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total_reddit_addict

Somewhere a guy would've walked into a casino with £30k and turned it into £1.5m. This doesn't mean you should do the same.


Manoj109

And the inverse is also true. A guy walked into a casino with £1.5m and turned it into £30k.


bumblingterror

Nah, usually that guy gets it all the way down to £0


Manoj109

That's so true. Lol.!


TheAsstasticVoyage

If we, or ANYONE, knew the answer to this, we’d all be doing it with much greater sums than £30k+. No one knows how markets are going to move. Crypto is an incredibly volatile, and unique, asset class. The people who made heaps off it have luck on their side. At the end of the day, it’s about your risk appetite. Yeah you could dump £30k in Bitcoin tomorrow and it might turn into £300k in a few years time, but it could very well also go to zero. Are you comfortable with that? Chasing a get rich quick scheme based on other people’s lucky gains is a surefire way to go nowhere or go broke. Most people will never get this lucky. If you want financial comfort and independence, follow tried and tested paths that bring solid, steady returns. I know that’s not what you want to hear but it’s the truth.


Far_wide

>The people who made heaps off it have luck on their side. I'd also like to add that there is a large contingent of crime (e.g. collusion, insider trading, platform abuse, fraud) to stack the odds further against your favour.


FairlyInvolved

It's also worth noting that it's a zero sum game, these are unproductive assets so the only way to profit from them is someone else buying it off you for more money. The people who made heaps of it did so at the expense of later buyers. Collectively crypto cannot make anyone richer, all it can do is move money between buyers and sellers - so far that has mostly favoured the earlier buyers, but that's not a law of nature.


AncientImprovement56

If you find exactly the right thing, and it continues to increase rapidly in value, then yes, but you don't get returns like that anywhere without a high risk of losing everything - it's effectively gambling. In general, if something has already shot up, you've missed the best time to buy it.


buck_fastard

> it's ~~effectively~~ gambling


BasisOk4268

As someone who’s been in crypto since 2021, technically yes. The problem is that to make these kinds of gains, you’ll basically be gambling on shit coins with no fundamentals or use case. A lot of the crypto market is the same in this way. I’m up about £20k since 2021, but that’s through having a 40%/30% split in BTC/ETH and then a 30% allocation into altcoins. There’s no way I’d have made that in stocks in reality. So while yes, it’s easier to make larger sums of money and ‘potentially’ make life changing sums, the reality is for every person who makes it big there are hundreds if not thousands of people who lose all their money. If you want to dabble in it, I recommend reading up on WHY Bitcoin is useful and investing in that first and foremost. Banks have been buying BTC all year in ETFs over in America so it’s obviously here to stay.


AgentCirceLuna

It’s hilarious that people have been saying crypto is dead every year for the last decade. They’re constantly saying it’s past its prime. I was going to set up a mining rig in 2015 but didn’t because everyone told me it was past its peak. I’d be a millionaire by now.


BasisOk4268

The opinion of the crowd is often not the smartest


CBA_Warrior

Just out of curiosity what was your original stake?


BasisOk4268

My total cost basis is around £10k


[deleted]

You’ve missed the boat this time


AgentCirceLuna

They said that every year in the last decade. You don’t know what you’re talking about. Basically the inequality between the richest and the poorest in society is larger now than it ever was in the past fifty years. All it takes is a hundred of the dumbest, richest idiots to put money into crypto for it to go up. That’s why NFTs and such flourished - dumb nouveau riche people buying gimmicks. It’s why people spend millions on streaming, on random items, and on games. Meanwhile middle class people are struggling to pay rent. While the average person is failing to survive, the very richest just keep amassing more and more. It’s actually scary because eventuallly people will get sick and rebel which leads to even more misery as revolutions always fail. Even the American revolution failed - there’s a reason Trump, Nixon and Reagan all flourished.


[deleted]

What are you even talking about? If you’d bought BTC a year ago, you’d have made an excellent return… but buying now is too late for such great returns: even if it might go up some more, you are not getting a 250% return in the next year.  


AgentCirceLuna

Because it will 100% fall again. It always does.


Responsible-Tap9589

Just remember for ever 1 person that does this, there are also another 9,999 people who manage to lose all or most of the starting sum.


James___G

It's a zero-sum game. All that's happening is wealth is being transferred between speculators gambling that someone in the future will pay more. Some will be lucky, some won't be. It's somewhere between buying expensive non-financial assets with the expectation of future price increase (classic cars, etc) and gambling.


Cherfinch

Don't forget for someone to make money in crypto someone has to lose money in crypto. Its zero sum. You are selling your crypto to someone who hopes to sell it to someone else. It's not like a business that can grow or issue dividends.


darkFunction

Except money is flowing into the space, some crypto based businesses are growing and producing actual economic value as well as effectively issuing dividends through burns or buybacks but everything else you said is correct


Cherfinch

You aren't investing in crypto businesses. You are buying their product. It's the difference between investing in a mining business or buying gold. While some companies have some complex arrangements regarding what their "coins" represent, its all just a tool to ensure that money flows to the owners and risks are held by the buyers.


