| Bitcoin 21:10 - Nov 26 with 14294 views | traininvain |
Has anyone on here invested / gambled?
Price is continuing to increase at a rate of knots & makes the returns on other investments look pathetic.
Good investment or modern day gold rush?
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| Bitcoin on 17:37 - Dec 22 with 3203 views | TheBlob |
| Bitcoin on 17:00 - Dec 22 by danehoop |
Always follow the first rule of investing, if you don’t fully understand something don’t invest in it. In this case I just don’t get it and as others have said, it just feels like gambling to me, but without knowing the fully rules of the game. It has the feel of those piling into the tech boom of the late 1990’s, can’t help but think that anyone going in now has already missed the upside of any value. |
Yes.I almost feel somehow sorry for the poor punters who have got in at the top end - second mortgage,maxing out the credit cards....rather akin to the day trading.dot com phenomenon.
That's what so good about physical bullion(as opposed to paper bullion)is if the value dips you've got something to hang on to - and not just a limp dick.
Looks like institutions(or some of them) are taking a profit and/or organised crime is bailing out. |  |
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| Bitcoin on 18:40 - Dec 22 with 3132 views | hubble |
All that's happened is there's been a necessary correction, cooling down an overheated market. It certainly hasn't helped that major bitcoin cash investors and miners like Emil Oldenburg and Roger Ver have done their level best to talk bitcoin down, claiming it's all over for the cryptocurrency and that they've dumped their holdings. All in a bid to drive up the price of bitcoin cash. Fairly crude and moody manipulation if you ask me, but there you go, it's still the WiId West out there. Bottom line bitcoin is here to stay and the price has already rallied. I think the mainstream media and the above shenanigans has freaked out a lot of the smaller investors, prompting them to panic sell, exactly what the big investors and institutions want. I'd say it was a good time to buy it. |  |
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| Bitcoin on 19:49 - Dec 22 with 3090 views | TheBlob |
| Bitcoin on 18:40 - Dec 22 by hubble |
All that's happened is there's been a necessary correction, cooling down an overheated market. It certainly hasn't helped that major bitcoin cash investors and miners like Emil Oldenburg and Roger Ver have done their level best to talk bitcoin down, claiming it's all over for the cryptocurrency and that they've dumped their holdings. All in a bid to drive up the price of bitcoin cash. Fairly crude and moody manipulation if you ask me, but there you go, it's still the WiId West out there. Bottom line bitcoin is here to stay and the price has already rallied. I think the mainstream media and the above shenanigans has freaked out a lot of the smaller investors, prompting them to panic sell, exactly what the big investors and institutions want. I'd say it was a good time to buy it. |
Desperately overheated.
Coming back a bit but could be just the dead cat bounce. [Post edited 22 Dec 2017 19:53]
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| Bitcoin on 23:17 - Dec 22 with 3022 views | isawqpratwcity |
| Bitcoin on 17:11 - Dec 22 by Boston |
Oh yeah, well how do you launder yer drug money? |
You watch Ozark on Netflix and take notes. |  |
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| Bitcoin on 01:05 - Dec 24 with 2851 views | loftinoz |
| Bitcoin on 16:30 - Dec 22 by PinnerPaul |
You're not!    |
Haven't got a clue either. I'm still holding on to my luncheon vouchers for when they make a comeback. |  | | |
| Bitcoin on 09:01 - Dec 24 with 2793 views | DWQPR |
| Bitcoin on 18:40 - Dec 22 by hubble |
All that's happened is there's been a necessary correction, cooling down an overheated market. It certainly hasn't helped that major bitcoin cash investors and miners like Emil Oldenburg and Roger Ver have done their level best to talk bitcoin down, claiming it's all over for the cryptocurrency and that they've dumped their holdings. All in a bid to drive up the price of bitcoin cash. Fairly crude and moody manipulation if you ask me, but there you go, it's still the WiId West out there. Bottom line bitcoin is here to stay and the price has already rallied. I think the mainstream media and the above shenanigans has freaked out a lot of the smaller investors, prompting them to panic sell, exactly what the big investors and institutions want. I'd say it was a good time to buy it. |
You know Hubble, people like you in my view are nothing short of being similar to those bankers who helped bring about the financial crisis of a decade ago. For someone who purportedly seems to be very left of centre you show a great aptitude for greed and at the expense of far less experienced and sophisticated individuals who like sheep will follow the trend without the understanding of the huge risk that bitcoin represents and use forums like this to encourage further investment in the hope of increasing the price for their own end. You are not a financial adviser and you do not understand how people should be risk assessed and to be told exactly the features and risks of investing and that any investment bar cash should be for the medium to long term to reduce the possibilities of losing some of their funds. And for me bitcoin and its current description stinks, stinks mainly of sheer greed from those who understand it more than those who don't but are lured by the prospect of making a few quid quickly. It is not a currency but a close-ended fund, with a maximum issue of 'shares', 21 million, but backed in this case by nothing more than a concept. It has been designed for greed and exploitation and I for one would never allow any of my clients to invest mainly because although most are experienced investors and understand the concept of risk and reward bitcoin remains far too sophisticated. Hopefully bitcoin will be left to the minority of greed merchants like you and the demand will fall to an extent that it will eventually crash and burn. | |
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| Bitcoin on 09:21 - Dec 24 with 2774 views | RangersDave |
Not that I’ve invested, but for my dead old mind, can someone please tell me how you can ‘cash out’ something that isn’t there?
