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Bitcoin: Be prepared to lose all your money, FCA warns consumers

theguardian.com

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Re: Bitcoin: Be prepared to lose all your money, FCA warns consumers

#11

Post by trident5000 »

bichiliad wrote: post #4
trident5000 wrote: post #2

I find this hilarious when many European banks have lost 98% of their market caps and individual stocks have just as much volatility in many cases. Maybe the investor warnings should be more even.

You're not wrong about stock volatility, but I think the point that there aren't any mechanisms for safety at all are fairly valid still: "Investors who are out of pocket will not be able to rely on the Financial Ombudsman Service to settle complaints or order compensation from offending firms. Consumers are also unlikely to be covered under the Financial Services Compensation Scheme, which covers losses up to £85,00…

I see what you're saying but this is still a bit ridiculous. You sue a company when malpractice occurs, that is not possible with btc. It simply exists. Its like saying you dont have investor protections when you buy oil or corn (unless we are talking about the exchange, and by the article I'm not sure what they're getting at).

Re: Bitcoin: Be prepared to lose all your money, FCA warns consumers

#13

Post by SoSoRoCoCo »

trident5000 wrote: post #2

I find this hilarious when many European banks have lost 98% of their market caps and individual stocks have just as much volatility in many cases. Maybe the investor warnings should be more even.

> when many European banks have lost 98% of their market caps

I can't find a single source for this claim. All Eurobank market caps look fine, even in COVID, for the past 5 years.

Can you explain this statement?

Re: Bitcoin: Be prepared to lose all your money, FCA warns consumers

#14

Post by SoSoRoCoCo »

cableshaft wrote: post #10

This is just: "Don't invest what you aren't prepared to lose," which has been the advice for Bitcoin and other cryptocurrencies for a decade at this point. The headline makes it sound like they're threatening legal action or some sort of regulation, at least to me.

I got that vibe as well. It could be a hint at an incoming regulation sweep.

Re: Bitcoin: Be prepared to lose all your money, FCA warns consumers

#15

Post by danhak »

trident5000 wrote: post #2

I find this hilarious when many European banks have lost 98% of their market caps and individual stocks have just as much volatility in many cases. Maybe the investor warnings should be more even.

Why are you comparing individual stocks to a currency?

Re: Bitcoin: Be prepared to lose all your money, FCA warns consumers

#16

Post by jcfrei »

SoSoRoCoCo wrote: post #13
trident5000 wrote: post #2

I find this hilarious when many European banks have lost 98% of their market caps and individual stocks have just as much volatility in many cases. Maybe the investor warnings should be more even.

> when many European banks have lost 98% of their market caps I can't find a single source for this claim. All Eurobank market caps look fine, even in COVID, for the past 5 years. Can you explain this statement?

Parent is probably alluding to market caps before the great financial crisis. So about 14 years back.

Re: Bitcoin: Be prepared to lose all your money, FCA warns consumers

#20

Post by WhoCaresLies »

trident5000 wrote: post #2

I find this hilarious when many European banks have lost 98% of their market caps and individual stocks have just as much volatility in many cases. Maybe the investor warnings should be more even.

buy bitcoin then, go ahead, you can buy everything with bitcoin right?
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