Dogecoin etc

[V8Granite]

a brief money

That sums it up perfectly, even tho a typo

Sorry, I was busy looking at fur coats and Khan conversions to concentrate

Dave!

[Jobbo]

I hadn’t realised HMRC had published guidance on tax on crypto. Be careful if you swap investment in one coin to another; that counts as a disposal for CGT purposes:
https://www.gov.uk/hmrc-internal-manual ... rypto22100

[Broccers]

I hadn’t realised HMRC had published guidance on tax on crypto. Be careful if you swap investment in one coin to another; that counts as a disposal for CGT purposes:
https://www.gov.uk/hmrc-internal-manual ... rypto22100

Lots of people going to get big bills but you can also bank losses as its as easy to lose as win.

[Broccers]

https://gizmodo.com/squid-game-cryptocu ... 1847972824

[Beany]

Ah, meme cryptocurrencies.

[V8Granite]

If you do a search on something like Trustwalletvthe amount of coins is amazing. The single hardest part of it all is reading enough to decide if something is a genuine project by someone or just a quick scam.

Dave!

[Jobbo]

The single hardest part of it all is reading enough to decide if something is a genuine project by someone or just a quick scam.

You know the answer to that one - they're all speculative and effectively worthless

[V8Granite]

The single hardest part of it all is reading enough to decide if something is a genuine project by someone or just a quick scam.

You know the answer to that one - they're all speculative and effectively worthless

It’s so much more to do with social media, it takes a huge push to get them to be worth something.

Dave!

[Jobbo]

'Worth' is the wrong word, I think - idiots may pay something for them but why would a Lolcatzcoin ever become valuable?

[Broccers]

Its interesting how these things go tho - very much pump and dump.

https://www.coingecko.com/en/coins/mono ... ujcnBszQll

MONONOKE-INU 0.000000000385
Down nearly 40 percent in 3 days but up 67939.8% in 27. No wonder people scarper with their profits.

May look back at this in a few months and wonder why didnt I buy. I tried and the gas was too much. Even with a 60 percent rise it would only be a break even on a few hundred quid.

[Jobbo]

Once you've bought, how long do you hold your nerve?

[Broccers]

Once you've bought, how long do you hold your nerve?

That one? When the game is out its linked to it should fly or when it gets added to an exchange - you can only currently buy through uniswap which is where the gas fee comes in.

Or you could just hold and see what happens if you dont need the money.

Eth has done well over the last month and you have to ask if that might drop 50 percent soon. Or are people accepting you need to put some of your funds in cryto to negate inflation. I sold my leathers on ebay in Summer for 350 payment came into paypal when I bought Eth. It promptly went as low as 250 today now 450

[V8Granite]

'Worth' is the wrong word, I think - idiots may pay something for them but why would a Lolcatzcoin ever become valuable?

It just needs a use case.

If someone has a product or service to sell and wants to be paid in their own coin, then Aslong as what they are doing is valuable then it can add value.

For example there is one called UltiArena. It’s for gaming folks to get together, artists, music people and creators etc. I see it liked LinkedIn but solely for the gaming community. There is a decent use case and it could, if it proves successful, add a lot of value.

I remember seeing a scam coin called something like Scam, people still invested in it and seemed annoyed when the creator cashed out.

Dave!

[V8Granite]

Once you've bought, how long do you hold your nerve?

Hold out till you have either got a target value you set yourself or till you think it has hit its full potential. It’s risky but that is half the fun.

Dave!

[Rich B]

It's pure gambling isn't it - you play with real money but get paid in IOUs. You hope enough punters keep pumping their money onto the tables to keep the casino doors open long enough for you to cash out.

There's no actual substance to any of it, but everyone just agrees to keep on playing - hoping not to be at the back of a queue when they try to cash out.

[Jobbo]

'Just needs a use case'. Yeah, and once that use case exists why would any shitcoins be the ones to take off?

Aa Rich says, it's gambling. It's no more of an investment than the 3.30 at Haydock.

[V8Granite]

You clearly don’t like it and that’s fine.

I invested roughly $15,000
I have since removed $11,000
I have $33,000 left in with prices going up and down.

If it’s run by a team of people who are working hard to make it profitable and a long term thing, then why is that different to any other investment ? Like anything you need to research into what people are doing with the money you are putting into it.

You can see previous coins they have been involved in, CVS are there for all to see and watch AMAs (ask me anything) online meetings and generally see week by week what is happening. That’s far more than I find out about my RR shares.

The risks are higher but the return has been about 20x that of my regular investments.

It’s a very different way of doing things, don’t be too silly and your risk of being scammed is low.

Dave!

[Jobbo]

Even the established coins aren't solid investments, Dave. Without any actual use it's just a ponzi scheme, with the value propped up by more entrants until it collapses. It's not that I don't like it; it's simply that when I see people saying they've put all their savings in coins and they're buying new randomly-named coins, I wonder why they can't see where it'll end up.

If you've turned $15k into $48k, cash out FFS and take the massive percentage profit, pay your CGT and invest in something tangible. FOMO isn't nearly as terrible an emotion as despair at losing it all.

[V8Granite]

But some have a use. That’s the diffference.

People spend millions on NFTs and using specific coins to do that. This is why the use case is so important.

Like I e said before, finding ones with a logical use and a team who seem genuine is the hard part.

I think the NFT sale for ULTI goes live on the 5th. That will be another legitimate use.

I don’t understand why people buy so many NFTs but they do.

Dave!

[Rich B]

But some have a use. That’s the diffference.

People spend millions on NFTs and using specific coins to do that. This is why the use case is so important.

Like I e said before, finding ones with a logical use and a team who seem genuine is the hard part.

I think the NFT sale for ULTI goes live on the 5th. That will be another legitimate use.

I don’t understand why people buy so many NFTs but they do.

Dave!

if buying NFTs is the use, then you probably need to question that!