Crypto Currency Thread
Discussion
JPJPJP said:
It is terrible for buying drugs
An immutable public ledger is the last thing anyone would want to record such transactions on
Why? The ledger doesn’t say what it was for, or the identity of the buyer or seller.An immutable public ledger is the last thing anyone would want to record such transactions on
If you’re right though it seems even less useful than I thought.
Is there any loan market available in it yet? Presumably there will be, but I’ve not heard of one.
JPJPJP said:
It is well proven that the ledger can be linked to individuals by law enforcement in enough cases to make conducting illicit transactions with bitcoin foolish
You can see it moving, but you can't necessarily tell who is doing it.https://www.bbc.co.uk/news/technology-54810976
For smaller amounts, the most anonymous mainstream option is depositing cash into a bitcoin ATM and getting the btc sent to your mobile wallet via QR code. No KYC or registration required. It's digital cash.
I personally feel that every individual deserves the opportunity to be allowed a degree of anonymity for online transactions.
Kent Border Kenny said:
That sounds interesting. Have a link to any stories on it?
Here are a couple of early articleshttps://www.sciencemag.org/news/2016/03/why-crimin...
https://qz.com/1761343/bitcoin-money-laundering-is...
Kent Border Kenny said:
Yes, currencies move with respect to one another, but nothing like as much as Bitcoin moves relative to them.
I bought $50,000 at $2.05 to the pound back there, to hedge the costs of living out there for a while but getting pain in GBP. Sadly I blew the lot in a couple of months.
It doesn’t matter though.I bought $50,000 at $2.05 to the pound back there, to hedge the costs of living out there for a while but getting pain in GBP. Sadly I blew the lot in a couple of months.
While things are priced not in btc, you’d be expected to not have all your money in btc, so no major issue if btc is volatile.
If everything were priced in btc, the btc or prices would be volatile, but the value inherent in what you exchange would be quite stable.
Ie, 1 day work gets you 10 carrots. Whatever happens to what you get paid in btc or what carrots cost in btc would be quite stable... assuming btc was your trading currency.
I don’t get what the issue is.
Buy some if you like it. Don’t if you don’t.
I bought at £100/btc and taking profits and holding half.
My pension is in defensive stocks.
I have cash savings.
I have some invested in the PH recovery fund
Bitcoin as a diversification has kept my overall wealth yield good in these low yield times, while also keeping the rest of my wealth relatively more safe, so win win?
Kent Border Kenny said:
But everything isn’t priced in it, so what use is your hypothetical?
We are talking about the here and now.
When the internet started you had to have a PC like this to use it...We are talking about the here and now.
Now more than half the world's population is online, mostly through a device they carry with them in their pocket all day every day.
I think the issue with a lot of people in the banking industry is that they can't see the wood for the trees. It's not just about payments, or banking, it's about the network of people.
Yeah it's not prime time just yet...but I think it's coming.
dimots said:
When the internet started you had to have a PC like this to use it...
Now more than half the world's population is online, mostly through a device they carry with them in their pocket all day every day.
I think the issue with a lot of people in the banking industry is that they can't see the wood for the trees. It's not just about payments, or banking, it's about the network of people.
Yeah it's not prime time just yet...but I think it's coming.
But is it coming like an iPhone 13, or like flying cars?Now more than half the world's population is online, mostly through a device they carry with them in their pocket all day every day.
I think the issue with a lot of people in the banking industry is that they can't see the wood for the trees. It's not just about payments, or banking, it's about the network of people.
Yeah it's not prime time just yet...but I think it's coming.
I suspect that it’s more like the latter but for years now there have been people saying that it’s like the firmer. Every prediction of it becoming mainstream “soon” has been wrong.
When do you expect to start seeing it being treated like a currency, with lots of normal workers being paid in it, loans available, people buying it for holiday spending and so on? Do you think it’ll be 2021?
dimots said:
Depends what you mean. I could see it becoming the world's reserve currency with national tokens being used for 'legal tender' day-to-day spending and taxes. Probably not in 2021...but given the way the world is changing, who knows?
I think that there’s nearly no chance of that.In my view the most likely outcome is that it just fades out of people’s view over the next ten years and that by 2030 it’ll just exist as a curiosity, talked about by even fewer geeks on the internet than it is today.
