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Is anyone else starting to become a bit excited?

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Comments

  • #2942
    borderfox11
    Registered Users, Registered Users 2 Posts: 79 ✭✭borderfox11


    around the December low would be tempting to start loading up again


  • #2943
    Stewball
    Registered Users, Registered Users 2 Posts: 780 ✭✭✭Stewball


    Lex Luthor wrote: »
    Was you photo Id clear enough?

    I think so. They didn't say there was an issue with the other documents I submitted.


  • #2944
    makeorbrake
    Registered Users, Registered Users 2 Posts: 4,681 ✭✭✭makeorbrake


    machiavellianme wrote: »
    Sub 100 euro ETH.
    My portfolio is now less than 1/3 of what I paid in.
    No point selling now but I certainly can't justify buying.
    If crypto is going to swing harder than all other stocks etc at every time there's trouble it has no purpose other than casual gambling.

    Everything is down - including the 4,000 year old 'safe haven', gold. Crypto is developmental and crypto is volatile - with tiny market caps that can be very easily shaken.

    If you believe in the fundamentals of said cryptocurrency, then hold tight.


  • #2945
    kingbhome
    Registered Users, Registered Users 2 Posts: 518 ✭✭✭kingbhome


    How can I buy into cryptocurrency at the moment. Have a few pond to spare and think this is an ideal time to buy into it. Only about 5-10k but I think it's Worth a gamble. It's something I don't mind gambling on if it turns out 20 years from now it was a wise investment


  • #2946
    makeorbrake
    Registered Users, Registered Users 2 Posts: 4,681 ✭✭✭makeorbrake


    kingbhome wrote: »
    How can I buy into cryptocurrency at the moment. Have a few pond to spare and think this is an ideal time to buy into it. Only about 5-10k but I think it's Worth a gamble. It's something I don't mind gambling on if it turns out 20 years from now it was a wise investment

    Open up an account with Kraken, Bitstamp or Coinbase Pro.


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  • #2947
    Bob24
    Registered Users, Registered Users 2 Posts: 10,905 ✭✭✭✭Bob24


    makeorbrake wrote: »
    Everything is down - including the 4,000 year old 'safe haven', gold. Crypto is developmental and crypto is volatile - with tiny market caps that can be very easily shaken.

    If you believe in the fundamentals of said cryptocurrency, then hold tight.

    Gold is back to its December level (after peaking recently) and the drop is nothing like what stocks and crypto have experienced - so most people holding gold would not be under any stress at the moment.

    Of course in times like this every liquid asset gets sold to raise cash and cover positions and gold is affected as well as we are seeing now.

    So I don't think quotation marks are required when calling gold a safe heaven. It still is the preforming *much* better that stocks, crypto, oil, etc ... and as soon as the panic sell-off stage stops, it will easily recover and go to all times highs as with previous crisis (especially since we will clearly have a debt and solvency crisis which will make many people advert to counter-party risk, which for sure will push-up gold and should in theory also be good for bitcoin). We will see what happens with bitcoin - it might spike up again but the degree of certainty is lower than for gold.

    But yes at this stage I think someone who is holding crypto should sit tight. Volatility will be crazy and it is hard t predict which ways prices are going, but while it can go much lower, selling it is also risky in case there is a strong rebound.


  • #2948
    SAM SO NITE
    Site Banned Posts: 221 ✭✭SAM SO NITE


    makeorbrake wrote: »
    Open up an account with Kraken, Bitstamp or Coinbase Pro.


    Why coin base pro over the normal coin base (which I have)


  • #2949
    makeorbrake
    Registered Users, Registered Users 2 Posts: 4,681 ✭✭✭makeorbrake


    Bob24 wrote: »
    Gold is back to its December level (after peaking recently) and the drop is nothing like what stocks and crypto have experienced - so most people holding gold would not be under any stress at the moment.

