World of crypto

[Ram-Alf]

Not an effing clue what crypto is all about, Get enough emails to rise the Titanic tho, So saw this and put it in here

https://www.bbc.co.uk/news/business-63786201

[Bob The Badger]

On 27/11/2022 at 12:15, Stive Pesley said:

Yep  - as the article says, it's akin to the unregulated markets prior to the 1920s crash. It's all just unregulated speculation now. No good will come of it. The idea of it being a replacement currency has long since been forgotten

I'd like to hear a counter argument.

It's easy and intellectually lazy to offer analogy's like the South Sea Bubble.

The two have very few similarities. The South Sea Company was trading in its own stock whereas millions of people are buying things with BTC - like drugs for example ?

But seriously, buying crypto is gambling on a paradigm shift driven by massive advances in technology never seen before.

So many experts were happy to say 'told you so' when the dot com crash happened. How did that turn out? 

I've said a few times in here that I have no clue what crypto will the one that breaks through, or even if it exists yet, but I personally have zero doubt that crypto is coming in the same way as cash is going.

[Stive Pesley]

1 hour ago, Bob The Badger said:

I've said a few times in here that I have no clue what crypto will the one that breaks through, or even if it exists yet, but I personally have zero doubt that crypto is coming in the same way as cash is going.

Cash is definitely going - no doubt about that, but I don't see a true decentralised blockchain crypto currency replacing it unless it's somehow backed by governments and introduced formally with regulation. It's a trust thing. Ironically

I also read an opinion piece somewhere which said crypto is failing as a currency because it's not been picked up by the porn industry. The thrust (hem hem) of the argument was that historically all technological revolutions have been driven by the porn industry

(cue someone arriving and telling me that they regularly pay for "special massage services"  by BTC ?

[Comrade 86]

2 hours ago, Stive Pesley said:

I also read an opinion piece somewhere which said crypto is failing as a currency because it's not been picked up by the porn industry. The thrust (hem hem) of the argument was that historically all technological revolutions have been driven by the porn industry

(cue someone arriving and telling me that they regularly pay for "special massage services"  by BTC ?

Seriously Stive? How TF else could I have completed Pornhub during lockdown? ?

[Bob The Badger]

On 28/11/2022 at 20:58, Stive Pesley said:

Cash is definitely going - no doubt about that, but I don't see a true decentralised blockchain crypto currency replacing it unless it's somehow backed by governments and introduced formally with regulation. It's a trust thing. Ironically

I also read an opinion piece somewhere which said crypto is failing as a currency because it's not been picked up by the porn industry. The thrust (hem hem) of the argument was that historically all technological revolutions have been driven by the porn industry

(cue someone arriving and telling me that they regularly pay for "special massage services"  by BTC ?

Listened to a really interesting podcast yesterday that was indirectly about crypto.

It was actually an online marketing podcast (which is what I do) about the difficulty of accepting micropayments. And how it will have to be resolved because of IOS now happily blocking third party cookies.

The new Firefox beta can also block UTM code which is the stuff you see after a question mark in a link. UTM code allows tracking without cookies.

The point is, if all this privacy stuff means sites like The Daily Mail and lots of others cannot make money by ads because they're efficacy comes from tracking and retargeting, then they will need to be able to take micropayments for their content.

At the moment charging somebody 5p for a page of content isn't viable because it would be taken in transaction fees.

In steps crypto with no transaction fees.

 

[NottsRam77]

If u look at it 

the financial system is absolutely f*****.

everything is pegged to the dollar for starters 

we live in a debt based financial system where countries answer to borrowing is to borrow more money and then hope to inflate the debt away.

the problem is when inflation gets ahead of itself as weve seen is that we have to raise interest rates to try and curb it… which of course then makes the repayments on the national debt even bigger and even more unsustainable… so we borrow even more money.

bitcoin is the only asset with a finite supply.

not even gold can offer that

does that mean it’ll be part of future financial system? Dont know

will crypto (other blockchains) form the part of a future financial system… i dont think so

But im so bullish on btc as a hedge against inflation its untrue 

 

[NottsRam77]

The idea of bank of government controlled digital currency scares the life out of me

restrictions on where u can spend your money? Control as to where and when u can ur money? God help us.

ur money could be cut off / frozen/ restricted at a click of a button.

would be modern day communism 

[Ram-Alf]

32 minutes ago, NottsRam77 said:

