BITCOIN

HansOndabush

The trouble is that the Bitcoin 'evangelism' will likely pull in some savers who should really be in National Savings and will likely suffer badly when Bitcoin crashes. Happens with all financial bubbles.

Scottex99

National Savers savoring that sweet 0.41% APY, lovely stuff.

It is very polarising, that's true. I'm not seeing much in the way of evidence of why it must be a ponzi, a bubble, or why it's facepalm-able.

Main thing for me is not being the slightest bit curious? Not at all? Ive been shilling to my no coiner mates for 3 years, in the last year they started listening, everyone is making good % returns now. Obviously there are pullbacks too. Many of them.

I've maybe done 20-30x in last 12 months, but that included at least 5 serious pullbacks. Some people are not cut out for it, some are.

How about we just say, BTC goes below $10k, you guys win, its a bubble. BTC goes above $100k, which it will, I'll come back here and gloat like fck.

Oh and new ETH ATH today btw 

Cheers 

benbay001

Scottex99 said:

in the last year they started listening, everyone is making good % returns now. 

Can you explain who you think they are profiting from exactly?

Another quick question, what did you do before you worked in crypto? Were you a double glazing salesman?

Scottex99

benbay001 said:

Scottex99 said:

in the last year they started listening, everyone is making good % returns now. 

Can you explain who you think they are profiting from exactly?

Another quick question, what did you do before you worked in crypto? Were you a double glazing salesman?

Eh? We have a little fund for fun. I manage it and just keep track of the progress, 200% ish up in 3 months. They have their own "coins" on Rev/eToro/CB now too.

Banking, taught English for a year.

We're getting nowhere fast with this anyway.

100 quid, BTC is closer to $100k than $10k by end of year. Loser pays winners charity..... happy to pay multiple boomer no coiners if I have to 

onomatopoeia99

benbay001 said:

Scottex99 said:

in the last year they started listening, everyone is making good % returns now. 

Can you explain who you think they are profiting from exactly?

I bought my car for £600.  13 years on, I could sell it today for £6,000 (probably quite a bit more).  If I do, who am I profiting from?

More to the point, why does it matter?

I've never bought or sold any cryptocurrency, but am intrigued by some of the arguments being put forth here.  The other one is "intrinsic value", that gets mentioned quite a lot.  What is the intrinsic value of some bits of wood, canvas and paint?  You might think nothing, but just such sold for about $450 million at Christies not too long ago.  Again, why does it matter?

benbay001

onomatopoeia99 said:

benbay001 said:

Scottex99 said:

in the last year they started listening, everyone is making good % returns now. 

Can you explain who you think they are profiting from exactly?

I bought my car for £600.  13 years on, I could sell it today for £6,000 (probably quite a bit more).  If I do, who am I profiting from?

More to the point, why does it matter?

I've never bought or sold any cryptocurrency, but am intrigued by some of the arguments being put forth here.  The other one is "intrinsic value", that gets mentioned quite a lot.  What is the intrinsic value of some bits of wood, canvas and paint?  You might think nothing, but just such sold for about $450 million at Christies not too long ago.  Again, why does it matter?

Why does it matter? Because people are throwing life changing sums at it?

A $450 painting is one of a kind, fixed in supply and can be hung on your wall and enjoyed.

Likewise, in the time you have owned your £600 car (you dont say what it is?), you have doubtlessly spent a few £1000 in repairs, maintenance and storage fees, so are you really any better off after inflation? And no doubt a significant percentage of them have been scrapped in the last 13 years so supply will have plummeted.

Bitcoin on the other hand is afaik, infinitely divisible, I can own 0.00001% of a bitcoin if i decided to. Try doing the same with your $450m painting and see what happens to the price.

benbay001

Scottex99 said:

100 quid, BTC is closer to $100k than $10k by end of year. Loser pays winners charity..... happy to pay multiple boomer no coiners if I have to 

I would not be surprised at all if its closer to $100k than $10k by the end of the year.

Nor would i be surprised if it was closer to $500k.

It has a lot of momentum and a lot of exuberant backers.

I think you would have to be very reckless to take a bitcoin short position.

Scottex99

You’ve got what 10-20 comments in this thread and you still don’t know what the diff is between total supply and fungiblity? You’ve called it a ponzi and worthless 5 times? And you don’t know how it works? 🤡

21m BTC total ever. About 18m are mined already. There’s a few halvenings to come but last one will be mined around 2140. I.e finite and scarce.

You can own a millionth of a Bitcoin it’s called a Satoshi or a Sat.

I don’t know sh@t about cars so I don’t talk about them, might work for you here too.

Also people are making life changing sums, not throwing them at it, unless they are dafties and have no bankroll management. I bought 200 quid of ETH this morning, cool. Why not

benbay001

Scottex99 said:

You’ve got what 10-20 comments in this thread and you still don’t know what the diff is between total supply and fungiblity? You’ve called it a ponzi and worthless 5 times? And you don’t know how it works? 🤡

This is becoming very circular. As i said before, i know more than enough to know that its not an investment.

Scottex99 said:

21m BTC total ever. About 18m are mined already. There’s a few halvenings to come but last one will be mined around 2140. I.e finite and scarce.

Its not scarce if you and your mates managed to buy some on the same day.

Scottex99 said:

I don’t know sh@t about cars so I don’t talk about them, might work for you here too.

I wasnt replying to you.

Scottex99 said:

Also people are making life changing sums

They are, because more people are coming in at the bottom, just like all ponzi schemes.

Scottex99 said:

Why not

Start reading again from page 1 and you may find out

Scottex99

Jesus, you know gold right? One of its values is that there isn’t much around? I can still go and buy a gold chain right now... more expensive than a paper chain for that reason. Think about what you’re actually saying.

Massive waste of time, it’s like having a discussion with 5 year olds. Good luck with your “investing”.

Anybody wants take the bet, let me know, charities will gain 👍