I can’t figure it out to be honest.
Cheers
Dave |  |
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| Bitcoin on 11:08 - Dec 24 with 2729 views | Toast_R |
Here is Bitcoin explained in laymans terms.
Want to know about
*BITCOIN*
A lot of monkeys lived near a village.ðŸ’ðŸ’ðŸ’ðŸ’ðŸ’ðŸ’ðŸ’
One day a merchant came to the village to buy these monkeys!ðŸµðŸµðŸµðŸµðŸµðŸµ
He announced that he will buy the monkeys @ $100 each. ðŸµðŸ’µ
The villagers thought that this man is mad.😇
They thought how can somebody buy stray monkeys at $100 each?🤔
Still, some people caught some monkeys and gave it to this merchant and he gave $100 for each monkey. 😬
This news spread like wildfire and people caught monkeys and sold it to the merchant.😬
After a few days, the merchant announced that he will buy monkeys @ 200 each. ðŸµðŸ’µðŸ’µ
The lazy villagers also ran around to catch the remaining monkeys!ðŸ’ðŸ’ðŸ’ðŸ’ðŸ’ðŸ’
They sold the remaining monkeys @ 200 each.😋
Then the merchant announced that he will buy monkeys @ 500 each!
😮💵💵💵💵💵
The villagers start to lose sleep! ... They caught six or seven monkeys, which was all that was left and got 500 each.🙊ðŸµðŸµðŸµðŸµðŸµðŸ’
The villagers were waiting anxiously for the next announcement.🙄
Then the merchant announced that he is going home for a week. And when he returns, he will buy monkeys @ 1000 each!ðŸµðŸ’µðŸ’µðŸ’µðŸ’µðŸ’µðŸ’µðŸ’µðŸ’µðŸ’µðŸ’µ
He asked his employee to take care of the monkeys he bought. He was alone taking care of all the monkeys in a cage.🤠ðŸ’ðŸ’ðŸ’ðŸ’ðŸ’ðŸ’ðŸ’ðŸ’ðŸ’ðŸ’ðŸ’ðŸ’ðŸ’ðŸ’ðŸ’ðŸ’ðŸ’ðŸ’ðŸ’ðŸ’ðŸ’ðŸ’ðŸ’ðŸ’ðŸ’ðŸ’ðŸ’ðŸ’ðŸ’ðŸ’ðŸ’ðŸ’ðŸ’ðŸ’ðŸ’ðŸ’ðŸ’ðŸ’ðŸ’ðŸ’ðŸ’ðŸ’ðŸ’ðŸ’ðŸ’ðŸ’ðŸ’
The merchant went home.😎
The villagers were very sad as there were no more monkeys left for them to sell it at $1000 each.☹😞😓
Then the employee told them that he will sell some monkeys @ 700 each secretly. 😶
This news spread like fire. Since the merchant buys monkey @ 1000 each, there is a 300 profit for each monkey.😬
The next day, villagers made a queue near the monkey cage.ðŸ’ðŸ’ðŸ’ðŸ’ðŸ’ðŸ’ðŸµðŸ’🤑🤑🤑🤑🤑🤑🤑🤑🤑🤑
The employee sold all the monkeys at 700 each. The rich bought monkeys in big lots. The poor borrowed money from money lenders and also bought monkeys!
