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BIT COIN (S)

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abelard said:
If I wasn't such a generous spirit, I'd be charging $500/hour to do people's Google searches for them

MORGAN STANLEY: 'Bitcoin acceptance is virtually zero and shrinking'
http://markets.businessinsider.com/...ut-retailers-wont-accept-it-7-2017-1002168071
The price of bitcoin is up over 250% since last year, but acceptance of the cryptocurrency as a form of payment among top merchants has declined.

A research note out Wednesday by a group of analysts at Morgan Stanley led by James E Faucette said "bitcoin acceptance is virtually zero and shrinking," despite its impressive appreciation.

According to the bank, last year bitcoin was accepted at five of of the top 500 online merchants. Today, only three of the top 500 merchants accept bitcoin as a form of payment.

"The disparity between virtually no merchant acceptance and bitcoin’s rapid appreciation is striking," the analysts wrote.

The investment bank outlined three reasons for the decline in bitcoin acceptance among merchants.

The first reason has to do with the appreciation of bitcoin. Most owners of the cryptocurrency are unwilling to let go of their holdings to pay for goods because they expect the price of bitcoin to go up. This point underpins the bank's thesis that bitcoin mainly functions as an investment vehicle rather than fiat currency that you could spend on goods and services.

Issues with bitcoin's scalability, which has made transactions slow and expensive, is another reason the bank thinks merchants find bitcoin unappealing as a form of payment.

Finally, there has been a lack of pressure from the people who run the bitcoin infrastructure, according to the bank, to push merchants to accept bitcoin as a form of payment.

"The ecosystem has focused more on value speculation rather than the foot leather-eating work of increasing acceptance - way easier to trade speculatively than convince new merchants to accept the cryptocurrency," the bank said.

The bank notes that, while many merchants are uninterested in accepting bitcoin as a form of payment, many find the technology that underpins the cryptocurrency as a tech they could use to improve their infrastructure.
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Morgan Stanley destroy bitcoin. Prices plummet. Morgan Stanley buys them all, then big it up again. Standard.
 

The selling is relentless. BTC now down 40% since it's peak just a couple of weeks ago. Some of the other cryptos are down even more.

Warren Buffett's Rule #1 of making money is don't lose money.

If you lose 40% then you need a 66% rise just to get back your capital, never mind any profit. 50% loss means you need a 100% rise just to get back to even.

Warren Buffett's Rule #2 of making money is: see #1. It's that important.

There is still a LONG way down to the bottom, judging by the amount of denial that I am typically seeing. I would not be surprised to see a 80-90% peak to trough fall. There are gonna be some good sob stories from the suckers about how they were all once "bitcoin millionaires".
 

formerly manx toffee said:
Wow, OK @bol-uk although you are not my brother in law you certainly argue like him.

I can see the building on the Isle of Man with the office that trades BitCoin in it out of my office window. I have more windows in my personal office than they do for their entire operation.

I will leave this debate how I left it with him. You do not know why the price has risen and you do not know why it will fall. You do not understand the risks that 'investment' in BitCoins brings. However, you are a big boy, so whatever you decide to do is down to you. You can afford to lose all your capital invested. It is entirely unregulated.

I truly hope you are a lucky one and that you get in and out at a profit. There will be thousands who lose their shirts, or maybe their pensions. There will be people jailed.

And with that, Good Luck !!
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I spoke with Coin Corner on a trip to the island a few months back (assuming it's them you mean). Also Brian Donegan, the bitcoin bloke on the council. I'm not sure going all in on bitcoin is the right direction for them to take tbh.
 
evilwebby said:
The selling is relentless. BTC now down 40% since it's peak just a couple of weeks ago. Some of the other cryptos are down even more.

Warren Buffett's Rule #1 of making money is don't lose money.

If you lose 40% then you need a 66% rise just to get back your capital, never mind any profit. 50% loss means you need a 100% rise just to get back to even.

Warren Buffett's Rule #2 of making money is: see #1. It's that important.

There is still a LONG way down to the bottom, judging by the amount of denial that I am typically seeing. I would not be surprised to see a 80-90% peak to trough fall. There are gonna be some good sob stories from the suckers about how they were all once "bitcoin millionaires".
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I think it's time to start a new cryptocurrency. We can call it LedgerDollar. People call to make trades. We write them down. We keep the ledger locked in the desk drawer. It's a no-brainer.

*I need a desk with drawers, it seems.
 
Bruce Wayne said:
I spoke with Coin Corner on a trip to the island a few months back (assuming it's them you mean). Also Brian Donegan, the bitcoin bloke on the council. I'm not sure going all in on bitcoin is the right direction for them to take tbh.
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Yes, that's them. Brian is well meaning, but largely out of his depth. Desperately trying to develop the islands e business.
 

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