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November 15 2019 6.25pm

Bitcoins

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View CambridgeEagle's Profile CambridgeEagle Flag Sydenham 02 Feb 18 5.12pm Send a Private Message to CambridgeEagle Add CambridgeEagle as a friend

Bitcoin etc has no intrinsic value and is a scam. It's like the Dutch Tulip mania of the 17th century and will come crashing down. It's nothing more than a Ponzi scheme.

I'd advise against investing!

 

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View .TUX.'s Profile .TUX. Flag 02 Feb 18 7.37pm Send a Private Message to .TUX. Add .TUX. as a friend

Originally posted by europalace

not much talk of bitcoin recently, I wonder why?

Because anything of any relevance has already been said.

 


Buy Litecoin.

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View .TUX.'s Profile .TUX. Flag 02 Feb 18 7.57pm Send a Private Message to .TUX. Add .TUX. as a friend

Originally posted by CambridgeEagle

Bitcoin etc has no intrinsic value and is a scam. It's like the Dutch Tulip mania of the 17th century and will come crashing down. It's nothing more than a Ponzi scheme.

I'd advise against investing!

So despite governments across the planet, the global financial system along with many many corporations and 'big business' investing time and money into blockchain technology, it's a ''ponzi scheme''?

At it's peak, one Tulip bulb, when compared to the average salary in Holland at the time, would (in todays money) be worth well over 1,000,000. Bitcoin is currently around 6,000.
There is no comparison.

Blockchain > Daisychain.

 


Buy Litecoin.

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View .TUX.'s Profile .TUX. Flag 03 Feb 18 8.12pm Send a Private Message to .TUX. Add .TUX. as a friend

Originally posted by CambridgeEagle

Bitcoin etc has no intrinsic value and is a scam. It's like the Dutch Tulip mania of the 17th century and will come crashing down. It's nothing more than a Ponzi scheme.

I'd advise against investing!

I've just added another 20 Litecoin to the pot.
One of us will be right and one of us will be wrong.

Interesting times ahead.

 


Buy Litecoin.

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View CambridgeEagle's Profile CambridgeEagle Flag Sydenham 03 Feb 18 8.41pm Send a Private Message to CambridgeEagle Add CambridgeEagle as a friend

Originally posted by .TUX.

I've just added another 20 Litecoin to the pot.
One of us will be right and one of us will be wrong.

Interesting times ahead.

I hope you're right as you have the exposure and I will gladly eat my words.

 

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View CambridgeEagle's Profile CambridgeEagle Flag Sydenham 03 Feb 18 8.46pm Send a Private Message to CambridgeEagle Add CambridgeEagle as a friend

Originally posted by .TUX.

So despite governments across the planet, the global financial system along with many many corporations and 'big business' investing time and money into blockchain technology, it's a ''ponzi scheme''?

At it's peak, one Tulip bulb, when compared to the average salary in Holland at the time, would (in todays money) be worth well over 1,000,000. Bitcoin is currently around 6,000.
There is no comparison.

Blockchain > Daisychain.

Blockchain is interesting tech and has applications but I'm not sure currency should be one.

The parallels with tulip mania are clearly there the magnitude is irrelevant. The fact is people have purchased bitcoin for far more than they are worth, which is nothing when you dig down into it. The rate of inflation on this type of currency alone should show its inherent baselessness.

 

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View .TUX.'s Profile .TUX. Flag 03 Feb 18 9.31pm Send a Private Message to .TUX. Add .TUX. as a friend

Originally posted by CambridgeEagle

Blockchain is interesting tech and has applications but I'm not sure currency should be one.

The parallels with tulip mania are clearly there the magnitude is irrelevant. The fact is people have purchased bitcoin for far more than they are worth, which is nothing when you dig down into it. The rate of inflation on this type of currency alone should show its inherent baselessness.

That's why i've invested in many alternatives to ''currency''.

Are we talking Bitcoin or the currency that we all use daily that is also inherently baseless (the end of Bretton Woods in '71)?
You mentioned Ponzi schemes. The largest is the Central Banking system that has been forced upon us for many many decades now. This involves printing money from thin-air and 'loaning' what many believe to be OUR OWN MONEY, to us..............with interest! The biggest friggin' heist ever seen!
Question......Why does it now take 2 salaries instead of one over the past couple of decades to live?
Answer........Inflation due to the biggest Ponzi Scheme ever made.
Cryptos have come about to COUNTER the biggest Ponzi Scheme the world has ever seen.