I think that its value will be viewed like Pokémon Go cards, something driven only by speculation, as without the ability to be used to pay taxes, or the anchoring of anything being primarily sold on BTC prices it is unconstrained in either direction.
We’ll see, I suppose.
g4ry13 said:
You were holding some BTC though? If your view of it is not optimistic why expose yourself to it?
There’s no harm in buying a bit to see how it works first hand, but that doesn’t mean you expect it to move in any particular direction.I’ve a colleague who apparently has 15,000 or so, and who’s been having a nightmare actually getting from where he is now to having money in a GBP bank account.
Kent Border Kenny said:
I think that there’s nearly no chance of that.
In my view the most likely outcome is that it just fades out of people’s view over the next ten years and that by 2030 it’ll just exist as a curiosity, talked about by even fewer geeks on the internet than it is today.
I think that its value will be viewed like Pokémon Go cards, something driven only by speculation, as without the ability to be used to pay taxes, or the anchoring of anything being primarily sold on BTC prices it is unconstrained in either direction.
We’ll see, I suppose.
I think you are massively underestimating its resilience.In my view the most likely outcome is that it just fades out of people’s view over the next ten years and that by 2030 it’ll just exist as a curiosity, talked about by even fewer geeks on the internet than it is today.
I think that its value will be viewed like Pokémon Go cards, something driven only by speculation, as without the ability to be used to pay taxes, or the anchoring of anything being primarily sold on BTC prices it is unconstrained in either direction.
We’ll see, I suppose.
Kent Border Kenny said:
There’s no harm in buying a bit to see how it works first hand, but that doesn’t mean you expect it to move in any particular direction.
I’ve a colleague who apparently has 15,000 or so, and who’s been having a nightmare actually getting from where he is now to having money in a GBP bank account.
You simply sell it on an exchange and pay the proceeds into your bank account. It's very straightforward. He could have the £166,000,000 in his account by tomorrow.I’ve a colleague who apparently has 15,000 or so, and who’s been having a nightmare actually getting from where he is now to having money in a GBP bank account.
dimots said:
You simply sell it on an exchange and pay the proceeds into your bank account. It's very straightforward.
I’m not sure if you are making an inside joke here, but no, that’s not “just” how it works, it’s how people who’ve not tried to do it before think it works.How much have you managed to transfer in without your UK bank starting to be uncomfortable? Even if he decided to stagger it over years, rather than weeks it months, that’s millions of pounds per month that he’d gave coming in from a completely opaque source. Banks don’t allow this.
Kent Border Kenny said:
g4ry13 said:
You were holding some BTC though? If your view of it is not optimistic why expose yourself to it?
There’s no harm in buying a bit to see how it works first hand, but that doesn’t mean you expect it to move in any particular direction.I’ve a colleague who apparently has 15,000 or so, and who’s been having a nightmare actually getting from where he is now to having money in a GBP bank account.
Money can be moved off exchanges. There are sites which can also buy BTC off you and even ATMs around (most likely will not give a favourable rate).
But there are ways, although your colleague would be trying to move a lot of money around admittedly.
15,000 btc sold in one hit could potentially move the price, so most deals of that size would be negotiated privately or as you say sold a bit at a time in order to avoid moving the market. I have both personal and business accounts with Bitstamp. They do KYC and ask you to estimate the volume of transactions when you apply for a business account, but once that's done there is no friction whatsoever. Do you know if he holds his 15,000 bitcoin personally? If so he simply has to pay CGT...as long as he is transparent enough about the source of funds used to buy the bitcoin and so on he shouldn't have any issues with his bank or HMRC. Which bank is he with? What's his name? Can you give me his street address and the usual time he arrives home from your office?
g4ry13 said:
Because he doesn't want to pay the capital gains tax on it?
Money can be moved off exchanges. There are sites which can also buy BTC off you and even ATMs around (most likely will not give a favourable rate).
But there are ways, although your colleague would be trying to move a lot of money around admittedly.
No, nothing to do with tax, he just couldn’t get a bank to facilitate it.Money can be moved off exchanges. There are sites which can also buy BTC off you and even ATMs around (most likely will not give a favourable rate).
But there are ways, although your colleague would be trying to move a lot of money around admittedly.
What’s the most that you’ve taken out back into GBP in a UK account? People seem to have problems at extremely modest levels, £10k per transaction looks to cause some people problems.
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