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Post by user211 on Jan 3, 2021 11:32:52 GMT
The best way really is to dollar cost average over time.
So put say £100 a month in. Maybe a bit more if the price has dropped a lot. And a bit less if it has risen.
This is one hell of a bull market at the moment. It maybe that the price drops a lot within the next week.
That said, it is being used as a store of wealth to protect against massive money printing. In the next year I expect it to rise a lot.
What worries me is governments. I seriously think we are seeing the start of a massive money revolution. The trouble is governments have no control over the crypto space and they know it.
You will hear a stream of BS from the likes of the Bank of England about losing all your money. And from next January they are banning the likes of ByBit i.e. betting on crypto price movements.
What governments will try to do is create their own cryptos as it is an excellent method of tracking all payments. That's already happening in the US and China.
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Post by user211 on Jan 3, 2021 11:42:20 GMT
Remember, governments don't want you to make money really. They want you to go to work, tax you, spy on you and generally do every they say.
Not so bad in some countries but seriously not good in others.
But then you know all this anyway;)
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Bitcoin
Jan 3, 2021 13:42:07 GMT
via mobile
Post by julesd68 on Jan 3, 2021 13:42:07 GMT
Yes dollar cost averaging makes a lot of sense with an amount of money you won't cry about if you lose it.
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Post by user211 on Jan 3, 2021 13:54:45 GMT
Yes dollar cost averaging makes a lot of sense with an amount of money you won't cry about if you lose it. Be sensible, not greedy and emotional. Look at it long term. Look at the history of Bitcoin's price. Draw a line against its worst prices. It's going up, basically. NEVER sell at a loss. Ever. Just wait. You almost certainly will get your money back. Be careful which exchange you use. Choose one with FCA approval, cold storage and insurance against key loss. |
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Post by Chris on Jan 10, 2021 5:12:42 GMT
Interesting to note the banks are fighting back. That's HSBC just said they won't let you use their services with anything to do with Bitcoin.
Hardly surprising really.
I also noticed Slingers comments and it brought to mind a company in Glasgow who specialise in breaking passwords. Not the same as hacking crypto I know but not often these guys emerge out the shadows. Said the longest they'd ever spent on a password was two days.
Implied too it was very simple work with the right tools and knowledge.
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Post by Chris on Jan 10, 2021 5:15:21 GMT
The best way really is to dollar cost average over time. So put say £100 a month in. Maybe a bit more if the price has dropped a lot. And a bit less if it has risen. This is one hell of a bull market at the moment. It maybe that the price drops a lot within the next week. That said, it is being used as a store of wealth to protect against massive money printing. In the next year I expect it to rise a lot. What worries me is governments. I seriously think we are seeing the start of a massive money revolution. The trouble is governments have no control over the crypto space and they know it. You will hear a stream of BS from the likes of the Bank of England about losing all your money. And from next January they are banning the likes of ByBit i.e. betting on crypto price movements. What governments will try to do is create their own cryptos as it is an excellent method of tracking all payments. That's already happening in the US and China. That seems a better idea than a pension. |
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Post by user211 on Jan 10, 2021 9:42:12 GMT
The best way really is to dollar cost average over time. So put say £100 a month in. Maybe a bit more if the price has dropped a lot. And a bit less if it has risen. This is one hell of a bull market at the moment. It maybe that the price drops a lot within the next week. That said, it is being used as a store of wealth to protect against massive money printing. In the next year I expect it to rise a lot. What worries me is governments. I seriously think we are seeing the start of a massive money revolution. The trouble is governments have no control over the crypto space and they know it. You will hear a stream of BS from the likes of the Bank of England about losing all your money. And from next January they are banning the likes of ByBit i.e. betting on crypto price movements. What governments will try to do is create their own cryptos as it is an excellent method of tracking all payments. That's already happening in the US and China. That seems a better idea than a pension. I think so. Plus you will have excellent visibility and control over your money. I haven't put much into pensions since losing £10K with the Equitable Life 20 years ago. I simply found myself unable to trust pension companies after that. Spread your risks, though. Don't put everything into crypto no one can read the very long term future! |
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Post by user211 on Jan 10, 2021 10:37:06 GMT
Interesting to note the banks are fighting back. That's HSBC just said they won't let you use their services with anything to do with Bitcoin. Hardly surprising really. Heads buried in the sand. Or you'll probably find their investment section is buying it up like no tomorrow to pay you 1%  |
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Bitcoin
Jan 10, 2021 13:35:23 GMT
via mobile
Post by julesd68 on Jan 10, 2021 13:35:23 GMT
That is the truth of it!
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Post by user211 on Jan 11, 2021 18:53:29 GMT
Yeah but they are taking the risks. BTC is basically down 30% in two days. That said, they also need to be paid. Expertise is important here. As is a crystall ball. |
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Bitcoin
Jan 11, 2021 21:39:23 GMT
via mobile
Post by julesd68 on Jan 11, 2021 21:39:23 GMT
I read this today.
'Bitcoin was slumping 21.77% to $30,804.0 after the UK financial market regulator warned investors should be ready to lose all their money if they invest in the crypto currency."
I don't have a Bitcoin investment but if that's the only reason for the fall it should bounce back soon enough.
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Post by user211 on Jan 12, 2021 15:35:09 GMT
That figure is too low. It was around 27% from the peak.
But yeah the bull run may not be over.
Events like that are scary if you are not maintaining your account in large percentages of profit.
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Post by MikeMusic on Jan 12, 2021 16:11:42 GMT
And I thought gold was volatile !
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Post by user211 on Jan 12, 2021 23:19:12 GMT
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Post by MikeMusic on Jan 13, 2021 11:19:47 GMT
Trying to persuade the boss to drop her HSBC account after many years.
Set her up with a Bank of Scotland account and she finds it much easier to use than HSBC
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Post by MartinT on Jan 13, 2021 11:47:28 GMT
The HSBC online site and app are both horrible.
I did ask Ruth why she had a Chinese bank account. She didn't see the funny side of it.
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Post by MikeMusic on Jan 13, 2021 14:05:48 GMT
When the boss exploded for the nth time using the HSBC app I showed her my BoS account
Think she was lost for words at the 90% of stuff not needed
She is now using both accounts. BoS for all new ones and moving a few over.
Has all sorts of auto payments she says can't just be swapped - must ask again what why etc
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Post by MartinT on Jan 13, 2021 15:04:00 GMT
All auto-payments, whether direct debit or standing order, can be moved over. It's just a matter of organising it.
I showed Ruth how to pay a cheque in using the camera. She was amazed, her mindset was still to take it into a branch.
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Post by MikeMusic on Jan 13, 2021 15:45:07 GMT
Auto transfer didn't seem to fit
Will ask again
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Bitcoin
Jan 14, 2021 15:08:30 GMT
via mobile
Post by julesd68 on Jan 14, 2021 15:08:30 GMT
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