BITCOIN

thegentleway

Do you really only have your seed phrase in your head? Have you considered what happens when you die?

Scottex99

Nope as I have about 20

Section62

Scottex99 said:

Valid point but no government can stop BTC or "turn off" crypto. They can't.

They can make it difficult at the on/off ramps, for example blocking me taking cash from Coinbase to my bank or forcing banks to not give me a mortgage because I once sent £50 to Binance in 2018.

But they can't stop me sending BTC to any wallet in the world.

Could they make it very difficult for companies in the space? Yes. Can they stop everything when they want? No. There's already protocols worth hundreds of millions built by anonymous devs. DAOs is going to be a big play too in the future...

Sure to the first BiB, but that wasn't the point I was making.

The point is whilst a local government is controlling the communications networks (or has the ability to do so) then that government can stop you sending BTC to any wallet in the world (the second BiB) whilst you are in their jurisdiction.  They just deny you access to the network which you need to use to make that transaction.

Someone in smalltown Venezuela, Argentina, Zimbabwe (etc.) who has just been turned away from their bank by a government official is likely to be equally at risk of finding none of their devices have got a connection.  Arguably more so, because the goto response for governments in trouble is to shut down communications so the population cannot organise themselves in opposition, and so they can't tell the world what is going on.

...until of course someone comes up with decentralised citizen's communications networks which are hardened against government blocking.  But as it remains a challenge to get a decent connection in parts of developed countries, it will be a while before downtrodden folks around the globe will be able to establish non-governmental interference-free networks to use crypto as an alternative if the government decides to deny them banking facilities.

Starlink or similar as an alternative comms system? Still uses EMR, still vulnerable to blocking by a government that wants to deny citizens their rights.

Scottex99

Ok so on a technicality they could shut down the internet for the whole world to stop me being able to plug in my ledger and send the BTC, fair enough.

Assuming they are not spending precious government money and their top spies to track my individual whereabouts then I can leave whatever jurisdiction I'm in and do it somewhere else, ledger in my pocket, or seed phrase in my head.

Good point about the 3rd world and their networks though. Either way the most decentralised forms of money or assets are now upon us and a lot of cool stuff is about to get built

bugbyte_2

Scottex99 said:

Ha, yahoo. Put the pump figures next to it too. It’s all irrelevant as it makes new ATHs after each dip anyway.

Why is it just market sentiment? It’s store of value, it’s the scarcity, it’s decentralised network, it’s the ability to transfer with no authority in the middle, it’s the option to store assets off grid, yada yada yada. The price is actually one of the least interesting things about it. 

But yeah it’s going up against USD regardless. You say 0, I say 100k, let’s see how we do. Imo it’s never going below 20k ever again never mind 0

Ha, facts. 

I never said 0, I said could go to £100,000, could go to £0 - as did your good self in an earlier post. Looks like we agree after all. To state the obvious:

Crypto is only a store of value whilst people believe it is, as there is nothing - no dividend, no coupon, no assets - underlying it. Nothing. Just a string of numbers someone somewhere decreed is worth x amount. Interestingly, it is only worth x amount because Fiat exists. Bit ironic. If there was no Fiat, how would you value it? What would be replicated in the CPI basket of goods? I'll start with hand grenades and Japanese Tosa.
Its not scarce, anyone can freely buy it.
The ability to transfer with no authority in the middle is great until you need some protection against fraudulent action (that would never happen with a currency specifically designed for fraudulent action). Tell me you would happily buy a house or a car with Crypto if there was no record of you buying that house or car?
Option to store assets off grid? What grid? Don't you need electricity and 'the internet' to access your coins?
Yada, yada yada - Nope. cant help you there. 

Just sayin, whatever language you dress it up in, its still a string of numbers which has value just because market sentiment says it does, and market sentiment changes. As long as you are aware of this and do not try and put meaning and attributes where there is no meaning or attributes to make yourself believe you are investing in something more than it is, then all is good in the world - enjoy the ride!

Scottex99

Durrr, scarce as in there is a finite supply. 21m. Or put it another way, it wont be devalued by someone minting 1tn BTC because the economy is broken, because every one is in lockdown.

1 BTC = 1 BTC, if/when there is no fiat, that's how it will be.

How is there no record of me buying a house/car? It's on the blockchain, forever. Easier to get it from there than from some garage that went out of business 5 years ago.

Off grid as in away from banks/politicians/tax men, if you were that way inclined.

I'm in it because it's the future, I'm bored of debating it actually. I'll come back when it's at ATH again, for fun

tranquility1

Jennifer Arcuri (she of Boris Johnson fame) is shilling crypto hard.

She thinks the ones that get adopted mainstream will be XLM, XDC, XRP. BTC will not survive, says she. 

Eco_Miser

Well if there is a record of you buying a house/car, the taxman will be long for his cut in due course (when you sell it again).

Michael121

The future of currency: centralised or decentralised? | World Finance

Thought some of you might want to read this.

tranquility1

Coiners shill crypto

Gold bugs shill gold

This parish shills equities/bonds



Whoever you ask is invested in something or other and that's what informs their "advice".