BITCOIN

Ibrahim5

I have never bought any crypto but there are now over 6000 currencies and the number is increasing exponentially. There must be more to be made by buying new currencies rather than well established ones. If I pick the right one I could be a billionaire. What when there are more currencies than people? Can we all have our own currency?

terratus

Ibrahim5 said:

I have never bought any crypto but there are now over 6000 currencies and the number is increasing exponentially. There must be more to be made by buying new currencies rather than well established ones. If I pick the right one I could be a billionaire. What when there are more currencies than people? Can we all have our own currency?

Smaller coins/tokens provide more upside but only if they actually achieve what they set out to do. The majorty of people allocate part of their portfolio between large/mid/small cap projects, could be 50/30/20 for example.

When regulations come in I believe a lot of coins will cease to exist overtime (for starters the thousands of completely useless meme/joke tokens). Knowing the 'right' coins to invest in is obviously key, as with investing in non-crypto companies.

Scottex99

Ibrahim5 said:

I have never bought any crypto but there are now over 6000 currencies and the number is increasing exponentially. There must be more to be made by buying new currencies rather than well established ones. If I pick the right one I could be a billionaire. What when there are more currencies than people? Can we all have our own currency?

Over 10,000 at last count, 90% will never do anything and will be worth 0.

The good ones have already done well and will continue to do so, in theory

Malthusian

Ibrahim5 said:

I have never bought any crypto but there are now over 6000 currencies and the number is increasing exponentially. There must be more to be made by buying new currencies rather than well established ones.

That is the penny share scammer's fallacy. A 1p share is no more likely to go to £1 than a £1 share is to go to £100. The same applies to crypto tokens.

The vast majority of new tokens will dump to zero, just as most penny shares go nowhere or bust. I don't think it will ever happen to Bitcoin or the other cryptos with a critical mass, any more than gold will ever dump to its pure industrial value. As a counterexample, AAPL was a well established company that had mooched around for decades before it went to the moon.

The potential upside of any crypto is the same, infinity. The chance of any crypto going up by any given amount is essentially random.

If I pick the right one I could be a billionaire.

If you can find people willing to lose a billion quid in your new crypto, then sure, no reason why not. Punters' money in == punters' money out.

What when there are more currencies than people? Can we all have our own currency?

Of course you can. Takes fifteen minutes to set up your own ERC-20 scatcoin or on any other blockchain of your choosing.

The number of limited companies in the UK is growing at a significantly faster rate (8%) than the population (0.5%). It is therefore inevitable that some day there will be more limited companies in the UK than people. (Statistically speaking at least, let's leave logic out of this.) There is no reason the same can't be true of cryptos.

Malthusian

Binance refuses to disclose information to the FCA including who is behind it, remains banned from regulated activities in the UK

Nothing to see here bros.

thegentleway

Bitcoin came up on one of the podcasts I listen to which might be of interest to people following this thread:

Debate: Bitcoin vs Gold with Anthony Scaramucci and Peter Schiff
https://podcasts.apple.com/gb/podcast/intelligence-squared/id708371900?i=1000532920960

Zola.

https://twitter.com/BitcoinMagazine/status/1430937931993202706

Its probably nothing

tranquility1

tranquility1 said:

BlackRock and Lloyds buying up residential properties too.

When these in-the-know institutions start parking their money in hard assets you should know something is about to happen.

1 in 7 residential homes in the USA were bought by institutions such as BlackRock in Q1.

Adyinvestment

I wish Bitcoin would actually do something and stop doing this lazy sideways crab walk for weeks, this is supposed to be a highly volatile asset!

Scottex99

And your wish is granted....