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Currencies can devalue but so can crypto. However crypto is much more volatile and unstable compared to a reserve currency like the pound.HansOndabush said:thegentleway said:
Counterparty? The counterparty in our fictional example of me (the sender) is you (the receiver)...Scottex99 said:
Yeah and I’m every single option there is a counterparty that has to verify that and let it happen.thegentleway said:
At least it’s not shape changing lizards...Scottex99 said:
The government, your bank, Visa/Mastercard.thegentleway said:
Who is controlling my personal wealth?Scottex99 said:
Satoshi solved the double spend problem, and created it so you could move money/wealth in a decentralised way without needing authority from any 3rd party. That part works perfectly.benbay001 said:
Exactly, its for getting rich quick!Scottex99 said:
Hahaha, how many times does need to be explained to you? BTC isn’t for payments. Generally companies say they accept it as a gimmick and 99% of people would never dream of spending their precious Bitcoin anyway. Yeah it would be cool to buy a Cybertruck for free (or with BTC that I bought at $4k) but it’ll cost me many times more in the long run.HansOndabush said:Elon no longer accepting bitcoin for Tesla's could be the death knell for bitcoin. Now no other company is going to want to be seen as not environmentally friendly either; it's a major reversal in the 'adoption of bitcoin' story.
So no, nobody cares about the Tesla news.
Kudos on the crusade though, lol
Get with the times Hans. Grr.
(But more seriously, whats it for then?)
People then assume that it'll be used for payments which is can be but its kind of odd because it's so volatile. Yes there are widgets and things that track the price but if you sell a rolex for 1 BTC thats $48.8k right now but what about tomorrow, next year or 5 mins from now? I just got a new client who is a BTC fund. They are buying BTC from me with EUR. There's a gap from when the wire us the EUR and when it lands where the price could (in theory) do anything and I'm pitching them to perhaps buy USDT/USDC from us instead to hedge that risk. But they are cool with it. Plus there can be slow block confirmations etc if you were actually buying coffee with it via a QR code, although personally I dont see the point.
So to answer the question, store of value, speculative investment, hedge against inflation, take back control of your personal wealth, etc etc
You wanna send me 10 quid? You have to ask permission.
I'm not that arsed about claiming crypto is the end of the SWIFT network or going to bring down the banks any time soon. But change is coming
Ask permission? From who exactly? Pretty sure I can send you a tenner in lots of ways (PayPal, bank transfer, cheque, etc...)
If any of them decide that they don’t want to do it or your bank account is suddenly blocked etc then can you send the money? Nope.
Not as relevant in the 1st world obviously but ask Argentinians how they feel about banks, or Venezuelans or Zimbabweans.
Who is going to decide they don’t want to complete the transaction?
I can still send you money via PayPal if my bank account is blocked, which only happens if you lose your card, or there’s suspicious activity, etc... it’s a good thing. Keeps my money safe.
What’s the link between those currencies devaluing and retail banks where people park their cash?thegentleway said:Scottex99 said:
Yeah and I’m every single option there is a counterparty that has to verify that and let it happen.thegentleway said:
At least it’s not shape changing lizards...Scottex99 said:
The government, your bank, Visa/Mastercard.thegentleway said:
Who is controlling my personal wealth?Scottex99 said:
Satoshi solved the double spend problem, and created it so you could move money/wealth in a decentralised way without needing authority from any 3rd party. That part works perfectly.benbay001 said:
Exactly, its for getting rich quick!Scottex99 said:
Hahaha, how many times does need to be explained to you? BTC isn’t for payments. Generally companies say they accept it as a gimmick and 99% of people would never dream of spending their precious Bitcoin anyway. Yeah it would be cool to buy a Cybertruck for free (or with BTC that I bought at $4k) but it’ll cost me many times more in the long run.HansOndabush said:Elon no longer accepting bitcoin for Tesla's could be the death knell for bitcoin. Now no other company is going to want to be seen as not environmentally friendly either; it's a major reversal in the 'adoption of bitcoin' story.
So no, nobody cares about the Tesla news.
Kudos on the crusade though, lol
Get with the times Hans. Grr.
(But more seriously, whats it for then?)
People then assume that it'll be used for payments which is can be but its kind of odd because it's so volatile. Yes there are widgets and things that track the price but if you sell a rolex for 1 BTC thats $48.8k right now but what about tomorrow, next year or 5 mins from now? I just got a new client who is a BTC fund. They are buying BTC from me with EUR. There's a gap from when the wire us the EUR and when it lands where the price could (in theory) do anything and I'm pitching them to perhaps buy USDT/USDC from us instead to hedge that risk. But they are cool with it. Plus there can be slow block confirmations etc if you were actually buying coffee with it via a QR code, although personally I dont see the point.
