Started reading this thread when it picked up press last year and although I downloaded that Coinbase app, I never bought any crypto currency, mainly because despite all the good posts on here, I still didn’t have a clue about what the gist of it was (actually that could apply to my knowledge of finance and money as a whole).
So, with something like Coinbase, was it similar to a Ponzi scheme?
Some dodgy exchanges may well have been ponzi schemes, that's the risk you take entering any unregulated market but the majority will have been legitimate businesses, I still use the same exchange I always have and don't have any problems.
Started reading this thread when it picked up press last year and although I downloaded that Coinbase app, I never bought any crypto currency, mainly because despite all the good posts on here, I still didn’t have a clue about what the gist of it was (actually that could apply to my knowledge of finance and money as a whole).
So, with something like Coinbase, was it similar to a Ponzi scheme?
Think Coinbase simply operates like an exchange to enable punters (like me) to buy and sell sell crypto currencies. I put £500 into coinbase (at the peak of this thread) and bought mainly Ethereum as it looked promising at the time and I thought I'd see what happened. Within 6 weeks it was valued at £790. As of today the account has a value of £53.65... Just glad I didn't put in any more. Will just "sit on it" and see what happens.
Ta - it was more EastStandMike’s comment about not being able to get his money out and them (Coinbase) not returning his emails that made me think Ponzi, and it was my understanding they were one of the main players in this whole thing
OK. Good point. But they appear to be legit. Maybe @kentaddick has an opinion?
Started reading this thread when it picked up press last year and although I downloaded that Coinbase app, I never bought any crypto currency, mainly because despite all the good posts on here, I still didn’t have a clue about what the gist of it was (actually that could apply to my knowledge of finance and money as a whole).
So, with something like Coinbase, was it similar to a Ponzi scheme?
Some dodgy exchanges may well have been ponzi schemes, that's the risk you take entering any unregulated market but the majority will have been legitimate businesses, I still use the same exchange I always have and don't have any problems.
Started reading this thread when it picked up press last year and although I downloaded that Coinbase app, I never bought any crypto currency, mainly because despite all the good posts on here, I still didn’t have a clue about what the gist of it was (actually that could apply to my knowledge of finance and money as a whole).
So, with something like Coinbase, was it similar to a Ponzi scheme?
Think Coinbase simply operates like an exchange to enable punters (like me) to buy and sell sell crypto currencies. I put £500 into coinbase (at the peak of this thread) and bought mainly Ethereum as it looked promising at the time and I thought I'd see what happened. Within 6 weeks it was valued at £790. As of today the account has a value of £53.65... Just glad I didn't put in any more. Will just "sit on it" and see what happens.
Ta - it was more EastStandMike’s comment about not being able to get his money out and them (Coinbase) not returning his emails that made me think Ponzi, and it was my understanding they were one of the main players in this whole thing
Which is why the advise was to always keep coins 'offline'
I am not suggesting CB are the problem, I am sure there are lots of happy CB punters but I am not one of them. I cannot access my account and they will not respond to my emails but I am sure I will sort it.
Started reading this thread when it picked up press last year and although I downloaded that Coinbase app, I never bought any crypto currency, mainly because despite all the good posts on here, I still didn’t have a clue about what the gist of it was (actually that could apply to my knowledge of finance and money as a whole).
So, with something like Coinbase, was it similar to a Ponzi scheme?
Some dodgy exchanges may well have been ponzi schemes, that's the risk you take entering any unregulated market but the majority will have been legitimate businesses, I still use the same exchange I always have and don't have any problems.
Started reading this thread when it picked up press last year and although I downloaded that Coinbase app, I never bought any crypto currency, mainly because despite all the good posts on here, I still didn’t have a clue about what the gist of it was (actually that could apply to my knowledge of finance and money as a whole).
So, with something like Coinbase, was it similar to a Ponzi scheme?
