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Crypto NFT and unregulated investment


Bristol Rob
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Crypto is interesting. I don't claim to know everything about it. But what I do know makes me want to avoid it. Environmentally it's very bad for the planet, in general it's murky and unregulated and it's value is speculative. Much of those are shared with NFT's as I understand it. With these things amongst others come added risks and complication.

However, it's such a huge market now where so many people hold money that I can't see any result other than some sort of Government intervention. 

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I'm relatively into crypto - agree with the post above though I should point out that there are some green cryptocurrencies which unfortunately seem to be overlooked. Very surprising considering the energy usage of some of them is completely unsustainable, which makes their rises all the more mystifying.

I'm still yet to 'get' NFT's. I grasp the basic concept of them but I've never once seen an example of a realistic use case.

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3 hours ago, The Batman said:

Isn't crypto just like the stock market?

Buy low, sell high.

What I don't get is people being able to pay for items with bitcoin (for example). How does that work? 

The same way as with cash. You send Bitcoin in return for an item.

The biggest difference is that Bitcoin is pretty dreadful. It's relatively slow (hour or 2), it's expensive to send, and it's dreadful for the environment as it uses so much power. As far as crypto's go, it's one of the worst, but it's the 'gateway' in to others.

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On 06/01/2022 at 16:48, nebristolred said:

I'm relatively into crypto - agree with the post above though I should point out that there are some green cryptocurrencies which unfortunately seem to be overlooked. Very surprising considering the energy usage of some of them is completely unsustainable, which makes their rises all the more mystifying.

I'm still yet to 'get' NFT's. I grasp the basic concept of them but I've never once seen an example of a realistic use case.

Sorare is a use case. You buy nft football player cards and enter them into 5 aside competition based on their real life scores to win Eth or more cards. The company recently raised 600 million dollars and is valued at over 4 billion dollars. 

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On 16/01/2022 at 03:31, Padlad said:

Sorare is a use case. You buy nft football player cards and enter them into 5 aside competition based on their real life scores to win Eth or more cards. The company recently raised 600 million dollars and is valued at over 4 billion dollars. 

Fair enough looks interesting even if a little specific - I'm not an expert on NFT's so this is partly my ignorance but I'm not sure that NFT's actually solve a problem here though? These things can be done (and are done) already. I'll definitely look into it though.

7 hours ago, Fordy62 said:

I bought some crypto worth £100 once. Just checked and it’s worth £5. 

As per gambling, don’t gamble more than you can afford to lose. 

Absolutely. The market in general has grown hugely though, so if you believe in the fundamentals of a project, and haven't just gone for some random ****coin, chances are you will be up over the years, unless you're quite unlucky. But treating it as a speculative punt is the golden rule for sure.

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17 hours ago, The Batman said:

So what's with this mega crash that's gone on? Hoping those of you who invested got out before it sunk. 

Still in.

Only put in money I accepted I would quite possibly lose (it was my alternative to having a weekly bet on the football),  pleased I didn't put more in, and with the exception of a few fleeting moments I haven't seen any return, although had generally the whole thing had been steady. Up 12%, down 12% but not to a point I felt the need to cut losses or cash out

From what I have read, the day traders are the ones really suffering and on some forums, there are stories of people who took out massive loans in the hope/assumption the return would vastly out perform their repayments.

Still not convinced by it as being much more than smoke and mirrors, but for me it was always a long-term view, so I am pretty relaxed about the whole thing.

That said, if someone was thinking of having a dabble for the first time, now either be a great time to get in to it, or it could all still crash further, but at least you will be investing in zeros and ones at a lower price than lots of people paid.

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Just to add (because I have just looked) a 'coin' called MANA is up 7.5% today, whilst another called APE is down 13.8% today.

If you are able to understand why one is up considerably and the other down a lot, then we'll done!

I have no idea.

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36 minutes ago, Wiltshire robin said:

I know very little about crypto’s but if you was to invest now it’s low is there a good chance it will rise enough to make a decent profit ?

Could be, or it might be you lose money slower than others.

If you want a small high risk investment and are prepared to lose it, now seems as good a time as any, but that isn't to say it won't drop further.

Could be a case that the price recovers to where it was, could continue to drop.

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12 minutes ago, Bristol Rob said:

Could be, or it might be you lose money slower than others.

If you want a small high risk investment and are prepared to lose it, now seems as good a time as any, but that isn't to say it won't drop further.

Could be a case that the price recovers to where it was, could continue to drop.

If it drops further and then rises again would you still lose money if you don’t cash out , for example say you put a grand in and it then lowers but in a few months rises.

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10 minutes ago, Wiltshire robin said:

If it drops further and then rises again would you still lose money if you don’t cash out , for example say you put a grand in and it then lowers but in a few months rises.

Depends. If it drops by more than it rises, then yes. You'll still be down.

If it rises by more than it has dropped/or whatever you have put in, you'll be up.

Same as any other investment.

@nebristolred was an early adopter.