So to answer the question, store of value, speculative investment, hedge against inflation, take back control of your personal wealth, etc etc
You wanna send me 10 quid? You have to ask permission.
I'm not that arsed about claiming crypto is the end of the SWIFT network or going to bring down the banks any time soon. But change is coming
Ask permission? From who exactly? Pretty sure I can send you a tenner in lots of ways (PayPal, bank transfer, cheque, etc...)
If any of them decide that they don’t want to do it or your bank account is suddenly blocked etc then can you send the money? Nope.
Not as relevant in the 1st world obviously but ask Argentinians how they feel about banks, or Venezuelans or Zimbabweans.
What’s the link between those currencies devaluing and retail banks where people park their cash?I think he means in extreme financial conditions; the banks might do one of:a) Only let you withdraw in the worthless, local currencyb) Limit what you can withdrawc) Close their doors and not let you withdraw anything.All of the above has happened and still happens. With crypto you are in control and can move it to a safe country with hard currency to cash out. That is the theory anyway.No one has ever become poor by giving0 -
Except the pound is not a reserve currency. The US dollar and to a lesser extent the Euro are world reserve currencies. But anyway Scottex was talking about the countries that have suffered hyperinflation. It can happen to any country where things get out of control.thegentleway said:
Currencies can devalue but so can crypto. However crypto is much more volatile and unstable compared to a reserve currency like the pound.HansOndabush said:thegentleway said:
Counterparty? The counterparty in our fictional example of me (the sender) is you (the receiver)...Scottex99 said:
Yeah and I’m every single option there is a counterparty that has to verify that and let it happen.thegentleway said:
At least it’s not shape changing lizards...Scottex99 said:
The government, your bank, Visa/Mastercard.thegentleway said:
Who is controlling my personal wealth?Scottex99 said:
Satoshi solved the double spend problem, and created it so you could move money/wealth in a decentralised way without needing authority from any 3rd party. That part works perfectly.benbay001 said:
Exactly, its for getting rich quick!Scottex99 said:
Hahaha, how many times does need to be explained to you? BTC isn’t for payments. Generally companies say they accept it as a gimmick and 99% of people would never dream of spending their precious Bitcoin anyway. Yeah it would be cool to buy a Cybertruck for free (or with BTC that I bought at $4k) but it’ll cost me many times more in the long run.HansOndabush said:Elon no longer accepting bitcoin for Tesla's could be the death knell for bitcoin. Now no other company is going to want to be seen as not environmentally friendly either; it's a major reversal in the 'adoption of bitcoin' story.
So no, nobody cares about the Tesla news.
Kudos on the crusade though, lol
Get with the times Hans. Grr.
(But more seriously, whats it for then?)
People then assume that it'll be used for payments which is can be but its kind of odd because it's so volatile. Yes there are widgets and things that track the price but if you sell a rolex for 1 BTC thats $48.8k right now but what about tomorrow, next year or 5 mins from now? I just got a new client who is a BTC fund. They are buying BTC from me with EUR. There's a gap from when the wire us the EUR and when it lands where the price could (in theory) do anything and I'm pitching them to perhaps buy USDT/USDC from us instead to hedge that risk. But they are cool with it. Plus there can be slow block confirmations etc if you were actually buying coffee with it via a QR code, although personally I dont see the point.
So to answer the question, store of value, speculative investment, hedge against inflation, take back control of your personal wealth, etc etc
You wanna send me 10 quid? You have to ask permission.
I'm not that arsed about claiming crypto is the end of the SWIFT network or going to bring down the banks any time soon. But change is coming
Ask permission? From who exactly? Pretty sure I can send you a tenner in lots of ways (PayPal, bank transfer, cheque, etc...)
If any of them decide that they don’t want to do it or your bank account is suddenly blocked etc then can you send the money? Nope.
Not as relevant in the 1st world obviously but ask Argentinians how they feel about banks, or Venezuelans or Zimbabweans.
Who is going to decide they don’t want to complete the transaction?
I can still send you money via PayPal if my bank account is blocked, which only happens if you lose your card, or there’s suspicious activity, etc... it’s a good thing. Keeps my money safe.
What’s the link between those currencies devaluing and retail banks where people park their cash?thegentleway said:Scottex99 said:
Yeah and I’m every single option there is a counterparty that has to verify that and let it happen.thegentleway said:
At least it’s not shape changing lizards...Scottex99 said:
The government, your bank, Visa/Mastercard.thegentleway said:
Who is controlling my personal wealth?Scottex99 said:
Satoshi solved the double spend problem, and created it so you could move money/wealth in a decentralised way without needing authority from any 3rd party. That part works perfectly.benbay001 said:
Exactly, its for getting rich quick!Scottex99 said:
Hahaha, how many times does need to be explained to you? BTC isn’t for payments. Generally companies say they accept it as a gimmick and 99% of people would never dream of spending their precious Bitcoin anyway. Yeah it would be cool to buy a Cybertruck for free (or with BTC that I bought at $4k) but it’ll cost me many times more in the long run.HansOndabush said:Elon no longer accepting bitcoin for Tesla's could be the death knell for bitcoin. Now no other company is going to want to be seen as not environmentally friendly either; it's a major reversal in the 'adoption of bitcoin' story.