    The bottom line is that it's down. If you bought enough of it at peak, then it could be argued that you would be under stress.
    Bob24 wrote: »
    Of course in times like this every liquid asset gets sold to raise cash and cover positions and gold is affected as well as we are seeing now.
    So effectively, taking this trading/economic/pandemic phase in isolation, there is no safe haven asset.
    Bob24 wrote: »
    So I don't think quotation marks are required when calling gold a safe heaven. It still is the preforming *much* better that stocks, crypto, oil, etc .
    See above. During this particular phase, it's not a fully qualified safe haven. It can't be if its losing value, can it?
    As regards it performing much better than the rest - all day long.

    Bob24 wrote: »
    and as soon as the panic sell-off stage stops, it will easily recover and go to all times highs as with previous crisis (especially since we will clearly have a debt and solvency crisis which will make many people advert to counter-party risk, which for sure will push-up gold and should in theory also be good for bitcoin). We will see what happens with bitcoin - it might spike up again but the degree of certainty is lower than for gold.
    Gold *should* spike up again - and I guess we come to that conclusion from its past track record. It makes perfect sense that we are not as sure footed with bitcoin. It has many of the attributes of gold and hard money - so it *should*. This is what we all expect of it - but it's never been in these economic conditions before, it's a volatile asset and it's in a developmental phase with a tiny market cap by comparison with golds 7 trillion. It *should* and if it doesn't then we'd have to re-assess what bitcoin actually is.
    Bob24 wrote: »
    But yes at this stage I think someone who is holding crypto should sit tight. Volatility will be crazy and it is hard t predict which ways prices are going, but while it can go much lower, selling it is also risky in case there is a strong rebound.
    I think things will get much worse - and if they do - I'll be buying. Interesting times...lets see how this one pans out.


  • #2950
    makeorbrake
    Registered Users, Registered Users 2 Posts: 4,681 ✭✭✭makeorbrake


    SAM SO NITE wrote: »
    Why coin base pro over the normal coin base (which I have)

    They take a much lower commission on Pro vs. a regular Coinbase account.


  • #2951
    sabat
    Banned (with Prison Access) Posts: 2,896 ✭✭✭sabat


    kingbhome wrote: »
    How can I buy into cryptocurrency at the moment. Have a few pond to spare and think this is an ideal time to buy into it. Only about 5-10k but I think it's Worth a gamble. It's something I don't mind gambling on if it turns out 20 years from now it was a wise investment

    For the love of Christ man hold on to your cash; in 6 months you might need it to buy food.


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  • #2952
    Bob24
    Registered Users, Registered Users 2 Posts: 10,905 ✭✭✭✭Bob24


    makeorbrake wrote: »
    The bottom line is that it's down. If you bought enough of it at peak, then it could be argued that you would be under stress.

    A completely crazy person who would have put absolutely all their money in gold on the same day on the 7th of March (and on that day only) would be down 10% on their portfolio. One would obviously have been very stupid to put all their eggs in the same basket on a single day but even with this completely stupid behaviour the loss would be limited to 10%.

    That is the absolute worst case scenario and no-one can possibly be worse-off. So I don't think many gold holders are under stress if any ... most of them are probably still hugely positive vs their average purchase price and felling pretty safe about holding gold as a safe heaven.

    I think we can confidently say that no other asset class offers the same level lof confidence at the moment (as I was joking earlier, maybe if there were ETFs for hand sanitisers or respirators those would offer better confidence, but bar these I don't see anything else).
    makeorbrake wrote: »
    Gold *should* spike up again - and I guess we come to that conclusion from its past track record.

    On this, I think a massive driver which didn't exist in previous crisis and will push it up even more are the 0 and negative interest rates (previous crises started with high enough rates, this one starts with low rates already). Combined to upcoming and massive defaulting on private (and possibly public) debt as well as quite possible a few banks going under, cash held as bonds and bank deposits won't be king for that much longer anymore and the safest of hard assets with no counterparty risk will look very attractive.


