Just be aware - Crypto Currency

[Thailand]

I believe there were investment product scandals here in the past and a lot of money was lost.

 

Anyway, yesterday at lunch in a local Chiangmai restaurant I could not help but overhear a youngish American guy making a Crypto Currency investment pitch to an elderly foreign couple. It was complete with notebook presentation.

Now it may have been legit but Crypto Currency, Bitcoin, Ripple,Ethereum etc are still in the Wild West of investment and great care and due diligence should be taken before jumping in to these basically unregulated waters,even more so if it is yet another new "whatever coin" investment that is being touted.

 

As I said, just be aware.

 

[Justfine]

Whats to stop anyone making up their own coin?

 

Crypto crappo

[Thailand]

1 hour ago, Justfine said:

Whats to stop anyone making up their own coin?

 

Crypto crappo

Well over 1,000 now with new ones almost every day.

 

Already a truckload of failures, some quite spectacular.

[Justfine]

6 minutes ago, Thailand said:

Well over 1,000 now with new ones almost every day.

 

Already a truckload of failures, some quite spectacular.

Yeah it's crazy. I watched a few for 2 weeks and the volitility is wild. Some of them are valued at hundreds of billions on market cap. More than many large companies.

[Brickbat]

Conmen will abound always and everywhere. It has no meaning to just Crypto alone as Blockchain will rule our lives within 2 years. 

Last year , Bitcoin was aud 3000, Ethereum was below aud 100, Litecoin was $50. 

Find me any investment that matches the gains at today’s prices! Yes, it took a big leap , but has returned after a correction and now upwards again. Stick to the top 10 or 20 coins. Research. Stop being fools as conmen are everywhere. Aussie top banks are now being investigated for con job practices. Big time! So wake up

[soumanioco]

The losers are ill-informed buyers caught up in the spiral of greed. The result is a massive transfer of wealth from ordinary families to internet promoters. And “massive” is a massive understatement — 1,500 different cryptocurrencies now register over $300 billion of “value.”

It helps to understand that a bitcoin has no value at all.

Promoters claim cryptocurrency is valuable as (1) a means of payment, (2) a store of value and/or (3) a thing in itself. None of these claims are true.

1. Means of Payment. Bitcoins are accepted almost nowhere, and some cryptocurrencies nowhere at all. Even where accepted, a currency whose value can swing 10 percent or more in a single day is useless as a means of payment. 

2. Store of Value. Extreme price volatility also makes bitcoin undesirable as a store of value. And the storehouses — the cryptocurrency trading exchanges — are far less reliable and trustworthy than ordinary banks and brokers.

3. Thing in Itself. A bitcoin has no intrinsic value. It only has value if people think other people will buy it for a higher price — the Greater Fool theory. 

Bitcoin is absurdly wasteful of natural resources. Because it is so compute-intensive, it takes as much electricity to create a single bitcoin — a process called “mining” — as it does to power an average American household for two years. If bitcoin were used for a large portion of the world’s commerce (which won’t happen), it would consume a very large portion of the world’s electricity, diverting scarce power from useful purposes.

In what rational universe could someone simply issue electronic scrip — or just announce that they intend to — and create, out of the blue, billions of dollars of value? It makes no sense.

[KhunBENQ]

Old rule: invest in what you understand.

[yuiop]

Same rule as for investing in Thailand: put in only what you're ready to lose.

[Justfine]

38 minutes ago, KhunBENQ said:

Old rule: invest in what you understand.

True

[Colabamumbai]

Invest in the companies that you must pay your monthly bills to.

[Suradit69]

1 hour ago, Colabamumbai said:

Invest in the companies that you must pay your monthly bills to.

So I should invest in True Vision, 3BB and my condo building?   

 

2 hours ago, KhunBENQ said:

Old rule: invest in what you understand.

Basically a good rule and one that Warren Buffett often repeats, but I've made some decent money off of Micron Technology, Facebook, Square and some biotechs, etc. and my knowledge of chips, social media, electronic payments and cutting edge bio research is pretty sketchy.

 

11 hours ago, Thailand said:

Anyway, yesterday at lunch in a local Chiangmai restaurant I could not help but overhear a youngish American guy making a Crypto Currency investment pitch to an elderly foreign couple.

Probably investing in something pitched to you by a stranger in a restaurant, by a random call to you on the phone, by a Nigerian prince or by an acquaintance currently renting accommodations in a trailer/caravan park should be avoided.

[shaurene]

HI have been folowing the currencies. Some time back I fancied Ripple, it was US0.47 it went to 0.87 very fast then it was heading for the US government on a court order.  It dropped over a few weeks back to 0.67. Over the last few weeks they all lost a lot.

idecided to give it all a miss especialy after reading comments from the expert Warren Buffet  who said never in a million yers would he invest in the coins, they are not an investment they are a gamble. Keep your money and do not invest in something you do not understand

[Justfine]

3 hours ago, Colabamumbai said:

Invest in the companies that you must pay your monthly bills to.

The word crypto just reminds me of Superman and all the fake stuff in those films.

 

Someone should produce Batman coins. Probably sell well.

 

Robin coins might flop though due to softness.

