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Trouble associated with crypto assets have been increasing, with the National Consumer Affairs Center of Japan saying complaints linked to virtual currencies are on pace to reach a record high. What advice would you give to someone thinking of investing in cryptocurrencies?

12 Comments

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Only invest money youre willing to lose.

3 ( +3 / -0 )

The expected tendency of these billionaires is to take their profits then, potentially “Pull the plug”?

Agree with @JeffLee 8:39am:

“Only invest money youre willing to lose” -

0 ( +1 / -1 )

a) Only invest money you're willing to lose.

b) Don't look at or believe the ads on TV that promise you fast and fabulous wealth. Especially if the ad features another buzzword like "get rich with our AI"

c) Only invest money you're willing to lose.

d) Only invest money you're willing to lose.

e) Read about what happened to Mt. Gox.

2 ( +2 / -0 )

You better throw it away, but you can also spend it directly to hackers , third world and some communist countries if you like to support such. lol

-2 ( +1 / -3 )

Better than spending it on a Lotto ticket or a ticket to a seat at the Olympics.

0 ( +0 / -0 )

Learn how the technology actually works, and accept that any investement is speculative.

If you just leave your funds in the control of some exchange which may have poor security or an insider stealing funds, that's on you. If you just drop money into it expacting the value to go straight up forever, that's on you.

0 ( +0 / -0 )

Just make sure you can find a bigger fool to sell to

1 ( +1 / -0 )

Can't emphasise enough: Only invest money you're willing and able to lose.

You may make more money shorting crypto before a crackdown than from a rise in value.

China have cracked down on it. Other governments will probably follow. In the battle between gangsters (politicians) and crooks (corporates), the gangsters are now winning, so expect restrictions on everything that crosses a national border or cannot be easily controlled by governments.

The line between investing and gambling is a thin one. The volatility of crypto makes it more like gambling. Investments are generally duller and slower with lower yields. For anything as volatile as crypto you need to be able to sell at any time 24/7, so make sure your device will alert you to any large falls. That includes waking you at any hour of the night, should the EU or US announce they will block or criminalise it on their turf.

In the last month UK police have seized nearly £300m of crypto. It's not as secret as the PR suggests. Expect to pay taxes on any profits. An increasing number of governments will simply take your cash if you cannot prove your earned it legally and do not have a record of tax payments to match. 'Innocent until proven guilty' is being phased out.

Just because anyone can do something online, doesn't necessarily make it a good idea. Do your research and understand how it works first. Specifically, how much cash you can lose and how quickly.

0 ( +1 / -1 )

My advice would be to take the money you plan to invest and simply put it in the toilet and flush. You at least get the satisfaction of watching it go down... or come up again maybe.

2 ( +2 / -0 )

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