Cryptocurrencies

Discussion in 'Yellow Pages' started by Cassetti's Beard, Jun 2, 2016.

  1. Optimistichornet

    Optimistichornet Penguin Assassin

    Not yet moog. I was having real trouble getting verified on coinbase. I was tempted to try kraken? Is that what you use?
     
  2. wfcmoog

    wfcmoog Tinpot

    Yes. Took me a couple of days I think
     
  3. Optimistichornet

    Optimistichornet Penguin Assassin

    I might give that a go with a couple of hundred quid to start with.
     
  4. wfcmoog

    wfcmoog Tinpot

    NEO has dipped a little but the general consensus amongst the brash bros on Facebook is that it's heading to $100 by end of year. I don't know the basis for that but the whole project seems impressive www.neo.org
     
  5. Optimistichornet

    Optimistichornet Penguin Assassin

    Ok so I get kraken buy bitcoin correct. Then transfer this to Brittex? Then buy neo? Then store this on a wallet on my pc?

    Sorry to double check, but just want to be sure.
     
  6. reids

    reids First Team

    Correct :)
     
    Optimistichornet likes this.
  7. Optimistichornet

    Optimistichornet Penguin Assassin

    Ok first things first. I have applied for an account with Kraken, awaiting my tier 2 verification.

    Step 2: Buy some bitcoin on kraken?
     
    wfcmoog likes this.
  8. wfcmoog

    wfcmoog Tinpot

    This is all correct.

    Bitcoin is bullish right now. There's been a flood of buyers from hedge funds, I think because it offers a safe haven during the period of nuclear standoff between NK and US.

    For a simple transaction that means little, but look at the actual $ or £ price of the end currency you are getting.

    Reid's has referenced an app called Blockfolio which is awesome. Update it with your trade and when you made it and it will track for you, letting you know when you're up or down, in both btc and real £ terms.

    This means if you diversify into other currencies you can see at a glance where you are winning and losing. You can also set alerts for trades, as I did recently.

    Example: I bought into NEO at .0046 btc and set an alert for when it hit 0.013, which happened within a week, so I sold at a 180% profit. Then I set an alert for .009 and bought back in again.

    You can also do this by setting a limit buy on Bittrex, e.g. you see the price right now is fluctuating between 0.0135 and 0.0105 bitcoin or £34.63 and £44.54. You don't we to buy at the top of that range, so you set a buy limit for somewhere in the bottom. Too low and the market won't drop and you won't get the deal, top high and you won't have bought as cheap as you could. Then you wait and as soon as the market hits the price you have set, your buy is triggered. Of course I've just explained all this and then realised that you probably have all this on your share trading platforms so sorry. Maybe useful for someone else.
     
    wfc78 likes this.
  9. wfcmoog

    wfcmoog Tinpot

    You'll need to do a bank transfer to the Kraken account in Germany and wait for it to land..

    It's a bit longer than Coinbase which accepts debit card payments for small amounts.

    I have been longer out of my Coinbase acct though and their fees are too high so I'm over them.
     
  10. wfcmoog

    wfcmoog Tinpot

    This is what my Blockfolio looks like today [​IMG]
     
  11. reids

    reids First Team

    Eth back up to the £300 mark!
     
  12. wfcmoog

    wfcmoog Tinpot

    Haha, you can thank me. I sold out and went for Neo in the end and chased a load of other alts for big gains, but if I'd stuck with btC and eth I'd be far better off.

    Learning loads about crypto every day though.

    I still think NEO will be huge
     
  13. reids

    reids First Team

    Always the way! I haven't really looked into NEO much (mostly as i'm not really looking to invest in anything new atm) - what's the difference between NEO and Eth? Is that the smart contracts can be written in any language?
     
