The Student Room Group

Have you ever invested in cryptocurrency?

I've recently ventured into this unknown territory to see how it all works. The world of crypto definitely seems interesting to me and there is ever increasing interest to allow people to buy things directly with their crypto.

So, have you got crypto? Are you thinking about buying some in the future? What are your thoughts on it?
(edited 1 year ago)

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No.
Too much risk as an investment for me.
crypto = crapto

:h:
Load of *******s.
Original post by londonmyst
No.
Too much risk as an investment for me.


for me too.
I dabble in it, only have investments in Bitcoin and Eth. Bitcoin is really the main driver, and I’d not really touch coins like Doge and such - they are just pump and dump schemes.

I only invest what I can afford to lose, and it’s not the only thing I’m investing in. The technology is good for some things, I don’t really believe it will ever be fully adopted as a currency, I think governments will
make their own, and it’s very much at the moment used like stocks and shares, and tied to markets currently too, which really it’s not supposed to be.

It’s not for everyone and the market currently is poor but I believe it will go back eventually. Personally I take out profits that are right for me too. Don’t listen to others who tell you to just hold the entire time, the risk has to be right for you.
Original post by -Eirlys-
I've recently ventured into this unknown territory to see how it all works. The world of crypto definitely seems interesting to me and there is ever increasing interest to allow people to buy things directly with their crypto.

So, have you got crypto? Are you thinking about buying some in the future? What are your thoughts on it?




Well, crypto is very volatile, so money can be made really quickly and easily and also lost quickly. I decided to get into crypto in around March 2022, turned a $10 investment into $600 in 1 week 🤣🤣

1 month later, thought I was being smart, put all my profits into Luna, a coin that went from $100 to now being worthless ($0.000005~), I lost all my money, was angry for a while but now i couldnt care less and I haven't touched crypto since, I will be back when I get my student loan tho 😉
For total newbies in crypto.

If you are looking to invest:

1) make sure not to keep more than you are comfortable borrowing to your neighbor on an exchange. Not your keys, not your coins.[1]
2) only buy Bitcoin. [2]


[1] Preferable get Hardware wallet (Trezor, Ledger) for amounts exceeding €1000. Do not forget your seed key...
[2] If you want to get some alts, I recommend Monero or Ethereum. Although still keep 90% of your cyrpto holdings in BTC. Rest is just Gamble. Really.

Don't look at the graphs. Don't act emotionally. Eventually, you should assume that those money will be forever lost. Are you comfortable with that? Invest.
Also before you actually do that, please read something about the currency. Don't just mindlessly invest in something you have no idea what is or just because other people do it. That's silly.

Once you have invested certain amount, I recommend to look into Stocks. ... This may be even more difficult to understand. It's a completely different world. Therefore I recommend you to start with ETFs. Like S&P 500... Find a broker of your choice, preferable the one with lowest fees. I use Degiro. My friends use eToro. Do your own research. Don't use Revolut for amounts greater than €1000. Diversify. And again!! Don't act emotionally. Your investment horizon should be at least 3 years, preferable 5 to 10 years. If your average yearly return of investment is greater than 5% you are doing very good. Don't feel fooled just because someone makes 100% of his investment. Don't trust anyone that claims your returns are guaranteed.
(edited 1 year ago)
Original post by MoDesignss
Well, crypto is very volatile, so money can be made really quickly and easily and also lost quickly. I decided to get into crypto in around March 2022, turned a $10 investment into $600 in 1 week 🤣🤣

1 month later, thought I was being smart, put all my profits into Luna, a coin that went from $100 to now being worthless ($0.000005~), I lost all my money, was angry for a while but now i couldnt care less and I haven't touched crypto since, I will be back when I get my student loan tho 😉


Congrats on the big profits though, that's awesome! It's a shame you lost it all though. :frown: They say that when you put money into crypto, be prepared to never get that money back!
Reply 9
Original post by -Eirlys-
Congrats on the big profits though, that's awesome! It's a shame you lost it all though. :frown: They say that when you put money into crypto, be prepared to never get that money back!


Like going to the casino :wink:
Original post by dcfqxhr7in
For total newbies in crypto.

If you are looking to invest:

1) Don't.

There, fixed that for you
Original post by -Eirlys-
Congrats on the big profits though, that's awesome! It's a shame you lost it all though. :frown: They say that when you put money into crypto, be prepared to never get that money back!


So why are you advertising it, then? To students of all people? When you are a debate and current affairs helper??
gambled with it now bag holding
mine was just pocket money really, but there would be folks out there who maxed out credit cards on this bs and lost it all
(edited 1 year ago)
Original post by anosmianAcrimony
So why are you advertising it, then? To students of all people? When you are a debate and current affairs helper??


