World of crypto

[NottsRam77]

1 hour ago, David said:

Bitcoin doesn't fully protect your savings either.

Let's say you're tech savvy enough to protect your Bitcoin, you put £10k into it.

Betty, we need a new car, let's take our savings out of Bitcoin, wait, why is it only worth £6k now? What happened?

That will be the dip.

Which does happen, last year it crashed massively, ok it recovered but even today, it's down 0.54% on the month.

You can argue that nobody saves money for just a month, however you never know what's round the corner, new car, funeral, boiler broke, all of which you will be paying higher prices due to the inflation anyway on money you may have made zero profit on.

If ur putting it away to take out in a few months time then thats not saving, thats “investing” / trading / trying to make a quick buck.

it depends totally on the individual doesnt it.

why do u have to “save” everything into btc put some into ur bank for the rainy days and some into bitcoin, risk management whilst still speculating

it also depends on your timescale.

say i invested some 5 years ago…. With the view to taking it out when im 50.

well im up… im well up and my monies that i had in it have outperformed any other asset i can think of.

do i think if i bought some today and held for 10 years will i be better off , christ yes

but that doesnt mean in the meantime it wont go up, down , left , right etc

it all becomes a bit clearer when u understand it has a capped 21m supply (no other asset has this) and the halving which is designed to keep the price of btc well above inflation

 

Edited May 23, 2023 by NottsRam77

[NottsRam77]

3 hours ago, Stive Pesley said:

This is it isn't it? For almost everyone in a developed country with a stable currency, money is just something that we earn and spend. So the problem of hyper inflation and how to protect the value of any savings is not a problem to be solved. Especially if you're one of the 35% of people who have no savings at all

It might be a problem one day though, but without an embedded method of earning and spending BTC I struggle to see how it will take off. Maybe it's chicken and egg - and it will take a massive currency crash/hyperinflation for it to become a viable solution for people. But will it not be too late by then given that the number of BTC is finite? How can it suddenly be adopted by hundreds of millions more people whilst remaining at a stable value?

That said - I think a proof-of-stake  blockchain currency is inevitable, just won't be BTC

 

 

Youve absolutely nailed it… its exactly that!

we live in a stable economy, its not a problem to us.  we earn money, we spend money we recently have a reason to moan about inflation but im 45 and only seen inflation like this and a cost of living crisis once in my liftime.

other counties are way less fortunate, its not about britain or even much of the eu as it stands. Its about those countries that are war torn, have politic unrest, have a dictorship, have famine, have natural disasters or are just terribly run and subseiqently have a terrible and weak econonmy and are held to ransom by the value of the dollar. 
 

However covid spending/ war in europe has caused a cost living crisis here through inflation most of us have never seen before and maybe all of a sudden its question some people are asking themselves

How do i protect my money from being worth less in 10 years time than it is right now?… what is there i can invest it in that has showed the same level of growth of 5-10 years than bitcoin. 
 

its all hyperthetical, im not trying to sell it to anyone at all. I just think the macro economics are really interesting when u stand back and ask yourself this question. 

 

Answer to your question

Sats… so in the same way we have pennies in the pound… 1 whole bitcoin is made up of however many sats

so x number of sats = 1 bitcoin

In terms of being able to pay for things with it.. thats the next phase in its cycle .. adoption.

that will obviously take time, but its happening already. 
 

[NottsRam77]

[NottsRam77]

1 hour ago, Stive Pesley said:

Yep - Look at how volatile BTC is in comparison to GBP

Never mind savings, hand up who wants to get their monthly salary paid in something so unpredictable?

 

 

Who would do that?

no one should ever invest more than they can afford into anything 

[Day]

21 minutes ago, NottsRam77 said:

If ur putting it away to take out in a few months time then thats not saving, thats “investing” / trading / trying to make a quick buck.

it depends totally on the individual doesnt it.

why do u have to “save” everything into btc put some into ur bank for the rainy days and some into bitcoin, risk management whilst still speculating

it also depends on your timescale.

say i invested some 5 years ago…. With the view to taking it out when im 50.

well im up… im well up and my monies that i had in it have outperformed any other asset i can think of.

do i think if i bought some today and held for 10 years will i be better off , christ yes

but that doesnt mean in the meantime it wont go up, down , left , right etc

it all becomes a bit clearer when u understand it has a capped 21m supply (no other asset has this) and the halving which is designed to keep the price of btc well above inflation

 

Saving is still saving, even if taken out a month later. As I say, life throws curveballs, you can go in with the intention of saving for 5 years, financial situations change though. Lose your job, those savings need to be withdrawn. 

With Bitcoin you could effectively be losing money if that was to happen.

The fact it's capped makes it more of a closed shop and just a virtual token that could never be used as currency to buy a bottle of milk.

It's already at 92.293%, with 1,618,475.0 left to be mined. 