  • #2953
    makeorbrake
    Registered Users, Registered Users 2 Posts: 4,681 ✭✭✭makeorbrake


    Bob24 wrote: »
    A completely crazy person who would have put absolutely all their money in gold on the same day on the 7th of March (and on that day only) would be down 10% on their portfolio. One would obviously have been very stupid to put all their eggs in the same basket on a single day but even with this completely stupid behaviour the loss would be limited to 10%.

    That is the absolute worst case scenario and no-one can possibly be worse-off. So I don't think many gold holders are under stress if any ... most of them are probably still hugely positive vs their average purchase price and felling pretty safe about holding gold as a safe heaven.

    I think you're missing the point I'm making. Sure, it has performed better - but a safe haven asset would hold the actual value. It's a good option for sure - but even it is not infallible. As regards an 'absolute worst case scenario', watch this space. We're at the end of the beginning. In 2008, gold plummeted 30%.
    Bob24 wrote: »
    On this, I think a massive driver which didn't exist in previous crisis and will push it up even more are the 0 and negative interest rates (previous crises started with higher rates, this one starts with low rates already). Combined to upcoming and massive defaulting on private (and probably public debt) as well as quite possible a few banks going under, cash held as bonds and bank deposits won't be king for that much longer anymore.
    The driver will also be the mountains of helicopter money from the Fed and the ECB.


  • #2954
    Bob24
    Registered Users, Registered Users 2 Posts: 10,905 ✭✭✭✭Bob24


    makeorbrake wrote: »
    I think you're missing the point I'm making. Sure, it has performed better - but a safe haven asset would hold the actual value. It's a good option for sure - but even it is not infallible. As regards an 'absolute worst case scenario', watch this space. We're at the end of the beginning. In 2008, gold plummeted 30%.


    The driver will also be the mountains of helicopter money from the Fed and the ECB.

    Yes I do expect gold to drop a further before it goes up again. But even today I definitly consider it as a safe heaven vs holding 100% cash at the bank. The likelihood of Irish banks requiring a bail in or for the eurozone to implode will be increasing substantially over the next few weeks and months, so even though in the very short term gold might lose a little bit of value v.s. the euro (before recovering on the short/medium term); I still see it as one of the safest ways to store wealth in a stable fashion for the months to come (cash could simply disappear from our bank accounts or bonds be defaulted on and if it happens it will not matter if that cash would have appreciated v.s. gold - as it will be completely lost).

    And yeah completely agree - if they ressort to MMT (which I also think is likely) it will feel good for the first few years but they will completely destroy fiat currencies in the medium term.


  • #2955
    SAM SO NITE
    Site Banned Posts: 221 ✭✭SAM SO NITE


    makeorbrake wrote: »
    They take a much lower commission on Pro vs. a regular Coinbase account.

    what's the catch


  • #2956
    makeorbrake
    Registered Users, Registered Users 2 Posts: 4,681 ✭✭✭makeorbrake


    SAM SO NITE wrote: »
    what's the catch

    I don't use Coinbase - but I can't imagine there is one. One is targeted at active traders and the other at run of the mill retail users.


  • #2957
    Lex Luthor
    Registered Users, Registered Users 2 Posts: 11,220 ✭✭✭✭Lex Luthor


    makeorbrake wrote: »
    Open up an account with Kraken, Bitstamp or Coinbase Pro.

    when you have it bought, you should hold it on a cold storage wallet like a Ledger Nano

    I dont trust exchanges


  • #2958
    cnocbui
    Registered Users, Registered Users 2 Posts: 21,185 ✭✭✭✭cnocbui


    Gold is falling, so not just a BTC thing:
    Gold has been swept up in the broad market sell-off to fall below $1,500 on Monday, down $200 from its peak early last week.

    The precious metal hit a low of $1,456.8, its lowest level since Nov 27, and traded below its 200-day moving average level of $1,497.4 for the first time since Dec 20, 2018 on an intraday basis.


