Cryptocurrency Chat

Shiba just shot up even more. It’s now 12x what it was this time last month :rofl:

2 Likes

Yeah I’m touching nearly a grand now in total :+1: still not selling though. Crazy how it’s just gone mad in last week or so and especially in last day

1 Like

Ooof

1 Like

Complete newb and the fomo is setting in, skimmed some research but at this stage I guess I’m happy to invest tiny and play around until I understand exchanges, wallets, the volatility! Any recommendations for ‘best’ exchange to buy some this digital snuff? So far there’s no consensus from friends and colleagues. Thanks.

As a newbie, go for a Coinbase account. Probably the safest and most intuitive to get your head around investing in crypto, with educational articles and whitepapers on the crypto-currencies where available. There are a gazillion other services that are available, but each carries risk. And Coinbase isn’t a guaranteed money-maker either.

In terms of starting from scratch go for Bitcoin (why not) but as things have moved on from 2009, Ethereum 2 is a good ‘ground zero’ starting point (Ethereum 1 - as it exists now, like Bitcoin, - is a proof-of-work based crypto, whereas Etheruem 2 is a planned jump from proof-of-work to proof-of-stake based crypto, effectively trumping Bitcoin on the resources needed to generate extra value)

  • Proof-of-work = you need to provide computational hardware/software to help validate the blockchains involved - hence the ‘mining’, which increases your holding of said crypto depending on how much you contribute to the processing of the blockchains involved (overall market losses excepted) There is an element of hardware and power required in this model
  • Proof-of-stake = you provide your ownership of x crypto tokens to generate ‘interest’ in PoS ownership. Mostly automatic and gains/losses based on how much you own, without necessary hardware and power requirements

It’s all a gamble. Start small. Experiment. Win some, lose some and use that to gain experience of what works and what doesn’t. Like established stocks and shares, there’s no set path to crypto-winning.

3 Likes

I have some Ethereum with Kraken but there is also Ethereum Classic available. I’m assuming that

Ethereum = Ethereum 2 (currently £3120)

Ethereum Classic = Ethereum 1 (currently £37.65)

Never would have guessed this one happening…
Honest :upside_down_face:

Take a cultural phenomenon, add in some crypto for good measures. Catch the fish then run quids in.

2 Likes

I’m shocked

Honestly

Who would have seen that coming?

Apart from everyone of course

2 Likes

:chart: Green Price, Red Price :chart_with_downwards_trend:

2 Likes

Gizmodo called it days ago:

1 Like
1 Like

Love this….

I got out of Crytocurrency when I lost all my bitcoin to a ‘double your money’ Elon Musk scam - thankfully it was only £150 worth (at the time) maybe 3 years ago now (I can’t remember)

Here we are, Moonvember soon :relaxed::four_leaf_clover:

https://www.thecoinrepublic.com/2021/11/08/moonvember-could-bring-a-massive-altcoins-season/

I’d like to look into and potentially try various ways of earning passive income through DeFi. Can anyone recommend any platforms for beginners in this area?

I’m already familiar with centralised platforms for earning income (Celsius etc) so not looking for recommendations in that area.

Cake Defi looks good. Haven’t used it personally but it’s on my todo list :slight_smile:

3 Likes

How does this sort of stuff work? It looks too good to be true to me

I’ve been staking on PancakeSwap for about 6 months. The price tends to fluctuate, but even with slight ups and downs I’ve doubled what I put in. The APR is lower than what it used to be but still over 70%

2 Likes

Am I okay to use Monzo to buy crypto or should I use an account else where?

1 Like

How does this sort of stuff work? It looks too good to be true to me

The TL;DR (if you look at the broader picture) is that liquidity in the crypto markets is so incredibly scarce. It is very hard for your average joe to get into it, yet alone someone that likes crypto.

The demand for liquidity is extremely high.

You have very, very low supply and extremely high demand which means you can make extremely high APRs (the highest I’ve seen is 220%) :slight_smile:

Here’s the highest on Pancake Swap:

Note: like all investments there are risks :slight_smile:

1 Like