BITCOIN as an alternative to regular currency

Post Reply
User avatar
wearthefoxhat
Posts: 3205
Joined: Sun Feb 18, 2018 9:55 am

alexmr2 wrote:
Sun Jun 27, 2021 6:32 pm
Looks like the UK is starting to crack down on crypto. Binance is one of the biggest ones so I'm surprised they are going after them and not sure what it means for us UK users

https://www.ft.com/content/8bc0e5e0-270 ... ccaffaee87
Slippery slope for UK users.

However, usually Bitcoin jumps on bad news....

BCoin.png
You do not have the required permissions to view the files attached to this post.
User avatar
Euler
Posts: 24700
Joined: Wed Nov 10, 2010 1:39 pm
Location: Bet Angel HQ

Near highs again.
User avatar
Euler
Posts: 24700
Joined: Wed Nov 10, 2010 1:39 pm
Location: Bet Angel HQ

Why the ‘Big Short’ Guys Think Bitcoin Is a Bubble

https://nymag.com/intelligencer/2021/10 ... ubble.html
User avatar
Realrocknrolla
Posts: 1903
Joined: Fri Jun 05, 2020 7:15 pm

Euler wrote:
Mon Oct 18, 2021 4:46 pm
Near highs again.
Just logged on to check my positions and always check in on BTC.

Madness as usual.
User avatar
alexmr2
Posts: 766
Joined: Wed Sep 26, 2018 12:32 am

Usually alt coins follow Bitcoin (I assume people hedge on them at the high) but most of them seem to be remaining weak on this run except ETH.

I've been more interested in privacy coins recently as they can't be tracked (big advantage for lots of people). I'm trying Monero, Dero and Pirate Chain in the hope that more people switch to them over the next few years
weemac
Posts: 1216
Joined: Mon Sep 16, 2013 8:16 pm

Just when you thought the online world couldn't get any more crazy, along come multi-million dollar values on a few pixels via Cryptopunk.

I just don't believe what I'm seeing.
foxwood
Posts: 390
Joined: Mon Jul 23, 2012 2:54 pm

weemac wrote:
Thu Oct 28, 2021 8:31 pm
Just when you thought the online world couldn't get any more crazy, along come multi-million dollar values on a few pixels via Cryptopunk.

I just don't believe what I'm seeing.
Fake transaction buying from himself at inflated price with borrowed money paid back as part of the transaction !

https://www.coindesk.com/tech/2021/10/2 ... -for-530m/
User avatar
gazuty
Posts: 2547
Joined: Sun Jun 26, 2011 11:03 am
Location: Green land :)

Looks like the general market rout has begun.

Jezza Grantham, who has called 20 of the last 5 bubbles 🤣, called it out. Shiller Index screams it out.

Now the make believe world of crypto seems more correlated than spruikers (sp?) “promised”. All is not well in fairy land.
weemac
Posts: 1216
Joined: Mon Sep 16, 2013 8:16 pm

Even Larry David's getting in on the act.

https://www.theguardian.com/culture/202 ... cigarettes
User avatar
alexmr2
Posts: 766
Joined: Wed Sep 26, 2018 12:32 am

In recent times I'm starting to see more reasons why increasing numbers of people may favour decentralised currencies.

1. Inflation being higher than normal in general with low interest rates in banks.
2. Crypto assets basically being in a constant long-term bull trend/stock market on steroids with many outperforming other asset classes.
3. Tightening tax laws, did you know that America recently lowered one of the tax thresholds from $20k to $600? This means that anyone selling just over $600 worth of items on ebay will automatically get a tax bill from the IRS with the assumption that they had a zero-cost basis and all $600 was profit unless they can prove their expenses. This was purposely introduced to go after the poor because they are an easier target who are less likely to challenge it.
4. Banks in general deciding what people can do with their own money or creating more barriers and intrusive checks, also blocking donations to certain causes deemed unacceptable by the state.

Disadvantages are potential future regulations (at least stopping the average person from swapping between FIAT and crypto), risk of losing it all, doesn't seem to be any way to have buyer protection online unless you complete a transaction in person.

My view is that there is less risk/potential loss of opportunity cost by owning at least some crypto than not having any at all. Personally I am happy to have 1-3% of a long-term portfolio in it but not any more due to the high risk, as it would not be an amount I am comfortable with losing.

https://www.cnbc.com/2021/03/26/its-goi ... sales.html
https://www.dailymail.co.uk/news/articl ... order.html
User avatar
wearthefoxhat
Posts: 3205
Joined: Sun Feb 18, 2018 9:55 am

Hacking the bitcoin exchanges is/was always a popular past-time.

1. Mount Gox

https://www.youtube.com/watch?v=9lJP22qa6Ak


2. Bitfinex

https://www.youtube.com/watch?v=GR3rUlD ... LL&index=9


A few others in the top 10

https://crystalblockchain.com/articles/ ... n-history/


The blockchain isn't as anonymous as those prefer it to be. Transactions can be traced with certain software, through to cash out and can also be blacklisted if need be so they can't be used for trading/purchasing. The governments, more so the U.S, know this and are getting better at setting up prosecutions where/when they see fit.

If Bitcoin is classified as speculative/gambling, then source of funds audits could be an issue, especially if any assetts were bought/sold historically. (tax man will want some of the action)
User avatar
alexmr2
Posts: 766
Joined: Wed Sep 26, 2018 12:32 am

wearthefoxhat wrote:
Tue Feb 15, 2022 8:33 am

The blockchain isn't as anonymous as those prefer it to be. Transactions can be traced with certain software, through to cash out and can also be blacklisted if need be so they can't be used for trading/purchasing. The governments, more so the U.S, know this and are getting better at setting up prosecutions where/when they see fit.
What about privacy coins like Pirate Chain ARRR?
User avatar
ShaunWhite
Posts: 9731
Joined: Sat Sep 03, 2016 3:42 am

Doesn't Bitcoins' appalling environmental impact bother anyone? According to Fortune, each Bitcoin transaction consumes 1,173 kilowatt hours of electricity.
User avatar
wearthefoxhat
Posts: 3205
Joined: Sun Feb 18, 2018 9:55 am

ShaunWhite wrote:
Tue Feb 15, 2022 7:53 pm
Doesn't Bitcoins' appalling environmental impact bother anyone? According to Fortune, each Bitcoin transaction consumes 1,173 kilowatt hours of electricity.
True.

One abiding memory, back in the day, were the chinese bitcoin miners that slept in the warehouses that were full to the brim of servers trying to solve the code for the rewards. They were there just to change out the fans that would constantly need replacing, The heat must have unbearable. Then China pulled the plug over concerns for power supplies during their cold winters. They also said it bred illegal and criminal activities.

mining.png
You do not have the required permissions to view the files attached to this post.
User avatar
wearthefoxhat
Posts: 3205
Joined: Sun Feb 18, 2018 9:55 am

alexmr2 wrote:
Tue Feb 15, 2022 7:36 pm
wearthefoxhat wrote:
Tue Feb 15, 2022 8:33 am

The blockchain isn't as anonymous as those prefer it to be. Transactions can be traced with certain software, through to cash out and can also be blacklisted if need be so they can't be used for trading/purchasing. The governments, more so the U.S, know this and are getting better at setting up prosecutions where/when they see fit.
What about privacy coins like Pirate Chain ARRR?
Couldn't say, but is anything truly private? (they said that about Bitcoin initially)
Post Reply

Return to “Cryptocurrency”