Crypto currency (IF banned from CA)

[Bruce Wayne]

Serious question.. invest or no right now? I was talked out of putting in money when the thing was at $1000… looked again at $7000.. but never took the punt…. Something is telling me it’s a good time … Anyone have reading material or links to people they trust on the topic?

The problem with crypto seems to be that there are no fundamentals underlying it at all. It's not like you can assess whether a company will do better in the future or look at their financials. Whether crypto goes up or down has none of that and is solely reliant on people believing it will go up in value.

 

[Bruce Wayne]

The problem with crypto seems to be that there are no fundamentals underlying it at all. It's not like you can assess whether a company will do better in the future or look at their financials. Whether crypto goes up or down has none of that and is solely reliant on people believing it will go up in value.

And the huge fluctuations undermine any attempt to use it as an actual currency. For instance, at the start of the year Bitcoin was around 34,000. It's now around 25,000. Imagine if the pound in your pocket was 25% less valuable now than it was on New Year's Day.

 

[DuuuncanHadaPigeon]

The problem with crypto seems to be that there are no fundamentals underlying it at all. It's not like you can assess whether a company will do better in the future or look at their financials. Whether crypto goes up or down has none of that and is solely reliant on people believing it will go up in value.

While true, you can assess whether a company will do better or not in the future, the only thing that matters for the share price, is more people buying than selling. The vast majority of people buy a stock because they believe it will go up and they hope to sell it in the future to the next guy coming in.

But I do agree, there are very few cryptos with any actual fundamentals

And the huge fluctuations undermine any attempt to use it as an actual currency. For instance, at the start of the year Bitcoin was around 34,000. It's now around 25,000. Imagine if the pound in your pocket was 25% less valuable now than it was on New Year's Day.

100% agree, said this many times in this thread, bitcoin will never be used as a currency like Satoshi envisaged.

 

[jayonenote]

While true, you can assess whether a company will do better or not in the future, the only thing that matters for the share price, is more people buying than selling. The vast majority of people buy a stock because they believe it will go up and they hope to sell it in the future to the next guy coming in.

But I do agree, there are very few cryptos with any actual fundamentals



100% agree, said this many times in this thread, bitcoin will never be used as a currency like Satoshi envisaged.

But it is... Just not in this Country

 

[nikom court]

And the huge fluctuations undermine any attempt to use it as an actual currency. For instance, at the start of the year Bitcoin was around 34,000. It's now around 25,000. Imagine if the pound in your pocket was 25% less valuable now than it was on New Year's Day.

erm,it is! ?
if you lived in turkey its 70% less valuable.
us dollar 8% month on month!

 

[DuuuncanHadaPigeon]

But it is... Just not in this Country

is it being used as P2P digital cash like Satoshi wanted?

Or... are they using an app that just instantly converts the BTC to USD, thus negating all the price volatility risk. It also completely relies on the Lightning network (pathetic adoption) because BTC fees and time to complete a transaction just make it unusable as a currency when compared to cash

It is not really being used as it's own network, you basically have an app with BTC as a frontend.

Like I said, it will never ever be used as P2P digital cash, like it was originally intended for.

https://restofworld.org/2022/el-salvador-bitcoin/ - this article highlights what a failure it has been

 

[nikom court]

el salvador is yesterdays news.its moved on to
the central african republic
honduras
madeira
lugano switzerland
panama or mexico next?

 

[DuuuncanHadaPigeon]

el salvador is yesterdays news.its moved on to
the central african republic
honduras
madeira
lugano switzerland
panama or mexico next?

Read the article I posted, it is not a success in El Salvador

 

[Efcjake]

Read the article I posted, it is not a success in El Salvador

Wonder how much money they have pissed up the wall since this began.

Also @nikom court loves to bring up El Salvador buying btc but never discusses how it has been implemented. The government holds all they keys to the Chivo wallets the citizens use.

it's a completely centralized system which goes against the entire ethos of btc.

 

[DuuuncanHadaPigeon]

Wonder how much money they have pissed up the wall since this began.

Also @nikom court loves to bring up El Salvador buying btc but never discusses how it has been implemented. The government holds all they keys to the Chivo wallets the citizens use.

it's a completely centralized system which goes against the entire ethos of btc.

Exactly.

@nikomcourt just posts pro BTC things that he sees on twitter then goes awfully quiet when anything slightly technical/critical about BTC gets brought up. I know more about it and don't even own any

 

[nikom court]

Exactly.

@nikomcourt just posts pro BTC things that he sees on twitter then goes awfully quiet when anything slightly technical/critical about BTC gets brought up. I know more about it and don't even own any

?you hang off and micro analyse every word i post,
you need to get a life,mate.
iv got a match to watch,enjoy your evening!

 

[nosejam]

erm,it is! ?
if you lived in turkey its 70% less valuable.
us dollar 8% month on month!

Isn't it 8% year on year?

 

[dwightschrute]

el salvador is yesterdays news.its moved on to
the central african republic
honduras
madeira
lugano switzerland
panama or mexico next?

Inspiring list of countries that

 

[nikom court]

Inspiring list of countries that

Yes it was always going to be the case that early adopters would be countries with a large percentage of people with no access to Banking.

 

[Death]

LOL