That's cool.

It's all about how you think the economy is going and how the attitude towards digital currency is going.

I bought when the price was around 2100, it's currently around 2850, which means I'm about 300 up.

I fully agree mate, it could all be gone tomorrow.

What I will say is this, when it comes to investments if someone is lucky enough to have some excess and wants to have a punt. Then they have to fully back their judgement and accept that luck will always play a factor in even the most astute investment.

In my view Bitcoin goes up for at least the next couple of months because of several factors.

I'll talk about one, we are entering a new administration with different attitudes to the economy....that creates uncertainty with normal currencies, hence that's one driver for Bitcoin doing well right now.

At some point that rise will stop and when that is will be a combination of knowing when your coin is over valued and judging people's attitudes towards economic stability and Bitcoin.

Edited by Stirlingsays (08 Jan 2021 9.59am)

So cashing out is as much of a gamble as buying. Like a bounced cheque. Once you give them your coin who will guarantee a payment into a bank account; which ironically these clever people may well be able to access bearing in mind they have your details.

Came across this article this morning:

[Link]

FCA's latest crypto warning: 'Prepare to lose all your money'

The FCA has issued another warning to the markets and consumers regarding cyrptocurrencies, a day after new rules came into force requiring cryptocurrency firms to comply with anti-money laundering rules.

In a statement posted to the markets this morning, the regulator said that if they invest in crypto products, consumers should be prepared to lose all of their money.

‘The FCA is aware that some firms are offering investments in cryptoassets, or lending or investments linked to cryptoassets, that promise high returns,’ it said.

‘Investing in cryptoassets, or investments and lending linked to them, generally involves taking very high risks with investors’ money. If consumers invest in these types of product, they should be prepared to lose all their money.’

The FCA added that consumers should be aware that they may not have final recourse to the Financial Services Compensation Scheme (FSCS) or the Financial Ombudsman Service (FOS) if things do indeed go pear-shaped. A warning about scams also followed.

‘For cryptoasset-related investments, consumers are unlikely to have access to the FOS or the FSCS if something goes wrong.

‘Consumers should be wary if they’re contacted out of the blue, pressured to invest quickly or promised returns that sound too good to be true. Visit the FCA’s ScamSmart pages for more information on how consumers should protect themselves from fraud.’

The FCA banned the sale of derivatives and exchange traded notes that reference certain types of cryptoassets to retail consumers in October 2020.

As of yesterday, all UK cryptoasset firms must register with the FCA under regulations to tackle money laundering. Operating without a registration is a criminal offence.

The moves follow months of work examining consumer risk in the sector. Back in February, the FCA probed Sipp providers over their exposure to cryptocurrencies, for instance. A year prior to that, it had sought out advisers’ views on regulating the crypto assets.

In a note accompanying its explanation of the ban, the FCA said it ‘considers these products to be ill-suited for retail consumers due to the harm they pose.’

It further estimated that consumers would be saved around £53m as a result of the ban itself.

Afraid of regulations from new regimes like Biden's tax all, spend all.

Have today sold off all my crypto.

Market in free fall at the moment.