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3 hours ago, Playa Amodores said:

I know nothing about crypto. So you saying it’s increased by $4000, how much would you have needed to invest to make $4000, today.?

So it's currently up about 10% today so anything you held from £1 to whatever you have is up by that amount. I can get less than 1% interest in the bank but my savings in Bitcoin are up 10%.

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My nephew purchased  Bitcoin about five years ago and last year decided to cash them in. He trebled the amount of money he invested but his bank refused to accept the money from Bitcoin, so he had to have it transferred into his Pay Pal account. Is this the norm.?

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  • 5 weeks later...
On 01/03/2022 at 09:53, Playa Amodores said:

My nephew purchased  Bitcoin about five years ago and last year decided to cash them in. He trebled the amount of money he invested but his bank refused to accept the money from Bitcoin, so he had to have it transferred into his Pay Pal account. Is this the norm.?

No I don't think it is. Not sure why they wouldn't accept it, although could be liable for capital gains. 

It's been a good month overall but a bit of a dip today. Hoping that over summer we will see some recovery back up to the ATHs again and I finish withdrawing all my money haha 

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29 minutes ago, Emile said:

No I don't think it is. Not sure why they wouldn't accept it, although could be liable for capital gains. 

It's been a good month overall but a bit of a dip today. Hoping that over summer we will see some recovery back up to the ATHs again and I finish withdrawing all my money haha 

Emile, good luck. Banks are very suspicious due to money laundering rules. If they breach these they get fined massively, so probably policy not to take any money from Bitcoin. My wife went to the bank today as she wanted to move some money from her bank to an internet bank. They asked questions about if she wanted it to buy Bitcoin. She didn’t but they asked, probably to protect themselves. They phoned back later to say that she couldn’t transfer the money to her internet bank account

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3 minutes ago, Playa Amodores said:

Emile, good luck. Banks are very suspicious due to money laundering rules. If they breach these they get fined massively, so probably policy not to take any money from Bitcoin. My wife went to the bank today as she wanted to move some money from her bank to an internet bank. They asked questions about if she wanted it to buy Bitcoin. She didn’t but they asked, probably to protect themselves. They phoned back later to say that she couldn’t transfer the money to her internet bank account

Cryptos are taking control away from the banks 

 

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  • 1 month later...

Santa, it’s always best to invest when stocks are low, but it’s dropping like a lead balloon at the moment, so you’d be gambling on a recovery. World markets are volatile at the moment but crypto is a very volatile market anyway with no safety net, regarding recovering your investment. 

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On 13/05/2022 at 20:24, Santa said:

Thinking of getting into crypto.

Is now a good time?

If you need to ask if now is a good time then it would be an out and out gamble. With stocks there are ways to trade, research can be done. With Crypto nobody knows if it will go up or a down a lot or a little. Just 'invest' what you can afford to lose.

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  • 1 month later...
2 hours ago, MelbourneValiant said:

How did that go? 🤣

I dare not look anymore 😂 

Think any crypto investor knows it’s going take a long time to get into the mainstream 

Now is as good time to start it’s gone back 2 years 

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Posted (edited)
On 22/06/2022 at 01:52, Packmoor_vale said:

I dare not look anymore 😂 

Think any crypto investor knows it’s going take a long time to get into the mainstream 

Now is as good time to start it’s gone back 2 years 

I hope you didnt lose much and it recovers for you. Unlike gold or oil or indices there is no underlying value. You cant physically own a bitcoin which makes it really difficult to gauge a true value.

Nobody knows if it will go to 5k or up to a million. Although if it drops to 5k then I would be tempted to throw a bob or two at it.

Edited by MelbourneValiant
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Posted (edited)

/The police can seize a cryptocurrency asset in an investigation by a court order. Under money laundering powers for example. But if the criminal or the person the criminal has nominated to hold the key won't give them the key then they can never access the asset. It may be held in custody for ever. How does it ever come out of custody if the police can't investigate the history of the asset and how it came to be in the possession of the suspect individual? How can it ever come out of custody without cooperation? A lucky find of a bit of paper with the key scribbled on it!

So it can dwindle to nothing in custody eroded by inflation or tarnished in reputation. Or it can increase massively in value in which case the Police can be accused of creating wealth for another. 

A whole new world of money, wealth, regulation and policing. Going to have to figure it out. 

Edited by Warren

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