Crypto Currency Thread (Vol.2)
Discussion
rodericb said:
Enlightening indeed. Forgive the impending crudeness but that guy has his dick so far up some hole he'll be chopping off his legs and going all in. A fire and brimstone rock and roll preacher from the pulpit of the church of whatever-the-f
k-that's-all-about. A lot of the hyperbole he's hyperventilating is pretty much what I read on The Internet twenty years ago, about the banking system, governments blah blah blah and which Bitcoin was eventually concocted up as an experiement by some nutcases to rail against the system.
Now that electric Jesus is starting to look outside his wheelhouse the establishment is on attack mode. I wonder when Go Fund Me is going to take back the money for the couch electric jesus's disciples donated for?
I'm sure they are all words found in the dictionary, but k-that's-all-about. A lot of the hyperbole he's hyperventilating is pretty much what I read on The Internet twenty years ago, about the banking system, governments blah blah blah and which Bitcoin was eventually concocted up as an experiement by some nutcases to rail against the system.Now that electric Jesus is starting to look outside his wheelhouse the establishment is on attack mode. I wonder when Go Fund Me is going to take back the money for the couch electric jesus's disciples donated for?
Chamon_Lee said:
im sure your aware that blockchain is one thing and cryptocurrency is another. All of the cryptocurrencies could dissapear and we could still use the blockchain technology for information recording? Even then as others have said there might be more efficent ways of doing that rather than using blockchain anyway.
All this "ICO" crap is really just a funding vehicle without any ownership in the company. Its basically to by pass the laws that exist.
depends on the blockchain, some blockchains will use their tokens/coins as a sort of fuel to complete transactions on the blockchain. It is hard to speak in absolutes as I am sure you are aware that crypto and blockchains is a very broad subject. All this "ICO" crap is really just a funding vehicle without any ownership in the company. Its basically to by pass the laws that exist.
We were talking about the value of asset classes? Someone who knows more than most has an opinion on the subject too, which quite neatly mirrors mine.
Daily Mail said:
Bank of England chief Andrew Bailey has issued a warning on cryptocurrencies saying they have 'no intrinsic value'.
The governor likened purchasers of crypto assets to hoarders of curios - saying 'people collect all sorts of things'.
He argued that products such as Bitcoin were not 'practical means of payment' even though technology such as blockchain was undoubtedly 'important'.
Mr Bailey said that the 'underlying technology' from cryptocurrencies were important, stressing that the Bank is looking at its own digital currency.
'What I think is to be determined is, if we are much more likely to be living in a world of digital currency than old fashioned sort of payment methods, precisely what form of digital currency, digital use, becomes the one that becomes the accepted norm,' he said.
'In terms of payments I don't think it will be crypto in the a sort of Bitcoin sense of the term. I don't think that is really a practical means of payment.'
Mr Bailey, who confirmed he does not hold any crypto himself, said: 'I am probably not liked by the advocates of Bitcoin because I have said I don't think it has any intrinsic value.
'It can have extrinsic value in the sense that people want to own it – people collect all sorts of things – but it doesn't have intrinsic value.'
https://www.dailymail.co.uk/news/article-10845107/BoE-chief-Andrew-Bailey-issues-stark-warning-cryptocurrencies.htmlThe governor likened purchasers of crypto assets to hoarders of curios - saying 'people collect all sorts of things'.
He argued that products such as Bitcoin were not 'practical means of payment' even though technology such as blockchain was undoubtedly 'important'.
Mr Bailey said that the 'underlying technology' from cryptocurrencies were important, stressing that the Bank is looking at its own digital currency.
'What I think is to be determined is, if we are much more likely to be living in a world of digital currency than old fashioned sort of payment methods, precisely what form of digital currency, digital use, becomes the one that becomes the accepted norm,' he said.
'In terms of payments I don't think it will be crypto in the a sort of Bitcoin sense of the term. I don't think that is really a practical means of payment.'
