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Show ALL Forums  > UK forums  > Bitcoin - just how bonkers is it?      Home login  
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 duracell_bunny_one
Joined: 1/21/2015
Msg: 26
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Bitcoin - just how bonkers is itPage 2 of 7    (1, 2, 3, 4, 5, 6, 7)
Venezuela unveils virtual currency amid economic crisis............
..........now that's what I call a punt..............

 rekirked
Joined: 11/7/2017
Msg: 27
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Bitcoin - just how bonkers is it
Posted: 12/4/2017 5:11:26 AM
Game over.....

https://news.sky.com/story/bitcoin-crackdown-as-uk-mulls-cryptocurrency-regulation-11156088







In order to maintain the highest quality forums you are restricted to having no more then 2 of the last 10 posts on a thread.
Since 2 of the last 10 posts are yours you can not post to this thread.
 10ky
Joined: 11/15/2012
Msg: 28
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Bitcoin - just how bonkers is it
Posted: 12/4/2017 5:15:46 AM
^^

It's the right thing to do. This shite was gonnae be a godsend for criminals as I've already said.
 duracell_bunny_one
Joined: 1/21/2015
Msg: 29
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Bitcoin - just how bonkers is it
Posted: 12/4/2017 1:34:07 PM
"We also intend to update regulation to bring virtual currency exchange platforms into anti-money laundering and counter-terrorist financing regulation," he added.

So there.

I have had a gentleman locally bending my ear
about how many zillion quid he was going to
make mining Bitcoins.........

s'not happened yet........

(yawn)

 Justanotherchap
Joined: 12/4/2013
Msg: 30
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Bitcoin - just how bonkers is it
Posted: 12/5/2017 2:05:20 AM
10KY - WARNING - SIT DOWN - DO NOT READ ANY FURTHER UNTIL YOU ARE SAFELY STRAPPED IN YOUR SEAT














YOU HAVE BEEN WARNED!

















10KY - I agree with you
 billybonds
Joined: 8/8/2014
Msg: 31
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Bitcoin - just how bonkers is it
Posted: 12/5/2017 9:46:46 AM
I don't agree with ky he sounds like a government stooge. What
criminals ...governments sit above the law ...what is 34c?.. ?
They are the criminals they counterfeit money (QE) and hand it
to their rich friends ask jo..the western too big to jail banks are
awashed with Colombian drug money. No one gets jail time ...
Lying in piss and faeces.?..?...sound money will lead to equality ,
peace and hope...whether it's bitcoin let's cheer on the software
coders.....

11 992. 60 .... sorry 11 914 60...........25 000 by easter...


People don't realise or feel what happened in 2008. ..

because they doped us up on monetary morphine. ..
 billybonds
Joined: 8/8/2014
Msg: 32
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Bitcoin - just how bonkers is it
Posted: 12/5/2017 10:02:41 PM
It's $12, 395, 70 pence...


Total fiat in bitcoin measured in dollars $207 billion..



Total bitcoin circulating 16.72 million

Maximum capacity 21 million
 Justanotherchap
Joined: 12/4/2013
Msg: 33
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Bitcoin - just how bonkers is it
Posted: 12/6/2017 1:58:31 AM
$12,572 this morning.

Billy, some of the stuff you've written over the years has made me question things I thought I knew such as where money comes from but your defence of Bitcoin baffles me. It might just as well be invested in clouds for all the solidity it has.
 rekirked
Joined: 11/7/2017
Msg: 34
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Bitcoin - just how bonkers is it
Posted: 12/6/2017 2:33:29 AM
It's not even about Bitcoin anymore, it's about greed and who's got the biggest balls to cash out (ironically in dollars) at the top. Human nature at its worst.
 billybonds
Joined: 8/8/2014
Msg: 35
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Bitcoin - just how bonkers is it
Posted: 12/6/2017 7:21:08 PM
$14,500.... All money will get tested in greed and fear.

Clearly chap, I think it could be $25,000 by Easter and it could go much higher before it ends? There are a lot of Asian exchanges where this is traded, providing genuine utility for people. As I have often said we don't do money, debt based fiat currencies are not money. This is why we as a nation are getting poorer. Are money leaks value to the rich. Yes sure the restaurants are full and numerous but the poor people are there, serving us. Perhaps Eastern Europeans and students think they are there only for now and will expect better paid jobs in the future. But we have torched the future. They are the hidden trapped poor. British people unable to make ends meet go on welfare, and get there sky high rent paid by the state, while over a dozen Eastern European men living together in the same house can. More latent poverty. Nations that don't do austerity ie save and live within their means are not rich they are poor. Some people on here unbelievably rail against imagined austerity . They are out of their simple minds, it's the most basic economics, very simple logic, if you don't ACTUALLY save today then you don't have anything to consume tomorrow . We are not saving, the idea is a confidence trick. Government is essentially a lie. Of course if we had sound money and free markets the lie would be exposed rapidly and government would seek, probably successfully, to blame the sound money and free markets for the revaluation down of stocks , bonds and real estate and the mass unemployment. So the direction of travel is increasing societal poverty until the lie cannot be hidden no more. Then the geo-politics will get really ugly.

