The Crypto coin thread

[dan494]

24 minutes ago, Vespasian said:

 

 

I thought maybe its saving grace might be that it might act as a safe haven investment harbor, but the more I think on it the less likely I see that happening...

 

 

 

 

Doesnt make sense as a place to hold money when its so open to hacks and value being up and down more than a prozzies knickers. One exchange on south korea has gone bust this week when lost 25% of the coins it held for its customers.. Money in the bank is insured up to about £80k so cant be lost if you just want to have some in a place you can access. 

If someone said to you 'ive got a string of computer code that does nothing but you can send it to other people securely and its only £11,000' anyone in their right mid would laugh their heads off and run away! Call it an investment and spam everyones emails with it to build up chat and people are all over it??

Edited December 23, 2017 by dan494

[Mortimer Firewood]

2 hours ago, Vespasian said:

betwixt ruminating on a topic or two brought up in this forum, one being bitcoin..

 

Its struck me a day or two ago that bitcoin as in investment is about the most dangerous out there..  perhaps if bitcoin acts in the manner it was intended then it might be OK but as a speculative adventure, its gonna make a lot of people bitcoin broke within hrs one day..

 

I thought maybe its saving grace might be that it might act as a safe haven investment harbor, but the more I think on it the less likely I see that happening...

 

human psychology being what it is, I just can't see people having confidence in a bunch of random numbers generated on the internet in times of crisis..  In fact I think the opposite be would true..  I think the first mention of an economic slowdown, bitcoin will be one of the assets dumped by investors..

 

In fact if thats true and bitcoin acts as I suspect, then its only value to most people is as a warning to us that a recession is on the way if bitcoin tanks..

 

the canary in the coalmine...

 

 

Look at Greece when they robbed there accounts they turned to bitcoin. 

China devalued the yen people invested in Bitcoin.

 

Theres some very clever people behind bitcoin and Yes it could all collapse. But so could our economy we can't have infinite grove.

[Tom D]

Well so long as it keeps going the way its going i'm happy, my £2800 investment of 2 months ago is now pushing £14k. I have done this by holding some coins, trading others and margin trading and short selling some too. When the crash happens it won't be instantaneous, it will take 2-3 days to fully crash, well thats what happened the last time. So there will be time to trade your way out of it if you're smart.

[Vespasian]

1 hour ago, Mortimer Firewood said:

Look at Greece when they robbed there accounts they turned to bitcoin. 

China devalued the yen people invested in Bitcoin.

 

Theres some very clever people behind bitcoin and Yes it could all collapse. But so could our economy we can't have infinite grove.

What does it matter if Greeks turned to bitcoin, Greek citizens are likely to be hoodwinked as anyone else..  same goes for the Chinese..

 

You might argue the Chinese and Greeks imagine bitcoin to be a safe bet, seein as they might of jumped on bitcoin during their crisis..  But theres a difference to what I'm talking about.. The Chinese devaluation was local, as was the Greek crisis...

 

What happens during a downturn is no place is safe...  no asset seems safe..  If stocks begin to fall around the world, were  does the Greek look for a safe haven then?..  

 

The essence of perceived value is trust..  You buy a house because you trust its value to go up over time..  you buy gold because its intrinsic value has remained steady for thousands of years...  Houses, you can live in, Gold you can hold in your hands, touch it, feel it, marvel at its beauty.. 

 

what can you do with Bitcoins?..   look at a string of numbers in an algorithm..  I can't see anyone holding onto an algorithm in a crisis..

 

 

 

Dan494

 

Yep, exactly what I suspect, thousands if not millions of emails have been sent out by Bitcoin insiders and their discipels to talk up the currency... if you can rightly call it a currency..

[Mortimer Firewood]

3 hours ago, Vespasian said:

What does it matter if Greeks turned to bitcoin, Greek citizens are likely to be hoodwinked as anyone else..  same goes for the Chinese..

 

You might argue the Chinese and Greeks imagine bitcoin to be a safe bet, seein as they might of jumped on bitcoin during their crisis..  But theres a difference to what I'm talking about.. The Chinese devaluation was local, as was the Greek crisis...

