Bitcoin News Thread

VladKinder said:
Firstly, don't get Bitcoin and Crypto confused.
They are not the same thing.
It's like comparing an Apple iPhone with a Chinese knock off that doesn't work and the logo falls off.

In America there are now 11 Bitcoin funds , backed by the likes of Blackrock.
They have taken more money in their first 10 months than the Gold funds have taken in 19 years.
Around 12,000 institutions have invested in them including state pension funds.

Every 4 year cycle maybe 6 to 10 "Cryptos" outperform Bitcoin. Out of thousands of them.
But knowing beforehand which they will be is near impossible and by the time the sheep have piled into them simply because they are going up they are now at their top.
Then they crash as the people behind them pull the plug.
None of them ever get back to that high again and some disappear.
This is where people who don't know any better lose their shirt.

Bitcoin just keeps doing it's thing. Getting bigger. Becoming less volatile. Eating fiat currencies like the apex predator it is.
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Which is why we need regulation. Bitcoin is so dodgy at the moment. Full of crooks
 
I wonder if the day will ever come when it's widely realised that bitcoin is just another cryptocurrency with no intrinsic value, just like all the others.

Possibly not, could be that too many have too much invested in it to let this chimera fail like all the others. As long as people believe it is worth something, it is.

Its success is depressing though. it's essentially an investment in criminality and climate change.
 
Kilburn said:
I wonder if the day will ever come when it's widely realised that bitcoin is just another cryptocurrency with no intrinsic value, just like all the others.

Possibly not, could be that too many have too much invested in it to let this chimera fail like all the others. As long as people believe it is worth something, it is.

Its success is depressing though. it's essentially an investment in criminality and climate change.
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So very well said
 
I just shake my head at the lack of basic knowledge on here. It's like people are a prisoner to the current system without even knowing it.

No intrinsic value is a bad joke, but there again over half the population in the UK are classified as financially illiterate, which is why they need Martin Lewis to
tell them how a Regular Saver works.

The Bitcoin network is roughly 6 times bigger than Googles.
On a daily basis it processors more transactions than VISA.
Half the world's population has no access to banking, yet they can send bitcoin to anyone in the world, without a bank or government blocking it.
They can carry Bitcoin with them anywhere in the world to get away from corrupt governments who would stop cash or Gold.
In over 80 countries people can go into most shops and pay by Bitcoin in seconds and save the merchant VISA or Mastercard fees.

Saying it has no intrinsic value is like saying The Internet has no value.

The last 7 minutes of this video starting from 25mins 40 secs in will educate those who need it.:


But hey, all I can say if you want to stay a slave to the current system is:

Have fun staying poor.
 
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VladKinder said:
I just shake my head at the lack of basic knowledge on here. It's like people are a prisoner to the current system without even knowing it.

No intrinsic value is a bad joke, but there again over half the population in the UK are classified as financially illiterate, which is why they need Martin Lewis to
tell them how a Regular Saver works.

The Bitcoin network is roughly 6 times bigger than Googles.
On a daily basis it processors more transactions than VISA.
Half the world's population has no access to banking, yet they can send bitcoin to anyone in the world, without a bank or government blocking it.
They can carry Bitcoin with them anywhere in the world to get away from corrupt governments who would stop cash or Gold.
In over 80 countries people can go into most shops and pay by Bitcoin in seconds and save the merchant VISA or Mastercard fees.

Saying it has no intrinsic value is like saying The Internet has no value.

The last 7 minutes of this video starting from 25mins 40 secs in will educate those who need it.:


But hey, all I can say if you want to stay a slave to the current system is:

Have fun staying poor.
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It has no intrinsic value though. That’s just a fact. And neither does the internet until you make real physical money from it. No matter how bad a comparison that is.

As in: what can you do with your Bitcoin right now? What functions does it have?
 
SmallTown said:
It has no intrinsic value though. That’s just a fact. And neither does the internet until you make real physical money from it. No matter how bad a comparison that is.

As in: what can you do with your Bitcoin right now? What functions does it have?
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You can exchange it for goods and services. Like you can with any currency or asset if someone is willing to accept it.
 
Nano said:
I said any currency or asset so yes, postage stamps were covered. We don't have to list them all.
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I thought I would mention it as the value of stamps is increasing much faster than inflation. You could trade stamps and make a killing provided they don't have the cost on the front.

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Nano said:
You can exchange it for goods and services. Like you can with any currency or asset if someone is willing to accept it.
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Ah so it's like money, except not accepted in any mainstream store? Seems lacking in intrinsic value
 
Ash88 said:
It's funny how Bitcoin topics only seem to appear when it's doing well... There's never anyone telling people to buy it when it's not...
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It gets attention when it's in the news. All time highs and major crashes make it newsworthy. It's got a market cap of £1.3tn so big changes in the price are going to make the news.
 
Nano said:
Ah yes, because that's the only thing that counts. Good luck spending your USD$ or your gold or your tesla shares or your house in Tesco.
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I spend great British pounds, a currency. I think you've just proven bitcoin has no intrinsic value
 
Nano said:
It gets attention when it's in the news. All time highs and major crashes make it newsworthy. It's got a market cap of £1.3tn so big changes in the price are going to make the news.
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It has got a market cap of £1.13tn but 95% of that is all owned by the top 1% of addresses. The average Joe needs to stop falling into the Bitcoin trap.
 
Ash88 said:
It has got a market cap of £1.13tn but 95% of that is all owned by the top 1% of addresses. The average Joe needs to stop falling into the Bitcoin trap.
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Not sure it's a trap. You just need to know what you are getting into. It's a high risk and unpredictable investment. If you only put in what you are comfortable losing as a bit of a hobby I'm not sure there are any great disadvantages. I've made a fair chunk of money from it over the years, but equally I am conscious the money I have currently invested currently could disappear overnight.

It's not a guarenteed get rich quick scheme, anyone telling you this is likely a scammer or an idiot. There are always people who get greedy and don't apply logic or common sense, just look at the Football Index a few years ago..you had people losing their life savings to what was effectively a ponzi scheme.
 
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