Crypto Currency Thread

[g4ry13]

The Spruce Goose said:

We all know no one actually spends crypto though.

I'll definitely be holding on to mine with announcements like this!

Maybe if Lamborghini start accepting payments or Foxtons then i'll be using it for purchases.

[anonymous-user]

Paul Tudor Jones interviewed on CNBC - main talking point seems to be that he is more bullish on BTC

https://www.cnbc.com/amp/2020/10/22/-paul-tudor-jo...

Paul Tudor Jones says he likes bitcoin even more now, rally still in the 'first inning'

extract

"The reason I recommended bitcoin is because it was one of the menu of inflation trades, like gold, like TIPS breakevens, like copper, like being long yield curve and I came to the conclusion that bitcoin was going to be the best inflation trade," Jones said.

[anonymous-user]

coinbase are giving some free crypto away not a lot, but adds up if you fancy a dabble.

Edited by anonymous-user on Friday 23 October 00:33

[Kent Border Kenny]

g4ry13 said:

Those other currencies which are central bank ones?

Good luck walking into Starbucks and paying for your coffee in $ in the UK.

If I have USD in my Revolut account I can present my card to pay for my coffee, and will be debited by the GBP amount multiplied by the live mid-market exchange rate.

While this thread has been running we’ve seen a quiet revolution in how retail customers have been able to access their money in all major currencies, a huge and useful innovation, while Bitcoin has done what, exactly?

[Kent Border Kenny]

A44RON said:

ignorance is bliss on this thread

Ignorance seems to be on the side of those who keep making grandiose predictions for how crypto currencies will leave the world of the geeks, criminals and conspiracy theorists any day now.

It’s been any day now for over a decade, yet those certain that a revolution is imminent are still banging the same drum.

I had people telling me seven years ago that my job in banking was about to end because of the digital revolution, and that I’d be feeling pretty stupid when my services just weren’t needed as crypto had removed the need for stuffy old-fashioned finance companies, yet here I am, looking at the main FX screen in Bloomberg, and still don’t see Bitcoin making an appearance.

[anonymous-user]

Kent Border Kenny said:

If I have USD in my Revolut account I can present my card to pay for my coffee, and will be debited by the GBP amount multiplied by the live mid-market exchange rate.

While this thread has been running we’ve seen a quiet revolution in how retail customers have been able to access their money in all major currencies, a huge and useful innovation, while Bitcoin has done what, exactly?

Here's a couple of things that Bitcoin has done whilst this thread has been running

On the day of the first post in this thread, 1 BTC = c.$2,500. Today 1 BTC = c.$12,900

Whilst you have your bloomberg screen on, you can flick over to the futures & options screens and trade CME contracts for BTC futures and options. Those instruments didn't exist when this thread started.

I doubt BTC will ever appear on the main FX page, same as gold doesn't

[Kent Border Kenny]

JPJPJP said:

Here's a couple of things that Bitcoin has done whilst this thread has been running

On the day of the first post in this thread, 1 BTC = c.$2,500. Today 1 BTC = c.$12,900

Whilst you have your bloomberg screen on, you can flick over to the futures & options screens and trade CME contracts for BTC futures and options. Those instruments didn't exist when this thread started.

I doubt BTC will ever appear on the main FX page, same as gold doesn't

I’m not following. The price going up isn’t it having ”done” anything, and if, as people claim, it’s supposed to be a currency rather than a commodity, then of course you’d expect it to be on the FX page.

The fact is that those who were claiming that mainstream adoption was just around the corner were unequivocally wrong. Their prediction was off, and off by a vast amount.

None of them seem willing to accept this, though, they just keep making new yet identical predictions.

[p_k_n]

JPJPJP said:

Kent Border Kenny said:

If I have USD in my Revolut account I can present my card to pay for my coffee, and will be debited by the GBP amount multiplied by the live mid-market exchange rate.

While this thread has been running we’ve seen a quiet revolution in how retail customers have been able to access their money in all major currencies, a huge and useful innovation, while Bitcoin has done what, exactly?

Here's a couple of things that Bitcoin has done whilst this thread has been running

On the day of the first post in this thread, 1 BTC = c.$2,500. Today 1 BTC = c.$12,900

Whilst you have your bloomberg screen on, you can flick over to the futures & options screens and trade CME contracts for BTC futures and options. Those instruments didn't exist when this thread started.

I doubt BTC will ever appear on the main FX page, same as gold doesn't

Exactly, BTC needs to be viewed in the same context as a distinct asset class like gold - it's a store of value (amongst many other things). It's not like we can pay for our coffee with gold dust, yet gold currently has a value of over $1900 for just an ounce.

[dimots]

Kent Border Kenny said:

Ignorance seems to be on the side of those who keep making grandiose predictions for how crypto currencies will leave the world of the geeks, criminals and conspiracy theorists any day now.

It’s been any day now for over a decade, yet those certain that a revolution is imminent are still banging the same drum.

