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Bitcoins/Cryptocurrency

edited 30 November -1 at 1:00AM in Savings & Investments
227 replies 28.8K views
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  • fun4everyonefun4everyone Forumite
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    Aegis wrote: »
    A good investment is one where an expected increase in value comes from a fundamental reason. There's no such thing in bitcoin

    Honestly, it really is incredible the lack of understanding. You will realise what is happening eventually.
  • AegisAegis Forumite
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    Honestly, it really is incredible the lack of understanding. You will realise what is happening eventually.
    So far not a single person has been able to explain what fundamental reason there is for the increase in bitcoin price. Perhaps, rather than insulting opposing views, you might actual try to be the first?
    I am an Independent Financial Adviser
    Anything I say on the forum is for discussion purposes only and should not be construed as personal financial advice. It is vitally important to do your own research before acting on information gathered from any users on this forum.
  • fun4everyonefun4everyone Forumite
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    Aegis wrote: »
    So far not a single person has been able to explain what fundamental reason there is for the increase in bitcoin price. Perhaps, rather than insulting opposing views, you might actual try to be the first?

    I am not wishing to insult anyone. The point about lack of understanding on bitcoin is valid to anyone glancing at some of the posts about it on these forums. Bitcoin and everything that goes with it is here to stay, it is more than just "money", there are multiple advantages. It is kind of like the internet all over again which is why I understand comparisons to the dot com boom (I am old enough to remember that stinker of a crash).

    It is possible that bitcoin one day does go to to nothing but you can say that about any currency. There is a reason bitcoin was launched straight after the gfc. Banks are constantly being bailed out (Deutsch bank rumours last year). There are many problems with the monetary system and the potential of crypto in this area is one of the reasons for the surge. I am not saying bitcoin as we know it today solves all these problems but it is like what the internet did for information.

    This video is a pretty good starting point for learning for anyone who does want to understand and not just dismiss it with 0 thought.

    https://www.youtube.com/watch?v=l1si5ZWLgy0&app=desktop
  • markj113markj113 Forumite
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    Let's say you decide to pay for legitimate goods using Bitcoins, a car at 2 bitcoins for example. Clearly vendor will want to see money first, you transfer him the 2 bitcoins. He claims he never got them - AFAIK you've no comeback (not unless you hire a hitman, using real cash so you don't get scammed twice)


    Would you not have the vendors bitcoin payment address in writing?

    You can then prove payment was sent by checking that address using any of the multiple blockchain explorers available.

    p.s. cars are already sold for bitcoin.
  • AegisAegis Forumite
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    I am not wishing to insult anyone.

    If this is the case, then I suggest one of two strategies when replying to opposing posts:
    1. provide an actual answer to points raised, using sources if appropriate
    2. avoid commenting that someone flat out doesn't understand an issue when you have made no effort to show how that is the case

    If you simply comment that someone has a complete lack of understanding, all you are doing is insulting, whether that is your intention or not.

    The point about lack of understanding on bitcoin is valid to anyone glancing at some of the posts about it on these forums.

    Not true. I've been following bitcoin for done tone and I don't believe it's an investment, but rather a demonstration of a new technology that has gotten completely out of hand.
    Bitcoin and everything that goes with it is here to stay, it is more than just "money", there are multiple advantages.

    I don't for a second doubt that the technology demonstrated in bitcoin will continue to be used and may change how money works, but that doesn't mean that bitcoin is a good investment. If anything, given the issue with scale that bitcoin has, it is a strong indicator that a successor technology will become much more mainstream, probably with better control over the value of each unit to stop wild speculation from getting enormous volatility in the price.

    I do see a lot of people arguing that bitcoin is a great investment because the technology is revolutionary, but that assume that buying the coins is investing in the intellectual property of the block chain, which simply isn't true.

    As such, people are "investing" in a product of new technology, not in the technology itself.
    I am an Independent Financial Adviser
    Anything I say on the forum is for discussion purposes only and should not be construed as personal financial advice. It is vitally important to do your own research before acting on information gathered from any users on this forum.
  • fun4everyonefun4everyone Forumite
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    Aegis wrote: »
    If this is the case, then I suggest one of two strategies when replying to opposing posts:

    [*]provide an actual answer to points raised, using sources if appropriate


    Which is what I have done, you put words in my mouth claiming I was insulting.
    What you found insulting is your lack of knowledge is being exposed. All your posts on bitcoin just say "it has no value". No reasoning and no thought or understanding.

    Enjoy the crypto revolution, it is happening.
  • IanStIanSt Forumite
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    Bitcoin and everything that goes with it is here to stay...

    Just like crime, drugs and rock n' roll :)
    It is possible that bitcoin one day does go to to nothing but you can say that about any currency.

    I'd say that the chances of bitcoin and the other crypto currencies going to nothing (or close to nothing) is a lot higher than the chances of any of the main currencies going to nothing. Yes there are currencies ravaged by inflation, but that is a known risk and country specific rather than being a greater-fool issue.
  • edited 2 December 2017 at 1:09PM
    AegisAegis Forumite
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    edited 2 December 2017 at 1:09PM
    Which is what I have done, you put words in my mouth claiming I was insulting.
    What you found insulting is your lack of knowledge is being exposed. All your posts on bitcoin just say "it has no value". No reasoning and no thought or understanding.

    Enjoy the crypto revolution, it is happening.

    Oh, do stop trolling.

    It is clear that noone "investing"in bitcoin can give a rational explanation why it should continue to go up in value other than "because it's going up in value". All other attempted explanations focus entirely on the wrong facts.
    I am an Independent Financial Adviser
    Anything I say on the forum is for discussion purposes only and should not be construed as personal financial advice. It is vitally important to do your own research before acting on information gathered from any users on this forum.
  • fun4everyonefun4everyone Forumite
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    Aegis wrote: »
    It is clear that noone "investing"in bitcoin can give a rational explanation why it should continue to go up in value other than "because it's going up in value". All other attempted explanations focus entirely on the wrong facts.

    I gave you the explanation, along with a very good video on the subject. If you can't see whats happening or you disagree that any of that has value then that is fine. Bitcoin has proved you and many others completely wrong so far.
  • pawlalapawlala Forumite
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    Zola. wrote: »
    oh to have a time machine!

    That ship has long sailed... probably!
    Nay - that ship has only just docked!

    Just wait and see what happens when Amazon starts accepting cryptocurrencies.
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