CryptoCurrency

Londons_Moggie said:
Ethereum is flying up at the minute and once the tech is developed further to increase it transaction speed it's price could go through the roof. It might seem expensive at $1000 but it could genuinely in a few years be worth $100000. Mine has gone up by £35000 in 2 months
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That’s great did you take any profits or are you just going to sit and wait?
 
Alvez_48 said:
@Londons_Moggie the question I struggle with is... Where do you cash out?

Do you have a price per Eth where you'd take it?
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That's the killer question. I've held mine since 2017 never cashed out and just held. Mine is approaching 6 figures now and it is very tempting to cash out but I genuinely believe that this will be adopted by all major banks and businesses within 5 years and I'd be gutted to cash out now and see the price hit $100k, which i believe is a distinct possibility
 
FatCat said:
That’s great did you take any profits or are you just going to sit and wait?
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I've sat on mine for nearly 5 years. Bought it very cheap and have seen it go up very high and crash down a lot, but I see it as a long term investment and the price now is still very low in comparison to where it will end up in maybe 5 years
 
Can I please ask advice on the best company to buy CryptoCurrency through? I understand that UK fund managers are not allowed to offer them due to new Government legislation late last year.
 
Craggsy2 said:
Can I please ask advice on the best company to buy CryptoCurrency through? I understand that UK fund managers are not allowed to offer them due to new Government legislation late last year.
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Use Kraken to buy and get a ledger nano wallet to store the coins on
 
So on that timescale you have seen brief periods where ETH was worth more than it is today.

what was the case back then to justify those valuations? And why did it sink down below £100?
 
ThirdLeg said:
So on that timescale you have seen brief periods where ETH was worth more than it is today.

what was the case back then to justify those valuations? And why did it sink down below £100?
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The last boom was a speculatory FOMO bubble. Since then though the global economy is tanking, the technology has become more advanced and all major banks now have blockchain experts. The idea of cryptocurrency is now becoming more legitimised and now a lot of rich people are storing their money in it rather than in traditional stocks and shares. We could see it go down a lot as "whales" pull out profits and drive the price down so they can buy low again, but it is less likely to collapsed like it did a few years back. The world has literally changed and the finance world is scrambling to keep up
 
Has the world changed that much since Christmas, when ETH was around half the price is it currently?
If this is organic growth based on underlying technology unique to ethereum, and not a speculative bubble, why do these rises always coincide with equally spectacular rises for all crypto currencies, and why usually following a surge in the Bitcoin price. There are 10s of coins with almost identical growth, around 50 percent, over the last 7 days for instance. I can’t imagine they all have unique technologies underneath.

I think rumours of the economy demise are greatly exaggerated. The markets continue to provide a solid rate of return and are demonstrably less volatile than a cryptocurrency, As you have acknowledged, it could come down as big money can move the markets to its will (manipulation). How does this characteristic make it suited to a store of wealth?
 
My understanding is that it was retail business (you and me) and the FOMO that drove 2017s highs.

This time there is vast amounts of institutional investment that seems to be driving prices
 
ThirdLeg said:
Has the world changed that much since Christmas, when ETH was around half the price is it currently?
If this is organic growth based on underlying technology unique to ethereum, and not a speculative bubble, why do these rises always coincide with equally spectacular rises for all crypto currencies, and why usually following a surge in the Bitcoin price. There are 10s of coins with almost identical growth, around 50 percent, over the last 7 days for instance. I can’t imagine they all have unique technologies underneath.

I think rumours of the economy demise are greatly exaggerated. The markets continue to provide a solid rate of return and are demonstrably less volatile than a cryptocurrency, As you have acknowledged, it could come down as big money can move the markets to its will (manipulation). How does this characteristic make it suited to a store of wealth?
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Most altcoins are dog **** and scammy. Ethereum is essentially a global world server that will allow every financial and contractual transaction to happen in real time without any middleman interference. It's potentially a world revolutionising technology. It has Ether as a crypto token but it is more about the Ethereum platform than any cryptocoin. Bit like investing in Amazon 20 year ago. It will be worth a fortune in a few years
 
Virtual currencies have the feel of a modern Tulip (one reached the price of an expensive house in a speculative bubble of the 1700s) to me. A Bitcoin does not have any function except as a means of payment or storing wealth unlike a share which is ioften backed by profits of a company. How can BitCoin rise 20 times in 2 years without it been a speculative bubble (to some degree)? i alos am wary of lots of different virtual currencies, controlling supply can't be full proof can it?

I agree lots of getting in now which is pushing up the price, but this happens in all speculative bubbles. On its own it does not signify long term value.
 
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Londons_Moggie said:
I've sat on mine for nearly 5 years. Bought it very cheap and have seen it go up very high and crash down a lot, but I see it as a long term investment and the price now is still very low in comparison to where it will end up in
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The hare I mentioned the other day ARB.L that mines for bitcoins has gone up 100per cent since I mentioned it. Such crazy volatility is unbelievable.
 
Redwurzel said:
Virtual currencies have the feel of a modern Tulip (one reached the price of an expensive house in a speculative bubble of the 1700s) to me. A Bitcoin does not have any function except as a means of payment or storing wealth unlike a share which is ioften backed by profits of a company. How can BitCoin rise 20 times in 2 years without it been a speculative bubble (to some degree)? i alos am wary of lots of different virtual currencies, controlling supply can't be full proof can it?

I agree lots of getting in now which is pushing up the price, but this happens in all speculative bubbles. On its own it does not signify long term value.
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There are uses of BitCoin beyond the speculative gamble, it is used a lot to send money abroad for example - it is much faster and cheaper than doing this via banks and if you are working abroad to support a family back home and want to send small, but regular, sums of money home (which in turn may be worth a lot more to your family back home) then you don't want to be paying a £15 fee or waiting a few days.

It is also popular with criminals as a way of taking payments... not what you would want admittedly but it is a use which adds value
 
FatCat said:
120% now - modern day gambling is crazy!
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Yes there some crazy numbers atm. Personally don't know much about ARB.L but anything that mines BC atm will rocket. I just stick to BC, Ethereum and Litecoin. Don't trust much else and I can't be arsed to research them all
 
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