ðŸ’ðŸ’ðŸ’ðŸ’ðŸ’ðŸ’ðŸ’ðŸ’ðŸ’ðŸ’💵💵💵💵💵💵💵💵💵💵
The villagers took care of their monkeys & waited for the merchant to return. 😕
But nobody came! ...😤 Then they ran to the employee...ðŸ¤
But he has already left too !😉
The villagers then realised that they have bought the useless stray monkeys @ 700 each and unable to sell them! 😩😫😨😰ðŸ˜ðŸ˜ðŸ˜ðŸ˜ðŸ˜ðŸ˜
The Bitcoin will be the next monkey business
😜
It will make a lot of people bankrupt and a few people filthy rich in this monkey business. ðŸ’😉😅
That' how it will work🤣 |  | | |
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| Bitcoin on 11:23 - Dec 24 with 2723 views | TheBlob |
Why not sell and get into reliable tangibles? 
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| Bitcoin on 13:19 - Dec 24 with 2652 views | RangersDave |
So your saying I have to get into monkeys right? 😇 | |
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| Bitcoin on 14:15 - Dec 24 with 2618 views | hubble |
| Bitcoin on 09:01 - Dec 24 by DWQPR |
You know Hubble, people like you in my view are nothing short of being similar to those bankers who helped bring about the financial crisis of a decade ago. For someone who purportedly seems to be very left of centre you show a great aptitude for greed and at the expense of far less experienced and sophisticated individuals who like sheep will follow the trend without the understanding of the huge risk that bitcoin represents and use forums like this to encourage further investment in the hope of increasing the price for their own end. You are not a financial adviser and you do not understand how people should be risk assessed and to be told exactly the features and risks of investing and that any investment bar cash should be for the medium to long term to reduce the possibilities of losing some of their funds. And for me bitcoin and its current description stinks, stinks mainly of sheer greed from those who understand it more than those who don't but are lured by the prospect of making a few quid quickly. It is not a currency but a close-ended fund, with a maximum issue of 'shares', 21 million, but backed in this case by nothing more than a concept. It has been designed for greed and exploitation and I for one would never allow any of my clients to invest mainly because although most are experienced investors and understand the concept of risk and reward bitcoin remains far too sophisticated. Hopefully bitcoin will be left to the minority of greed merchants like you and the demand will fall to an extent that it will eventually crash and burn. |
You're entitled to your opinion but your accusations are way out of order fella. You don't know me or anything about me. You have no idea what my motivations are. FWIW I started discussing bitcoin and altcoins ages ago on WATRB and there's a very interesting thread over there where you can read all about it, and my opinions. There are several ordinary Rangers fans who invested a bit (and I've always advised only put in what you can afford to lose) and have done very well out of it, so in point of fact, mate, I've helped fellow fans out. And also, for an almost pauper myself most of my life, having a bit of cash has helped me too. I haven't made some kind of fortune you seem to assume, just enough to get a new carpet after 20 years, that kind of thing.
Plus, you clearly know sweet FA about bitcoin as far as I can see, and what it truly represents, which is not all greed, as you suppose, that's just what your fellow humans bring to the table mate; the technology and what it represents is a viable alternative to a dodgy. impoverishing, debt-slavery system that is the current system and I for one think that's a good thing: decentralisation and transparency lie at its core, in opposition to privately run, vested-interest elites, which is the system you currently support, albeit tacitly.
