Discussion
p1stonhead said:
This is such wide eyed optimism its unreal.
It's pretty clear that the public are greedy, and if the financial system has regulations removed we'll probably end up with these massive swings like we see now. But of course the government is only evil and has no benefit to the public whatsoever.Oakey said:
There's a post in the other Crypto thread by a PH'er who has just had his HSBC account suspended for transferring a five figure sum into his account after selling his BTC. I assume he's triggered some sort of fraud / money laundering warning?
I'd never transfer any amount from a crypto exchange into a bank account I wasn't prepared to lose.Simon
One of the world's largest foodstuff trading companies makes first ever Bitcoin settled freight deal.
https://www.bloomberg.com/news/articles/2018-01-23...
https://www.bloomberg.com/news/articles/2018-01-23...
Trolleys Thank You said:
One of the world's largest foodstuff trading companies makes first ever Bitcoin settled freight deal.
https://www.bloomberg.com/news/articles/2018-01-23...
From that article:https://www.bloomberg.com/news/articles/2018-01-23...
"BitFlyer also announced it will offer euro-denominated bitcoins. "
euro-denominated bitcoins....
so what currency is your bitcoin then...?
Trolleys Thank You said:
The FSCS covers small failure, not big.
better than a big fat ZERO
When the s
t hits the fan and the banks go bust, the only way they're going to cover everybody's losses is by printing a shed load more money or raiding your savings accounts to bail out the private banks.
Ring fencing reduces the risk of that
Look at Cyprus' crash in 2013. Bitcoin is about leaving that system. Financial exit, or maybe "Fixit"?
lol lol lol
Take responsibility for protecting your own money.
[b] ok so if you f**k up and lose your BTC, and have no way to pay your rent, buy food etc who are you going to go to for a safety net? What about others who end up in that situation? F**k them let them starve? What about when the number of those people grow to a number that can cause real disruption or prompt safety concerns (i.e. your house or you being robbed every other day). What about those other little tiny teeny details of things you haven't bothered to think about....?
[/b]
You hold and have access to it at all times, anywhere in the world.
unless of course you hold it in an exchange, which loads of people do. Spending and transferring BTC, how do you mitigate risks involved in transactions, and fraud, and consumer protection?
No bank runs, no inflating away your earnings, no restrictions on where you spend your money. Just digital cash.
[b] inflating away earnings? Have you even bothered to think about the consequences of a fixed money supply that also carries the risk of having denominations of it "removed" (eg lost). DEFLATION is probably the word you're looking for. As the population increases, so does their need for a method of exchange. When that supply is fixed, you're going to have people HOARD the currency (lol a little bit like they do now). Eventually it'll get to a point where those without BTC will trade among themselves.... and guess what.... they'll probably create another "currency" to do so with.... lol
[/b]
Honestly some of the stuff that people come up with is hilarious.better than a big fat ZERO
When the s
t hits the fan and the banks go bust, the only way they're going to cover everybody's losses is by printing a shed load more money or raiding your savings accounts to bail out the private banks. Ring fencing reduces the risk of that
Look at Cyprus' crash in 2013. Bitcoin is about leaving that system. Financial exit, or maybe "Fixit"?
lol lol lol
Take responsibility for protecting your own money.
[b] ok so if you f**k up and lose your BTC, and have no way to pay your rent, buy food etc who are you going to go to for a safety net? What about others who end up in that situation? F**k them let them starve? What about when the number of those people grow to a number that can cause real disruption or prompt safety concerns (i.e. your house or you being robbed every other day). What about those other little tiny teeny details of things you haven't bothered to think about....?
[/b]
You hold and have access to it at all times, anywhere in the world.
unless of course you hold it in an exchange, which loads of people do. Spending and transferring BTC, how do you mitigate risks involved in transactions, and fraud, and consumer protection?
No bank runs, no inflating away your earnings, no restrictions on where you spend your money. Just digital cash.
[b] inflating away earnings? Have you even bothered to think about the consequences of a fixed money supply that also carries the risk of having denominations of it "removed" (eg lost). DEFLATION is probably the word you're looking for. As the population increases, so does their need for a method of exchange. When that supply is fixed, you're going to have people HOARD the currency (lol a little bit like they do now). Eventually it'll get to a point where those without BTC will trade among themselves.... and guess what.... they'll probably create another "currency" to do so with.... lol
[/b]
p1stonhead said:
fblm said:
Trolleys Thank You said:
The FSCS covers small failure, not big.
85,000 per person, per institution... look at you high roller.lemmingjames said:
its not on their page now but it was saying in the metro that 4 people control Bitcoin or 4 people hold the most amount of coins or something and therefore control the market - going against what it was set up for?
