Cyprus-Forum.com

[Kikapu]

This was a minute ago.

and now

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[Kikapu]

For my comfort level, the rapid fluctuation of the Crypto currency is too erratic to call it an investment. More like rolling the dice really, and that’s ok for those if it’s in their comfort levels. It does not mean I might not choose to gamble by throwing in few dollars into it to try to hit the jackpot, but at this point, not willing to risk a lot to make a 50%-100% gain with this kind of “investment”.

[erolz66]

.... not willing to risk a lot to make a 50%-100% gain with this kind of “investment”.

and for a 1000% gain ? that is the kind of gain I am looking at currently if I add up all that I spent on crypto over last three and half years and match that against all I have taken out and the current value of what I still hold.

[Paphitis]

There is a thread here somewhere where we were all knocking cryptos at the very beginning. Well, we should have all been more open minded.

Or was there a thread where all you saw and heard is what supported your own gut belief based on almost total ignorance and not anyone who said otherwise regardless of if they were talking from ignorance or not ? I personally have never 'knocked cypto'. Perhaps this is less of a 'we thing' and much more of a 'you' thing than your ego allows you to see.

Absolutely. That’s just common sense.

Most people fit in that category. Very few people I’d imagine would have jumped aboard from the beginning. Probably mostly inside traders did and a few that flukes it.

You didn’t jump on it then either. You jumped on the band wagon when the price hit 5k and again when the price fell to 3.5K. Good luck to you for doing that.


Bitcoin was unprecedented

[Paphitis]

For my comfort level, the rapid fluctuation of the Crypto currency is too erratic to call it an investment. More like rolling the dice really, and that’s ok for those if it’s in their comfort levels. It does not mean I might not choose to gamble by throwing in few dollars into it to try to hit the jackpot, but at this point, not willing to risk a lot to make a 50%-100% gain with this kind of “investment”.

No don’t risk a lot. It’s a gamble so only use gamble money that you can lose and not worry about it.

[Paphitis]

.... not willing to risk a lot to make a 50%-100% gain with this kind of “investment”.

and for a 1000% gain ? that is the kind of gain I am looking at currently if I add up all that I spent on crypto over last three and half years and match that against all I have taken out and the current value of what I still hold.

As I said before, it’s worth a punt. Not more.

Wouldn’t put the families vacation money into it. Because it might mean no vacation fir the family.

[Paphitis]

Bitcoin down 10.79% overnight.

If that happened on the stock markets there would be mayhem on the streets.

This doesn’t even make the news.

[erolz66]

There is a thread here somewhere where we were all knocking cryptos at the very beginning. Well, we should have all been more open minded.

Or was there a thread where all you saw and heard is what supported your own gut belief based on almost total ignorance and not anyone who said otherwise regardless of if they were talking from ignorance or not ? I personally have never 'knocked cypto'. Perhaps this is less of a 'we thing' and much more of a 'you' thing than your ego allows you to see.

Absolutely. That’s just common sense.

Most people fit in that category. Very few people I’d imagine would have jumped aboard from the beginning. Probably mostly inside traders did and a few that flukes it.

You didn’t jump on it then either. You jumped on the band wagon when the price hit 5k and again when the price fell to 3.5K. Good luck to you for doing that.


Bitcoin was unprecedented

You still not getting it. Not a surprise. Here is my timeline.

I had been aware of bitcoin almost from its inception but I did not think of buying any until around may 2016, when the price was around $500. I was really close to pulling the trigger but in the end I did not. I talked myself out of it then thinking I had 'missed the boat'. However what I also did from that point is start to actually educate myself about crypto. Put in the actual work and effort of trying to understand it in my own head. I read the original white paper by satoshi nakamoto, I learnt what mining was, how it worked. I learnt what a blockchain was. I learnt the difference between proof of work and proof of worth and other forms of mining. I learnt about consensus and network forks, hard and soft. I learnt about wallets and how to store and keep safe crypto. I educated myself and I watched and I saw it rise from the 500 USD price I had talked myself out of to peak at 5000 USD by end of Aug 2017. When it then fell back to 3500 USD a few weeks later is when I first bought in.

