Buying Cryptocurrency - I'm thinking of having a dabble, any experts out there ?

[Pumpuynarak]

As the topic title says, i'm thinking of having a dabble with a couple of grand (GBP). Is there any advice any BM can give me who has experience of buying, i would'nt know where to start lol

I'm only interested in short term profit, who is'nt lol

[Butch]

I avoid crypto ever since I missed the bitcoin boat, and watched as it sailed by with my dreams of living in a large villa with a sunseeker surrounded by several South East Asian stunners sailed off into the sunset while I picked my arse and thought that £127 for one coin was too much to risk.

However, for a couple of grand you could do worse than this (check out the growth chart):

https://www.hl.co.uk/funds/fund-discounts,-prices--and--factsheets/search-results/r/rathbone-global-opportunities-class-s-accumulation

Not massive short term profits, but any cash is getting eroded by (increasing) inflation at the moment, I've been into the fund for 4 years and can't complain.

Otherwise, I think the concensus is that while Crypto is as volatile as gambling regarding returns, Etherium seems to be the flavour of the month at the moment.

Several online platforms are available, but Etoro is crap, as you are not actually owning the crypto but either going long or short on it with leverage which, for a newbie (like me) seems a very risky strategy indeed. I've a buddy who's into it fairly big, I'll find out the best platform and report back.

[Stillearly]

Seems to me like a Ponzi scheme ... I'm sure many will make money out of it .. but many many more will be fcuked up by things like... Bitcoin and all the others copies ..

I'm giving it all a wide berth..

[Lemondropkid]

Mostly agree with @Stillearly but would be pedantic, as  I am and say crypto has already been a hugely profitable vehicle for some massive scams

This article lists out the just the biggest 5

https://coinmarketcap.com/alexandria/article/5-of-the-biggest-crypto-ponzi-schemes

Find it a fascinating field, but wouldn't touch it with a barge pole at present.

Edited July 14, 2021 by Lemondropkid

[Bazle]

34 minutes ago, Butch said:

However, for a couple of grand you could do worse than this (check out the growth chart):

https://www.hl.co.uk/funds/fund-discounts,-prices--and--factsheets/search-results/r/rathbone-global-opportunities-class-s-accumulation

Not massive short term profits, but any cash is getting eroded by (increasing) inflation at the moment, I've been into the fund for 4 years and can't complain.

This is going completely OT so I will limit my response to saying there are better performing funds in the Global sector - e.g. some of the Baillie Gifford ones.

[Pumpuynarak]

Excuse my naivety but like shares can't you just buy and sell when you've made what you consider to be a worthwhile profit.

[Lemondropkid]

4 hours ago, Pumpuynarak said:

Excuse my naivety but like shares can't you just buy and sell when you've made what you consider to be a worthwhile profit.

Well this guy didn't have much luck, but a Guardian reader so serves him right 😀

https://www.theguardian.com/money/2017/jul/26/sell-bitcoins-hsbc-block-account

Joking aside it does raise other red flags on transparency, reliability and convertibility, as does this

https://www.thisismoney.co.uk/money/investing/article-9118141/Coinbase-cryptocurrency-traders-continue-face-frozen-funds-weeks.html

You could be a pioneer for the board Pump, and a put a small amount in and dabble. Wouldn't like to have the money coming from a bank account account to pay for them, I'd use paypal or similar. At worst you'd have a ceiling on your losses, just don't chase them or get lured into betting the farm.

Alternatively if things ever reopen I'm sure you'll get guys hanging around the ex-pat haunts in BKK and Pats offering you a chance to invest in crypto Pump😎

 

 

 

Edited July 15, 2021 by Lemondropkid

[Pumpuynarak]

25 minutes ago, Lemondropkid said:

You could be a pioneer for the board Pump, and a put a small amount in and dabble. Wouldn't like to have the money coming from a bank account account to pay for them, I'd use paypal or similar. At worst you'd have a ceiling on your losses, just don't chase them or get lured into betting the farm.

Now i'm really tempted to throw a couple of grand at it but if what you say below is a potential problem then maybe its not for me.......i'm not that much of a gambler lol, i've held shares before and done very nicely out of them but they were always blue chip companies.

 

27 minutes ago, Lemondropkid said:

Joking aside it does raise other red flags on transparency, reliability and convertibility,

The juries out....................

[Lemondropkid]

Just now, Pumpuynarak said:

Now i'm really tempted to throw a couple of grand at it but if what you say below is a potential problem then maybe its not for me.......i'm not that much of a gambler lol, i've held shares before and done very nicely out of them but they were always blue chip companies.

 

The juries out....................

I've been buying and selling shares since I was 19. Done very well out of it on the whole but been a few disasters on the way.

Had shares in an Aussie copper miner that went most of the way to zero 😁 At the same time I was in an South African platinum miner and some tech stocks that turned into multi- baggers.

As I've got older, like everyone I've got more conservative in my stock selection.

I wouldn't rule out a a dabble in Crypto myself put would treat it as a pure gamble. As mentioned wouldn't want the money for buying and selling it coming out of my bank accounts.

[Pumpuynarak]

21 minutes ago, Lemondropkid said:

. As mentioned wouldn't want the money for buying and selling it coming out of my bank accounts.

Bingo, the problems encountered by some would indicate its not for me.

[Stillearly]

You can buy/sell some crypto through Revolut , although I don't know how close to market their pricing is 

 https://www.revolut.com/go-from-cash-to-crypto-instantly

[Butch]

I did very, very well out of spread betting a few years ago, 2008 - 2009 actually when the FTSE was on the rise after the crash, set my stop loss to the most I could afford to lose and bet £20 a point on it going up. It was a very tense, but lucrative few weeks.

I admit I am lost with Crypto, especially the danger of losing everything, profits included, to some kind of scam.

Saying that, I did get my fingers burnt with the Woodford Equity fund, not enough to lose the house on, but enough for a trip to LOS 😞

[Pumpuynarak]

8 hours ago, Butch said:

I admit I am lost with Crypto, especially the danger of losing everything, profits included, to some kind of scam.

You and i Butch, i was hoping we'd have a BM who had enough expertise to advise us on exactly what to buy and how to purchase to avoid the problems your post details.

Here's hoping.......

[KWA]

5 hours ago, Pumpuynarak said:

You and i Butch, i was hoping we'd have a BM who had enough expertise to advise us on exactly what to buy and how to purchase to avoid the problems your post details.

I think there's more chance to find the polar opposite on here, especially amongst the self appointed financial experts. 😉

 

[Stillearly]