Cryptocurrency. Bitcoin, Litecoin etc. - do you have any?

[mwgdrwg]

I had a whole bitcoin which I sold to go on holiday

 

[Flavour]

I have some. Not loads. Bought it in 2013. Bought ETH in 2017. Not selling any time soon.

 

[spitfire]

I bought £70 worth of Ripple in 2018 as my mate at work had been banging on about crypto for weeks so I thought I'd give it a little go. (I didn't know about the eco impact at the time). He said it was about to go through the roof.

Turns out it was at the top of its value. I just checked and it is now worth $15.15.

#kingoftheuniverse

 

[mack]

Bought £10 worth 8 years ago to buy access to some download site I think it was - £7.50

Sent BTC
December 20 2012 @12:55PM
To: xxx
From: xxx
0.89110082 BTC
£25,348.72

I did sell most of what was left in 2017 for a few hundred

still got £7.43 worth of btc left - Ill hold onto it

 

[Serge Forward]

I bought £70 worth of Ripple in 2018

 

[spitfire]

I'd have been better off buying £70 of them tbf. I like a Ripple.

XRP Digital Asset for Global Crypto Utility | Ripple

XRP enables fast and reliable options for businesses to drive blockchain-based applications and global payments. Discover the power of the digital asset XRP.

ripple.com

 

[mauvais]

Given the resurgence of Bitcoin in the news, I want just to restate the obvious.

Whatever bitcoin is, it is very much not an investment in any sense. It's a straight speculative gamble with no defined odds. Buy some if you like but be aware of what you're doing.

For balance, I said much the same several years ago. You would have made a lot of money by ignoring my advice. However it was high risk then, and is high risk now. Good ideas are good ideas at the time, not just in retrospect.

Edit: some things that are bad investments:

• imaginary things that have no value
• things that everyone and their gran are investing in
• things where hedge funds can fuck you
• pyramid schemes

Again you could have ignored this and made some money. About a year ago, 1 BTC was worth about £6k, a price at which it plateaued for some time. Yesterday it was worth £28k. Right now it's apparently worth £25k. All the other crypto is strongly linked to its fortunes.

Nothing tangible has actually happened between any of these points.

If you've made that kind of percentage gain, then as I said the other day, it would be wise to cash in at least some of it - and also in doing so, verify that you can realise gains. Don't underestimate the emotional value of this stuff - like gambling, big losses (real especially, although also opportunity) can fuck up your emotional state. It's very much avoidable.

 

[tendril]

WWKDD? - what would Ken Dodd do?

WWKDDDDD (What would Ken Dodd's dad's dead dog do)

 

[ricbake]

Sold the BitCoin I'd had since Oct 2017 on the 15th December 2020 which was exactly when it took off...
- luckily I bought Etherium with it, which has done a little better, I'm about 9 times the original investment.
An exceptional return over 38 months

The notional value tied up in crypto will always be volatile but because it is relatively meaningless it is hard to see why it might become valueless.

It appears the various established denominations seem to track the BitCoin price to a significant degree. But the big owners "Whales" are able to manipulate the market to what ever their agenda is, everyone else is just dipping in and out and hanging on to their coat tails. The publicity of the big hikes like the present, draw in unsuspecting punters who are buying high when there may well be another dip. There seems to be no good reason why the price is so high other than the whales are exchanging between their own accounts at this level...

 

[AverageJoe]

So, I bought a small amount of Ethereum last year and it's doing rather well. I understand that currency speculation in general and crypto speculation in particular is gambling rather than proper investment, and that you should only put in what you can afford to lose. That being a given, it's quite an interesting game to know when to take it out in a bull run. If I get it right it will be my post-pandemic holiday fund Anyone else doing the same?

Serious advice. Make sure your wallet has additional security on it - for example a text to your phone with a second level password that you have to put in before you can access the account.

I bought crypto worth £1-2k about five years ago. Bitcoin, Ethereum mainly.

Some cunt hacked my account at Kraken last year and nicked the lot. And because its anonymous in the transactions noone has been able (or especially interested it would seem) to try and recover it like wot a real bank would. Its gone forever.

Last weeks value of that investment? £97k.

 

[weltweit]

By the time it was obvious you could make money with bitcoin I think it was too late to get into it.

Rather like Tesla shares, if you got in at the start you were onto a good thing.

 

[ricbake]

Serious advice. Make sure your wallet has additional security on it - for example a text to your phone with a second level password that you have to put in before you can access the account.

I bought crypto worth £1-2k about five years ago. Bitcoin, Ethereum mainly.

Some cunt hacked my account at Kraken last year and nicked the lot. And because its anonymous in the transactions noone has been able (or especially interested it would seem) to try and recover it like wot a real bank would. Its gone forever.

Last weeks value of that investment? £97k.