So no, nobody cares about the Tesla news.
Kudos on the crusade though, lol
Get with the times Hans. Grr.
(But more seriously, whats it for then?)
People then assume that it'll be used for payments which is can be but its kind of odd because it's so volatile. Yes there are widgets and things that track the price but if you sell a rolex for 1 BTC thats $48.8k right now but what about tomorrow, next year or 5 mins from now? I just got a new client who is a BTC fund. They are buying BTC from me with EUR. There's a gap from when the wire us the EUR and when it lands where the price could (in theory) do anything and I'm pitching them to perhaps buy USDT/USDC from us instead to hedge that risk. But they are cool with it. Plus there can be slow block confirmations etc if you were actually buying coffee with it via a QR code, although personally I dont see the point.
So to answer the question, store of value, speculative investment, hedge against inflation, take back control of your personal wealth, etc etc
You wanna send me 10 quid? You have to ask permission.
I'm not that arsed about claiming crypto is the end of the SWIFT network or going to bring down the banks any time soon. But change is coming
Ask permission? From who exactly? Pretty sure I can send you a tenner in lots of ways (PayPal, bank transfer, cheque, etc...)
If any of them decide that they don’t want to do it or your bank account is suddenly blocked etc then can you send the money? Nope.
Not as relevant in the 1st world obviously but ask Argentinians how they feel about banks, or Venezuelans or Zimbabweans.
What’s the link between those currencies devaluing and retail banks where people park their cash?I think he means in extreme financial conditions; the banks might do one of:a) Only let you withdraw in the worthless, local currencyb) Limit what you can withdrawc) Close their doors and not let you withdraw anything.All of the above has happened and still happens. With crypto you are in control and can move it to a safe country with hard currency to cash out. That is the theory anyway.
1 -
HansOndabush said:
Except the pound is not a reserve currency. The US dollar and to a lesser extent the Euro are world reserve currencies. But anyway Scottex was talking about the countries that have suffered hyperinflation. It can happen to any country where things get out of control.thegentleway said:
Currencies can devalue but so can crypto. However crypto is much more volatile and unstable compared to a reserve currency like the pound.HansOndabush said:thegentleway said:
Counterparty? The counterparty in our fictional example of me (the sender) is you (the receiver)...Scottex99 said:
Yeah and I’m every single option there is a counterparty that has to verify that and let it happen.thegentleway said:
At least it’s not shape changing lizards...Scottex99 said:
The government, your bank, Visa/Mastercard.thegentleway said:
Who is controlling my personal wealth?Scottex99 said:
Satoshi solved the double spend problem, and created it so you could move money/wealth in a decentralised way without needing authority from any 3rd party. That part works perfectly.benbay001 said:
Exactly, its for getting rich quick!Scottex99 said:
Hahaha, how many times does need to be explained to you? BTC isn’t for payments. Generally companies say they accept it as a gimmick and 99% of people would never dream of spending their precious Bitcoin anyway. Yeah it would be cool to buy a Cybertruck for free (or with BTC that I bought at $4k) but it’ll cost me many times more in the long run.HansOndabush said:Elon no longer accepting bitcoin for Tesla's could be the death knell for bitcoin. Now no other company is going to want to be seen as not environmentally friendly either; it's a major reversal in the 'adoption of bitcoin' story.
So no, nobody cares about the Tesla news.
Kudos on the crusade though, lol
Get with the times Hans. Grr.
(But more seriously, whats it for then?)
People then assume that it'll be used for payments which is can be but its kind of odd because it's so volatile. Yes there are widgets and things that track the price but if you sell a rolex for 1 BTC thats $48.8k right now but what about tomorrow, next year or 5 mins from now? I just got a new client who is a BTC fund. They are buying BTC from me with EUR. There's a gap from when the wire us the EUR and when it lands where the price could (in theory) do anything and I'm pitching them to perhaps buy USDT/USDC from us instead to hedge that risk. But they are cool with it. Plus there can be slow block confirmations etc if you were actually buying coffee with it via a QR code, although personally I dont see the point.
So to answer the question, store of value, speculative investment, hedge against inflation, take back control of your personal wealth, etc etc
You wanna send me 10 quid? You have to ask permission.
I'm not that arsed about claiming crypto is the end of the SWIFT network or going to bring down the banks any time soon. But change is coming
Ask permission? From who exactly? Pretty sure I can send you a tenner in lots of ways (PayPal, bank transfer, cheque, etc...)
