| Youroccasional reminder that crypto/NFT's/etc are a scam.. on 10:03 - May 24 with 1953 views | Keno |
true story - I has a lady call me last week for advice. Having spoken to her a year or so ago she was very wary of taking risk so we agreed she would hold money in a some savings account.
About 6 months she had put £80k in a European Crypto Currency deal she had been advertised online that she found is is run by 'a very young nice man' from his fall in Berlin who 'promised her this is a good deal'.
She is pleased cos he had told her its noe worth at least £180,000 if nit more but there will be 'some delays getting any money back to her' because of some tax issues created by Brexit and that he isnt sure when he'll be any too make any payments to her.
Her question - "do you I should add more money as ut seems to be doing so well" |  |
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| Youroccasional reminder that crypto/NFT's/etc are a scam.. on 10:12 - May 24 with 1933 views | J2BLUE |
Trading crypto with borrowed money. Holy sh1t. |  |
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| Youroccasional reminder that crypto/NFT's/etc are a scam.. on 10:14 - May 24 with 1928 views | BlueBadger |
| Youroccasional reminder that crypto/NFT's/etc are a scam.. on 10:12 - May 24 by J2BLUE |
Trading crypto with borrowed money. Holy sh1t. |
It would be quite quite sad without the fact that he was trying to do it so he could support his wife with dementia. With it, it's tragic.
These people are scum. |  |
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| Youroccasional reminder that crypto/NFT's/etc are a scam.. on 10:18 - May 24 with 1910 views | Fixed_It |
| Youroccasional reminder that crypto/NFT's/etc are a scam.. on 10:03 - May 24 by Keno |
true story - I has a lady call me last week for advice. Having spoken to her a year or so ago she was very wary of taking risk so we agreed she would hold money in a some savings account.
About 6 months she had put £80k in a European Crypto Currency deal she had been advertised online that she found is is run by 'a very young nice man' from his fall in Berlin who 'promised her this is a good deal'.
She is pleased cos he had told her its noe worth at least £180,000 if nit more but there will be 'some delays getting any money back to her' because of some tax issues created by Brexit and that he isnt sure when he'll be any too make any payments to her.
Her question - "do you I should add more money as ut seems to be doing so well" |
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| Youroccasional reminder that crypto/NFT's/etc are a scam.. on 10:20 - May 24 with 1899 views | SuperKieranMcKenna |
| Youroccasional reminder that crypto/NFT's/etc are a scam.. on 10:14 - May 24 by BlueBadger |
It would be quite quite sad without the fact that he was trying to do it so he could support his wife with dementia. With it, it's tragic.
These people are scum. |
I wonder what attracts criminals to untraceable, unregulated ’money’. |  | | |
| Youroccasional reminder that crypto/NFT's/etc are a scam.. on 10:20 - May 24 with 1898 views | BlueBadger |
| Youroccasional reminder that crypto/NFT's/etc are a scam.. on 10:14 - May 24 by BlueBadger |
It would be quite quite sad without the fact that he was trying to do it so he could support his wife with dementia. With it, it's tragic.
These people are scum. |
Sorry, should have said 'these people are probably only fairly nice chaps', given the live of objection in some quarters here to the term 'scum'. | |
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| Youroccasional reminder that crypto/NFT's/etc are a scam.. on 10:53 - May 24 with 1820 views | Keno |
| Youroccasional reminder that crypto/NFT's/etc are a scam.. on 10:20 - May 24 by SuperKieranMcKenna |
I wonder what attracts criminals to untraceable, unregulated ’money’. |
Is it cos they are Tories? | |
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| Youroccasional reminder that crypto/NFT's/etc are a scam.. on 10:59 - May 24 with 1812 views | DanTheMan |
| Youroccasional reminder that crypto/NFT's/etc are a scam.. on 10:12 - May 24 by J2BLUE |
Trading crypto with borrowed money. Holy sh1t. |
There are quite often exploits done against crypto coin contracts that involve flash loans too.
https://www.radixdlt.com/post/what-is-a-flash-loan
Regulation is needed urgently to prevent people from making mistakes that they would not be able to easily make in normal trading. These stories will become more and more common. The fact you can easily do rug pulls, pump and dumps etc. without fear of legal issues is outrageous. |  |
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| Youroccasional reminder that crypto/NFT's/etc are a scam.. on 11:09 - May 24 with 1792 views | wkj |
Generally speaking, crypto currency seems to have a bit more intent to be genuine. You can guarantee a scam with crypto currency when parties are trying to prey on gambling habits from would-be investors. One thing we know now, that most of us knew in the beginning, is that the biggest appeal to crypto will be its biggest enemy - lack of centralization and regulation.
