BITCOIN

Zola.

Max Keiser is a coke head moron.

Scottex99

mooneysaver said:

Scott hasn't shared his pictures yet but there are some videos of the Miami conference: 

https://twitter.com/desperateSia/status/1401251494314360834?s=20

https://twitter.com/Fredilly/status/1400993824579588096

US embassy threw a spanner in that plan unfortunately, we did get a couple of nice days in Windsor although not quite the same!

I’ve been purposely ignoring the events but some of it has sounded a bit of a mess. We had Heat games and the Mayweather fight to go to too, plus a load of meetings with VCs etc.

Should be plenty more conferences once COVID is finally gone.

BTC now legal tender in El Salvador and DOGE is a sh11tcoin yep 

Adyinvestment

Scottex99 said:

BTC now legal tender in El Salvador 

This could be very interesting, if (not been approved yet) this comes to fruition this has got to be huge for Bitcoin.

Would that mean that Bitcoin would not be subject to capital gains tax as it would be a foreign currency? 

Reaper

Scottex99 said:

BTC now legal tender in El Salvador and DOGE is a sh11tcoin yep 

It's an utterly ridiculous announcement. I can only imagine it's PR. Bitcoin is completely wrong as a currency, not least because it is volatile and can't handle large numbers of transactions.

If he had announced a StableCoin was to be used as a national currency then I might have thought he was serious. Still unwise but serious. But Bitcoin as a nation currency is a joke.

me1000uk

What I'm not sure about is why many in the crypto space aren't just honest about what they want from it. 

Currently:
cyptopeople: Sell your  homes, sell your body, invest everything in the new gold otherwise have fun staying poor - NOT FINANCIAL ADVICE.
Translation : I have invested plenty of money in this emerging technology and needs further investment to fuel prices for my benefit. I will claim it isn't financial advice but it really really is because it benefits my finances.

low income investor: Hmm  is it worth investing in cryptocurrency? Seems a bit of a gamble but plenty seem to be doing it.
Translation: People have made so much money and these mega rich kids on twitter must be on to something, hopefully if I listen to their advice I'll get rich quick before the world catches on.

The middle ground is just obfuscation and debates related to various forms of investment.

Whilst it may have a future, and it's interesting to be involved in something ever-changing. I feel it is important to ignore the obfuscation and analogies about gold and stocks and shares or the perils of fiat currency and just be honest about what this space entails.

People want to invest a thousand hoping it'll turn to 50,000 instead of 200, is completely different to people investing a thousand hoping it'll turn to 2500 instead of 200. As decentralised as the claims are, the method of purchase/storing/transacting is done via exchanges that essentially are single points of failure with no legislative backing; there's ways to increase security but the exchanges are dominant. For exchanges to be regulated or the money to be usable it absolutely will need some form of developed government backing in which case it ceases to become what it should be and inevitably loses value? 

I'm not anti crypto conceptually and feel there is a future with it, but I guess I'd want the space to be more honest with people's livelihoods instead of the MLM style hype. I would love recommendations of educational and honest commentators on crypto rather than hype merchants (Do they even exist?). In my opinion the likes of MSE should absolutely treat it as a gamble at this stage and tell people it's an absolute gamble, and the pro-crypto people should focus on educational content rather than piggyback on the safety of government backed assets/banks/companies and claim crypto is remotely in the same ballpark.  Is it not a glaring aspect that 'cryptocurrency' isn't now a currency when it was supposed to be one? 

Zola.

Reaper said:

Scottex99 said:

BTC now legal tender in El Salvador and DOGE is a sh11tcoin yep 

It's an utterly ridiculous announcement. I can only imagine it's PR. Bitcoin is completely wrong as a currency, not least because it is volatile and can't handle large numbers of transactions.

If he had announced a StableCoin was to be used as a national currency then I might have thought he was serious. Still unwise but serious. But Bitcoin as a nation currency is a joke.

Not really. They will use the Lightning network for speedy transactions. Its happening.. 

Zola.

me1000uk said:

What I'm not sure about is why many in the crypto space aren't just honest about what they want from it. 

Currently:
cyptopeople: Sell your  homes, sell your body, invest everything in the new gold otherwise have fun staying poor - NOT FINANCIAL ADVICE.
Translation : I have invested plenty of money in this emerging technology and needs further investment to fuel prices for my benefit. I will claim it isn't financial advice but it really really is because it benefits my finances.

low income investor: Hmm  is it worth investing in cryptocurrency? Seems a bit of a gamble but plenty seem to be doing it.
Translation: People have made so much money and these mega rich kids on twitter must be on to something, hopefully if I listen to their advice I'll get rich quick before the world catches on.

The middle ground is just obfuscation and debates related to various forms of investment.

Whilst it may have a future, and it's interesting to be involved in something ever-changing. I feel it is important to ignore the obfuscation and analogies about gold and stocks and shares or the perils of fiat currency and just be honest about what this space entails.

People want to invest a thousand hoping it'll turn to 50,000 instead of 200, is completely different to people investing a thousand hoping it'll turn to 2500 instead of 200. As decentralised as the claims are, the method of purchase/storing/transacting is done via exchanges that essentially are single points of failure with no legislative backing; there's ways to increase security but the exchanges are dominant. For exchanges to be regulated or the money to be usable it absolutely will need some form of developed government backing in which case it ceases to become what it should be and inevitably loses value? 

I'm not anti crypto conceptually and feel there is a future with it, but I guess I'd want the space to be more honest with people's livelihoods instead of the MLM style hype. I would love recommendations of educational and honest commentators on crypto rather than hype merchants (Do they even exist?). In my opinion the likes of MSE should absolutely treat it as a gamble at this stage and tell people it's an absolute gamble, and the pro-crypto people should focus on educational content rather than piggyback on the safety of government backed assets/banks/companies and claim crypto is remotely in the same ballpark.  Is it not a glaring aspect that 'cryptocurrency' isn't now a currency when it was supposed to be one? 

People only use exchanges to buy their crypto. Noone in the right mind would leave significant amounts on the exchange. They are generally sent to a non custodial private wallet where it is 100% decentralised and not controlled by anyone, except the owner (or if you give someone your seed phrase they will have control).

Blue_Sky

Scottex99 said:

BTC now legal tender in El Salvador and DOGE is a sh11tcoin yep 

I don't know how accurate some of the details in the article linked below are, but it makes for interesting reading.
El Salvador to adopt proprietary payment network denominated in Bitcoin – Attack of the 50 Foot Blockchain (davidgerard.co.uk)

Scottex99

Adyinvestment said:

Scottex99 said:

BTC now legal tender in El Salvador 

This could be very interesting, if (not been approved yet) this comes to fruition this has got to be huge for Bitcoin.

Would that mean that Bitcoin would not be subject to capital gains tax as it would be a foreign currency? 

Supposedly no CGT as you said. But El S is basically a failed state and it's not been approved so remains to be seen how this will play out, interesting though

Zola.

Would agree, whether it works out for them or not is one thing, but many developing countries with a large number of unbanked citizens will be looking at this and wanting to get in on it.