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Old 22nd February 2018, 12:48 PM
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steamship steamship is offline
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Quote:
Originally Posted by ulfilias View Post
Sorry to say this steamship, but crypto probably isn't for you. It sounds like you would be investing money that you couldn't afford to loose which is potentially dangerous.

*IF* you have a gaming PC then using it to mine a bit of crypto would be fine. Maybe bump up the risers and add a card or two.

Asics however are not cheap and the market is very volatile. I *THINK* i'll earn back my investments on ASICS, but I bought reasonably cheap. I've already said above that I wouldn't buy an S9 at $2300 atm as i'd be worried about making that back. Better to invest that in crypto as it's cheap(ish) atm but that's not really an income.

*IF* you've got a few grand and want a better return but reasonably safe, look at Property Partner. Alas not under an ISA umbrella ATM so tax to be paid, but you can get ~4-5% monthly return there and potential for sales growth too. It's not the return of crypto, but also not the risks (maybe split whatever you have between a few coins and this?)

As for converting crypto back to fiat, it's doable, but it's tricky and there are risks there too as BANKS are not that keen on it. Revolut may be a useful route but it's not there yet. Bittylicious works and there are a few exchanges. I also like the use crypto to buy something and sell that route though that's liable to give paypal credit etc. It's all a bit new and up in the air.

Sorry again to be negative, but i'd prefer someone to go into this, or not, with their eyes open than potentially get stung later.
Before I even got to Mark's response to this, I have to say that those are the words I probably needed to hear. You're not being negative, but honest, and that's what counts. With that in mind, I think I shall shy away from mining rigs.

Quote:
Originally Posted by moltuae View Post
I think that's great advice.

You really do have to think of cryptocurrency investing as gambling. Don't invest what you can't afford to lose.

If you're looking to invest, I would start with an amount that you are prepared to lose. Invest and wait. Don't panic or pull out at the first dip. If after a few months you have managed to make a good profit, you could even take out your original investment and continue investing your profits.
With those frank and honest words by ulfilias above, I will be considering what you said here. Pick a sum that I'm prepared to lose, and invest it. Watch and wait, and sit on my hands to stop me selling at the slightest hint of a downturn. Then, as you say, if things go well, I'll be able to withdraw my initial investment and continue with the profits.

Up until now, I've had too many options to consider between GPU rigs, ASICs, direct trading and investing. At least now I can focus on the one area.
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