Bitcoin

markj113

George_Michael said:

markj113 said:

You do realise a hardware wallet requires physical access to the device and the pin number to access the funds?

markj113 said:

A simple hardware wallet keeps digital currency 100% safe.

 And you do realise that anything that requires physical access to can be lost or damaged.
https://www.cnbc.com/2017/12/20/man-lost-127-million-worth-of-bitcoins-and-city-wont-let-him-look.html

I'm sure that the man concerned sleeps happily knowing that his digital currency is 100% safe buried under many tons of rubbish.

as per my previous post, read up on what a seed phrase is for a hardware wallet.

also throwing away a hard drive containing a digital wallet is no different to throwing away a safe or wallet of cash.

another example of someone that thinks they know what they are talking about.

chucknorris

chamelion said:

EdGasketTheSecond said:

chamelion said:

EdGasketTheSecond said:

Can someone explain in simple terms what 'value' bitcoin has apart from being one of an elaborate set of unique numbers?

what value does a £50 note have, other than being some numbers printed on paper?

You know that a £50 note, at least in the short term, can be exchanged for goods and services to the value of approximately £50 because it is accepted as legal tender, backed by banks, backed by the uk government and accepted almost anywhere in the UK.

Anyway that was not my question. I assume by your reply that you are unable to answer it.

My visa debit card, tied to a cryptocurrency, is also legal tender, backed by a financial institution that is regulated. I top up the card with crypto (or can bank transfer), pay for a product, and am paid crypto as a reward. So the £50 sainsbury shop yesterday earned me £5 worth of crypto which I could immediately sell and credit my card account with for future spending. 
Given it's visa, it's applicable globally. 

So, my reply wasn't being unable to answer it. it was a poke at how stupid the question was. 

But what annual yield (income) do you get from your Bitcoin? We get approx £200k per annum (approximates to about 4.5% which excludes obviously lower returns from safer savings accounts) from equities, property and corporate bonds, as far as I can see there is no yield, so why is it value, given that the lack of income is a huge downfall?

George_Michael

markj113 said:

as per my previous post, read up on what a seed phrase is for a hardware wallet.

also throwing away a hard drive containing a digital wallet is no different to throwing away a safe or wallet of cash.

another example of someone that thinks they know what they are talking about.

No, just someone who has a different opinion to you.
If I lose my wallet, i will lose about £100 at the most and I wonder how many people have thrown away a wallet or safe containing millions of £s.

Even if it is the same as throwing away a wallet or safe, I don't remember anyone stating that a wallet or a safe keeps the contents "100% safe".

markj113

George_Michael said:

markj113 said:

as per my previous post, read up on what a seed phrase is for a hardware wallet.

also throwing away a hard drive containing a digital wallet is no different to throwing away a safe or wallet of cash.

another example of someone that thinks they know what they are talking about.

No, just someone who has a different opinion to you.
If I lose my wallet, i will lose about £100 at the most and I wonder how many people have thrown away a wallet or safe containing millions of £s.

Even if it is the same as throwing away a wallet or safe, I don't remember anyone stating that a wallet or a safe keeps the contents "100% safe".

You are missing my point.

You create a hardware wallet using a seed phrase.

If that wallet becomes lost/damaged/malfunctions you can recreate it on a new hardware wallet or software based wallet using that same seed phrase.

So the statement " And you do realise that anything that requires physical access to can be lost or damaged."

is misinformed nonsense.

jonnygee2

The whole central banking model has failed and is now propped up with nothing more than never ending currency printing inflating everything into a !!!!!! bubble.

Oh come on, no one can surely be naive enough to think this?

The point of a central bank is that it creates something of a sense of stability in the currency. Without a central bank you get what you get with Bitcoin - it may be worth four times less one week than it was the week before, or vice versa -and rises and falls of 50% or more are commonplace. This is clearly unsustainable for something to be in mainstream use as a currency. 

It's a novelty 'investment' with no yield and no predictability, and that's really all it is.

markj113

jonnygee2 said:

The whole central banking model has failed and is now propped up with nothing more than never ending currency printing inflating everything into a !!!!!! bubble.

Oh come on, no one can surely be naive enough to think this?

The point of a central bank is that it creates something of a sense of stability in the currency. Without a central bank you get what you get with Bitcoin - it may be worth four times less one week than it was the week before, or vice versa -and rises and falls of 50% or more are commonplace. This is clearly unsustainable for something to be in mainstream use as a currency. 

It's a novelty 'investment' with no yield and no predictability, and that's really all it is.

Central banks just print trillions and have done so since the last financial crisis and use their money created from nothing to prop up the markets, its just one big, artifical bubble which I believe we are now getting close to popping.

Take 1 look at the US debt clock and tell me thats a healthy financial state for a country:

https://www.usdebtclock.org/

I currently have a substantial amount of physical gold which is hovering around all time highs (up around 40% Y2D) and I sleep easy at night.

Username999

chucknorris said:

But what yield do you get from your Bitcoin? We get approx £200k per annum (approximates to about 4.5% which excludes obviously lower returns from safer savings accounts) from equities, property and corporate bonds, as far as I can see there is no yield, so why is it value, given that the lack of income is a huge downfall?

The same yield as from Gold, Euros, Google shares, etc, etc.
(you do get a share of any Forks, I have received one to date). 

coyrls

markj113 said:

I currently have a substantial amount of physical gold which is hovering around all time highs (up around 40% Y2D) and I sleep easy at night.

I am gald you sleep easy at night but how is your physical gold going to save you when the bubble "pops"?

chucknorris

Username999 said:

chucknorris said:

But what yield do you get from your Bitcoin? We get approx £200k per annum (approximates to about 4.5% which excludes obviously lower returns from safer savings accounts) from equities, property and corporate bonds, as far as I can see there is no yield, so why is it value, given that the lack of income is a huge downfall?

The same yield as from Gold, Euros, Google shares, etc, etc.
(you do get a share of any Forks, I have received one to date). 

There is no annual 'yield' ( as in income) from gold, (as in dividend or rental income or interest) there is only related capital gains or losses (unless you are talking about dividend income from related mining equities) if you cannot understand that basic principal, you need to read up more about investment before contributing to forums.

markj113

coyrls said:

markj113 said:

I currently have a substantial amount of physical gold which is hovering around all time highs (up around 40% Y2D) and I sleep easy at night.

I am gald you sleep easy at night but how is your physical gold going to save you when the bubble "pops"?

Flight to safety pushing prices significantly higher at which point I'll sell up and buy property etc.