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Cryptocurrencies

OmanGrecian

Active member
Joined
May 13, 2004
Messages
3,830
Location
Muscat, Oman
Any fellow Exewebbers jumped onto the CryptoCurrency bandwagon?

I didn't have a clue about it before and was sceptical, but thought I'd do some research in the past week just to see if it is really worth it. I have been looking at Tron TRX and having looked behind the scenes and the people that are behind this concept (big names with strong backgrounds, gaming industry and China) I thought I'd take the plunge. It is being hyped a lot, so hoping for a lot of investors. The cost was $0.02 per share last week, I bought at $0.08 and within a few hours is almost at $0.10. There is talk of it reaching $3-$5 in the short term, but just small increases look promising. Up almost $100 in the space of a few hours.
 

Alistair20000

Very well known Exeweb poster
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May 5, 2009
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Avoiding the Hundred
Missed you in the Quiz Oman.
 

OmanGrecian

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May 13, 2004
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Muscat, Oman
Missed you in the Quiz Oman.
I was island hopping through Indonesia for most of it. Sad that I missed it this year.

Tron TRX now at $0.15. My investment in it doubled overnight :)
 

Terryhall

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Aug 4, 2014
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You go me on the alarm clock
Do your due diligence. Other than the very simple risk of the bubble bursting and losing all your cash - who (if anyone) is "backing" the currency and what are their backgrounds (sounds like you have done this part) - where is your wallet "held" (e.g. is it on a server, where is the server, how secure is the server, what are their data security protocols like), how is the currency valued (is it an independent exchange / arms length from the currency provider, or is the provider also the valuer which would increase the risk of a fraud / Ponzi arrangement).

There are lots of pitfalls and for me personally, the risks are higher than I'm willing to take. All the advice I have seen for the average "man on the street" investor is to treat cryptocurrencies the same way you would a betting shop, as ultimately your attitude to risk on a bet on a horse or a footy game (in terms of how much you can afford to lose for the profit) would be about the same for a cryptocurrency - the only difference being in a betting shop the odds are clear and fixed at the point you put in your stake, and with a cryptocurrency the odds are based on your own analysis of what you think of the currency, the exchange, the security, the likelihood of it being hacked etc, and they don't stay fixed, they could change on a daily basis.

Potentially money to be made but tread carefully.
 

OmanGrecian

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May 13, 2004
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3,830
Location
Muscat, Oman
Many thanks for the advice Terry, I know it's high risk but this one seems to have everything right behind it. New partnerships with big companies are constantly being announced, so I'm going to hold onto this for now and see where it takes me. Early signs are very promising and I'm already up $400 in under 24 hours. It's just passed through the $0.16 now and is approaching $0.17. Wish I has bought at $0.02 2 days ago.
 

Terryhall

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Aug 4, 2014
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You go me on the alarm clock
Good luck!
 

Swanaldo

Very well known Exeweb poster
Joined
May 3, 2005
Messages
17,958
Topslice your profits and enjoy a free ride.
 

Egg

Well-known Exeweb poster
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Apr 6, 2004
Messages
9,670
It's a long time since I did A-level Economics and I'm still trying to get my head around cryptocurrencies, but Matt Bisogno is a shrewd cookie and when he talks I listen. With that in mind, thought his latest blog post may be of interest to some of you guys: http://mattbisogno.com/
 

IndoMike

Very well known Exeweb poster
Joined
May 9, 2010
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Touring Central Java...
Governments will work to destroy the crypto-currency phenomenon because they can't control it. Sooner or later they'll take steps to make these currencies illegal.
 
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Mr Jan Yeo

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Apr 8, 2008
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9,427
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Bored
Only just started to mess around with LTC and ETH, not had a chance to invest in any of the other currencies yet. A mate got in on Ripple at 0.24 so he's done well.

Plenty of naysayers out there but I'm happy to risk a small amount (that I know could disappear) as a bit of a gamble and speculation. If I get to a reasonable sum then I'll withdraw the initial stake and then just play with the 'profit'.
 
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