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8 minutes ago, Bristol Rob said:

Depends. If it drops by more than it rises, then yes. You'll still be down.

If it rises by more than it has dropped/or whatever you have put in, you'll be up.

Same as any other investment.

@nebristolred was an early adopter.

Ok thanks 

know any sites I can learn more about trading in general, it’s always something I wanted to get into .

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14 minutes ago, Wiltshire robin said:

Ok thanks 

know any sites I can learn more about trading in general, it’s always something I wanted to get into .

I would just have a Google and see what you find, I understand there are lots of people posting about it on Reddit.

My experience suggests there are no experts, just people with strong opinions (both in terms of potential gains and potential losses), so treat it as you would do any visit to the bookies! You might get lucky, you might not, could be life changing, bit then so could buying a lottery ticket.

I'm not trying to put you off, just trying to be clear that it is high risk, but with prices depressed at the moment, there is possibly more chance of a return than if you bought 4 months back.

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27 minutes ago, Bristol Rob said:

I would just have a Google and see what you find, I understand there are lots of people posting about it on Reddit.

My experience suggests there are no experts, just people with strong opinions (both in terms of potential gains and potential losses), so treat it as you would do any visit to the bookies! You might get lucky, you might not, could be life changing, bit then so could buying a lottery ticket.

I'm not trying to put you off, just trying to be clear that it is high risk, but with prices depressed at the moment, there is possibly more chance of a return than if you bought 4 months back.

Thanks pal 

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9 hours ago, BigTone said:

Isn't Madonna selling a 3D model of her vagina with NFT. Might stick to premium bonds personally

 

Is that Madonna circa 1982, pert, Like a Virgin, or Madonna 2022, blue waffle?

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5 hours ago, Bristol Rob said:

 

I'm not trying to put you off, just trying to be clear that it is high risk, but with prices depressed at the moment, there is possibly more chance of a return than if you bought 4 months back.

I’d echo this last paragraph. I started investing in February. Smallish amounts. However one of the coins I’ve invested most in has dropped 60% from what I paid for them all. 
 

the amount I’ve put in though is an amount im comfortable if I didn’t see it again. Also going forward only will put in what I don’t mind losing on a monthly basis or can afford that month. Trying to avoid impulse buying as well, as even if goes down now slightly, could be further drops to happen.
 

I’m also trying to spread the coins I have invested in as well. So I’m not all eggs in one basket. I’m currently in that position as 75% of mine are in one coin to enable me to get a debit card from the company I’m using. 

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7 hours ago, Wiltshire robin said:

If it drops further and then rises again would you still lose money if you don’t cash out , for example say you put a grand in and it then lowers but in a few months rises.

 

7 hours ago, Bristol Rob said:

Depends. If it drops by more than it rises, then yes. You'll still be down.

If it rises by more than it has dropped/or whatever you have put in, you'll be up.

Same as any other investment.

@nebristolred was an early adopter.

Yeah what @Bristol Rob has said is pretty spot on to be honest mate. I was an early adopter but I'm only slightly up now during this crash - some that I invested in just died a death, whereas my best one I'm up around 10x (although it was far, far higher not so long ago).

Just number 1 rule - be prepared to lose it all. Accept that it's a punt, and don't get too annoyed if it does go. There are thousands of cryptocurrencies out there, some are genuine gamechangers that will go up 100x, some are genuine scams, most will fail long-term. It's just filtering through the crap. And also be prepared for your money to be 50% down one day and 50% up the next, it's so volatile.

Personally if I was starting, I'd have no problem investing in Bitcoin and Ethereum. They're the 2 leaders and they will always be around, and I'd be stunned if it only ever goes down from here. Only thing is with Bitcoin, everyone thinks of it as digital cash, but in reality it is expensive to send, terrible for the climate, and slow to transfer. So in reality, it's more like digital gold. It's a store of value, not a method of transfer.

Outside of that, read some guides and try to understand what some cryptocurrencies are doing, what problem are they trying to fix, and if they are backed by a strong community and ownership. If so, it might be a case for a long-term investment. For example, Monero is a coin that allows you to send money completely privately. Vechain is a coin designed to help the supply-chain. Nano is a coin that mimics cash, free to send and instant. Try to find the coins that you think could genuinely solve a real-world problem, and you might have a case for backing it.

This isn't advice, I haven't been reading or keeping up with things for a long long time, but just trying to explain my logic really. Most of this will die a death, but imo there will be those 1 or 2 which genuinely make the world better. If you imagine trying to predict how the Internet would go back in 1995... the skill is trying to paint a picture of what the end looks like.

As for NFT's... don't even get me started. Utter madness that, or perhaps it's just something which goes well over my head.

Edited by nebristolred
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14 hours ago, myol'man said:

Is that Madonna circa 1982, pert, Like a Virgin, or Madonna 2022, blue waffle?

From what ive seen its an animation of robotic centipedes crawling out of her groove, while she witters on some hippy crap in the background. Im sure somone will buy it

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4 hours ago, TonyTonyTony said:

From what ive seen its an animation of robotic centipedes crawling out of her groove, while she witters on some hippy crap in the background. Im sure somone will buy it

Not this little black duck

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Have not posted on the forum for years but wanted to reply on this thread.

