A salient lesson for those jumping onto financial bandwagons

Linton

dryhat wrote: »

Yes and pay £100s of billions a year in fees to bankers, lawyers, accountants and other petty beureucratic parasites for the privilege of doing something which can now be done for a fraction of the price.

.....

Really? How would a Bitcoin mortgage work? Wouldnt bankers be involved? What about investment money for business - again bankers etc. Does Bitcoin mean the demise of all savings accounts? I dont see how Btcoins would dispense with accountants - a company still needs to manage its wealth. Lawyers deal with laws and contracts, why do they disappear with Bitcoin?

dryhat

Linton wrote: »

Really? How would a Bitcoin mortgage work? Wouldnt bankers be involved? What about investment money for business - again bankers etc. Does Bitcoin mean the demise of all savings accounts? I dont see how Btcoins would dispense with accountants - a company still needs to manage its wealth. Lawyers deal with laws and contracts, why do they disappear with Bitcoin?

I didn't say any of these people will disappear.

But their numbers and role in a future economy as described would evolve beyond recognition. Some of the functions they now perform would become obsolete or be capable of being done a lot cheaper.

Again, this is just conjecture. But the fact remains that the technology allows for such scenarios.

bugbyte_2

At the risk of being flamed......

I remember we used to warn them about buying into bubbles, and even when the Gold price started falling they claimed it was a "Buying opportunity". It's fine to buy into a rising asset class, jumping onto a bandwagon. You just need to know when to get off it!

One of the arguments used in this thread is that you are somehow stupid to buy into a falling market. Isn't this what we do? or have I missed something? Catching an asset at the bottom of its cycle is the ultimate aim of all of us. Note the word cycle.

Edit - BTW I don't care for Bitcoins I am fairly certain they will disapear at some future point, but I have some long term exposure to Gold brought well before the market high which I have no intention of selling soon.

Graham_Devon

grizzly1911 wrote: »

The vast majority of potential investors/speculators couldn't really care.

Appears to me that those who care the most are those who wouldn't dream of buying them.

mayonnaise

dryhat wrote: »

What is not in doubt though is that Bitcoin allows things to happen that were never before possible.

Yes, like whole trading platforms vanishing in thin air :rotfl:

http://www.zdnet.com/hong-kong-bitcoin-trading-platform-vanishes-with-millions-7000023039/

more than 30 million yuan from 500 investors, many of whom sold homes to get in the virtual currency trade, could never be retrieved.

funny stuff.

(PS: and this is just one of the latest....Google Tradefortress, Bitcoinica, Bitomat..etc...for more of the same )

MFW_ASAP

Graham_Devon wrote: »

Appears to me that those who care the most are those who wouldn't dream of buying them.

Exactly, especially with housing bubbles Graham,

LOL, what a spectacular own goal!! :rotfl:

atush

jimjames wrote: »

Anyone want some tulips? Guaranteed to grow (maybe not in value anymore though)

I always think of Tulips (and the Spice islands) when I think of bitcoins and bubbles lol.

There are always enough Fads to supply the Fanatics.

bugbyte_2

MFW_ASAP wrote: »

Exactly, especially with housing bubbles Graham,

LOL, what a spectacular own goal!! :rotfl:

Not really. When there is a housing crash, you still have a house, and after all, the main purpose of buying a house is to have somewhere to live as opposed to a cardboard box or a ditch. Inevitably, if you wait long enough whatever value you 'lost' (and it is all relative anyway as if you sold you would still need to buy) will be regained in the next upturn.

MFW_ASAP

bugbyte wrote: »

Not really. When there is a housing crash, you still have a house, and after all, the main purpose of buying a house is to have somewhere to live as opposed to a cardboard box or a ditch. Inevitably, if you wait long enough whatever value you 'lost' (and it is all relative anyway as if you sold you would still need to buy) will be regained in the next upturn.

Sorry, you don't understand the reference with that particular poster and others in his 'gang'. Suffice to say that they have spent years on this house price forum and other house price forums (notably HPC) with tens of thousands of posts about houses, and they still refuse to buy a house "because they are too expensive".

Therefore the statement "Appears to me that those who care the most are those who wouldn't dream of buying them." was a wonderful own goal on his part. :rotfl:

bugbyte_2

O-diddly-oaky