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Yes it is insider .
When it boils down to it , I think that the taxi driver the hair dresser her husband et al are acting out of the "fear of missing out"
candidinvestor, blockchain is simply a math formula resulting in an answer known as a hash. The next block contains information and has a link back to the previous block and is hashed. The "chain" continues. Blockchain is nothing more than a way to seal and validate information in a public way. Nothing special about it what so ever.
Bitcoin might be around but if you can't buy it as it is regulated, sold, traded and is illegal, do you really want to "buy" a block of that algorithm I described really for $60k? Glad for the people who made it rich but it is ridiculous as a financial asset you might as well sell the numbers, 1, 2, 3, 4, 5, 6 etc there is ZERO value in it.
Ill start the bidding for the number 1 at $100k
Same people probably have warehouses full of beanie bears from the 90s waiting to make it rich.
What my son did say was that bitcoin along with Blockchain technology , is here to stay, in the same way that the internet is , whether I liked it or not , and on that point he also said that the take up rate of bitcoin is quicker than it was for the internet .
He maintains that volatility will gradually diminish with time and that it's already much less than what it was when it started up (which is true) and that this trend will continue
Time will tell
Regarding your other post , I have met 2 people who have just invested a lot of money in bitcoin ,. My taxi driver 2 days ago and my hairdresser ( and her husband) yesterday .
None of them knew why they were investing apart from getting on the bandwagon and making huge profits like everyone else . There was a spring in their steps
There's a sell signal if ever I saw one .
Thanks Gnome
That's a very good point about the optionality theory.
Thanks CI
The accounting treatment may not matter.
If bitcoins goes down, and lets do the limits game in optionality theory, bitcoin goes to $1.00 what happens?
bitocins goes to $100k? what happens?
best
the gnome
Indeed, who would believe in the bitcoin nonsense?
1. Those who have a vested interest
2. Those that can see a future vested interest
3. The lemmings (easily led faction)
4. The stupid
GOOD LUCK TO THEM ALL
I am not in that party
the gnome
The thing that comes to mind for me is hacking. Mobiles phones get hacked, apparently a mobile phone has been used to control a car and a plane? Contactless cards get hacked. At some point I guess crypto will get hacked. That might be in the form of "mining" bit coin from people or it could be more terrorism focused and millions more bit coins are created to make them more or less worthless.
I dont know how you create bit coin. Money has to be minted or printed. Gold has to be dug up.
mr tibbles, yes the value of bitcoin moves dramatically .just imagine ,bitcoin goes up 10 p cent in a week ,you buy your shopping out of profits. bitcoin drops 10 per cent , just use your old fashioned pound. worth checking out what mr sailor at micro strategy has to say about companies adding bitcoin to their ballance sheet too. el salvador is the experiment so worth watching but Brazil and others are considering making it an alternative currency.it is coming for sure.
I don't know if a chap down the local has this right but he is a big fan of bitcoin, crypto and reckons that some of the bigger online UK supermarkets are looking at ways to allow crypto/bitccoin to be used for their weekly/monthly orders.
I cant understand how this would work as cryto/bitcoin value jumps about all over the place so you could end up paying a lot more or less for the weekly/monthly shop, he didn't really explain that though?
Steve, very wise words indeed and don't play with what you can't afford to lose without it affecting the lifestyle your used to.
By the way I couldn't resist a top up yesterday at just under 97
Gla
"So why would Tesla accept bitcoin as legal tender"?
Musk on bitcoin (just after Tesla invests $1.5bn in bitcoin) :
"If the price of bitcoin goes down, I lose money. I might pump, but I don't dump. I definitely do not believe in getting the price high and selling or anything like that"
Lol, who believes that nonsense?!
In that statement, he's basically admitting it's a pump & dump scheme. He's outright admitting to pumping it (first he invests big, then he announces HIS OWN COMPANY will recognise it, which is a blatant move to pump bitcoin, knowing darn well it'll result in the price going much higher)
The whole thing stinks of one big money making scam. And the problem with schemes like this is - for some to make money, others have to lose, it's like pass the parcel, and nobody wants to be left holding it when the music stops...
