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MSG_07

Well-Known Radge
Unless you put enough in to actually achieve a coin for the likes of Bitcoin/Ethereum, are they still worth taking a punt on?
 

ILHTD

New radge
Unless you put enough in to actually achieve a coin for the likes of Bitcoin/Ethereum, are they still worth taking a punt on?
Absolutely. Don't know how old you are but ideally someone with years still to work, sticking in whatever they can afford regularly, will see great returns. 1 bitcoin is split into 100 million satoshis....get buying 😀
As started pretty late in life but every penny I would have given to the bookie went on bitcoin. Little bits at a time, now I have 1.5. Granted it was cheaper then but it all mounts up.
 

MSG_07

Well-Known Radge
Absolutely. Don't know how old you are but ideally someone with years still to work, sticking in whatever they can afford regularly, will see great returns. 1 bitcoin is split into 100 million satoshis....get buying 😀
As started pretty late in life but every penny I would have given to the bookie went on bitcoin. Little bits at a time, now I have 1.5. Granted it was cheaper then but it all mounts up.
What happens if the worst case scenario were to unfold where you'd built up a few quid and the price starts to plummet? I don't mind losing some money but not all of it!

I've done a few of the lessons on Coinbase so I'm kind of viewing the wonga received for that as a bit of a safety net at the moment which I don't mind losing a bit of.
 

SuperTortolano

Legendary Radge
The Doge Dash coin just crashed big time from a massive high. Bought another 10 million coins on the dip. Balls deep in this one and still think it's going to be massive when the game is released.
 

Rocky

Well-Known Radge
I use Crypto.com, Coinbase and Trust Wallet. I usually take profit when an investment triples in value. Usually just take 20% out. I don't trade, I just convert whatever crypto I'm taking profit from to a stable coin like Tether and keep the money in there for when the dips hit.
What happens when the market has a big scare and 10% of Tether "stablecoin" holders want dollars back for their "safe assets" but there's only enough dollars to pay out 30% of them?

 

SuperTortolano

Legendary Radge
Be wary of advice from people who got in at the top of the pyramid would be my suggestion.

If you look at it with an open mind and research the companies that are investing billions in to holding Bitcoin, you will see it's not a pyramid. Crypto is still so new and at this moment in time, we are still at the bottom. Maybe about 5% of the population as a whole is invested in Bitcoin or crypto. There are some massive institutions hoarding Bitcoin and won't sell.

There will be crashes, no doubt. But I don't believe it will ever go to zero.
 

Rocky

Well-Known Radge
If you look at it with an open mind and research the companies that are investing billions in to holding Bitcoin, you will see it's not a pyramid. Crypto is still so new and at this moment in time, we are still at the bottom. Maybe about 5% of the population as a whole is invested in Bitcoin or crypto. There are some massive institutions hoarding Bitcoin and won't sell.

There will be crashes, no doubt. But I don't believe it will ever go to zero.
Yes, I've heard all that before, there are plenty of rehearsed lines out there. People do seem to struggle to answer direct questions though so I'll look forward to a response to my Tether one.
 

SuperTortolano

Legendary Radge
Yes, I've heard all that before, there are plenty of rehearsed lines out there. People do seem to struggle to answer direct questions though so I'll look forward to a response to my Tether one.

There's more than one stable coin to put your crypto, tons out there. I could also log in to JM Bullion, APMEX , or other precious metals dealer and buy gold, silver or platinum with my crypto and have it delivered next day. I've actually done this twice.
 

Rocky

Well-Known Radge
There's more than one stable coin to put your crypto, tons out there. I could also log in to JM Bullion, APMEX , or other precious metals dealer and buy gold, silver or platinum with my crypto and have it delivered next day. I've actually done this twice.
Not entirely surprised that this isn't an answer to the question I asked.
 

SuperTortolano

Legendary Radge
Not entirely surprised that this isn't an answer to the question I asked.

The same thing can be said about the banks. If everyone tried to cash out from there bank account, the banks only hold about 1% of cash on hand. It's smart to be diversified. Time will tell what happens with crypto, I believe in it and put my money where my mouth is.
 

Rocky

Well-Known Radge
The same thing can be said about the banks. If everyone tried to cash out from there bank account, the banks only hold about 1% of cash on hand. It's smart to be diversified. Time will tell what happens with crypto, I believe in it and put my money where my mouth is.
I seem to recall a tiny blip happened with the banks in 2008 and now there are massively stringent rules about liquidity and capital reserves, plus an FSCS protection scheme to protect deposits up to £85k. What are the rules on Tether's holdings to ensure they have sufficient quality assets to back their claimed dollar peg? And what protection does an investor have?

You don't need to answer either of those, I know the answer is none.

Bear in mind that the entire financial crash hinged on overvalued mortgage debt which at least had the benefit of being backed to some extent by physical bricks and mortar. Crypto "value" is driven by nothing tangible whatsoever, it's market sentiment only.
 

SuperTortolano

Legendary Radge
I seem to recall a tiny blip happened with the banks in 2008 and now there are massively stringent rules about liquidity and capital reserves, plus an FSCS protection scheme to protect deposits up to £85k. What are the rules on Tether's holdings to ensure they have sufficient quality assets to back their claimed dollar peg? And what protection does an investor have?

You don't need to answer either of those, I know the answer is none.

Bear in mind that the entire financial crash hinged on overvalued mortgage debt which at least had the benefit of being backed to some extent by physical bricks and mortar. Crypto "value" is driven by nothing tangible whatsoever, it's market sentiment only.

Remember what happened to the people of Cyprus where the banks took there money and left them high and dry. Or in Greece where people could only take out 60 Euros a day. Nothing is safe. Not banks, stocks or crypto. There's a risk in every scenario.
 

Rocky

Well-Known Radge
Remember what happened to the people of Cyprus where the banks took there money and left them high and dry. Or in Greece where people could only take out 60 Euros a day. Nothing is safe. Not banks, stocks or crypto. There's a risk in every scenario.
Um, is that a defence of crypto? That's like saying you could get killed on a pedestrian crossing so you may as well run headlong down a motorway.

Incidentally I only need "El Salvador" and "Gold standard" to hit a full house on my crypto standard response bingo card.

Still no answer to what actually happens if 10% of people want to convert their Tethers to dollars though. Unless you were tacitly admitting that 7 out of 10 of them are out of luck? At which point presumably the remaining 90% take fright and want out too? Which leaves us with $69bn worth of Tether holders fighting over $2bn of actual dollars and some undocumented paper assets?
 

SuperTortolano

Legendary Radge
Um, is that a defence of crypto? That's like saying you could get killed on a pedestrian crossing so you may as well run headlong down a motorway.

Incidentally I only need "El Salvador" and "Gold standard" to hit a full house on my crypto standard response bingo card.

Still no answer to what actually happens if 10% of people want to convert their Tethers to dollars though. Unless you were tacitly admitting that 7 out of 10 of them are out of luck? At which point presumably the remaining 90% take fright and want out too? Which leaves us with $69bn worth of Tether holders fighting over $2bn of actual dollars and some undocumented paper assets?

I can't answer your question as I don't know what would happen. It's never happened, so I have nothing to base an answer of. Probably the same result if there was a run on the banks.

Hypothetically speaking, I'd move my money out of Tether back to Bitcoin and buy gold. Or hold it in crypto.
 
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