What happens when they have been mined and sold? 

It's done and the race is on to sell.

All it takes is new software to be created, new coin, everyone jumps on that and it's the next big thing.

Bitcoin price will dip, you will have those staying loyal buying the dip and telling us all it's going to hit the highs again one day.

I applaud those that took the risk, gambled and it paid off, for me, I'm just not willing to risk it enough to pump shed loads in (if I even had it) to make a decent profit. 

[i-Ram]

@NottsRam77 have you ever thought of being an Avon Lady? I reckon you could become awfully rich.

[NottsRam77]

14 minutes ago, David said:

Saving is still saving, even if taken out a month later. As I say, life throws curveballs, you can go in with the intention of saving for 5 years, financial situations change though. Lose your job, those savings need to be withdrawn. 

With Bitcoin you could effectively be losing money if that was to happen.

The fact it's capped makes it more of a closed shop and just a virtual token that could never be used as currency to buy a bottle of milk.

It's already at 92.293%, with 1,618,475.0 left to be mined. 

What happens when they have been mined and sold? 

It's done and the race is on to sell.

All it takes is new software to be created, new coin, everyone jumps on that and it's the next big thing.

Bitcoin price will dip, you will have those staying loyal buying the dip and telling us all it's going to hit the highs again one day.

I applaud those that took the risk, gambled and it paid off, for me, I'm just not willing to risk it enough to pump shed loads in (if I even had it) to make a decent profit. 

With the absolute greatest of respect dave, and i do mean that

the fact that u think cos its capped means its a closed shop kinda shows ur not how  shall we say it,  “brushed” up on the whole thing 

u couldnt be further from the truth …

do u know about the halving ?

the last bitcoin wont be mined in our liftimes… so thats not something either of us need to worry about 

more to the point , when it is.. what then?

then u have an asset class, that cant be diluted any further like fiat currency, cant be mined any further like gold, and cant be built any more of lile property 

what happens to something when demand outstrips supply ? 

U havent missed the boat mate, the boats still anchored firmly in the harbour

Edited May 23, 2023 by NottsRam77

[NottsRam77]

17 minutes ago, i-Ram said:

@NottsRam77 have you ever thought of being an Avon Lady? I reckon you could become awfully rich.

Lol ill give u that 😂

i just think its a really interesting subject when scratch beneath the surface 

[Day]

4 minutes ago, NottsRam77 said:

With the absolute greatest of respect dave, and i do mean that

the fact that u think cos its capped means its a closed shop kinda shows ur not how  shall we say it,  “brushed” up on the whole thing 

u couldnt be further from the truth …

do u know about the halving ?

the last bitcoin wont be mined in our liftimes… so thats not something either of us need to worry about 

more to the point , when it is.. what then?

then u have an asset class, that cant be diluted any further like fiat currency, cant be mined any further like gold, and cant be built any more of lile property 

what happens to something when demand outstrips supply ? 

U havent missed the boat mate, the boats still anchored firmly in the harbour

I'm not brushed up, I will admit it, I refer back to my earlier point about it being for the tech savvy and not the general population in which I have just inadvertently proven.

[Ram-Alf]

9 minutes ago, NottsRam77 said:

Lol ill give u that 😂

i just think its a really interesting subject when scratch beneath the surface 

[NottsRam77]

9 minutes ago, David said:

I'm not brushed up, I will admit it, I refer back to my earlier point about it being for the tech savvy and not the general population in which I have just inadvertently proven.

Which is a fair point 

and as i said, this is why u havent missed the boat.

bitcoin is still very much in its infancy and still being mined … its next phase is adoption and how it becomes more mainstream. Which is a problem that it needs to address

its started to happen in some countries, such as el Salvador and other latin american countries its now legal tender

it seems v far fetched and a crazy notion but if u said to me 15 years ago id be able to pay for my shopping by waving my mobile phone at a card reader id have said u were barking lol

I dont think somehow every person in el savador are tech savie bitcoin junkies, but anyone can buy their bread and milk with it over there 

Edited May 23, 2023 by NottsRam77

[NottsRam77]

6 minutes ago, The Last Post said:

I give up, Your all heathens 😉😂

[Comrade 86]

22 minutes ago, NottsRam77 said:

I give up, Your all heathens 😉😂

Eat the dip and HODL mate . You know the craic. Don't concern yourself with what others think. The concept of DYOR is a big thing in crypto, as you know, and trying to explain to those who are unwilling or incapable is a thankless task that puts nothing in your pocket.

[Day]

14 minutes ago, NottsRam77 said:

Which is a fair point 

and as i said, this is why u havent missed the boat.

bitcoin is still very much in its infancy and still being mined … its next phase is adoption and how it becomes more mainstream. Which is a problem that it needs to address

its started to happen in some countries, such as el Salvador and other latin american countries its now legal tender

it seems v far fetched and a crazy notion but if u said to me 15 years ago id be able to pay for my shopping by waving my mobile phone at a card reader id have said u were barking lol

I dont think somehow every person in el savador are tech savie bitcoin junkies, but anyone can buy their bread and milk with it over there 

Problem you have is the growing number of countries and banks that are banning it.

