BITCOIN

Zola.

My personal opinion is that central bank digital currencies will push the popularity of Bitcoin even more. 

Who would want the government to see each and every purchase you make, even if it's utterly boring? Also if the government owns the currency supply there's nothing to say they cant seize all your wealth, take fines right out of your account, etc. It's set up for the ultimate invasion of privacy and totalitarian control. 

People want true sovereignty of their wealth and Bitcoin may be the solution for that. 

kuratowski

terratus said:

Unrelated but for the neighsayers and crypto haters here, why even waste your time posting in this thread? Leave the thread to those that are interested in learning more.

For sake of balance, we need both sides.  Crypto enthusiasts don't want to see the luddites bashing all things crypto without a chance to respond.  Likewise, investors who stick with traditional financial markets don't want to see pump-and-dumpers hyping crypto without a chance to rebut.  So it cuts both ways.
A few comments on here can get a bit extreme, but most people are being well-behaved, partly because they know if they exaggerate someone else will pick them up on it.

bugbyte_2

Unrelated but for the neighsayers and crypto haters here, why even waste your time posting in this thread? Leave the thread to those that are interested in learning more.

Because there is a fair bit of rubbish on here presented as fact, and that actually does crypto a massive disservice because if you present it as something it is not, people get cagy and go in the opposite direction. Just because what crypto fanbois post stuff that conforms to your world view does not mean that it is correct.

Factually, crypto is not used for the vast, vast majority of transactions and IMHO in its present form never will be. It is simply something people can trade manipulated by large players because they can because it is unregulated which will make some people very rich and naive people very poor. 

Incidentally, the talk of going from $50,000 to $100,000 is fine and may well happen, but don't think it is unusual. Individual stocks double all the time and the S&P500 doubled in the last 5 years. There are less riskier ways of doubling your money.

adindas

terratus said:

Central banks are creating their own digital currency, CBDC's (central bank digital currencies).

I realise this is a BitCoin thread but one of the leading companies leading on this and assiting governments is called Quant. They have ties to the Digital Pound as the founder of Quant once worked at the Bank of England. Quant have already confirmed the South American digital dollar with 12 countries currently signed up. Also talk of a digital Euro but lot's of non-disclousure agreements so some speculation at this point.

I'm not invested in Bitcoin but I am in Quant (partly for the reason's mentioned above). Very interesting and exciting future.

--

Unrelated but for the neighsayers and crypto haters here, why even waste your time posting in this thread? Leave the thread to those that are interested in learning more.

In my personal opinion this will just defeat the main purpose of the creation of cryptos, e.g., to have a decentralised system.

It is also a duplication. What is the advantage of having Central banks digital currency (CBDC) over the system which already have a good infrastructure, massive well connected networks and already work well such as Credit/Debit Card using payment processing such as VISA/Master/Amex, wireless payment?

Malthusian

Zola. said:

Blackrock also investing heavily in Bitcoin mining companies - the companies who mine the bitcoin blocks and keep Bitcoin minting new coins, effectively. 

https://uk.sports.yahoo.com/news/blackrock-invests-384m-bitcoin-mining-121211742.html

How anyone can doubt the potential of Bitcoin at this point is somewhat staggering. 

Via its ETFs. In other words its investment in crypto token mining is entirely passive, not a conscious decision by BlackRock.

The investment is spread across a number of BlackRock's mutual funds and exchange-traded funds (ETFs), such as its iShares Russell 2000 ETF. (Coindesk)

By this argument, investment in booze, fossil fuels, nappies, and literally anything else you can think of sold by a company in the major stockmarket indices like the Russell 2000 are bound to go to the moon, because BlackRock will have billions invested in all of them.

"Bitcoin must go to the moon because BlackRock is investing in crypto miners" is an appeal to authority, a logical fallacy. That goes triple when you are so desperate to come up with appeals to authority that you latch onto a company investing in miners via passive tracker funds purely because those companies are in the index, not because it thinks they will rocket in value.

Besides, I thought that Bitcoin was supposed to liberate us from greedy bankers like BlackRock.

Zola.

No - the point is that these businesses are now making serious money, have gotten huge, gone mainstream, and are part of an acceptable investing platform. 

Only a few years ago bitcoin was considered nerdy magical internet beans. Folks are paying attention now. Those who don't will get left behind and will inevitably regret it. 

bugbyte_2

What is the advantage of having Central banks digital currency (CBDC) over the system which already have a good infrastructure, massive well connected networks and already work well such as Credit/Debit Card using payment processing such as VISA/Master/Amex, wireless payment?

Stability, trust, regulation (which most people actually want), taxation to keep the world spinning (which most people actually want), not financing criminal operations (which most people actually want), usability, cost of transaction, speed of transaction, one simple payment system.

bugbyte_2

Why do you want a decentralised system again?

Adyinvestment

This is probably the most bullish article/news I have ever seen for Bitcoin/crypto, published yesterday on Forbes which is pretty credible.

Of a survey of over 1000 senior executives in banking & financial services, the majority think Bitcoin/crypto could replace fiat.


Bankers Issue ‘Seismic’ Warning: Bitcoin, Ethereum, BNB, Cardano And XRP Could Replace The Dollar In Just Five Years As Crypto Market Price Adds $1 Trillion (forbes.com)

If you click through to the actual report itself it breaks it all down.

terratus

adindas said:

terratus said:

Central banks are creating their own digital currency, CBDC's (central bank digital currencies).

I realise this is a BitCoin thread but one of the leading companies leading on this and assiting governments is called Quant. They have ties to the Digital Pound as the founder of Quant once worked at the Bank of England. Quant have already confirmed the South American digital dollar with 12 countries currently signed up. Also talk of a digital Euro but lot's of non-disclousure agreements so some speculation at this point.

I'm not invested in Bitcoin but I am in Quant (partly for the reason's mentioned above). Very interesting and exciting future.

--

Unrelated but for the neighsayers and crypto haters here, why even waste your time posting in this thread? Leave the thread to those that are interested in learning more.

In my personal opinion this will just defeat the main purpose of the creation of cryptos, e.g., to have a decentralised system.

It is also a duplication. What is the advantage of having Central banks digital currency (CBDC) over the system which already have a good infrastructure, massive well connected networks and already work well such as Credit/Debit Card using payment processing such as VISA/Master/Amex, wireless payment?

I think CBDC's are adding to and evolving the current financial system, rather than creating total duplication. Even though payments now may appear digital, they are not truly digital as they require many third parties and middlemen to confirm the transaction, at a massive cost to banks.

If I send £10 from my bank to yours, it may appear in your bank account instantly however there are countless things that need to happen behind the scenes to reconcile and confirm the transaction.

With a truly digital system it should remove the need for human interaction - I send money from my wallet to your wallet and that's it, transaction done. Not sure if this is actually how CBDC's will work though or if governments are just pursuing it from a 'big brother' view where they can track everything and everyone.