If u look at it 

the financial system is absolutely f*****.

everything is pegged to the dollar for starters 

we live in a debt based financial system where countries answer to borrowing is to borrow more money and then hope to inflate the debt away.

the problem is when inflation gets ahead of itself as weve seen is that we have to raise interest rates to try and curb it… which of course then makes the repayments on the national debt even bigger and even more unsustainable… so we borrow even more money.

bitcoin is the only asset with a finite supply.

not even gold can offer that

does that mean it’ll be part of future financial system? Dont know

will crypto (other blockchains) form the part of a future financial system… i dont think so

But im so bullish on btc as a hedge against inflation its untrue 

 

😁

 

[Tamworthram]

1 hour ago, NottsRam77 said:

If u look at it 

the financial system is absolutely f*****.

everything is pegged to the dollar for starters 

we live in a debt based financial system where countries answer to borrowing is to borrow more money and then hope to inflate the debt away.

the problem is when inflation gets ahead of itself as weve seen is that we have to raise interest rates to try and curb it… which of course then makes the repayments on the national debt even bigger and even more unsustainable… so we borrow even more money.

bitcoin is the only asset with a finite supply.

not even gold can offer that

does that mean it’ll be part of future financial system? Dont know

will crypto (other blockchains) form the part of a future financial system… i dont think so

But im so bullish on btc as a hedge against inflation its untrue 

 

I guess the fact that no one has posted on this thread for four months before this one suggests no one else quite shares your enthusiasm for btc or fears for the current system.

[NottsRam77]

34 minutes ago, Tamworthram said:

I guess the fact that no one has posted on this thread for four months before this one suggests no one else quite shares your enthusiasm for btc or fears for the current system.

Maybe, maybe theyre blind to the reality too

or cos it might not effect them day to day currently then they might not care til it does

But remember recently when canada wouldnt let truck drivers from working til they had their covid jabs… thats a starting point isnt it and v slippery slope

when the gov can then stop ur bank account til youve had a jab cos they control ur money .. then its too late isnt it, theres no going back 

its starting in austraila 

https://cointelegraph.com/news/australian-big-4-bank-anz-halts-cash-withdrawals-from-many-branches/amp

[NottsRam77]

38 minutes ago, Tamworthram said:

I guess the fact that no one has posted on this thread for four months before this one suggests no one else quite shares your enthusiasm for btc or fears for the current system.

To add to this too.

no ones talking about crypto because its in a its cylce of a bear market.. well actually its just turned that corner

jo public only talk about it when its pumping and every man and his dog wants to jump in when its going up to grab a piece

For the record the bear market is over .. were now in early stage of its bull run

imo (not financial advice lol) 

[GboroRam]

5 minutes ago, NottsRam77 said:

Maybe, maybe theyre blind to the reality too

or cos it might not effect them day to day currently then they might not care til it does

But remember recently when canada wouldnt let truck drivers from working til they had their covid jabs… thats a starting point isnt it and v slippery slope

when the gov can then stop ur bank account til youve had a jab cos they control ur money .. then its too late isnt it, theres no going back 

its starting in austraila 

https://cointelegraph.com/news/australian-big-4-bank-anz-halts-cash-withdrawals-from-many-branches/amp

It's a fight that they can't win, though. 

“There isn’t a train that moves in this country, not a bin gets emptied or a shelf that gets stacked stacked without the kind, generous permission of the working class.” 

They need us. We don't need the financial speculators and the billionaires. 

[NottsRam77]

1 hour ago, The Last Post said:

😁

 

Lol, 

And The irony

that fiver he pulled out of his pocket this time last year would have bought him a bag of onions .. now with inflation he might be lucky to buy one 😂😂

but its bitcoin thats wrong 😂😂

[NottsRam77]

4 minutes ago, GboroRam said:

It's a fight that they can't win, though. 

“There isn’t a train that moves in this country, not a bin gets emptied or a shelf that gets stacked stacked without the kind, generous permission of the working class.” 

They need us. We don't need the financial speculators and the billionaires. 

True

[NottsRam77]

44 minutes ago, GboroRam said:

It's a fight that they can't win, though. 

“There isn’t a train that moves in this country, not a bin gets emptied or a shelf that gets stacked stacked without the kind, generous permission of the working class.” 

They need us. We don't need the financial speculators and the billionaires. 

