BITCOIN

Scottex99

Lol.

You do you, if it has so many obvious flaws then stay away, it’s not that difficult.

Let the rest of us crack on with building and creating new revolutionary financial things

fwor

Doesn't really matter what I think, but what's the view of a security professional like Bruce Schneier, who is a very highly regarded cryptologist, with decades of experience in security, cryptography and trust?

https://www.wired.com/story/theres-no-good-reason-to-trust-blockchain-technology/

Ok - it's not exactly an easy read, but here's the conclusion that he comes to:

Bruce Schneier said:

Honestly, cryptocurrencies are useless. They're only used by speculators looking for quick riches, people who don't like government-backed currencies, and criminals who want a black-market way to exchange money.

To answer the question of whether the blockchain is needed, ask yourself: Does the blockchain change the system of trust in any meaningful way, or just shift it around? Does it just try to replace trust with verification? Does it strengthen existing trust relationships, or try to go against them? How can trust be abused in the new system, and is this better or worse than the potential abuses in the old system? And lastly: What would your system look like if you didn’t use blockchain at all?

If you ask yourself those questions, it's likely you'll choose solutions that don't use public blockchain. And that'll be a good thing—especially when the hype dissipates.

Hmm... not exactly a fan, then...

Scottex99

And? Buffett is saying it’s worthless too, doesn’t make them right or me right either.

Fastest growing asset of all time probably takes it out of the “useless” category though

fwor

Scottex99 said:

Let the rest of us crack on with building and creating new revolutionary financial things

I certainly wouldn't consider using the word "pompous", but isn't this a slightly grand view of your own role in the creation of "new financial things"? As i understand your job (and your purpose here in continuing to promote crypto) you just make money buying and selling cryptocurrencies as their values rise and fall?

Or do you have some other more productive role in the field?

Scottex99

fwor said:

Scottex99 said:

Let the rest of us crack on with building and creating new revolutionary financial things

I certainly wouldn't consider using the word "pompous", but isn't this a slightly grand view of your own role in the creation of "new financial things"? As i understand your job (and your purpose here in continuing to promote crypto) you just make money buying and selling cryptocurrencies as their values rise and fall?

Or do you have some other more productive role in the field?

Yeah, the royal we I'm using here.

But I do work for and co-founded a trading firm that has traded will over a billion in the the last 3 years and is now raising on crowdcube at a 55m valuation, so I have some idea of who the players are in the space and I see new protocols every day.

I couldn't even tell you exactly how the tech behind mining txns works or how smart contracts work either, I'm not overly technical. But they do work and the assets have found new price levels accordingly.

We're building a new retail app with health incentives, that helps the environment and we have an eye on social functions not just purely price speculation, although even my missus has trebled her money since I showed her how to buy some coins earlier in the year.

Actually go back and read the full thread if you want, the only promotion I do is correcting the myths that people have about BTC, saying I'm personally bullish on crypto and I work in the industry. Do you really think I want you to invest £1k into BTC to pump my bags and that's why I'm on here?

fwor

Scottex99 said:

Do you really think I want you to invest £1k into BTC to pump my bags and that's why I'm on here?

This is an internet forum, so I've absolutely no idea.

The various claims about what might happen at some point in the future are fine - when honestly described as such.

What is annoying is when people start saying ridiculous things that are plainly not true, simply because they ~need~ to generate interest in Bitcoin to keep new money coming in.

Adyinvestment

I think it very unfair to say that anybody on this thread is trying to shill/promote Bitcoin.

This is a Bitcoin thread!

This is supposed to be a discussion about Bitcoin, and would not be much of a discussion if nobody actually believed in it and spoke favourably about it.

Also I can't think of a worse place to shill Bitcoin than MSE investment forum which is full of hardened investors who want Bitcoin to fail because it will draw trillions out of the stock market.

deejaybee

Despite originally buying in not long after the ATH, i am now actually ahead ! ( i did do a bit of trading, and also bought more of  some of my original coins to average down the cost )

Timed a CARDANO sell really badly though recently, had bought at 1.06,  it went down a fair bit, gradually got back to where i could break even, allowing for trading costs, so i offloaded it, only for it to make a  big jump days later, currently around 1.80... :-(

the coins i am earning 4 to 5 % on ( ALGO COSMOS & TEZOS ) are all doing well lately.

ps: personally i appreciate Scott's contributions on this thread.

Scottex99

fwor said:

Scottex99 said:

Do you really think I want you to invest £1k into BTC to pump my bags and that's why I'm on here?

This is an internet forum, so I've absolutely no idea.

You missed my point here, it’s not that I want you to, it’s that it would do literally nothing to the market if you did. I’ve traded 50 BTC in one clip and it’s barely created a hint of a wick on the exchange.

The fact that new money has to continually pour in is a fallacy anyway but you really think I’ve picked this exact forum full of 50-60 year old stonks/pension/vanguard guys as my target market?

Crypto is (likely) going to make me financially free, if it doesn’t happen and somehow goes to zero then I’ll have to suck it up and deal with it. And all the naysayers can celebrate, the same way I will when we hit new ATHs again and again. Each to their own always, as someone just said, what would the point of a Bitcoin/Crypto thread be if there was nobody on the for side. Just for your sanity too, you don’t want me coming back here in 2 years winding you up asking which of my 5 lambos should I drive to work today 

Adyinvestment

Scottex99 said:

The fact that new money has to continually pour in is a fallacy anyway but you really think I’ve picked this exact forum full of 50-60 year old stonks/pension/vanguard guys as my target market?

Oi! I am 50 and I am on your side