Facebook and Cryptocurrency (Libra)

[Davidmott]

Hey all,

I just wanted to gather the opinions of UKBF members here on Cryptocurrency and Blockchain tech as i've noticed there is not too much around here though this type of technology may be about to become even more relevant next year once Facebook introduce their ****** token 'Libra' to their 2.38 billion monthly active users. I've also noticed some UK ****** startups popping up and doing well!

 

[HostOX]

Blockchain is truly amazing, it has the potential to set us free but the potential to also turn us into slaves, in my honest view.
The usability however needs to get better for novice people.

Major problem though, the massive swings in price it is not 'stable' enough to become used as a day to day currency, every single ****** has massive swings, it is just being used as a money maker for big investors and institutions who don't really understand the life changing possibilities this technology has.

However most new currencies are being built with ability to create more on demand, and to dispose of as many as you like on demand and this is just the same as government backed money - Not what ****** was intended to do - Bitcoin is the original that cannot be manipulated in such a way.

I don't even trust Facebook with pictures, never mind my money.

 

[fisicx]

Blockchain is truly amazing, it has the potential to set us free....

Free from what?

If you mean financial controls then I don’t want that freedom. I want to know the tin of beans I buy to day is the same price wherever I shop and the money I earn will be worth the same each time I get paid. And because I get paid in all sorts of currencies I want the stability that comes with properly managed FX.

 

[HostOX]

Free from what?

If you mean financial controls then I don’t want that freedom. I want to know the tin of beans I buy to day is the same price wherever I shop and the money I earn will be worth the same each time I get paid. And because I get paid in all sorts of currencies I want the stability that comes with properly managed FX.

Oh I do wonder, oh how so stable is that worthless note in ones pocket.

Whoever doesn't want to be free from Artificial inflation and Government control as in they can take every last penny you own away in a click (thanks to the banks who created 97% of our money in circulation from thin air), luckily RBS came close to ruining us but got saved by our funny money.

Who doesn't want to be their own bank and look after their own assets?

Not to mention they can ruin our entire economy and value of everything easily, checkout the Zimbabwe dollar (hyperinflation)

What you are saying is absolutely odd, the money you earn today will be worth the same?! FIAT money especially the UK is worth nuttin' worthless pieces of paper and numbers on screens created from nothing backed by nothing, supply and demand will change your price of beans very easily, in times of trouble your notes are worth nothing more than toilet paper.

Read directly from the Bank of England: https://www.whatdotheyknow.com/request/293781/response/714177/attach/html/2/560D0791.pdf.html

But then you have 'bitcoin' a means of exchange that cannot be fooled, modified, hacked, inflated - You can't just keep creating more money once the full supply is mined, there is no debts with bitcoin, our entire economy and life is built on debt and money that does not exist. Bitcoin and blockchain was designed to stop every single piece of this absolute tosh the governments put us in.
In my view, it is the best currency to ever exist because of the simple fact, it can never create anymore than the defined limit in the blockchain, but this is mostly only valid with Bitcoin.

No longer can we create huge debts with money that cannot be created from thin air on a daily basis.

Wait till the economy collapses, just like Greece, and everyone wishes they bought some old 'Cryptos' to save their wealth.

Your money will never be worth the same each month, economical fact because of inflation.

I repeat again, Blockchain will either set us free or ruin our lives, cash is becoming less each and every day since the creation of visa.
Soon we will have nothing but numbers on screens and corporations to put our faith in, and when (not if) they fail (massive debts with every bank) people will all be sat wondering what the hell to do.

So I recommend every human always be diverse in their portfolio of assets, gold, silver, stocks, cash, ****** to ensure they have access to capital for all eventualities, because as history tells us - It will happen again.

I hate to be doom and gloom, but I have spent hours if not days researching for years on economics and finance and the facts are in front of us all and if the system does not change, things will never get better, our nation is a boat full of have it now worry later debt and it is alarming.

The banks are not loaning customers money out as we are all told to believe, they are literally creating money everytime a debt is created, this is just not good.

Boy what am I doing to myself, why did someone create this thread! I need to ignore before I go crazy

"The issuing power of currency shall be taken from the banks and restored to the people, to whom it properly belongs."

And there you have it, Bitcoin.

