Bitcoin

onthebench

I’m far from a Bitcoin cultist but it’s not really like “holding cash” because the trouble with holding cash is that your cash can be rapidly devalued by the government printing more of it. At least with bitcoin you know there’s a finite supply. 

However what the bitcoin fanboys don’t seem to be able to explain to my satisfaction is how it will work as a currency when even today the network is congested just from people trying to trade it as a “commodity”. The Lightning Network is meant to solve that by running another layer over the top for day-to-day transactions that only get settled on the main blockchain in bundled-up chunks. 

But that seems to me like it adds a whole new layer of risk if you don’t know your transaction is actually finalised at the time. 

I too dismissed bitcoin back when I was reading about it in ArsTechnica and The Register nine or ten years ago. Maybe I should have been less sceptical. Even if it is a bubble I would have had ample opportunity to profit from it.

barnstar2077

People say it is better because the government can't just print more of it when they want to.  Don't you think that they print money for a reason though?  What would happen if the government couldn't print money to inject into the economy when it is on the ropes? 

onthebench

You mean when their Eton mates’ banks are on the ropes? Yes that kind of vital quantitative easing would not be possible with crypto, and for that reason governments will probably see to it that crypto is never a success. 

zzzt

barnstar2077 said:

People say it is better because the government can't just print more of it when they want to.  Don't you think that they print money for a reason though?  What would happen if the government couldn't print money to inject into the economy when it is on the ropes? 

The people causing financial crises and the people printing money are the same. It's just a way of enslaving humanity via never ending debt.

bery_451

Currently Bitcoin looks like a great inverse negative correlation to the doom and gloom equity markets are going through right now meaning if FTSE100 or S&P500 crashes then they wont drag bitcoin down too with them.
Even Gold & Silver seem correlated to the equity markets so looks like bitcoin is beating commodities gold/silver.
Bitcoin is expensive now at over £10k, if you think price will go higher then buy now but if you think price will correct lower then wait till it gets lower then buy.
Bitcoin has been around for over 10 years that shows its not dead and retail investors and big investment banks and big hedge fund institutions are starting to take it seriously now.
Bitcoin had a huge crash from £15k to £2k between 2017-2018 which looks like a pump and dump scam but look at it now and it recovered back to over £10k now hence why most are taking it seriously now otherwise bitcoin would have died off in 2018 but its still alive.

Also central banks around the world are like bank of England and the federal reserve are planning to release their versions of crypto bitcoin called 'CBDC' central bank digital currencies so even them are playing catch up to this new crypto trend that we all going into however CBDC's are centralised and is like Paypal where they can freeze or limit your money whenever they feel like it where as bitcoin is decentralised meaning no entity can control your coins. 

hugglerbaby

Oh bery_451 I thought I had made my mind up but, now I am wavering 😅😅thank you for your response. 

Another_Saver

bery_451 said:

Currently Bitcoin looks like a great inverse negative correlation to the doom and gloom equity markets are going through right now meaning if FTSE100 or S&P500 crashes then they wont drag bitcoin down too with them.
Even Gold & Silver seem correlated to the equity markets so looks like bitcoin is beating commodities gold/silver.
Bitcoin is expensive now at over £10k, if you think price will go higher then buy now but if you think price will correct lower then wait till it gets lower then buy.
Bitcoin has been around for over 10 years that shows its not dead and retail investors and big investment banks and big hedge fund institutions are starting to take it seriously now.
Bitcoin had a huge crash from £15k to £2k between 2017-2018 which looks like a pump and dump scam but look at it now and it recovered back to over £10k now hence why most are taking it seriously now otherwise bitcoin would have died off in 2018 but its still alive.

Also central banks around the world are like bank of England and the federal reserve are planning to release their versions of crypto bitcoin called 'CBDC' central bank digital currencies so even them are playing catch up to this new crypto trend that we all going into however CBDC's are centralised and is like Paypal where they can freeze or limit your money whenever they feel like it where as bitcoin is decentralised meaning no entity can control your coins. 

This is getting ridiculous.

[Deleted User]

hugglerbaby said:

Thank you every one for taking the time to respond to my query. Needless to say I won't be putting into bitcoin. 😂😂Once again many thanks. 

I am sorry for your loss.😀 I do invest into Bitcoin, money I can afford to loose if it comes to that. Bitcoin is a risky asset but upside is much much bigger than downside.

chamelion

Try stable coins? Nexo 8% on gbp, crypto.com will find you 12% on TGBP.
This forum isn't the right place to discuss next gen finance... Go to reddit. 

Another_Saver

chamelion said:

Try stable coins? Nexo 8% on gbp, crypto.com will find you 12% on TGBP.
This forum isn't the right place to discuss next gen finance... Go to reddit. 

 r/wallstreetbets is like reading a Twitter exchange between an alt-right Trump militia and a discord safe space for the morally injured.