Hacker News Board Hacker News, browsed like a classic message board
Live data from Hacker News

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

theguardian.com

Post reply on HN
Print view View original

21–30 of 133 posts

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

#21

Post by yreg »

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?

Erste Group is where it was 5 years ago (and 40% off all time high). Maybe the parent poster is just overexaggerating?

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

#22

Post by trident5000 »

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?

Deutsche Bank: a high of $146, it now trades at $11. AIG went from $1,913 to $40. HSBC 75% loss, Barclays 85% loss. All across the world its the same story.

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

#23

Post by Max_aaa »

jetpackjoe wrote: post #18
coldcode wrote: post #12

I was going to buy a bitcoin at 6K but thought it risky. Now I feel dumb.

I sold my bitcoin at 6k when I lost my job. IDK how I feel.

Feel good that you were able to extract 6K or so of value from it. If you held it until it busted, you would feed dumb.

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

#24

Post by afavour »

jcfrei wrote: post #16
SoSoRoCoCo wrote: post #13

Earlier quoted context omitted.

> 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.

But individual deposits were guaranteed were they not?

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

#25

Post by afavour »

coldcode wrote: post #12

I was going to buy a bitcoin at 6K but thought it risky. Now I feel dumb.

I bought $100 worth in 2014 when it was $580. Now I wish I'd bought $1000. But of course I never would have, because it was a crazy risk at the time, and still is today.

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

#26

Post by RivieraKid »

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.

Bitcoin has essentially no intrinsic value. If people only used it as a currency, not as a speculative "investment", the price would be orders of magnitude lower.

Stocks are much "safer" because the intrinsic value is often similar to the market price.

Gold and some stocks (Tesla) are somewhere in between. They have intrinsic value but people also buy it speculatively so the price is way higher than the intrinsic value.

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

#27

Post by cft »

Max_aaa wrote: post #23
jetpackjoe wrote: post #18

Earlier quoted context omitted.

I sold my bitcoin at 6k when I lost my job. IDK how I feel.

Feel good that you were able to extract 6K or so of value from it. If you held it until it busted, you would feed dumb.

When did it bust?

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

#28

Post by mcintyre1994 »

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.

At least in the UK bank deposits up to £85,000 are protected by a government scheme, so you can't lose all your money. I expect the FCA would offer the same "be prepared to lose all your money" advice to anyone who wanted to invest in a single stock too.

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

#29

Post by jordan801 »

coldcode wrote: post #12

I was going to buy a bitcoin at 6K but thought it risky. Now I feel dumb.

I put 2k in at one point and was up to 40k in a month trading alt coins. Then btc started to tumble. I realized it caused a massive amount of subconcious anxiety. I ended up walking away with a very generous ROI. My buddy told me to get in again at 10k. Id could have paid off my house last week if I did.

But thats how investing goes. If you could nail every investment you'd quickly become the wealthiest individual in the world.

Post reply on HN