What is your opinion on cryptocurrency ?
- Thread starter Ben Astell
- Start date
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D
Deleted member 226268
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I think Bitcoin and similar is just another short lived trend, which will die out,
an interesting hobby for computer nerds and geeks.
You manage to amass 10,000 ******-coins over a few years, but where are they ?
Out there, on someone's server,....Somewhere.
Dodgy !
Server crash and hackers and there it all is ....... Gone.
What's a coin worth ?, who sets the value of a coin, and against what ?
How many coins equal 1 Oz. Gold ? Who says so ?
A system too volatile and unstable.
Governments will not support it, they cannot tax it, so they will probably shut it all down
if it starts to get too popular.
I think Bitcoin and similar is just another short lived trend, which will die out,
an interesting hobby for computer nerds and geeks.
You manage to amass 10,000 ******-coins over a few years, but where are they ?
Out there, on someone's server,....Somewhere.
Dodgy !
Server crash and hackers and there it all is ....... Gone.
What's a coin worth ?, who sets the value of a coin, and against what ?
How many coins equal 1 Oz. Gold ? Who says so ?
A system too volatile and unstable.
Governments will not support it, they cannot tax it, so they will probably shut it all down
if it starts to get too popular.
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0
Cryptocurrency is like Linux. The have their followers but they are never going to be mainstream. I've just come back from Cambodia, it's a cash society (like much of Asia), until that changes no ****** currency is going to make much headway. I don't thing bicoinland is going to turn up on the high street for a long time.
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- Original Poster
- #10
This is exactly what i like to hear, you're exactly right money is only paper and in its self has no inner value apart from what society has made it to be. The bitcoin is currently worth £237.14 and changes all the time ! the value is worked out by the number of bitcoins on the market which is currently 14 million and 7 million coins left to mine so in total the circulation will be 21,000,000 coins. Major company's such as virgin accept bitcoins aswell this is a huge step in the bit coin industry. There is a great video online where a man spends a day using only bitcoin to do his daily tasks, Its Great!
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M
MASSEY
So you know lots about bitcoin then? I set up a website about bitcoin quite a while ago but never really put much content on it, not worth reading anyway. It's a keyword domain for a term people interested in the coin would search, so it has a future.
But as for the coin itself, i don't think it is an investment or a stable alternative to modern currency, i think it is gambling.
In the time i have been tracking movements in the price if i had bought when i was seriously considering it, i would not be in profit.
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you're exactly right money is only paper
No it's not, the paper is irrelevant.
and in its self has no inner value apart from what society has made it to be.
No that's not why it has value.
The bitcoin is currently worth £237.14 and changes all the time !
Like all currencies and assets.
the value is worked out by the number of bitcoins on the market which is currently 14 million and 7 million coins left to mine so in total the circulation will be 21,000,000 coins.
No it's not.
No it's not, the paper is irrelevant.
and in its self has no inner value apart from what society has made it to be.
No that's not why it has value.
The bitcoin is currently worth £237.14 and changes all the time !
Like all currencies and assets.
the value is worked out by the number of bitcoins on the market which is currently 14 million and 7 million coins left to mine so in total the circulation will be 21,000,000 coins.
No it's not.
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- Original Poster
- #14
you're exactly right money is only paper
But is is paper right?
and in its self has no inner value apart from what society has made it to be.
money became a major determinant of the relative importance and privilege of different classes of people in society. Money has acquired value for the society as a whole.
The bitcoin is currently worth £237.14 and changes all the time !
Like all currencies and assets. *Correct*
the value is worked out by the number of bitcoins on the market which is currently 14 million and 7 million coins left to mine so in total the circulation will be 21,000,000 coins.
Yes it is this is called supply and demand!
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B
boring-friday
I used to mine them ages ago when you could actually make money. I doubt they'll ever be used properly as currency. They aren't regulated atall which is good in a way but also means any broker can 'get hacked' and run away with your money (and they have done). Also its reliant on governments liking it, governments will never like it because its so easy to launder to money
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But is is paper right?
No money is not paper, the vast majority of money doesn't exist as paper and never will.
money became a major determinant of the relative importance and privilege of different classes of people in society. Money has acquired value for the society as a whole.
Copied directly from a poorly written Wikipedia page, meaningless - unless you can explain it.
the value is worked out by the number of bitcoins on the market which is currently 14 million and 7 million coins left to mine so in total the circulation will be 21,000,000 coins.
Yes it is this is called supply and demand!
No it's not. What would happen to the value of bitcoins if 1M disappeared tomorrow? Nothing because they are secret and so no-one knows who has them. Millions of bitcoins could have disappeared already.
No money is not paper, the vast majority of money doesn't exist as paper and never will.
money became a major determinant of the relative importance and privilege of different classes of people in society. Money has acquired value for the society as a whole.
Copied directly from a poorly written Wikipedia page, meaningless - unless you can explain it.
the value is worked out by the number of bitcoins on the market which is currently 14 million and 7 million coins left to mine so in total the circulation will be 21,000,000 coins.
Yes it is this is called supply and demand!
