Just Bought some Dogecoin

Financial Chat
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Just bought some Dogecoin through Kraken for fun with money I can afford to lose.
Didn’t give it much thought (read it was setup as a joke) but after Elon Musk tweeted about it I thought I would see if I can make a bit of cash on it - its £0.04 at the moment and the aim is to get it to £1.:joy:
Doubt it will get there but will be fun to watch and follow and at least I will be able to sell it if I want to so basically it’s safer than my Monzo shares :joy::joy::joy::joy::joy:

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I think you might be confusing security and liquidity.

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Nope if I want to cash in any profit or get out altogether I can

With Monzo I can’t

Therefore I think it’s safer

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It’s still not safer. No crypto is 100% safe and against most T&Cs to buy and sell due to it not being a real currency in the eyes of the law and untraceable.
If your doge coins get stolen theirs no getting them back either

It won’t go up to $1. It got to 0.05 then crashed to 0.01 and slowly back up to 0.03 I don’t think it will go any higher as people think it will - that’s just my opinion

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Is that not the definition of liquidity? Haha

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I never mentioned liquidity ?

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Up 20% today so at this rate I might get the money I put in to Monzo back and I will be able to sell if it does go that high

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You seem to be saying that, because you can withdraw your money at any time, that makes it a “safer” investment. That’s wrong: it doesn’t necessarily, it just makes it more liquid.

Would you say that Dogecoin is safer than a fixed term or notice savings account? Then a bar of gold?

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I could pile all my money up on a fire. Sure, I could try and grab it out again if I think it’s going to start burning. Doesn’t mean it’s safe, though. Or that I’ll manage it in time.

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You seem to be going off on a tangent I am comparing Monzo to Dogecoin

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But you said that Dogecoin is safer because it’s liquid. I posed a couple of questions to stimulate a bit of reflection on whether that’s actually true.

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Dogecoin is safer than investing in crowdfunding that’s for sure and that includes Monzo

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I’ve never regarded crowdfunding as investing :face_with_raised_eyebrow:

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So it’s not about the ease of getting your money back (liquidity) but the level of risk? That makes sense. I don’t know anything about Dogecoin, but it seems volatile therefore not a particularly ‘safe’ investment.

But each to their own, weighing up risk etc.

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I own 414.3 Dogecoin :sweat_smile:

Didn’t break the bank at £15

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It’s worth £109 now at current market value :sweat_smile: I’ll just leave it sat doing whatever. Had an article pop up saying price had gone up because Elon has been tweeting again.

Forgotten I’d actually bought these to be fair until the article appeared.

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At what point would you consider cashing out?

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If Elon wants to keep tweeting until they hit £400 a coin I’ll buy a Model S off him :sweat_smile:

I’ll prob just leave them to it, see what happens in the long run. Only bought them as a joke and an experiment. That been said if they started getting crazy high I’d think of cashing out but I’ve not really thought too much about it.

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Yeah, once your work out what that could buy, even if it’s as boring as a new kitchen, you’d start to question it.

Model S would be lovely! :sunglasses:

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Ha yeah. Even if it drops back down again, it wouldn’t bother me too much. I’ll go for the ride and see what happens over time.