Crypto Currency Thread (Vol.2)
Discussion
ERIKM400 said:
I have agreed with you on the fact that price volatility currently is a problem for BTC as a payment method or money if you like to consider it that way.
But try to look at it from this perspective: you say I get paid 2000$ in BTC which drops 20% in value and is now only worth 1600$ so I have a problem paying my rent or whatever.
But I've got the BTC I bought in 2018 at 6000$ which by now has appreciated 1000% to 60k $. So I will just use that, will still be massively in profit and keep the 2000$ of BTC that I just got paid for the next 4 years untill this appreciates by another 1000%. Rince and repeat.
As I have said over and over again: it's all about the time frame you're using.
I don't care about short time price volatility, I welcome 20% price drops because they give me an opportunity to invest more. The long term trend is up by 40% a year, that's what matters for me.
What did I just read? But try to look at it from this perspective: you say I get paid 2000$ in BTC which drops 20% in value and is now only worth 1600$ so I have a problem paying my rent or whatever.
But I've got the BTC I bought in 2018 at 6000$ which by now has appreciated 1000% to 60k $. So I will just use that, will still be massively in profit and keep the 2000$ of BTC that I just got paid for the next 4 years untill this appreciates by another 1000%. Rince and repeat.
As I have said over and over again: it's all about the time frame you're using.
I don't care about short time price volatility, I welcome 20% price drops because they give me an opportunity to invest more. The long term trend is up by 40% a year, that's what matters for me.
If you are really a doctor, please and please do get some sleep!
ERIKM400 said:
1. I do understand the differences between assets and money, thank you very much.
2. So what's a good store of value...
3. I'm not thick (university degree doctor, thanks for asking) nor trying to be obtuse.
1. That's not apparent. A good store of value is something that is immediately cash convertible, with a deep liquidity pool and ultra low price volatility. Anything else isn't. It doesn't matter how you bend a time frame, it only matters at point of conversion to cash or other assets. You might have a great asset or investment, but its not a money equivalent. Its not a semantics argument its a basic barrier to BTC adoption its simply too volatile to gain trust and its decentralised nature means no central authority. It only has trust within its own sphere, not the wider economy. If you strip out the punters on get rich quick schemes, there are a tiny few that understand it. It's far too parochial, and people equate money as exchange for Labour, with BTC its to the power of market sentiment. It might go up another 200, 500 or 1000%; great investment - still rubbish form of money. It might have many benefits over FIAT - but its anarchic nature is enough to prevent its adoption as a true form of money. And that's before we start on OFAC. 2. So what's a good store of value...
3. I'm not thick (university degree doctor, thanks for asking) nor trying to be obtuse.
One if the most basic rules with our financial and regulatory sphere is suitability. BTC isn't suitable an investment let alone source of money for most. Fill your boots if you know what you are doing, but it fails the suitability test.
2. What's a good store if value, not much. Inflation is the problem. Tether if you offloading BTC for a big purchase (like a house) would be my suggestion. Almost same theory your apply to retirement saving. The closer you are to using / spending, the lower asset vol you want. Are you really going to look at 12 year BTC charts at retirement IF you have low diversification?
3. You were commenting on other people's IQ, not the other way around.
Whilst BTC has many benefits and the decentralised ledger is a great one, I suspect its days are numbered when CBDCs roll out and we see greater use of asset backed tokens.
ooid said:
So your solicitors completed AML checks with your 7 figures directly coming from crypto investments with non-issue at all?
I genuinely would like to know who was your conveyancing/ solicitors and what sort of insurance they got.
I have been taking payment in bitcoin, paying in bitcoin, using bitcoin, accounting for my bitcoin earnings and paying tax to HMRC on the proceeds for over ten years. No issues.I genuinely would like to know who was your conveyancing/ solicitors and what sort of insurance they got.
OoopsVoss said:
Whilst BTC has many benefits and the decentralised ledger is a great one, I suspect its days are numbered when CBDCs roll out and we see greater use of asset backed tokens.
CBDCs are never going to happen. They wouldn't be able to touch bitcoin for security, regulation or immutability. Unless they used an open proof of work protocol...which they couldn't. And even if they could, which they can't, no country on the planet could afford to build the proof of work engine bitcoin has...it is secured by the most powerful computing network on the planet...maybe you can guesstimate how much that would cost to replicate?dimots said:
CBDCs are never going to happen. They wouldn't be able to touch bitcoin for security, regulation or immutability. Unless they used an open proof of work protocol...which they couldn't. And even if they could, which they can't, no country on the planet could afford to build the proof of work engine bitcoin has...it is secured by the most powerful computing network on the planet...maybe you can guesstimate how much that would cost to replicate?
And a CBDC is backed by the financial might of the government. Which for 99.999% of people is perfectly enough.
dimots said:
OoopsVoss said:
Whilst BTC has many benefits and the decentralised ledger is a great one, I suspect its days are numbered when CBDCs roll out and we see greater use of asset backed tokens.
CBDCs are never going to happen. They wouldn't be able to touch bitcoin for security, regulation or immutability. Unless they used an open proof of work protocol...which they couldn't. And even if they could, which they can't, no country on the planet could afford to build the proof of work engine bitcoin has...it is secured by the most powerful computing network on the planet...maybe you can guesstimate how much that would cost to replicate?
t Tiffany Cufflinks in that regard, but why when I liquidated it to buy my house the solicitor just told me I'm 45k short as BTC took an intra-day crap?They are not even trying to compete - and once they solve the transmission losses etc, BTC has a serious problem as it can't be trusted. If you want to evade sanctions, load up on BTC.
robscot said:
https://www.lindsays.co.uk/
Quid if you work out who I am from my solicitors.
Only one dumbo on this thread
Quid if you work out who I am from my solicitors.
Only one dumbo on this thread
robscot said:
https://www.lindsays.co.uk/
Quid if you work out who I am from my solicitors.
Only one dumbo on this thread
Actually I'll change this. I'll DM you.Quid if you work out who I am from my solicitors.
Only one dumbo on this thread
EDIT: Not DMing you I believe it reveals my email. But yes I think I know who you are now.
Condi said:
How? Knowing which solicitor he uses doesn't identify him - they don't put a list of clients online do they?!
Everything you post online helps build a picture. You need to be careful not to leave too many fingerprints or to link accounts together. If you have poor opsec you will reveal who you are. It was very easy to find Rob, took a minute or so.dimots said:
Everything you post online helps build a picture. You need to be careful not to leave too many fingerprints or to link accounts together. If you have poor opsec you will reveal who you are. It was very easy to find Rob, took a minute or so.
Interesting, as it was a random solicitor I googled and whacked in 'for the lolz' as the kids say.It is great you have managed to identify me within a couple of minutes due to single solicitor name that was plucked from the top of a google search earlier today.
Or, you again chat utter s
t 
robscot said:
Interesting, as it was a random solicitor I googled and whacked in 'for the lolz' as the kids say.
It is great you have managed to identify me within a couple of minutes due to single solicitor name that was plucked from the top of a google search earlier today.
Or, you again chat utter st
Last name L. City of residence W?It is great you have managed to identify me within a couple of minutes due to single solicitor name that was plucked from the top of a google search earlier today.
Or, you again chat utter s
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