I first purchased some ether and some bitcoin 19 Sept 2017, not from a position of almost total ignorance, which would have been the case had I bought a year or so earlier at 500 USD, but from one of having actually educated myself. With time and effort. I learnt better ways of buying crypto by using exchanges like Kraken first and then later Coinbase. I joined kraken not to trade but just as the most cost effective way to buy in to crypto currencies but once I had the account that is when I started to trade as well. I continued to trade and accumulate over the following years, splitting my stake in to 75% that I just held, stored on an offline wallet, first a paper one and then later an electronic one and 25% that I traded with. That 25% I traded back and forth between crypto and fiat , trying to ride the cycles up and down (right now it is all in fiat for example, waiting for the fall to buy back in again). I started trading between different cryptos as well , turning bitcoin to ether and visa versa as the prices between this pair went through their cycles. I learned how to spot when all cryptos were raising and falling in step and when one or several would rise out of step with bitcoin and how to try and exploit that for profit. I traded and I also accumulated over that period. I also started mining for myself primarily to continue learning and educating myself, first just using hardware I already had and later buying (2nd hand on ebay) specific hardware just to mine with and I did this in partnership with my brother, who through his businesses had very competitive electricity rates. I was mining as the price went from the 3.5K I had bought in at to over 20K by mid december 2017. By Jan 2018 when the price had fallen back to 15k I sold the hardware on ebay, not to miners but to gamers.

You on the other hand have never bothered to educate yourself at all have you Paphitis ? Leading you to say the most ridiculous things like 'you had to get in at the very beginning' and that those that did were probably 'inside traders'. You sure do love to display your ignorance. Firstly you did not have to 'get in at the beginning' to make profits in the orders of magnitude. I bought in sep 2017 at 3.5k but you could have also bought in at this price or there abouts in dec 2018 or march 2020. Nor was there ever such a things as 'inside traders' with bitcoin. Inside trading is trading on the basis of knowledge that is not public. Everything about bitcoin has been public from day one, from the original white paper through to its launch, through to every transaction and movement of bitcoin from one wallet to another and every new coin mined is public. Has always been public. It is also entirely decentralised. To talk about 'inside traders' being the ones who made the real money on bitcoin is about the most stupid thing you could say and a monumental display of your ignorance over the whole subject.

As to 'investing' I had never bought a stock up until coinbase's ipo. I did not jump on the frenzy of share ownership that came with the UK selling of things like British Telecom and British Gas and others. My wealth, that I could not afford to lose was invested in property that has produced gains from appreciation and income over the last 25 years. It is this 'investing' that allowed me to move to Cyprus 20 years ago and retire / semi retire at the age of 35. I did not come to forums here talking about my wealth and how clever I was and how much I had made like you have.

So you carry on believing that the reason why I have managed to make considerable profit from crypto, realised and unrealised and you have not is because I was just lucky. You keep believing it is nothing to do with me having actually educated myself and you just continuing to think you know best without having to put any effort in to educate yourself.

search.php?keywords=bitcoin&terms=all&author=erolz*&sc=1&sf=all&sr=posts&sk=t&sd=a&st=0&ch=300&t=0&submit=Search

[Paphitis]

There is a thread here somewhere where we were all knocking cryptos at the very beginning. Well, we should have all been more open minded.

Or was there a thread where all you saw and heard is what supported your own gut belief based on almost total ignorance and not anyone who said otherwise regardless of if they were talking from ignorance or not ? I personally have never 'knocked cypto'. Perhaps this is less of a 'we thing' and much more of a 'you' thing than your ego allows you to see.

Absolutely. That’s just common sense.

Most people fit in that category. Very few people I’d imagine would have jumped aboard from the beginning. Probably mostly inside traders did and a few that flukes it.

You didn’t jump on it then either. You jumped on the band wagon when the price hit 5k and again when the price fell to 3.5K. Good luck to you for doing that.


Bitcoin was unprecedented

You still not getting it. Not a surprise. Here is my timeline.

I had been aware of bitcoin almost from its inception but I did not think of buying any until around may 2016, when the price was around $500. I was really close to pulling the trigger but in the end I did not. I talked myself out of it then thinking I had 'missed the boat'. However what I also did from that point is start to actually educate myself about crypto. Put in the actual work and effort of trying to understand it in my own head. I read the original white paper by satoshi nakamoto, I learnt what mining was, how it worked. I learnt what a blockchain was. I learnt the difference between proof of work and proof of worth and other forms of mining. I learnt about consensus and network forks, hard and soft. I learnt about wallets and how to store and keep safe crypto. I educated myself and I watched and I saw it rise from the 500 USD price I had talked myself out of to peak at 5000 USD by end of Aug 2017. When it then fell back to 3500 USD a few weeks later is when I first bought in.

