Crypto , Digital Currency Trading , Forex

Someone would say it is too much risk to take to invest in stocks instead of starting a FD in a bank for a fixed gain.

This is just another level of that. Our stock market investors think it is too risky to invest in crypto. If you think it is too risky, avoid it. No one forces you to invest. But don't forget there are so many people out there who earns a lot from crypto as same as people earning from stock market.

Also keep in mind that risk takers are leading this world. There's nothing without a risk. Everything comes with a risk. But you have a choice to take it or avoid it. That's it. They are just levels that you think "safe". Nothing and no one was "safe" ever.

KavinduTM wrote:Someone would say it is too much risk to take to invest in stocks instead of starting a FD in a bank for a fixed gain.

This is just another level of that. Our stock market investors think it is too risky to invest in crypto. If you think it is too risky, avoid it. No one forces you to invest. But don't forget there are so many people out there who earns a lot from crypto as same as people earning from stock market.

Also keep in mind that risk takers are leading this world. There's nothing without a risk. Everything comes with a risk. But you have a choice to take it or avoid it. That's it. They are just levels that you think "safe". Nothing and no one was "safe" ever.

So Kavindu has succeeded. It's great if you could sustain it in the long run and I wish you all the best. Anyone else??

Forums are there to debate and share ideas, someone can tell this is good that is good. Others will have different ideas.
If we share our views only someone can understand, otherwise just because we dont like to take that risk we cannot keep our mouth shut.
I have experienced crypto well, because of my experiences i dont recommend it.
Thats my view, there are number of reasons for that:
You dont have any responsible organization taking accountability of your money, if it is stolen its gone.
It is banned in sri lanka.
There are ways to deposit money but with lot of transaction costs and risks.
Then these are very sensitive to mkt news, if u invest u have to be very alert otherwise following u lost 100%
There is a posibility some accounts get blocked and you wont be able to secure it back.
If someone thinking of investing in crypto u have to master the trading and the platform you are going to use.
Remember you must be a master of trading.
If not forget crypto is my recommendation.

roshan1039 wrote:Forums are there to debate and share ideas, someone can tell this is good that is good. Others will have different ideas.
If we share our views only someone can understand, otherwise just because we dont like to take that risk we cannot keep our mouth shut.
I have experienced crypto well, because of my experiences i dont recommend it.
Thats my view, there are number of reasons for that:
You dont have any responsible organization taking accountability of your money, if it is stolen its gone.
It is banned in sri lanka.
There are ways to deposit money but with lot of transaction costs and risks.
Then these are very sensitive to mkt news, if u invest u have to be very alert otherwise following u lost 100%
There is a posibility some accounts get blocked and you wont be able to secure it back.
If someone thinking of investing in crypto u have to master the trading and the platform you are going to use.
Remember you must be a master of trading.
If not forget crypto is my recommendation.

The most important part of it is that "You could lose 100% of your money" part. I understand that even in share market, companies could bankrupt and share holders stand to lose. But your investment will never be zero.

But in Crypto and Forex, Your investment can become zero. Now that's not called affordable risk to me. But I respect that some see it differently and they are entitled to their own views. 

Crypto is your safety net. Nobody can control it even the government. That's is the beauty of it. If somebody says crypto can go zero then gold also can go to zero. there is huge volatility. But I can say bitcoin never goes to zero again. because to mine 1-bitcoin current, the cost is 8000 USD. So how it can go to zero. There is a hacking risk but you can avoid it using hardware wallets. Never keep a big amount in exchange. Bitcoin is the future. it holds value nobody can print it. But bitcoin is not an investment for me it just a safety net. There are different crypto some of them call stable coin which has asset back.  Keeping 1% -5% net asset in bitcoin and Ethereum you can sleep well.

kasun_gimhana wrote:Crypto is your safety net. Nobody can control it even the government. That's is the beauty of it. If somebody says crypto can go zero then gold also can go to zero. there is huge volatility. But I can say bitcoin never goes to zero again. because to mine 1-bitcoin current, the cost is 8000 USD. So how it can go to zero. There is a hacking risk but you can avoid it using hardware wallets. Never keep a big amount in exchange. Bitcoin is the future. it holds value nobody can print it. But bitcoin is not an investment for me it just a safety net. There are different crypto some of them call stable coin which has asset back.  Keeping 1% -5% net asset in bitcoin and Ethereum you can sleep well.