Amazed to read through all the comments and not find any mention of ISO20022 crypto coins and solely Bitcoin and Ethereum are mentioned.

Bitcoin and Ethereum are not environmentally friendly and as things stand will not have a future in the field.

ISO20022 coins, five of them, XRP, XLM, IOTA, XDC and Algorand have met environmental standards, next to zero fees, global contracts alongside the majority of central banks, institutions and payment platforms.  This standard is being adopted in November replacing Swift payment system.  It is looking likely that the value will be tethered to the value of precious metals, such as gold and silver.  Three other coins, Hedara Hashgraph, Quant and Cardano also looking likely to be adopted as meet regulations.  

As far as I am concerned all others apart from a few which have future use, such as Metaverse coins (Decentraland, Sandbox) will fall away and cease to exist.

I am invested, currently showing a loss, but am not worried in the slightest as confident of future gains.  No realised loss as not intending to sell until my targets are met.

Binance can be used as an Exchange.

Recommend buying a hard ledger to store crypto such as Nano Ledger X or S.  Whilst crypto is bought and held on an exchange it is not yours.

Not financial advice but if you have a few quid then now is a good time to invest.  Recommend researching, good place to start is YouTube but avoid the bluster and nonsense, try Blockchain Backer who details the markets.

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9 hours ago, Floodlight over IKEA ? said:

Have not posted on the forum for years but wanted to reply on this thread.

Amazed to read through all the comments and not find any mention of ISO20022 crypto coins and solely Bitcoin and Ethereum are mentioned.

Bitcoin and Ethereum are not environmentally friendly and as things stand will not have a future in the field.

ISO20022 coins, five of them, XRP, XLM, IOTA, XDC and Algorand have met environmental standards, next to zero fees, global contracts alongside the majority of central banks, institutions and payment platforms.  This standard is being adopted in November replacing Swift payment system.  It is looking likely that the value will be tethered to the value of precious metals, such as gold and silver.  Three other coins, Hedara Hashgraph, Quant and Cardano also looking likely to be adopted as meet regulations.  

As far as I am concerned all others apart from a few which have future use, such as Metaverse coins (Decentraland, Sandbox) will fall away and cease to exist.

I am invested, currently showing a loss, but am not worried in the slightest as confident of future gains.  No realised loss as not intending to sell until my targets are met.

Binance can be used as an Exchange.

Recommend buying a hard ledger to store crypto such as Nano Ledger X or S.  Whilst crypto is bought and held on an exchange it is not yours.

Not financial advice but if you have a few quid then now is a good time to invest.  Recommend researching, good place to start is YouTube but avoid the bluster and nonsense, try Blockchain Backer who details the markets.

The fact you end with "Not financial advice" tells me everything about where you get your info from. How much GME / AMC are you bagholding? What's your LUNA worth? ;) 

I'd be interested why you think those "ISO20022 coins" are important. It's just a messaging standard so financial institutions can talk to each other that will be adopted - it's not like that's the only thing you need to be adopted by the global financial system. There are many, many other standards they'd have to meet. You've simply listed some crypto coins who can meet the standard - so what? There's no relevance here. I'm not sure you entirely understand how ISO standards work? Which to be fair you're very lucky if you haven't had to deal with them before!

The fact those coins meet that standard current has no bearing on their relation to or use by central banks, institutions, or payment platforms. Hell, even if they met them all - so what? Sorry.

I do love the idea however of your lovely "decentrilised" crypto coins being developed to meet centralised international and regulated standards. That gave me a chuckle!

"No realised loss" - oh please. I hear that trotted out so often. Have you ever heard of opportunity cost? "All my investments are bleeding but I'm planning on holding them forever so I haven't lost anything really".

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10 minutes ago, IAmNick said:

The fact you end with "Not financial advice" tells me everything about where you get your info from. How much GME / AMC are you bagholding? What's your LUNA worth? ;) 

I'd be interested why you think those "ISO20022 coins" are important. It's just a messaging standard so financial institutions can talk to each other that will be adopted - it's not like that's the only thing you need to be adopted by the global financial system. There are many, many other standards they'd have to meet. You've simply listed some crypto coins who can meet the standard - so what? There's no relevance here. I'm not sure you entirely understand how ISO standards work? Which to be fair you're very lucky if you haven't had to deal with them before!

The fact those coins meet that standard current has no bearing on their relation to or use by central banks, institutions, or payment platforms. Hell, even if they met them all - so what? Sorry.

I do love the idea however of your lovely "decentrilised" crypto coins being developed to meet centralised international and regulated standards. That gave me a chuckle!

"No realised loss" - oh please. I hear that trotted out so often. Have you ever heard of opportunity cost? "All my investments are bleeding but I'm planning on holding them forever so I haven't lost anything really".

AMC was fine for the record, I made a profit on it. 

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