In for a Penny in for a Crypto

B

Bodd

I was going to buy £1000 worth of Crypto currency so I set up an account; Lloyd's playing God would not let me.

So....

I have a few customers who really believe in this stuff. So I let one pay me by it. I've now got £99.

I'll see how it goes ..... in for a Penny in for a crypto as they say.

Has anyone got any of this stuff..
 
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Bodd said:
It's gone down 58p in the last 10 minutes :ROFLMAO:
Click to expand...
You'd have been better off being paid with these.
OPE.d1RSHk2hUu9dWg300C300
 
Owning crypto in the UK isn't illegal, however trading it is. Do people find ways around the latter? Yeah, however as far as the FCA and many banks are concerned, rightly or wrongly, crypto = bad.

Quite a few people have reported issues with their bank accounts being frozen etc if they transfer money from said accounts to crypto exchanges. Again there are ways to circumvent this to ensure an obvious fiat bank account > crypto exchange transfer isn't required. However I personally wouldn't take the risk as my fiat accounts are too important to me.

I'm not 100% pro or anti crypto. There is a LOT of misinformation about it and, if you follow the markets even a little bit, there is growing interest from established investors and organisations. I was going to invest/gamble £1k in BTC a few years ago as a purely speculative punt ... wish I had now!

To those citing things like Tulipmania in the 17th century and saying crypto 'is the same' don't really have a clue what they're talking about. There's a lot more to it than BTC. Also, regardless of how legitimate the whole thing is or isn't, if you ride the proverbial wave just right, you could make a lot of £££. Equally you could lose a lot of £££, that's the world of investing or if you prefer, gambling.

FCA bans the sale of crypto-derivatives to retail consumers | FCA
 
I don't do stock markets so could be widely off the mark here but if your investment has risen considerably you decide to sell and collect your gains.
However, from what I have seen, you tell your broker to sell and he may not sell until the following day. If your shares have gone through the floor overnight, or even in the afternoon on the day you instructed him, you are going to lose a lot of money. What is there to say, he sells them at a good price but stuffs you by saying the price dropped after your instruction but before he managed to sell? I know there are supposed to be safeguards in place but everything has weak points and will be exploited by the unscrupulous.
Cryptocurrency, to me, is widely open to abuse because most people don't have a clue how it works.
 
conny said:
I don't do stock markets so could be widely off the mark here but if your investment has risen considerably you decide to sell and collect your gains.
However, from what I have seen, you tell your broker to sell and he may not sell until the following day. If your shares have gone through the floor overnight, or even in the afternoon on the day you instructed him, you are going to lose a lot of money. What is there to say, he sells them at a good price but stuffs you by saying the price dropped after your instruction but before he managed to sell? I know there are supposed to be safeguards in place but everything has weak points and will be exploited by the unscrupulous.
Cryptocurrency, to me, is widely open to abuse because most people don't have a clue how it works.
Click to expand...
I've read quite a bit into it and you're right, there's practically zero regulation and anyone who buys/sells without knowing what they're doing is asking for trouble. However there are credible brokers out there.
 
conny said:
However, from what I have seen, you tell your broker to sell and he may not sell until the following day. If your shares have gone through the floor overnight, or even in the afternoon on the day you instructed him, you are going to lose a lot of money.
Click to expand...
When you buy or sell, you have several options: buy/sell now at the current price (assuming the markets are open), buy/sell at some future definite date (e.g. tomorrow at market presumption, or buy/sell at some future achieved price. (Obviously if your future determined buy/sell price is not achieved, after a definite time limit your instruction expires.)
 
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