If any of them decide that they don’t want to do it or your bank account is suddenly blocked etc then can you send the money? Nope.
Not as relevant in the 1st world obviously but ask Argentinians how they feel about banks, or Venezuelans or Zimbabweans.
Who is going to decide they don’t want to complete the transaction?
I can still send you money via PayPal if my bank account is blocked, which only happens if you lose your card, or there’s suspicious activity, etc... it’s a good thing. Keeps my money safe.
What’s the link between those currencies devaluing and retail banks where people park their cash?thegentleway said:Scottex99 said:
Yeah and I’m every single option there is a counterparty that has to verify that and let it happen.thegentleway said:
At least it’s not shape changing lizards...Scottex99 said:
The government, your bank, Visa/Mastercard.thegentleway said:
Who is controlling my personal wealth?Scottex99 said:
Satoshi solved the double spend problem, and created it so you could move money/wealth in a decentralised way without needing authority from any 3rd party. That part works perfectly.benbay001 said:
Exactly, its for getting rich quick!Scottex99 said:
Hahaha, how many times does need to be explained to you? BTC isn’t for payments. Generally companies say they accept it as a gimmick and 99% of people would never dream of spending their precious Bitcoin anyway. Yeah it would be cool to buy a Cybertruck for free (or with BTC that I bought at $4k) but it’ll cost me many times more in the long run.HansOndabush said:Elon no longer accepting bitcoin for Tesla's could be the death knell for bitcoin. Now no other company is going to want to be seen as not environmentally friendly either; it's a major reversal in the 'adoption of bitcoin' story.
So no, nobody cares about the Tesla news.
Kudos on the crusade though, lol
Get with the times Hans. Grr.
(But more seriously, whats it for then?)
People then assume that it'll be used for payments which is can be but its kind of odd because it's so volatile. Yes there are widgets and things that track the price but if you sell a rolex for 1 BTC thats $48.8k right now but what about tomorrow, next year or 5 mins from now? I just got a new client who is a BTC fund. They are buying BTC from me with EUR. There's a gap from when the wire us the EUR and when it lands where the price could (in theory) do anything and I'm pitching them to perhaps buy USDT/USDC from us instead to hedge that risk. But they are cool with it. Plus there can be slow block confirmations etc if you were actually buying coffee with it via a QR code, although personally I dont see the point.
So to answer the question, store of value, speculative investment, hedge against inflation, take back control of your personal wealth, etc etc
You wanna send me 10 quid? You have to ask permission.
I'm not that arsed about claiming crypto is the end of the SWIFT network or going to bring down the banks any time soon. But change is coming
Ask permission? From who exactly? Pretty sure I can send you a tenner in lots of ways (PayPal, bank transfer, cheque, etc...)
If any of them decide that they don’t want to do it or your bank account is suddenly blocked etc then can you send the money? Nope.
Not as relevant in the 1st world obviously but ask Argentinians how they feel about banks, or Venezuelans or Zimbabweans.
What’s the link between those currencies devaluing and retail banks where people park their cash?I think he means in extreme financial conditions; the banks might do one of:a) Only let you withdraw in the worthless, local currencyb) Limit what you can withdrawc) Close their doors and not let you withdraw anything.All of the above has happened and still happens. With crypto you are in control and can move it to a safe country with hard currency to cash out. That is the theory anyway.🤦♂️ You might want to google thatAs of 30 September 2019, the pound sterling represented the fourth largest proportion (by USD equivalent value) of foreign currency reserves.
No one has ever become poor by giving2 -
thegentleway said:HansOndabush said:
Except the pound is not a reserve currency. The US dollar and to a lesser extent the Euro are world reserve currencies. But anyway Scottex was talking about the countries that have suffered hyperinflation. It can happen to any country where things get out of control.thegentleway said:
Currencies can devalue but so can crypto. However crypto is much more volatile and unstable compared to a reserve currency like the pound.HansOndabush said:thegentleway said:
Counterparty? The counterparty in our fictional example of me (the sender) is you (the receiver)...Scottex99 said:
Yeah and I’m every single option there is a counterparty that has to verify that and let it happen.thegentleway said:
At least it’s not shape changing lizards...Scottex99 said:
The government, your bank, Visa/Mastercard.thegentleway said:
Who is controlling my personal wealth?Scottex99 said:
Satoshi solved the double spend problem, and created it so you could move money/wealth in a decentralised way without needing authority from any 3rd party. That part works perfectly.benbay001 said:
Exactly, its for getting rich quick!Scottex99 said:
Hahaha, how many times does need to be explained to you? BTC isn’t for payments. Generally companies say they accept it as a gimmick and 99% of people would never dream of spending their precious Bitcoin anyway. Yeah it would be cool to buy a Cybertruck for free (or with BTC that I bought at $4k) but it’ll cost me many times more in the long run.HansOndabush said:Elon no longer accepting bitcoin for Tesla's could be the death knell for bitcoin. Now no other company is going to want to be seen as not environmentally friendly either; it's a major reversal in the 'adoption of bitcoin' story.