Bitcoin sans the speculation is an attempt at money. In a few centuries we shall know more. Fiat currency (dollar, pound, euro, yen, yuan, sdr etc..) is worthless . It's all about our perception , confidence, why wouldn't in a world of fiat trillions would a mere $200 billion fiat nothing make its away towards something that holds out the hope of being a store of wealth.

Bitcoin is a threat to big government. Why are governments standing back from all this. One idea could be that an eventual Bitcoin crash could see government riding to the rescue to regulate it. I think they are deranged but they think if they can drive interest rates negative then they can continue to pile on the debt. In other words a cashless society where we are taxed on our savings and paid out on our debts. A "modern" "cool" state run "cryptocoin" could aid this foolish and enervating idea.

Gold spot price is £939 an oz at present. This is a derivative / fake price. In the gold rigged market (rigged, because government is above the law) there is something called the commitment of traders report , that for the last ten years has been a good indicator where the gold spot price is going . At the moment it's showing it's likely to fall in the coming six months . So we should all sell our gold if this indicator continues to hold ? ......Nope.

Gold has been proven money for thousands of years when the government's moral criminality is finally exposed you will be happy to have money. The free market then will be the black market. The government market will be the ugly part of austerity with the shelves empty as the state continues to set its prices. Socialism is tickety boo until you run out of other people's money.

Government with its unlimited credit card courtesy of us the workers will run out of other people's money. It will not go quietly. Confiscation of property will be probable. 24 carat gold jewellery is monetary at its base and not likely to be taken also some numismatics. Britannia coins as legal tender are capital gains exempt.. but everyone is different...but gold exposure is insurance against certain government failure. Silver could be good for small purchases. In Venezuela 90% of the population are destitute gold was confiscated long ago but those who retain gold have stored their wealth. Those with silver can buy a lot of food for one ounce. And those with Bitcoin have been able to keep their wealth out of the hands of a government who would destroy it in moments. The Maduro government are feasting while their people starve. Surely this will not happen in developed countries like the U.S. and U.K. But that's the direction of travel. Inflation impoverishes the poor and rewards the rich and in the end, Venezuela beckons. Bitcoin is trying to be honest money it might never get there but fiat, the fake money of the rich and the socialist is ultimately theft, slavery and destitution at the hands of a criminal state.
 Justanotherchap
Joined: 12/4/2013
Msg: 36
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Bitcoin - just how bonkers is it
Posted: 12/7/2017 2:27:40 AM
Lot of sense and nonsense in that Billy (IMHO).

No one really saves in truth because you can't really store what you will need for the future unless you are dig yourself a big cave and keep enough food, toilet rolls and petrol to last you the rest of your life. Pension schemes are just a method of using today's payments to support the previous generation of workers in their current pensioner. They rely on the next generation doing the same for you to get paid out.

Shares, gold, property are all the same, a belief in the idea that somehow somewhere in the future someone will swap those possessions for something we can then swap for what we need.

Gold may have been proven to store wealth in Europe but the Atecs thought it was pretty stuff to be used for decoration. They never understood why the Spanish were prepared to kill them for the stuff. It has value only as long someone is prepared to give it that value.

Bitcoin maybe was about an attempt to create a different kind of money but right now it is just pure greed. $14,700 this morning. I gthink it was less than $10,000 a week ago. I hope you have loads.
 duracell_bunny_one
Joined: 1/21/2015
Msg: 37
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Bitcoin - just how bonkers is it
Posted: 12/7/2017 4:21:08 AM
According to the Beeb, who know about these things, Bitcoin hit $15000 this morning.

No comment.

 rekirked
Joined: 11/7/2017
Msg: 38
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Bitcoin - just how bonkers is it
Posted: 12/7/2017 5:45:16 AM
I predict 17.5 gazillion by tomorrow lunchtime, this is the economics of Robert Mugabe.
 Jo van
Joined: 5/23/2009
Msg: 39
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Bitcoin - just how bonkers is it
Posted: 12/7/2017 7:21:57 AM
Billy, the only people who can "save", are those who spend less than they receive.
For most people today, it's simply not possible.
14 million people in "relative poverty", and that's probably not counting their actual relatives.
2 million people spent the whole of this year overdrawn.

It doesn't matter what the medium of barter is, it's down to how it's distributed..
Eg
Philip Green felt that he deserved £1.2 billion, as a "dividend", -actually paid to his wife, who owns the shares, and lives in Monaco, naturally.. so no tax on that.
Had fat Phil owned the shares, there would have been over £300million tax paid in this country.
-That's roughly the same amount the govt "saves" by taxing the disabled for a second bedroom.
Fat Phil felt that he deserved a second yacht, and that his workers deserved to stand in his shops all day, for "minimum wage", dealing with surly customers,
and then, when they get too old, and too tired, and too worn-out to be of any further use to him;no pensions.