[steve73]

4 hours ago, soumanioco said:

 .

.

.

In what rational universe could someone simply issue electronic scrip — or just announce that they intend to — and create, out of the blue, billions of dollars of value? It makes no sense.

The US/EU/UK/others manage to create billions of dollars of "value" out of thin air quite regularly...and it's the main cause of inflation.

 

And as for the volatility, it makes for great trading... with 10% price swings each day it's pretty easy to capture a few % every day.

 

But I agree there are plenty of "scam-coins" out there so perhaps best to keep away unless you really understand what you are doing... and why.

Edited May 17, 2018 by steve73
clarity

[worgeordie]

To me its seems the people that are really pushing Crypto

are the ones that own some,and would like to see them

increase in value,like all scams really.

regards worgeordie

[coolcarer]

I've been trading Bitcoin and a few other coins for a little while now, its very risky to those with no experience, but so long as you do your research, have patience and trade with the trend you'll be fine and make some good money.

[RichardL]

Good investment or bad, what you certainly don't want is any broker selling you any kind of investment "package" for crypto. The market just isn't a good for for that kind of investment, where you put money in for five years etc, on the expectation of getting a certain percentage back.

 

Anyone wishing to dabble should have a look at a trading site such as eToro, which only deals with the more established coins (+usual shares).

[Hummin]

5 hours ago, Colabamumbai said:

Invest in the companies that you must pay your monthly bills to.

Some pay daily to beer companies? 

Good investment?

Edited May 17, 2018 by Hummin

[Kelsall]

To get an understanding of cryptocurrencies, the crypto community recommends "The Princeton Videos" (see link below).  These lectures explain bitcoin from the ground up and address other cryptocurrencies and related issues.  I had to watch them several times before I got a basic understanding.  IMHO if one cannot understand these videos, he/she does not understand cryptocurrencies and should definitely NOT invest one baht.

 

http://bitcoinbook.cs.princeton.edu/

(scroll down for the videos)

 

 

Edited May 17, 2018 by Kelsall

[Justfine]

It's mostly an Asian trading platform. They are not real investments, it's speculative trading.

[chicowoodduck]

16 hours ago, Brickbat said:

Conmen will abound always and everywhere. It has no meaning to just Crypto alone as Blockchain will rule our lives within 2 years. 

Last year , Bitcoin was aud 3000, Ethereum was below aud 100, Litecoin was $50. 

Find me any investment that matches the gains at today’s prices! Yes, it took a big leap , but has returned after a correction and now upwards again. Stick to the top 10 or 20 coins. Research. Stop being fools as conmen are everywhere. Aussie top banks are now being investigated for con job practices. Big time! So wake up

People just love the feeling of having smoke blown up their arse.....love your pitch  and hear it all the time from all the bar stool wealthy folks here in Pattaya.....that loud laugh you hear is me.....on all the get rich scams I have heard over the past 70 years......??????

[rwill]

I saw an online ad for some company claiming to be the only ones selling the new Swedish cryptocurrency.  Only problem Sweden does not have one now, they have just been talking about it.

 

[eddysmit]

13 hours ago, worgeordie said:

To me its seems the people that are really pushing Crypto

are the ones that own some,and would like to see them

increase in value,like all scams really.

regards worgeordie

This Crypto coin etc thing reminds me of my 'small' attempt at shares many years ago, the one's that make the big cash are the ultra wealthy few controlling and running it.

[tigerbeer]

very high risk investment but like some others say, potential to make some decent money for the pro dealers. 

 

edit: i only invest a little bit in Ripple. 3rd biggest market cap cryptocurrency. ripple is different from other coins with the backing of several big banks that do fund transfers using it. 

Edited May 18, 2018 by tigerbeer

[opalred]

be quick to get rid of them 

before a expat group will start make there own 

and tell you they are a great investment

[Kelsall]

13 minutes ago, opalred said:

be quick to get rid of them 

before a expat group will start make there own 

and tell you they are a great investment

Thaivisacoin

[lannarebirth]

13 hours ago, eddysmit said:

This Crypto coin etc thing reminds me of my 'small' attempt at shares many years ago, the one's that make the big cash are the ultra wealthy few controlling and running it.

 

The Good Old Days:

 

https://www.theonion.com/blue-line-jumps-11-percent-1819565647

[Neeranam]

I bought ripple last year and made 1 million baht in 4 months. I only bought about 70,000 baht.

 

Also bought knc and com, which I am holding.

 

Bought some more ripple a month ago, it's going to be x 10 at least by the end of November

[Thailand]

3 hours ago, Neeranam said:

I bought ripple last year and made 1 million baht in 4 months. I only bought about 70,000 baht.

 

Also bought knc and com, which I am holding.

 

Bought some more ripple a month ago, it's going to be x 10 at least by the end of November

Based on that recommendation I guess everybody will be piling their pensions in to Ripple.

[Justfine]

3 hours ago, Neeranam said:

I bought ripple last year and made 1 million baht in 4 months. I only bought about 70,000 baht.

 

Also bought knc and com, which I am holding.

 

Bought some more ripple a month ago, it's going to be x 10 at least by the end of November

That it value it double of Apple.