bitcoin trading.

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  • jimjames
    jimjames Posts: 17,619 Forumite
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    adindas wrote: »
    I think something to do with Basic Economic Law : Supply and Demand.

    Supply is limited to 21 mil. More people want it the price per unit will rise. No one wants it, price will drop next to none. Currently it is attracted to speculators and / or might be money launderer to launder money from illegal activities.

    Problem I see is that there might only be 21m bitcoins but there are now many, many others that are ramping in the same way so if one is limited then people will just move on to another. Which if any is suitable for a currency in future is impossible to say at the moment.
    Remember the saying: if it looks too good to be true it almost certainly is.
  • redux
    redux Posts: 22,976 Forumite
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    jimjames wrote: »
    Problem I see is that there might only be 21m bitcoins but there are now many, many others that are ramping in the same way so if one is limited then people will just move on to another. Which if any is suitable for a currency in future is impossible to say at the moment.

    There is a rumour, and I've never checked whether apocryphal, that years ago the science fiction writer L Ron Hubbard suggested a good way to make money would be to invent a new religion.

    It looks like the modern equivalent is invent a new currency, and then the same issue, try to persuade enough people to join.
  • ivormonee
    ivormonee Posts: 395 Forumite
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    I don't really get bitcoin. It's difficult to buy and sell, or so it seems; you need to set up some sort of online wallet account or a special hard drive, you need to keep a record of the security keys, there are large spreads, and its apparent value drops and rises by as much as 20% in a single day. Also, most shops don't seem to accept it as a form of payment. I'm baffled by its meteoric rise in price and popularity.
  • adindas
    adindas Posts: 6,813 Forumite
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    redux wrote: »
    There is a rumour, and I've never checked whether apocryphal, that years ago the science fiction writer L Ron Hubbard suggested a good way to make money would be to invent a new religion.

    It looks like the modern equivalent is invent a new currency, and then the same issue, try to persuade enough people to join.

    That is the reason why Science Fiction remains a science fiction.

    When a science fiction turns to become a reality, it could be interpreted to many things.

    Elon Musk is making good Money from SpaceX, Tesla, Solar City. Could this thing be considered as a new religion ??
  • BananaRepublic
    BananaRepublic Posts: 2,103 Forumite
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    adindas wrote: »
    That is the reason why Science Fiction remains a science fiction.

    When a science fiction turns to become a reality, it could be interpreted to many things.

    Elon Musk is making good Money from SpaceX, Tesla, Solar City. Could this thing be considered as a new religion ??

    I haven’t a clue what that means! Incidentally, Tesla is loss making. It might turn out very profitable of course.
  • Sapphire
    Sapphire Posts: 4,269 Forumite
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    adindas wrote: »
    Leonardo da Vinci painting Salvator Mundi (Saviour of the World) sells for world record $450 million because there is only one painting and a lot of extremely wealthy people want it.

    For ordinary people it is just a painting similar to the one sold by street vendors. What is the actual value of it, it is just a canvas and oil painting. You could hang it on your living room but you can not eat it.

    Moreover, there are serious doubts among experts as to whether it is actually a Leonardo. Certainly looks a bit odd, for several reasons.

    Still, that's the 'art' market for you…:rotfl:
  • onomatopoeia99
    onomatopoeia99 Posts: 6,964 Forumite
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    ivormonee wrote: »
    I don't really get bitcoin. It's difficult to buy and sell, or so it seems; you need to set up some sort of online wallet account or a special hard drive, you need to keep a record of the security keys, there are large spreads, and its apparent value drops and rises by as much as 20% in a single day. Also, most shops don't seem to accept it as a form of payment. I'm baffled by its meteoric rise in price and popularity.
    You don't need to keep it in an online wallet or special hard drive, an ordinary hard drive will do, you don't need to keep a record of security keys unless you encrypt the wallet (if you don't encrypt and someone steals your computer they can spend your bitcoins), the exchange rate with fiat is volatile, which everyone knows but a lot of people feel the need to point out daily on here, and about as many shops in the UK accept it as payments as accept Renminbi, rand or tögrög, which are other alternative currencies.
    Proud member of the wokerati, though I don't eat tofu.Home is where my books are.Solar PV 5.2kWp system, SE facing, >1% shading, installed March 2019.Mortgage free July 2023
  • BananaRepublic
    BananaRepublic Posts: 2,103 Forumite
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    onomatopoeia99 wrote: »
    You don't need to keep it in an online wallet or special hard drive, an ordinary hard drive will do, you don't need to keep a record of security keys unless you encrypt the wallet (if you don't encrypt and someone steals your computer they can spend your bitcoins), the exchange rate with fiat is volatile, which everyone knows but a lot of people feel the need to point out daily on here, and about as many shops in the UK accept it as payments as accept Renminbi, rand or tögrög, which are other alternative currencies.

    There is no exchange rate when I spend my pounds in the UK and even if I did spend It overseas, the exchange rate is not so volatile especially over a short period. I’ve yet to find a shop that takes Bitcoin. Then again I don’t use the Tor browser or the dark web. Are there good Christmas sale bargains to be had on the dark web?
  • onomatopoeia99
    onomatopoeia99 Posts: 6,964 Forumite
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    Why have you quoted my post and started talking about tor and the dark web? I haven't said anything about either of those things, nor do I use them, though I am generally supportive of the principle of onion routers. However, decentralised privacy against snooping by our political masters and their lackeys at GCHQ is not a subject for the savings section of the board.
    Proud member of the wokerati, though I don't eat tofu.Home is where my books are.Solar PV 5.2kWp system, SE facing, >1% shading, installed March 2019.Mortgage free July 2023
  • ivormonee
    ivormonee Posts: 395 Forumite
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    My router seems to be made of plastic. I don't think I've ever come across one made of onions. Is that the sort of thing you can buy with bitcoins?
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