Kraken pride themselves on high quality security and a user friendly service at every level, I thought the nature of wallets is that the coin is identifiable and transactions are traceable via wallets which can be flagged as being used in disputed cases. I would have thought if you can demonstrate that coin has been stolen via Kraken they would help you try to recover it.
" Kraken’s security team has implemented 24/7 surveillance on the exchange and domain itself so that nothing comes in or out without being monitored."

 

[AverageJoe]

Kraken pride themselves on high quality security and a user friendly service at every level, I thought the nature of wallets is that the coin is identifiable and transactions are traceable via wallets which can be flagged as being used in disputed cases. I would have thought if you can demonstrate that coin has been stolen via Kraken they would help you try to recover it.
" Kraken’s security team has implemented 24/7 surveillance on the exchange and domain itself so that nothing comes in or out without being monitored."

It might be monitored but they don't take any responsibility. You need 2LA. Don't be me

 

[not-bono-ever]

.

 

[stdP]

Very interesting article from someone who's recently pulled out their bitcoin holdings due to worries about excessive leverage/potential fraud in Tether (a pseudo-currency pegged to USD that IIRC started doing the rounds shortly beforethe first big bitcoin bubble):

The Bit Short: Inside Cryptoâs Doomsday Machine

This is the story of a Bitcoin tradeâââthe most financially impactful trade Iâve ever made in my life. Itâs also the story of theâ¦

crypto-anonymous-2021.medium.com

I confess I've not paid attention to crytpto markets for years as they mostly smelled of scam to me, but the situation around Tether does seem very worrying for anyone looking to cash out.

 

[Brainaddict]

Serious advice. Make sure your wallet has additional security on it - for example a text to your phone with a second level password that you have to put in before you can access the account.

I bought crypto worth £1-2k about five years ago. Bitcoin, Ethereum mainly.

Some cunt hacked my account at Kraken last year and nicked the lot. And because its anonymous in the transactions noone has been able (or especially interested it would seem) to try and recover it like wot a real bank would. Its gone forever.

Last weeks value of that investment? £97k.

I do have 2FA already, though they keep bugging me to get even more security.

In the end I sold somewhere just over the top of the hump. I didn't keep anything in on the grounds I think this is a bit of a bubble and will see quite a large drop. I may well buy again once the price plummets. If it continues to soar I may regret the decision but I think it unlikely.

 

[Throbbing Angel]

Serious advice. Make sure your wallet has additional security on it - for example a text to your phone with a second level password that you have to put in before you can access the account.

I bought crypto worth £1-2k about five years ago. Bitcoin, Ethereum mainly.

Some cunt hacked my account at Kraken last year and nicked the lot. And because its anonymous in the transactions noone has been able (or especially interested it would seem) to try and recover it like wot a real bank would. Its gone forever.

Last weeks value of that investment? £97k.

I'm sorry to hear this AverageJoe

This has made me look at the security of my 'wallet'. I always switch on things like 2fa and there are further security hurdles you can switch on if you're bothered.

This said Binance and Kraken are in the news today as numerous customers have been hacked at both.

The TSB bank in the UK is so concerned after 849 of its customers lost money in one month that they are stopping customers from being able to send funds to Binance from this week.

Am I worrying unnecessarily or what? Are these 849 customers dimwits who have used pASSw0rd123 and no 2fa ?

Supplementary Q: How does one flick crypto funds from a wallet at one provider to a wallet elsewhere?

 

[BigTom]

I'm sorry to hear this AverageJoe

This has made me look at the security of my 'wallet'. I always switch on things like 2fa and there are further security hurdles you can switch on if you're bothered.

This said Binance and Kraken are in the news today as numerous customers have been hacked at both.

The TSB bank in the UK is so concerned after 849 of its customers lost money in one month that they are stopping customers from being able to send funds to Binance from this week.

Am I worrying unnecessarily or what? Are these 849 customers dimwits who have used pASSw0rd123 and no 2fa ?

Supplementary Q: How does one flick crypto funds from a wallet at one provider to a wallet elsewhere?

Why keep it with a provider? There's always the chance of an exit scam or hack. Are you actively trading? If not, then you should transfer it all to a wallet on your harddrive and make sure you keep the seed for the wallet in case the hard drive dies. There must be a withdrawal option from wherever you've got your crypto?

 

[Throbbing Angel]

Why keep it with a provider? There's always the chance of an exit scam or hack. Are you actively trading? If not, then you should transfer it all to a wallet on your harddrive and make sure you keep the seed for the wallet in case the hard drive dies. There must be a withdrawal option from wherever you've got your crypto?

Not actively, not really anyway. A few quid goes in on payday to build up a portfolio of something that's hopefully going to appreciate in value. £50 - £100 a month going in. I bought a few hundred DOGE when they were a bit cheaper than they are now. So I'm adding to that, a bit on Bitcoin and a few quid on SHIB (just in case) and may go for others. Am hoping to keep them long term and cash in in 5 or 10 years.