Somebody has probably done some analysis on how much is stored on each address and come to the incorrect conclusion that one Bitcoin address = 1 user. It does not.The largest addresses are the exchanges. Coinbase alone has 14 million+ customers but just use a handful custodial bitcoin address it uses for all of those people.
Trolleys Thank You said:
Somebody has probably done some analysis on how much is stored on each address and come to the incorrect conclusion that one Bitcoin address = 1 user. It does not.
The largest addresses are the exchanges. Coinbase alone has 14 million+ customers but just use a handful custodial bitcoin address it uses for all of those people.
While this is true it cuts both ways. There may be individuals who have a large number of addresses who control huge amounts of bitcoin. Isn't the estimate for Satoishi that he mined ~1 million coins? Which he never spent.The largest addresses are the exchanges. Coinbase alone has 14 million+ customers but just use a handful custodial bitcoin address it uses for all of those people.
hairykrishna said:
Trolleys Thank You said:
Somebody has probably done some analysis on how much is stored on each address and come to the incorrect conclusion that one Bitcoin address = 1 user. It does not.
The largest addresses are the exchanges. Coinbase alone has 14 million+ customers but just use a handful custodial bitcoin address it uses for all of those people.
While this is true it cuts both ways. There may be individuals who have a large number of addresses who control huge amounts of bitcoin. Isn't the estimate for Satoishi that he mined ~1 million coins? Which he never spent.The largest addresses are the exchanges. Coinbase alone has 14 million+ customers but just use a handful custodial bitcoin address it uses for all of those people.
Trolleys Thank You said:
p1stonhead said:
fblm said:
Trolleys Thank You said:
The FSCS covers small failure, not big.
85,000 per person, per institution... look at you high roller.NRS said:
...a financial meltdown so big that the FSCS cannot cover the £85 000.
In the event of such a meltdown, it's cheaper just to back stop the banks, which is exactly what happened and would happen again. If the crisis were so great the government couldn't save the banks and the entire financial and payment system collapsed, I'd rather have food, medicine and gold to trade than an encrypted thumb drive stuck up my arse. 
fblm said:
NRS said:
...a financial meltdown so big that the FSCS cannot cover the £85 000.
In the event of such a meltdown, it's cheaper just to back stop the banks, which is exactly what happened and would happen again. If the crisis were so great the government couldn't save the banks and the entire financial and payment system collapsed, I'd rather have food, medicine and gold to trade than an encrypted thumb drive stuck up my arse. NRS said:
But compare that to say £0 if you get hacked. Or have a fire at your place etc. I'd suspect the chance of losing your bitcoins is higher than a financial meltdown so big that the FSCS cannot cover the £85 000.
Bitcoin, the protocol, is unhackable. What you do with your keys is a different matter. Just in the same way as if you're careless with your debit card or online banking details, don't be surprised if somebody drains your accounts or steals your identity.
At least if everything goes tits up, you still own your bitcoin instead of praying to the FSCS gods that they still have enough worthless Monarch Coin to refund you.
Trolleys Thank You said:
Bitcoin, the protocol, is unhackable.
What you do with your keys is a different matter. Just in the same way as if you're careless with your debit card or online banking details, don't be surprised if somebody drains your accounts or steals your identity.
At least if everything goes tits up, you still own your bitcoin instead of praying to the FSCS gods that they still have enough worthless Monarch Coin to refund you.
Yes, but where you store it is not. If you get your banking details done then generally you get the money back (never had it but from what most people seem to post). Crypto will not offer that. What you do with your keys is a different matter. Just in the same way as if you're careless with your debit card or online banking details, don't be surprised if somebody drains your accounts or steals your identity.
At least if everything goes tits up, you still own your bitcoin instead of praying to the FSCS gods that they still have enough worthless Monarch Coin to refund you.
Bitcoin is completely worthless unless it means something. And if the world financial service collapses that much then crypto will be worthless as everyone tries to get stuff they need. Honestly, you're delusional if you think crypto is safer for preserving your wealth.
Crypto: Get hacked - money gone
Fiat: Get bank details stolen - generally bank covers it
Crypto: No idea if in a month you will have lost 50% of your wealth
Fiat: Gentle deflation over time that is relatively predictable
Crypto: World banking system partly collapses - crypto price collapses as everyone rushes to get their money (see gold price during collapse etc)
Fiat: World banking system partly collapses - get your £80 000 back x however many accounts you have
Crypto: World banking system collapses - still have crypto, it's worthless as everyone tries to get cash to buy stuff, then rush to buy vital supplies to survive the apocalypse.
Fiat: World banking system collapses - rush to buy vital supplies to survive the apocalypse.
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