Crypto Currency Thread (Vol.2)
Discussion
Scootersp said:
What are Bitcoin's factors? it's scarcity was decided arbitrarily by a still uncertain someone, correct?
"Satoshi explained that the decision to cap Bitcoin's supply at 21 million was an “educated guess,” since it needed to be decided in advance without knowing how the future of Bitcoin would unfold."
A definably limited supply is not what drives value. It is the minimum basic requirement for a token to be considered a contender for an emerging, ubiquitous, global money. There are other properties that people value, which is a good enough reason for many to hold it as an asset. But that is for you to value subjectively. "Satoshi explained that the decision to cap Bitcoin's supply at 21 million was an “educated guess,” since it needed to be decided in advance without knowing how the future of Bitcoin would unfold."
No such thing as intrinsic value. Only a weighting of opinions.
RichTT said:
A definably limited supply is not what drives value. It is the minimum basic requirement for a token to be considered a contender for an emerging, ubiquitous, global money. There are other properties that people value, which is a good enough reason for many to hold it as an asset. But that is for you to value subjectively.
No such thing as intrinsic value. Only a weighting of opinions.
What I rail against is the inability of some folks to grasp that value isn't tangible. That somehow because crypto lays bare the unreality of all markets - its just more obvious.No such thing as intrinsic value. Only a weighting of opinions.
Why is a merc more expensive than a Skoda - when some have Renault engines - for example. Because Merc has built a "brand". Brand doesnt exist so the perceived value or something doesnt exist in a hold it in my hand way.
Everything in our society is now a system designed to ensure money sloshes around in a manipulated way. If something is perceived to have a value - it has a value.
Apple stock has risen and risen - then suddenly tumbles, why - because stockholders think Apple has met its own profit targets. That bears no relation to the level of their assets or tangible things. Its brand identity tied to artificial performance metrics - this is why the debate make me chuckle. Its as if either reality is actually true - money doesnt even really exist, we just happened to have tied a society to the concept of it.
g4ry13 said:
A nice little haul!
Woman found with £2bn in Bitcoin convicted of money laundering arrangement offence
I was wondering what happens to the btc??Woman found with £2bn in Bitcoin convicted of money laundering arrangement offence
White-Noise said:
g4ry13 said:
I was wondering what happens to the btc??It's ~₿61000. Current value is about £3.2bn at the time of writing.
Edited by CraigyMc on Thursday 21st March 10:43
halo34 said:
What I rail against is the inability of some folks to grasp that value isn't tangible. That somehow because crypto lays bare the unreality of all markets - its just more obvious.
Why is a merc more expensive than a Skoda - when some have Renault engines - for example. Because Merc has built a "brand". Brand doesn't exist so the perceived value or something doesn't exist in a hold it in my hand way.
Not all value is tangible, but some element usually is, regardless of price the Skoda and Merc do the same job, they have a tangible value because they can take you from A to B, like the fuel they use has value. Also Mercedes built the brand by historically creating quality cars (higher % of tangible value) vehicles such that now they can 'get away' with sneaking in the odd Renault powered one? (higher intangible %). but they didn't build the brand purely on marketing hype/intangibles it was built by using solid materials and engineering, tangible things? In the same way that the Skoda brand suffers from it's old days of using poor quality parts and engineering?Why is a merc more expensive than a Skoda - when some have Renault engines - for example. Because Merc has built a "brand". Brand doesn't exist so the perceived value or something doesn't exist in a hold it in my hand way.
It's for the buyers to decide and work out their own value, based on both how much is genuine quality materials/engineering and how much is marketing and branding (not always easy to do), we do this all the time, when choosing, supermarkets, clothes etc etc who is denying there is an intangible element and that element has varying value to people?
I'll accept that I am more focussed on the tangible elements of things and less concerned with branding etc, I just personally think investing your hard earned money in things that are higher in their intangible nature is more risky.
Tangible elements generally provide a base cost/price for things, the intangible elements create more of the opportunity to enhance the price/value over and above this?
CraigyMc said:
It'll be forfeit to the crown most likely.
It's ~?61000. Current value is about £3.2bn at the time of writing.
So this is money pinched from investment fraud in China, laundered in the UK, and the entire lot forfeited to the crown?It's ~?61000. Current value is about £3.2bn at the time of writing.
Edited by CraigyMc on Thursday 21st March 10:43
No wonder the banks are losing money, this is way more efficient than letting them do the laundering and the crown only getting tax from banker's bonuses
dimots said:
CraigyMc said:
It'll be forfeit to the crown most likely.
It's ~?61000. Current value is about £3.2bn at the time of writing.
So this is money pinched from investment fraud in China, laundered in the UK, and the entire lot forfeited to the crown?It's ~?61000. Current value is about £3.2bn at the time of writing.
Edited by CraigyMc on Thursday 21st March 10:43
No wonder the banks are losing money, this is way more efficient than letting them do the laundering and the crown only getting tax from banker's bonuses
CraigyMc said:
White-Noise said:
g4ry13 said:
I was wondering what happens to the btc??It's ~?61000. Current value is about £3.2bn at the time of writing.
Edited by CraigyMc on Thursday 21st March 10:43
CraigyMc said:
It'll be forfeit to the crown most likely.
It's ~?61000. Current value is about £3.2bn at the time of writing.
Presumably there are publicly documented victims in China. Nice of us to keep it all. It's ~?61000. Current value is about £3.2bn at the time of writing.
I would make at least one phone call over there to see if there were thousands of ruined victims who might like a yuan or two back.
There were a fair few fully legit vendors on the Silk Road who kindly donated to the US government too.
ooid said:
Question to $hitcoin millionaires out there, how are you planning to purchase a property? No solicitor or conveyancing firm is accepting funds coming from crypto as far as I'm aware in U.K. ?
I know several people who've bought with their profits. No one moaned about being shunned. As long as you have a paper trail there shouldn't be an issue though they may eye you a bit closer than average.
ooid said:
Question to $hitcoin millionaires out there, how are you planning to purchase a property? No solicitor or conveyancing firm is accepting funds coming from crypto as far as I'm aware in U.K. ?
You're telling me that people who are paying £600k+ as a cash buyer are being turned away from a potential sale? 
James6112 said:
You do sound a bit envious 
Far from it, as much as I joke about crypto I ask advice from the gurus here now. 
I just caught up with a friend, apparently he made a bit money by buying some more than 10 years ago, not much and trying to use this as part of his house purchase deposit but he has been told to go somewhere else by his solicitor.
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