Interesting Use Cases and News about Cryptos/Blockchain Technology

Sunny said:
Hard to argue with that logic alright. So basically he is suggesting that people should invest in a product where there is up to an 50-80% chance that it is worth nothing but there is a 20-50% chance it will be worth something (the variables can't be 'no value' and 'increase in value') because probability weighted, it is good.....Wow. Remind me not to invest in paypal anytime soon.
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You beat me to it, Sunny. Wow, what a statement:eek:.
Negotiator said:
"It's sort of hedge of sorts against the whole world falling apart."
Hard to argue with a Billionaire who has a track record in fintech!
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I suppose if you are a billionaire your financial worries do focus on the "whole world falling apart". Why bitcoin would be the saviour in that situation beats me.
 
Duke of Marmalade said:
Why bitcoin would be the saviour in that situation beats me.
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That's a fair point. But as of today it is an option nonetheless. I suspect the development of private, out-of-monetary system money, is at the embryonic stage. It may still fall flat on its face, but the potential to have this as an option is clearly developing track. Currently bitcoin is lead option in that regard. That said, other currencies/coins/technologies are apparently coming on-stream that may replace bitcoin.
The point being, the way we transact financially with one another is changing in my opinion.

Just as aside, it occurs to me that there is a sense amongst the ABC's that holders of bitcoin are risking everything! This notion is reflected in another thread 'Taxes on Cryptocurrency'.
The reality I suspect is somewhat very different. From my own perspective I went on a speculative spurge of just under €3,000 and in the timeframe that I bought and sold, bitcoin went up 400%. I was able to benefit by a near 100% profit as its price began to decline. My total remaining stake in bitcoin is around €600. Hardly the stuff of religious fanaticism is it?

Ironically, given BB's dogged views on this and his on going spreadbet (unless he has now taken his own advice and cashed-in), I would hazard a guess that the poster most exposed to losing money on bitcoin is BB!
 
TheBigShort said:
Just as aside, it occurs to me that there is a sense amongst the ABC's that holders of bitcoin are risking everything! This notion is reflected in another thread 'Taxes on Cryptocurrency'.
The reality I suspect is somewhat very different. From my own perspective I went on a speculative spurge of just under €3,000 and in the timeframe that I bought and sold, bitcoin went up 400%. I was able to benefit by a near 100% profit as its price began to decline. My total remaining stake in bitcoin is around €600. Hardly the stuff of religious fanaticism is it?
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Well said, I'm in a similar situation but it was with alt coins and the numbers are a bit different. If I lost every cent on on current holdings I would still be sitting on a tidy profit. Even if I had lost everything on my initial capital invested it wouldn't have made any material difference to my finances.

I don't think anyone (including crypto enthusiasts) would consider crypto trading/investing anything other than extremely risky. Yes some people put more money in than perhaps they should but that's the same with everything. A well known Irish broadcaster practically his life savings into the banks because they were a blue chip safe investment.....he pretty much lost everything, go figure!

TheBigShort said:
I would hazard a guess that the poster most exposed to losing money on bitcoin is BB!
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If this is true, the irony of it! :D
 
Sunny said:
Hard to argue with that logic alright. So basically he is suggesting that people should invest in a product where there is up to an 50-80% chance that it is worth nothing but there is a 20-50% chance it will be worth something (the variables can't be 'no value' and 'increase in value') because probability weighted, it is good.....Wow. Remind me not to invest in paypal anytime soon.
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He never suggested that anyone puts any money into cryptos. He was merely giving his opinion what he thinks about it. The percentages he mentions suggest it's a very risky trade.....that's hardly surprising to anyone!
 
Negotiator said:
"Peter Thiel has once again endorsed bitcoin, which he recently argued is tantamount to digital gold.

And much like gold, the billionaire co-founder of PayPal conjectures that the cryptocurrency is destined to be a store of value rather than a means of payment.

"It's sort of hedge of sorts against the whole world falling apart."

Despite his prediction, Thiel did not express complete confidence in bitcoin, and speculated that there is a 50 to 80 percent chance that it will have no value in the future.
Hard to argue with a Billionaire who has a track record in fintech!
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Does this billionaire genius not realise that "store of value" and 80% chance of having no value in the future are a contradiction in terms. He clearly sees it as a hedge against a scenario where the "whole world has fallen apart" and out of the nuclear debris come the bitcoin community hugging their Smartphones and QR codes. He probably has Zimbabwean dollars against the unlikely event that that currency dominates all else. When you are a billionaire you develop all sorts of worries.

Seriously folks. At least I have an answer to the next person who asks me should s/he invest in bitcoin. Answer: "Well, one of its biggest fans, PayPal billionaire, says there is an 80% chance its future value will be zero but it could be a hedge against the whole world falling apart - fill your boots if that's what you are looking for"
 
Negotiator said:
He never suggested that anyone puts any money into cryptos. He was merely giving his opinion what he thinks about it. The percentages he mentions suggest it's a very risky trade.....that's hardly surprising to anyone!
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You said hard to argue with a fin tech billionaire. Well you are right. Simply pointing out that he is saying that there is more chance of it having zero value than any value. Hardly a ringing endorsement. Even rich people talk tripe. Look at Trump.
 