So no, nobody cares about the Tesla news.
Kudos on the crusade though, lol
Get with the times Hans. Grr.
(But more seriously, whats it for then?)
People then assume that it'll be used for payments which is can be but its kind of odd because it's so volatile. Yes there are widgets and things that track the price but if you sell a rolex for 1 BTC thats $48.8k right now but what about tomorrow, next year or 5 mins from now? I just got a new client who is a BTC fund. They are buying BTC from me with EUR. There's a gap from when the wire us the EUR and when it lands where the price could (in theory) do anything and I'm pitching them to perhaps buy USDT/USDC from us instead to hedge that risk. But they are cool with it. Plus there can be slow block confirmations etc if you were actually buying coffee with it via a QR code, although personally I dont see the point.
So to answer the question, store of value, speculative investment, hedge against inflation, take back control of your personal wealth, etc etc
You wanna send me 10 quid? You have to ask permission.
I'm not that arsed about claiming crypto is the end of the SWIFT network or going to bring down the banks any time soon. But change is coming
Ask permission? From who exactly? Pretty sure I can send you a tenner in lots of ways (PayPal, bank transfer, cheque, etc...)
If any of them decide that they don’t want to do it or your bank account is suddenly blocked etc then can you send the money? Nope.
Not as relevant in the 1st world obviously but ask Argentinians how they feel about banks, or Venezuelans or Zimbabweans.
Who is going to decide they don’t want to complete the transaction?
I can still send you money via PayPal if my bank account is blocked, which only happens if you lose your card, or there’s suspicious activity, etc... it’s a good thing. Keeps my money safe.
What’s the link between those currencies devaluing and retail banks where people park their cash?thegentleway said:Scottex99 said:
Yeah and I’m every single option there is a counterparty that has to verify that and let it happen.thegentleway said:
At least it’s not shape changing lizards...Scottex99 said:
The government, your bank, Visa/Mastercard.thegentleway said:
Who is controlling my personal wealth?Scottex99 said:
Satoshi solved the double spend problem, and created it so you could move money/wealth in a decentralised way without needing authority from any 3rd party. That part works perfectly.benbay001 said:
Exactly, its for getting rich quick!Scottex99 said:
Hahaha, how many times does need to be explained to you? BTC isn’t for payments. Generally companies say they accept it as a gimmick and 99% of people would never dream of spending their precious Bitcoin anyway. Yeah it would be cool to buy a Cybertruck for free (or with BTC that I bought at $4k) but it’ll cost me many times more in the long run.HansOndabush said:Elon no longer accepting bitcoin for Tesla's could be the death knell for bitcoin. Now no other company is going to want to be seen as not environmentally friendly either; it's a major reversal in the 'adoption of bitcoin' story.
So no, nobody cares about the Tesla news.
Kudos on the crusade though, lol
Get with the times Hans. Grr.
(But more seriously, whats it for then?)
People then assume that it'll be used for payments which is can be but its kind of odd because it's so volatile. Yes there are widgets and things that track the price but if you sell a rolex for 1 BTC thats $48.8k right now but what about tomorrow, next year or 5 mins from now? I just got a new client who is a BTC fund. They are buying BTC from me with EUR. There's a gap from when the wire us the EUR and when it lands where the price could (in theory) do anything and I'm pitching them to perhaps buy USDT/USDC from us instead to hedge that risk. But they are cool with it. Plus there can be slow block confirmations etc if you were actually buying coffee with it via a QR code, although personally I dont see the point.
So to answer the question, store of value, speculative investment, hedge against inflation, take back control of your personal wealth, etc etc
You wanna send me 10 quid? You have to ask permission.
I'm not that arsed about claiming crypto is the end of the SWIFT network or going to bring down the banks any time soon. But change is coming
Ask permission? From who exactly? Pretty sure I can send you a tenner in lots of ways (PayPal, bank transfer, cheque, etc...)
If any of them decide that they don’t want to do it or your bank account is suddenly blocked etc then can you send the money? Nope.
Not as relevant in the 1st world obviously but ask Argentinians how they feel about banks, or Venezuelans or Zimbabweans.
What’s the link between those currencies devaluing and retail banks where people park their cash?I think he means in extreme financial conditions; the banks might do one of:a) Only let you withdraw in the worthless, local currencyb) Limit what you can withdrawc) Close their doors and not let you withdraw anything.All of the above has happened and still happens. With crypto you are in control and can move it to a safe country with hard currency to cash out. That is the theory anyway.🤦♂️ You might want to google thatAs of 30 September 2019, the pound sterling represented the fourth largest proportion (by USD equivalent value) of foreign currency reserves.I did:US Dollar with Euro in second place. Whether you count the GBP as a world reserve currency or not is irrelevant to the point Scottex was making. Are you always this argumentative?