NFTs usually end up being total scams with many cases of 'mint and run' tactics that prey on people's FOMO. This is a shame as NFTs could have a lot of legitimate and creative uses in the future, but how they work now is just silly. You are essentially buying an address to point to something - but you don't own that something. [Post edited 24 May 2022 11:10]
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| Youroccasional reminder that crypto/NFT's/etc are a scam.. on 11:13 - May 24 with 1782 views | mutters |
It's not crypto that is scammy it's just some people are scammy. This is a classic case of not really knowing what you are investing in, getting greedy (going from 30k to 100k and didn't think to pull profits?), believing adverts (hey £350M a week to the NHS....), and not doing your own research. Why are they investing with such a d)gsh!t company in the first place?!?!
Being unregulated there is a lot more risk involved but that's why returns have and could be spectacular. IMO it has a place in a structured investment portfolio. However, if you are putting all your eggs into one basket then you probably shouldn't be investing in the first place.
The long-term future of Crypto is still to be decided. If you look at the stats of how many younger people own crypto, I am not sure they will let fade away as they mature.
Time will tell. I am in, have been for many years now, but I maintain a dose of cautiousness |  |
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| Youroccasional reminder that crypto/NFT's/etc are a scam.. on 11:24 - May 24 with 1732 views | DanTheMan |
| Youroccasional reminder that crypto/NFT's/etc are a scam.. on 11:13 - May 24 by mutters |
It's not crypto that is scammy it's just some people are scammy. This is a classic case of not really knowing what you are investing in, getting greedy (going from 30k to 100k and didn't think to pull profits?), believing adverts (hey £350M a week to the NHS....), and not doing your own research. Why are they investing with such a d)gsh!t company in the first place?!?!
Being unregulated there is a lot more risk involved but that's why returns have and could be spectacular. IMO it has a place in a structured investment portfolio. However, if you are putting all your eggs into one basket then you probably shouldn't be investing in the first place.
The long-term future of Crypto is still to be decided. If you look at the stats of how many younger people own crypto, I am not sure they will let fade away as they mature.
Time will tell. I am in, have been for many years now, but I maintain a dose of cautiousness |
The problem is your average person is not going to understand just how bad things can get with crypto, which is why regulation is necessary. | |
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| Youroccasional reminder that crypto/NFT's/etc are a scam.. on 11:34 - May 24 with 1704 views | RobTheMonk |
| Youroccasional reminder that crypto/NFT's/etc are a scam.. on 11:13 - May 24 by mutters |
It's not crypto that is scammy it's just some people are scammy. This is a classic case of not really knowing what you are investing in, getting greedy (going from 30k to 100k and didn't think to pull profits?), believing adverts (hey £350M a week to the NHS....), and not doing your own research. Why are they investing with such a d)gsh!t company in the first place?!?!
Being unregulated there is a lot more risk involved but that's why returns have and could be spectacular. IMO it has a place in a structured investment portfolio. However, if you are putting all your eggs into one basket then you probably shouldn't be investing in the first place.
The long-term future of Crypto is still to be decided. If you look at the stats of how many younger people own crypto, I am not sure they will let fade away as they mature.
Time will tell. I am in, have been for many years now, but I maintain a dose of cautiousness |
Agreed. Make sure your portfolio has some diversity. Research, research, research. I have some crypto as a speculative asset but it's a small percentage of my overall portfolio.
Social media hasn't helped either. Just type in crypto on Youtube and look at all these people who 'have made' 1265% in a day.
Unfortunately, people have been being scammed for years and combined with the current culture of instant gratification, people are more likely to fomo into something they don't understand. [Post edited 24 May 2022 11:36]
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| Youroccasional reminder that crypto/NFT's/etc are a scam.. on 11:37 - May 24 with 1685 views | Swansea_Blue |
| Youroccasional reminder that crypto/NFT's/etc are a scam.. on 10:03 - May 24 by Keno |
true story - I has a lady call me last week for advice. Having spoken to her a year or so ago she was very wary of taking risk so we agreed she would hold money in a some savings account.
About 6 months she had put £80k in a European Crypto Currency deal she had been advertised online that she found is is run by 'a very young nice man' from his fall in Berlin who 'promised her this is a good deal'.
She is pleased cos he had told her its noe worth at least £180,000 if nit more but there will be 'some delays getting any money back to her' because of some tax issues created by Brexit and that he isnt sure when he'll be any too make any payments to her.
Her question - "do you I should add more money as ut seems to be doing so well" |
Sounds good. I'd chuck and extra £80k in if I was her |  |
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| Youroccasional reminder that crypto/NFT's/etc are a scam.. on 11:55 - May 24 with 1650 views | The_Romford_Blue |
They’re not all a scam. There’s millions and millions of people in this country alone trading in crypto and/or NFTs with good intentions. There just are some opportunists who are running a scam involving crypto at the same time. Seems unfair to blame cryptocurrency as a whole for that.