Google the number of Crypto currencies that have become obsolete and thus have become "zero". Those too had visionary investors following and investing on them. Since you brought up the Gold issue, don't remember a time that the value of gold has become zero. It's all relative. All I say is Crypto is relatively a very huge risky deal!!! 

dayandacool wrote:

kasun_gimhana wrote:Crypto is your safety net. Nobody can control it even the government. That's is the beauty of it. If somebody says crypto can go zero then gold also can go to zero. there is huge volatility. But I can say bitcoin never goes to zero again. because to mine 1-bitcoin current, the cost is 8000 USD. So how it can go to zero. There is a hacking risk but you can avoid it using hardware wallets. Never keep a big amount in exchange. Bitcoin is the future. it holds value nobody can print it. But bitcoin is not an investment for me it just a safety net. There are different crypto some of them call stable coin which has asset back.  Keeping 1% -5% net asset in bitcoin and Ethereum you can sleep well.

Google the number of Crypto currencies that have become obsolete and thus have become "zero". Those too had visionary investors following and investing on them. Since you brought up the Gold issue, don't remember a time that the value of gold has become zero. It's all relative. All I say is Crypto is relatively a very huge risky deal!!! 

I'm not saying gold going to zero. I'm trying to say the same applies to bitcoins. Cryptocurrencies can go to Zero but not bitcoin. Why gold does not gong to zero because it has scarcity. The same applies to bitcoin. supply is limited to 21 million. even gold doesn't have that kind of limitation. can we buy virtual gold in Srilanka? But there is coin backed by gold you can buy them in the crypto world. Understand the new system weakness of the current monetary system, governments in the entire world printing money in thin air.

kasun_gimhana wrote:

dayandacool wrote:

kasun_gimhana wrote:Crypto is your safety net. Nobody can control it even the government. That's is the beauty of it. If somebody says crypto can go zero then gold also can go to zero. there is huge volatility. But I can say bitcoin never goes to zero again. because to mine 1-bitcoin current, the cost is 8000 USD. So how it can go to zero. There is a hacking risk but you can avoid it using hardware wallets. Never keep a big amount in exchange. Bitcoin is the future. it holds value nobody can print it. But bitcoin is not an investment for me it just a safety net. There are different crypto some of them call stable coin which has asset back.  Keeping 1% -5% net asset in bitcoin and Ethereum you can sleep well.

Google the number of Crypto currencies that have become obsolete and thus have become "zero". Those too had visionary investors following and investing on them. Since you brought up the Gold issue, don't remember a time that the value of gold has become zero. It's all relative. All I say is Crypto is relatively a very huge risky deal!!! 

I'm not saying gold going to zero. I'm trying to say the same applies to bitcoins. Cryptocurrencies can go to Zero but not bitcoin. Why gold does not gong to zero because it has scarcity. The same applies to bitcoin. supply is limited to 21 million. even gold doesn't have that kind of limitation. can we buy virtual gold in Srilanka? But there is coin backed by gold you can buy them in the crypto world. Understand the new system weakness of the current monetary system, governments in the entire world printing money in thin air.

I agree that the monetary system has it's weaknesses and not backed by collateral. But at least it's legal tender. Which crypto is backed by Gold?? I am unaware of that. Even the US dollar is not backed by gold but it's just legal tender. and that's my point. at least it's legal tender. There is a responsible government behind the bill. (Previously the usd was redeemed by gold but now not)

On one good summer night, you go to sleep and you wake up to see the algorithms have taken you for a nice ride!!!

Not to say that governments don't fail. But I would back a crypto to fail anyday over a legitimate government being bankrupt!!!

dayandacool wrote:

kasun_gimhana wrote:

dayandacool wrote:

kasun_gimhana wrote:Crypto is your safety net. Nobody can control it even the government. That's is the beauty of it. If somebody says crypto can go zero then gold also can go to zero. there is huge volatility. But I can say bitcoin never goes to zero again. because to mine 1-bitcoin current, the cost is 8000 USD. So how it can go to zero. There is a hacking risk but you can avoid it using hardware wallets. Never keep a big amount in exchange. Bitcoin is the future. it holds value nobody can print it. But bitcoin is not an investment for me it just a safety net. There are different crypto some of them call stable coin which has asset back.  Keeping 1% -5% net asset in bitcoin and Ethereum you can sleep well.

Google the number of Crypto currencies that have become obsolete and thus have become "zero". Those too had visionary investors following and investing on them. Since you brought up the Gold issue, don't remember a time that the value of gold has become zero. It's all relative. All I say is Crypto is relatively a very huge risky deal!!! 