No it's not. What would happen to the value of bitcoins if 1M disappeared tomorrow? Nothing because they are secret and so no-one knows who has them. Millions of bitcoins could have disappeared already.
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It's a nice idea and has its uses, e.g. for fast, global, irreversible transactions. The technology is interesting and it's incredible how much "real" money is invested in it. There's a misconception that it provides anonymity - which generally speaking, it doesn't. I don't use it because I don't think it's practical.
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It has a major disadvantage; its unregulated and the FSCS won't cover an £80K loss of bitcoins like they would with cold hard sterling.
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J
James Woodyatt
About 2 years ago, me and a friend make a large amount of money from Bitcoin, just before the big crash (Im glad we got out when we did).
I would be interested in buying a bit more to have a dabble again - The real money is trying to buy the small coins (Dogecoin for example) and then selling that at a profit.
I would be interested in buying a bit more to have a dabble again - The real money is trying to buy the small coins (Dogecoin for example) and then selling that at a profit.
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I think Bitcoin seems to erratic and confusing for it to catch on in the mainstream, most people assume it's somehow linked to hacking, scamming or other shady behaviour. Of course that's untrue, but the fact that it's generally mentioned in relation to illegal activity on the dark web doesn't help, nor does the unpredictable nature of its value. People are very careful about their money, and I think there's a long way to go before individuals or businesses fully trust such an unknown element. Maybe in a few years some big brands will jump on board but for now I think it'll stay a niche.
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What if this speculative bubble could end with a crash so severe that it destroys faith in the entire sector, driving the investors out, bankrupting the miners who’ve spent thousands or millions on single-purpose hardware that requires a high bitcoin price to turn a profit, and leaving cryptocurrencies as a technological dead-end alongside cold fusion and jetpacks.
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Digital scam
... just a+n other variation on the historical list
There always has been and probably always will be a % of the population that 'gets off' in some way with these kind of pseudo scams.
Whatever social utility there might conceivably have been is inevitably ground to dust by the intrinsic flaws in the concept.
Like TRON GUY ... for as long as there is an internet 'byte scams' will abound!
... just a+n other variation on the historical list
There always has been and probably always will be a % of the population that 'gets off' in some way with these kind of pseudo scams.
Whatever social utility there might conceivably have been is inevitably ground to dust by the intrinsic flaws in the concept.
Like TRON GUY ... for as long as there is an internet 'byte scams' will abound!
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A bubble that might shrink in the future? For sure. A bubble that will burst and then disappear altogether? Not likely. In my opinion, cryptocurrency is definitely here to stay, a lot of the small coins / new projects might not last but those solid ones will continue to strive. Despite the resistance we are facing (as with any kind of revolution in the history), I believe that cryptocurrency will eventually become mass adopted. as regards specifically which ones will, it is hard to say. I might be wrong, but I foresee an exciting future ahead for cryptocurrency.
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I read somewhere, that Bitcoin was attractive when and its value grew when the media were making all the fuss about it. When it was over people started to think, what it actually is and what are the actuall advantages of Bitcoin and then the value started to fall. However it seems that it has become pretty stable in value but in my opinion (i'm not an expert - speaking as a potential owner) the value is too high to buy and too low to sell for most.
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Funny how quickly the noise stopped when its value fell - that's a clear sign of a shallow market
Actually, I can see a limited use for cryptos in some sectors, - low lever cross border transactions and within countries whose currencies are non-transporatable
Unfortunately those countries have a vested interest in blocking cryptos
Most of the noise spouted about FIAT currencies, or 'money is only paper' is alarmist crap from people with a vested interest in driving the price up - or parroted by naive investors who need to justify their decisions - it is this creation of volatile prices that render it worthless as currency.
Actually, I can see a limited use for cryptos in some sectors, - low lever cross border transactions and within countries whose currencies are non-transporatable
Unfortunately those countries have a vested interest in blocking cryptos
Most of the noise spouted about FIAT currencies, or 'money is only paper' is alarmist crap from people with a vested interest in driving the price up - or parroted by naive investors who need to justify their decisions - it is this creation of volatile prices that render it worthless as currency.
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bitcoin is a broken platform, it doesn't work. Mining it was rewarding when it was viable, now it's no longer viable. Fewer people are mining it and therefore the currency rates are skyhigh. Something like 5-6% when I last sent a payment.
As the miners pull out, it will cause the transaction costs to go even higher. This will make the currency even more shady as the only ones willing to eat the 10-15% fees are the illegal markets.
Also the old adage "When the shoeshine boy is giving you stock tips, it’s time to sell", people who have no idea of how ****** works and anything about IT at all, are encouraging each other to get into ****** currency. I think the honeymoon period is over. ****** will either level out where it is now or depreciate.
As the miners pull out, it will cause the transaction costs to go even higher. This will make the currency even more shady as the only ones willing to eat the 10-15% fees are the illegal markets.
Also the old adage "When the shoeshine boy is giving you stock tips, it’s time to sell", people who have no idea of how ****** works and anything about IT at all, are encouraging each other to get into ****** currency. I think the honeymoon period is over. ****** will either level out where it is now or depreciate.
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