Crypto $$$

[Mulva]

Originally Posted by Mulva

My sister knows I'm into crypto and she asked me around August last year if she should buy in. Bitcoin had just gone from around AUD$13k to AUD$17k so I said who knows but if it was me I would wait for it to correct. She reminded me of that this arvo when it went over AUD$82k. I reminded her I said I would wait but I also have no ****ing idea, and reminded her to never listen to anyone in crypto, even moreso those that think they have some idea.

She reminded me of this again yesterday when it was over $85k. She got in couple of months back when it dipped into the $50k region.

[b0son]

Originally Posted by CyberWasp

Crypto is not going to go away.

Probably not, but it very well may change. It's code, there's nothing stopping a better version replacing it, or even an entirely new paradigm rendering it obsolete.

Remember when bandwidth was tiny and we had to ZIP and RAR files to send them around? Who even needs to do that anymore?

[Polyal]

I must be living under a rock but I dont understand the appeal of crypto from a user perspective...if poo hits the fan its gone?

[data_mine]

Originally Posted by Polyal

I must be living under a rock but I dont understand the appeal of crypto from a user perspective...if poo hits the fan its gone?

2008 GFC feels forgotten.

any/all of your stocks can disappear in no time too.
your super can disappear if the markets are bad, your super fund makes bad decisions

and even if you leave your money under your mattress, inflation will make it more and more worthless as time goes on.

and think you're money is safe in the bank? the people of Greece may have a second word about that.


there's risk in everything, and there's reward to be had if you can stomach the risk.

[GO FURTHER]

Originally Posted by Polyal

I must be living under a rock but I dont understand the appeal of crypto from a user perspective...if poo hits the fan its gone?

What I always wonder...

1. What happens when countries eventually decide to go cashless and or develop their own national backed Cryptocurrency?

And if;

2. More countries like China ban existing cryptocurrencies?

Surely, one's investment in questionable less known crypto coins, will fall in value or simply crash?

[data_mine]

Originally Posted by GO FURTHER

What I always wonder...

1. What happens when countries eventually decide to go cashless and or develop their own national backed Cryptocurrency?

And if;

2. More countries like China ban existing cryptocurrencies?

Surely, one's investment in questionable less known crypto coins, will fall in value or simply crash?

1. why does that matter at all? we've been able to play the forex market forever, that's essentially playing with other countries money. no difference.

2. I don't think we'll see anyone actually do that. Sure some small nowhere countries may (N Korea maybe), but the US and Europe haven't yet, so they won't. If governments really wanted to kill it, that time has past. China has banned it for two reasons - the one they make public (electricity shortages/emissions), and the real reason - too many people are making too much money/becoming too powerful - the CCP doesn't like that - they try to tread a fine line between communism and capitalism, but any time someone becomes too powerful that's not CCP - they get disappeared.

[b0son]

Originally Posted by data_mine

any/all of your stocks can disappear in no time too.
your super can disappear if the markets are bad, your super fund makes bad decisions

show me an example. AFAIK, no super fund has ever gone bust in Aus, nobody here ever lost their super balance through bad investments. even the high growth options are made up largely of stocks of well-established large companies, not start-ups.

your stocks dont disappear unless the company does. diversify and you negate that risk.

[data_mine]

Originally Posted by b0son

show me an example. AFAIK, no super fund has ever gone bust in Aus, nobody here ever lost their super balance through bad investments. even the high growth options are made up largely of stocks of well-established large companies, not start-ups.

I'm not aware of any (haven't specifically looked) - however while deposits in your bank account are coved by the ACS to 250k, super funds are NOT covered*. so if a super fund does go bust you'll be left with nothing.

your stocks dont disappear unless the company does. diversify and you negate that risk.

good advice. putting all your eggs in one basket - no matter what that basket is - is a bad idea.

as I covered before, there's a risk in any investment, it's up to the individual to decide what risk profile they want, and they have to look out for themselves.



*well the fund itself maybe covered, if it holds cash with a ADI bank, but 250k across any funds membership base will equate to next to nothing per member.

[wodahs]

Originally Posted by b0son

show me an example. AFAIK, no super fund has ever gone bust in Aus, nobody here ever lost their super balance through bad investments. even the high growth options are made up largely of stocks of well-established large companies, not start-ups.

your stocks dont disappear unless the company does. diversify and you negate that risk.

30 odd years ago i lost (to me) a heap i had in amp as a super fund
i still have all the official paper work tho at the time (and my lack in age) to try and recover it wasnt worth the cost
they just have no records them selfs of my accounts from after goring paperless from paper records to digital and i had been paying in to it from an apprentice for years
so yes you can loose from them even if they dont go bust

EDIT:~ ive also lost in shares one from southern cross network where they re wrote their shares to like a 10th of the price so now i still own the shares i bought as a parcel but bugger all of them
and ive had that a few time with better share holdings even if they wernt blue chip stocks (im not talking these .00001c shares you buy on a whim to hope to make it large)

[b0son]

Originally Posted by data_mine

I'm not aware of any (haven't specifically looked) - however while deposits in your bank account are coved by the ACS to 250k, super funds are NOT covered*. so if a super fund does go bust you'll be left with nothing.

if a super fund goes bust, it will likely be due to some major global economic calamity, in which case most of us will be losing most of our investments. if that happens, something tells more more people will be buying gold than dogecoins :P

[CyberWasp]

So seeing that we are supposedly on the 2nd leg of a Bull Run, does anyone have any low cost gems to highlight that they feel will make a good return and why?