Agree, But the financial spectulators and more so the billionaires control our money (public money) or goverments 

“ party donors” / backhanders u scratch my back and ill make sure we funnel more public money to ur private ppe company etc etc etc 

and thats just the tip of the iceburg

one thing covid and war in europe has highlighted is how horribly stacked towards the already wealthy the financial system is 

blockchain technology gives independence from a centrally controlling body, your money is your money and more importantly it gives full utter total transparency on where money is moving to and from.

any person in the world has instant access to the blockchain.

so in the midst of say a world pandemic we could see immediately which individuals are benefiting from what contracts and those bin mens and shelf stackers public money 

 

Edited April 8, 2023 by NottsRam77

[Tamworthram]

12 minutes ago, NottsRam77 said:

Agree, But the financial spectulators and more so the billionaires control our money (public money) or goverments 

“ party donors” / backhanders u scratch my back and ill make sure we funnel more public money to ur private ppe company etc etc etc 

and thats just the tip of the iceburg

one thing covid and war in europe has highlighted is how horribly stacked towards the already wealthy the financial system is 

blockchain technology gives independence from a centrally controlling body, your money is your money and more importantly it gives full utter total transparency on where money is moving to and from.

any person in the world has instant access to the blockchain.

so in the midst of say a world pandemic we could see immediately which individuals are benefiting from what contracts and those bin mens and shelf stackers public money 

 

It may be true that, those of us with the where with all and desire may be able to see which individuals are benefitting from what contracts but I really don't think it would change much. The rich would still get richer and the poor would still suffer more. The one thing that might change is the serious speculators make their money on digital money rather than other commodities and currencies. 

So, perhaps not much different/better than the current situation.

Regarding "your money is your money", perhaps I'm being a little nieve but I think I know where my money is, it isn't going to disappear, and I can access it whenever I want.

[Ram-Alf]

1 hour ago, NottsRam77 said:

Lol, 

And The irony

that fiver he pulled out of his pocket this time last year would have bought him a bag of onions .. now with inflation he might be lucky to buy one 😂😂

I don't really understand all this Crypto currency stuff, I get enough spam in my email asking me to invest in it but give it a big swerve.

Inflation is another ruse for profiteering, Heinz upped their prices a while back, Tesco started to take their goods off their shelves as Tesco buyers who are employed to monitor world prices were more than aware of what prices are, Heinz backed off and their goods went back on the shelves, Like all shoppers I've noticed how much inflation in all goods has affected my pocket, But I aint no fool, I shop around for the best deals, Only it's costing me a fortune in petrol 😁 

[Tamworthram]

3 hours ago, NottsRam77 said:

Lol, 

And The irony

that fiver he pulled out of his pocket this time last year would have bought him a bag of onions .. now with inflation he might be lucky to buy one 😂😂

but its bitcoin thats wrong 😂😂

Whereas a bit coin worth £32,815 twelve months ago would only be worth £22,563 - a 30% drop.

[NottsRam77]

1 hour ago, The Last Post said:

I don't really understand all this Crypto currency stuff, I get enough spam in my email asking me to invest in it but give it a big swerve.

Inflation is another ruse for profiteering, Heinz upped their prices a while back, Tesco started to take their goods off their shelves as Tesco buyers who are employed to monitor world prices were more than aware of what prices are, Heinz backed off and their goods went back on the shelves, Like all shoppers I've noticed how much inflation in all goods has affected my pocket, But I aint no fool, I shop around for the best deals, Only it's costing me a fortune in petrol 😁 

There in lies the problem for all concerned, both sides of the fence.

people speak about crypto… but bitcoin isnt crypto…. Bitcoin is bitcoin. Its a permissionless non centrally controlled currency with a finite and known supply

Crypto ie: Ethereum, celo, cardano, matic, solana, xrp etc etc are potentially wonderful technologies that could change so much in our lives … however they are all centrally controlled by a person, group of individuals or a company… so are no better than the fiat system we have currently as their security and your monies could be compromised and at a moments notice.

unfortunately bitcoin gets tagged with this same brush even though its a totally different technology  

[Tamworthram]

@NottsRam77 This is a stupid, genuine and innocent question as I don't really get it.

You seem to be pointing to inflation as one of the problems with the current system. Leaving aside it's current volatility and assuming it's value was stable, what would stop an item costing 1 bitcoin twelve months ago wouldn't cost 1.1 bitcoins today? I'm sure there must be an obvious answer.