I'm not saying gold going to zero. I'm trying to say the same applies to bitcoins. Cryptocurrencies can go to Zero but not bitcoin. Why gold does not gong to zero because it has scarcity. The same applies to bitcoin. supply is limited to 21 million. even gold doesn't have that kind of limitation. can we buy virtual gold in Srilanka? But there is coin backed by gold you can buy them in the crypto world. Understand the new system weakness of the current monetary system, governments in the entire world printing money in thin air.

I agree that the monetary system has it's weaknesses and not backed by collateral. But at least it's legal tender. Which crypto is backed by Gold?? I am unaware of that. Even the US dollar is not backed by gold but it's just legal tender. and that's my point. at least it's legal tender. There is a responsible government behind the bill. (Previously the usd was redeemed by gold but now not)

On one good summer night, you go to sleep and you wake up to see the algorithms have taken you for a nice ride!!!

Not to say that governments don't fail. But I would back a crypto to fail anyday over a legitimate government being bankrupt!!!

PAXG Coin is backed by gold and it is centralized. The organization which is issued regularized but centralized, which means it has a weakness. We cant talk about cryptocurrency as one. Different currencies have different characteristics and technologies.

OLD investors like warren buffet, Ray Dalio are negative about cryptocurrencies. But new young investors like Chamath Palihapitiya,Cathie Wood are very positive about cryptocurrencies.
for me, I started to buy bitcoin in April and cryptocurrency is the best performing asset in my portfolio.  this is my comment it is up to you. but study well before investing.

I don’t know about you guys but today made huge profits from XRP. Tokens placed safely in Nexo wallet to get daily interest

Need to thank @TellersAcademy for his tips

RJ1010 wrote:I don’t know about you guys but today made huge profits from XRP. Tokens placed safely in Nexo wallet to get daily interest

Need to thank @TellersAcademy for his tips

u know why businesses give free samples? 

I also made a huge profit from IQ option 1year ago it was like 98%gain then I invested more the next day again I got 98%gain but that was my last day trading forex just a single trade ate all my money.
forex trading is a gold mine as well as a grave.
but I'm looking forward to investing in forex/crypto cuz we need to adapt to the technology but need to be more confident, educated in it cuz every dollar we lose is not only our money but our country's.

anyway, I'm not negative about forex trading or cryptocurrencies it's the future. but we need to extra cautious 
when trading cuz as I said money we loose is not only ours

JUST MY OPINION

Miss-Sangeetha wrote:Crypto, Digital currency, forex trading by individual, prohibited by Central Bank of Sri Lanka & Sri Lankan Statuary Law, If any thing went wrong no legal action could be taken. If any one using foreign facilities, in the event of scam, taking legal action cost fee is higher than these trade gain.


Most of the foreign trade access are scam, operated by Nigerian.   

Thank you very much. 

I fully agree with your comment.

Miss-Sangeetha wrote:Crypto, Digital currency, forex trading by individual, prohibited by Central Bank of Sri Lanka & Sri Lankan Statuary Law, If any thing went wrong no legal action could be taken. If any one using foreign facilities, in the event of scam, taking legal action cost fee is higher than these trade gain.


Most of the foreign trade access are scam, operated by Nigerian.   

Please show us any document from the central bank that prohibiting Cryptocurrency investment ...

kasun_gimhana wrote:

Miss-Sangeetha wrote:Crypto, Digital currency, forex trading by individual, prohibited by Central Bank of Sri Lanka & Sri Lankan Statuary Law, If any thing went wrong no legal action could be taken. If any one using foreign facilities, in the event of scam, taking legal action cost fee is higher than these trade gain.


Most of the foreign trade access are scam, operated by Nigerian.   

Please show us any document from the central bank that prohibiting Cryptocurrency investment ...

[url=http://archive.cmb.ac.lk:8080/research/bitstream/70130/4586/1/FOREX TRADING AS A PART TIME EARNING OPPORTUNITY AND AS A METHOD OF EARNING FOREIGN CURRENCY - A PRIMARY STUDY DONE IN SRI LANKAN CONTEXT.pdf]http://archive.cmb.ac.lk:8080/research/bitstream/70130/4586/1/FOREX%20TRADING%20AS%20A%20PART%20TIME%20EARNING%20OPPORTUNITY%20AND%20AS%20A%20METHOD%20OF%20EARNING%20FOREIGN%20CURRENCY%20-%20A%20PRIMARY%20STUDY%20DONE%20IN%20SRI%20LANKAN%20CONTEXT.pdf[/url]

this is not from central bank though.

geesura wrote:

kasun_gimhana wrote:

Miss-Sangeetha wrote:Crypto, Digital currency, forex trading by individual, prohibited by Central Bank of Sri Lanka & Sri Lankan Statuary Law, If any thing went wrong no legal action could be taken. If any one using foreign facilities, in the event of scam, taking legal action cost fee is higher than these trade gain.


