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Post by Clinton Cool on Jun 23, 2021 13:10:42 GMT
Sorry that's Dollars.
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Post by Clinton Cool on Jun 23, 2021 15:29:45 GMT
The crypto market does seem to have gone chaotic? China has decided to ban Bitcoin and crack down on those who have been dealing with it. China wants its own cryptocurrency for its 'social credit system'. "Chinese authorities have told all crypto mining to stop, citing speculation risk and power consumption concerns. The move has hurt the share prices of Bitcoin and others." The Chinese authorities know who you are, so it's either stop doing the Bitcoin stuff or spend the rest of your days with the Uighurs in the concentration camps making soft toys. www.dw.com/en/bitcoin-dips-sharply-as-china-broadens-ban/a-57977460You don't buy shares in Bitcoin etc., you buy the underlying asset.
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Post by Telemachus on Jun 23, 2021 15:33:30 GMT
China has decided to ban Bitcoin and crack down on those who have been dealing with it. China wants its own cryptocurrency for its 'social credit system'. "Chinese authorities have told all crypto mining to stop, citing speculation risk and power consumption concerns. The move has hurt the share prices of Bitcoin and others." The Chinese authorities know who you are, so it's either stop doing the Bitcoin stuff or spend the rest of your days with the Uighurs in the concentration camps making soft toys. www.dw.com/en/bitcoin-dips-sharply-as-china-broadens-ban/a-57977460You don't buy shares in Bitcoin etc., you buy the underlying asset. Not really. Cryptocurrency isn’t an “asset”, it’s a Ponzi scam. Because the thing has no intrinsic value nor is it backed by anything with any intrinsic value.
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Post by Delta9 on Jun 23, 2021 15:42:08 GMT
You don't buy shares in Bitcoin etc., you buy the underlying asset. Not really. Cryptocurrency isn’t an “asset”, it’s a Ponzi scam. Because the thing has no intrinsic value nor is it backed by anything with any intrinsic value. Just like Sterling
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Post by Clinton Cool on Jun 23, 2021 15:42:13 GMT
You don't buy shares in Bitcoin etc., you buy the underlying asset. Not really. Cryptocurrency isn’t an “asset”, it’s a Ponzi scam. Because the thing has no intrinsic value nor is it backed by anything with any intrinsic value. Let's put it a different way then. You buy directly into the ponzi scam, rather than a share of the scam that someone else owns. Talking of ponzi scams, there's talk that the triple lock on the national pension scheme might be adjusted. We can say this scheme is a scam with some certainty. Although I didn't receive a formal contract when I started working the general understanding was that I'd receive payments from the age of 65. An understanding on both sides, an 'assumed contract'. The government has reneged on this, deciding to start my payments 2 years later. Not so with Bitcoin. It's control is completely out of the hands of government. Sure, governments could legislate in some ways but they can't assume control of it. That's its beauty. With the British Pound though, another scam, the government can steal its value off you via inflationary policy. The British Pound, backed by nothing, apart from debt.
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Post by Delta9 on Jun 23, 2021 15:43:15 GMT
The crypto market does seem to have gone chaotic? China has decided to ban Bitcoin and crack down on those who have been dealing with it. China wants its own cryptocurrency for its 'social credit system'. "Chinese authorities have told all crypto mining to stop, citing speculation risk and power consumption concerns. The move has hurt the share prices of Bitcoin and others." The Chinese authorities know who you are, so it's either stop doing the Bitcoin stuff or spend the rest of your days with the Uighurs in the concentration camps making soft toys. www.dw.com/en/bitcoin-dips-sharply-as-china-broadens-ban/a-57977460China has banned bitcoin every 6 months for the last 6 years.
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Post by Telemachus on Jun 23, 2021 15:53:08 GMT
Not really. Cryptocurrency isn’t an “asset”, it’s a Ponzi scam. Because the thing has no intrinsic value nor is it backed by anything with any intrinsic value. Just like Sterling No, Sterling is backed by the UK’s wealth, which is continuously added to by people working.
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Post by Mr Stabby on Jun 23, 2021 15:53:08 GMT
Wide and rapid fluctuations in an asset's value is generally seem as the precursor to a major collapse in that asset's value.
