BIT COIN (S)

[Kev The Rat]

And? What's your point there keV?

It’s information for you to interpret in any way you choose.

Me, id say that’s indicative of the destruction of fiat

 

[Woolly Blue]

It's stating the bleeding obvious, but it's worth whatever someone's willing to pay for it.

Currently, there's a herd effect, but there's no underlying assets ( direct or indirect ) to bitcoin, so it could turn at any time, equally it could carry on rising. Basically, no-one has a clue.

One thing is for sure though. If it crashes one day, which it likely will, lots of people will very quickly tell everyone how lucky / clever they were to sell up just a few hours / days/ weeks earlier and make a killing. 98.2% of those people will have said nothing at the time, because that's how traders on the internet operate ... blow smoke up the arse of whatever you're "investing" in, exit silently and then, when the price drops, mention how you got out at the top but think now's a good time to be buying because it's cheap ... Rinse and repeat a few times and you've made a killing. Other people have suffered like, but heh, such is life. Seen it loads of times on financial bulletin boards, but human nature means suckers will always be greedy and get sucked in, so you can only sit back and watch.

Anyway, that was a slightly off-topic rant, but, as the topic is basically Kev from HR saying it's great and Jake from Asset Management saying it's sh one t , I thought I'd have a wee rant !!

 

[orly]

It’s information for you to interpret in any way you choose.

Me, id say that’s indicative of the destruction of fiat

That is a bit problematic for you then mate, if every time your bitcoin goes up it kills the currency you eventually want to convert it in to

 

[Efcjake]

It’s information for you to interpret in any way you choose.

Me, id say that’s indicative of the destruction of fiat

How?

What it shows me is people being attracted to a get rich quick ponzi scheme based on astronomical growth rates tied to speculation fueled by the publicity of it breaking the 10K mark but all still backed by nothing and not more widely adopted as a currency than it was at $400.

 

[Kev The Rat]

That is a bit problematic for you then mate, if every time your bitcoin goes up it kills the currency you eventually want to convert it in to

No mate it gives me more purchasing power

 

[orly]

No mate it gives me more purchasing power

If you destroy the currency you want to convert your bitcoin to?

lol oh dear

 

[Kev The Rat]

If you destroy the currency you want to convert your bitcoin to?

lol oh dear

Metaphorically destroy - I’m sure fiat will continue to exist in its current toilet paper form to buy eggs or a cup of coffee

 

[Efcjake]

Metaphorically destroy - I’m sure fiat will continue to exist in its current toilet paper form to buy eggs or a cup of coffee

So you see Bitcoin making fiat currencies nearly obsolete?

It'll have to exist as unfortunately if you want to buy a cup of coffee or eggs you're paying about 10 pound per transaction. Nobody would use it everyday if it stays like that.

 

[orly]

https://www.grandoldteam.com/forum/threads/eu-in-or-out.89343/page-290#post-4625400

Kev quick question, you're pro-taking us out of a single market and maintaining the sovereignty of the pound, but you would like to see the pound, fiat currencies and global markets wiped out by a single unifying currency in BitCoin?

Oh

 

[Kev The Rat]

https://www.grandoldteam.com/forum/threads/eu-in-or-out.89343/page-290#post-4625400

Kev quick question, you're pro-taking us out of a single market and maintaining the sovereignty of the pound, but you would like to see that, fiat currencies and global markets wiped out by a single unifying currency in BitCoin?

Oh

Yes I want out I hate any form of control be it fiat or the eu

 

[Kev The Rat]

So you see Bitcoin making fiat currencies nearly obsolete?

It'll have to exist as unfortunately if you want to buy a cup of coffee or eggs you're paying about 10 pound per transaction. Nobody would use it everyday if it stays like that.

I said nearly obsolete - you can buy your coffee in fiat

 

[orly]

Yes I want out I hate any form of control be it fiat or the eu

Kev, do you genuinely believe that BitCoin is completely beyond 'control'?

Or control from centralised banks?

For example, I think BitCoin and its intrinsic value is ENTIRELY inflated and assigned value by the volume of internet chatter about it. So if you've got russian / chinese interests actively encouraging westerners to put their money into this cryptocurrency (we know already that this can be done to influence voting patterns) , is this not a form of control?

 

[Brownie]

I said nearly obsolete - you can buy your coffee in fiat

Not sure about that Kev, I've actually been turned away from McDonald's Drive-thru several times when attempting to do so

 

[orly]

 

[Efcjake]

I'll be honest and say despite me being completely averse to the risks of Bitcoin that I admire those who are going to make a profit on it for chancing it. Honestly do hope you make loads and get out before it bursts.