Bitcoin

blue_max_3

Anyone want to buy at ground level of my new currency, coinbit. Going to be huge!!!
Any journalists who sign up will get an automatic doubling of their investment. Limited time offer.
You have to walk a round your garden a hundred times and get one coinbit. This will lengthen over time.
Send all payments to my mate. You know the guy if you're in the 'know'.
Don't miss out!

Malthusian

Username999 said:
All investing is a Gamble it's always a 50:50 probability.

This is an example of what is technically known as a "f--- you mum" argument. If you argue with someone who is advocating something stupid (e.g. handing real money to serial entrepreneurs for made-up Ponzi points in an attempt to get rich quick), at first they will counter with the best logical-sounding argument that they can come up with. E.g. "Cryptocurrencies will rocket in value when they reach mass adoption". When you demolish this argument ("the masses will never use something as a currency if its value fluctuates wildly, especially not if it's in deflation") they deploy their weaker arguments (if they were stronger they'd've used them first). E.g. "Cryptocurrency can't be controlled by Governments".

When you demolish these arguments, eventually they come up with an argument so obviously nonsensical that it doesn't even need a response as it's the equivalent of "2 + 2 = 5" (e.g. "all investments are a 50:50 gamble whether they're made-up Ponzi points or globally diversified portfolios of real assets"). It's the point at which you give up on arguing rationally and instead say "I know what I want is irrational, but I don't care because I want to get rich quick". It's the equivalent of saying "f--- you mum, I'll do what I wan'".

Malkytheheed

Crypto has been around for how long now? 15years or so? And we are always being told "it's just about to take off". 

Well obviously it's not. Because it hasnt. And why hasn't it? Because there is no NEED for it. There is no real demand for it. It serves no purpose. Sure it's an interesting concept. But that's where it stays. 

barnstar2077

Malkytheheed said:

Crypto has been around for how long now? 15years or so? And we are always being told "it's just about to take off". 

Well obviously it's not. Because it hasnt. And why hasn't it? Because there is no NEED for it. There is no real demand for it. It serves no purpose. Sure it's an interesting concept. But that's where it stays. 

I think you may be right.  I can use my money online already, what advantage does crypto offer me?  It would seem the only people singing it's praises are the people who have a vested interest in it becoming more popular.

People are always looking for the next get rich quick scheme, because although slow and steady wins the race, it is boring and people think that it takes too long.

RichTips

Malkytheheed said:

Crypto has been around for how long now? 15years or so? And we are always being told "it's just about to take off". 

Well obviously it's not. Because it hasnt. And why hasn't it? Because there is no NEED for it. There is no real demand for it. It serves no purpose. Sure it's an interesting concept. But that's where it stays. 

Malkytheheed said:

Crypto has been around for how long now? 15years or so? And we are always being told "it's just about to take off". 

Well obviously it's not. Because it hasnt. And why hasn't it? Because there is no NEED for it. There is no real demand for it. It serves no purpose. Sure it's an interesting concept. But that's where it stays. 

I think you may be right.  I can use my money online already, what advantage does crypto offer me?  It would seem the only people singing it's praises are the people who have a vested interest in it becoming more popular.

People are always looking for the next get rich quick scheme, because although slow and steady wins the race, it is boring and people think that it takes too long.

Your perspectives are insular. You may have no need for a censorship resistant digital currency, being (I assume) pretty well-off and catered for by banks dealing in relatively stable fiat currencies in a relatively liberal country, but others might. What's more, hop on over to the Budgeting and Bank Accounts forum to see people whose experiences with institutions that allow them to "use [their] money online" has been less than ideal. You only realise you NEED self-custody of your finances when it becomes apparent you're being denied access to them.

On a side note, I recommend in all your endeavors that you try and think outside of your cosy little boxes so that you have a greater chance of seeing value in places you hadn't anticipated. Doing so may help you make better returns on your investments. 

kuratowski

RichTips said:

You may have no need for a censorship resistant digital currency, being (I assume) pretty well-off and catered for by banks dealing in relatively stable fiat currencies in a relatively liberal country, but others might.

And there you have just explained exactly why cryptocurrencies will never go mainstream.  Most people, the ones having money they have obtained by legitimate means, and who are not trying to hide it from their governments, don't need them.

Malthusian

RichTips said:

On a side note, I recommend in all your endeavors that you try and think outside of your cosy little boxes so that you have a greater chance of seeing value in places you hadn't anticipated.

Ok bagholder.

The idea that governments can't get muh Bitcoin is one of the sillier myths.

During the last Bitcoin boom, transactions in Bitcoin took days (unless you paid a massive premium) even though it was still only being traded between a small minority of get-rich-quick speculators, in contrast to the mainstream payment networks which process billions of transactions near-instantly. If you are having problems with your bank then adding non-GDPR-compliant cruft to all your transactions is not a solution.

Duke203

Of course investing is a 50:50 chance. By saying it's 50:50, you are admitting that you don't know what is going to happen in the future, and this is correct. You don't know. Anyone who says they have a more precise value is lying. Fortune telling is not real.

As for the national lottery point, that is not 50:50 because you have perfect information on what the chances actually are. Do you have perfect information on the performance of any investment? No? Then it's 50:50.

On topic, I have several Bitcoin. I'd say it's 50:50 on it going to zero, or to £1m each :-) I'll return to this thread immediately if it's the latter and look forward to talking to a couple of you. I'll have plenty of time to chat then!

Bravepants

RichTips said:

Malkytheheed said:

Crypto has been around for how long now? 15years or so? And we are always being told "it's just about to take off". 

Well obviously it's not. Because it hasnt. And why hasn't it? Because there is no NEED for it. There is no real demand for it. It serves no purpose. Sure it's an interesting concept. But that's where it stays. 

Malkytheheed said:

Crypto has been around for how long now? 15years or so? And we are always being told "it's just about to take off". 

Well obviously it's not. Because it hasnt. And why hasn't it? Because there is no NEED for it. There is no real demand for it. It serves no purpose. Sure it's an interesting concept. But that's where it stays. 

I think you may be right.  I can use my money online already, what advantage does crypto offer me?  It would seem the only people singing it's praises are the people who have a vested interest in it becoming more popular.

People are always looking for the next get rich quick scheme, because although slow and steady wins the race, it is boring and people think that it takes too long.

Your perspectives are insular. You may have no need for a censorship resistant digital currency, being (I assume) pretty well-off and catered for by banks dealing in relatively stable fiat currencies in a relatively liberal country, but others might. What's more, hop on over to the Budgeting and Bank Accounts forum to see people whose experiences with institutions that allow them to "use [their] money online" has been less than ideal. You only realise you NEED self-custody of your finances when it becomes apparent you're being denied access to them.

On a side note, I recommend in all your endeavors that you try and think outside of your cosy little boxes so that you have a greater chance of seeing value in places you hadn't anticipated. Doing so may help you make better returns on your investments. 

https://www.gov.uk/guidance/check-if-you-need-to-pay-tax-when-you-sell-cryptoassets

RichTips

Again with the insularity. I can do strawmen too. I don't think "most people" would appreciate the value of their savings depreciating rather than buying an asset you can (bag)hold in the UK legally and transact across borders while maintaining absolute control and trade in using government guidance on the appropriate taxation regulations to follow.

I appreciate how assuming the worst in those with whom you disagree is a typical response of a prejudiced mindset, it doesn't make it any less yawn-inducing though.