And as for 'financial advisers', what the f*ck do most them actually know? Stick your money in an ISA. Good luck with that. | |
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| Bitcoin on 14:38 - Dec 24 with 2600 views | TheBlob |
Hey, looks like it's turning into Bitchcoin. | |
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| Bitcoin on 14:54 - Dec 24 with 2581 views | Toast_R |
| Bitcoin on 14:38 - Dec 24 by TheBlob |
Hey, looks like it's turning into Bitchcoin. |
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| Bitcoin on 15:27 - Dec 24 with 2558 views | danehoop |
| Bitcoin on 14:15 - Dec 24 by hubble |
You're entitled to your opinion but your accusations are way out of order fella. You don't know me or anything about me. You have no idea what my motivations are. FWIW I started discussing bitcoin and altcoins ages ago on WATRB and there's a very interesting thread over there where you can read all about it, and my opinions. There are several ordinary Rangers fans who invested a bit (and I've always advised only put in what you can afford to lose) and have done very well out of it, so in point of fact, mate, I've helped fellow fans out. And also, for an almost pauper myself most of my life, having a bit of cash has helped me too. I haven't made some kind of fortune you seem to assume, just enough to get a new carpet after 20 years, that kind of thing.
Plus, you clearly know sweet FA about bitcoin as far as I can see, and what it truly represents, which is not all greed, as you suppose, that's just what your fellow humans bring to the table mate; the technology and what it represents is a viable alternative to a dodgy. impoverishing, debt-slavery system that is the current system and I for one think that's a good thing: decentralisation and transparency lie at its core, in opposition to privately run, vested-interest elites, which is the system you currently support, albeit tacitly.
And as for 'financial advisers', what the f*ck do most them actually know? Stick your money in an ISA. Good luck with that. |
Most financial advisers are pretty good to be fair. They are regulated heavily and far more likely to help you achieve your financial goals than bitcoin investment. |  |
| Never knowingly understood |
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| Bitcoin on 17:48 - Dec 24 with 2519 views | LythamR |
| Bitcoin on 15:27 - Dec 24 by danehoop |
Most financial advisers are pretty good to be fair. They are regulated heavily and far more likely to help you achieve your financial goals than bitcoin investment. |
To be fair to Hubble he was telling people to consider investing in bitcoin at £290 back in 2016 anyone that did that would be sitting or their initial investment x37 at today price that is some ROI
nearly all investment is a gamble, its all about risk and reward, you dont make massive gains on certainties without inside information thats why you should only play with money you can absolutely afford to lose. |  | | |
| Bitcoin on 18:50 - Dec 24 with 2492 views | TheBlob |
| Bitcoin on 17:48 - Dec 24 by LythamR |
To be fair to Hubble he was telling people to consider investing in bitcoin at £290 back in 2016 anyone that did that would be sitting or their initial investment x37 at today price that is some ROI
nearly all investment is a gamble, its all about risk and reward, you dont make massive gains on certainties without inside information thats why you should only play with money you can absolutely afford to lose. |
Minus Capital Gains Tax presumably? | |
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| Bitcoin on 19:04 - Dec 24 with 2477 views | Brightonhoop |
| Bitcoin on 18:50 - Dec 24 by TheBlob |
Minus Capital Gains Tax presumably? |
Would still turn out at at around £6000 net. Not bad for a £290 punt in 2016. Wish I'd have jumped in.
If I could be a time traveller I would definately bring back next weeks lottery numbers with me and retire. Next week obviously. |  | | |
| Bitcoin on 19:30 - Dec 24 with 2466 views | LythamR |
| Bitcoin on 18:50 - Dec 24 by TheBlob |
Minus Capital Gains Tax presumably? |
OBVS! | | | |
| Bitcoin on 20:13 - Dec 24 with 2435 views | ridethewave |
Well, I've had to sign up just to set a few things straight on here regarding bitcoin (about time I did as I've been reading and enjoying (mostly) for quite some time).
Firstly, there seems to be an underlying misconception, including by those on here who seem to speak as if they know how cryptocurrency works, that cryptos and blockchain are one in the same. What's revolutionary is blockchain. Owning bitcoin gives you absolutely no ownership in blockchain whatsoever, so no matter how revolutionary blockchain is, it doen't mean bitcoin has to be worth anything at all.
Secondly, even acknowledging that blockchain could/probably will be revolutionary, it doesn't mean it's not in a bubble. Bubbles themselves often form around things that are indeed revolutionary, for example railways and the internet - just because something is revolutionary does not mean that the price has to rise in perpetuity.
