Crypto Currency Trading Platforms
- Thread starter richardg
- Start date
Sue Pertwee-Tyr
Accuphase all the way down
Also, even the stablecoins like Tether and Etherium are believed not to be backed by as much of yer actual fiat currency as they'd like people to think.
I don't believe Ether is a stable coin. A number of stable coins operate on the Etherium blockchain though - Stablecoins on Ethereum - EthHub
Sue Pertwee-Tyr
Accuphase all the way down
Apols, yes you're probably right. Lazy post on my part. I'm right about Tether, though...
Heckyman
pfm Member
https://jacobinmag.com/2022/01/cryptocurrency-scam-blockchain-bitcoin-economy-decentralization
80% of bitcoin trades are in Tether, who say they hold only 3% in cash. The rest is in bonds of companies that may or may not exist.
80% of bitcoin trades are in Tether, who say they hold only 3% in cash. The rest is in bonds of companies that may or may not exist.
Amber Audio
This is the Day
Tether is a stablecoin and has a murky past, many feel it’s smoke and mirrors and they don’t have enough steaks in the freezer
Not all crypto uses resources, e.g. PoS. A lot of PoW chains use solar/geo and there are moves to improve things, ETH 2.0. The flaw was baked in from ground zero, the energy use was obviously missed completely.
Sue Pertwee-Tyr
Accuphase all the way down
Problem is, until we have spare renewable capacity, any renewable energy used for crypto mining and similar is renewable energy that can't be used to heat and light homes, cook food or run businesses. Not to mention EVs.
On the OP question I personally have used binance. They have their issues with the FCA though, so read up yourself before choosing to use them or any other exchange (FCA site has some useful information about which companies are registered or operating under temporary registrations - Registered Cryptoasset Firms (fca.org.uk))
I am in now way any sort of expert, but a couple of things I have learnt over past few months buying various crypto -
Treat as gambling, ONLY spend what you are happy to lose (spend your beer money on it, not your rent money)
It is a rollercoaster, the prices can go up and down wildly, so stay away if this will bother you or you are risk averse
Don't ignore the tax implications, and depending on what you are doing, it could impact capital gains and/or income tax, and some areas I still have no clue what tax implications could be
Ignore all the people shouting to HODL. Buy and sell as and when it suits you and your needs
Move the coins off the exchange after purchase to a personal wallet
Don't buy into the newest meme coin without reading up on it first (read about SQUID token to see what can happen if you don't do some diligence and read the whitepaper before buying)
I am in now way any sort of expert, but a couple of things I have learnt over past few months buying various crypto -
Treat as gambling, ONLY spend what you are happy to lose (spend your beer money on it, not your rent money)
It is a rollercoaster, the prices can go up and down wildly, so stay away if this will bother you or you are risk averse
Don't ignore the tax implications, and depending on what you are doing, it could impact capital gains and/or income tax, and some areas I still have no clue what tax implications could be
Ignore all the people shouting to HODL. Buy and sell as and when it suits you and your needs
Move the coins off the exchange after purchase to a personal wallet
Don't buy into the newest meme coin without reading up on it first (read about SQUID token to see what can happen if you don't do some diligence and read the whitepaper before buying)
Sue Pertwee-Tyr
Accuphase all the way down
Amber Audio
This is the Day
I disagree with "Ignore all the people shouting to HODL. Buy and sell as and when it suits you and your needs"
Time in the market beats timing the market - valid with Crypto or Shares - UNLESS you really know your onions about day trading
Time in the market beats timing the market - valid with Crypto or Shares - UNLESS you really know your onions about day trading
andyoz
pfm Member
I just rode out one of the waves last year, took all my initial investment out and left the rest in to plat with. If I cashed it now, I'd have enough for a trip to Oz and to keep my fun car running for a year. If I lose the lost...well I never 'earned' it in the first place so to speak and would forget about the whole thing pretty quick...
