Cryptocurrencies

Do you have any price targets where you will start to take profit?

I was looking at £3500 (circa $5k), mainly because I felt that was a reasonable prediction for this bull run… but also because I topped up at £350 and I like the idea of 10x :joy:

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No set target… although I do think 5k is very much achievable this year, maybe :crossed_fingers: possibly of 7.5k.

I’ve got a trend line (upwards support) on ETH/BTC and ETHUSD to establish when the intermediate trend ends… the moment I get a candle that closes below my trend line… I’ll sell into either BTC or a stable coin (pegged to USD) depending on which is my best option at the time…

i.e if BTC remains on its downtrend I will avoid it like the plague.

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Would love for FT to include Crypto, as i’d love to see all my balances in the same place… and more importantly i’d love for FT to be able to include it in their deposit statistics.

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I know most folks here don’t like the idea of crypto and would never invest in them. So pardon me if I may sound like I am shilling crypto.

Ever hard of BAN? Banano is a crypto that has been around since 2018. When I first approached it, I was thinking of another meme crypto similar to doge, which I would never touch even with a stick. At the moment I only hold BTC, ETH and DOT (together they amount for approx 25% of my invested capital).

BUT (of course there is a but) I fell in love with their community and you can contribute to a good cause. I never actually bought BAN, you can “mine” it even with a old CPU. The things that “bought” me is that you contribute to medical research instead of wasting your computational power to solve useless intricate puzzle.

You can choose the project you want to focus on (covid, cancer, Alzheimer, etc) and it feels great even if the payout is negligible. Have a look at the picture below and I would love to hear your thoughts :thought_balloon:!

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Ah! Folding at home… The time when people donated their computing resources for altruistic reasons!

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BAN is a fork of Nano, which I own. If I’m not mistaken, you don’t mine it as its all been mined. You do run representatives, like TOR’s incentives, as part of the network. I also own BAN

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Yes you are not actually mining, you rewarded with BAN based on the points produce on folding@home.

I mean separate from folding but aye you’re correct

Ever heard of Helium? Try to get my hand on a hotspot but waiting lists are like 5-6 months.

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Phew. Ethereum is the only thing that I hold. Thanks Zeus for crypto-magic beans during times like this when my Freetrade account is all red and angry.

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The free coinbase incentive money I have split as follows. (Note: I have not put a penny of personal £££ into this).

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I was briefly wealthiest person on earth over the bank holiday weekend -

Crazy bug on exodus wallet :sweat_smile:

Here’s my portfolio allocation

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https://www.google.co.uk/amp/s/theconversation.com/amp/stop-worrying-about-how-much-energy-bitcoin-uses-97591

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Even bitcoins mined from 100% renewable energy have got an adverse effect on the environment. That energy could be put into the power grid, lowering the consumption, increasing the offer, lowering the price and ultimately decreasing the use of fossil fuels. This conclusion can be easily reached by anyone, does not really take to be an electrical engineer.

And then, of course, the materials involved in manufacturing the mining rig and the energy plant. For something that has got essentially no use. Computing power going to waste and tonnes of carbon dioxide added to the atmosphere in the name of human greed.

You want to do own bitcoins and be rich? Yeah why not? I’d like to be rich too. But please at least carry the guilt.

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You can say the same about pretty much anything… But let’s look at gold since bitcoin is thought of as digital gold and break it down a bit.

Gold exploration, mining and storage completely dwarfs the energy bitcoin uses. Circa 50% of that demand is for investment purposes or central bank hoarding. Use cases where bitcoin could in the future be used instead.

There is literally no way to mine gold without excessive use of fossil fuels, unlike bitcoin.

Again this statement can apply to pretty much anything today, sadly.

So should those who invest in gold also carry the guilt? :thinking:

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Yes, you should. Also, you can just use proof-stake and eliminate the whole mining waste shebang. Double Thinker is spot on with most arguments.

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To be fair the mining sector and banking sector do also provide massive amount of jobs, materials and livelihoods that are essential to human lives :+1: Obviously they do cause issues but virtual mining is all about the quick buck.

I never said gold mining is environmentally friendly. At least gold has got some industrial uses positive for society, like being part of electronical circuits or healthcare instrumental. Speculation and jewellery are not included.

You seem to have justified the mining of bitcoin by criticising gold mining, although I did not mention gold once. That is a false dichotomy, a fallacy.

As I said, if you play the cryptocurrency game, please at least have (in plural) the decency of acknowledging the harm it does to the environment.

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