I've read a fair amount on here about how the traditional fiat currencies have no value and so it's unfair to point at bitcoin and say the same. Totally untrue and demonstrates a fundamental lack of economic understanding. The value in the pound is firstly, taxes. The UK government will only every accept your tax money in pounds, nothing else, meaning it actually has some "cash flow" so to speak. Secondly, the way that credit is controlled in the system is by banks lending out pounds (expanding the money supply) and taking deposits (the opposite). Cryptocurrencies will absolutely never be able to fulfill this function, and so the idea that they will could one day replace the "scam" that is fiat currencies is absolutely ludicrous.
Now as a potential store of value and an alternative to gold, that is also a very flawed argument. Whilst it is indeed mainly used for investment purposes, gold itself is a physical commodity that has a real tangible demand and use, hence will always be worth something.
Now having said all that, whilst bitcoin and other cryptocurrencies are clearly in a bubble, there is no telling how high this will get before it crashes. Indeed, we could see bitcoin hit close to $1m before crashing 90% (an astonishingly large fall in value), and it will still be worth more than it is today. We just don't know. But to anyone who thinks that bitcoin and others can one day be an alternative to fiat currencies and will one day 'break the system', I worry.
Plenty more to be said but I think we'll leave it there for now! |  | | |
| Bitcoin on 23:36 - Dec 24 with 2367 views | hubble |
| Bitcoin on 20:13 - Dec 24 by ridethewave |
Well, I've had to sign up just to set a few things straight on here regarding bitcoin (about time I did as I've been reading and enjoying (mostly) for quite some time).
Firstly, there seems to be an underlying misconception, including by those on here who seem to speak as if they know how cryptocurrency works, that cryptos and blockchain are one in the same. What's revolutionary is blockchain. Owning bitcoin gives you absolutely no ownership in blockchain whatsoever, so no matter how revolutionary blockchain is, it doen't mean bitcoin has to be worth anything at all.
Secondly, even acknowledging that blockchain could/probably will be revolutionary, it doesn't mean it's not in a bubble. Bubbles themselves often form around things that are indeed revolutionary, for example railways and the internet - just because something is revolutionary does not mean that the price has to rise in perpetuity.
I've read a fair amount on here about how the traditional fiat currencies have no value and so it's unfair to point at bitcoin and say the same. Totally untrue and demonstrates a fundamental lack of economic understanding. The value in the pound is firstly, taxes. The UK government will only every accept your tax money in pounds, nothing else, meaning it actually has some "cash flow" so to speak. Secondly, the way that credit is controlled in the system is by banks lending out pounds (expanding the money supply) and taking deposits (the opposite). Cryptocurrencies will absolutely never be able to fulfill this function, and so the idea that they will could one day replace the "scam" that is fiat currencies is absolutely ludicrous.
Now as a potential store of value and an alternative to gold, that is also a very flawed argument. Whilst it is indeed mainly used for investment purposes, gold itself is a physical commodity that has a real tangible demand and use, hence will always be worth something.
Now having said all that, whilst bitcoin and other cryptocurrencies are clearly in a bubble, there is no telling how high this will get before it crashes. Indeed, we could see bitcoin hit close to $1m before crashing 90% (an astonishingly large fall in value), and it will still be worth more than it is today. We just don't know. But to anyone who thinks that bitcoin and others can one day be an alternative to fiat currencies and will one day 'break the system', I worry.
Plenty more to be said but I think we'll leave it there for now! |
It seems to me you're conflating things I haven't seen anyone say specifically. I certainly haven't said bitcoin and the blockchain are one and the same. Who else has? Yes, the blockchain is revolutionary - a work of genius IMO. Yes fiat currencies are predicated on taxation, but that's nowhere near the whole story. It's the private banking system that underpins them that is a scam; fractional reserve banking is a scam IMO, as is quantitative easing and all the other dark arts employed by the private banks. Don't forget the federal reserve is privately owned.
If you really want to go there, what are birth certificates all about? What is the corporate entity created at birth that uses your birth name in block letters? How far into this do you really want to go? It's a slave system as far as I can see, albeit a free-range one in may cases. Are you really saying creating money out of nothing isn't a scam? It's a rigged system that benefits a minority, to the detriment of the majority. It is also an inflationary model where bitcoin is deflationary.