My mate writes articles and reviews of the crypto world and is quite popular in that world. He’s got a couple of things worth 70k but has no intention of touching either at this point. To say it’s all a scam seems very much unfair. |  |
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| Youroccasional reminder that crypto/NFT's/etc are a scam.. on 12:13 - May 24 with 1620 views | J2BLUE |
| Youroccasional reminder that crypto/NFT's/etc are a scam.. on 11:55 - May 24 by The_Romford_Blue |
They’re not all a scam. There’s millions and millions of people in this country alone trading in crypto and/or NFTs with good intentions. There just are some opportunists who are running a scam involving crypto at the same time. Seems unfair to blame cryptocurrency as a whole for that.
My mate writes articles and reviews of the crypto world and is quite popular in that world. He’s got a couple of things worth 70k but has no intention of touching either at this point. To say it’s all a scam seems very much unfair. |
What the hell is an NFT? I've actually researched this and still have no idea. Like the first tweet etc...seems utterly pointless or am I missing something? | |
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| Youroccasional reminder that crypto/NFT's/etc are a scam.. on 12:18 - May 24 with 1612 views | StokieBlue |
| Youroccasional reminder that crypto/NFT's/etc are a scam.. on 11:13 - May 24 by mutters |
It's not crypto that is scammy it's just some people are scammy. This is a classic case of not really knowing what you are investing in, getting greedy (going from 30k to 100k and didn't think to pull profits?), believing adverts (hey £350M a week to the NHS....), and not doing your own research. Why are they investing with such a d)gsh!t company in the first place?!?!
Being unregulated there is a lot more risk involved but that's why returns have and could be spectacular. IMO it has a place in a structured investment portfolio. However, if you are putting all your eggs into one basket then you probably shouldn't be investing in the first place.
The long-term future of Crypto is still to be decided. If you look at the stats of how many younger people own crypto, I am not sure they will let fade away as they mature.
Time will tell. I am in, have been for many years now, but I maintain a dose of cautiousness |
"The long-term future of Crypto is still to be decided. If you look at the stats of how many younger people own crypto, I am not sure they will let fade away as they mature."
It's been 13 years since BTC was created and there still isn't a viable use case for it's existence, in fact BTC is awful with regards to architecture and energy consumption. It's purely a speculative instrument which will never have real world applications.
Of the 1000's of other coins perhaps some will one day find a realistic use case but as it stands they are all instruments designed to make the creator very rich and the early adopter rich before they get out.
The pushed "real world" use cases of the ledger already have existing solutions that work fine. Sure they aren't decentralised but are many coins? None of them are evenly distributed and many are now reliant on underlying tech which looks a lot like good old relational databases.
In the end it won't be the younger people owning crypto who decide it's fate, it'll be the whales and the decisions of governments around regulation.
Good luck with your portfolio, you are most certainly correct that people should understand what they are speculating in and should also be aware of the tax responsibilities (places like Coinbase now report trades over certain thresholds).
SB |  |
| Avatar - IC410 - Tadpoles Nebula |
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| Youroccasional reminder that crypto/NFT's/etc are a scam.. on 12:18 - May 24 with 1610 views | DanTheMan |
| Youroccasional reminder that crypto/NFT's/etc are a scam.. on 12:13 - May 24 by J2BLUE |
What the hell is an NFT? I've actually researched this and still have no idea. Like the first tweet etc...seems utterly pointless or am I missing something? |
They are utterly pointless. There is no value in them.
You're paying money for a pointer to something saying you own it. | |
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| Youroccasional reminder that crypto/NFT's/etc are a scam.. on 12:19 - May 24 with 1603 views | factual_blue |
| Youroccasional reminder that crypto/NFT's/etc are a scam.. on 11:55 - May 24 by The_Romford_Blue |
They’re not all a scam. There’s millions and millions of people in this country alone trading in crypto and/or NFTs with good intentions. There just are some opportunists who are running a scam involving crypto at the same time. Seems unfair to blame cryptocurrency as a whole for that.
My mate writes articles and reviews of the crypto world and is quite popular in that world. He’s got a couple of things worth 70k but has no intention of touching either at this point. To say it’s all a scam seems very much unfair. |
https://www.historic-uk.com/HistoryUK/HistoryofEngland/South-Sea-Bubble/ |  |
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| Youroccasional reminder that crypto/NFT's/etc are a scam.. on 12:20 - May 24 with 1598 views | factual_blue |
| Youroccasional reminder that crypto/NFT's/etc are a scam.. on 12:18 - May 24 by DanTheMan |
They are utterly pointless. There is no value in them.
