Bitcoins

It's no coincidence that people who are "anti-gold" or "anti-bitcoin" also tend to be people who celebrate rising house prices as a good thing.

And what it comes down to, and the reason for their antagonism, is leverage.
"Normal", everyday people without capital and reliant on borrowing for their investments only have property with which to make any real "money" and they despise anyone "normal" for making money through other means to which they have no access..

citricsquid wrote: »

This video talks about some interesting problems with the financial system, but it's wrapped in scaremongering and hyperbole that only serves to sell more gold. For example claiming that the way fiat money works is a secret that nobody understands: I've never known anyone that would refuse to understand that fiat money has value because of the government backing. Are there really people that think fiat has intrinsic value?

Also based on the definition in that video, bitcoins are money.

I would debate both those points with but please watch the other episodes of hidden secrets of money first.

Bitcoin is an unbacked currency just like fiat, historically there is 100% chance of going to its intrinsic value of nothing.

Government backing does not give it any intrinsic value, just as bitcoin non governmental or any backing whatsoever does not give it intrinsic vale. If it was backed by something, then it would have intrinsic value of whatever it was backed by. Therefore unbacked currency can not be a long term store of value which makes it currency NOT money.

Satoshi wrote: »

Bitcoin is an unbacked currency just like fiat, historically there is 100% chance of going to its intrinsic value of nothing.

That doesn't make any sense, Dollar, Sterling have not historically gone to nothing, 100% is just plain rubbish. Or am I missing your point?

dryhat wrote: »

It's no coincidence that people who are "anti-gold" or "anti-bitcoin" also tend to be people who celebrate rising house prices as a good thing.

And what it comes down to, and the reason for their antagonism, is leverage.
"Normal", everyday people without capital and reliant on borrowing for their investments only have property with which to make any real "money" and they despise anyone "normal" for making money through other means to which they have no access..

Depends what you mean by 'anti' if you simply mean won't invest, then I certainly fit the bill. I like property because over the long run it provides me with both income and capital gain. I have nothing against those that want to invest in PM or Bitcoin, it's just that I don't want to.

With regards to your 'despise' comment, I think that you need to look at yourself, I really believe that it is you who has a chip on their shoulder towards property investment. Personally I am only concerned on how my investments are doing, I really don't care if you or anyone else makes more out of Bitcoin. Although I happen to know from your posts that you have not, but it wouldn't matter to me in the slightest if you were worth 10 times what I am, why would/should it?

I don't wish you bad luck either, as far as I can see it wouldn't affect me if you went on to make millions from Bitcoin, so good luck to you. But Bitcoin and PM's are not for me, it isn't impossible though if we were in a boom and gold really crashed in value that I might invest a small % of my portfolio, in the hope that in the following recession it might become a bubble, but my interest is limited to that scenario, and it would be limited in scope to 'a small punt'.

csm888 wrote: »

That doesn't make any sense, Dollar, Sterling have not historically gone to nothing, 100% is just plain rubbish. Or am I missing your point?

OK sorry the only fiat currencies that have not gone to nothing are the current ones still in use today. But they are guaranteed to be worthless in the future.