Trading cryptocurrency?

[Waldo 96]

If you have crypto on an exchange and the sole holder of the private keys dies, nothing happens to that crypto. It's frozen and can't be moved, so in effect, noone owns it.

 

There have been multiple horror stories of people losing crypto that's stored on exchanges. So, don't keep your crypto on an exchange.

[ArcticMon 0]

On 02/09/2017 at 17:47, dinofan said:

I've just got into trading cryptocurrency and been doing moderately well and I'm currently looking into buying a  crypto trading bot !

Hello,

Please can you send me a link from where I can purchase the bot that you've talked about ?

[Waldo 96]

4 hours ago, ArcticMon said:

Hello,

Please can you send me a link from where I can purchase the bot that you've talked about ?

Honestly wouldn't bother with trading bots, most people I have spoken to consider them a bit of scam.

[RiffRaff 10]

Off on a bit of a tangent here, but it may be of interest to others...

I've just tried to sign up with eToro - name, address, NI details, date of birth... all the usual stuff that you'd expect on an application form.

They've accepted a suitably blacked-out credit card statement as proof of address, but have refused a jpg of an expired passport as proof of ID. (My argument is that the passport may've expired, but I haven't!)

They're continuing to ask for some form of photo ID, but will only accept something with a colour photo...and my driving licence, albeit valid, only bears a black-and-white image.

I can't think of anything else that would qualify, and I'm certainly not going to splash out on a new passport just for the sake of it!

 

[Waldo 96]

Wondering how Facebook's Libra will impact other cryptocurrencies. I'm thinking it will be mostly positive? If Facebook make the acquisition of (fiat to) Libra a smooth easy process, and Libra is tradable on crypto exchanges for bitcoin, litecoin, ether, etc. That can only be positive for cryptocurrency in general?

 

Is that a fair assessment, what do you think? Any downsides to this?

[geared 317]

Yes the main downside would be if Facebook make such a good job of it alot of other cryptos might end up becoming redundant.

 

Alot of value currently is derived from the price of Bitcoin, which is not great really because on the face of it Bitcoin is pretty rubbish.

As a currency it's hopeless, the network just can't cope with high transfer numbers.

Edited June 24, 2019 by geared

[Waldo 96]

Cryptocurrency is going up in value again, with a bitcoin all time high of around £25k.

 

Not sure how high it’s going, but my feeling is it’s going to drop to a level well below £25k. I’m tempted to start selling in anticipation of a sharp drop. Have to confess though, I’m not exactly sure what I’m doing in terms of trading strategy.

[Jeffrey Shaw 90]

On 05/02/2019 at 08:37, Waldo said:

If you have crypto on an exchange and the sole holder of the private keys dies, nothing happens to that crypto. It's frozen and can't be moved, so in effect, noone owns it.

 

There have been multiple horror stories of people losing crypto that's stored on exchanges. So, don't keep your crypto on an exchange.

Keep it in the middle of a rubbish dump, like that other guy.

[Baron99 795]

Beware the perils of trading crypto currencies. 

https://www.hulldailymail.co.uk/news/uk-world-news/self-made-crypto-millionaires-car-8069210

 

 

[Waldo 96]

3 hours ago, Jeffrey Shaw said:

Keep it in the middle of a rubbish dump, like that other guy.

If you want to do that Jeffrey! It’s not a storage policy I would advocate for..

[altus 540]

4 minutes ago, Waldo said:

If you want to do that Jeffrey! It’s not a storage policy I would advocate for..

I suspect Jeffrey's referencing this incident.

 

[Waldo 96]

1 hour ago, altus said:

I suspect Jeffrey's referencing this incident.

 

Yeah, thought as much, think there was another similar incident some time ago, could be same guy. I try not to throw hard drives away, haven't for a long time, just keep em in a box, you never know if you may need some old data off them!