You're paying money for a pointer to something saying you own it. |
NFT = Not Financially Trustworthy. | |
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| Youroccasional reminder that crypto/NFT's/etc are a scam.. on 12:20 - May 24 with 1596 views | DanTheMan |
| Youroccasional reminder that crypto/NFT's/etc are a scam.. on 11:34 - May 24 by RobTheMonk |
Agreed. Make sure your portfolio has some diversity. Research, research, research. I have some crypto as a speculative asset but it's a small percentage of my overall portfolio.
Social media hasn't helped either. Just type in crypto on Youtube and look at all these people who 'have made' 1265% in a day.
Unfortunately, people have been being scammed for years and combined with the current culture of instant gratification, people are more likely to fomo into something they don't understand. [Post edited 24 May 2022 11:36]
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And this is precisely why you need regulation, to stop these ridiculous promises being made and people being scammed.
Sometimes you can do all the research you want but when people can outright lie to you with zero repercussion, something is horribly wrong. | |
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| Youroccasional reminder that crypto/NFT's/etc are a scam.. on 12:22 - May 24 with 1581 views | wkj |
| Youroccasional reminder that crypto/NFT's/etc are a scam.. on 12:20 - May 24 by factual_blue |
NFT = Not Financially Trustworthy. |
BANK = Bloody Arseholes Nicking Kash | |
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| Youroccasional reminder that crypto/NFT's/etc are a scam.. on 12:29 - May 24 with 1573 views | Illinoisblue |
| Youroccasional reminder that crypto/NFT's/etc are a scam.. on 12:13 - May 24 by J2BLUE |
What the hell is an NFT? I've actually researched this and still have no idea. Like the first tweet etc...seems utterly pointless or am I missing something? |
You’re saying that you’re not sure about spending thousands of pounds on a digital image of a cartoon ape that’s been promoted by investment gurus such as John Terry? |  |
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| Youroccasional reminder that crypto/NFT's/etc are a scam.. on 12:37 - May 24 with 1534 views | J2BLUE |
| Youroccasional reminder that crypto/NFT's/etc are a scam.. on 12:29 - May 24 by Illinoisblue |
You’re saying that you’re not sure about spending thousands of pounds on a digital image of a cartoon ape that’s been promoted by investment gurus such as John Terry? |
Surprisingly enough...no | |
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| Youroccasional reminder that crypto/NFT's/etc are a scam.. on 12:40 - May 24 with 1526 views | SuperKieranMcKenna |
| Youroccasional reminder that crypto/NFT's/etc are a scam.. on 12:18 - May 24 by StokieBlue |
"The long-term future of Crypto is still to be decided. If you look at the stats of how many younger people own crypto, I am not sure they will let fade away as they mature."
It's been 13 years since BTC was created and there still isn't a viable use case for it's existence, in fact BTC is awful with regards to architecture and energy consumption. It's purely a speculative instrument which will never have real world applications.
Of the 1000's of other coins perhaps some will one day find a realistic use case but as it stands they are all instruments designed to make the creator very rich and the early adopter rich before they get out.
The pushed "real world" use cases of the ledger already have existing solutions that work fine. Sure they aren't decentralised but are many coins? None of them are evenly distributed and many are now reliant on underlying tech which looks a lot like good old relational databases.
In the end it won't be the younger people owning crypto who decide it's fate, it'll be the whales and the decisions of governments around regulation.
Good luck with your portfolio, you are most certainly correct that people should understand what they are speculating in and should also be aware of the tax responsibilities (places like Coinbase now report trades over certain thresholds).
SB |
“ It's been 13 years since BTC was created and there still isn't a viable use case for it's existence”
This.
It’s not viable as an alternative to gold as it’s too volatile (nor does it go up in times of financial crisis). It doesn’t hedge inflation, nor is it really tracking much differently from equities (particularly NASDAQ). I hold a very small speculative amount, but must admit I don’t really ever see it being more than that. | | | |
| Youroccasional reminder that crypto/NFT's/etc are a scam.. on 12:51 - May 24 with 1487 views | J2BLUE |
| Youroccasional reminder that crypto/NFT's/etc are a scam.. on 12:40 - May 24 by SuperKieranMcKenna |
“ It's been 13 years since BTC was created and there still isn't a viable use case for it's existence”
This.
It’s not viable as an alternative to gold as it’s too volatile (nor does it go up in times of financial crisis). It doesn’t hedge inflation, nor is it really tracking much differently from equities (particularly NASDAQ). I hold a very small speculative amount, but must admit I don’t really ever see it being more than that. |
I am a billionaire in Bonfire tokens. | |
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