Most of the foreign trade access are scam, operated by Nigerian.   

Please show us any document from the central bank that prohibiting Cryptocurrency investment ...

[url=http://archive.cmb.ac.lk:8080/research/bitstream/70130/4586/1/FOREX TRADING AS A PART TIME EARNING OPPORTUNITY AND AS A METHOD OF EARNING FOREIGN CURRENCY - A PRIMARY STUDY DONE IN SRI LANKAN CONTEXT.pdf]http://archive.cmb.ac.lk:8080/research/bitstream/70130/4586/1/FOREX%20TRADING%20AS%20A%20PART%20TIME%20EARNING%20OPPORTUNITY%20AND%20AS%20A%20METHOD%20OF%20EARNING%20FOREIGN%20CURRENCY%20-%20A%20PRIMARY%20STUDY%20DONE%20IN%20SRI%20LANKAN%20CONTEXT.pdf[/url]

this is not from central bank though.

Forex trading and Cryptocurrency are two different things by the way As far as I'm concern this is the only document published by CBSL about cryptocurrency.

Read it. https://www.cbsl.gov.lk/en/news/public-awareness-on-virtual-currencies-in-sri-lanka

geesura wrote:

RJ1010 wrote:I don’t know about you guys but today made huge profits from XRP. Tokens placed safely in Nexo wallet to get daily interest

Need to thank @TellersAcademy for his tips

u know why businesses give free samples? 

I also made a huge profit from IQ option 1year ago it was like 98%gain then I invested more the next day again I got 98%gain but that was my last day trading forex just a single trade ate all my money.
forex trading is a gold mine as well as a grave.
but I'm looking forward to investing in forex/crypto cuz we need to adapt to the technology but need to be more confident, educated in it cuz every dollar we lose is not only our money but our country's.

anyway, I'm not negative about forex trading or cryptocurrencies it's the future. but we need to extra cautious 
when trading cuz as I said money we loose is not only ours

JUST MY OPINION

I agree with you. It’s the same for any trading! Even share markets need knowledge to earn profit. Crypto and forex are new and for most Sri Lankan’s still it’s not easily accessible to trade. As with any trading need to gain knowledge, select safe trading exchanges and invest wisely.

I haven’t done forex trading since I lack the knowledge.

kasun_gimhana wrote:

geesura wrote:

kasun_gimhana wrote:

Miss-Sangeetha wrote:Crypto, Digital currency, forex trading by individual, prohibited by Central Bank of Sri Lanka & Sri Lankan Statuary Law, If any thing went wrong no legal action could be taken. If any one using foreign facilities, in the event of scam, taking legal action cost fee is higher than these trade gain.


Most of the foreign trade access are scam, operated by Nigerian.   

Please show us any document from the central bank that prohibiting Cryptocurrency investment ...

[url=http://archive.cmb.ac.lk:8080/research/bitstream/70130/4586/1/FOREX TRADING AS A PART TIME EARNING OPPORTUNITY AND AS A METHOD OF EARNING FOREIGN CURRENCY - A PRIMARY STUDY DONE IN SRI LANKAN CONTEXT.pdf]http://archive.cmb.ac.lk:8080/research/bitstream/70130/4586/1/FOREX%20TRADING%20AS%20A%20PART%20TIME%20EARNING%20OPPORTUNITY%20AND%20AS%20A%20METHOD%20OF%20EARNING%20FOREIGN%20CURRENCY%20-%20A%20PRIMARY%20STUDY%20DONE%20IN%20SRI%20LANKAN%20CONTEXT.pdf[/url]

this is not from central bank though.

Forex trading and Cryptocurrency are two different things by the way As far as I'm concern this is the only document published by CBSL about cryptocurrency.

Read it. https://www.cbsl.gov.lk/en/news/public-awareness-on-virtual-currencies-in-sri-lanka

Give a call to any bank in Sri Lanka and ask are they allowing to transfer money to forex trading platforms they will say NO to u cuz forex trading is banned in Sri Lanka.