 

[Gordon - Commercial Finance]

****** is not a currency. It’s a commodity at best.

While pounds and dollars are no longer gold-backed, they are now backed by the value of goods and services for which they can be exchanged. The major currencies are stable and secure as dictated by the financial controls which are in place to prevent things like hyperinflation.

You’re not only delusional, but you’re also rather late to the party - hasn’t the bubble been and gone?

 

[HostOX]

****** is not a currency. It’s a commodity at best.

While pounds and dollars are no longer gold-backed, they are now backed by the value of goods and services for which they can be exchanged. The major currencies are stable and secure as dictated by the financial controls which are in place to prevent things like hyperinflation.

You’re not only delusional, but you’re also rather late to the party - hasn’t the bubble been and gone?

I may be delusional, only time will really tell just how delusional, if people think our paper money is stable and the economy is stable then maybe they are delusional.

The bubble is the one we are all living in with complete lack of concern for the deep truth.

Blockchain is a technology, not a bubble, banks are building on blockchain technology to create ****** currencies as we speak and Facebook is wanting a piece of the pie.
Bitcoin is decentralized, that is why it is so powerful - If people decided to use it more than paper money then paper money would soon become worthless in value and the banking slavery scam we are in would also fall.
But you are forgetting paper money is also becoming less available as we switch to a cashless society.

The people and businesses decide who takes control.
The only people who think it is a bubble is the people who don't understand the core technology behind cryptocurrency and it's capabilities of changing the world.

Blockchain can own your house - https://www.knightfrank.com/wealthreport/2018/global-wealth/blockchain-and-real-estate

I can promise one thing, bookmark this thread for 10-20 years time when Blockchain rules the world and I will remember to say I told you so.
I already have 3 visa cards which enable me to walk around the UK spending bitcoins for products and services in stores.
Technology rules the world.

In the meantime, let the institutions keep making a mint on ****** currencies until it is regulated.

 

[NickGrogan]

But then you have 'bitcoin' a means of exchange that cannot be fooled, modified, hacked, inflated - You can't just keep creating more money once the full supply is mined, there is no debts with bitcoin, our entire economy and life is built on debt and money that does not exist.

Wow, almost every word in this sentence is wrong.

Bitcoin is hacked regularly, the price is inflated every few months, it's continuously modified ( that's the blockchain bit).

I can borrow or lend bitcoin which is debt.

Bitcoin is decentralized, that is why it is so powerful - If people decided to use it more than paper money

It would use around 33% of the power currently generated and more computer power than exists.

Transactions would take days to be processed.

The people and businesses decide who takes control.

Democracy? We have that already.

The only people who think it is a bubble is the people who don't understand the core technology behind cryptocurrency and it's capabilities of changing the world.

OK, what in plain language can you do with an "an open, distributed ledger"

 

[HostOX]

>> I can borrow or lend bitcoin which is debt.

This sentence just shows the type who is replying, lol, seriously. You can lend Bitcoin, erm yes but can you keep printing more bitcoin once the supply cap is reached just like the banks create more money every single day out of thin air? You clearly did not watch the videos of how our economy is running and money is being created.
Yeah you can lend bitcoins, but you don't create more bitcoin to provide that loan, you are actually lending against something that truly exists, just like if I loan someone a gold bar or silver bar the point is it actually existed in the first place to 'loan' it.

My golly gosh, Bitcoin hacked every day, you mean exchanges not the ledger.

No one is wrong or right, everyone has an opinion but if you people think our economy isn't built in a way that it does not work then more fool you.

We have Democracy? Oh that went out the window with the Brexit BS that so far is showing that is a load of tosh. So I will believe that when we get what we voted for.

>> It would use around 33% of the power currently generated and more computer power >>than exists.

In terms of Bitcoin itself, it is limited by it's capabilities even with the lightning network, however we can easily work from the original code to create something that works for each individual country most likely with proof of stake instead of proof of work which will cut the energy massively and will no longer suffer what you are mentioning.

You are obviously correct and know your stuff, so surprised you don't mention proof of work yet comment we require all the computing power ever.

Ethereum are already working on advancing the technology.

 

[billybob99]

I bought a coffee with part of a Bitcoin.