My only knowledge of external wallets is hearing of horror stories where people wiped it in error or were down the local dump looking for a hard drive among 3000 tons of rubbish to get their life savings back. So there's that, and I have no idea what a seed is.

 

[BigTom]

Not actively, not really anyway. A few quid goes in on payday to build up a portfolio of something that's hopefully going to appreciate in value. £50 - £100 a month going in. I bought a few hundred DOGE when they were a bit cheaper than they are now. So I'm adding to that, a bit on Bitcoin and a few quid on SHIB (just in case) and may go for others. Am hoping to keep them long term and cash in in 5 or 10 years.

My only knowledge of external wallets is hearing of horror stories where people wiped it in error or were down the local dump looking for a hard drive among 3000 tons of rubbish to get their life savings back. So there's that, and I have no idea what a seed is.

The seed is like a password that can generate the wallet again if it gets lost.
When you create a wallet, the address of that wallet is generated from the seed so if the hard drive dies etc you can re-install the wallet and generate the same address if you have the seed.

Seed phrase - Bitcoin Wiki

en.bitcoin.it

For every horror story of someone losing their wallet, there are just as many who got stung by MTGox and other exchanges exit scamming (or being hacked).

 

[Throbbing Angel]

The seed is like a password that can generate the wallet again if it gets lost.
When you create a wallet, the address of that wallet is generated from the seed so if the hard drive dies etc you can re-install the wallet and generate the same address if you have the seed.

Seed phrase - Bitcoin Wiki

en.bitcoin.it

For every horror story of someone losing their wallet, there are just as many who got stung by MTGox and other exchanges exit scamming (or being hacked).

There are articles in the press today regarding Binance having to cease all regulated activity in the UK by the FCA.

I need to make a wallet I can TFR into ASAP as per the posts above. Is anyone in a position to point me at a reliable how-to-guide?

 

[Throbbing Angel]

Moved my Bitcoin over to Coinbase and paid a fee to do so

Binance: Watchdog clamps down on cryptocurrency exchange

The financial watchdog has ruled that Binance cannot conduct any regulated activity in the UK.

www.bbc.com

 

[BigTom]

You need a different wallet for each coin I think. q_w_e_r_t_y may know if there are wallets which handle multiple cryptos, I've only ever used them for darknet market purchases in the past so i've only used BTC and XMR, and not BTC for quite a few years so I don't know what wallets are best now. I used to use electrum for BTC but I guess if you've swapped it all over to coinbase you're going to keep it there now instead of moving it into wallets you control.

 

[Throbbing Angel]

You need a different wallet for each coin I think. q_w_e_r_t_y may know if there are wallets which handle multiple cryptos, I've only ever used them for darknet market purchases in the past so i've only used BTC and XMR, and not BTC for quite a few years so I don't know what wallets are best now. I used to use electrum for BTC but I guess if you've swapped it all over to coinbase you're going to keep it there now instead of moving it into wallets you control.

Pretty much.
Have decided I don't really want the hassle of maintaining wallets other than web based wallets due to memory issues.

Just want somewhere that ain't going to crash and burn or somewhere I potentially may lose access to the funds.

FFS

 

[Idaho]

I believe the ledger hardware wallets allow you to store different types of crypto. Probably only the major ones though. You can store them all on a single seed though (I think).

 

[mwgdrwg]

Moved my Bitcoin over to Coinbase and paid a fee to do so

Binance: Watchdog clamps down on cryptocurrency exchange

The financial watchdog has ruled that Binance cannot conduct any regulated activity in the UK.

www.bbc.com

Why? Crypto trading is unaffected.

Also, if you are so worried about the immensely slim almost non-existent chance of the big exchanges being banned, what makes Coinbase different? And why not move it to a wallet you control?

 

[Throbbing Angel]

Why? Crypto trading is unaffected.

Also, if you are so worried about the immensely slim almost non-existent chance of the big exchanges being banned, what makes Coinbase different? And why not move it to a wallet you control?

You wouldn't be unnerved by the negative press?

 

[cyberpink]

Yes. Got very, VERY lucky

 

[two sheds]

Reading about one of the largest crypto holders who died today and realized that all his cash (not actually earned by doing anything useful mind) dies with him unless he leaves his password somewhere and then anyone getting hold of that takes control, related or not .

 

[cyberpink]

Reading about one of the largest crypto holders who died today and realized that all his cash (not actually earned by doing anything useful mind) dies with him unless he leaves his password somewhere and then anyone getting hold of that takes control, related or not .

I use a USB crypto thingy, so all my moneys are on the chip and transferable to whomsoever has that chip. I have told people close to me that the chip exists, and should anything happen, they should empty that chip of all funds and use it wisely. It's a big old USB dongle with the words CRYPTO MONEY on it, so there will be little chance it gets discarded if I get hit by the Number 88 crossing the road in Stockwell at the shitty junction tomorrow.