I first purchased some ether and some bitcoin 19 Sept 2017, not from a position of almost total ignorance, which would have been the case had I bought a year or so earlier at 500 USD, but from one of having actually educated myself. With time and effort. I learnt better ways of buying crypto by using exchanges like Kraken first and then later Coinbase. I joined kraken not to trade but just as the most cost effective way to buy in to crypto currencies but once I had the account that is when I started to trade as well. I continued to trade and accumulate over the following years, splitting my stake in to 75% that I just held, stored on an offline wallet, first a paper one and then later an electronic one and 25% that I traded with. That 25% I traded back and forth between crypto and fiat , trying to ride the cycles up and down (right now it is all in fiat for example, waiting for the fall to buy back in again). I started trading between different cryptos as well , turning bitcoin to ether and visa versa as the prices between this pair went through their cycles. I learned how to spot when all cryptos were raising and falling in step and when one or several would rise out of step with bitcoin and how to try and exploit that for profit. I traded and I also accumulated over that period. I also started mining for myself primarily to continue learning and educating myself, first just using hardware I already had and later buying (2nd hand on ebay) specific hardware just to mine with and I did this in partnership with my brother, who through his businesses had very competitive electricity rates. I was mining as the price went from the 3.5K I had bought in at to over 20K by mid december 2017. By Jan 2018 when the price had fallen back to 15k I sold the hardware on ebay, not to miners but to gamers.

You on the other hand have never bothered to educate yourself at all have you Paphitis ? Leading you to say the most ridiculous things like 'you had to get in at the very beginning' and that those that did were probably 'inside traders'. You sure do love to display your ignorance. Firstly you did not have to 'get in at the beginning' to make profits in the orders of magnitude. I bought in sep 2017 at 3.5k but you could have also bought in at this price or there abouts in dec 2018 or march 2020. Nor was there ever such a things as 'inside traders' with bitcoin. Inside trading is trading on the basis of knowledge that is not public. Everything about bitcoin has been public from day one, from the original white paper through to its launch, through to every transaction and movement of bitcoin from one wallet to another and every new coin mined is public. Has always been public. It is also entirely decentralised. To talk about 'inside traders' being the ones who made the real money on bitcoin is about the most stupid thing you could say and a monumental display of your ignorance over the whole subject.

As to 'investing' I had never bought a stock up until coinbase's ipo. I did not jump on the frenzy of share ownership that came with the UK selling of things like British Telecom and British Gas and others. My wealth, that I could not afford to lose was invested in property that has produced gains from appreciation and income over the last 25 years. It is this 'investing' that allowed me to move to Cyprus 20 years ago and retire / semi retire at the age of 35. I did not come to forums here talking about my wealth and how clever I was and how much I had made like you have.

So you carry on believing that the reason why I have managed to make considerable profit from crypto, realised and unrealised and you have not is because I was just lucky. You keep believing it is nothing to do with me having actually educated myself and you just continuing to think you know best without having to put any effort in to educate yourself.

search.php?keywords=bitcoin&terms=all&author=erolz*&sc=1&sf=all&sr=posts&sk=t&sd=a&st=0&ch=300&t=0&submit=Search

I get it and I don't care what you did. None of my concern.

You bought in at some point and are sitting on some profits. Good for you.

I don't care when you bought in, how long you have been watching or what you are doing right now.

I never said you got lucky. You bought in, price went up and you have made a return. That's all I know and all I care to know. It's as simple as that.

You sound very bitter. I make no judgement upon you and have no doubt you know about cryptos.

No I haven't bothered educating myself about cryptos. I did not think it was important enough to occupy the amount of time it should if I was to dive in. I got too many other things going on my life and cryptos were not important to me then, and are still not important to me now. other than perhaps I may look at putting some small "bets" on and forget about it and see what happens in a years or 5 years time. Like buying a lottery ticket. Nothing more. If the lottery ticket wins, then great. if it doesn't, not the end of the world for me.

Rest assured, I won't be losing any sleep over cryptos. I don't consider it serious enough to occupy my time compared to all the other things on my plate.

And maybe I won't even put in a dime. It isn't a huge issue for me at all.

It's not something i'm prepared to take seriously at this point in time.

[Maximus]

Buying and holding or trading crypto currency is speculation.

I am not saying that speculation is not a skill, because it is but it is speculation none the less.

It is not like buying shares in coinbase or some other company. Although that can also be considered as speculation, at least you can quantify a business's financial health and estimate value easier than you can predict future crypto currency volatility. At least that produces something, crypto doesnt produce anything.

At 30x earnings, coinbase seems too expensive at the moment, buying now would be like buying a business that you have to wait 30 years to recover your investment.

I would be interested in getting involved with coinbase instead of buying crypto but I would want to see better value.