OK - so my "toe in the water" of cryptocurrency earlier this year has been disappointing. I decided to invest £500 in Coinbase to buy Bitcoin and then Ethereum (it was being heralded as the next big thing at the time - whatever that meant). Anyway my £500 is now worth £89.10...! Mainly down to the plummet in value of Ethereum. Fortunately the loss isn't too bad - in the big picture - but can anyone explain (in a short paragraph) why this has happened....?
OK - so my "toe in the water" of cryptocurrency earlier this year has been disappointing. I decided to invest £500 in Coinbase to buy Bitcoin and then Ethereum (it was being heralded as the next big thing at the time - whatever that meant). Anyway my £500 is now worth £89.10...! Mainly down to the plummet in value of Ethereum. Fortunately the loss isn't too bad - in the big picture - but can anyone explain (in a short paragraph) why this has happened....?
Same here cafc, my "toe in the water" £200 in Etherium back in January when it peaked is a distance dream now. Coinbase will not let me into my account to withdraw the meager amount that is left and they will not answer my emails.
OK - so my "toe in the water" of cryptocurrency earlier this year has been disappointing. I decided to invest £500 in Coinbase to buy Bitcoin and then Ethereum (it was being heralded as the next big thing at the time - whatever that meant). Anyway my £500 is now worth £89.10...! Mainly down to the plummet in value of Ethereum. Fortunately the loss isn't too bad - in the big picture - but can anyone explain (in a short paragraph) why this has happened....?
OK - so my "toe in the water" of cryptocurrency earlier this year has been disappointing. I decided to invest £500 in Coinbase to buy Bitcoin and then Ethereum (it was being heralded as the next big thing at the time - whatever that meant). Anyway my £500 is now worth £89.10...! Mainly down to the plummet in value of Ethereum. Fortunately the loss isn't too bad - in the big picture - but can anyone explain (in a short paragraph) why this has happened....?
OK - so my "toe in the water" of cryptocurrency earlier this year has been disappointing. I decided to invest £500 in Coinbase to buy Bitcoin and then Ethereum (it was being heralded as the next big thing at the time - whatever that meant). Anyway my £500 is now worth £89.10...! Mainly down to the plummet in value of Ethereum. Fortunately the loss isn't too bad - in the big picture - but can anyone explain (in a short paragraph) why this has happened....?
Fools gold. I warned everyone numerous times.
I seem to remember that! Glad it was "only" £500. I am aware of a few people who decided to put their "life savings" into it in the hope of a massive return. But as the old saying goes "if something seems to good to be true then it probably is...".
I just hope no one on CL loses a lot of money on cryptos. Warren Buffett said you should not invest in shares of companies that you do not fully understand & the same applies for any asset. Gamble with money you can happily lose, but please don't gamble more. It's an extremely high risk gamble end of.
I just hope no one on CL loses a lot of money on cryptos. Warren Buffett said you should not invest in shares of companies that you do not fully understand & the same applies for any asset. Gamble with money you can happily lose, but please don't gamble more. It's an extremely high risk gamble end of.
For sure. But if you do understand it?
Then carry on, but be aware the rug could be pulled out from under you at any time and you have no protection from any regulatory bodies.
Hearing a lot of suggestions to get on XRP anyone else hearing similar? Or have suggestions on any decent cryptos?
Same as last year if you fancy a punt and can afford to make a loss then go for it. I wouldn't out your life savings on it though. I'm still hoping my 1 litecoin will moon one day!
Hearing a lot of suggestions to get on XRP anyone else hearing similar? Or have suggestions on any decent cryptos?
XRP is probably a good one to trade, the price fluctuates a lot so if you’re clever about it you can make a bit. But it is looking very cheap right now.
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?
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.
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
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"
Comments
Huge potential but a long way to go to get simpletons like me involved.
Put it down to experience and move on.
Because I went in large
There's a few things that will happen that will have a positive influence on its price. Bitcoin will split for example.
what it does before then no one knows though of course.
Only slightly under the £200 i put in a year or so ago. But crypto/blockchain is very much the future, especially for supply chains.
You guys need to get on to this
Anyone thinking of buying into a burst bubble because prices are already down 80% might be in for a shock.
https://gizmodo.com/crypto-exchange-says-it-cant-repay-190-million-to-clie-1832309454
So, with something like Coinbase, was it similar to a Ponzi scheme?