You are here: Home > Message Board > General Talk > Bitcoin
June 24 2021 7.30pm

Bitcoin

Previous Topic | Next Topic


Page 2 of 11 < 1 2 3 4 5 6 >

 

View Tom-the-eagle's Profile Tom-the-eagle Flag Croydon 22 Nov 20 1.01pm Send a Private Message to Tom-the-eagle Add Tom-the-eagle as a friend

Originally posted by chris123

A nod to an earlier correspondent?

 


"It feels much better than it ever did, much more sensitive." John Wayne Bobbit

Alert Alert a moderator to this post Edit this post Quote this post in a reply
View cryrst's Profile cryrst Online Flag Chatham 23 Nov 20 10.49am Send a Private Message to cryrst Add cryrst as a friend

Originally posted by stuckinbristol

Is it a good time to buy?

Tux was correct then.
Will he be back at all.

 

Alert Alert a moderator to this post Edit this post Quote this post in a reply
View Joseph Paxton's Profile Joseph Paxton Flag Lancing 24 Nov 20 9.54pm Send a Private Message to Joseph Paxton Add Joseph Paxton as a friend

A guy I really trust on finance and tax dodging and corporate irresponsibility, @nickshaxon:

"Don't dive into the latest Bitcoin rally. Just don't. It's gambling mixed with crime mixed with Ponzi."

 


Be where you are; otherwise you will miss your life.

Alert Alert a moderator to this post Edit this post Quote this post in a reply
View the.universal's Profile the.universal 24 Nov 20 10.13pm Send a Private Message to the.universal Add the.universal as a friend

Originally posted by Joseph Paxton

A guy I really trust on finance and tax dodging and corporate irresponsibility, @nickshaxon:

"Don't dive into the latest Bitcoin rally. Just don't. It's gambling mixed with crime mixed with Ponzi."

f*** me, thatís more than a rally! Who has the nerve to hold for more gains before the inevitable splash down? I do miss TUX, bet heís having a field day.

 


Vive le Roy!

Alert Alert a moderator to this post Edit this post Quote this post in a reply
View chris123's Profile chris123 Flag hove actually 25 Nov 20 8.09am Send a Private Message to chris123 Add chris123 as a friend

Originally posted by the.universal

f*** me, thatís more than a rally! Who has the nerve to hold for more gains before the inevitable splash down? I do miss TUX, bet heís having a field day.

He was a litecoin man from memory.

 

Alert Alert a moderator to this post Edit this post Quote this post in a reply
View PalazioVecchio's Profile PalazioVecchio Flag south pole 25 Nov 20 8.44am Send a Private Message to PalazioVecchio Add PalazioVecchio as a friend

bitcoin may or may not be dodgy...and run by crooks.

but the Dollar, the Euro , Sterling....are as dodgy as as a bling-wearing second-hand car dealer from Nelson Mandela Flats, Peckham.

 


from the Etihad, Emirates, Molyneux, London Stadium, the Vitality, turf moor & Anfield to Old Trafford x 2.....or a neighbourly visit to Craven Cottage...Raptors on the Road

Alert Alert a moderator to this post Edit this post Quote this post in a reply
View the.universal's Profile the.universal 25 Nov 20 9.09am Send a Private Message to the.universal Add the.universal as a friend

Originally posted by PalazioVecchio

bitcoin may or may not be dodgy...and run by crooks.

but the Dollar, the Euro , Sterling....are as dodgy as as a bling-wearing second-hand car dealer from Nelson Mandela Flats, Peckham.

Iíve heard other people say this last sentence, but I still donít understand why. Can you help, give me a few reasons why this is. Think of explaining it to a nine year old :0)

 


Vive le Roy!

Alert Alert a moderator to this post Edit this post Quote this post in a reply
View PalazioVecchio's Profile PalazioVecchio Flag south pole 25 Nov 20 11.43am Send a Private Message to PalazioVecchio Add PalazioVecchio as a friend

Originally posted by the.universal

Iíve heard other people say this last sentence, but I still donít understand why. Can you help, give me a few reasons why this is. Think of explaining it to a nine year old :0)

If a scumbag prints a ten quid note, he goes to jail.
If a government prints free money, they are stimulating the economy.