  14. wfcmoog

    wfcmoog Tinpot

    NEO is just the Chinese version of the Ethereum platform. It's suffered this week because the Chinese government has suggested they will regulate icos on the platform, so people have panicked, but I think in the medium term the regulation will prove good at making the space safer, seeing NEO rise again
     
  15. wfc78

    wfc78 Academy Graduate

    Interesting day for cryptocurrencies with the news from China re ICOs.

    Anyone holding neo?

    Eth taking a bit of a hit too...
     
  16. reids

    reids First Team

    Yeah, by banning ICOs they're effectively banned crypto as well right? Glad I cashed out 1.2 eth at £301, 31 left to sell!
     
  17. wfc78

    wfc78 Academy Graduate

    No, doesn't look great at the moment for Neo. I was hoping Ethereum would be less affected by this as it wasn't as tied to China as Neo. I haven't invested a massive amount so at this point I'm tempted to wait and see how it plays out.

    Still looks like you will be able to make a very healthy profit on your eth given the buy price!
     
  18. wfc78

    wfc78 Academy Graduate

    Better news today for Neo. Hopefully it'll continue!
     
  19. Bonkingbob

    Bonkingbob First Year Pro

    Well the market has taken a bit of a battering. Between JPM CEO and Chinese government we're in a proper dip at the mo! One of the Chinese exchanges has apparently voluntarily shut up shop, though the two biggest are still trading from what I have seen so hopefully everybody's wallets will be looking a bit healthier again in a few days' time.

    Good time to buy though

    I've just put a few quid into this:

    http://electroneum.com

    They're offering a 50% discount and from what I can see it looks fairly solid. They're trying to bring smartphone mining and wider adoption and if it hits it could be a good one to be on board with. Its a brand new coin as well with its own wallet instead of being token based.

    I'm hoping I haven't chucked my money away as I'm pretty new to this, but all the chatter seems good so here's hoping for some profit in a few months/years time.

    If anybody else does want to jump on referral code 728FA5 will give you an extra 1%, but please read and judge for yourselves as I am certainly no expert!

    Referral link
     
    Last edited: Sep 14, 2017
  20. reids

    reids First Team

    Sold 25 of my Eth this morning, bought it back 30 minutes later for 0.5 eth profit, quite liking this drop as long as it doesn't get much worse!
     
  21. Diamond

    Diamond First Team

  22. lm_wfc

    lm_wfc First Team

    I have a stocks and shares (lifetime) ISA with H&L, you can now buy bitcoin and etherium trackers. They have a 0.6-1% spread which I've just learnt what it means.

    As one got it all set up there an want to maybe put less than 100 into cryptocurrencies, with small top is in the future would using trackers like this be a bad idea?

    Only issue would be when to sell. I'm looking relatively long term to just SL invest and hope in a few years I get lucky. Though I feel like everyone is doing this now....
     
    hornmeister likes this.
  23. hornmeister

    hornmeister Tired

    That's interesting a tracker fund will no doubt be underwritten by the financial services compensation scheme so could be a safer way of spreading risk and protecting your investment without having to use dodgy platforms. Any details / specifics lm?
     
  24. hornmeister

    hornmeister Tired

  25. lm_wfc

    lm_wfc First Team

    http://www.hl.co.uk/shares/shares-search-results/x/xbt-provider-ab-bitcoin-tracker-one

    Search xbt for a few more. There are a EUR and a "one" version for bitcoin and etherium. 3/4 you can add to an ISA, 1 you can't.

    I can't tell the difference between one and EUR versions. Could you explain to a layman?
     
    hornmeister likes this.
  26. hornmeister

    hornmeister Tired

    Just to make it clear that I'm not a registered regulated individual so none of this can be construed as advice. Invest at your own risk.

    Theres 4 funds available
    BIT-XBTE XBT Provider AB Bitcoin Tracker EUR Currency EUR
    BIT-XBT XBT Provider AB Bitcoin Tracker One Currency SEK
    ETH.XBTE XBT Provider AB Ethereum Tracker EUR Currency EUR
    ETH.XBT XBT Provider AB Ethereum Tracker One Currency SEK

    So you're gambling on Bitcoin or Etherem. Neither are in GBP so you've got to factor in forex rates to EUR or SEK. Given the current weak Pound this is worhty of consideration.

