Has the World gone mad?

  • Thread starter Deleted member 150136
  • Start date
Page may contain affiliate links. Please see terms for details.
How can you chest feed? You need breasts to feed a baby and only females have them.
It isn't PC to stereotype.
See what I did there.

Anyway that's sexist.
 
Trouble is that I thnk people assume that connectivity is reliable.

I have had to deal with systems that separate off the internet for periods. And these days that means stuff breaks - sometimes badly and sometimes very mysteriously (obscure dependencies). I don't expect blockchain to work any better 'out of the box'. And that's without any actual attack - opportunist or planned.

The digital world is more fragile than many realise.
I reckon if smart guys like Elon Musk are getting involved, it (Bitcoin) should be ok and certainly no worse that the high street bank.
 
History is full of minorities ruling the majority from South Africa to the Arab gulf states and many others. Often it doesn't end well , I hope not to be around when this lot are ruling the world. Many of them are in 'further education and universities as we speak and some will be our leaders one day :(
 
I reckon if smart guys like Elon Musk are getting involved, it (Bitcoin) should be ok and certainly no worse that the high street bank.


The interesting thing about Bitcoin is that it is a finite set of long integers that people are buying rights to within a virtual marketplace.

So as long as there is a higher demand to purchase than sell the price can only go one way - because it is finite.

But the price as such is entirely artificial. It's a virtual asset - a fraction of a right to a number.

So the problem with Bitcoin is that while the 'smart' money may 'invest' in it there is an underlying risk because those numbers have zero inherent value.

Bitcoin is a clever concept for a whole load of reasons.
 
Bitcoin is a clever concept for a whole load of reasons.


It's clever because it has the likes of us talking about it with no doubt degrees of jealousy that we have missed out on something. The fact that it's too clever for us to fully understand reinforces that feeling. Bitcoin is not a ponzi scheme even though it shares some of the same characteristics so it's legal to that extent. That it facilitates criminality does bother me though and I would happily see it banned or heavily taxed for that reason but then I wonder if the Revenue would be able to effectively tax bitcoin gains. That's the basic problem with Bitcoin compared to a normal currency, it's outside of government controls.
 
It's clever because it has the likes of us talking about it with no doubt degrees of jealousy that we have missed out on something. The fact that it's too clever for us to fully understand reinforces that feeling. Bitcoin is not a ponzi scheme even though it shares some of the same characteristics so it's legal to that extent. That it facilitates criminality does bother me though and I would happily see it banned or heavily taxed for that reason but then I wonder if the Revenue would be able to effectively tax bitcoin gains. That's the basic problem with Bitcoin compared to a normal currency, it's outside of government controls.
It is taxed like any other capital gains tax if you transfer it to regular currency. It should be pretty straightforward to work out any profit as the Blockchain will have an audit proof log of when you bought/mined them and the value at that time. I think the time has passed when law enforcement and governments didn't understand crypto currencies which was the issue not the currency itself.
 
It's clever because it has the likes of us talking about it with no doubt degrees of jealousy that we have missed out on something.

Oddly with some things you see that thre are people with a fear of missing out.

Bitcoin is actually genuinely clever as a concept. Without people speculating it's a little ecosystem that in its original form involves effort, reward, and exchange.

The problem is the effectively finite aspect of the numbers. It means that if there is demand then the price of bitcoin naturally climbs. People holding on to them for speculative purposes start to remove a substantial quantity from circulation - and that further increases the gap of demand over supply/availability.

So you have something with no inherent value that becomes a 'good investment' because it's a 'good investment'. As long as there is a level of interest in bitcoin then the value will go up.
 
It's clever because it has the likes of us talking about it with no doubt degrees of jealousy that we have missed out on something. The fact that it's too clever for us to fully understand reinforces that feeling. Bitcoin is not a ponzi scheme even though it shares some of the same characteristics so it's legal to that extent. That it facilitates criminality does bother me though and I would happily see it banned or heavily taxed for that reason but then I wonder if the Revenue would be able to effectively tax bitcoin gains. That's the basic problem with Bitcoin compared to a normal currency, it's outside of government controls.
Some would argue that the fact that because Bitcoin it is outside government control is what makes it desireable. Since the dropping of the gold standard, the value of 'real' currency is meaningless. I have always been a "bricks and mortar" kind of guy.
 