Your stance surprises me tbh.




 


Buy Litecoin.

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View Ouzo Dan's Profile Ouzo Dan Flag Behind you 04 Feb 18 11.04am Send a Private Message to Ouzo Dan Add Ouzo Dan as a friend

I bought some TRX the other day & I am likely to chuck some cash at XLM too.

 


Sex Panther 60% of the time it works every time

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View davenotamonkey's Profile davenotamonkey Flag 04 Feb 18 11.11am Send a Private Message to davenotamonkey Add davenotamonkey as a friend

Originally posted by chris123

Never invest in something you don't understand - and I don't understand why a bitcoin isn't worth zero as it is backed by zero, has no intrinsic value and as the guy on Bloomberg said you can't buy a McDonalds coffee with a bitcoin.

Except you can:

[Link]

disclaimer: I am invested in TenX. Alternative services exist (though none as developed).

 

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View davenotamonkey's Profile davenotamonkey Flag 04 Feb 18 11.17am Send a Private Message to davenotamonkey Add davenotamonkey as a friend

Originally posted by Ketteridge


Currently, my understanding is that transactions are verified through using a network of computers the reward for this is receiving Bitcoins. So why will people still use allocate their computer resources to verifying Bitcoins transaction when they are no longer getting the reward, why not switch to another Crypto currency provider.
We are not going to hit the 21m mark until 2140 apparently, but the reward for mining is halving every 4 years so why not move on to other currencies.

You might want to look at "proof of stake" vs. "proof of work" in crypto contexts. Some cryptocurrencies plan a migratory route from POW to POS. This means mining will essentially be redundant for that particular coin, as you no longer receive your "reward".

 

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View .TUX.'s Profile .TUX. Flag 06 Feb 18 8.23am Send a Private Message to .TUX. Add .TUX. as a friend

Originally posted by CambridgeEagle

I hope you're right as you have the exposure and I will gladly eat my words.

Thanks bud.


 


Buy Litecoin.

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View CambridgeEagle's Profile CambridgeEagle Flag Sydenham 06 Feb 18 9.38am Send a Private Message to CambridgeEagle Add CambridgeEagle as a friend

Originally posted by .TUX.

That's why i've invested in many alternatives to ''currency''.

Are we talking Bitcoin or the currency that we all use daily that is also inherently baseless (the end of Bretton Woods in '71)?
You mentioned Ponzi schemes. The largest is the Central Banking system that has been forced upon us for many many decades now. This involves printing money from thin-air and 'loaning' what many believe to be OUR OWN MONEY, to us..............with interest! The biggest friggin' heist ever seen!
Question......Why does it now take 2 salaries instead of one over the past couple of decades to live?
Answer........Inflation due to the biggest Ponzi Scheme ever made.
Cryptos have come about to COUNTER the biggest Ponzi Scheme the world has ever seen.

Your stance surprises me tbh.





One concern I have with Bitcoin and other cryptocurrency is the lack of knowledge and control over who invented it and who potentially has access to the means of creating more Bitcoins or who has some huge cache of them. It could easily be the Russians for all we know or some organisation intent on pervading the global economy or who knows what. If the supply is so unstable then the value of an individual Bitcoin is also unstable and potentially very volatile (dangerous to invest in).

Traditional currencies, while "fiat" currencies so not backed by Gold etc. are ultimately backed by the fact that the government of whatever country accepts (actually demands) them in payment for taxes, and therefore in return for the receipt of public goods/services and membership within society. The purchasing power is also stabilised by the central bank (whatever you might think of it) by carefully altering the supply of currency to avoid over/under demand or supply.

Bitcoin's value is speculative and given you can't pay for taxes with it, it's not particularly useful either, therefore not a good investment.

The underlying technology may well be worth investing in, but not Bitcoins or other cryptocurrencies themselves.


Your point about central banks is misplaced in my opinion. They are merely a tool of government and a modern financial system. The problem lies in politics and not some conspiracy of central banking. The main issue behind the cost of living is housing costs, which are not purely down to monetary policy (even though borrowing may be cheap), but more down to the political choices made over decades, under investment, lack of social housing, poor policy. It's also down to social pressures to own your own home and a consumerist culture.

Borrowing is a good thing when used sensibly as it allows people to smooth spending over their lifetime. This is also true of economies as they can create bonds and borrow money with the expectation of economic growth which will diminish the real value of the debt over time. Global debt nets off to zero so for some it's an investment.

It's not the institution that's wrong it's the way it's used by politicians.

 

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