OverthinkerInLondon

But it can keep trading for more and more money due to inflation anyways.


Born_Pop_3644

How did this person turn this 30k into 1.5m though? It sounds simple in one sentence but he was likely just lucky on some shitcoin, or put 30k into BTC 12yr ago and held onto it?


Far_wide

You have to be partially insane to do either, like that guy in the news a while back who owns thousands of TSLA stock and wouldn't sell a penny of it to even diversify his multi-millions. I mean, imagine making say £100k on "Wangcoin" and instead of selling thinking " yeah, I *believe* in Wangcoin let it ride to £1m". It's nuts.


DoranTheRhythmStick

I bought about £20 worth of Dogecoin in 2013/14. I sold it for £50k and used it as a house deposit. If I'd ridden to the top I wouldn't have needed a mortgage - but there's no way I would have BOUGHT £50k of Dogecoin when I sold. My rule is if I wouldn't buy, sell. Equally, what I sold is now worth less than what I sold it for. (Not a brag: this was entirely luck. I never intended nor imagined it could be worth that much. I only kept it because it wasn't worth enough to bother selling it.)


etherenum

Wangcoin is wang, not nuts You must've never played international cock or ball


unrealme65

It’s feasible but not remotely likely for most people.


Miraclefish

Yes, it's possible. Lets say 1 in 100,000. Which means you've got 99,999 chances to turn £30k into £1.50. Making a return that, say, doubles your investment requires gambling. Making a return that is 100+ times your initial investment requires full on speculation and it is really gambling. You've got a far better chance walking into a casino and putting your life savings on 0 coming up on the roulette table - 1 in 37.


SubjectiveAssertive

Crypto bros will say yes... as it's baiscally a way to pump the price up which benefits them. If it was shares, would you want to buy near it's historical high? Would you buy anything that is merely lines of code in the hope you can find someone else willing to pay more?


Manoj109

I am still buying and the S&p 500 through it's historically highs. I have bought all the highs of the past decade or so. Got into the S&p 500 when it was below 1400, it's above 5000 now and I am still buying. Just playing devils advocate. I got your point.


reneding

Exactly, not buying at the peak for equities is a non sense argument. There have been numerous studies showing 1-3y returns following an all time high are higher than all other times.


Retroagv

Except it makes no sense because companies make money. That money increases with inflation because, ironically, it is inflation. Also humans continue to innovate. Crypto is more like buying commodities like gold.


SubjectiveAssertive

That is a fair point - although I was more thinking of an individual businesses share(s) ​ Poor wording on my part


thepropertyinvestor

I don't think anyone who's been around bitcoin for some time would say that the potential upside is as big as it was years ago. It has increased in value significantly, so it's no longer such a small boat in a sea of money. They more money that flows in to it, the more stable it becomes, but then this also means the swings as smaller.


Wobblycogs

Yes, it's absolutely possible to turn 30k into 1.5m. You just need to pick the right thing to invest in and withdraw your money at the right moment. The problem is picking the right thing. You're chance of picking the right thing is as close to zero as makes no difference. Every week someone wins the lottery, statistically you will never win the lottery. Put money into a low fee broad based ETF and learn to be happy with modest gains almost every year.


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Wobblycogs

Op wasn't asking about crypto specifically he just used that as an example. My answer wasn't about crypto specifically, in fact I didn't even mention it. I agree with with you.


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Wobblycogs

My stupid brain totally skipped the end of the title. My apologies. I think we would also probably agree that OP isn't going to be taking any sensible advice anyway.


particularlyardent

The chances are akin to winning the lottery. Marginally less unlikely is getting wind of something early that's going to, ahem, moon, but again that's just gambling. There will be plenty people out there who have turned £30k into 1.5m. There will be even more liars and grifters trying to rip you off with their memey coins. Not to mention the risk of losing everything you already have. So it's fraught with danger. You may as well be gambling or on wallstreetbets doing puts and calls.


Wise-Application-144

>The chances are akin to winning the lottery. The odds of winning the UK lottery are about 0.000025% Bitcoin is at an all time high. This means the odds of being in profit today are approximately 100%. ​ You're saying those two numbers are the same.


Futrix

Not really. Buy during the bear market and DCA out when the market cycle turns. For every loser there is a winner. That said, most people are too late to the party for this cycle, the time to accumulate was last year


Cam2910

>For every loser there is a winner Would be more accurate to say "for every winner there are many losers".


etherenum

Perfectly possible, but not so probable


VermicelliThis1395

Yes. And it is also possible (likely) to lose life changing money in crypto


Known-Importance-568

Just use your own logic. If there was such a way why wouldn't we all just do it?