My final post on this topic. Centamin has $300 million in its bank account, which will always be valued at that ...or at todays prices 5000 bitcoins which are highly volatile in terms of value .. Which would you prefer ? Answers on a postage stamp in a sae please
So why would Tesla accept bitcoin as legal tender ?
As an aside Tesla bought $ 1.5 billion worth of bitcoin in Feb as an investment .
It is accounted for as an intangible asset, because bitcoin isn't legal tender . . Bitcoin increased by 30 % over the past month ...Tesla had to book a $ 55 million dollar loss because as an intangible asset it has to be valued at its lowest transactional value during the period .
When it sold 10 % of its bitcoin holding at a profit one month , it made more profit from bitcoin than it made from manufacturing cars.
Like I said ..time to pause and reflect on the implications for gold prices and by definition cey share price
Tesla wears the loss
One question I wanted to ask though relates to volatility.
One bitcoin is worth approx $ 60,000
Let's say I buy a car from Tesla (who are warming to the idea of using bitcoin as payment again )
The car costs $ 60,000 or one bitcoin which I transfer over to Tesla and they accept my bitcoin as legal tender and give me the keys to the car .
The flowing day , bitcoin falls to $50,000
Who bears the loss ?
With respect Mr B . You are missing the point . ETF gold is gold backed ...it appears that investors are switching from ETF gold to ETF bitcoin ..you do the math ..
This could mark a fundamental shift in the way gold is valued , which could affect all gold miners .. that is all I am saying
Time to pause and reflect for me .
Giant squid ...did you ever think for one moment that your one sentence comment about bitcoin would generate so much debate and controversy ?
Interesting thread. It wasn't so long ago that Albania went bust after a pyramid scheme frenzy took hold of too many people. People on low and uncertain incomes were hit hardest. Just saying.
I go for both gold and crypto - why choose when you can pick up both. CEY, TRR, SHG,SRB,HUM, XRP,ADA,ETH.
When the bitcoin bubble bursts, gold will boom. Gold has real value as well as many uses in all kinds of industries, whereas bitcoin is just a worthless pyramid scheme type fad. Buffett and munger are both very opposed to crypto. Yes, they don't like gold all that much either, but for very different reasons to crypto - which munger refers to as "trading turds". I do think bitcoin will come crashing back down to earth in the not too distant future. Russia, China, India, Brazil, Germany etc - they're all stockpiling gold and have been for some time, they know what's coming. Inflation is soaring, there's even talk the US dollar could collapse. Gold will soon be moving very much higher, it's just a waiting game imo.
In that case invest in Bitcoin.
Then thank him or not, for his advice.
I to be honest am not interested in talk of BTC , on cey BB.
Good night good luck.
To be honest , I am up in the air after talking to my son about bitcoin ..I don't know what to think anymore . He is a bitcoin bug and a lot of what he said made sense
Get a good job and a pension with a good FA, get a house, get stable, then when spare money play yourself- that is my advice to my nephew, nieces and my son is well along the way.
A good job is a sure to keep the cash rolling in- you need somewhere to live and can always rent a room out or the house itself and how will you afford the rent when you retire if you don't.
Leave your main pension to the experts, then when you've spare have a gamble yourself. Gold mining stocks are a gamble, but less so though than cryptos.
Steve / Canetoad.
I am yet to have my enlightened chat with my son yet , but here is a thought for you.
Yesterday it was my taxi driver who had bought bit coin, today it's my hairdresser ( honestly )
Bit coin price is nearly 10 times more volatile than the price of gold , so shouldn't all newby investors in Bitcoin also invest in gold as a hedge ?
By the way , only around 30% of gold is held by in
investors . Gold jewelry accounts for around 45% with the remainder being used by tech companies and central banks ..