Bitcoin

barnstar2077

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. 

You are right, in that I am not poor or from a third world country.  Although I can see the attraction for someone in the third world (or in a country run by a dictator) to have an independent digital currency, I still don't see the current offering as being it though.  If I scrimped and scraped a meagre living collecting tins and plastic bottles to sell for recycling for thirty years on a landfill in India I wouldn't want to be paid in a currency that fluctuated so violently.  If ten years from now banking has been replaced in the west then I will admit my poor judgement, but somehow I don't think that will happen. 

bowlhead99

RichTips said:

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.

How many separate forum accounts have you gone through in the decade or so that crypto investments have been discussed here?  I'm still on my first, but I do see people come and make a lot of noise about the next big thing, start insulting others who don't buy their particular brand of kool-aid ,and eventually get banned and have to set up a new account to keep 'educating' the prejudiced masses on why Crypto is a credible alternative to mainstream investing / saving / cash depositing.

Yawn, etc.

RichTips

The price of Bitcoin in Argentinian pesos is almost double what it was when it reached its all-time-high in GBP. If you consider Argentina simply a "third world country" populated solely by bottle and tin collectors there's no helping you.

P.S. In your mind, barnstar, does everything with the capacity to hedge against inflation have to replace the Western banking system to fulfill that purpose? 

RichTips

bowlhead99 said:

RichTips said:

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.

How many separate forum accounts have you gone through in the decade or so that crypto investments have been discussed here?  I'm still on my first, but I do see people come and make a lot of noise about the next big thing, start insulting others who don't buy their particular brand of kool-aid ,and eventually get banned and have to set up a new account to keep 'educating' the prejudiced masses on why Crypto is a credible alternative to mainstream investing / saving / cash depositing.

Yawn, etc.

Perhaps you could petition to the admins the notion that they change the forum name to "Mainstream Savings and Investments". 

Linton

RichTips said:

The price of Bitcoin in Argentinian pesos is almost double what it was when it reached its all-time-high in GBP. If you consider Argentina simply a "third world country" populated solely by bottle and tin collectors there's no helping you.

P.S. In your mind, barnstar, does everything with the capacity to hedge against inflation have to replace the Western banking system to fulfill that purpose? 

I think you will find the price of a argentinian peso in £ is almost half what it was when bitcoin reached its all time high in GBP

Malthusian

RichTips said:

The price of Bitcoin in Argentinian pesos is almost double what it was when it reached its all-time-high in GBP.

Argentinians are perfectly capable of accessing global financial markets and investing in global equities if they want to protect their wealth against the devaluation of the peso, in exactly the same way as a British MSEr who wants to protect their wealth against inflation would. All you have to do is load up your burro with a few sacks of flour, write "Compre Vanguard Vidastrategia por favor" on the side, and give it a good smack on the !!!!!! in the direction of the Buenos Aires Stock Exchange. They already have better solutions to the problem you've tried to invent for Bitcoin to solve. 

Argentina may not be the most developed country but that doesn't mean everyone in it wants to get rich quick trading crypto points and is itching to pump the price of Bitcoin.

You're trying to convince us that Bitcoin is a great investment, despite losing half its value since the last pump, because it's still up compared to the Argentinian peso. Sure, why not.

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.

If they don't appreciate the value of their savings depreciating a few percent a year they're definitely not going to appreciate their savings collapsing by more than half when Bitcoin goes into another dump.

RichTips

Argentinians are perfectly capable of accessing global financial markets and investing in global equities if they want to protect their wealth against the devaluation of the peso, in exactly the same way as a British MSEr who wants to protect their wealth against inflation would.

This is false and would be clear to anyone who had conducted even cursory research.

Malthusian

So Argentina is populated by bottle and tin collectors with no retail financial system? Ok bagholder.

RichTips

Malthusian said:

So Argentina is populated by bottle and tin collectors with no retail financial system? Ok bagholder.

Ehhh, is that a concession that Argentinians do in fact face greater restrictions on their access to global financial markets or a continued insistence they don't despite ample evidence to the contrary? Your vitriol is clouding your statements. 

Malkytheheed

People who back bitcoin on forums think they are so edgy, and educated and superior. Like we all missed the truth. 

Much the same as those who go around saying the earth is flat or that vaccines cause autism. 

There must be a bitcoin echo chamber on Reddit you can go back to?