I am the Gumtree Cryptocurrency Felon – Part II

This is a follow up story – you might want to read the original article first here

So, just I felt that my calls to Gumtree to see reason over allowing ad posters like myself to accept cryptocurrency were falling on deaf ears, I received a response from yet another customer ‘assistant’ seeking to clarify Gumtree’s position, with the usual poor grammar and rather dodgy sentence construction:

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Market Crash: Buy, Sell or Hodl?

The last few days have been brutal in the cyptocurrency sphere, and I mean REALLY brutal. Frankly, it hasn’t been much fun since December 2017, when we all watched our fast gained profits from the crazy bull run the months before, evaporate into nothing. And if you only got in during that bull run, you’ll almost certainly be sitting on losses and watching them get bigger.

At the time of writing (5.30pm GMT, 12 June 2018), the total market value is now $264,000,000 (source:coinmarketcap.com), a drop of over $30bn, or over 10% in just the last few hours. And that’s on top of a brutal drop just yesterday. In fact, the market has lost an incredible $594bn in just six months since the highs we recorded, that’s a pretty scary 67%! What does it all mean and what should we do now?

The first thing to understand is that these things happen. Simple as that. It’s the markets, stupid (to steal – and totally butcher – a well known phrase). There are hundreds of reasons why this happens, and none of them are in your direct control.

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Bitcoin is a terrible currency (but a fabulous store of wealth)

I made a terrible mistake a few years ago.

I was lucky enough to stumble across Bitcoin in it’s (relatively) early days, somewhere around late 2013 after an article I’d found on some obscure financial website. I was hooked immediately and decided to follow the story, dipping in now and again to see what was happening. I decided to buy a few, but even though I am reasonably geeky, I simply couldn’t work out how the early exchanges worked and eventually gave up. It was a very, very expensive mistake. My meagre £500 investment (which is all I was prepared to risk at the time) would now have been worth £46,000. And rising daily.

By the time I actually bought, BTC had already reached £3000 and it cost me far, far more than £500 to get into the game. Like many people, I’d put it off thinking it couldn’t go any higher. But I was very, very wrong. And the more I researched and the more maths I did, the more I realized we haven’t even started yet. But there was another realization. Bitcoin, as a currency, is absolute rubbish.

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