We all work and earn money, or sell valuable stuff we own. Governments make money out of thin air.

Mugabe's Zimbabwe is a lesson for all.

 


from the Etihad, Emirates, Molyneux, London Stadium, the Vitality, turf moor & Anfield to Old Trafford x 2.....or a neighbourly visit to Craven Cottage...Raptors on the Road

Alert Alert a moderator to this post Edit this post Quote this post in a reply
View PalazioVecchio's Profile PalazioVecchio Flag south pole 25 Nov 20 11.44am Send a Private Message to PalazioVecchio Add PalazioVecchio as a friend

Originally posted by the.universal

Iíve heard other people say this last sentence, but I still donít understand why. Can you help, give me a few reasons why this is. Think of explaining it to a nine year old :0)

If a scumbag prints a ten quid note, he goes to jail.
If a government prints free money, they are stimulating the economy.

We all work and earn money, or sell valuable stuff we own. Governments make money out of thin air.

Mugabe's Zimbabwe is a lesson for all.

 


from the Etihad, Emirates, Molyneux, London Stadium, the Vitality, turf moor & Anfield to Old Trafford x 2.....or a neighbourly visit to Craven Cottage...Raptors on the Road

Alert Alert a moderator to this post Edit this post Quote this post in a reply
View SW19 CPFC's Profile SW19 CPFC Flag Addiscombe West 25 Nov 20 12.16pm Send a Private Message to SW19 CPFC Add SW19 CPFC as a friend

Originally posted by cryrst

Tux was correct then.
Will he be back at all.

Correct about what, exactly? His modus operandi was that bitcoin (or more specifically lite coin) as an unregulated off book currency will eventually become the defacto method of financial exchange, bypassing the 'elite' system of governance and creating a happy utopia where everyone trades like one small rural village, in total harmony.

I've said it before, and will say it again, this is a complete nonsense. If you actually look into who is holding bitcoin and why, you get to the following points

ē A very small amount of people own a very large amount of bitcoin (Now where have I heard that before I wonder)

ē Almost all people who own bitcoin do not spend bitcoin. It is almost exclusively an investment purchase, which is unusual for a 'currency' that is supposed to be bypassing existing methods of 'control'. Why would you want to spend something that has the potential to massively lose or gain value at any moment?

ē At some point, governments will create blockchain versions of existing fiat currency (CBDCs), digital fiat, and that will then become the regulated system that is used. At that point, it is likely that unregulated coins and other exchange systems will be blacklisted or banned. Anyone who thinks an unregulated payment structure is going to usurp government run fiat currency is deluded. It's an utopian viewpoint that echoes that of some people in the early days of the internet, and that didn't exactly work out to plan did it?


Also PayPal are likely to be at least partly responsible for the initial increase in value here... they appear to be buying up more than all the supply of newly issued bitcoin that is available. This is creating scarcity and therefore driving price rises. There is then of course what is now termed as the 'Robinhood' layman investor effect (see tesla shares) which will no doubt lead to another spike and crash as before. Although I'd think the level it drops down to this time will be higher than the 3-4k lows of the last 3 years.

Why are Paypal getting into this space? It is not clear yet. But I doubt it's because they share the same utopian ideals as bitcoin devotees. It's a play to monetise and regulate at a commercial level, even if it's only to make money out of exchange fees (ironic).

China are also cracking down on miners and making it harder to convert bitcoin into Yuan so this is also likely to be reducing the amount of BTC in circulation, and driving up prices.

Am I invested in bitcoin? Yes, as I got in reasonably early and have enough to make a small but useful profit in the future. Do I think it will reach high levels at some stage, like 100k or more? Quite likely, as the more average joes invest in it the larger and more aggressive the swings in value will become. The hard part will be timing the sale.

