[Finance] The cryptocurrency (Bitcoin etc) thread

[Tom Hark Preston Park]

well , if that is the case then it is being pushed at a level that can only be called wholesale fraud, mainstream sporting events are largely sponsored by crypto bases businesses, surely your not suggesting we are being rinsed by the financial oracles of this world..??

Who would suggest such a thing?

 

[drew]

well , if that is the case then it is being pushed at a level that can only be called wholesale fraud, mainstream sporting events are largely sponsored by crypto bases businesses, surely your not suggesting we are being rinsed by the financial oracles of this world..??

That's a 'bold' statement!

 

[Neville's Breakfast]

well , if that is the case then it is being pushed at a level that can only be called wholesale fraud, mainstream sporting events are largely sponsored by crypto bases businesses, surely your not suggesting we are being rinsed by the financial oracles of this world..??

Of course you are. Crypto is often lauded as some sort of counter culture hip ideology. The problem with this delusion is that this asset class has for ages been a career destination for the same old city financial engineers. It is as mainstream as any other instrument except with beads in its hair.

 

[Super Steve Earle]

My Cardano punt of £500 now down by 70%. Thank goodness it wasn't a serious investment!

 

[Wrong-Direction]

Is it all starting to crumble

Sent from my SM-A326B using Tapatalk

 

[beorhthelm]

Is it all starting to crumble

Sent from my SM-A326B using Tapatalk

might have posted that 24hr too late.

 

[warmleyseagull]

'twas ever thus.

 

[OzMike]

My crypto worth less than original investment now, hanging tight.

 

[NooBHA]

Here's what I have always thought about Crypto Currencies.

It was a hair brained scheme by some New York Banker who probably wanted to align every country in the World to use the US Dollar.

They knew that was a non starter and they would never be able to bring other countries around the world to agree to it because Governments would lose Billions on conversion, so they created what I would call a " Fresh Air " currency in the hope that over time it would become the world wide accepted method of payment eventually.

The initial scramble for it following massive investment in it by large banks drove it's value up and then individual greed drove it up further.

The currency then splintered off into different types of Cryptos. Thus defeating the original aim of trying to make it into one global currency.

That coupled with a lot of banks having made their riches then start to sell at " top dollar " prices.

The bulk selling then begins to cause a " run " on the currency and the value falls massively.

So all those small investors who arrived at the table late are left with exactly what the initially purchased which was " Fresh Air "

That leaves who with all the money that the small fry put in ? -. The banks of course.

OK some people got rich along the way but mostly the Banks and people on that industry dipped into the pockets of the common man an women and stole their money. Bernie Maddoff style scam. Just on a larger scale.

 

[Tyrone Biggums]

View attachment 149010

'twas ever thus.

Bitcoin has been around since 2009. Has been through several bullish and bearish markets.

The tulip rubbish lasted a very small amount of time.

I doubt you knew that though.

 

[Tyrone Biggums]

Here's what I have always thought about Crypto Currencies.

It was a hair brained scheme by some New York Banker who probably wanted to align every country in the World to use the US Dollar.

They knew that was a non starter and they would never be able to bring other countries around the world to agree to it because Governments would lose Billions on conversion, so they created what I would call a " Fresh Air " currency in the hope that over time it would become the world wide accepted method of payment eventually.

The initial scramble for it following massive investment in it by large banks drove it's value up and then individual greed drove it up further.

The currency then splintered off into different types of Cryptos. Thus defeating the original aim of trying to make it into one global currency.

That coupled with a lot of banks having made their riches then start to sell at " top dollar " prices.

The bulk selling then begins to cause a " run " on the currency and the value falls massively.

So all those small investors who arrived at the table late are left with exactly what the initially purchased which was " Fresh Air "

That leaves who with all the money that the small fry put in ? -. The banks of course.

OK some people got rich along the way but mostly the Banks and people on that industry dipped into the pockets of the common man an women and stole their money. Bernie Maddoff style scam. Just on a larger scale.