    They're volatile as **** so the spreads (difference between buy & sell price) are fluctuating massively (ignore them they're worthless) so you need to buy at the right time but normally with an ETF or stock an offer is put out and you get say 15 secs to accept or reject.
    I would go Eur as it's probably slightly less volatile and risky than SEK given forex history.


    None are availabe in an ISA, Likely they don't confrom to the tax regulations so don't produce KIIDs

    Factor in a £12 cost to deal as well and time it right. Also theres a 0.45% amc (capped at £200 in a sipp only) in addition to that for the fund.


    Bitcoin has shown massive historical increases but may well be blown out.
    Etherum it's too early to tell might be worth a small punt.

    I might make a small punt on ETH.XBTE XBT within my HL SIPP.
     
    Last edited: Nov 13, 2017
    lm_wfc likes this.
  27. hornmeister

    hornmeister Tired

    I've had a punt on 11 units of the Etherum EUR total £283.57 lets see where this goes.

    Just as a note there's no underwriting on this and you have to sign all sorts of disclaimers about being financially savvy as this is classed as a complex product.
     
    Last edited: Nov 13, 2017
  28. wfcSinatra

    wfcSinatra Predictor Choker 14/15

    Anyone vaguely interested in this stuff should check out The Startup. Great little series.
     
  29. reids

    reids First Team

    Hold on so you bought 11 ethereum @ £283 each? That's a rip-off, the price is £240 each at the moment, you'd be better off doing it yourself..
     
  30. hornmeister

    hornmeister Tired

    Sorry misstyped (now corrected). I bought the tracker fund.
    11 units for a total of £283.57 inc charges. so Price 27.3545 EUR or 24.692907 GBP at HL f/x rate

    Buying though my sipp means I don't have to feck about with giving my bank details to dedicated traders. Currently showing a moderate loss of £17.15 but as £12 of that is charges it's not too bad.
     
  31. reids

    reids First Team

    I'm still confused as to what you bought if they're 27 euros each!
     
  32. hornmeister

    hornmeister Tired

    I haven't bought the currency itself.

    Think of it as investing in a company that trades in a commodity, rather than buying the commodity itself. The tracker will follow the performance of the cuirrency but will be at a different level (won;t be 1:1). due to associated costs and charges.

    Obviously you get a better deal buying the currency directly but the risks to do so are higher handing bank details to someone like coinbase etc. As it's within my sipp I don't have to worry about tax either and the government has subsidised the purchase so that mitigates the risk somewhat.
     
    Last edited: Nov 13, 2017
  33. reids

    reids First Team

    Aha, got it.
     
  34. reids

    reids First Team

    Now is a fantastic time to buy BTC, crashed over £1000 over the weekend and has already recovered a decent amount (about £700ish), chances are it'll go back up to what it was before the weekend before the end of the week. Check out the 24 hour and 7d history here: https://www.coingecko.com/en/price_charts/bitcoin/gbp
     
  35. hornmeister

    hornmeister Tired

    I think I'm as invested as I want to be at the moment. It's volatile as anything:
    [​IMG]
    Only been trading for a month I would expect similar performance to the Bitcoin tracker, maybe not quite as agressive as it's later to the party

    The Bitcoin tracker has gone up 33% in the last month.[​IMG]
    Whilst the usual disclaimers about past and future performance need to be heeded I think the boat has well and truly been missed on this one.

    It's a gamble. If I lose it all so be it. If I make a killing I'll be kicking myslef I didn't invest more but such is life.

    I fully expect both to crash as more "offical" crypto currencies take hold. I believe the BoE is looking at it and if we get something with FSCS baking it's render everything else obsolete.
    It's an interesting market for a speculative punt but will need to keep on top of it to sell at the right time.
     

Share This Page