Mr Bailey, who confirmed he does not hold any crypto himself, said: 'I am probably not liked by the advocates of Bitcoin because I have said I don't think it has any intrinsic value.
'It can have extrinsic value in the sense that people want to own it – people collect all sorts of things – but it doesn't have intrinsic value.'
Condi said:
We were talking about the value of asset classes? Someone who knows more than most has an opinion on the subject too, which quite neatly mirrors mine.
You mean the guy who is the leader of the organisation which controls the money supply for this country is talking down a currency beyond their remit. How surprising! Daily Mail said:
Bank of England chief Andrew Bailey has issued a warning on cryptocurrencies saying they have 'no intrinsic value'.
The governor likened purchasers of crypto assets to hoarders of curios - saying 'people collect all sorts of things'.
He argued that products such as Bitcoin were not 'practical means of payment' even though technology such as blockchain was undoubtedly 'important'.
Mr Bailey said that the 'underlying technology' from cryptocurrencies were important, stressing that the Bank is looking at its own digital currency.
'What I think is to be determined is, if we are much more likely to be living in a world of digital currency than old fashioned sort of payment methods, precisely what form of digital currency, digital use, becomes the one that becomes the accepted norm,' he said.
'In terms of payments I don't think it will be crypto in the a sort of Bitcoin sense of the term. I don't think that is really a practical means of payment.'
Mr Bailey, who confirmed he does not hold any crypto himself, said: 'I am probably not liked by the advocates of Bitcoin because I have said I don't think it has any intrinsic value.
'It can have extrinsic value in the sense that people want to own it – people collect all sorts of things – but it doesn't have intrinsic value.'
https://www.dailymail.co.uk/news/article-10845107/BoE-chief-Andrew-Bailey-issues-stark-warning-cryptocurrencies.htmlThe governor likened purchasers of crypto assets to hoarders of curios - saying 'people collect all sorts of things'.
He argued that products such as Bitcoin were not 'practical means of payment' even though technology such as blockchain was undoubtedly 'important'.
Mr Bailey said that the 'underlying technology' from cryptocurrencies were important, stressing that the Bank is looking at its own digital currency.
'What I think is to be determined is, if we are much more likely to be living in a world of digital currency than old fashioned sort of payment methods, precisely what form of digital currency, digital use, becomes the one that becomes the accepted norm,' he said.
'In terms of payments I don't think it will be crypto in the a sort of Bitcoin sense of the term. I don't think that is really a practical means of payment.'
Mr Bailey, who confirmed he does not hold any crypto himself, said: 'I am probably not liked by the advocates of Bitcoin because I have said I don't think it has any intrinsic value.
'It can have extrinsic value in the sense that people want to own it – people collect all sorts of things – but it doesn't have intrinsic value.'
g4ry13 said:
You mean the guy who is the leader of the organisation which controls the money supply for this country is talking down a currency beyond their remit. How surprising!
My exact thought too. Guy who is planning to launch his own CBDC bad-mouths all other crypto currencies. Imagine my shock!Ari said:
g4ry13 said:
You mean the guy who is the leader of the organisation which controls the money supply for this country is talking down a currency beyond their remit. How surprising!
Is he wrong? If so, where is the intrinsic value? No one has been able to point it out yet.As for your intrinsic value question, didn't we just have this discussion?!?
g4ry13 said:
Yes, of course he's wrong. Take a look at the mess going on whilst he's been at the wheel. Although Carney is culpable too.
Ah go on then, entertain us. How is the current situation his fault given as the worldwide inflation is being driven entirely by external factors, and how would you have done things differently? What other tools should he have used to first of all support the economy during Covid and a worldwide lockdown, and then how should he have managed the reopening from a BoE perspective? Is this a crypto discussion or a crypto bashing thread? Like yeah you lot don’t understand don’t like it. Get over it, yeah the Head of the bank of england is worried about DEX’s and Crypto. Maybe they should not of turned on the money printers and devalued the pound.
And again not all Crypto’s are about replacing currency! How many times!
