BITCOIN

whatstheplan

[Deleted User] said:

Scottex99 said:

The government, your bank, Visa/Mastercard.
You wanna send me 10 quid? You have to ask permission.

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.

I remember hearing that Coinbase banned the Wikileaks shop (e.g. shirts and mugs) a few years back.

This is the thing, when it comes to people saying crypto can eventually replace fiat and associated transaction processes, I'm not sure I buy that (pardon the pun!). If you take something like mortgages, there's (quite rightly) an application/approval/rejection process that involves providing certain information on earnings etc to assess your suitability for the mortgage product.  Whether or not people think of this as being bureaucratic, surely a similar process would need to remain whether the transaction was crypto or fiat based, no?  The same would be true for many financially based transactions.  So I don't necessarily agree with the fiat bashing that goes on.  The more established crypto becomes, the more bureaucracy it will require.

p.s. I'm not a crypto basher before anyone suggests I am

HansOndabush

The other point is that existing crypto will never become mainstream, bitcoin will never be the reserve currency, it just won't happen. There will be a crytpo future but it will be government crypto; all existing free-market crypto will only ever be on the fringe of things.

onlyfoolsandparking

Execute Elon Musk.exe.=Bitcoin plummets!!

HansOndabush

Anyone notice it's gone very quiet on this thread? Think they are busy buying the dip?

thegentleway

Seems a bit early to celebrate/be smug... 

HansOndabush

Nothing to celebrate; I don't own crypto but neither am I short; just saying it's quiet.

Scottex99

HansOndabush said:

Anyone notice it's gone very quiet on this thread? Think they are busy buying the dip?

BTFD, Indeed

Vortigern

HansOndabush said:

thegentleway said:

Scottex99 said:

thegentleway said:

Scottex99 said:

thegentleway said:

Scottex99 said:

benbay001 said:

Scottex99 said:

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.

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.

So no, nobody cares about the Tesla news.

Kudos on the crusade though, lol

Exactly, its for getting rich quick!
Get with the times Hans. Grr.

(But more seriously, whats it for then?)

 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.

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

Who is controlling my personal wealth?

The government, your bank, Visa/Mastercard.

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

At least it’s not shape changing lizards...

Ask permission? From who exactly? Pretty sure I can send you a tenner in lots of ways (PayPal, bank transfer, cheque, etc...)

Yeah and I’m every single option there is a counterparty that has to verify that and let it happen.

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.

Counterparty? The counterparty in our fictional example of me (the sender) is you (the receiver)...

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:

thegentleway said:

Scottex99 said:

thegentleway said:

Scottex99 said:

benbay001 said:

Scottex99 said:

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.

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.

So no, nobody cares about the Tesla news.

Kudos on the crusade though, lol

Exactly, its for getting rich quick!
Get with the times Hans. Grr.

(But more seriously, whats it for then?)

 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.

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

Who is controlling my personal wealth?

The government, your bank, Visa/Mastercard.

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

At least it’s not shape changing lizards...

Ask permission? From who exactly? Pretty sure I can send you a tenner in lots of ways (PayPal, bank transfer, cheque, etc...)

Yeah and I’m every single option there is a counterparty that has to verify that and let it happen.

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 currency

b) Limit what you can withdraw

c) 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.

Would you all please learn how to trim your quotes. TIA

underground99

Vortigern said:
Would you all please learn how to trim your quotes. TIA

     

HansOndabush

How, how ...tm ta ta tm ta ta tm, how?