Crypto currency (IF banned from CA)

[GrandOldTeam]

Well it depends on the products you are buying. Commodities, company shares, they have some tangible value and a portion of it is speculated value influencing its price. Not all products have some sort of tangible value attached.

Currency gets value determined by the demand for the currency. Usually the demand for currency is because people need it to use it as a medium of exchange for goods and services.

Bitcoin as a currency is only being valued based on the speculation someone will pay more it tomorrow than today on the expectation that someone will pay them more for it thebday after. Not because people need the currency to use for exchange.

The more exchange happening in a currency traditionally the more demand for that currency and the higher value. That isn't a factor in the price of a bitcoin.

Get what you're saying mate, I meant with regards to being influenced by speculation. I get Crypto will be more vulnerable than most to that.

I just wish I listened to @toffeestillidie who told me to invest on here back in 2013! https://www.grandoldteam.com/forum/threads/becoming-a-forum-supporter-by-donating-bitcoin.54761/

Every year since I've pondered but never made the effort to fully understand it. Since about 2017 I've figured I've missed the boat and the bubble will pop any moment but here we are....

 

[Kev The Rat]

If you could respond with something resembling an intelligent argument you would.

You just don't have it in you Kev.

You bought bitcoin because you wanted to play the speculation game. That's fine. Just don't try to make out like you did some actual analysis beyond that when making your decision.

I remember your arse falling out and you selling up your entire stake a few years back. Then you said you bought back in at a higher price.

You're hardly Warren Buffet

I did buy back in at a higher price yes, and it has paid huge dividends - which just goes to show you dont even have ot be some kind of expert trader (I am not)

Even if you think I know nothing and understand nothing of how currencies operate, many people clearly do who have chosen to buy bitcoin for the very reason that they dont trust fiat currencies.

 

[Kev The Rat]

Kevin if you had it in you to actually make a decent discussion out of this we would be having one.

You know perfectly well what many people think is wrong with fiat currencies, just because you insist on making retarded points doesnt mean I have to respond within those retarded parameters.

 

[nikom court]

Nothing that has happened has changed my opinion.

What is driving bitcoin growth other than the idea someone else will pay you more for it tomorrow?

Don't try and blag me and tell me folk are jumping into bitcoin because they believe the technology is worth something because that might have been true for early adopters but it definitely isn't now.

My 80 year old mum is the same with mobile phones,refuses blankly to get one hates anyone else using them,despite the benefits it would bring to her life,I know we're you are coming from!

 

[Efcjake]

Get what you're saying mate, I meant with regards to being influenced by speculation. I get Crypto will be more vulnerable than most to that.

I just wish I listened to @toffeestillidie who told me to invest on here back in 2013! https://www.grandoldteam.com/forum/threads/becoming-a-forum-supporter-by-donating-bitcoin.54761/

Every year since I've pondered but never made the effort to fully understand it. Since about 2017 I've figured I've missed the boat and the bubble will pop any moment but here we are....

Again I am not saying anyone is an idiot for getting into it or that there isn't money to be made.

I just see something claiming to be a currency that isn't used or valued the same way as currency. That leads me to believe the arse can fall out of it at any point.

 

[GrandOldTeam]

Again I am not saying anyone is an idiot for getting into it or that there isn't money to be made.

I just see something claiming to be a currency that isn't used or valued the same way as currency. That leads me to believe the arse can fall out of it at any point.

Didn't say otherwise.

I'm saying I've had that [bold] view myself for years.

Eventually you start to doubt that instinct because... well, it hasn't.

 

[nikom court]

Get what you're saying mate, I meant with regards to being influenced by speculation. I get Crypto will be more vulnerable than most to that.

I just wish I listened to @toffeestillidie who told me to invest on here back in 2013! https://www.grandoldteam.com/forum/threads/becoming-a-forum-supporter-by-donating-bitcoin.54761/

Every year since I've pondered but never made the effort to fully understand it. Since about 2017 I've figured I've missed the boat and the bubble will pop any moment but here we are....

It's still very very early, you only have to read the threads on here to see that!

 

[Efcjake]

You know perfectly well what many people think is wrong with fiat currencies, just because you insist on making retarted points doesnt mean I have to respond within those retarted parameters.

No need for that language kev.

Did you happen to read about what is wrong with fiat currencies on a website that possibly has a vester interest in pumping up interest in bitcoin? You know, given that is the only factor determining the value of a bitcoin.

I can acknowledge the issues with fiat currencies. Why can't bitcoin fans admit that they're just part of a speculation bubble?

 

[Efcjake]

My 80 year old mum is the same with mobile phones,refuses blankly to get one hates anyone else using them,despite the benefits it would bring to her life,I know we're you are coming from!

What is driving bitcoin growth other than the idea someone else will pay you more for it tomorrow?


I know how currency gets its value determined.

You all want to tell me I'm wrong when I say it is based solely on speculation but none of you can show me anything that says otherwise.

 

[Kev The Rat]

It's still very very early, you only have to read the threads on here to see that!

100% I wouldnt advise against anyone buying now, just have to stick with it.

 

[nikom court]

What is driving bitcoin growth other than the idea someone else will pay you more for it tomorrow?


I know how currency gets its value determined.

You all want to tell me I'm wrong when I say it is based solely on speculation but none of you can show me anything that says otherwise.

It's based on scarcity and a currupt global financial system!

 

[Kev The Rat]

What is driving bitcoin growth other than the idea someone else will pay you more for it tomorrow?


I know how currency gets its value determined.

You all want to tell me I'm wrong when I say it is based solely on speculation but none of you can show me anything that says otherwise.

well we got somewhere earlier when you admitted there were faults with fiat, that should account for at least some of the interest in a decentralized currency.

Perhaps you dont think the banks are doing anything wrong though - well they do say ignorance is bliss.

 

[Efcjake]

It's based on scarcity and a currupt global financial system!

I will give you scarcity. Can't run a speculation bubble without that.


What does the corrupt global financial system have to do with the price of bitcoin?

If this was the case and people who invested were serious about using it to remove reliance on the corrupt global financial system then you would see them spending it rather than Hodling and speculating on profit.

No, the majority have bought in expecting to sell it on to someone else and have no interest in actually using it in an exchange for goods or services.

 

[Efcjake]

well we got somewhere earlier when you admitted there were faults with fiat, that should account for at least some of the interest in a decentralized currency.

Perhaps you dont think the banks are doing anything wrong though - well they do say ignorance is bliss.

It might account for a tiny decimal of a percentage of the interest.

If people really believed that then they would be using it in exchange but they don't.

How are you folk gonna break the corrupt global financial system if you don't actually use the currency????

 

[nikom court]

I will give you scarcity. Can't run a speculation bubble without that.


What does the corrupt global financial system have to do with the price of bitcoin?

If this was the case and people who invested were serious about using it to remove reliance on the corrupt global financial system then you would see them spending it rather than Hodling and speculating on profit.

No, the majority have bought in expecting to sell it on to someone else and have no interest in actually using it in an exchange for goods or services.

You just don't get it,see you in a few months and we ll go around in circles some more!