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BITCOIN

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  • User232002
    User232002 Posts: 328 Forumite
    Part of the Furniture 100 Posts Name Dropper Combo Breaker
    lozzy1965 said:
    I must admit to totally not understanding Crypto, and being sceptical, but with an open mind.  This article kind of mirrors my possible misunderstanding of just how it can be so popular:
    https://www.ft.com/content/2c3dd96c-b1b1-42fd-ab46-8b4791bf1270
    Sorry to stoke the "anti" sentiment, and "yes" I am jealous :)
    Jemima has written several hack articles in the FT regarding Bitcoin and most of the points presented have been debunked in this thread. It is incredibly intellectually disingenuous to claim that Dogecoin has outperformed Bitcoin. Nobody is giving away bleeding edge financial advice in a publication that costs a couple of pounds; the FT exists to make old people feel comfortable in their view of the world.
    lardellion said:
    By itself, I don't think Dogecoin is enough of a reason to not take crypto seriously, as it's just one sign of craziness. But taken together with a lot more trash like it in the top 100 coins getting pumped up, and evidence of the general frenzy (e.g. the Papa John's £fiat worth of Bitcoin promotions), I think the bubble is real.
    Nobody knowledgeable about the crypto space is seriously suggesting you invest in Dogecoin, Safemoon or SHIB. Fairly certain everyone will tell you they are probably going to zero.
    Malthusian said:
    So in exchange for at least £30, Papa John's will give you £10 in "free" Bitcoin and £15 off the order.
    This tells you a lot about:
    • the belief of crypto exchanges in the value of crypto (if Luno believed that Bitcoin was going to la luna, they wouldn't give it to bros in exchange for a £10 cut of a pizza sale)
    I really think you need to work on your critical thinking skills.
  • Malthusian
    Malthusian Posts: 11,055 Forumite
    Tenth Anniversary 10,000 Posts Name Dropper Photogenic

    I really think you need to work on your critical thinking skills.
    My critical thinking skills are enough to keep me out of money games and paying £30 for £5 worth of pizza bro.
    Got any actual reasons why paying £30 for £5 worth of pizza and a £10 ticket to a zero sum money game is a good idea?
  • thegentleway
    thegentleway Posts: 1,093 Forumite
    Tenth Anniversary 500 Posts Photogenic Name Dropper

    I really think you need to work on your critical thinking skills.
    My critical thinking skills are enough to keep me out of money games and paying £30 for £5 worth of pizza bro.
    Got any actual reasons why paying £30 for £5 worth of pizza and a £10 ticket to a zero sum money game is a good idea?
    just wondering if you think buying gold is a zero sum game as well?
    No one has ever become poor by giving
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic

    I really think you need to work on your critical thinking skills.
    My critical thinking skills are enough to keep me out of money games and paying £30 for £5 worth of pizza bro.
    Got any actual reasons why paying £30 for £5 worth of pizza and a £10 ticket to a zero sum money game is a good idea?
    just wondering if you think buying gold is a zero sum game as well?
    Gold is at least tangible. Has many uses. Not just decorative. 
  • HansOndabush
    HansOndabush Posts: 470 Forumite
    100 Posts Name Dropper Photogenic

    I really think you need to work on your critical thinking skills.
    My critical thinking skills are enough to keep me out of money games and paying £30 for £5 worth of pizza bro.
    Got any actual reasons why paying £30 for £5 worth of pizza and a £10 ticket to a zero sum money game is a good idea?
    just wondering if you think buying gold is a zero sum game as well?
    Essentially it is BUT fiat currency continues to lose value vs gold so it is a better store of value than cash. It has a long history over thousands of years of protecting holders from currency debasement.
  • thegentleway
    thegentleway Posts: 1,093 Forumite
    Tenth Anniversary 500 Posts Photogenic Name Dropper
    edited 12 May 2021 at 6:41PM

    I really think you need to work on your critical thinking skills.
    My critical thinking skills are enough to keep me out of money games and paying £30 for £5 worth of pizza bro.
    Got any actual reasons why paying £30 for £5 worth of pizza and a £10 ticket to a zero sum money game is a good idea?
    just wondering if you think buying gold is a zero sum game as well?
    Gold is at least tangible. Has many uses. Not just decorative. 
    Kind of but most of it is just stored/traded and consequently the price is mostly driven by speculation? 
    No one has ever become poor by giving
  • thegentleway
    thegentleway Posts: 1,093 Forumite
    Tenth Anniversary 500 Posts Photogenic Name Dropper

