bitcoin

Discussion in 'Alternative Investments' started by Firefly, Feb 12, 2015.

  1. TheBigShort

    TheBigShort Frequent Poster

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    You could be right. Given the tone of the rest of the promo (criminality, drugs, scams, alarm bells etc) I took it as biased.
     
  2. Gordon Gekko

    Gordon Gekko Frequent Poster

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    But rightly so!

    Conventional currencies are regulated and the global financial system has checks and balances to reduce the risk of criminal or terrorist behaviour.

    Bitcoin is murky and unregulated and definitively has feet of clay. It is a great way for criminals and terrorists to circumvent global authorities.

    But the soya latte drinking millennials who love it so much choose to ignore all of that because their anger at the perceived wrongs of conventional markets clouds their judgement.

    To be honest, Bitcoin zealots are really starting to annoy me because they are making weak-minded people follow them into this madness. On that basis, and I never thought I’d say this, I hope it goes to zero ASAP and that every believer learns a very costly lesson.
     
  3. jman0war

    jman0war Frequent Poster

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    Why are conventional currencies and banking regulations so spectacularly poor at preventing criminals and terrorists then?
     
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  4. RETIRED2017

    RETIRED2017 Frequent Poster

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    Who did you say are getting very touchy,
     
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  5. jman0war

    jman0war Frequent Poster

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    Conventional Banking vs Bitcoin.

    In 2014 if you left 100€ in BOI and forgot about it..
    Today in 2018, your balance should be -360€ (you owe them).
    ---
    Had you put that same money into Bitcoin in 2014, you'd have 1420€ today.
    (assuming a 500€ price in 2014)
     
  6. Duke of Marmalade

    Duke of Marmalade Frequent Poster

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    They took it as a put down of bitcoin when clearly, having described bitcoin as virtual in no sense of being derogatory, it was the obvious counter description of fiat, no offence intended, but offence was clearly taken
     
  7. TheBigShort

    TheBigShort Frequent Poster

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    The only 'zealots' I see are the ones forever trying to knock bitcoin. The only reason there are so many threads on AAM about bitcoin, that there are specific markets on betting sites, that there are drama-queen headlines, is because of those who dont 'like' bitcoin.
    You have even admitted to being annoyed!
    To the point that wish misfortune on everyone on everyone who owns bitcoin. Thats sad.
    Who are the 'weak-minded'? Who is following who? Who are the leaders of this 'scam'?
    As for circumventing authorities and criminality and terrorism et al...the banks have paid out $300bn in fines for their criminality in the let alone the cost of that criminality.
    The whole crypto space and its involvement in criminality is a drop in the ocean to the more convential method, cash.
     
  8. TheBigShort

    TheBigShort Frequent Poster

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    Eh, there was no offence taken. I read an article and interpreted it to mean something else to which you interpreted it. To which I admitted that you could be correct.

    Where is the offence?
     
  9. Duke of Marmalade

    Duke of Marmalade Frequent Poster

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    originally but you have changed your mind for which I respect you
     
  10. lukas888

    lukas888 Frequent Poster

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    I know its old ground but a huge number of bitcoin investors are gamblers and would not know a bitcoin from a flying saucer.The wild fluctuations
    are the big attraction giving the same buzz as a night in the casino or a day in the bookies.The notion of animated conversation on the intricacies
    of mining and blockchain in the Hong kong stock market gambling dens are fanciful.
     
  11. jman0war

    jman0war Frequent Poster

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    What i don't really get, is what motivates people to hate bitcoin?

    Sure i understand that banks and regulators don't like it; afterall bitcoin totally dances around their patch of turf and makes them look like technophobes, renders their entire industry archaic and redundant. They don't like being redundant sticks-in-the-mud so they push back and try to use their power and influence to stop the march of progress.

    It's a little bit silly that government insiders and bankers, sitting in positions of privilege get to chastise an Open Source project of volunteers.

    Open Source doesn't get afforded the same level of protection in law as do corporations.
    So competing industry gets to libel bitcoin as much as they want to.
     
