BITCOIN

Frequentlyhere

I've been trying to keep an open mind about it, but I'm afraid it's still at heart an utterly useless thing (Bitcoin et al, rather than blockchain).

The one big thing about it is also it's fatal flaw. What Government in it's right mind would be happy having a shadow digital currency operating out of it's grasp?   Do people really think that they'll just sit idly by and be usurped by an alternative currency? Turkey already quoshed it for one.

Meanwhile, In terms of utility I see that after 12 years of operation I can buy xbox games with it now and Elon Musk has some. 12 years to get that far. <slow clap>

At my most charitable, Bitcoin could perhaps be a sort of digital gold, deflating and reflating of its own accord when speculative bubbles form. But I rather think it'll collapse at some point when the (even) grimier reaches of crypto are exposed.

But of course, me being in my 30's; boomer mentality. Obvs.

HansOndabush

darren232002 said:

No intrinsic value, ponzi scheme, only useful for criminals, environmental disaster - all this rubbish has been debunked in many places online. I can't argue with ignorance, so I won't try. 

But, at what point does your hypothesis that Bitcoin is worthless, a ponzi or whatever other rubbish become invalidated?

In a few months when a good chunk of the S&P500 admit they hold it on their balance sheet instead of cash?
In 6 months when its comfortably sitting above $100k?
In 4 years when it eats the market cap of gold and is worth $10T as an asset class @ $400k/coin?
In 10 years when central banks have it on their balance sheet and its $1m/coin?

Im just asking so that we can fix the goalposts and I know when to come back here and say 'I told you so.'

I'll admit I'm wrong when:

a) it is widely used as a currency to buy/sell things with government approval

b) The exchanges have FCA protection

c) The value is stable enough so you don't have to work out minute by minute what something should cost in buttcoin

or as a store of value when it has proved itself over thousands of years like gold.

I am confident I'll never have to admit I'm wrong.

Scottex99

This has all been answered at least 10 times lol.

1 - Who gives a f@ck about government? Those guys that lets bankers pay themselves 10s of Ms in bonuses every year in moderate/good times and make us pay for it all when the lose everything? Gov cant stop BTC and certainly cant stop smart contracts, you gonna put the internet in jail?

2 - https://www.fca.org.uk/news/press-releases/fca-establishes-temporary-registration-regime-cryptoasset-businesses

3 - STABLECOINS, how many times? Why this fixation on BTC being a currency. A gold bar is useless coz you cant buy coffee with it?

Trust me you're wrong.

On the plus side we just traded 135 BTC a couple hours ago. Traded it to 0 coz its worthless obvs and made 0 revenue 

benbay001

Scottex99 said:

1 - Who gives a f@ck about government? 

Me?

Why, dont you pay income tax or anything?

Scottex99 said:

Trust me you're wrong.

Ow, ok.

Scottex99

Pay it in 3 countries actually.

But why care? They can't stop it anyway

HansOndabush

onthebench said:

HansOndabush said:

Bitcoin is no more an industry than people sitting around a roulette wheel.

No, if you are going to use that analogy then bitcoin is the casino industry, not the players. 

No, using that analogy blockchain is the casino industry, bitcoin is the roulette like I said.

HansOndabush

Scottex99 said:

This has all been answered at least 10 times lol.

1 - Who gives a f@ck about government? Those guys that lets bankers pay themselves 10s of Ms in bonuses every year in moderate/good times and make us pay for it all when the lose everything? Gov cant stop BTC and certainly cant stop smart contracts, you gonna put the internet in jail?

2 - https://www.fca.org.uk/news/press-releases/fca-establishes-temporary-registration-regime-cryptoasset-businesses

3 - STABLECOINS, how many times? Why this fixation on BTC being a currency. A gold bar is useless coz you cant buy coffee with it?

Trust me you're wrong.

On the plus side we just traded 135 BTC a couple hours ago. Traded it to 0 coz its worthless obvs and made 0 revenue 

1) Most sensible people do. The Gov't certainly can ban bitcoin if they want to; Turkish gov't have just banned crypto payments. If others follow suit then you are only left with the crims using non-gov't crypto.

2) - https://www.fca.org.uk/news/news-stories/fca-warns-consumers-risks-investments-advertising-high-returns-based-cryptoassets

and

 - https://www.theguardian.com/business/2021/jan/11/bitcoin-be-prepared-to-lose-all-your-money-fca-warns-consumers-risk-productis-cryptoassets

3) Why this fixation on BTC - umm your question was about bitcoin (BTC):

Quote: "But, at what point does your hypothesis that Bitcoin is worthless, a ponzi or whatever other rubbish become invalidated?"

benbay001

Scottex99 said:

Pay it in 3 countries actually.

But why care? They can't stop it anyway

You pay it because you would likely go to prison if you didnt.

Likewise, why use (the hypothetically outlawed) BTC if you can just as easily use the newly created and perfectly legal WesternGovtCoins and not get in trouble?

At some point the transaction between you and the supermarket, or you and the house vendor will involve a transaction between BTC and FIAT currency, which will be perfectly traceable.

Scottex99

"If they invest in schemes that promise high returns" i.e scams.

That goes without saying, in any investment, there's no guarantee of profit.

I trade millions every week, would tell anyone who will listen that BTC/ETH and some good alts are a great long term play but not once promise anyone that they're guaranteed to make money. Everyone I know that has coins, has made money but it would be daft to promise it to anyone.

UK gov isn't banning it and they couldn't. You can shut people's banks if they off ramp into fiat from it, shut down exchanges etc, you literally cannot stop me sending BTC to anyone right this second. Decentralised, that's the point

HansOndabush

If no one will accept payments from crypto exchanges and you can't buy anything with crypto then you're goosed.