Think Coinbase simply operates like an exchange to enable punters (like me) to buy and sell sell crypto currencies. I put £500 into coinbase (at the peak of this thread) and bought mainly Ethereum as it looked promising at the time and I thought I'd see what happened. Within 6 weeks it was valued at £790. As of today the account has a value of £53.65... Just glad I didn't put in any more. Will just "sit on it" and see what happens.
Ta - it was more EastStandMike’s comment about not being able to get his money out and them (Coinbase) not returning his emails that made me think Ponzi, and it was my understanding they were one of the main players in this whole thing
Still no joy, they are not responding to my emails and I cannot access my account. Due to my losses we are talking less than £50 however if the market bounces back "I might be a millyonair Rodney"
Well, as you and others have said, only put a little in to test the waters. So, essentially to have made money from this (for now), you would’ve had to sell at some point last year
Coinbase are legit, they have offices in London if you really want to kick up a stink. Loads of crypto companies popping up in London backed with Silicon Valley money according to some of my programmer friends.
I’m now quite down on my original investment, when I had almost 10x at one point. Shoulda woulda coulda.
I am not suggesting CB are the problem, I am sure there are lots of happy CB punters but I am not one of them. I cannot access my account and they will not respond to my emails but I am sure I will sort it.
I had the same issues with Coinbase, but ended up getting a Revolut euro account and that solved the issues
Crypto’s can go one of three ways: 1 Take off and make a few people a lot of money, like it did for creators of many other new technologies. 2 Crash and burn as the volatility and numbers who lose money lose faith in the venture 3 Cryptocurrencies’ actual use stays stable, mostly illegal, largely underground, and completely disconnected from a market price. The market price continues to fluctuate widely based on the whims of financial speculators with little link to the ground truth. Instability will in fact perversely provide a predictable state of instability and speculation.
Blockchain technology will have a life of its own giving us value through eliminating transactional friction and costs which add no value.
Wanting to own a token is like wanting to own a chip in a computer. Just because it is an essential component doesn’t mean it must have greater value than the cost of its production. Neither does it make sense to own one and store it on a shelf because you know the cost of production can only increase. It’s only of value to the manufacturer of computers, apart from scrap value.
A token unfortunately has no scrap value. It may continue to have a value to other collectors of tokens, Akin to a community of stamp collectors speculating in stamps that can increase in value through scarcity. Difference is you can’t stick tokens in an album and show your friends,
That’s the link to the ground that crypto speculators deny, and the likes of me believe can’t be denied. So no chance of a consensus on this one.
Cardano Group, an investment house, has just bought NOW Pensions, one of the largest UK pension funds. The group also set up the Cardano Foundation which is a blockchain project.
Interesting that NOW Pensions is a failed pension scheme having lost track of £millions of investors money through poor record keeping and gave the impossibly poor return of 3% p.a over 5 years. Was fined by the Regulator and ceased to be commercially viable.
I can see how blockchain smart contract technology giving proof of ownership is a perfect way of protecting investors from fragmented processes reconciling ledgers of four disparate entities - company, pension administrator, asset manager and custodian bank, each of which is susceptible to error/fraud. But that looks light years away and in the meantime Cardano will use the existing failed processes and systems set up by NOW Pensions losing shedloads of money.
Still can't see beyond smart contract blockchain converting real money into tokens and back again to real money that you can be sure is yours and all yours.
Punters buying the crypto currency funding Cardano Foundation are funding the development of the technology, not Cardano even though it stands to gain from a practical workable technology managing real money - why not?
Who is winning, Cardano potentially getting a technology for free, or the crypto punters? Or perhaps i just don't get it.
Anyone bought any EOS? Their price has rocketed recently.
Looking to get into oyster pearl at some point. A great use of blockchain and advertising and anything to challenge google’s Monopoly on Adwords.
More and more sold on HPB... Q3 they go live with Union Pay and im convinced it is going to fly... Currently 3 bucks and i dont think 50 is unrealistic by end of year
Wish there was a cry button... Bought High Performance Blockchain all the way up to $3.85 in quite a lot of dough... Now sitting at $0.51
Anyone bought any EOS? Their price has rocketed recently.