  12. TheBigShort

    TheBigShort Frequent Poster

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    Last edited: Feb 12, 2018
    I would agree with this. My own bitcoin experience is one of pure speculation.
    Having said that the gambling industry itself, casinos, bookmakers, national lotteries, etc is way bigger than bitcoin, bringing an untold amount of misery on millions of suckers (most punters in a bookies do not understand the form in the racing pages)

    So what do governments do? Reduce taxes on winnings.....whayhayyy!:D
     
    Last edited: Feb 12, 2018
  13. tecate

    tecate Frequent Poster

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    The whole 'zealots' thing could easily cut both ways - I don't see myself as a 'zealot' - enthusiastic about the tech (as I always am about any new tech)...so use cases which may work out and others that might not..lets see.

    No offence taken here either. Whilst I accept there are plenty of unresolved issues with regards to cryptocurrencies which should rightly be aired, there has also been bigged - up inaccurate commentary from corners that have an interest in talking it down.

    On the 'huge number of BTC 'investors' being gamblers, I agree - and I'd say particularly the ones that came in post November 2017. Thankfully, the banks have protected those poor misguided people from buying crypto with a credit card. We can expect an announcement any day now banning the purchase of Paddy Power/Coral, etc. services....(not!).
     
  14. TheBigShort

    TheBigShort Frequent Poster

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    In the end, quite a balanced programme overall.
    Personally I think the mining warehouses are quite phenomenal, considersing there is no one central authority or company behind bitcoin.
    On the otherhand, the 'onecoin' scam and others such as could seriously limit the adoption of cryptocurrency.
    In the end, it would appear crypto is here to stay, but at what price?
     
  15. TheBigShort

    TheBigShort Frequent Poster

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    Actually on further reflection, for a programme that advertised itself on bitcoin, but to then use another crypto to illustrate a scam is pretty shallow.
     
  16. tecate

    tecate Frequent Poster

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    The part about someone being conned out of their own money was always going to be about someone getting the hard sell for something that set out to be a scam from day 1. Don't get me wrong - you can lose all your money by speculating on bitcoin in double quick time. However, YOU make that decision. There shouldn't be someone running marketing seminars whipping people up into a frenzy to blind them into parting with their money. Onecoin was on a private blockchain. Scams like these are just using the interest in crypto to prey on people who are not up to speed and don't fully understand what it is they're putting money into. It's crypto today. In Belfort's time, it was penny stocks, next year it will be something else - but these guys latch on to whatever's hot and use that as a facade to part people from their money.

    (otherwise, I thought it was balanced enough. I just wish they'd have talked to one of those other guys in the incubator house in San Francisco - so that they could briefly talk through some of the technological aspects of crypto - rather than that sap with the hookah).
     
  17. TheBigShort

    TheBigShort Frequent Poster

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    Good point. We had the 'Onecoin' scam, which had nothing to do with bitcoin and the stoner who made his millions.
    Another guy who was concerned that all those pc's in Iceland and elsewhere could be put to better use! And the regulatory guy who, laughably, said KYC reduces the amount of legitimate cash going to illegitimate means.

    Two other parts were interesting was the guy who admitted that money laundering involving involving bitcoin was only a small percentage (doesnt stop the headlines) of the overall money laundering schemes, and the £17m house in London available to buy in bitcoin. Its interesting to know that transactions of that level are, apparently, occuring.
     
  18. pauric

    pauric Frequent Poster

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    Is anyone using Revolut to trade bitcoin? Any advice for a total novice looking to speculate a few euro using Revolut to trade and store bitcoin?
     
  19. ant dee

    ant dee Frequent Poster

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    If its a few hundreds worth and you plan to hold them, buy a hardware wallet and store them there.
    If you want to actively trade use a bigger exchange like Kraken or Coinbase(GDAX).
     
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  20. tecate

    tecate Frequent Poster

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    By all means, buy some BTC. However, don't use Revolut. I have been a Revolut user since 2016 - delighted to find them at the time as their approach is innovative and they've saved me plenty whilst abroad for long periods (when my own bank would have charged me excessive fx withdrawal fees and poor fx rates).
    It was encouraging to find them entering the crypto sphere more recently. However, their offering is very much limited. You can purchase bitcoin through them but you don't get to hold the actual coin yourself. The rate of purchase is not competitive. Do what ant dee suggested and get a verified account with Kraken, Coinbase or Bitstamp. Buy through them and then set up your own independent wallet. Be aware that you must take full responsibility for that wallet and never lose the seed key.
     
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