Investing In Crypto

Interesting read from Forbes today about whether you should invest in Crypto.

Does anyone here invest in crypto? What are your thoughts on the Forbes article?

And if someone is reading this and wants to get into crypto investing, what platform would you suggest they used?

This podcast came out this morning for anyone interested - it’s not particularly in favour of bitcoin :eyes:

I think the most damning thing against Bitcoin is how much energy it wastes. More than the entire consumption of the Republic of Ireland…
The value is being driven by stolen electricity and browser-hack bots, because it’s impossible to find cheap enough power to make mining economically viable.

See also:

Further bad stuff…
Like only 6 wallets determine the price.
About 20% is stolen.


It’s a mess that will eventually come crashing down.
China seems to be the only country with a vaguely sensible approach.

“Invest” is not quite the right term! Closer to pure speculation and gambling.

FCA warning

Quote: “If consumers invest in these types of product, they should be prepared to lose all their money.”

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Yesss they mention this and stealing electricity in the podcast!

I find it all so interesting but pretty confusing :joy:

Like they also talked in the podcast about how the creator of bitcoin has to remain anonymous because if he reveals himself then he opens himself up to hacking, and that even though he has billions of bitcoins he’s not rich enough to get the security he needs??

Needs to be compared to the Banking systems world wide. Saying it wastes electricity isn’t understanding how it works. Most Miners are is China and they are usually powered by Hydroelectric power stations and use what can’t be stored.

The energy that is used secures the Blockchain, meaning that to undo that work is prohibitively expensive and impossible without all the equipment needed to do so.

If Satoshi was one person, they would be the richest person on earth due to the Coin they mined in the early years of Bitcoin.
What gives Bitcoin it’s value is the Rarity of the coin x the energy it costs to make the Blockchain. Also added to this is the other coins that are now out there and what is used by them.
There are scams out there as with everything of value. You just need to learn how these happen and how to avoid getting caught up in them.

Oh you think it could be more than one person?

I’ve also heard people say that there is a limited supply of bitcoin - 21 million? So what happens when all 21 million have been mined?

As the reward halves every few years the Miners will get a bigger % of the reward as Fees instead of new Coins.

I personally think it one person who used the name but I think more than one came up with Bitcoin.

Another reason why bitcoin is seen as a risky move…? Easy to lose?

Who thinks he’ll find it? :sweat_smile:

No chance :joy:

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Seems to me that blockchain is a great idea and will be around now forever and used for a multitude of purposes. Still seems weird to me that crypto is mostly seen as an investment.

Lots of estimates on how much energy is being consumed and much mis-information, but proof-of-work consensus is troubling. eg Residents claim massive bitcoin mining operation is heating up a local lake - SlashGear

I personally suspect the days of big bitcoin investment growth is over.

I plan to stay in crypto with relatively small amounts but focus on non proof-of-work ( eg proof-of-coverage, proof-of-space, proof-of-stake etc ).

Hey all!

We have a new blog post live on our site that’s breaking down 25 of the key terms associated with crypto:

What’s everyone’s thoughts on the latest Bitcoin price dip?

Didn’t even know there was a recent dip!

I have some crypto as a long term punt and have pretty much stopped paying attention to the volatility.

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It was manipulation by “people” not happy with El Salvador and trying to make them look bad.
I don’t think it worked.

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Yep, I am back up. ahha

Ukraine has been the latest country to pass a law around cryptocurrency:

They haven’t gone as far as El Salvador and made it legal tender but they have recently passed a law that protects users from fraud.

What are your thoughts, do you think more regulation is in sight for Bitcoin and cryptocurrencies in general in other countries?

Bitcoin would have to be back at $1k for me to be down on it. My overall is back to where it was about 2-3 weeks ago.

As for Ukraine and the like, I see more doing this. It will be a few here and there then most will do it. Panama is also looking at this. I can see some African countries doing this too.

:exploding_head: :exploding_head: :exploding_head:

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Crypto is speculation, not investing. I hope Emma will make that clear when crypto comes to the app…

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Good news for any Bitcoin investors here - seems as though the price has steadied again

It crashed from $52,000 but seems to be sitting more steadily at around $45,000 at the moment