Bitcoin (and other electronic currencies)


Market recovery underway it seems…


I can’t wait to regale one of my mates with the stories of the epic overnight gains on my crypto investments.


Nose-diving again. Very hard to understand what drives the momentum either way, it’s a complete random walk


Mentioned in the FT today how it’s extremely difficult to get your money out as UK banks AML controls are stopping a lot of payments and investors getting burned even worse.


There was a chap from Deloitte called Lory Kehoe on the radio this morning talking about Bitcoin. He described it as Digital Gold or Gold two point zero (2.0)


Is that a good thing or a bad thing ?


People being badly mugged off in the long run by this Bitcoin fad. Dangerous stuff.


Guys buy the coins cheap then get their huge teams of social media lads to start certain coins trending and dump them into the rise.
It’s the old boiler room tactics adapted for the internet era. The big difference is people are actively seeking out penny stocks at the moment


Anything computery with “coin” in the name will do.


There’s a coin called ponzicoin which is literally setup as a ponzi scheme. Even in the white paper it says it’s a ponzi scheme and your man has a poll up on the website asking what colour Tesla should he buy. He’s blatantly taking the piss, telling everyone it’s a scam etc. and still people have bought it. The price has even shot up a few times.


The market and pricing of these things is fairly nuts I do agree but the premise for the blockchain technology is sound.

Blockchain will put an end to the concept of accountancy as we know it today. It could also eliminate the black market if harnessed properly.

Most of you lads just don’t get it.


Explain that point about the concept of accountancy


The blockchain will carry the transaction data and the concept of posting will be gone. Once a transaction occurs it will automatically record the price, VAT etc and record in the client’s ledger/Revenue ledger.

This is years away.

A lad in IT told me this.


Is that any more than an automated sub-ledger on an existing ERP system?

Granted that if the transaction is in bitcoin rather than euros or dollars, you do need such a sub-ledger.


That’s when professionals like us step in to interpret the data.


Is that what you call it?
Realign the dividend may be more accurate.


Why don’t you buy ERP coin then?


The thing is people know it’s a scam but they’re cool with it as long as they make a few bob and aren’t the ones left holding the bag when it falls apart.Greed I believe it’s called.


how do i buy a few bitcoins?
can they only be bought in single units or can you buy say 25% of a bitcoin , so i suppose 25 Bitcents
id be tempted now, it crashed there but even in a steady state the distribution seems to have a range of a few hundred dollars every few minutes, there must be money to be made here.


This time it’s different?