And again not all Crypto’s are about replacing currency! How many times!
Edited by WY86 on Monday 23 May 21:07
WY86 said:
Is this a crypto discussion or a crypto bashing thread? Like yeah you lot don’t understand don’t like it. Get over it, yeah the Head of the bank of england is worried about DEX’s and Crypto. Maybe they should not of turned on the money printers and devalued the pound.
Its a discussion about crypto, the man who heads up the most important financial institution in the land gives an opinion, and the only response is "he's wrong". Well, go on then, refute it. Why is he wrong? What should he have done? Why are you more qualified to comment? By it's very nature, "discussion" about crypto also includes the opposing opinion, otherwise it's not a discussion thread, but a thread to pump whatever is next and by failing to recogonise the negatives you hope it creates a self-fulfilling prophecy and the price goes up. God forbid anyone thinks the price might go down!
WY86 said:
Is this a crypto discussion or a crypto bashing thread? Like yeah you lot don’t understand don’t like it. Get over it, yeah the Head of the bank of england is worried about DEX’s and Crypto. Maybe they should not of turned on the money printers and devalued the pound.
And again not all Crypto’s are about replacing currency! How many times!
Is it only a discussion if it’s pro then?And again not all Crypto’s are about replacing currency! How many times!
Edited by WY86 on Monday 23 May 21:07
Condi said:
Ah go on then, entertain us. How is the current situation his fault given as the worldwide inflation is being driven entirely by external factors, and how would you have done things differently? What other tools should he have used to first of all support the economy during Covid and a worldwide lockdown, and then how should he have managed the reopening from a BoE perspective?
Well they shouldnt of locked the country down for a start and give a lot of people a years holiday. Condi said:
g4ry13 said:
Yes, of course he's wrong. Take a look at the mess going on whilst he's been at the wheel. Although Carney is culpable too.
Ah go on then, entertain us. How is the current situation his fault given as the worldwide inflation is being driven entirely by external factors, and how would you have done things differently? What other tools should he have used to first of all support the economy during Covid and a worldwide lockdown, and then how should he have managed the reopening from a BoE perspective? For a start, despite the UK economy recovering after sub-prime we have kept rates rock bottom to fuel the economy via debt, the housing market and borrowing for well over a decade. We aren't the only country to employ this method but just because other places have rock bottom / negative rates it doesn't mean that we should.
The Bank is very limited in their tools. However, pissing around with 25bps rate increases is a joke.
Condi said:
Its a discussion about crypto, the man who heads up the most important financial institution in the land gives an opinion, and the only response is "he's wrong". Well, go on then, refute it. Why is he wrong? What should he have done? Why are you more qualified to comment?
By it's very nature, "discussion" about crypto also includes the opposing opinion, otherwise it's not a discussion thread, but a thread to pump whatever is next and by failing to recogonise the negatives you hope it creates a self-fulfilling prophecy and the price goes up. God forbid anyone thinks the price might go down!
Well Condi, you will know very well that i keep saying not all crypto is aimed at replacing currency. I have also mentioned how i am more interested in advancing blockchains, now as he states blockchains are very important, yet you gloss over that part and only focus on the crypto as currency part.By it's very nature, "discussion" about crypto also includes the opposing opinion, otherwise it's not a discussion thread, but a thread to pump whatever is next and by failing to recogonise the negatives you hope it creates a self-fulfilling prophecy and the price goes up. God forbid anyone thinks the price might go down!
Its not a discussion if you are not educated on it and make sweeping statements that imply all crypto is bad and a pyramid scheme. If you don’t understand it and have to generalise to try and make some weak counter argument against it then your just wasting my time.
Edited by WY86 on Monday 23 May 21:36
The BOE guy is wrong as he always is because he doesn't want to admit how close to failure he is.