Duke of Marmalade said:
and out of the nuclear debris come the bitcoin community hugging their Smartphones and QR codes
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The image of this made me laugh! :D:D:D

By the way he said 50-80% chance.....you were only taking the higher number.

As I mentioned before I'm not a major fan of Bitcoin at all....I don't hold any and pretty much never have. I'm just not in the camp of it going to zero or anywhere near that. However I defo don't rule out the possibility of it, I just don't think it will.
 
Duke of Marmalade said:
Does this billionaire genius not realise that "store of value" and 80% chance of having no value in the future are a contradiction in terms.
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Risky investment means that there is a non trascurable possibility that it’s value decreases sharply. For Thiel this risk is between 50 and 80%

On the other hand, risky investments have potentially very high returns and in fact old bitcoiners have easily made 100x (reads 10,000%)

It’s straight forward maths, what’s the issue?
 
Duke of Marmalade said:
He clearly sees it as a hedge against a scenario where the "whole world has fallen apart" and out of the nuclear debris come the bitcoin community hugging their Smartphones and QR codes.
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....desperately searching for an internet connection!

Tinned food would be a better "investment"
 
Gus1970 said:
Risky investment means that there is a non trascurable possibility that it’s value decreases sharply. For Thiel this risk is between 50 and 80%

On the other hand, risky investments have potentially very high returns and in fact old bitcoiners have easily made 100x (reads 10,000%)

It’s straight forward maths, what’s the issue?
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Frightening if people can't people don't understand investments enough to see the problem if someone says this 'is a store of value' while in the same sentence say that 'there is 50-80% chance it will be worth nothing' and then tops that it off that there 20%-50% chance it will be worth more. That is not straight forward maths. That's not even maths.
 
Firefly said:
I would have thought, for all your postings and arguments, you would have more skin in the game!
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Why?
Im interested in the whole concept behind cryptocurrency and can see its usages. But as stated, ad nauseum, it is highly volatile. It would be stupid to risk more than im prepared to lose.
Having said that, its potential to rise further is clearly there so all options are on the table.
 
TheBigShort said:
Why?
Im interested in the whole concept behind cryptocurrency and can see its usages. But as stated, ad nauseum, it is highly volatile. It would be stupid to risk more than im prepared to lose.
Having said that, its potential to rise further is clearly there so all options are on the table.
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If I had put so much effort into something as you clearly have it would want to me worth my while. It is highly highly unlikely that Bitcoin will increase tenfold from its current price anytime soon and even if it did you'd only be "in" for 6k, which is still hardly something to write home about. Fair enough if you're into the Blockchain technology side of things from an academic interest I suppose.
 
Duke of Marmalade said:
B/S I don't think that is going to save you if the whole world falls apart and somehow bitcoin is the only game in town.:rolleyes:
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Who is talking about the "whole world falling apart" other than yourself?
I am conscious of the debt-levels of individuals, corporations and banks and governments in Western societies that I think are simply unsustainable. I am conscious of money-printing and financial scams perpetuated by the international banking system. All of this signals to me of instability in the monetary system. That instability has the potential to manifest itself in many ways - devaluation of currency, inflation, proxy wars, trade wars, break up of EU (or partial), increased spending on 'defence', etc, etc.

In such circumstances the option to hold money outside the monetary system is a brilliant idea.
 
Firefly said:
If I had put so much effort into something as you clearly have it would want to me worth my while. It is highly highly unlikely that Bitcoin will increase tenfold from its current price anytime soon and even if it did you'd only be "in" for 6k, which is still hardly something to write home about. Fair enough if you're into the Blockchain technology side of things from an academic interest I suppose.
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Equally, the effort put into detracting bitcoin no? The amounts matched on betfair for bitcoin to fall, or bitcoin price end on 2018 are paltry.
I have a 100% profit in a short space of time on bitcoin. I accept is volatility and am not willing, at this point, to risk what I am not prepared to lose.
I would say this is consistent with most people who hold bitcoin - differing from the urban myths or house re-mortgages and millionaire pizza sellers.
And even if my €600 goes to €6,000 tomorrow, id would€6,000 considerably more preferable to €600.
Apologies to Negotiator, I feel I have inadvertently taken this topic off track.
 
TheBigShort said:
Who is talking about the "whole world falling apart" other than yourself?
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B/S you are not paying attentiono_O
Negotiator said:
"Peter Thiel has once again endorsed bitcoin, which he recently argued is tantamount to digital gold.

"It's sort of hedge of sorts against the whole world falling apart."
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This is Peter Thiel, financial and intellectual giant, haven't you heard of him?

I wouldn't have dared bring up the prospect of Armageddon in polite company, but when such a colossus of wisdom alludes to the possibility I thought it was fair game.
 
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