Bitcoin isn't a currency.

It's amazing how many people get hung up on the word currency when they put their views on it out there.

 

[Tyrone Biggums]

My crypto worth less than original investment now, hanging tight.

People's superannuation drops huge amounts during these times and yet they are seen as "reputable" and to be trusted to hold people's funds.

If people applied the same mindset as they do for super to other holdings the fear factor would be a lot less.

 

[Happy Exile]

Bitcoin isn't a currency.

It's amazing how many people get hung up on the word currency when they put their views on it out there.

It's similar to when people think NFTs are just jpgs of cartoon monkeys. There's a whole world of uses on the horizon that will create a brand new model of business and economy in the same way Amazon and ebay did.

 

[Neville's Breakfast]

People's superannuation drops huge amounts during these times and yet they are seen as "reputable" and to be trusted to hold people's funds.

If people applied the same mindset as they do for super to other holdings the fear factor would be a lot less.

If your pension is experiencing levels of volatility seen in Crypto then you have it with the wrong money manager.

 

[beorhthelm]

Here's what I have always thought about Crypto Currencies.

It was a hair brained scheme by some New York Banker who probably wanted to align every country in the World to use the US Dollar.

They knew that was a non starter and they would never be able to bring other countries around the world to agree to it because Governments would lose Billions on conversion, so they created what I would call a " Fresh Air " currency in the hope that over time it would become the world wide accepted method of payment eventually.

The initial scramble for it following massive investment in it by large banks drove it's value up and then individual greed drove it up further.

The currency then splintered off into different types of Cryptos. Thus defeating the original aim of trying to make it into one global currency.

That coupled with a lot of banks having made their riches then start to sell at " top dollar " prices.

The bulk selling then begins to cause a " run " on the currency and the value falls massively.

So all those small investors who arrived at the table late are left with exactly what the initially purchased which was " Fresh Air "

That leaves who with all the money that the small fry put in ? -. The banks of course.

OK some people got rich along the way but mostly the Banks and people on that industry dipped into the pockets of the common man an women and stole their money. Bernie Maddoff style scam. Just on a larger scale.

just about all of that is incorrect. we may not know the identity of the originators, the white paper tells us this is to bypass banks, title is "A Peer-to-Peer Electronic Cash System". banks have shunned crypto until about the past year, and then only a few getting involved around the edges.

 

[El Presidente]

Bitcoin isn't a currency.

True, neither is it an investment.

 

[Bold Seagull]

It's similar to when people think NFTs are just jpgs of cartoon monkeys. There's a whole world of uses on the horizon that will create a brand new model of business and economy in the same way Amazon and ebay did.

I remember reading this article by William Gibson in WIRED in 1999 talking about ebay. The originator of 'cyberpunk' who steadfastly refused to have a modem got sucked into the internet by a collecting obsession fuelled by ebay. 23 years ago is quite a long time. Don't think I'd really heard of ebay until I read it...

 

[raymondo]

View attachment 149010

'twas ever thus.

And what a story and lesson from history that is

 

[NooBHA]

Bitcoin isn't a currency.

It's amazing how many people get hung up on the word currency when they put their views on it out there.

There were moved afoot to allow goods to be paid for by bitcoin. That would have made it a currency. Also NFTs were a spin off from Bitcoin, so it was on its way to becoming currency.

 

[NooBHA]

just about all of that is incorrect. we may not know the identity of the originators, the white paper tells us this is to bypass banks, title is "A Peer-to-Peer Electronic Cash System". banks have shunned crypto until about the past year, and then only a few getting involved around the edges.

I don't think anyone will really know how much the Banks hot involved in Bitcoin.

It's like Money Laundering. The banks are the the biggest MLs in the world despite the Regulations they themselves have in place on their own customers.

My post was really only my opinion. I don't really know enough of the facts. It's like you say. The origins are shrouded in mystery.