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June 21 2021 2.05am

Bitcoin

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View cryrst's Profile cryrst Flag Chatham 25 Nov 20 8.08pm Send a Private Message to cryrst Add cryrst 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.

A good time to buy

 

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View Tom-the-eagle's Profile Tom-the-eagle Flag Croydon 20 Dec 20 10.59pm Send a Private Message to Tom-the-eagle Add Tom-the-eagle as a friend

Up 30% this week to new time high!

 


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

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View SW19 CPFC's Profile SW19 CPFC Flag Addiscombe West 20 Dec 20 11.16pm Send a Private Message to SW19 CPFC Add SW19 CPFC as a friend

Originally posted by cryrst

A good time to buy

LOLE

A good time to buy would have been anytime 4000 and below.

Buying now is madness.

 


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

Did you know? 95% of people are morons.

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View Stirlingsays's Profile Stirlingsays Flag 20 Dec 20 11.31pm Send a Private Message to Stirlingsays Holmesdale Online Elite Member Add Stirlingsays as a friend

Originally posted by SW19 CPFC

LOLE

A good time to buy would have been anytime 4000 and below.

Buying now is madness.

I'm thinking of investing in smaller coins dependent upon research.....I'm not confident that the mainstream economies are going to fair well in the twenties and certain coins may prosper.

 


'Who are you and how did you get in here? I'm a locksmith. And, I'm a locksmith.' (Leslie Nielsen)

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View Tom-the-eagle's Profile Tom-the-eagle Flag Croydon 03 Jan 21 2.58pm Send a Private Message to Tom-the-eagle Add Tom-the-eagle as a friend

Just keeps going up and up.

No rhythm or reason but appears to have doubled to in last month

 


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

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View Tom-the-eagle's Profile Tom-the-eagle Flag Croydon 07 Jan 21 8.58am Send a Private Message to Tom-the-eagle Add Tom-the-eagle as a friend

Still shooting up!

 


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

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View Stirlingsays's Profile Stirlingsays Flag 07 Jan 21 9.13am Send a Private Message to Stirlingsays Holmesdale Online Elite Member Add Stirlingsays as a friend

Originally posted by Tom-the-eagle

Still shooting up!

With Biden in doing his 'close it down as covid is the black death' thing, I feel bitcoin will be benefiting as the dollar takes its economic hits.

China will have the biggest smiles all round.

 


'Who are you and how did you get in here? I'm a locksmith. And, I'm a locksmith.' (Leslie Nielsen)

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View SW19 CPFC's Profile SW19 CPFC Flag Addiscombe West 07 Jan 21 9.33am Send a Private Message to SW19 CPFC Add SW19 CPFC as a friend

Originally posted by Stirlingsays

I'm thinking of investing in smaller coins dependent upon research.....I'm not confident that the mainstream economies are going to fair well in the twenties and certain coins may prosper.

Obviously at your own risk

Personally I would wait for the next crash before buying in - that applies to all as effectively the price of the others is tied to the rise and fall of Bitcoin.

And always remember you are not buying a currency, youíre buying a FOMO asset that no one ever spends due to its volatility. The irony of that never ceases to amuse me

 


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

Did you know? 95% of people are morons.

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View Stirlingsays's Profile Stirlingsays Flag 07 Jan 21 9.43am Send a Private Message to Stirlingsays Holmesdale Online Elite Member Add Stirlingsays as a friend

Originally posted by SW19 CPFC

Obviously at your own risk

Personally I would wait for the next crash before buying in - that applies to all as effectively the price of the others is tied to the rise and fall of Bitcoin.

And always remember you are not buying a currency, youíre buying a FOMO asset that no one ever spends due to its volatility. The irony of that never ceases to amuse me

All true of course.

I'd always say with investments that you should never invest money that you can't afford to lose.

I'm still very much learning about the currency.

 


'Who are you and how did you get in here? I'm a locksmith. And, I'm a locksmith.' (Leslie Nielsen)

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View Tom-the-eagle's Profile Tom-the-eagle Flag Croydon 07 Jan 21 10.14am Send a Private Message to Tom-the-eagle Add Tom-the-eagle as a friend

Originally posted by Stirlingsays

All true of course.

I'd always say with investments that you should never invest money that you can't afford to lose.

I'm still very much learning about the currency.

Itís not an investment, itís a punt

 


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

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View Stirlingsays's Profile Stirlingsays Flag 07 Jan 21 10.32am Send a Private Message to Stirlingsays Holmesdale Online Elite Member Add Stirlingsays as a friend

Originally posted by Tom-the-eagle

Itís not an investment, itís a punt

Let's just say that extra Bitcoin can't be produced.....but the dollar and pound can be printed till the cows come home.

I'd say as a punt it all depends upon your idea of how well you think the US economy...and hence western economies are going to do over the next few years.

Personally I think it's a safer investment than others at the moment and has a lot of potential....but you never know....could wake up tomorrow and only have enough for a doughnut and a nice cup of tea.

Edited by Stirlingsays (07 Jan 2021 10.34am)

 


'Who are you and how did you get in here? I'm a locksmith. And, I'm a locksmith.' (Leslie Nielsen)

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View chris123's Profile chris123 Flag hove actually 07 Jan 21 10.43am Send a Private Message to chris123 Add chris123 as a friend

Originally posted by Stirlingsays

Let's just say that extra Bitcoin can't be produced.....but the dollar and pound can be printed till the cows come home.

I'd say as a punt it all depends upon your idea of how well you think the US economy...and hence western economies are going to do over the next few years.

Personally I think it's a safer investment than others at the moment and has a lot of potential....but you never know....could wake up tomorrow and only have enough for a doughnut and a nice cup of tea.

Edited by Stirlingsays (07 Jan 2021 10.34am)

A safe investment most of us don't understand if it's a currency, a commodity or a Ponzi?

 

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