davidsrsb
pfm Member
Intel getting into mining chips https://www.theregister.com/2022/02/11/intel_bitcoin_mining/
This won't save energy as the mining algorithm self tunes. It will lead to mass scrapping of the current mining rigs
Obviously we live on a planet with unlimited resources and no e-waste or energy problems
This won't save energy as the mining algorithm self tunes. It will lead to mass scrapping of the current mining rigs
Obviously we live on a planet with unlimited resources and no e-waste or energy problems
paulfromcamden
Baffled
Ouch.
paulfromcamden
Baffled
"Correction, May 12, 2022: This piece originally misstated that the crypto market lost up to $800 million of its value on Monday. It actually lost up to $800 billion."
https://slate.com/technology/2022/05/bitcoin-and-crypto-crash-a-guide-for-normies.html
paulfromcamden
Baffled
As are all markets, look at the NASDAQ, S&P, FTSE etc. Whilst ever the dollar is strong and still pumping everyone will risk off, which is why everything is rekt from crypto to gold, tradfi across the board etc.
Amazon
Markets are definitely spooked - but nothing like the carnage in crypto.
paulfromcamden
Baffled
FT: The week that shook crypto.
By the start of April, luna peaked at $116 after being snapped up by buyers including enthusiastic retail investors. But this week, luna lost it all. Its value slid to zero after terraUSD, a sister token, collapsed in value, despite being designed to track the value of the US dollar.
Coins come and go — thousands have died since bitcoin was invented in 2009. But terra’s failure has cut through. It was designed to be a so-called stablecoin — a staid, boring token that simply tracks the dollar. Its sudden death, at a time when crypto valuations were already sliding, has sparked serious questions over the functioning of the entire crypto market. In just one week, the valuation of exchange Coinbase has crashed, bitcoin prices have slumped below $30,000 for the first time since last summer and tether — the largest stablecoin akin to the Federal Reserve of crypto — failed to keep up its dollar peg.
Many financial markets have fallen sharply in recent weeks, as investors have been spooked by surging inflation and the prospect of sharp rises in interest rates. But the collapse in cryptocurrencies has been even more dramatic. Their performance has undermined claims that crypto assets can provide a hedge against inflation or behave as a form of digital gold ... Research firm CryptoCompare said luna was “the largest destruction of wealth in this amount of time in a single project in crypto’s history”. Luna’s failure is “one of the greatest catastrophes crypto has ever seen,” argues Ran Neuner, a prominent crypto trader and outspoken enthusiast for the tokens. It is a “real wake-up call” that crypto prices can fall to zero, he said.
https://ft.com/content/3e0a65bb-a953-433a-819e-ff29de847336
By the start of April, luna peaked at $116 after being snapped up by buyers including enthusiastic retail investors. But this week, luna lost it all. Its value slid to zero after terraUSD, a sister token, collapsed in value, despite being designed to track the value of the US dollar.
Coins come and go — thousands have died since bitcoin was invented in 2009. But terra’s failure has cut through. It was designed to be a so-called stablecoin — a staid, boring token that simply tracks the dollar. Its sudden death, at a time when crypto valuations were already sliding, has sparked serious questions over the functioning of the entire crypto market. In just one week, the valuation of exchange Coinbase has crashed, bitcoin prices have slumped below $30,000 for the first time since last summer and tether — the largest stablecoin akin to the Federal Reserve of crypto — failed to keep up its dollar peg.
Many financial markets have fallen sharply in recent weeks, as investors have been spooked by surging inflation and the prospect of sharp rises in interest rates. But the collapse in cryptocurrencies has been even more dramatic. Their performance has undermined claims that crypto assets can provide a hedge against inflation or behave as a form of digital gold ... Research firm CryptoCompare said luna was “the largest destruction of wealth in this amount of time in a single project in crypto’s history”. Luna’s failure is “one of the greatest catastrophes crypto has ever seen,” argues Ran Neuner, a prominent crypto trader and outspoken enthusiast for the tokens. It is a “real wake-up call” that crypto prices can fall to zero, he said.
https://ft.com/content/3e0a65bb-a953-433a-819e-ff29de847336
paulfromcamden
Baffled
Yes and just to be clear my intention isn't to gloat - I sincerely hope no members have lost their shirt. Environmental considerations aside, I don't have any problem with folk speculating on crypto so long as they understand it's a volatile asset class and manage their exposure accordingly.