Looking to get into oyster pearl at some point. A great use of blockchain and advertising and anything to challenge google’s Monopoly on Adwords.
Wish I could lol my own post. Both scams.
You still holding Vechain, mate? Hasn't done much, not that I was expecting much either...
More and more sold on HPB... Q3 they go live with Union Pay and im convinced it is going to fly... Currently 3 bucks and i dont think 50 is unrealistic by end of year
Wish there was a cry button... Bought High Performance Blockchain all the way up to $3.85 in quite a lot of dough... Now sitting at $0.51
Anyone bought any EOS? Their price has rocketed recently.
Looking to get into oyster pearl at some point. A great use of blockchain and advertising and anything to challenge google’s Monopoly on Adwords.
Wish I could lol my own post. Both scams.
You still holding Vechain, mate? Hasn't done much, not that I was expecting much either...
Yep, wish I had put that all on chain link though there might, and probably still will be time on that. Chain link that I mentioned ages ago got announced a week or so ago as the oracle that google will now use. There’s rumours Facebook might still use it for Libra. that’s shot up in price.
still think vechain has a massive future. We’ll see in the next bull run.
More and more sold on HPB... Q3 they go live with Union Pay and im convinced it is going to fly... Currently 3 bucks and i dont think 50 is unrealistic by end of year
Wish there was a cry button... Bought High Performance Blockchain all the way up to $3.85 in quite a lot of dough... Now sitting at $0.51
Keep holding.
Dont plan on selling... will look again in 2 years and see what it is worth
Facebook announce their own cryptocurrency, Libra.
i told you this was going to hit the mainstream.
Certainly can be called mainstream.
Tell me what you like about Facebook issuing currency no different to a central bank while making money from the transactions and harvesting all your personal data. No wonder financial institutions are backing it, they are all looking for a commercial application of blockchain technology for profit.
I thought cryptocurrency was all about no central control of currency by institutions. The crypto currency will be linked to fiat currency value so the crypto currency will have no value other than face value, just like the £1 coin in your pocket. Same experience as using Paypal as far as I can see.
Forget buying crypto currency, buy shares in Facebook.
Facebook announce their own cryptocurrency, Libra.
i told you this was going to hit the mainstream.
Certainly can be called mainstream.
Tell me what you like about Facebook issuing currency no different to a central bank while making money from the transactions and harvesting all your personal data. No wonder financial institutions are backing it, they are all looking for a commercial application of blockchain technology for profit.
I thought cryptocurrency was all about no central control of currency by institutions. The crypto currency will be linked to fiat currency value so the crypto currency will have no value other than face value, just like the £1 coin in your pocket. Same experience as using Paypal as far as I can see.
Forget buying crypto currency, buy shares in Facebook.
To be fair there’s very little I like about libra at all, it’s simply another info grab from zuckerburg.
Mentioned chain link earlier in this thread when one link was about 50 cents. Anyone buy in? 1 link is now = $14.05 and has a big future with YFI/link and now regarded as one of the shining lights of crypto.
Got my eyes on OCEAN - still low enough market cap at the moment to make big gains in the upcoming “alt season” and a price of only around 40 cents per OCEAN.
Mentioned chain link earlier in this thread when one link was about 50 cents. Anyone buy in? 1 link is now = $14.05 and has a big future with YFI/link and now regarded as one of the shining lights of crypto.
Got my eyes on OCEAN - still low enough market cap at the moment to make big gains in the upcoming “alt season” and a price of only around 40 cents per OCEAN.
I brought Link at £2.20 and sold at £15, before the price dropped back below a tenner, cleared a load of debt from dental surgery, and invested in Cardano at 8p an ADA.
would expect them to get to a few quid each in the next few years. Plus I do alright from staking them
Mentioned chain link earlier in this thread when one link was about 50 cents. Anyone buy in? 1 link is now = $14.05 and has a big future with YFI/link and now regarded as one of the shining lights of crypto.