  • #2959
    cnocbui
    Registered Users, Registered Users 2 Posts: 21,185 ✭✭✭✭cnocbui


    Bob24 wrote: »
    Yes I do expect gold to drop a further before it goes up again. But even today I definitly consider it as a safe heaven vs holding 100% cash at the bank. The likelihood of Irish banks requiring a bail in or for the eurozone to implode will be increasing substantially over the next few weeks and months, so even though in the very short term gold might lose a little bit of value v.s. the euro (before recovering on the short/medium term); I still see it as one of the safest ways to store wealth in a stable fashion for the months to come (cash could simply disappear from our bank accounts or bonds be defaulted on and if it happens it will not matter if that cash would have appreciated v.s. gold - as it will be completely lost).

    And yeah completely agree - if they ressort to MMT (which I also think is likely) it will feel good for the first few years but they will completely destroy fiat currencies in the medium term.

    Just withdraw cash now. I know I did. For impractically large amounts, rather ironically, I think one of the safest things to do at the moment, is to buy shares in solid companies. No risk of a haircut and potential for appreciation. Probably need to wait a wekk or two, though.


  • #2960
    cnocbui
    Registered Users, Registered Users 2 Posts: 21,185 ✭✭✭✭cnocbui


    kingbhome wrote: »
    How can I buy into cryptocurrency at the moment. Have a few pond to spare and think this is an ideal time to buy into it. Only about 5-10k but I think it's Worth a gamble. It's something I don't mind gambling on if it turns out 20 years from now it was a wise investment

    You can purchase and sell small quantities without opening an account at belgacoin.com. You do have to make a small initial transaction to verify your bank details in lieu of ID.


  • #2961
    q85dw7osi4lebg
    Closed Accounts Posts: 3,501 ✭✭✭q85dw7osi4lebg


    Addison Fancy Macrame wrote: »
    Hard to stomach that today now. I've just bought big on BTC sub 5k, getting twice as many sats as I was two weeks ago is hard to wrap my head around. I'll probably hold off the DCA'ing now until the halving.

    Even lied to myself, bought more today, might have a problem.


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  • #2962
    q85dw7osi4lebg
    Closed Accounts Posts: 3,501 ✭✭✭q85dw7osi4lebg


    Addison Fancy Macrame wrote: »
    As per title, have we reached the bottom ?

    Don't think we'll see the likes of $3200 ever again.

    $5150 at time of posting.

    Back in the mainstream media once more.

    For perspective. 12 months ago.


  • #2963
    Bob24
    Registered Users, Registered Users 2 Posts: 10,905 ✭✭✭✭Bob24


    cnocbui wrote: »
    Just withdraw cash now. I know I did. For impractically large amounts, rather ironically, I think one of the safest things to do at the moment, is to buy shares in solid companies. No risk of a haircut and potential for appreciation. Probably need to wait a wekk or two, though.

    If you withdraw very large amounts of cash, make sure you keep a track record. When you want to lodge the cash again to buy assets, the bank will ask you where it comes from.

    Totally agree shares are a good thing to hold. Since it is a certificate of ownership rather than debt owed to you (like bond and cash deposits) it is actually very safe. Prices can go up and down a lot, but at the end of the day you will still own part of an asset which produces wealth (if this isn’t for speculation of course it should be shares of solid companies which won’t collapse though).

    And yeah, I’d wait a bit more at least until strict confinement measures hits the US. Then a massive global recession will probably be priced in.


  • #2964
    kingbhome
    Registered Users, Registered Users 2 Posts: 518 ✭✭✭kingbhome


    Bob24 wrote: »
    If you withdraw very large amounts of cash, make sure you keep a track record. When you want to lodge the cash again to buy assets, the bank will ask you where it comes from.

    Totally agree shares are a good thing to hold. Since it is a certificate of ownership rather than debt owned to you (like bond and cash deposits) it is actually very safe. Prices can go up and down a lot, but at the end of the day you will still own part of an asset which produces wealth. Of if this isn’t for speculation course it should be solid companies which won’t collapse though.

    And yeah, I’d wait a bit more at least until strict confinement measures hit the US. They the a massive global recession will probably be priced in.