I'm not. I asked if people had ever invested in it and/or what their general thoughts on crypto is in general. There are also plenty of adults on this site, who can do with their money what they wish. Advertising would be sharing a link to a website or some kind of crypto offer, actively encouraging them to invest their money. This is simply a crypto based discussion. :smile:
Original post by -Eirlys-
I've recently ventured into this unknown territory to see how it all works. The world of crypto definitely seems interesting to me and there is ever increasing interest to allow people to buy things directly with their crypto.

So, have you got crypto? Are you thinking about buying some in the future? What are your thoughts on it?




I haven’t myself but I know many people who have snd I wouldn’t recommend it. When they started they made money but they have now lost more than they made. The value of Bitcoin is crashing atm so I wouldn’t invest right now
(edited 1 year ago)
Original post by -Eirlys-
I'm not. I asked if people had ever invested in it and/or what their general thoughts on crypto is in general. There are also plenty of adults on this site, who can do with their money what they wish. Advertising would be sharing a link to a website or some kind of crypto offer, actively encouraging them to invest their money. This is simply a crypto based discussion. :smile:


The intended audience of this website is students as you very well know, and there are plenty of 6th-form and younger students on here. Would you be comfortable starting an online casino based "discussion" or tobacco product based "discussion" with that kind of audience? "Hey, have you guys ever tried..." But it's fine because you're only discussing it, right? You have a giant Bitcoin logo in your post - it's technically not an advertisement but it looks a hell of a lot like one.

When you post as a Debate and Current Affairs Helper, you give credence to whatever product you're discussing. It's not technically an endorsement on the part of TSR for the product you're talking about, but it absolutely comes across that way. Right now, via your post, The Student Room is (technically not) endorsing a way that students can flush their student loan money down the loo. Can we not?
(edited 1 year ago)
The problem with traditional currencies... is that the respective governments and their central banks can at any time decide that they want to print more money, and thus reduce the real value of what you already have in the bank. Inflation.

The problem with crypto currencies... is that people buy these almost exclusively to make money off their volatility. That literally seems like the main, if not the only, real-life purpose of crypto currencies. So one might say that in fact, they have no 'real-value' to begin with, especially because most are not backed by any hard assets, governments, or other organisations. It's all speculative. It's all whatever people believe it to be worth on any given day, at least until some real-life application is found that becomes widely adopted.
(edited 1 year ago)
Original post by anosmianAcrimony
The intended audience of this website is students as you very well know, and there are plenty of 6th-form and younger students on here. Would you be comfortable starting an online casino based "discussion" or tobacco product based "discussion" with that kind of audience? "Hey, have you guys ever tried..." But it's fine because you're only discussing it, right? You have a giant Bitcoin logo in your post - it's technically not an advertisement but it looks a hell of a lot like one.

When you post as a Debate and Current Affairs Helper, you give credence to whatever product you're discussing. It's not technically an endorsement on the part of TSR for the product you're talking about, but it absolutely comes across that way. Right now, via your post, The Student Room is (technically not) endorsing a way that students can flush their student loan money down the loo. Can we not?

Yes, students also include adults. I don't consider cryptocurrency or investing to be on the same level as smoking or casinos. Established sites/apps that you can purchase crypto from require users to be over 18, just as you have to be to smoke or go to a casino. Just because something is age restricted, doesn't mean it can't be discussed. There are topics through TSR that cover much heavier topics than this.

Cryptocurrency is a new thing in the tech world and there is increasing interest in it, so it's simply a topic of discussion. Companies are actively working on (and I think have somewhat achieved) being able to use crypto to purchase things, just like you use a debit card to buy something in a shop. Crypto is essentially money without the middle man (the bank) with much faster transfers; that's literally why it was created. It's only recently kind of turned into an investment thing but that doesn't mean it'll stay that way in the future.

This thread was also shared with those higher than me as part of a group incentive to make more discussion threads (something we often do) and there has been no complaints on their end about this thread.
(edited 1 year ago)
Original post by anosmianAcrimony
The intended audience of this website is students as you very well know, and there are plenty of 6th-form and younger students on here. Would you be comfortable starting an online casino based "discussion" or tobacco product based "discussion" with that kind of audience? "Hey, have you guys ever tried..." But it's fine because you're only discussing it, right? You have a giant Bitcoin logo in your post - it's technically not an advertisement but it looks a hell of a lot like one.

When you post as a Debate and Current Affairs Helper, you give credence to whatever product you're discussing. It's not technically an endorsement on the part of TSR for the product you're talking about, but it absolutely comes across that way. Right now, via your post, The Student Room is (technically not) endorsing a way that students can flush their student loan money down the loo. Can we not?

We quite regularly have debates on things like drug policy, and sometimes gambling policy too I'm not sure what the issue is with a discussion on cryptocurrency is?

(Fwiw it's a silly fad don't use cryptocurrencies as an investment, folks.)
Privacy focused cryptocurrency is a great tool, (particularly to those in oppressive regimes) but unfortunately jokers trading it and losing colossal amounts of money have made a bad name for it.
(edited 1 year ago)

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