 


said the rabid giraffe whilst brandishing his throbbing member of reason, and twas ever thus.

Did you know? 95% of people are morons.

Alert Alert a moderator to this post Edit this post Quote this post in a reply
View Badger11's Profile Badger11 Flag Beckenham 25 Nov 20 12.36pm Send a Private Message to Badger11 Add Badger11 as a friend

Originally posted by SW19 CPFC

Correct about what, exactly? His modus operandi was that bitcoin (or more specifically lite coin) as an unregulated off book currency will eventually become the defacto method of financial exchange, bypassing the 'elite' system of governance and creating a happy utopia where everyone trades like one small rural village, in total harmony.

I've said it before, and will say it again, this is a complete nonsense. If you actually look into who is holding bitcoin and why, you get to the following points

ē A very small amount of people own a very large amount of bitcoin (Now where have I heard that before I wonder)

ē Almost all people who own bitcoin do not spend bitcoin. It is almost exclusively an investment purchase, which is unusual for a 'currency' that is supposed to be bypassing existing methods of 'control'. Why would you want to spend something that has the potential to massively lose or gain value at any moment?

ē At some point, governments will create blockchain versions of existing fiat currency (CBDCs), digital fiat, and that will then become the regulated system that is used. At that point, it is likely that unregulated coins and other exchange systems will be blacklisted or banned. Anyone who thinks an unregulated payment structure is going to usurp government run fiat currency is deluded. It's an utopian viewpoint that echoes that of some people in the early days of the internet, and that didn't exactly work out to plan did it?


Also PayPal are likely to be at least partly responsible for the initial increase in value here... they appear to be buying up more than all the supply of newly issued bitcoin that is available. This is creating scarcity and therefore driving price rises. There is then of course what is now termed as the 'Robinhood' layman investor effect (see tesla shares) which will no doubt lead to another spike and crash as before. Although I'd think the level it drops down to this time will be higher than the 3-4k lows of the last 3 years.

Why are Paypal getting into this space? It is not clear yet. But I doubt it's because they share the same utopian ideals as bitcoin devotees. It's a play to monetise and regulate at a commercial level, even if it's only to make money out of exchange fees (ironic).

China are also cracking down on miners and making it harder to convert bitcoin into Yuan so this is also likely to be reducing the amount of BTC in circulation, and driving up prices.

Am I invested in bitcoin? Yes, as I got in reasonably early and have enough to make a small but useful profit in the future. Do I think it will reach high levels at some stage, like 100k or more? Quite likely, as the more average joes invest in it the larger and more aggressive the swings in value will become. The hard part will be timing the sale.

I agree with most of this. Tux was right about governments manipulating currencies but at least we can vote them out.

A couple of years ago I pointed out to Tux that according to the FT something like 7 people / groups controlled the majority of Bitcoin. The only difference between that and normal currency is we don't know who these people are or what their intentions are so how is that any better?

Eventually there will be a "legal" version of Bitcoin controlled by the governments.

 


One more point

Alert Alert a moderator to this post Edit this post Quote this post in a reply
View Goal Machine's Profile Goal Machine Flag The Cronx 25 Nov 20 3.46pm Send a Private Message to Goal Machine Add Goal Machine as a friend

As a regulated Independent Financial Adviser, I can confirm that Bitcoin, or any crypto currency, is an extremely high risk investment.

It is also unregulated. Only invest money which you are willing to lose. There are success stories out there, but 99% of the time this is down to luck - it's a gamble.

I personally wouldn't touch it with a barge pole and would steer my clients away from it if they were considering it.

There are numerous multi asset funds out there which will get you an almost certain growth over the long term. These are low risk an fully regulated.

If you're looking for a quick buck, its a dangerous game to play.

I'd suggested a read of herd investing if you're not familiar with the concept: [Link]

 

Alert Alert a moderator to this post Edit this post Quote this post in a reply

 

Page 2 of 11 < 1 2 3 4 5 6 >

Previous Topic | Next Topic

You are here: Home > Message Board > General Talk > Bitcoin