Algeria, Bangladesh, Bolivia, China, Colombia, Egypt, Indonesia, Ghana, Iran, India, Iraq, Kosovo, Mexico, Nepal, North Macedonia, Russia, Turkey and Vietnam have all either banned mining or buying and selling Bitcoin.

Russia want to tax all savings in it.

Even over here HSBC and Nationwide have banned purchases of any cryptocurrency. 

What happens if Barclays, Santander, Halifax, NatWest, Chase, Lloyds all follow suit and ban purchases....which wouldn't be overly surprising if it were to happen.

If the UK Government announce they want to tax your Bitcoin savings, again, wouldn't be overly surprising.

This would really hinder that push for mainstream. 

I hear all this decentralised stuff, sounds great, but in reality, one afternoon in the House of Commons could make it worthless over here without using VPN's and banks outside the UK.

[Stive Pesley]

1 hour ago, NottsRam77 said:

Who would do that?

no one should ever invest more than they can afford into anything 

What I meant was - to move onto the "adoption" stage where people are using it to pay for things, then it also follows logically that means people would get paid in it. Difficult to see how such a volatile currency could work in that respect. If I got paid my monthly salary on 1st of the month, by the end of the month it would have a totally different  value. Pricing would be a nightmare. As would salary negotiation!

[Ram-Alf]

28 minutes ago, NottsRam77 said:

I give up, Your all heathens 😉😂

In all honesty 77 my spare loot goes into an ISA @ 3.5%, I get a ton of emails encouraging myself to invest in Bitcoin, The horror stories of people losing to those who are able to corrupt this scheme or whatever it is makes it even less likely I'd invest.

I did see Half a Sixpence with Tommy Steele in it...so I guess that's how close I'll get to Bitcoin 😁

[NottsRam77]

Just now, 86 Hair Islands said:

Eat the dip and HODL mate . You know the craic. Don't concern yourself with what others think. The concept of DYOR is a big thing in crypto, as you know, and trying to explain to those who are unwilling or incapable is a thankless task that puts nothing in your pocket.

Lol Oh i know mate, i just sometimes think its my duty to make others aware of the things at play on a macro scale. Things that day to day we (all of us) are non the wiser to. 

 

[GboroRam]

I fear that any money to be made from bitcoin has been made already, and people investing now are akin to buying into the dotcom bubble in the year 2000.

If you bought in 10 years ago, congratulations, you'll probably never need to work again. Everyone else, prepare your sandwiches for work tomorrow. 

[NottsRam77]

8 minutes ago, David said:

Problem you have is the growing number of countries and banks that are banning it.

Algeria, Bangladesh, Bolivia, China, Colombia, Egypt, Indonesia, Ghana, Iran, India, Iraq, Kosovo, Mexico, Nepal, North Macedonia, Russia, Turkey and Vietnam have all either banned mining or buying and selling Bitcoin.

Russia want to tax all savings in it.

Even over here HSBC and Nationwide have banned purchases of any cryptocurrency. 

What happens if Barclays, Santander, Halifax, NatWest, Chase, Lloyds all follow suit and ban purchases....which wouldn't be overly surprising if it were to happen.

If the UK Government announce they want to tax your Bitcoin savings, again, wouldn't be overly surprising.

This would really hinder that push for mainstream. 

I hear all this decentralised stuff, sounds great, but in reality, one afternoon in the House of Commons could make it worthless over here without using VPN's and banks outside the UK.

Ok without delving deeper, cos its meant to be my day off

they cant tax my savings, iv already paid my tax on it. They can tax my profits i make on my savings , like they would with any asset that i made money on through capital gains tax

But hey if i turn 5k into 30k in 3-4 years and i have to pay 20% on 25k well thats fine, its still profit and its still money i wouldnt have had, and money that i would have othwriwise lost against inflation if it judt sat in a bank. 
 

there are plenty of crypto friendly banks available. 
 

The main stream banks are banning it becuase they are scared it threatens their own financial system.. the one they control, the one they make money out of. 
 

U can buy and sell btc peer to peer too

thats the beauty of it, no one contols it. No one can take it off u, freeze it, 

[NottsRam77]

Just now, GboroRam said:

I fear that any money to be made from bitcoin has been made already, and people investing now are akin to buying into the dotcom bubble in the year 2000.

If you bought in 10 years ago, congratulations, you'll probably never need to work again. Everyone else, prepare your sandwiches for work tomorrow. 

Oh man really …. 
 

The last one is due to be mined in 2140?

Still think your too late to the party?