View Single Post
  #796  
Old 22nd February 2018, 11:37 AM
moltuae's Avatar
moltuae moltuae is offline
RIP 27/02/2021 :-(
 
Join Date: Sep 2014
Location: East Lancs.
Posts: 2,679
Default

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.
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.

Having said that, if you're sensible, do your research and gradually build-up a diversified portfolio, you can make huge profits. You can make money by playing the exchanges and buying and selling at the right time but that really is a gamble and takes a lot of skill/luck. Most people who have been investing in cryptocurrencies for more than a year will tell you to "just hodl (hold)". If you have the nerve to ride the dips, any cryptocurrency that's worth investing in will generally increase in value in the long run, sometimes by more than 100x. 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.
__________________
Mark
------------------------------------------------------
2002 FE S8 Ebony Black Pearl
------------------------------------------------------

------------------------------------------------------
Cars Owned:
The Tesla Era: 2020 Model S Performance Ludicrous+ (present)
(Black, with all black premium interior and carbon fibre décor, 21" sonic carbon twin turbine wheels and FSD capability)

The Audi Era: '97 A8 4.2 (Ming Blue) --> '96 A8 4.2 QS (Dark Green) --> '02 FE S8 (present)
The Citroen Era: '84 BX 1.6 RS --> '89 BX 1.9 DTR Turbo --> '94 XM 2.0L Turbo --> '96 XM 2.0L Turbo Exclusive --> '00 Xantia Activa 2.0L Turbo
The Banger Era: '76 1.2L Lada VAZ-2101 (Ruski Fiat 124) --> '80 1.7L Morris Ital HL, finished in Ermine White and Rust
Reply With Quote