1 -
Look up George Soros, who made a packet speculating against the GBP.
0 -
I can be when someone can’t use google and tries to argue ridiculous things like the pound isn’t a reserve currency.HansOndabush said:thegentleway said:HansOndabush said:
Except the pound is not a reserve currency. The US dollar and to a lesser extent the Euro are world reserve currencies. But anyway Scottex was talking about the countries that have suffered hyperinflation. It can happen to any country where things get out of control.thegentleway said:
Currencies can devalue but so can crypto. However crypto is much more volatile and unstable compared to a reserve currency like the pound.HansOndabush said:thegentleway said:
Counterparty? The counterparty in our fictional example of me (the sender) is you (the receiver)...Scottex99 said:
Yeah and I’m every single option there is a counterparty that has to verify that and let it happen.thegentleway said:
At least it’s not shape changing lizards...Scottex99 said:
The government, your bank, Visa/Mastercard.thegentleway said:
Who is controlling my personal wealth?Scottex99 said:
Satoshi solved the double spend problem, and created it so you could move money/wealth in a decentralised way without needing authority from any 3rd party. That part works perfectly.benbay001 said:
Exactly, its for getting rich quick!Scottex99 said:
Hahaha, how many times does need to be explained to you? BTC isn’t for payments. Generally companies say they accept it as a gimmick and 99% of people would never dream of spending their precious Bitcoin anyway. Yeah it would be cool to buy a Cybertruck for free (or with BTC that I bought at $4k) but it’ll cost me many times more in the long run.HansOndabush said:Elon no longer accepting bitcoin for Tesla's could be the death knell for bitcoin. Now no other company is going to want to be seen as not environmentally friendly either; it's a major reversal in the 'adoption of bitcoin' story.
So no, nobody cares about the Tesla news.
Kudos on the crusade though, lol
Get with the times Hans. Grr.
(But more seriously, whats it for then?)
People then assume that it'll be used for payments which is can be but its kind of odd because it's so volatile. Yes there are widgets and things that track the price but if you sell a rolex for 1 BTC thats $48.8k right now but what about tomorrow, next year or 5 mins from now? I just got a new client who is a BTC fund. They are buying BTC from me with EUR. There's a gap from when the wire us the EUR and when it lands where the price could (in theory) do anything and I'm pitching them to perhaps buy USDT/USDC from us instead to hedge that risk. But they are cool with it. Plus there can be slow block confirmations etc if you were actually buying coffee with it via a QR code, although personally I dont see the point.
So to answer the question, store of value, speculative investment, hedge against inflation, take back control of your personal wealth, etc etc
You wanna send me 10 quid? You have to ask permission.
I'm not that arsed about claiming crypto is the end of the SWIFT network or going to bring down the banks any time soon. But change is coming
Ask permission? From who exactly? Pretty sure I can send you a tenner in lots of ways (PayPal, bank transfer, cheque, etc...)
If any of them decide that they don’t want to do it or your bank account is suddenly blocked etc then can you send the money? Nope.
Not as relevant in the 1st world obviously but ask Argentinians how they feel about banks, or Venezuelans or Zimbabweans.
Who is going to decide they don’t want to complete the transaction?
I can still send you money via PayPal if my bank account is blocked, which only happens if you lose your card, or there’s suspicious activity, etc... it’s a good thing. Keeps my money safe.
What’s the link between those currencies devaluing and retail banks where people park their cash?thegentleway said:Scottex99 said:
Yeah and I’m every single option there is a counterparty that has to verify that and let it happen.thegentleway said:
At least it’s not shape changing lizards...Scottex99 said:
The government, your bank, Visa/Mastercard.thegentleway said:
Who is controlling my personal wealth?Scottex99 said:
Satoshi solved the double spend problem, and created it so you could move money/wealth in a decentralised way without needing authority from any 3rd party. That part works perfectly.benbay001 said:
Exactly, its for getting rich quick!Scottex99 said:
Hahaha, how many times does need to be explained to you? BTC isn’t for payments. Generally companies say they accept it as a gimmick and 99% of people would never dream of spending their precious Bitcoin anyway. Yeah it would be cool to buy a Cybertruck for free (or with BTC that I bought at $4k) but it’ll cost me many times more in the long run.HansOndabush said:Elon no longer accepting bitcoin for Tesla's could be the death knell for bitcoin. Now no other company is going to want to be seen as not environmentally friendly either; it's a major reversal in the 'adoption of bitcoin' story.
So no, nobody cares about the Tesla news.
Kudos on the crusade though, lol
Get with the times Hans. Grr.
