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Bitcoin

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  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    edited 24 February 2021 at 7:53PM
    RichTips said:
    Sebo027 said:
    RichTips said:
    See what Terry Smith has to say on Bitcoin. A voice worth listening to.
    https://www.youtube.com/watch?v=-GS1ebrdX7g&feature=youtu.be&ab_channel=interactiveinvestor
    The guy seems fairly rational and makes reasonable points.
    I'd push back against his advocacy for Libra, however, as it would, according to the current proposed design released by its creators, Facebook, be subject to some of the same issues that afflict fiat currencies (lack of censorship resistance, for example). This inclines me to believe cryptocurrency may be a field he lacks sufficient knowledge of to give a huge amount of insight into. That is to say, others have voices equally if not more worth listening to on this topic.
    Agree. He doesn't say anything really, actually, other than saying "it's volatile" which anyone could deduce from looking at the price chart in USD and then talks about the Zimbabwe dollar which is of no relevance to crypto currency other than it's value changed rapidly.
    The relevance of the Zimbabwe dollar is that it is fiat currency that can be printed into oblivion/debased and I guess the point he is making about bitcoin is that there are a finite number of numbers so from that standpoint, infinite bitcoin cannot be 'printed'. Though of course bitcoin could be subdivided into increasingly smaller amounts to effectively create more units so work that one out.


    Putting the presence of sats (satoshis) and the implications of implementing further subdivision on the protocol to one side, you do realize that subdividing bitcoin into "increasingly smaller amounts to create more units" differs from the injection of new currency into the money supply by a central bank quite radically? Your supposition would simply be redenominating the holdings of all current holders. This would do little more than make holders wealthier in the eyes of simpletons.
    Fractional reserve banking requires no input from Central Banks. Yet increases the amount of currency in circulation. 
  • HansOndabush
    HansOndabush Posts: 470 Forumite
    100 Posts Name Dropper Photogenic
    edited 23 September 2024 at 2:51PM
    It's the "simpletons" that are buying into Bitcoin now.
    Not only them. Plenty of big investors are still buying. Mind you Elon Musk is also shilling Dogecoin, so...
    That's true. MicroStrategy invested another $1 billion, they just published it today:

    MicroStrategy buys Bitcoin which boosts their shares on the hype then CEO Michael Saylor dumps his stock in MicroStrategy; smart move for him; not for anyone else.

  • This article discusses the energy required to mine for Bitcoin.
    How Bitcoin's vast energy use could burst its bubble - BBC News
  • RichTips
    RichTips Posts: 96 Forumite
    Fifth Anniversary 10 Posts Name Dropper
    Bitcoin is at a tipping point and could become 'currency of choice' for global trade, Citi says
    Either going to zero or currency of choice for global trade? I guess if it does become the currency of choice for global trade it might go some way to justify the energy expenditure.
  • Where are those naysayers who religiously were saying bitcoin is not an investment?
    Well, it is.


  • thegentleway
    thegentleway Posts: 1,093 Forumite
    Tenth Anniversary 500 Posts Photogenic Name Dropper
    edited 23 September 2024 at 2:51PM
    Where are those naysayers who religiously were saying bitcoin is not an investment?
    Well, it is.

    I’m still here 🤣 Bitcoin is gambling. It’s purely speculative so can’t be compared to traditional investments. Hope it does well for you and makes you lots of money. 
    No one has ever become poor by giving
  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
    Fifth Anniversary 100 Posts Photogenic Name Dropper
    edited 23 September 2024 at 2:51PM
    Where are those naysayers who religiously were saying bitcoin is not an investment?
    Well, it is.

    I’m still here 🤣 Bitcoin is gambling. It’s purely speculative so can’t be compared to traditional investments. Hope it does well for you and makes you lots of money. 
    Long time no see :D Problem is, it's being compared to traditional investments and put on to portfolios regardless. Nothing is stopping people, businesses and wealth managers from putting it into portfolios and making a killing. The horse has left the barn. Once bitcoin hard money features and other characteristics, including average gains year on year has been seen, they can't be unseen.
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    edited 23 September 2024 at 2:51PM
    Where are those naysayers who religiously were saying bitcoin is not an investment?
    Well, it is.

    I’m still here 🤣 Bitcoin is gambling. It’s purely speculative so can’t be compared to traditional investments. Hope it does well for you and makes you lots of money. 
    Long time no see :D Problem is, it's being compared to traditional investments and put on to portfolios regardless. Nothing is stopping people, businesses and wealth managers from putting it into portfolios and making a killing. The horse has left the barn. Once bitcoin hard money features and other characteristics, including average gains year on year has been seen, they can't be unseen.
    Barn doors can be slammed shut. Then the poor horses will be left to fend for themselves. 
  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
    Fifth Anniversary 100 Posts Photogenic Name Dropper
    edited 23 September 2024 at 2:51PM
    Where are those naysayers who religiously were saying bitcoin is not an investment?
    Well, it is.

    I’m still here 🤣 Bitcoin is gambling. It’s purely speculative so can’t be compared to traditional investments. Hope it does well for you and makes you lots of money. 
    Long time no see :D Problem is, it's being compared to traditional investments and put on to portfolios regardless. Nothing is stopping people, businesses and wealth managers from putting it into portfolios and making a killing. The horse has left the barn. Once bitcoin hard money features and other characteristics, including average gains year on year has been seen, they can't be unseen.
    Barn doors can be slammed shut. Then the poor horses will be left to fend for themselves. 
    You must be referring to saddened nocoiners and naysayers then, who have been left empty handed?
    New internet meme-saying to them has been lately: "Have fun staying poor".  :D
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