Ok. I have seen that there are several members of our forum made profits through Crypto. It's good to have profits what ever trade you involve in. Lets wish those who succeeded in their trading and lets inform the new guys about the risks. Those who succeeded could return to this forum after 1 year and brief us about their success. That'll explain us about the sustainability of the trade. 

@kasun_gimhana 

How's it going now? Did you manage to invest in crypto?

@KavinduTM
I Started to buy crypto in April 2020 Because I wanted to buy virtual gold. However, Crypto involves highly technological staff I started to learn.
I started to buy a significant amount this month after Teller's video about Nexo. As you know buying P2P we have to pay big margins to traders so that's why I asked you that is there any method to avoid these margins.

However, yesterday also made the mistake that selecting the wrong network to send USDT to Nexo fortunately 2 USDT

kasun_gimhana wrote:@KavinduTM
I Started to buy crypto in April 2020 Because I wanted to buy virtual gold. However, Crypto involves highly technological staff I started to learn.
I started to buy a significant amount this month after Teller's video about Nexo. As you know buying P2P we have to pay big margins to traders so that's why I asked you that is there any method to avoid these margins.

However, yesterday also made the mistake that selecting the wrong network to send USDT to Nexo fortunately 2 USDT

@kasun_gimhana

Yeah but we can avoid these margins by using bank transfer option, payeer or something else with low margins. What is Nexo btw? What coins did you select?

XRP and ETH is on fire these days

@KavinduTM
 I have more than 60% holding in ETH and 30% BTC others 10%. My profit in this month only 67% man  (i can give a screenshot of you want). Just imagine. as far as this is the best investment made in this year. I could not earn much in CSE only have a small amount now I sold 90% of my holding in CSE with an average 40% gain. 

Nexo is a leading platform you can earn up to 10% from stable coin like USDT and 8% coin like bitcoin. Just imagine you can earn % interest in dollar terms. Risk is very minimal because loans are overcollateralized.

I plan to buy ETC and lite coin more because those networks are faster than bitcoin but there is new technology called lightning network for bitcoin then bitcoin also will be faster. need to learn much about these things.

kasun_gimhana wrote:@KavinduTM
 I have more than 60% holding in ETH and 30% BTC others 10%. My profit in this month only 67% man  (i can give a screenshot of you want). Just imagine. as far as this is the best investment made in this year. I could not earn much in CSE only have a small amount now I sold 90% of my holding in CSE with an average 40% gain. 

Nexo is a leading platform you can earn up to 10% from stable coin like USDT and 8% coin like bitcoin. Just imagine you can earn % interest in dollar terms. Risk is very minimal because loans are overcollateralized.

I plan to buy ETC and lite coin more because those networks are faster than bitcoin but there is new technology called lightning network for bitcoin then bitcoin also will be faster. need to learn much about these things.

Okay sounds great. haha why would i require a screenshot, i know it is so much possible as mine was over 70%. XRP gave +130% profit while ETH and LTC almost hit +90% price gain. BTC was around +80%. And yeah same for me, most profitable investment I've ever made.

Seems worth of seeing what it is. I'll check about Nexo.

Yeah ETH has just begun a new journey.

XRP has shot up again!!! 50%+ 24hrs change
Cashed some as profit in CEX. Will reinvest that when it comes down or select another coin. Have some more XRP in Nexo.

My humble wishes those who purchased Nexo,xrp,btc and Bnb. We made double of our capital just 40 days

RJ1010 wrote:XRP has shot up again!!! 50%+ 24hrs change
Cashed some as profit in CEX. Will reinvest that when it comes down or select another coin. Have some more XRP in Nexo.

Don't forget that it went to $3, while BTC reaching its ATH, this might too.

I sold My entire ETH and 70% of XRP yesterday. profit is more than enough.  Now 50% BTC and 40% LTC and 8% USDT and 2% others. BTC and LTC supply are limited so I think to keep them for the long term whatever happens.

kasun_gimhana wrote:I sold My entire ETH and 70% of XRP yesterday. profit is more than enough.  Now 50% BTC and 40% LTC and 8% USDT and 2% others. BTC and LTC supply are limited so I think to keep them for the long term whatever happens.

Agree with your take on BTC and LTC, But ETH and XRP haven't done yet. Lets see.

crypto guys how you all doing?

kottuwa wrote:crypto guys how you all doing?

Cashed out just in time before the reversal 🤪
Time to buy again in a few days