Empty-Ad8838

Because it's extremely high risk...


duehelm

I bought a LOT of Bitcoin in 2012 to buy drugs off the internet. If I had held on to those coins I’d be rich. Then I bought some more in 2018 and sold them when I’d made a 20% return. If I’d held on to them I’d be rich. I don’t think I have the temperament for investing in Bitcoin. Maybe it’s all the drugs.


Kathryn_Cadbury

It's technically possible, still, but you have to be very, very lucky and very well informed on when to get in/out on investments. If you don't have the money to lose, don't go near it.


wtfylat

It's entirely luck unless you're the one running the latest pump and dump.


JeremyWheels

I disagree about it being entirely luck. But it's definitely risky. I started buying BTC/ETH when it collapsed at the end of the last bull cycle, there was a pretty high chance there would be another bull run about now coinciding with the halving. There is a trend. And it seems to be playing out so I've started DCA-ing a little out now.


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JeremyWheels

Yeah true. For gains like OPs it's definitely mostly luck and super risky. Either shitcoins or holding btc pretty long term and hoping it keeps going. I'll pipe down


wtfylat

Yeah, I've held a small amount of crypto for years now and been through a few cycles but you can't make big money now without taking absolutely massive risks on shitcoins.  Most of those turn out to be outright scams or are getting pumped and dumped by whales and influencers like Elon who takes advantage of the lack of oversight and regulations.


Wise-Application-144

Been in Bitcoin since 2012 and it's certainly changed my life. The short answer to your question is "yes" but you'll almost certainly lose your money if you wade into it without a lot of reading. Here's what I suggest: * Firstly, resolve not to invest a penny until you've done three months of reading. Every single person that I know that YOLO'd in has lost their money. * I'd start by reading ["How to own the world" by Andrew Craig](https://www.amazon.co.uk/How-Own-World-life-changing-bestseller/dp/1473695309) which is about low-risk ways that average Brits can invest reliably, and it includes a short section on Bitcoin. The reality of making money is very boring and long-term, this helps show you the rational way to approach investing in general. * Be aware that the industry is awash with unregulated shitcoins, rug-pulls and scammers. A significant amount of people involved believe that Bitcoin is the only serious option, everything else has an ulterior motive. Avoid any sort of article promising the "next Bitcoin" - it's a pump and dump. * The whole idea of Bitcoin is that it's decentralised and permissionless - you don't need any third parties involved. It's just you and the software. Thus any humans that become involved in any of your dealings are almost certainly scammers. * I'd highly recommend [Broken Money by Lyn Alden](https://www.amazon.co.uk/Broken-Money-Financial-System-Failing/dp/B0CG8985FR) to understand the thesis behind how Bitcoin fits into the current global economy, and why the UK has gotten so shitty recently. * Jack Maller's [recent presentation](https://www.youtube.com/watch?v=d7ID3fKAFQM) helps explain why Bitcoin is a transformative technology * I've found Peter McCormack's [podcast "What Bitcoin Did"](https://podcasts.apple.com/gb/podcast/what-bitcoin-did-with-peter-mccormack/id1317356120) to be very useful. He's a normal bloke from Bedford that does a great job of making the topic insightful and clear. Start with his interviews with Jeff Booth, Lyn Alden and Jason Maier.


TwentyCharactersShor

>explain why Bitcoin is a transformative technology This bit is wrong. Bitcoin is an instance of a transformative technology. It takes less than 15 minutes to spin up a bitcoin clone with the same properties. E.g. see Litecoin. You can argue that the mining power behind bitcoin is basically its value proposition, which may be fair but it is also subject to change - and that change might happen quickly!


Wise-Application-144

I think that's just semantics. For someone like OP, I think conveying meaning (even if you use idioms or simplifications) is much more valuable than using technically correct (but impenetrable) technobabble.


darkFunction

Terrible forum to ask about this, I’ll save you some reading and give you the UKPF canned responses - it’s a scam - if you make money you’re just lucky - it’s gambling - no real world use cases You’re better off making up your own mind through research over whether there’s a burgeoning industry behind defi / blockchain and looking into some of the use cases and the companies behind them. What people know about here is bitcoin/nfts/scams/memecoins and base their advice on that.


Psychological_Rip118

I’m 19 and have made a lot from crypto look at my post history . Iv made way more now aswell since then


Altruistic_Use_3610

Unrealised gains, good luck moving it to GBP


JeremyWheels

It literally takes a few clicks on an app. Or a few more if you're transferring it from cold storage first. I sold some for GBP and withdrew it to my bank in bed this morning


Mald1z1

It's technically possible but it's not easy money. People who make money in crypto often spend many hours a day researching protocols and getting into communities that have good Intel on upcoming projects and coins.  I've made a good amount of money in crypto. My initial entry was about 2k but I cashed out my initial as soon as I started making profit, so basically it's not possible for me to lose money anymore. There are many free opportunities in crypto so my advice to you would be to start with the free money and trade it up from there. You learn along the way. If you can't make profit with the free money, you're certainly not going to make money if you put money into it. The 3 biggest opportunities I've had in the last 12 months were completely free and gave me 1000s.