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Altcoin speculation thread Mk2

Discussion in 'Crypto Currency & Mining' started by kindai, 18 Nov 2017.

  1. powlesY

    Wise Guy

    Joined: 12 Dec 2010

    Posts: 1,409

    I'm here because my very naive brother who had never even mentioned investments before has started pumping loads of his surplus money into Eth and is yelling at me to do the same. I've spent the past week using up all my spare time doing research.. after never before knowing a single thing about cryptocurrency. I'm happy never getting into it but every hour I'm getting "told you so" screenshots and it's concerning me.

    Obviously within a week of research my knowledge is still very very limited but I can't help but feel it's like he's being scammed by how the market works and his understanding is extremely basic/he isn't the sharpest tool in the shed to even consider an ounce of the complexity of these things. He tells me it's going to overtake bitcoin, that Mastercard and UK taxis are investing etc etc. It seems like he's falling for every article he's reading on the net and I don't know how I can save him.

    The downside to my research is I can feel myself getting dragged into it. Difference is I'm an overanalytical researcher whereas he's a spontaneous more practical on a whim guy. He talks about it with so much emotion almost as if it's free money. Has anyone got anything they can perhaps show me/explain to me so I can help talk him down a bit?
     
  2. Begbie

    Capodecina

    Joined: 20 Oct 2004

    Posts: 24,918

    Location: ....

    ETH will either continue climbing to the moon, or drop like mad and then (maybe) re-climb. Most likely it'll drop like a rock, and him and many, many others won't have taken profit but will continue to send crypto memes telling us to HODL and were all week for selling. The market relies on millions of people like this. Bag holders.
     
  3. powlesY

    Wise Guy

    Joined: 12 Dec 2010

    Posts: 1,409

    This is what I gathered. Very small investors not really knowing what they are doing jumping on a fad based off something shooting up fast with minimal to no research. He's currently only got £400 in it and wanting to put in another £1000, with money he can't really afford to lose. He doesn't seem to be listening to anyone around him and as it keeps going up it just reassures him again and again right now.
     
  4. ChrisD.

    Caporegime

    Joined: 20 Sep 2006

    Posts: 26,108

    Never, ever invest money into anything shares related unless you're prepared to set fire to it. You should tell him this and if he needs the money, probably sell whatever assets he has now before he potentially loses it all.
     
  5. Rex-Kramer

    Wise Guy

    Joined: 13 Nov 2003

    Posts: 1,861

    Location: Chester

    @Amplus

    You seen in the NAOS telegram they said they are planning on listing on a tier 1 cex this month?
     
  6. powlesY

    Wise Guy

    Joined: 12 Dec 2010

    Posts: 1,409

    100%. I'll mention the "unless you're prepared to set fire to it". I have already said it's like he's happy giving away a couple of weeks wages...and if it was that easy we'd all be millionaires.
     
  7. Begbie

    Capodecina

    Joined: 20 Oct 2004

    Posts: 24,918

    Location: ....

    It's gambling, regardless of what anyone says. Probably safer, but it is.
     
  8. Minstadave

    Caporegime

    Joined: 8 Jan 2004

    Posts: 28,391

    Location: Rutland

    This is how I treat it. Very high risk but potential rewards are silly. I've been going about 2/3 weeks and am up 50% on my initial investment just focusing on a couple of coins. Buying when they drop and selling when they peak (or trying to atleast!).
     
  9. Amplus

    Hitman

    Joined: 26 Aug 2018

    Posts: 587

    Location: Manchester

    Nah haven't seen that. Do know Huaobi and OkEX are investors so doesn't surprise me. One of those would be pretty massive. No VC unlock for 3 months which I like so price won't dump
     
  10. inferno

    Wise Guy

    Joined: 23 May 2004

    Posts: 1,972

    You are prepared to set fire to your pension?
     
  11. Amplus

    Hitman

    Joined: 26 Aug 2018

    Posts: 587

    Location: Manchester

    [
    Just leave him to it....he will learn the hard way when his £1400 investment turns into £5000 :D
     
  12. ChrisD.

    Caporegime

    Joined: 20 Sep 2006

    Posts: 26,108

    It's not exactly the same is it. Besides I have assets elsewhere, such as property etc.
     
  13. Jintsay

    Associate

    Joined: 22 Feb 2013

    Posts: 59

    Anyone completed a PAID Ignition IDO before? Did my first one today for GlobeDX and wondering roughly when you get to collect the tokens that you have bought.
     
  14. Amplus

    Hitman

    Joined: 26 Aug 2018

    Posts: 587

    Location: Manchester

    Yeah I was in it. My first Paid one as well. What an absolute mess the whole process was hence why Paid dumped so much today. I had 2 tabs open and submitted twice and both transactions were successful so interested to see if I get 500 tokens instead of 250. Globe is listed on the 10th on Uniswap so on the 10th after the listing you will be able to collect your tokens off the ignition website then.

    By the way normally I sell these IDO's straight away if they do more then 10x. However have you seen the investors of Globe?? This is a MASSIVE project. Same investors as Coinbase. Pantera, Y combination and Tim Draper. You don't see these investors in many projects except for the big projects. So will hold Globe for the long term. Like the background of the CEO's as well, both Cambridge University PHD graduates. Most of the coins I own I see as **** coins but along with Marlin and Cellframe got a really good feeling about Globe from what I've read that this is a top 100 crypto in the future.
     
  15. Superficial

    Mobster

    Joined: 29 Oct 2002

    Posts: 4,053

    Location: London

    Perhaps I'm wrong but, with the advent of Eth 2.0 on the near future, isn't this opinion against the grain of public opinion? Or does everyone here agree with this?
     
  16. powlesY

    Wise Guy

    Joined: 12 Dec 2010

    Posts: 1,409

    You've only been going 2-3 weeks and already up that much? This is the kind of thing that makes me want to dip my toe in. I'm incredibly tight with my money but do have a few 2-3k just sitting around doing nothing which I've been planning to put into a stocks and shares ISA. I haven't put a single penny into cryptocurrency yet but for my short time I've done research and the spare few hours a day I have to continue that research I am getting FOMO. Even this thing with my brother I have moments of "****, I should have got in when he told me too".
     
  17. Minstadave

    Caporegime

    Joined: 8 Jan 2004

    Posts: 28,391

    Location: Rutland

    Wasn't brave enough to leave anything in DOGE after some big wobbles last night and it is still going! Hitting a dollar looks inevitable now.
     
  18. Begbie

    Capodecina

    Joined: 20 Oct 2004

    Posts: 24,918

    Location: ....

    I don't necessarily agree with this tbf, but to not calculate it into what your investing would be crazy. If it was an absolute sure thing, we'd all be smashing everything we owned into it.
     
  19. p1RATE

    Wise Guy

    Joined: 29 Dec 2006

    Posts: 1,653

    You are right. Anyone who thinks ETH is going to "drop like a rock" hasn't got a clue about whats going on in DeFi at the moment. While i don't doubt there will be a bit of price volatility, ETHs utility is unquestionable right now.
     
  20. Doggie2k

    Wise Guy

    Joined: 2 Aug 2010

    Posts: 1,111

    Location: Woodford Green

    I drunkingly bought around £80 worth of doge when it was 15c a few weeks ago (400 coins) and after yesterdays bloodbath in the stock market and the drop in my other coins doge is the only thing in the profit right now! This annoys me greatly haha!