Yes, bubbles form around revolutionary ideas and technologies, including bitcoin, that doesn't make bitcoin a bubble per se. Owning bitcoin is having a stake in an alternative system to the fiat system. It has inherent value in that fact alone as far as I'm concerned. It's having a stake in something that isn't predicated on violence, which the fiat currency system is, because you have to factor in the true cost of fiat - and how that hegemony is maintained. What's the true cost of the fiat system? How do you measure it? What happened when Nixon took the dollar off the gold standard and then Kissinger negotiated the formation of the petrodollar? What cost to the planet? To peace? You can trace pretty much all the recent Middle East conflicts in large part to the unholy alliance between the US and Saudi Arabia and the petrodollar.
You're also wrong about cryptocurrencies and taxation IMO. There is a de facto inbuilt taxation in crypto in mining fees alone. Plus various governments have applied (or attempted to apply) different taxation models to crypto, for example the IRS has ruled they are 'property'. There are all sorts of ways you can create taxation models with crypto, but what is so brilliant is that these can be democratic, transparent and decentralised taxation models. Everything the current system is not. The idea that they can replace the current system is not ludicrous. You seem to think TINA - there is no alternative. There's always an alternative. The idea that bitcoin can represent a store of value is not flawed IMO, because it already *is* a store of value, it is also finite and has inbuilt mechanisms that makes it similar to gold, for example the increased difficulty in mining it. Bitcoin and other cryptocurrencies are not 'clearly a bubble' - although they have aspects of a bubble and the trade is massively overheated. Your 'bubbles' are spikes in the upward trend as far as I' concerned. In the plethora of altcoins there are all sorts of USPs that will come to fruition further down the line. What you've stated as fact is just your opinion, and you're entitled to that, but if you're going to make such bold statements it's probably wise to avoid the hyperbole. I don't agree with your analysis, and plenty far wiser than me don't either. | |
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| Bitcoin (n/t) on 23:49 - Dec 24 with 2363 views | PunteR |
| Bitcoin on 23:36 - Dec 24 by hubble |
It seems to me you're conflating things I haven't seen anyone say specifically. I certainly haven't said bitcoin and the blockchain are one and the same. Who else has? Yes, the blockchain is revolutionary - a work of genius IMO. Yes fiat currencies are predicated on taxation, but that's nowhere near the whole story. It's the private banking system that underpins them that is a scam; fractional reserve banking is a scam IMO, as is quantitative easing and all the other dark arts employed by the private banks. Don't forget the federal reserve is privately owned.
If you really want to go there, what are birth certificates all about? What is the corporate entity created at birth that uses your birth name in block letters? How far into this do you really want to go? It's a slave system as far as I can see, albeit a free-range one in may cases. Are you really saying creating money out of nothing isn't a scam? It's a rigged system that benefits a minority, to the detriment of the majority. It is also an inflationary model where bitcoin is deflationary.
Yes, bubbles form around revolutionary ideas and technologies, including bitcoin, that doesn't make bitcoin a bubble per se. Owning bitcoin is having a stake in an alternative system to the fiat system. It has inherent value in that fact alone as far as I'm concerned. It's having a stake in something that isn't predicated on violence, which the fiat currency system is, because you have to factor in the true cost of fiat - and how that hegemony is maintained. What's the true cost of the fiat system? How do you measure it? What happened when Nixon took the dollar off the gold standard and then Kissinger negotiated the formation of the petrodollar? What cost to the planet? To peace? You can trace pretty much all the recent Middle East conflicts in large part to the unholy alliance between the US and Saudi Arabia and the petrodollar.