In the few years since bitcoin was created the financial system has only got worse. It is a leaky bouncy castle that they are constantly pumping to keep inflated. There's so much pumping happening that while it looks like it's becoming over-inflated, we're actually just testing the seams on the patches that are holding it together. It's going to blow, but not in a dramatic BANG...it's going to be a sad and drawn out affair. The pump will fail, the leaks will increase, the whole thing will flop and Condi and co will still be calling it a castle even when we can all see it's just a pile of empty bags.
Meanwhile, bitcoin has built a secure unhackable public ledger that is secured ever further by the proof of work that goes into creating it. It does everything banks are supposed to do, it is totally secure and we can SEE THE MONEY! It's not an inflatable bouncy castle that never gets any bigger or bouncier no matter how much you pump into it.
In addition, it has huge inherent uility. The double spend problem it solves, means that bitcoin can be used to transfer value online without a third party. The security of that transfer is guaranteed by the weight of proof of work that secures the network.
There is HUGE intrinsic value in that. Nobody is creating a rival to that.
Show me anyone who questions the intrinsic value of bitcoin and I will show you someone who doesn't understand bitcoin. I guarantee they will be making statements about bitcoin's role as a shadowy darknet currency, about it's anonymity and use by terrorists, about CBDCs, and about how bitcoin is absolutely worthless but 'BLOCKCHAIN' oh wow BLOCKCHAIN is the future!
If you don't get it by now you probably never will. Leave us to it. Go away. Get on the bouncy castle and enjoy it while you still can.
In the few years since bitcoin was created the financial system has only got worse. It is a leaky bouncy castle that they are constantly pumping to keep inflated. There's so much pumping happening that while it looks like it's becoming over-inflated, we're actually just testing the seams on the patches that are holding it together. It's going to blow, but not in a dramatic BANG...it's going to be a sad and drawn out affair. The pump will fail, the leaks will increase, the whole thing will flop and Condi and co will still be calling it a castle even when we can all see it's just a pile of empty bags.
Meanwhile, bitcoin has built a secure unhackable public ledger that is secured ever further by the proof of work that goes into creating it. It does everything banks are supposed to do, it is totally secure and we can SEE THE MONEY! It's not an inflatable bouncy castle that never gets any bigger or bouncier no matter how much you pump into it.
In addition, it has huge inherent uility. The double spend problem it solves, means that bitcoin can be used to transfer value online without a third party. The security of that transfer is guaranteed by the weight of proof of work that secures the network.
There is HUGE intrinsic value in that. Nobody is creating a rival to that.
Show me anyone who questions the intrinsic value of bitcoin and I will show you someone who doesn't understand bitcoin. I guarantee they will be making statements about bitcoin's role as a shadowy darknet currency, about it's anonymity and use by terrorists, about CBDCs, and about how bitcoin is absolutely worthless but 'BLOCKCHAIN' oh wow BLOCKCHAIN is the future!
If you don't get it by now you probably never will. Leave us to it. Go away. Get on the bouncy castle and enjoy it while you still can.
dimots said:
The BOE guy is wrong as he always is because he doesn't want to admit how close to failure he is.
In the few years since bitcoin was created the financial system has only got worse. It is a leaky bouncy castle that they are constantly pumping to keep inflated. There's so much pumping happening that while it looks like it's becoming over-inflated, we're actually just testing the seams on the patches that are holding it together. It's going to blow, but not in a dramatic BANG...it's going to be a sad and drawn out affair. The pump will fail, the leaks will increase, the whole thing will flop and Condi and co will still be calling it a castle even when we can all see it's just a pile of empty bags.
Meanwhile, bitcoin has built a secure unhackable public ledger that is secured ever further by the proof of work that goes into creating it. It does everything banks are supposed to do, it is totally secure and we can SEE THE MONEY! It's not an inflatable bouncy castle that never gets any bigger or bouncier no matter how much you pump into it.
In addition, it has huge inherent uility. The double spend problem it solves, means that bitcoin can be used to transfer value online without a third party. The security of that transfer is guaranteed by the weight of proof of work that secures the network.
There is HUGE intrinsic value in that. Nobody is creating a rival to that.
