Bitcoin News Thread

SmallTown said:
Not the way I see it no. Because investing in a company is, well investing in a company. As in I have shares in solar farms and renewable energy companies. Because they have an intrinsic worth. Bitcoin doesn't unless converted into a currency, in which case just use the currency.
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What if bitcoin replaces bullion? (I’m not saying your wrong, just playing devils advocate)
 
ForssAwakens said:
What if bitcoin replaces bullion? (I’m not saying your wrong, just playing devils advocate)
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Again, I see it as different: Bullion has an intrinsic value. Golds value is to do with it's scarcity but it's also the one of the best reflectors of heat we know of (for one thing) so has a utility. Can you not see what I'm getting at. Other things people invest in have value and purpose other than of themselves. Bitcoin has no utility as such
 
VladKinder said:
I'm going to post a few videos for people who are interested. Those who are not can ignore my ramblings.
I don't want to get into any debates or mudslinging.

But just are few things first.
1. You don't have to buy a full Bitcoin. You can have a tenner's worth if you want.

2. 13 out of the last 15 scientific reports have come to the conclusion that Bitcoin is a net positive for the environment as the system is designed for miners to seek out the cheapest form of energy, such as waste energy:
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3. Bitcoin is not for criminals. Sure they can use it, as criminals use cash, but Bitcoin is far more traceable. Bitcoin is agnostic. Anyone can use it. Just like the Internet.

4. 1% of people own 90% of the supply. Untrue. Bitcoin is far more distributed than the World's cash system.

5. Is it too late to buy Bitcoin? No. Bitcoin is a much better designed system than our current system that uses paper money. It will always be stronger than the Pound or Dollar,
but it does attract speculators still which create boom and bust cycles. Make sure you are not FOMOing in your life savings at the worst time.

6. Safest way to invest? Put whatever you can afford say a tenner a week into Bitcoin via somewhere like Coinbase, Kraken or my favourite the Strike App (which has zero fees)
This is called Dollar Cost Average. You are putting a small fixed amount in at regular intervals regardless of if the price is going up or down. This smooths out the volatility.

7. If you are just interested in buying Bitcoin just to make some quick beermoney then don't bother. Bitcoin is a better long term way to store wealth.
You have to get out of the mindset that it's just a way to make more fiat (paper) money. It's OK to take profit, or to convert to Pounds to pay bills but never ever sell all your Bitcoin just to go to cash.
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Great post - just to add a couple of my suggestions as a long term holder.
Set up 2 factor authentication for withdrawals if you plan to hold coins on an exchange such as Coinbase. Ideally not sms - I use authenticator.

I’ve found that most high st banks block crypto deposits. I use Revolut without any problems.
 
SmallTown said:
Again, I see it as different: Bullion has an intrinsic value. Golds value is to do with it's scarcity but it's also the one of the best reflectors of heat we know of (for one thing) so has a utility. Can you not see what I'm getting at. Other things people invest in have value and purpose other than of themselves. Bitcoin has no utility as such
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Finally, my total guess work at Bitcoin's value at the end of 2040.

Today, total global assets sit at $900 Trillion Dollars.
Bitcoin is $2 Trillion Dollars, making it 0.2% of all global assets.

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Assuming the M2 Money supply grows at 8% a year, by the end of 2040 that $900 Trillion Dollars will have grown to $2.9 Quadtrillion.
All that money being printed like confetti needs to find a home.
From now to 2040 Bitcoin will have gone through another 4 Halving events, in which the new supply of Bitcoin will be halved every four years.
At the same time money and power will have been transferred from the older generation to a younger generation who understand that Bitcoin has superior qualities to those other assets.

So by 2040 if total global assets are at $2.9QT:

Assuming Bitcoin's market share has grown to 1% that would mean $29T is in Bitcoin, giving it a price of around $1.4m per coin.
3% would give it $4.2m a coin.
5% would give it $7m a coin.

I would not be shocked to see it having a greater market share than even that, as we will be almost completely living in a digital world and paper money may be a thing of the past by then.
But even if Bitcoin stays at 0.2% global adoption (very unlikely) that would still mean a 3x from here simply due to the money printer going Brrrrrrrrr.....
 
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