    I really think you need to work on your critical thinking skills.
    My critical thinking skills are enough to keep me out of money games and paying £30 for £5 worth of pizza bro.
    Got any actual reasons why paying £30 for £5 worth of pizza and a £10 ticket to a zero sum money game is a good idea?
    just wondering if you think buying gold is a zero sum game as well?
    Essentially it is BUT fiat currency continues to lose value vs gold so it is a better store of value than cash. It has a long history over thousands of years of protecting holders from currency debasement.
    Right so it’s just accepted as a store of value. It works because people believe someone else will pay more for it in the future. The gold hasn’t done anything useful apart from sitting there. In fact it’s cost money to store it. 
    No one has ever become poor by giving
  • User232002
    User232002 Posts: 328 Forumite
    Part of the Furniture 100 Posts Name Dropper Combo Breaker
    edited 12 May 2021 at 6:59PM
    Nobody knowledgeable about the crypto space is seriously suggesting you invest in Dogecoin, Safemoon or SHIB. Fairly certain everyone will tell you they are probably going to zero.
    The point is that despite this, Doge stands at rank #4 and Shiba #21 on CoinMarketCap.
    The world contains many companies overvalued by traditional metrics. Nobody uses that to say that other companies must be over valued because they are in the same space or index.

    Inefficient markets are great for generating returns for those sharp enough to see an edge.
    My critical thinking skills are enough to keep me out of money games and paying £30 for £5 worth of pizza bro.
    Got any actual reasons why paying £30 for £5 worth of pizza and a £10 ticket to a zero sum money game is a good idea?
    If you cant identify an obvious marketing play by a young company in a growing industry, then you're ngmi. 
  • HansOndabush
    HansOndabush Posts: 470 Forumite
    100 Posts Name Dropper Photogenic

    I really think you need to work on your critical thinking skills.
    My critical thinking skills are enough to keep me out of money games and paying £30 for £5 worth of pizza bro.
    Got any actual reasons why paying £30 for £5 worth of pizza and a £10 ticket to a zero sum money game is a good idea?
    just wondering if you think buying gold is a zero sum game as well?
    Essentially it is BUT fiat currency continues to lose value vs gold so it is a better store of value than cash. It has a long history over thousands of years of protecting holders from currency debasement.
    Right so it’s just accepted as a store of value. It works because people believe someone else will pay more for it in the future. The gold hasn’t done anything useful apart from sitting there. In fact it’s cost money to store it. 
    Not quite the whole story. Gold has use and utility for jewelry and for industrial use so although some is 'sitting there', it has potential to be used and is valued for that as well as being a store of value. In the past it has either fully or partially backed some currencies but now all currencies are fiat; not backed by anything other than a dwindling faith. That is why gold will always rise over the long term in nominal value compared to a fiat currency especially now when so much new currency is being created out of thin air.
    It works because it naturally costs more to purchase it in a currency that is being devalued. In that scenario, someone who wants to protect themselves from further inflation/ currency debasement, will pay the going rate to buy gold. One doesn't have to believe someone will pay a higher price for it, one knows that someone will in the future. 
    That is somewhat different to Bitcoin which has no use or utility other than a speculative token.
  • thegentleway
    thegentleway Posts: 1,093 Forumite
    Tenth Anniversary 500 Posts Photogenic Name Dropper

    I really think you need to work on your critical thinking skills.
    My critical thinking skills are enough to keep me out of money games and paying £30 for £5 worth of pizza bro.
    Got any actual reasons why paying £30 for £5 worth of pizza and a £10 ticket to a zero sum money game is a good idea?
    just wondering if you think buying gold is a zero sum game as well?
    Essentially it is BUT fiat currency continues to lose value vs gold so it is a better store of value than cash. It has a long history over thousands of years of protecting holders from currency debasement.
    Right so it’s just accepted as a store of value. It works because people believe someone else will pay more for it in the future. The gold hasn’t done anything useful apart from sitting there. In fact it’s cost money to store it. 
    Not quite the whole story. Gold has use and utility for jewelry and for industrial use so although some is 'sitting there', it has potential to be used and is valued for that as well as being a store of value. In the past it has either fully or partially backed some currencies but now all currencies are fiat; not backed by anything other than a dwindling faith. That is why gold will always rise over the long term in nominal value compared to a fiat currency especially now when so much new currency is being created out of thin air.
    It works because it naturally costs more to purchase it in a currency that is being devalued. In that scenario, someone who wants to protect themselves from further inflation/ currency debasement, will pay the going rate to buy gold. One doesn't have to believe someone will pay a higher price for it, one knows that someone will in the future
    That is somewhat different to Bitcoin which has no use or utility other than a speculative token.
    I didn’t realise you could predict the future!
    Bitcoin has some uses too, eg dark web.
    So it’s very similar, if people stop believing someone will buy gold for a higher price it will drop and only used for jewellery/industrial applications. if people don’t believe Bitcoin is a store of value then the price would collapse to being used for illegal activities. What humans decide they believe is a better store of value in the future is very hard to predict.
    No one has ever become poor by giving
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