 

[Mark T Jones]

Wow - it's like I've gone back 2 years to the bilge and crap being talked by folk desperate to hype the price of Bitcoin

In fairness they succeeded for a while - in fact the clever ones will have made fortunes from it. All of which goes to explain why it can't be taken seriously as a currency

 

[billybob99]

Wow - it's like I've gone back 2 years to the bilge and crap being talked by folk desperate to hype the price of Bitcoin

In fairness they succeeded for a while - in fact the clever ones will have made fortunes from it. All of which goes to explain why it can't be taken seriously as a currency

I'm not sure why I'm annoyed you don't use full stops at the end of each sentence Mark.

 

[fisicx]

I'm not sure why I'm annoyed you don't use full stops at the end of each sentence Mark.

Billy, I'm not sure why I'm annoyed you don't properly structure your sentences

 

[fisicx]

@HostOX - why don't you offer Cryptocurrency payments on the hosting plans? And by that I mean all cryptocurrencies not just Bitcoin.

Plenty to choose from: https://www.binance.com/en/markets

 

[HostOX]

No one wants to hype the price of ****** up in general, the problem is massive institutions causing massive moves to make fast money, those are the ones hyping to make huge profits.

Once we get some proper regulation and stability, we can then look at it in terms of it's real use, but until we get regulation it will always be a speculative investment.

 

[HostOX]

@HostOX - why don't you offer Cryptocurrency payments on the hosting plans? And by that I mean all cryptocurrencies not just Bitcoin.

Plenty to choose from: https://www.binance.com/en/markets

As I mentioned, the price swings are not acceptable enough for it to be used as a currency and until regulation takes place it will not be viable and you will constantly be changing over to FIAT.7

I wish I did years ago and I know hosts who do, we are considering it but still there are complications in doing so currently.

I wish to add, I am not arguing to create hype about a certain coin, but blockchain itself is a revolutionary technology, just like when visa was built - things and the human race evolve constantly and we will someday be using blockchain in day to day life.

 

[NickGrogan]

You can lend Bitcoin, erm yes but can you keep printing more bitcoin once the supply cap is reached just like the banks create more money every single day out of thin air?

No, I can't create more if the supply is limited, but I can increase the value of bitcoin, which has exactly the same effect.

You clearly did not watch the videos of how our economy is running and money is being created.

No, because I know how the economy works and money is created. It's not that complex.

you are actually lending against something that truly exists, just like if I loan someone a gold bar or silver bar the point is it actually existed in the first place to 'loan' it.

Except that bitcoins don't exist. They're records in a ledger, no more real than any other data. Can I hold a bitcoin in my hand? Can I bury it where no one can see it?

Bitcoin hacked every day, you mean exchanges not the ledger.

I've my money is stolen, I dont care if they drive off with it in a van or hack a website, my money is still gone.

We have Democracy? Oh that went out the window with the Brexit BS that so far is showing that is a load of tosh. So I will believe that when we get what we voted for.

The vote was fairly evenly split, and we've got what we voted for. You might not like it, but that's a democracy.

Once we get some proper regulation and stability, we can then look at it in terms of it's real use, but until we get regulation it will always be a speculative investment.

Who can regulate it? Government and banks, the people who you think are the problem.




Still waiting.

OK, what in plain language can you do with an "an open, distributed ledger"

 

[billybob99]

Billy, I'm not sure why I'm annoyed you don't properly structure your sentences

It's because I type how I think.

 

[billybob99]

but until we get regulation it will always be a speculative investment

Everything is always worth a punt, if you're prepared to take the risk.

Only £800 punted on BTCUSD back in Jan, and was up £6200 at one point, had to close at £4220ish.

Life is just a series of little punts, before you get punted yourself.

 

[Gordon - Commercial Finance]

It's because I type how I think.

Maybe @Mark T Jones also types how he thinks....un-punctuated!

 

[HostOX]

Everything is always worth a punt, if you're prepared to take the risk.

Only £800 punted on BTCUSD back in Jan, and was up £6200, had to close at £4220ish.

Been there and done it with other cryptos and Bitcoin but it is not what I am hoping to achieve from the technology.

I believe in what is underneath all the speculation, the technology.

I prefer my stocks over ******, but I believe the technology will change the way we deal with money in years to come, the banks are already putting money into doing so.

