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Author Topic: Who's investing in crypto  (Read 4686 times)

Rooftop

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Who's investing in crypto
« on: July 05, 2017, 08:58:40 AM »
I've looked into doing this twice in the past. Both times I decided that I didn't know enough to counter the risk of loss. 

Last time I spent time seriously looking at this I was looking at Bitcoin. The price then was just under $100 (jun 2013 looking at my posts here). I decided against then as there was a lot of talk of the US government possibly seizing funds. My money instead went into something far safer that has pretty much done bugger all in 4 years thanks to the awesome clusterfuck that is the UK economy.

Bitcoin price yesterday was $2625. Even if I'd have diverted $1000 into bitcoin then I'd have $25k profit.  Yeah, hindsight is great so I won't kick myself too much. Does make me think I should have a couple of punts though. @ukgimp's post about Ethereum earlier made me check the maths.  As always, the fear is that the moment has passed, but the whole market seems to be less of a risk than 4 years ago. 

Anyone investing in crypto? Thoughts / pointers to resources to get back up to speed would be appreciated.
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ukgimp

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Re: Who's investing in crypto
« Reply #1 on: July 05, 2017, 12:59:02 PM »
Sign up to GDAX which is part of Coinbase https://www.coinbase.com/

Verify with ID
Use and setup 2 Factor SMS authentication
Set up payment / add card or transfer in BTC to buy.
Buy ETH direct with debit card.

ETH is a good bet.

Small punts on other coins like XRP, LTC, Golum. 1000xrp is about 0.1BTC right now

To buy other coins use Poloniex, sign up.
Signup for Poloniex (https://poloniex.com)
Transfer BTC in https://poloniex.com/balances#BTC scroll for address
https://poloniex.com/exchange#btc_xrp
Scroll down and buy based on how many BTC you have or click
Watch for pumping and dumping, quite volatile, buy after mini crash maybe
On Poloniex, watch for USD price, not strictly true as is is not 1:1
Check Balance after https://poloniex.com/transfers

I would play with the concepts. Eg small transactions.

Then move more BTC / ETH into poloniex.

Use cold storage afterwards. (Paper/nano s)

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Rooftop

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Re: Who's investing in crypto
« Reply #2 on: July 06, 2017, 08:53:44 AM »
Great checklist there ukgimp - thanks.

Stunned by the transaction fees / spreads involved in crypto transactions. There is certainly some money being made by being in the middle.  4% on a debit card at coinbase???

I'm probably just going to buy small amounts of a few currencies and see if I get lucky with one.  The aim is really to boost the savings I have aside for the kids.  Might play around with something more involved with small amounts for fun though.
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ukgimp

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Re: Who's investing in crypto
« Reply #3 on: July 06, 2017, 10:58:30 AM »
You can get better rates sending BACS on sites Bitbargain.co.uk, Bittylicious.

Also look at Localbitcoins.com

Notice no aff links :-)
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Rooftop

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Re: Who's investing in crypto
« Reply #4 on: July 06, 2017, 04:08:47 PM »
you're very welcome to PM me aff links for any that are useful - I don't mind, but you probably won't earn much off what I'm up to!
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nffc

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Re: Who's investing in crypto
« Reply #5 on: July 06, 2017, 09:38:38 PM »
>Even if I'd have diverted $1000 into bitcoin then I'd have $25k profit.

But you wouldn't. When the $1000 became $2000 you would have sold, same as me.
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Rooftop

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Re: Who's investing in crypto
« Reply #6 on: July 07, 2017, 06:54:07 AM »
Quote from: nffc on July 06, 2017, 09:38:38 PM
>Even if I'd have diverted $1000 into bitcoin then I'd have $25k profit.

But you wouldn't. When the $1000 became $2000 you would have sold, same as me.

A very good point that I really can't deny!
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ukgimp

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Re: Who's investing in crypto
« Reply #7 on: July 07, 2017, 08:02:05 AM »
I suppose it depends if you believe in the tech.

I think it's going to be world changing.

I do know someone who was mining, cashed out at every opportunity and worked out they would have had 27. They felt a little miffed.
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Rooftop

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Re: Who's investing in crypto
« Reply #8 on: July 07, 2017, 08:27:37 AM »
Quote from: ukgimp on July 07, 2017, 08:02:05 AM
I think it's going to be world changing.

I think that blockchain as a technology will change the world. I have no idea which currencies will last the course (assuming some of the current batch will).  One of the reasons for wanting to dabble again is so that I am motivated to learn more. First though - I need bittylicious to understand that I didn't send them a blurry photo of my driving license - my driving license is just blurry.
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Rooftop

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Re: Who's investing in crypto
« Reply #9 on: July 09, 2017, 09:13:59 PM »
One more ask on this front:  Any pointers for good sources of news/analysis or maybe even sensible groups.
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ukgimp

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Re: Who's investing in crypto
« Reply #10 on: July 10, 2017, 09:30:42 AM »
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