    I was thinking the same about pulling all my cash out just incase there is a crash and we all lose our money like they did in Argentina a few decades ago! Buying shares in solid companies thou, I wouldn't even know where to start!


  • #2965
    kingbhome
    Registered Users, Registered Users 2 Posts: 518 ✭✭✭kingbhome


    Lex Luthor wrote: »
    when you have it bought, you should hold it on a cold storage wallet like a Ledger Nano

    I dont trust exchanges

    What's the difference between cold storage wallet and a ledger nano


  • #2966
    Bob24
    Registered Users, Registered Users 2 Posts: 10,905 ✭✭✭✭Bob24


    kingbhome wrote: »
    What's the difference between cold storage wallet and a ledger nano

    The Nano is a specific product which is a cold storage wallet.


  • #2967
    Dohnjoe
    Registered Users, Registered Users 2 Posts: 19,029 ✭✭✭✭Dohnjoe


    kingbhome wrote: »
    I was thinking the same about pulling all my cash out just incase there is a crash and we all lose our money like they did in Argentina a few decades ago! Buying shares in solid companies thou, I wouldn't even know where to start!

    The problem is a virus having negative economic impacts - it's not a systemic problem with the banking system like 2008

    Currently, your money in the bank is relatively much safer than it was in 2008

    Also, more and more shops are rejecting physical cash payments due to fears over the spread of the virus


  • #2968
    [Deleted User]
    Posts: 45,738 ✭✭✭✭ [Deleted User]


    Short sharp recession only hopefully


  • #2969
    Lex Luthor
    Registered Users, Registered Users 2 Posts: 11,220 ✭✭✭✭Lex Luthor


    Dohnjoe wrote: »

    Also, more and more shops are rejecting physical cash payments due to fears over the spread of the virus

    Can they actually do that as it’s legal tender?

    When you use a card machine you have to put in your pin on same buttons touched by everyone else


  • #2970
    Bob24
    Registered Users, Registered Users 2 Posts: 10,905 ✭✭✭✭Bob24


    Dohnjoe wrote: »
    The problem is a virus having negative economic impacts - it's not a systemic problem with the banking system like 2008

    Currently, your money in the bank is relatively much safer than it was in 2008

    2008 was the financial economy breaking down and contaminating the real economy. This was in good part solved with cheap money injections creating a massive debt bubble, which is a pre-existing systemic problem to the virus.
    Now we have the real economy completely stopping due to the virus and contaminating the financial economy. The stock market collapse is the first step but what is to follow is that zombie companies kept alive by cheap money will collapse (as well as some sound companies which are just badly hit by restriction measures required to slow-down the virus), meaning losses for banks on the loans they had granted to these companies (plus probably some mortgages and personal loans defaults as people working for these companies lose their jobs). Besides that interest rates will have to be kept bottom low or even go deeper into negative territory to maintain some level of debt affordability for governments and the companies/individuals which remain. Low interest rates have been hurting banks for a while and this is going to become unsustainable.

    So IMO we did have a pre-existing systemic issue (an unsustainable debt bubble) and one top of the rest of the damage it is doing the virus will trigger the collapse of that house of cards. I.e. I wouldn’t agree to say banks are safer than they were in 2008 (but one thing which is for sure is that governments and central banks are in a worse position to save banks shall it be required - debt/GDP ratios are higher and QE and low interest rates are already required even before the debt crisis blows-up).


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  • #2971
    grindle
    Registered Users, Registered Users 2 Posts: 6,026 ✭✭✭grindle


    Lex Luthor wrote: »
    Can they actually do that as it’s legal tender?

    When you use a card machine you have to put in your pin on same buttons touched by everyone else

    1. Yes, any offer of tender is an invitation to barter. Nobody has to accept your custom as a default. You play by the shop's rules.

    2. You using their card machine is on you. Workers are wearing gloves for their safety, not your safety, using sanitiser for themselves, not to protect you.


This discussion has been closed.
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