You're also wrong about cryptocurrencies and taxation IMO. There is a de facto inbuilt taxation in crypto in mining fees alone. Plus various governments have applied (or attempted to apply) different taxation models to crypto, for example the IRS has ruled they are 'property'. There are all sorts of ways you can create taxation models with crypto, but what is so brilliant is that these can be democratic, transparent and decentralised taxation models. Everything the current system is not. The idea that they can replace the current system is not ludicrous. You seem to think TINA - there is no alternative. There's always an alternative. The idea that bitcoin can represent a store of value is not flawed IMO, because it already *is* a store of value, it is also finite and has inbuilt mechanisms that makes it similar to gold, for example the increased difficulty in mining it. Bitcoin and other cryptocurrencies are not 'clearly a bubble' - although they have aspects of a bubble and the trade is massively overheated. Your 'bubbles' are spikes in the upward trend as far as I' concerned. In the plethora of altcoins there are all sorts of USPs that will come to fruition further down the line. What you've stated as fact is just your opinion, and you're entitled to that, but if you're going to make such bold statements it's probably wise to avoid the hyperbole. I don't agree with your analysis, and plenty far wiser than me don't either. |
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| Occasional providers of half decent House music. |
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| Bitcoin on 23:51 - Dec 24 with 2362 views | PunteR |
i thought bitcoin came from the dark web? | |
| Occasional providers of half decent House music. |
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| Bitcoin on 23:59 - Dec 24 with 2353 views | TheBlob |
I'm thinking of bringing out a currency backed by cow manure.
Shitcoin. [Post edited 25 Dec 2017 0:00]
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| Bitcoin on 00:00 - Dec 25 with 2351 views | PunteR |
| Bitcoin on 23:36 - Dec 24 by hubble |
It seems to me you're conflating things I haven't seen anyone say specifically. I certainly haven't said bitcoin and the blockchain are one and the same. Who else has? Yes, the blockchain is revolutionary - a work of genius IMO. Yes fiat currencies are predicated on taxation, but that's nowhere near the whole story. It's the private banking system that underpins them that is a scam; fractional reserve banking is a scam IMO, as is quantitative easing and all the other dark arts employed by the private banks. Don't forget the federal reserve is privately owned.
If you really want to go there, what are birth certificates all about? What is the corporate entity created at birth that uses your birth name in block letters? How far into this do you really want to go? It's a slave system as far as I can see, albeit a free-range one in may cases. Are you really saying creating money out of nothing isn't a scam? It's a rigged system that benefits a minority, to the detriment of the majority. It is also an inflationary model where bitcoin is deflationary.
Yes, bubbles form around revolutionary ideas and technologies, including bitcoin, that doesn't make bitcoin a bubble per se. Owning bitcoin is having a stake in an alternative system to the fiat system. It has inherent value in that fact alone as far as I'm concerned. It's having a stake in something that isn't predicated on violence, which the fiat currency system is, because you have to factor in the true cost of fiat - and how that hegemony is maintained. What's the true cost of the fiat system? How do you measure it? What happened when Nixon took the dollar off the gold standard and then Kissinger negotiated the formation of the petrodollar? What cost to the planet? To peace? You can trace pretty much all the recent Middle East conflicts in large part to the unholy alliance between the US and Saudi Arabia and the petrodollar.
You're also wrong about cryptocurrencies and taxation IMO. There is a de facto inbuilt taxation in crypto in mining fees alone. Plus various governments have applied (or attempted to apply) different taxation models to crypto, for example the IRS has ruled they are 'property'. There are all sorts of ways you can create taxation models with crypto, but what is so brilliant is that these can be democratic, transparent and decentralised taxation models. Everything the current system is not. The idea that they can replace the current system is not ludicrous. You seem to think TINA - there is no alternative. There's always an alternative. The idea that bitcoin can represent a store of value is not flawed IMO, because it already *is* a store of value, it is also finite and has inbuilt mechanisms that makes it similar to gold, for example the increased difficulty in mining it. Bitcoin and other cryptocurrencies are not 'clearly a bubble' - although they have aspects of a bubble and the trade is massively overheated. Your 'bubbles' are spikes in the upward trend as far as I' concerned. In the plethora of altcoins there are all sorts of USPs that will come to fruition further down the line. What you've stated as fact is just your opinion, and you're entitled to that, but if you're going to make such bold statements it's probably wise to avoid the hyperbole. I don't agree with your analysis, and plenty far wiser than me don't either. |
Looks to me hubble your part of the problem not the solution.
What are birth certificates all about?
seriously ? | |
| Occasional providers of half decent House music. |
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| Bitcoin on 00:05 - Dec 25 with 2348 views | PunteR |
| Bitcoin on 23:59 - Dec 24 by TheBlob |
I'm thinking of bringing out a currency backed by cow manure.
Shitcoin. [Post edited 25 Dec 2017 0:00]
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milking it a bit | |
| Occasional providers of half decent House music. |
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