BITCOIN as an alternative to regular currency

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jamesg46
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Joined: Sat Jul 30, 2016 1:05 pm

alexmr2 wrote:
Fri Apr 16, 2021 10:27 pm
jamesg46 wrote:
Fri Apr 16, 2021 9:59 pm
Is this a graph you're sceptical of, or not? I only ask because of your scepticism of other graphs.

I understand people are concerned. I'm not an economics expert so I have no debate. I just see it differently... could be 100% wrong.
It makes sense to me that it's the true graph of how much money has been printed (it's the US but here is similar)

Most businesses are shut down and not paying tax
Employees being paid furlough or stimulus cheques/enhanced dole instead of paying tax
£39 billion spent on test and trace, £2.7 billion spent on PPE, billions spent on apps and security guards... the list goes on

Basically public spending is through the roof at the same time not much revenue is being generated

All the money has to come from somewhere so they've just gone to the magic money tree, it can't come from nothing because it isn't sustainable otherwise no one would ever need to work at all
The thing is, more revenue is being created. If you dilute the value of any currency it's more attractive to buy goods from that country. The same debate exists with taxes, raise them & businesses leave, lower them & there is more incentive to do business, thus creating tax revenue through employee tax rather than employer tax.
Zenyatta
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Joined: Thu Mar 11, 2010 4:17 pm

The crypto thing has gone mad, the world's truly lost it's mind :lol:

The joke coin 'Dogecoin' (which was in fact created as a joke) has gone through the roof after being heavily 'pumped' by Elon Musk, and now has a market capitalization of $50 billion. There's absolutely no rationality to any of this. It's a frenzy, like the infamous 'Tulip mania'. Not sure where it will end, but Dogecoin really is going 'to the moon'.

https://financialpost.com/fp-finance/cr ... ency-craze

"Dogecoin rises from joke to $50 billion amid cryptocurrency craze

Dogecoin, boosted by Elon Musk and Mark Cuban, rallied 180 per cent Friday, and is up 18,000 per cent from a year ago"
Zenyatta
Posts: 1143
Joined: Thu Mar 11, 2010 4:17 pm

The NFT thing is also nuts. As far as I tell, it's just something like a digital autograph - it's a crypto-token that is basically just a 'pointer' to the works of an artist stored as digital files. Apparently anything with a high-tech sounding name (even if it's essentially worthless) now has people happy to throw an endless torrent of money at it.

"NFT sales top $2 billion in first quarter, with twice as many buyers as sellers"

https://www.cnbc.com/2021/04/13/nft-sal ... omers.html

Where do we get in the game? :D Just need to come up with some weird sounding crypto-app that doesn't have any value but seems cool, to make a quick billion!
jamesg46
Posts: 3769
Joined: Sat Jul 30, 2016 1:05 pm

Zenyatta wrote:
Sat Apr 17, 2021 5:55 am
The crypto thing has gone mad, the world's truly lost it's mind :lol:

The joke coin 'Dogecoin' (which was in fact created as a joke) has gone through the roof after being heavily 'pumped' by Elon Musk, and now has a market capitalization of $50 billion. There's absolutely no rationality to any of this. It's a frenzy, like the infamous 'Tulip mania'. Not sure where it will end, but Dogecoin really is going 'to the moon'.

https://financialpost.com/fp-finance/cr ... ency-craze

"Dogecoin rises from joke to $50 billion amid cryptocurrency craze

Dogecoin, boosted by Elon Musk and Mark Cuban, rallied 180 per cent Friday, and is up 18,000 per cent from a year ago"
Yep & it's amazing! Never before has mankind been so measurable.

Elon Tweets & it can be measured like an earthquake... desperation quake.
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Kai
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Joined: Tue Jan 20, 2015 12:21 pm

Zenyatta wrote:
Sat Apr 17, 2021 5:55 am
There's absolutely no rationality to any of this.
People love memes and it's cheap enough to buy.

Image
jamesg46
Posts: 3769
Joined: Sat Jul 30, 2016 1:05 pm

Kai wrote:
Sat Apr 17, 2021 11:10 am
Zenyatta wrote:
Sat Apr 17, 2021 5:55 am
There's absolutely no rationality to any of this.
People love memes and it's cheap enough to buy.

Image
Maybe a lot of truth to that. Most people don't read anything that doesn't fit into a meme or watch (as Derek pointed out) anything longer than 5 mins. The world is powered by memes & TikTok. Meme it.
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Kai
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No real need to type out a paragraph or an essay to explain how you feel, when a simple image or gif will suffice and do a better job anyway. Emojis are very basic and contain no subcontext.

Very efficient in today's world of a 1000 distractions, the extra fun factor is just the cherry on top.
Targarien
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Joined: Fri Apr 16, 2021 3:25 pm

I think we should start investing in other cryptocurrencies, which have recently tended to grow in price and reach a reasonably high level. Bitcoin has already become a currency which value will not decline in price so much, but, on the contrary, it will already grow. I read on the https://cryptoinformator.com/crypto-signals that Ethereum is now a currency that will increase unreasonably. Another cryptocurrency with exponentially large will be XRP, which is still growing these weeks as a percentage a lot. These cryptocurrencies, which I had enumerated, are the alternatives for Bitcoin. It is necessary to analyze the cryptocurrency exchange at another level. We have the opportunity since this is the future.
Last edited by Targarien on Sun Apr 18, 2021 12:12 pm, edited 1 time in total.
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alexmr2
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Yep it's crazy what people put their money into. Another market which has blew up in the last year is collectible cards like sports cards and games like Magic The Gathering/Pokemon. I had bought a lot of cards/sealed products from my childhood a few years ago and the prices went crazy in 2020, so some were up by up to something like 2000%. It was mainly fueled by the lockdown boredom, Youtuber hype and social media flex culture.

I think the idea is that millenials aren't as interested in paintings or vases as previous generations, so a large sector of the art market has been taken over. Now you get people paying crazy prices to buy back memories from their childhood. It's quite a universal cycle that people will pay for the nostalgic value of certain things depending on what they grew up with when they reach mid-life crisis age.

There's a good Youtube called Alpha Investments where he talks about the fundamentals of buying sealed products for popular hobbies and how the price increases over time providing that they remain in demand years after they are out of print.

I can see favourite football players like Messi in graded sports card form being a good investment. One of the most notable cards just now is the Mickey Mantle rookie card which recently sold for $5.2 million https://www.latimes.com/sports/story/20 ... ecord-sale
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Naffman
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Big sell spike on BTC this morning
Anbell
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gazuty
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“ Dogecoin, a token created as a joke and which has been boosted by the likes of Elon Musk and Mark Cuban, rallied more than 110 per cent on Friday before dropping the next day.”

Central banks have “printed”/ qe-d so much money ...

Can productive output rise to create the wealth to justify it all or does it all end in tears of inflation, clearly we’ve had massive asset price inflation but where does it go next?
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alexmr2
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Sometimes it shows its face on Betfair
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Naffman
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Just look at #dogecoin on twitter and you'll see it's almost a complete replica of Football Index, full of 20-30yo's shitting themselves but are in too deep so are imploring everyone to hold.
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Euler
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Speculation is absolutely rampant at the moment. Not sure I have ever seen so much.

I'd imagine a lot of these people would never have witnessed what a drawdown is like. I've always learned to sell into strength and buy on weakness as it plays into that wonderful piece of reverse psychology and the inability of people to act rationally.

It's interesting to see people framing it as some sort of them against us, when in fact. It's the market. If advisors told people to pile in at the wrong moment there would be hell to pay, but in this current age, it seems trendy for people to bid up assets for the hell of it.
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