Bitcoin (and other electronic currencies)


#161

Fuxking hell I can remember a fella i worked with buying them for 5 or 6 dollars 5ish years ago…i hope he held onto them!


#162

It’s been proven on this forum that lab grown meat and vegetables are imminent


#163

Yes, a bit of a coin.

Hence the name.


#164

Bitcoin is effectively a religion. Like cash money.


#165

I think it’s more like Gold than paper money, in that it’s value is what people determine it to be and it’s backed by itself. Paper money is backed by central bankers and arguable has no intrinsic value, as we have seen many times in history when inflation spikes.


#166

I hope @TreatyStones held his nerve. All losses recovere and it is 17 per cent up this week.


#167

Bitcoin is a commodity rather than a currency really. No ones actually spending bitcoin. There’s a big difference, you can’t really get a currency bubble but commodity bubbles happen all the time. Big difference between bitcoin and a commodity then is that a commodity no matter how mental the price gets actually has some underlying value i.e. copper has uses. Bitcoin has zero intrinsic value.

The big thing crypto lads will say is well paper money has no intrinsic value either, which is true but lets take say the USD;

  1. It’s backed by a central bank, so they will come to defend it from price swings if necessary
  2. It can be exchanged for any good or service in the US (and worldwide) i.e. it’s legal tender
  3. Taxes are collected in it, so you need USD to pay your taxes if nothing else
  4. It’s stable and been around for hundreds of years. People have faith in it.
  5. You can hold it physically in your hand or a safe or whatever, and as little as we trust them you can store it in a bank. Now a bank might be hacked and they can steal money from them but I don’t lose out if that happens.

Now I get that people don’t trust the Government, or trust fiat currency. But bitcoin isn’t an improvement on any of the above. Bitcoin is just another currency with no intrinsic value and you can’t spend it!! The whole thing that they are trying to get away from. The improvement comes from the blockchain element of payments, but Governments/banks/businesses can just incorporate that into their systems and will (and are already).
I’ve said it before and I’ll say it again, blockchain is a trans-formative technology like the internet. These cryptocurrencies are just dot.com stocks. I’m sure there is a use for cryptocurrencies but there is no need for the hundreds of them that are out there at the minute.

Now the other argument that the cyrpto lads make is there’s a limited supply of bitcoin and a threshold which can’t be passed which is true, but there’s a very long and complicated argument that I won’t get into about why that’s actually a bad thing.


#168

We are back over the €10k can we all please lock and load for the journey to €1,000,000.


#169

A big gain on Litecoin today. Half tempted to go a few more ton on the two cheaper. Bitcoin goes well they will just follow at cheaper rate.


#170

Bitcoin is at $11,714.27

ETH is at $483.69

Funfair is at $0.0263 :no_mouth:


#171

Bitcoin is a junk bond.
It’s all about when to get on, and when to get off.
Sin e e.
It’s lines of code really.


#172

Bitcoin is now over 10k euros

Cc @TreatyStones


#173

I think Ethereum is the one to be on. At just under $500 they seem to think it could have the same value as Bitcoin in 15-20 years. Bitcoin will be used as a storage of an asset much like gold where Ethereum will be used for funding and stock markets. Litecoin has the potential to be the day to day currency we all use.


#174

Bitcoin

Currently @ $11,745.18

24h Low / 24h High $11,306.9573 / $12,106.3270

Ethereum

Currently @ $451.26

24h Low / 24h High $454.5895 / $474.6863

FunFair :wink:

Currently @ $0.0293

24h Low / 24h High $0.0278 / $0.0333

Litecoin

Currently @ $102.01

24h Low / 24h High $98.6302 / $104.8456

Agree with @Your_Mums_Athletic , ETH and LTC are the ones to be on If you dont want to join the BTC train


#175

I presume that gains on the sale of cryptocurrency are subject to CGT?


#176

Fortunately, the first €1,270 of your cumulative annual gains (after deducting expenses and losses from other cryptocurrency investments – further details below) are exempt from tax. But, any profit that you make above this figure will be taxed at 33% and you will need to file a tax return each year.


#177

Of course they are :wink:


#178

there’s drug dealers lorrying money into a skunk shop in Croydon that doubles up as a bitcoin trader


#179

I’ve made 24k since May


#180

Unlucky mate you missed a good payday