Got my eyes on OCEAN - still low enough market cap at the moment to make big gains in the upcoming “alt season” and a price of only around 40 cents per OCEAN.
What happened to Vechain mate? I dont think I dare look....
Mentioned chain link earlier in this thread when one link was about 50 cents. Anyone buy in? 1 link is now = $14.05 and has a big future with YFI/link and now regarded as one of the shining lights of crypto.
Got my eyes on OCEAN - still low enough market cap at the moment to make big gains in the upcoming “alt season” and a price of only around 40 cents per OCEAN.
What happened to Vechain mate? I dont think I dare look....
Comments
Not as much as I put in though.
I’m now quite down on my original investment, when I had almost 10x at one point. Shoulda woulda coulda.
That’s not even including some cash that I’ve already taken out.
I have been in it for 6/7 years though.
1 Take off and make a few people a lot of money, like it did for creators of many other new technologies.
2 Crash and burn as the volatility and numbers who lose money lose faith in the venture
3 Cryptocurrencies’ actual use stays stable, mostly illegal, largely underground, and completely disconnected from a market price. The market price continues to fluctuate widely based on the whims of financial speculators with little link to the ground truth. Instability will in fact perversely provide a predictable state of instability and speculation.
Blockchain technology will have a life of its own giving us value through eliminating transactional friction and costs which add no value.
Wanting to own a token is like wanting to own a chip in a computer. Just because it is an essential component doesn’t mean it must have greater value than the cost of its production. Neither does it make sense to own one and store it on a shelf because you know the cost of production can only increase. It’s only of value to the manufacturer of computers, apart from scrap value.
A token unfortunately has no scrap value. It may continue to have a value to other collectors of tokens, Akin to a community of stamp collectors speculating in stamps that can increase in value through scarcity. Difference is you can’t stick tokens in an album and show your friends,
That’s the link to the ground that crypto speculators deny, and the likes of me believe can’t be denied. So no chance of a consensus on this one.
Interesting that NOW Pensions is a failed pension scheme having lost track of £millions of investors money through poor record keeping and gave the impossibly poor return of 3% p.a over 5 years. Was fined by the Regulator and ceased to be commercially viable.
I can see how blockchain smart contract technology giving proof of ownership is a perfect way of protecting investors from fragmented processes reconciling ledgers of four disparate entities - company, pension administrator, asset manager and custodian bank, each of which is susceptible to error/fraud. But that looks light years away and in the meantime Cardano will use the existing failed processes and systems set up by NOW Pensions losing shedloads of money.
Still can't see beyond smart contract blockchain converting real money into tokens and back again to real money that you can be sure is yours and all yours.
Punters buying the crypto currency funding Cardano Foundation are funding the development of the technology, not Cardano even though it stands to gain from a practical workable technology managing real money - why not?
Who is winning, Cardano potentially getting a technology for free, or the crypto punters? Or perhaps i just don't get it.
i told you this was going to hit the mainstream.
still think vechain has a massive future. We’ll see in the next bull run.
https://cryptozombies.io/
Gonna use this to teach myself how to write smart contracts. Pretty cool idea for a game.
Tell me what you like about Facebook issuing currency no different to a central bank while making money from the transactions and harvesting all your personal data. No wonder financial institutions are backing it, they are all looking for a commercial application of blockchain technology for profit.
I thought cryptocurrency was all about no central control of currency by institutions. The crypto currency will be linked to fiat currency value so the crypto currency will have no value other than face value, just like the £1 coin in your pocket. Same experience as using Paypal as far as I can see.
Forget buying crypto currency, buy shares in Facebook.
Got my eyes on OCEAN - still low enough market cap at the moment to make big gains in the upcoming “alt season” and a price of only around 40 cents per OCEAN.
would expect them to get to a few quid each in the next few years. Plus I do alright from staking them