[Yellow_Festiva]

CBA is getting on the Crypto bandwagon.

They will be adding a facility to buy and sell on their netbank app.

[wodahs]

Originally Posted by b0son

if a super fund goes bust, it will likely be due to some major global economic calamity, in which case most of us will be losing most of our investments. if that happens, something tells more more people will be buying gold than dogecoins :P

bitcoin its self had a fairly good day today currently up around the $89390aud

[Yellow_Festiva]

Originally Posted by wodahs

bitcoin its self had a fairly good day today currently up around the $89390aud

And today it's at almost 93.3k

I bought $800 worth 1st November and it's almost at $900 now.

[Citroënbender]

How much of that profit would you lose in fees if you cashed out now? Curious.

[prktkljokr]

Originally Posted by Citroënbender

How much of that profit would you lose in fees if you cashed out now? Curious.

The fees are not too bad, its the tax at 19% of the profit that the ATO wants that gets you

[b0son]

If you're apprehensive about buying bitcoin directly, buy some crypto ETFs. My wife bought into one last week and it's up 10% in 4 days :P

[Citroënbender]

Watching some of the market presently, feeling a little less FOMO. Wondering if “Omicron” has slowed some trends, even if briefly.

[sneaky]

Originally Posted by Citroënbender

Watching some of the market presently, feeling a little less FOMO. Wondering if “Omicron” has slowed some trends, even if briefly.

I could cure your FOMO by showing you my (small) wallet - so much red lol

[slowsnake]

Originally Posted by Polyal

I must be living under a rock but I dont understand the appeal of crypto from a user perspective...if poo hits the fan its gone?

You are the smartest person here

PS....because no one else understands it either!

[wodahs]

i kinda work with crypto and have had a $100s a week aud put in to my bendigo bank for the last 6 weeks
i see it like working with shares but fluctuates more often
and the funds transfer faster
my shares take 3 days to retrieve funds
from bit coin bank to bendigo usually bout half n hr and im of spending it
tho i dable working with it too ive made no investment my self

[Mulva]

Got both daughters $10 each of BTC several years back for ****s and gigs and to see what it was worth on their respective 18ths (currently aged 14 and 12) - they are happy to be "hundred-aires" again

[fordomatic]

Originally Posted by slowsnake

You are the smartest person here

PS....because no one else understands it either!

You do you mate, risk vs reward.

Big businesses didn't make their billions from not taking a risk.

Diversify. That is all.......

[BA-XT]

I've just dived in after spending a fair amount of time and studying it as much as I can.

Person art work showed me he's portfolio.... He's English is poor and a few months back he told me he's going to retire at 55 I laughed. I mentioned crypto and he showed me he's portfolio. Boy did I have egg on my face!

Turns out he's been doing it since 2017.... He works part time for something to do... But to meet him you'd just never pick it.

I'm doing it long term with low risk coins. I might throw my progress up as I go if anyone's interested.

I've invested $252 and was up to a nice $276 but overnight it's gone down so currently sitting at $235

[CyberWasp]

Good on you for having a go.
It is a good idea to start off like that and spend time in the market, learning as you go.
The market has just had another dump so you might be down a bit more unfortunately.
Dollar Cost Average is the way to go when this happens.

[BA-XT]

Originally Posted by CyberWasp

Good on you for having a go.
It is a good idea to start off like that and spend time in the market, learning as you go.
The market has just had another dump so you might be down a bit more unfortunately.
Dollar Cost Average is the way to go when this happens.

Thanks mate

Yeah $50 a week at this stage. Nothing flash. BTC, Ethereum, Solana, Binance and maybe one of the medium smaller coins. This meta universe looks like it's about to take off. Sand and a new coin Gala I might invest in next :-)

[zilo]

Anyone lost money today?

(Don't be shy)

looks like Bitcoin has taken a 20% hit in one day?..today..

[data_mine]

you only lose if you cash out a loss.

[Citroënbender]

I find the market volatility quite interesting. Twelve month gains have been really good for a number of currencies.

[wodahs]

Originally Posted by Citroënbender

I find the market volatility quite interesting. Twelve month gains have been really good for a number of currencies.

yep , when I made my btc account to transfer coin to aus and added it to my browser fast bar , bitcoin it's self was at 74k
in that time it's been up in the low 90k rang and down in the high 60k range and now bake at low 70k again i, all in about 5 weeks