(But more seriously, whats it for then?)
People then assume that it'll be used for payments which is can be but its kind of odd because it's so volatile. Yes there are widgets and things that track the price but if you sell a rolex for 1 BTC thats $48.8k right now but what about tomorrow, next year or 5 mins from now? I just got a new client who is a BTC fund. They are buying BTC from me with EUR. There's a gap from when the wire us the EUR and when it lands where the price could (in theory) do anything and I'm pitching them to perhaps buy USDT/USDC from us instead to hedge that risk. But they are cool with it. Plus there can be slow block confirmations etc if you were actually buying coffee with it via a QR code, although personally I dont see the point.
So to answer the question, store of value, speculative investment, hedge against inflation, take back control of your personal wealth, etc etc
You wanna send me 10 quid? You have to ask permission.
I'm not that arsed about claiming crypto is the end of the SWIFT network or going to bring down the banks any time soon. But change is coming
Ask permission? From who exactly? Pretty sure I can send you a tenner in lots of ways (PayPal, bank transfer, cheque, etc...)
If any of them decide that they don’t want to do it or your bank account is suddenly blocked etc then can you send the money? Nope.
Not as relevant in the 1st world obviously but ask Argentinians how they feel about banks, or Venezuelans or Zimbabweans.
What’s the link between those currencies devaluing and retail banks where people park their cash?I think he means in extreme financial conditions; the banks might do one of:a) Only let you withdraw in the worthless, local currencyb) Limit what you can withdrawc) Close their doors and not let you withdraw anything.All of the above has happened and still happens. With crypto you are in control and can move it to a safe country with hard currency to cash out. That is the theory anyway.🤦♂️ You might want to google thatAs of 30 September 2019, the pound sterling represented the fourth largest proportion (by USD equivalent value) of foreign currency reserves.I did:US Dollar with Euro in second place. Whether you count the GBP as a world reserve currency or not is irrelevant to the point Scottex was making. Are you always this argumentative?
it’s relevant to your scenario of hyperinflation. Lots of foreign governments and institutions are holding British pounds (and no crypto) so the world obviously thinks the pound is a safe haven and not a German papiermark...
It’s been great chatting to you - have a great day!No one has ever become poor by giving1 -
Wow, I just liked 3 of your posts in a row, who knewHansOndabush said:thegentleway said:HansOndabush said:
Except the pound is not a reserve currency. The US dollar and to a lesser extent the Euro are world reserve currencies. But anyway Scottex was talking about the countries that have suffered hyperinflation. It can happen to any country where things get out of control.thegentleway said:
Currencies can devalue but so can crypto. However crypto is much more volatile and unstable compared to a reserve currency like the pound.HansOndabush said:thegentleway said:
Counterparty? The counterparty in our fictional example of me (the sender) is you (the receiver)...Scottex99 said:
Yeah and I’m every single option there is a counterparty that has to verify that and let it happen.thegentleway said:
At least it’s not shape changing lizards...Scottex99 said:
The government, your bank, Visa/Mastercard.thegentleway said:
Who is controlling my personal wealth?Scottex99 said:
Satoshi solved the double spend problem, and created it so you could move money/wealth in a decentralised way without needing authority from any 3rd party. That part works perfectly.benbay001 said:
Exactly, its for getting rich quick!Scottex99 said:
Hahaha, how many times does need to be explained to you? BTC isn’t for payments. Generally companies say they accept it as a gimmick and 99% of people would never dream of spending their precious Bitcoin anyway. Yeah it would be cool to buy a Cybertruck for free (or with BTC that I bought at $4k) but it’ll cost me many times more in the long run.HansOndabush said:Elon no longer accepting bitcoin for Tesla's could be the death knell for bitcoin. Now no other company is going to want to be seen as not environmentally friendly either; it's a major reversal in the 'adoption of bitcoin' story.
So no, nobody cares about the Tesla news.
Kudos on the crusade though, lol
Get with the times Hans. Grr.
(But more seriously, whats it for then?)
People then assume that it'll be used for payments which is can be but its kind of odd because it's so volatile. Yes there are widgets and things that track the price but if you sell a rolex for 1 BTC thats $48.8k right now but what about tomorrow, next year or 5 mins from now? I just got a new client who is a BTC fund. They are buying BTC from me with EUR. There's a gap from when the wire us the EUR and when it lands where the price could (in theory) do anything and I'm pitching them to perhaps buy USDT/USDC from us instead to hedge that risk. But they are cool with it. Plus there can be slow block confirmations etc if you were actually buying coffee with it via a QR code, although personally I dont see the point.
So to answer the question, store of value, speculative investment, hedge against inflation, take back control of your personal wealth, etc etc
You wanna send me 10 quid? You have to ask permission.