I had people telling me seven years ago that my job in banking was about to end because of the digital revolution, and that I’d be feeling pretty stupid when my services just weren’t needed as crypto had removed the need for stuffy old-fashioned finance companies, yet here I am, looking at the main FX screen in Bloomberg, and still don’t see Bitcoin making an appearance.

Your job might not end, but it's under threat. Banks are the malls and department stores of finance.

I bank with Barclays, and they're st. They don't do anything for me that I couldn't do myself with bitcoin.

[A44RON]

p_k_n said:

Exactly, BTC needs to be viewed in the same context as a distinct asset class like gold - it's a store of value (amongst many other things). It's not like we can pay for our coffee with gold dust, yet gold currently has a value of over $1900 for just an ounce.

I like Cryptos and own a handful including BitCoin, but I like Gold & Silver more because they are already proven as real money (not currency) for 5,000+ years and are held by Central Banks all over the world. I can't see there coming a day when Central Banks will back their new digital currencies (that are coming) with BitCoin, they will most likely return to a Bretton-Woods standard backed by Gold or a combination of Gold/Silver, as the IMF have already mentioned this week.

In a hyper-inflation environments (most recently Hungary and 2016-present Venezuela as examples) on average 1oz of Silver bought approximately one week's worth of groceries for a family of 4, this year in Venezuela 1oz of Silver actually currently buys 30 days worth of groceries for a family of 4... and 2oz of Gold buys an apartment outright... so they certainly can be used to purchase goods, or swiftly exchanged for currency to then purchase goods.

In Weimar Germany, Gold kept up with hyper-inflation and even outpaced it by 180%+, in Venezuela July 2017 - July 2018 inflation rose 47,000% but Gold increased 3.1 million % during the same time.

I expect BitCoin & Monero to continue to beat inflation, but who knows what will happen to the value of BitCoin if a BitCoin ETF happens - which will supress/manipulate the price, just like ETFs have done with Gold & Silver - and what happens to Cryptos when the CBDCs are officially unveiled is anyones guess...

[anonymous-user]

i got some free compound off coinbase so bought some more, looks quite an interesting concept.

[Kent Border Kenny]

dimots said:

Your job might not end, but it's under threat. Banks are the malls and department stores of finance.

I bank with Barclays, and they're st. They don't do anything for me that I couldn't do myself with bitcoin.

But that’s because you probably do very few interest rate swaps, collateral downgrade triggers or supply chain finance.

Why would you think that my job is at threat? It seems like you’re not even sure what it is that banks do.

[dimots]

Kent Border Kenny said:

But that’s because you probably do very few interest rate swaps, collateral downgrade triggers or supply chain finance.

Why would you think that my job is at threat? It seems like you’re not even sure what it is that banks do.

True, I wilfully avoid any exposure to the banking system.

[Greshamst]

The Spruce Goose said:

i got some free compound off coinbase so bought some more, looks quite an interesting concept.

Just went and had a look at this, after your comment. $20 free coin from Coinbase for about 5 mins of watching videos, not bad.

If anyone who has coinbase wanted to try it, I get additional coin if you send me a PM for the link

[anonymous-user]

Greshamst said:

Just went and had a look at this, after your comment. $20 free coin from Coinbase for about 5 mins of watching videos, not bad.

If anyone who has coinbase wanted to try it, I get additional coin if you send me a PM for the link

With my blockchain wallet I've made at least 100 free dollars. There are a few more on coinbase

[Condi]

dimots said:

I bank with Barclays, and they're st. They don't do anything for me that I couldn't do myself with bitcoin.

For the benefit of the doubt, I'm going to say you're ignorant.

However, even for personal finance, tell me which of these BitCoin can do;

Mortgages
Overdrafts
£80k deposit protection (lolz).
A place to pay in wages
An account to pay direct debits from
A card to get cash from any cashpoint
Foreign exchange/Holiday money
Will accept old notes and coins and exchange for new ones


And that is before we get into the world of business banking, international finance, share dealing, mergers and acquisitions, etc etc.

dimots said:

True, I wilfully avoid any exposure to the banking system.

And yet, you carry on using it. Why not just use cash if you're so against it? Because, as much crap as you talk, it is still by far the most convenient way to manage money, and most banks don't even charge you for the service.

[ADEuk]

All quiet in crypto right now..

[dimots]

ADEuk said:

All quiet in crypto right now..

Haha

[ADEuk]

Probably just a fad

[Kent Border Kenny]

Condi said:

And yet, you carry on using it. Why not just use cash if you're so against it? Because, as much crap as you talk, it is still by far the most convenient way to manage money, and most banks don't even charge you for the service.

Views like his are just a bit weird. He’s coming across like the guy at the end of the bar now who swears he was in the SAS.

The fact is, banking services have become so valuable that people have come to view them like air or water, you can’t live without them, and so therefore they have no value.

If Dimots believed what he writes he’d not have a bank account, yet here he is, using one like the rest of us, yet somehow being wiser by seeing how those of us in the business will be unemployable in a few years.

Edited by Kent Border Kenny on Tuesday 27th October 19:24