Show me anyone who questions the intrinsic value of bitcoin and I will show you someone who doesn't understand bitcoin. I guarantee they will be making statements about bitcoin's role as a shadowy darknet currency, about it's anonymity and use by terrorists, about CBDCs, and about how bitcoin is absolutely worthless but 'BLOCKCHAIN' oh wow BLOCKCHAIN is the future!
If you don't get it by now you probably never will. Leave us to it. Go away. Get on the bouncy castle and enjoy it while you still can.
I find it fascinating that you don’t think the governor of the Bank of England, the most qualified financier on the land, to understand 1)what crypto is 2) the difference between intrinsic and extrinsic value.In the few years since bitcoin was created the financial system has only got worse. It is a leaky bouncy castle that they are constantly pumping to keep inflated. There's so much pumping happening that while it looks like it's becoming over-inflated, we're actually just testing the seams on the patches that are holding it together. It's going to blow, but not in a dramatic BANG...it's going to be a sad and drawn out affair. The pump will fail, the leaks will increase, the whole thing will flop and Condi and co will still be calling it a castle even when we can all see it's just a pile of empty bags.
Meanwhile, bitcoin has built a secure unhackable public ledger that is secured ever further by the proof of work that goes into creating it. It does everything banks are supposed to do, it is totally secure and we can SEE THE MONEY! It's not an inflatable bouncy castle that never gets any bigger or bouncier no matter how much you pump into it.
In addition, it has huge inherent uility. The double spend problem it solves, means that bitcoin can be used to transfer value online without a third party. The security of that transfer is guaranteed by the weight of proof of work that secures the network.
There is HUGE intrinsic value in that. Nobody is creating a rival to that.
Show me anyone who questions the intrinsic value of bitcoin and I will show you someone who doesn't understand bitcoin. I guarantee they will be making statements about bitcoin's role as a shadowy darknet currency, about it's anonymity and use by terrorists, about CBDCs, and about how bitcoin is absolutely worthless but 'BLOCKCHAIN' oh wow BLOCKCHAIN is the future!
If you don't get it by now you probably never will. Leave us to it. Go away. Get on the bouncy castle and enjoy it while you still can.
If you want to collect your silly coins, enjoy. But don’t try to convince others that an apple is actually a dog.
dimots said:
If you don't get it by now you probably never will. Leave us to it. Go away. Get on the bouncy castle and enjoy it while you still can.
I take your points on your whole post but find this last part curious. I understand the contra points often create dismissive/sniping type chat as the opposing views get under the skin of those heavily for or against it, but isn't a huge part of Bitcoins future success increased adoption? So aren't new participants beneficial and so your (and many other comments on multiple social media platforms) are off putting?I think there is a mental barrier to crypto's for many and lots will never get in, if the last peak was peak crypto user then it's limited in potential?
An outsider seeing x10 gains for hodlers can create a natural reticence I think, as for the proof of work idea I get it re mining work needed but a person who had £50K and thought about buying a bitcoin a while back, will likely look at the person that may have paid £1K for one not that long ago and gone "where is that individuals proof of work?" I mean they've just held it and 'earnt' that x50 gain? They've earnt it by people buying at £2K £10K etc etc?
So outsiders feel they've missed the boat (or are getting poor value) and insiders having experienced huge gains are very confident (can take a pullback), and more recent adopters are somewhere in between and are vocally confident but perhaps also a little nervous.
It'll be interesting so see how it pans out, for sure the recent drop can't be blamed on those not in, the selling has to have come from those that "get it" doesn't it?
Jiebo said:
I find it fascinating that you don’t think the governor of the Bank of England, the most qualified financier on the land, to understand 1)what crypto is 2) the difference between intrinsic and extrinsic value.
If you want to collect your silly coins, enjoy. But don’t try to convince others that an apple is actually a dog.
He is absolutely not the most qualified financier in the land are you dizzy? He's gonnna be out of a job very soon.If you want to collect your silly coins, enjoy. But don’t try to convince others that an apple is actually a dog.
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