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Post by Telemachus on Jan 11, 2021 19:47:45 GMT
Do you remember the pyramid scheme years ago ? I knew sooo many folk who thought it was wonderful.I was not one of them. The Pharaohs liked it though.
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Post by Delta9 on Jan 13, 2021 14:41:24 GMT
Anyone in on this? I'm thinking of putting 10-15 percent of my savings in. My reasoning? Anything involving pounds, dollars or any other 'official' currency is being devalued and will most likely continue to be so by 'quantative easing', the printing of money in order to enable handouts etc., when there's no money left. The amount of Bitcoin that exists is fixed, it can't be increased so, natural volatility of price apart, it should hold its value. I know that Bitcoin tends to be the domain of youngsters rather than the typical old fart on here, but anyone? If you are planning to hold on to it for a while, now is just as good a time as any to jump in... The amount of large institutions puting a percentage of their portfolios into Bitcoin recently says it all. Grayscale Bitcoin fund alone are purchasing more than current mining supply.. Supply shock is kicking in. This bull run has still got a long way to go and in a few years $30k-40k will look like a bargain. I've kept 100% of my savings in Bitcoin for quite a few years, so I may be biased...
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Post by Telemachus on Jan 13, 2021 16:05:53 GMT
Well as I’ve said, Bitcoin has no value - nothing is produced, no wealth is created. The only thing Bitcoin does is to redistribute money from stupid people to clever people. So I guess it depends on whether you consider yourself stupid or clever!
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Post by Mr Stabby on Jan 13, 2021 16:38:17 GMT
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Post by Deleted on Jan 13, 2021 16:39:11 GMT
Bitcoin only has a value when there is a demand, its that simple.
In two days though you would have lost 7% on the value of your savings Ricco.
I would not buy any at the minute, I believe the state of the world is having an affect on the high price, people are buying as they believe the world/banking system will crash.
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Post by Delta9 on Jan 13, 2021 16:49:12 GMT
Well as I’ve said, Bitcoin has no value - nothing is produced, no wealth is created. The only thing Bitcoin does is to redistribute money from stupid people to clever people. So I guess it depends on whether you consider yourself stupid or clever! What do you think gives Sterling value? Especially when they keep printing more of it...
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Post by Delta9 on Jan 13, 2021 16:51:08 GMT
Serves him right for using a shitty online wallet service.
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Post by Mr Stabby on Jan 13, 2021 16:52:27 GMT
Bitcoin only has a value when there is a demand, its that simple. It's a bit like gold. It is only worth what it is because everybody agrees that it is.
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Post by Delta9 on Jan 13, 2021 16:52:48 GMT
Bitcoin only has a value when there is a demand, its that simple. In two days though you would have lost 7% on the value of your savings Ricco. I would not buy any at the minute, I believe the state of the world is having an affect on the high price, people are buying as they believe the world/banking system will crash. He'd have lost 5% over the last few days after gaining 80% in the last month or 294% in the last year
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Post by Delta9 on Jan 13, 2021 16:53:26 GMT
Bitcoin only has a value when there is a demand, its that simple. It's a bit like gold. It is only worth what it is because everybody agrees that it is. Isn't that the same for everything that can be traded?
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Post by Telemachus on Jan 13, 2021 17:03:27 GMT
Well as I’ve said, Bitcoin has no value - nothing is produced, no wealth is created. The only thing Bitcoin does is to redistribute money from stupid people to clever people. So I guess it depends on whether you consider yourself stupid or clever! What do you think gives Sterling value? Especially when they keep printing more of it... Because it has the backing of a long-standing and reliable agency - the Bank of England and the U.K. government, and they have large assets under their control. As you say, they are printing more which is devaluing it a bit, not helped by brexit. But not much. Bitcoin has no such state backing.
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Post by Telemachus on Jan 13, 2021 17:04:44 GMT
Bitcoin only has a value when there is a demand, its that simple. It's a bit like gold. It is only worth what it is because everybody agrees that it is. True, but it is also a physical thing in itself which has physical properties that people like and need.
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Post by Mr Stabby on Jan 13, 2021 17:05:13 GMT
It's a bit like gold. It is only worth what it is because everybody agrees that it is. Isn't that the same for everything that can be traded? Not exactly. Some things have a practical use and the end consumer makes a decision as to whether the price paid brings a benefit greater than the cost of the item. For example I can invest £2.50 in diesel for my car and combine that with my time to convert that into £115 by going to work for the day. Similarly my employer can turn an investment in vehicles and employees etc into a greater amount by undertaking work for customers, who in turn make a profit by charging a greater amount for their services than it costs them to provide. In these cases there is "value added". There is no value added with Bitcoin and its perceived value is suspiciously similar to that of tulip bulbs during the mania, an item traded for far greater amounts than its potential benefit- growing a pretty flower- would suggest was logical.
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Post by Telemachus on Jan 13, 2021 17:07:31 GMT
Bitcoin only has a value when there is a demand, its that simple. In two days though you would have lost 7% on the value of your savings Ricco. I would not buy any at the minute, I believe the state of the world is having an affect on the high price, people are buying as they believe the world/banking system will crash. He'd have lost 5% over the last few days after gaining 80% in the last month or 294% in the last year If he or someone else had bought a Bitcoin last year, and sold it today at 294% profit, where did that extra cash he now has in his pocket, come from? (Rhetorical question because I’ve answered it before). It is in the interests of anyone already holding Bitcoin, to strongly promote it to other people, just like any other pyramid scheme.
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Post by Delta9 on Jan 13, 2021 17:10:46 GMT
What do you think gives Sterling value? Especially when they keep printing more of it... Because it has the backing of a long-standing and reliable agency - the Bank of England and the U.K. government, Who have devalued the currency so much that £100 of spending power in 1980 is now worth £20... I'd rather put my trust in consensus and scarcity..
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