 

What happens during a downturn is no place is safe...  no asset seems safe..  If stocks begin to fall around the world, were  does the Greek look for a safe haven then?..  

 

The essence of perceived value is trust..  You buy a house because you trust its value to go up over time..  you buy gold because its intrinsic value has remained steady for thousands of years...  Houses, you can live in, Gold you can hold in your hands, touch it, feel it, marvel at its beauty.. 

 

what can you do with Bitcoins?..   look at a string of numbers in an algorithm..  I can't see anyone holding onto an algorithm in a crisis..

 

 

 

Dan494

 

Yep, exactly what I suspect, thousands if not millions of emails have been sent out by Bitcoin insiders and their discipels to talk up the currency... if you can rightly call it a currency..

Do you actually understand why bitcoin was created and who it was created by?

Yes it's a scam but not in the sense people think it's a lot clever than that I would not buy coin at today's prices that risk. 

It matters very little to me as I had bitcoin before it was trendy if they drop to £100 I'd still make £89 yes I'd loose what they made. 

Its all good fun old boy. 

 

[dan494]

5 hours ago, Mortimer Firewood said:

Look at Greece when they robbed there accounts they turned to bitcoin. 

China devalued the yen people invested in Bitcoin.

 

Theres some very clever people behind bitcoin and Yes it could all collapse. But so could our economy we can't have infinite grove.

the problem with greece was noone paid their taxes to the country went bust, til they got bailed out. I worry bitcoin will hide transactions so people dont pay their share and we all suffer

[dan494]

4 hours ago, Tom D said:

Well so long as it keeps going the way its going i'm happy, my £2800 investment of 2 months ago is now pushing £14k. I have done this by holding some coins, trading others and margin trading and short selling some too. When the crash happens it won't be instantaneous, it will take 2-3 days to fully crash, well thats what happened the last time. So there will be time to trade your way out of it if you're smart.

only if people are buying, there's a saying, don't catch a falling knife. I'd imagine they'll be impossible to shift when a fall occurs

[Tom D]

7 minutes ago, dan494 said:

only if people are buying, there's a saying, don't catch a falling knife. I'd imagine they'll be impossible to shift when a fall occurs

no you can still sell, you have to be quick and realistic. No one knows where the bottom is, and it can go up just as fast as it can go down, so there are always plenty ready to buy in at the right price.

[Vespasian]

57 minutes ago, Mortimer Firewood said:

Do you actually understand why bitcoin was created and who it was created by?

Yes it's a scam but not in the sense people think it's a lot clever than that I would not buy coin at today's prices that risk. 

It matters very little to me as I had bitcoin before it was trendy if they drop to £100 I'd still make £89 yes I'd loose what they made. 

Its all good fun old boy. 

 

it might be "fun for you" but not the lemming getting in when they don't understand the risks, or worse do understand but get in anyways..

 

its not goin to be a laughing matter when people lose money on an algorithm is it..   

 

And no I haven't a clue why bitcoin was invented, or its original intention, I got bored real fast looking into it...   although I do understand whats inflating its price at present..   loads of scumbags trawling the Internets with spam on the subject.. the very same people you wont hear from again when the price tanks and they've sold up a day or two before that happens.. 

 

If you've made some money on it good luck, but if your asking me your as bad as the thieves for supporting this shisterismn.. you should be ashamed of yourself..

 

 

 

[Mortimer Firewood]

6 hours ago, Vespasian said:

it might be "fun for you" but not the lemming getting in when they don't understand the risks, or worse do understand but get in anyways..

 

its not goin to be a laughing matter when people lose money on an algorithm is it..   

 

And no I haven't a clue why bitcoin was invented, or its original intention, I got bored real fast looking into it...   although I do understand whats inflating its price at present..   loads of scumbags trawling the Internets with spam on the subject.. the very same people you wont hear from again when the price tanks and they've sold up a day or two before that happens.. 

 

If you've made some money on it good luck, but if your asking me your as bad as the thieves for supporting this shisterismn.. you should be ashamed of yourself..

 

 

 

I will hold my head in permanent shame from this day forward.

I love the way you passed judgment on something you don't understand