seems too massive and I can't join it up.
It also means that the man in the street can do stuff at quite a high level which, if you have enough of them, could make a rocky boat I feel.
I appreciate that current money is all IOU notes and has no real backing, but it seems very solid compared to crypto.
I don't doubt he means what he said; he's not stupid; he's put lots of time in learning about it and I couldn't call BS on any of it. It just seems too massive and I can't join it up.
It also means that the man in the street can do stuff at quite a high level which, if you have enough of them, could make a rocky boat I feel.
I’m a bricklayer by trade and I first stumbled across Bitcoin in 2016. I recently posted my success story in the crypto thread, more to shove it in the face of the people who were mocking me when I really went heavy in 2018.
I’ve made enough to fund a self build or a large extension/renovation project which I’m currently looking for, an (almost) new 718 for me, Macan for the missus and plenty left over. I won’t say anyone can do it because a large part of the bull market has already happened. In terms of percentages, the large gains have already been made, hence why I got out. That and the fact that I’ve made enough to change my life so I have no regrets about getting out.
Historically, the time to buy Bitcoin is when it has been below its all time high for a year, around 75% down. That’s the time to take a chance. The time to buy is not when its gone up nearly 2000% in a year, historically speaking.
I’ve made enough to fund a self build or a large extension/renovation project which I’m currently looking for, an (almost) new 718 for me, Macan for the missus and plenty left over. I won’t say anyone can do it because a large part of the bull market has already happened. In terms of percentages, the large gains have already been made, hence why I got out. That and the fact that I’ve made enough to change my life so I have no regrets about getting out.
Historically, the time to buy Bitcoin is when it has been below its all time high for a year, around 75% down. That’s the time to take a chance. The time to buy is not when its gone up nearly 2000% in a year, historically speaking.
whatxd said:
I’m a bricklayer by trade
A pattern is emerging!whatxd said:
an (almost) new 718 for me, Macan for the missus and plenty left over.
Were you able to buy those directly with crypto or did you have to convert back to 'fiat'? (see I'm getting the lingo!). If the latter do you get a CGT liability on arrival back in Realsville?Simpo Two said:
Were you able to buy those directly with crypto or did you have to convert back to 'fiat'? (see I'm getting the lingo!). If the latter do you get a CGT liability on arrival back in Realsville?
Just converted back to GBP and it will indeed be liable to CGT which will be done via self assessment.Even if you were able to buy directly with crypto, they’d still be liable to CGT.
I just don’t get it, but even more confused with digital art being sold
https://www.bbc.co.uk/news/technology-56252738
https://www.bbc.co.uk/news/technology-56252738
boyse7en said:
Again, with hindsight, I should have put in the £500 I was thinking about as I'd now be sitting on a decent house worth of bitcoins, but I don't think I'd invest now for the same reasons I had back then
You can do that now with a load of alt coins - most will bomb if not all - some might not.I had an electrician telling me about forex... ads are everywhere on social media for crypto/trading now. I would imagine there is a reason for that.
robuk said:
You can do that now with a load of alt coins - most will bomb if not all - some might not.
I had an electrician telling me about forex... ads are everywhere on social media for crypto/trading now. I would imagine there is a reason for that.
That's my view too. You hear the success stories from bitcoin but there have been dozens of other crypto currencies that have disappeared without trace (but presumably with investors money).I had an electrician telling me about forex... ads are everywhere on social media for crypto/trading now. I would imagine there is a reason for that.
As putting money in to one now would be just financial russian roulette I think I'll leave it.
Simpo Two said:
I see it at two levels. One is investing to make money - got that. But the other and more important thing in the long run is - is it going to take over the world's financial systems? Will we all have to convert to 'digital' money in the future and regard existing 'real' money as antiquated as shillings and crowns? And if we do what will be the practical difference? Will a stampede to digital see the value of real plunge because nobody wants it?
I appreciate that current money is all IOU notes and has no real backing, but it seems very solid compared to crypto.
My 2 pence, as someone who works for a FinTech and looks after banking software. I appreciate that current money is all IOU notes and has no real backing, but it seems very solid compared to crypto.
All money in banks is digital already, unless you have a habit of keeping it under your mattress. It’s just numbers on a database.
The difference is in currency. A fiat currency is ultimately the currency of a country somewhere, and millions of people will be paid with it. Shops in that country are certain to accept payment in it, and they’re not (generally!) that volatile.
Crypto isn’t that - it only has value because people have decided it does, and this continues (for the moment). It all feels a lot like tulips to me;
https://en.m.wikipedia.org/wiki/Tulip_mania
Of course, if you get in and get out at the right times, you can make money, but ultimately it feels like gambling to me.
I can’t see crypto replacing other currencies. I can see there being use cases where it’s handy (such as with Ripple, who are a payments firm with their own currency as part of their overall approach to global payments).
DanL said:
Of course, if you get in and get out at the right times, you can make money, but ultimately it feels like gambling to me.
Anything that returns very high gain in very short time will be considered a gamble.I wish I have gotten into this 2-3 years back. Still not too late to get some easy money before the bubble bursts.
anxious_ant said:
Anything that returns very high gain in very short time will be considered a gamble.
I wish I have gotten into this 2-3 years back. Still not too late to get some easy money before the bubble bursts.
Unless you know which of the many currencies is going to show large gains, the money isn’t easy...I wish I have gotten into this 2-3 years back. Still not too late to get some easy money before the bubble bursts.
Someone somewhere is paying for the bricklayer’s trophy Porsches 
For every one winner there are hundreds of losers.
Crypto will never replace government money. It’ll just sit alongside it as an asset, which is how HMRC see it.
Everyone is still buying in fiat and no one accepts pure btc. Even tesla will account for their btc in usd and pay tax on its usd value.
Blockchain is just a ledger. And there is nothing special there either.
It’s interesting and new with bitcoin and other crypto because it’s a ledger shared among all participants, so decentralised.
Central banks, clue in the name, won’t run with decentralised ledgers.
Right now you’re playing with fire. As likely to make money as lose it.
Wait for the crash, then buy in, if you’re a gambler... my gut feeling is new paradigm approaches (UBI), so the old games to easy money won’t work.
For every one winner there are hundreds of losers.
Crypto will never replace government money. It’ll just sit alongside it as an asset, which is how HMRC see it.
Everyone is still buying in fiat and no one accepts pure btc. Even tesla will account for their btc in usd and pay tax on its usd value.
Blockchain is just a ledger. And there is nothing special there either.
It’s interesting and new with bitcoin and other crypto because it’s a ledger shared among all participants, so decentralised.
Central banks, clue in the name, won’t run with decentralised ledgers.
Right now you’re playing with fire. As likely to make money as lose it.
Wait for the crash, then buy in, if you’re a gambler... my gut feeling is new paradigm approaches (UBI), so the old games to easy money won’t work.
DanL said:
Unless you know which of the many currencies is going to show large gains, the money isn’t easy...
It's not that hard to work it out. Follow the tech news (Reddit is good), social media (Twitter/Insta), keep keen eye out on the market, diversify etc. I have a mini PC running 24/7 connected to x2 27"monitors constantly streaming these info.Self control is vital though as pushing it too hard will hard. Remember the safety net and cash out.
For alt coins I normally dip in and cash out (or trade into ETH or BTC) as soon as I can, don't normally hold on more than 5 days.
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