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Post by Telemachus on Jun 23, 2021 15:55:18 GMT
Not really. Cryptocurrency isn’t an “asset”, it’s a Ponzi scam. Because the thing has no intrinsic value nor is it backed by anything with any intrinsic value. Let's put it a different way then. You buy directly into the ponzi scam, rather than a share of the scam that someone else owns. Talking of ponzi scams, there's talk that the triple lock on the national pension scheme might be adjusted. We can say this scheme is a scam with some certainty. Although I didn't receive a formal contract when I started working the general understanding was that I'd receive payments from the age of 65. An understanding on both sides, an 'assumed contract'. The government has reneged on this, deciding to start my payments 2 years later. Not so with Bitcoin. It's control is completely out of the hands of government. Sure, governments could legislate in some ways but they can't assume control of it. That's its beauty. With the British Pound though, another scam, the government can steal its value off you via inflationary policy. The British Pound, backed by nothing, apart from debt. The state pension system certainly has some close similarities to a Ponzi scheme in that payouts are provided by newer (younger) participants. But it isn’t a scam because it was always said that rewards were changeable. A scam implies deceit.
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Post by Clinton Cool on Jun 23, 2021 15:56:33 GMT
Just like Sterling No, Sterling is backed by the UK’s wealth, which is continuously added to by people working. No it isn't. Sterling is an instrument of exchange, quite separate from Britain's capital wealth. The government choose to use this instrument of exchange, but it is not bound to continue to do so.
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Post by Telemachus on Jun 23, 2021 16:06:04 GMT
No, Sterling is backed by the UK’s wealth, which is continuously added to by people working. No it isn't. Sterling is an instrument of exchange, quite separate from Britain's capital wealth. The government choose to use this instrument of exchange, but it is not bound to continue to do so. Well Ok that might be true, but on the other hand the Governor did “promise to pay…” and surely no government body ever reneges on its promises? But equally, what of someone presses “control alt delete” on your stash of Bitcoin? The latter is much easier to do than for the U.K. government to decide to remove all value from Sterling. And let’s face it, why would they want to?
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Post by Clinton Cool on Jun 23, 2021 16:13:16 GMT
No it isn't. Sterling is an instrument of exchange, quite separate from Britain's capital wealth. The government choose to use this instrument of exchange, but it is not bound to continue to do so. Well Ok that might be true, but on the other hand the Governor did “promise to pay…” and surely no government body ever reneges on its promises? But equally, what of someone presses “control alt delete” on your stash of Bitcoin? The latter is much easier to do than for the U.K. government to decide to remove all value from Sterling. And let’s face it, why would they want to? 'The governor promises to pay' is a scam. More accurate would be: 'The governor promises to pay, but reserves the right to set policy to devalue what he will pay'. I'm not fully up to date with Bitcoin security, my knowledge of digital security is as close to zero as it's possible to be but my understanding is that it's at least as safe as banks. We all trust banks, do we not?
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Post by Delta9 on Jun 23, 2021 17:09:54 GMT
Wide and rapid fluctuations in an asset's value is generally seem as the precursor to a major collapse in that asset's value. Bitcoin has been reducing in volatility over time for the last 10 years and is currently more stable than a lot of country's official currencies.
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Post by Delta9 on Jun 23, 2021 17:11:05 GMT
Just like Sterling No, Sterling is backed by the UK’s wealth, which is continuously added to by people working. That is not at all how it works...
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Post by Delta9 on Jun 23, 2021 17:15:00 GMT
No it isn't. Sterling is an instrument of exchange, quite separate from Britain's capital wealth. The government choose to use this instrument of exchange, but it is not bound to continue to do so. Well Ok that might be true, but on the other hand the Governor did “promise to pay…” and surely no government body ever reneges on its promises? But equally, what of someone presses “control alt delete” on your stash of Bitcoin? The latter is much easier to do than for the U.K. government to decide to remove all value from Sterling. And let’s face it, why would they want to? It isn't possible for someone to 'control alt delete' your bitcoin unless you hand your bitcoin over to an idiot to store for you, so it definitely isn't easier to do... Look at how much value has been removed from sterling by the government in the last 18 months...
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