Some would argue that the fact that because Bitcoin it is outside government control is what makes it desireable. Since the dropping of the gold standard, the value of 'real' currency is meaningless. I have always been a "bricks and mortar" kind of guy.

People tend to forget the concept of 'legal tender'.

It's not often thought about - because we take it for granted. Being able to buy stuff is one side of the coin. Settling debt or other liabilities and concluding obligations is another.
 
So you have something with no inherent value that becomes a 'good investment' because it's a 'good investment'. As long as there is a level of interest in bitcoin then the value will go up.
A bit like Gemma Collins or Jordan.
So long as there is a level of interest in either of them, their rates will go up.
 
The fact that it's too clever for us to fully understand reinforces that feeling
It’s human nature - fight or flight under the same umbrella - that we fear the unknown and then add in a higher than average level of intelligence as we have on here and you end up with some of the replies we’re seeing “no-one’s tried to hack it properly” “it’s a scam” etc when it’d be more honest just to say they don’t understand the concept but, sadly, their ego won’t let them accept that cognitive dissonance
 
Being a thicko I compare Bitcoin to shares, but realise there are differences.

There is a rumour of positivity and more are bought.
There is a record of increase, more are bought.
There is a rumour of negativity, or the major holders think it's time to dump and then the naïve hopefuls suffer the downside.

With Bitcoin, there is no company to hold shares in.
There is no company to create rumours about, just the fantasy that this bit of the cloud is valuable, or not.

Who or where did this start?
Was it possibly within the Matrix?
Was it possibly Mr Smith?

How do we mine this stuff?
I accept that it takes big mine working machinery some where as I read the activity uses massive energy resources.
Who gets their hands dirty?
Is this where all the coal miners went?

I've never seen a picture of a raw mined Bitcoin what do they look like?
Are they then processed?
 
Being a thicko I compare Bitcoin to shares, but realise there are differences.

There is a rumour of positivity and more are bought.
There is a record of increase, more are bought.
There is a rumour of negativity, or the major holders think it's time to dump and then the naïve hopefuls suffer the downside.

With Bitcoin, there is no company to hold shares in.
There is no company to create rumours about, just the fantasy that this bit of the cloud is valuable, or not.

Who or where did this start?
Was it possibly within the Matrix?
Was it possibly Mr Smith?

How do we mine this stuff?
I accept that it takes big mine working machinery some where as I read the activity uses massive energy resources.
Who gets their hands dirty?
Is this where all the coal miners went?

I've never seen a picture of a raw mined Bitcoin what do they look like?
Are they then processed?

+1 for every question above, answers would certainly help another thicko understand
 
The big difference between bit coin and shares is that shares pay dividends and it's mainly the expectation of dividend growth that drives share prices up. Dividends are really what investment in shares is about at least in the long term.

Bitcoin pays no dividend, therefore it's price rise is purely speculative.
 
Thinking of jumping onto the band wagon I looked at getting some of this non existent stuff,
Pay to buy, and then to sell is expected. Non of my regular accounts/ organisations will do this so for me it just looked like more faff and complication to track in my life so shelved the idea.

Mrs Me heard of such activities through her Russian online sources. She said something about Russia installing a machine for getting this stuff?? Not sure what that's about.
Anyway she bought some Bitcoin, and other non existent stuff via her Revolut card.
Her little wallet has increase by approx 10% (by yesterday Sunday) and you can track the ups and downs real time via the app. That's a bit of a surprise on a Sunday, so clearly nowt to do with regular markets.

Anyway I had already researched that Revolut will take 2.5% for each purchase and sale, so 5% gone.
You are tied into Revolut with the purchase, trapped if you prefer. So you must sell your purchase via Revolut, and they offer approx 5% below market for the sale exchange.
Costs and charges are regular with any organisation, they are in business after all. And if your gamble is a resultant win then paying over 10% of the winnings isn't so bad, as long as you are still in profit.
But for me it feels like too much to pay out and increases the risk significantly. In fact I would guess that with intelligence at the Casino (poxymoron I might be to go) you might well have less risk.
 

Users who are viewing this thread

Back
Top Bottom