I see on the news today that Sam Bankman-Fried is about to be sentenced to many years in prison for cryptocurrency fraud. I recall recommendations to try buying it.
What are the recommendations now?
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Crypto is a risky investment.
Trading via a fraudster is a different sort of risk .
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Yes, as above it is obviously risky and that's well known. I probably was involved in discussions earlier here about it, probably on a positive side (as an investment) but I don't think I'd have recommended it. I did dabble a little for less than a month but decided it wasn't for me.
Anyway as Bromps said, this one was fraud and fraud has brought down some quite established companies and you can't always see it coming. So I'd say it isn't really a very good indicator of whether it's a good investment or not.
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Some may say that cryptocurrency is based on fraud. Its a perception, with no tangibles.
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Cryptocurrency is not an investment but a gamble.
It's value expressed in relatively stable currencies - £ or $ - has fluctuated wildly based almost wholly on market sentiment, not rational objective criteria - eg: GDP growth, interest rates, etc.
As a gamble backing a horse or playing the tables is cautious by comparison.
Friedman - those who lost money (either personally or on behalf of clients) should be named and shamed. With billions at their disposal to invest as they saw fit, were evidently completely deficient in judgement and due diligence. A fool and their money are easily parted.
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>> Cryptocurrency is not an investment but a gamble.
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100% agree.
But wish I had gambled a few hundred pounds in Bitcoin in 2008 when it first started. The gamble would be worth millions now! :-D
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You could say that buying shares in a company is not an investment but a gamble.
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>> You could say that buying shares in a company is not an investment but a
>> gamble.
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To an extent. I use SAYE which is guaranteed up to a point. My SIP isn't but then I get the tax back , so effectively a 40% discount.
You also know a lot more about what the gamble is based on; you have a list of assets and liabilities and past performance figures.
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Should have added...
With my record with investments, I would be better off putting it all on a nag at Plumpton! :-D
Last edited by: zippy on Fri 29 Mar 24 at 13:23
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Hope you bought a few grands worth of Trump’s Truth Social shares.
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>> Hope you bought a few grands worth of Trump’s Truth Social shares.
Ah, if you needed a figurehead for the unacceptable face of capitalism, Fred and Mary Trump provideth.
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Was Mary Donald's mother?
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Mary Anne MacLeod Trump, and not the Virgin Mary as Donald seems to believe.
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A Lewis woman from Tong I believe.
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Cryptocurrency - Bromptonaut
