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BankrollMob Forum » Off-Topic » Investing in Cryptocurrency - A Cautionary Tale

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  5-Feb-19, 15:58   #1
Investing in Cryptocurrency - A Cautionary Tale 0 
crankmuppet 
Joined: Oct '13
Location: Canada
Age: 56 (F)
Posts: 246
Interesting case here in Canada - https://www.cbc.ca/news/business/quadriga-bitcoin-bankr...

Cliff notes for the tldr; crowd:

- self described "leading bitcoin exchange" Canadian company seeking bankruptcy protection from creditors seeking approximately $200 million.

- company is really just a "guy" with a computer and flashy website.

- the "guy" (company CEO and sole director) reported by widow to be dead (RIP sir).

- the "bank's" funds are in encrypted wallets only the "guy" could decrypt (and while that's not gonna happen from his crypt, I say search in/around/under his desk for sticky notes!).

- some posit the funds are being drained, some that the funds were never there, some that "guy" is not really dead and his Indian death certificate is bogus.

- investing in unregulated sectors is extremely risky and do not assume your government will bail you out.

- in Canada, this will be investigated by the RCMP to determine if any fraud was committed but uncovering the truth in the murky world of cryptocurrency will prove quite challenging (unless the "guy" gets caught on webcam at the local Starbucks in Delhi).


     
  6-Feb-19, 08:12   #2
  0 
Tony_MON7ANA 

Joined: Mar '14
Location: Japan
Age: 45 (M)
Posts: 8992
The price of bitcoin will probably drop below USD3,000 at some point in 2019. I personally hope that does not happen.

     
  8-Feb-19, 09:01   #3
  0 
Tony_MON7ANA 

Joined: Mar '14
Location: Japan
Age: 45 (M)
Posts: 8992
The outlook for Bitcoin is getting worse day by day. The volatility of Bitcoin dropped significantly recently and that may mean really bad news for Bitcoin holders. Bitcoin is approaching a level at which even bullish traders should GTFO, according to some experts.

     
  12-Feb-19, 01:49   #4
  0 
Tony_MON7ANA 

Joined: Mar '14
Location: Japan
Age: 45 (M)
Posts: 8992
The bitcoin price surged last weekend (that was unexpected!) and I incurred losses (not a life-changing amount of money) associated with margin trading the last few days.

Edited by Tony_MON7ANA (12 February 2019 @ 02:02 GMT)


     
  12-Feb-19, 08:55   #5
  +1 
shokaku 

Joined: May '08
Location: Germany
Age: 54 (M)
Posts: 6691
I really don`t understand why people keep their coins in the wallets of others? Especially after all the scams and frauds that have been done in the past, like Mt Gox. If one really want to keep crypto coins for a longer time, just store them yourself.

     
  12-Feb-19, 12:22   #6
  0 
TheMachineQC 

Joined: Apr '10
Location: Canada
Age: 30 (M)
Posts: 2648
Posted by shokaku:
I really don`t understand why people keep their coins in the wallets of others? Especially after all the scams and frauds that have been done in the past, like Mt Gox. If one really want to keep crypto coins for a longer time, just store them yourself.


Yeah, and if you buy them for 3 bucks/cents 10 years ago and didn't sell them when they were worth 21k, it's probably not a good idea to invest in the first place. That kinda ROI is probably not gonna come back any time soon!! And since Crypto is kind of a high risk investment, I think it's best to not invest much of your own real money in it unless you really know what you're doing.

     
  12-Feb-19, 15:04   #7
  0 
magatt966 

Joined: Jan '09
Location: Italy
Age: 49 (M)
Posts: 3847
Posted by shokaku:
I really don`t understand why people keep their coins in the wallets of others? Especially after all the scams and frauds that have been done in the past, like Mt Gox. If one really want to keep crypto coins for a longer time, just store them yourself.


Exactly this Thumbs Up

Be your own bank !

     
BankrollMob Forum » Off-Topic » Investing in Cryptocurrency - A Cautionary Tale

 
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