I'm not that arsed about claiming crypto is the end of the SWIFT network or going to bring down the banks any time soon. But change is coming
Ask permission? From who exactly? Pretty sure I can send you a tenner in lots of ways (PayPal, bank transfer, cheque, etc...)
If any of them decide that they don’t want to do it or your bank account is suddenly blocked etc then can you send the money? Nope.
Not as relevant in the 1st world obviously but ask Argentinians how they feel about banks, or Venezuelans or Zimbabweans.
Who is going to decide they don’t want to complete the transaction?
I can still send you money via PayPal if my bank account is blocked, which only happens if you lose your card, or there’s suspicious activity, etc... it’s a good thing. Keeps my money safe.
What’s the link between those currencies devaluing and retail banks where people park their cash?thegentleway said:Scottex99 said:
Yeah and I’m every single option there is a counterparty that has to verify that and let it happen.thegentleway said:
At least it’s not shape changing lizards...Scottex99 said:
The government, your bank, Visa/Mastercard.thegentleway said:
Who is controlling my personal wealth?Scottex99 said:
Satoshi solved the double spend problem, and created it so you could move money/wealth in a decentralised way without needing authority from any 3rd party. That part works perfectly.benbay001 said:
Exactly, its for getting rich quick!Scottex99 said:
Hahaha, how many times does need to be explained to you? BTC isn’t for payments. Generally companies say they accept it as a gimmick and 99% of people would never dream of spending their precious Bitcoin anyway. Yeah it would be cool to buy a Cybertruck for free (or with BTC that I bought at $4k) but it’ll cost me many times more in the long run.HansOndabush said:Elon no longer accepting bitcoin for Tesla's could be the death knell for bitcoin. Now no other company is going to want to be seen as not environmentally friendly either; it's a major reversal in the 'adoption of bitcoin' story.
So no, nobody cares about the Tesla news.
Kudos on the crusade though, lol
Get with the times Hans. Grr.
(But more seriously, whats it for then?)
People then assume that it'll be used for payments which is can be but its kind of odd because it's so volatile. Yes there are widgets and things that track the price but if you sell a rolex for 1 BTC thats $48.8k right now but what about tomorrow, next year or 5 mins from now? I just got a new client who is a BTC fund. They are buying BTC from me with EUR. There's a gap from when the wire us the EUR and when it lands where the price could (in theory) do anything and I'm pitching them to perhaps buy USDT/USDC from us instead to hedge that risk. But they are cool with it. Plus there can be slow block confirmations etc if you were actually buying coffee with it via a QR code, although personally I dont see the point.
So to answer the question, store of value, speculative investment, hedge against inflation, take back control of your personal wealth, etc etc
You wanna send me 10 quid? You have to ask permission.
I'm not that arsed about claiming crypto is the end of the SWIFT network or going to bring down the banks any time soon. But change is coming
Ask permission? From who exactly? Pretty sure I can send you a tenner in lots of ways (PayPal, bank transfer, cheque, etc...)
If any of them decide that they don’t want to do it or your bank account is suddenly blocked etc then can you send the money? Nope.
Not as relevant in the 1st world obviously but ask Argentinians how they feel about banks, or Venezuelans or Zimbabweans.
What’s the link between those currencies devaluing and retail banks where people park their cash?I think he means in extreme financial conditions; the banks might do one of:a) Only let you withdraw in the worthless, local currencyb) Limit what you can withdrawc) Close their doors and not let you withdraw anything.All of the above has happened and still happens. With crypto you are in control and can move it to a safe country with hard currency to cash out. That is the theory anyway.🤦♂️ You might want to google thatAs of 30 September 2019, the pound sterling represented the fourth largest proportion (by USD equivalent value) of foreign currency reserves.I did:US Dollar with Euro in second place. Whether you count the GBP as a world reserve currency or not is irrelevant to the point Scottex was making. Are you always this argumentative?0 -
Yep true, few different aspects to it though.[Deleted User] said:
Though crypto is a step forward, in the long run I'm not sure it is going to be all that liberating for the masses, seeing as most punters are on centralized exchanges, and that looks set to continue.Scottex99 said:The government, your bank, Visa/Mastercard.
You wanna send me 10 quid? You have to ask permission.
I remember hearing that Coinbase banned the Wikileaks shop (e.g. shirts and mugs) a few years back.
Since Uniswap there are a lot of DEXs now too. There’s already money markets, lending/borrowing via DEXs and for me that’s going to lead into crypto mortgages and all sorts of other products with no need for the middle man or multiple middle men who suck out a lot in fees.1 -
Elon Musk says Dogecoin upgrade will beat bitcoin:One thing you can say with certainty is that Elon is manipulating the bitcoin and dogecoin markets; how much he is making personally from all these shenanigans is anyone's guess.
0 -
Regardless of anyone's take on cryptocurrency, Elon is scum.3
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