Is Currency Reset Conspiracy Theory?

Scottex99

Malthusian said:

He claims he is now a millionaire after putting money in bitcoin and taking it out of banks because all the money saved in banks will be written off even though you have FSCS protection up to £85,000.

The only way he could become a millionaire by putting money in Bitcoin is if he bought it before 2017 when hardly anybody had heard of it, or invested an insanely large amount post-2017. Neither is very likely.

It is far more likely it is just as much rubbish as the conspiracy theory stuff.

Can someone explain to me in layman's terms what a currency reset would actually mean for my savings.

Nothing. It means the same thing for your savings as the Protocols of the Elders of Zion.

Google will quite happily tell you that the Rapture is coming and that eating nothing but mustard sachets is great for your health if you ask it the right questions.

  Should I invest for example in a 5 year fixed savings?  Is my money at risk?

If you are under the FSCS limit there is no risk to capital for all practical purposes. The main risk is that inflation will have eroded the value over that five years. You also run the risk that you need the money out within that five years, or that interest rates go up over that time.

As you have found out, one of the main risks to your money when you come into a large sum of it, especially when you aren't used to having that much in cash, is that the vultures start circling.

Nope. £100k would have done it within a year from March 2020 and would still be a mill right now

bostonerimus

Your neighbour is a gullible idiot, don't listen to him...he also sounds like a bit of a braggart. 

bostonerimus

Scottex99 said:

pjread said:

Given I found some small fraction of a bitcoin on a forgotten-about wallet a week or so ago which was around ~£100 worth, and it cost me ~£4 in transaction fees to send it to my main wallet...  I don't think Bitcoin is replacing sterling or USD for daily transactions any time soon.

It’s not trying to replace them, just an alternative. And FYI it would cost you 4 quid to move £10,000,000 worth too

When I can spend crypto at the supermarket it will be an alternative to USA and Sterling. Right now crypto is not fungible enough to be a currency, it's just an speculative asset class and a nice use of some computer science.

Scottex99

Sure, because you want to be spending the best performing asset of all time, on food.

No need to get into on yet another thread as we can do that all day on the others.

For the record, I don’t believe in a Great Reset but it’s clear to see that most fists don’t exist longer than 100 years, for a reason

penners324

Bitcoin is a fad (like blockchain), it's real world applications are minimal.

Classing it an asset is like classing you bet on the 3.30 at Epsom as an asset. Worse actually (the horse is an asset to it's owners).

Malthusian

Scottex99 said:

Nope. £100k would have done it within a year from March 2020 and would still be a mill right now

Yep. That's why I specified "insanely large amount". If you put £100,000 into Bitcoin into March 2020 and you weren't already a multi-millionaire then you were insane. Probably one of those people who posted threads on here proclaiming that Bitcoin was going to moon to £100,000 within the year and asking how they could put their whole pension into it, and then flounced not long after.

I make £100k's worth bought in March 2020 and cashed out now a mere £900,000 at the absolute best, and that's if you managed to grab £100k's worth during the 50% flash crash of 12 March, which almost nobody did. But who's counting. And the price in March 2021 or any other pump is irrelevant as we know Dragonz's neighbour didn't cash out then.

Scottex99

penners324 said:

Bitcoin is a fad (like blockchain), it's real world applications are minimal.

Classing it an asset is like classing you bet on the 3.30 at Epsom as an asset. Worse actually (the horse is an asset to it's owners).

Haha, hence why the major banks, hedge funds, institutions are all looking at it?

JP Morgan/Bank of America (cant remember which) has a presence in the Metaverse, they'd be nowhere near it if they thought it was a fad or a scam.

Whole industry market cap is going to 10x easily in the next big wave

Scottex99

Malthusian said:

Scottex99 said:

Nope. £100k would have done it within a year from March 2020 and would still be a mill right now

Yep. That's why I specified "insanely large amount". If you put £100,000 into Bitcoin into March 2020 and you weren't already a multi-millionaire then you were insane. Probably one of those people who posted threads on here proclaiming that Bitcoin was going to moon to £100,000 within the year and asking how they could put their whole pension into it, and then flounced not long after.

I make £100k's worth bought in March 2020 and cashed out now a mere £900,000 at the absolute best, and that's if you managed to grab £100k's worth during the 50% flash crash of 12 March, which almost nobody did. But who's counting. And the price in March 2021 or any other pump is irrelevant as we know Dragonz's neighbour didn't cash out then.

We'll write off the 100k between friends. Correct on it being unlikely that his neighbour did that, but who knows, maybe OP lives in a lovely affluent area where dropping 100 bags is not much for a HNWI.

I know a few peeps from LMAX, never met Mercer in person but here's someone from traditional world who is bullish, actually a good chat too. There is going to be so many more of them in next few years.

https://www.youtube.com/watch?v=BvGbRRXJBBU 

Thrugelmir

Scottex99 said:

penners324 said:

Bitcoin is a fad (like blockchain), it's real world applications are minimal.

Classing it an asset is like classing you bet on the 3.30 at Epsom as an asset. Worse actually (the horse is an asset to it's owners).

Haha, hence why the major banks, hedge funds, institutions are all looking at it?

Because there's money to be made for their shareholders.  Investment banks will create products their clients want to buy. As all they do is skim a % of the transaction. No risk to them. While taking a contrary view in private of what they selling in public. 

Scottex99

And there's money to made because blockchain is stupid and BTC is a scam?