But whilst it is a wild wild west out there, money is ready to be made.

 

[Gordon - Commercial Finance]

Everything is always worth a punt, if you're prepared to take the risk.

Only £800 punted on BTCUSD back in Jan, and was up £6200 at one point, had to close at £4220ish.

Life is just a series of little punts, before you get punted yourself.

Nothing wrong with some speculation, it is a commodity after all - albeit a very volatile one.

What gets my goat is the people who still punt the idea that bitcoin will become a mainstream currency. It just won't. It can't!
Its not even a currency for a start.

 

[HostOX]

Nothing wrong with some speculation, it is a commodity after all - albeit a very volatile one.

What gets my goat is the people who still punt the idea that bitcoin will become a mainstream currency. It just won't. It can't!
Its not even a currency for a start.

And who is saying Bitcoin will become a mainstream currency? I said Blockchain will take over our current banking system and will become our mainstream system, if you don't understand that then I am shocked.

- https://www.ft.com/content/615b3bd8-97a9-11e7-a652-cde3f882dd7b

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The technology, which underpins cryptocurrencies such as bitcoin, was initially treated with scepticism by banks. However, this has changed dramatically. Blockchain is the hottest buzzword in the sector
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Accenture has estimated that the biggest investment banks could save $10bn by using blockchain technology
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Central banks across the world are exploring the potential for shifting parts of their payments systems on to blockchain technology or even using it to launch digital currencies
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We accept that it will be quite a few years before central banks could be in the position of issuing their own digital currencies,
----

77 Banks say different - https://medium.com/predict/comprehensive-list-of-banks-using-blockchain-technology-dc39ce5b6573

Stunned.

 

[billybob99]

Maybe @Mark T Jones also types how he thinks....un-punctuated!

It's not his fault, its a kind of OCD. There needs to be some sort of dot at the end for me to consider it completed.

 

[billybob99]

Nothing wrong with some speculation, it is a commodity after all - albeit a very volatile one.

What gets my goat is the people who still punt the idea that bitcoin will become a mainstream currency. It just won't. It can't!
Its not even a currency for a start.

I don't consider it anywhere near a currency, just a commodity and an opportunity to jump on board and make some money and get out.

 

[billybob99]

Been there and done it with other cryptos and Bitcoin but it is not what I am hoping to achieve from the technology.

I believe in what is underneath all the speculation, the technology.

I prefer my stocks over ******, but I believe the technology will change the way we deal with money in years to come, the banks are already putting money into doing so.

But whilst it is a wild wild west out there, money is ready to be made.

I saw on Crunchbase that over $18B has been invested into blockchain startups in the past year or so.

 

[RMF Develoments]

if ****** becomes the norm or not i dont really care, governments will use to their advantage, people will get rich, people will get shafted, end of, thats life,

ill use any system put in place and get on with my life

 

[HostOX]

I saw on Crunchbase that over $18B has been invested into blockchain startups in the past year or so.

Indeed, it is all a bit out of hand though too many different coins it's all like a game right now - But the banks are getting into Blockchain and very fast, I am 100% confident they will use the technology to create a more effective system over the current.

Visa replaced cash and works on technology, Blockchain is just a newer technology that will take over the old just like our cars are changing, our phones, technology advances constantly.

 

[billybob99]

if ****** becomes the norm or not i dont really care, governments will use to their advantage, people will get rich, people will get shafted, end of, thats life,

ill use any system put in place and get on with my life

I support the simple man.

 

[billybob99]

Indeed, it is all a bit out of hand though too many different coins it's all like a game right now - But the banks are getting into Blockchain and very fast, I am 100% confident they will use the technology to create a more effective system over the current.

Visa replaced cash and works on technology, Blockchain is just a newer technology that will take over the old just like our cars are changing, our phones, technology advances constantly.

As long as they don't microchip me.

 

[HostOX]

As long as they don't microchip me.

Well, I have deep concerns that it is a very big possibility one day in the years to come, technology is taking over all aspects of our lives and it is very scary.

And as I stated previously, blockchain is another part that can aid them in controlling us more hence why coins like Bitcoin are more ideal as they have no central authority.

Look deep beneath the web of lies and you will find the scary future we could face. Yet I am called delusional I just look underneath the layers of the tosh we are fed since birth.