It all comes down to what sort of society do you want to live in?
A few trillionaires, with all the money, while the rest of the population lives in the kind of poverty this Tory government has created?
Or something more egalitarian?

When I listen to Tory politicians trying to justify tax cuts for the wealthy, by saying "they (the one percent) pay 25% of the taxes"
I'm always shouting at the tv: "but somehow they've managed to OWN 85% of all the world's assets!!!!"
So why aren't they paying 85% of the tax??

I can't remember exactly where we are now, but something like 8 people own more assets than 50% of the world' population.
It makes no sense to me.

Bitcoins, conch shells, or buttons, it doesn't matter what we trade in.
An apathetic population has acquiesced to the notion that all working people should live in poverty, and the rich are rich, on merit.
-Because the rich have said so.

It will only change if people start using their brains.
Jmo
 RoxyMoronic
Joined: 6/7/2016
Msg: 40
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Bitcoin - just how bonkers is it
Posted: 12/7/2017 8:58:54 AM
I’ll often look at jo’s posts and start romanticising about him being a real armchair Che Guevara
*be still my beating heart*
 10ky
Joined: 11/15/2012
Msg: 41
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Bitcoin - just how bonkers is it
Posted: 12/7/2017 9:04:49 AM
^^
Aye. Wheelchair cranky ole b@stard is what he really is though. Alas, all sorts o rubbish out there, woman.


No disrespect of course.
 duracell_bunny_one
Joined: 1/21/2015
Msg: 42
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Bitcoin - just how bonkers is it
Posted: 12/7/2017 11:35:41 AM
It's all interesting stuff -

http://www.bbc.co.uk/news/technology-42264622

Again, no comment.

 imanorangetiger
Joined: 12/29/2011
Msg: 43
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Bitcoin - just how bonkers is it
Posted: 12/7/2017 11:38:43 AM

No disrespect of course.


https://youtu.be/3EQOloWZL3s
 billybonds
Joined: 8/8/2014
Msg: 44
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Bitcoin - just how bonkers is it
Posted: 12/7/2017 11:40:21 AM
Kirk...the economics of mugabe. ...you mean the fiat don't you.

Chap ..I have no bitcoin my bet was on gold and silver. At a time in the future I expect my savings to be liquid and I believe I will be able to buy people's goods and services anywhere in the world. This is based on historical empiricism. .I also think the price if fiat still exists will be higher or its purchasing power.

I want to live in a society that saves production as opposed to the society we have that brings future production forward. Not by actual societal savings but by fiat credit.

I agree with you that gold has no intrinsic value. Only a subjective value. Carl menger would be proud of you chap.


Jo , what can I say ..you speak to truth but the medium of barter does matter to me for this impacts the distribution. The growing inequality that you chronicle is caused by inflation aka unsound money.

A kind fellow at work has given me a copy of the ragged trousered philanthropists which I'm sure I'm going to enjoy. It's still important for me to convey though that it's inflation that steals from the poor.


$16, 075

Zero to 1000 dollars 1789 days
$2000.....1271 days
$3000....23 days
$4000..... 62 days ..
$5000....61 days
$6000....8 days. ..
$7000......13 days..
$8000......14 days....
$9000...9 days ....
$10,000...2 days...
$11,000.....1 day..
$12,000...6 days...
$13,000....17 hours ....
$14,000....4 hours.
 billybonds
Joined: 8/8/2014
Msg: 45
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Bitcoin - just how bonkers is it
Posted: 12/7/2017 4:56:19 PM
$18, 200



Sorry correction jo not the medium of exchange but the soundness of the money ie the limiting of the money supply.
 Squareslice
Joined: 10/17/2016
Msg: 46
Bitcoin - just how bonkers is it
Posted: 12/7/2017 6:04:19 PM
You do realise all this is going to cause mass inflation? Until the bubble bursts that is. Another boom n bust debacle is imminent.
 billybonds
Joined: 8/8/2014
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Bitcoin - just how bonkers is it..fifty years of fiat..the young can neither afford a house or a pension..with worse to come..
Posted: 12/7/2017 11:48:56 PM
17,051... it's all over the place but the trend is up...

Following on from kirk and square ...bitcoin may well be a ponzi
but ultimately it's in no way inflationary. It's meant to end it. Can't stress it enough inflation is the means that transfers wealth from the working poor to the rich.

All government who oversee the transfer (yes not just trump and the tories) will have to hack the blockchain to succeed.

It's the fiat that's inflationary. ..stocks ..real estate and
Bonds.....which are really bonkers....all measured in fiat ...stop listening to the
Propaganda. ..stop chasing price...and

Go get the finest money in history ..while you can ..forumites ..it's on sale...gold..
 10ky
Joined: 11/15/2012
Msg: 48
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Bitcoin - just how bonkers is it..fifty years of fiat..the young can neither afford a house or a pension..with worse to come..
Posted: 12/8/2017 8:52:37 AM
^^
I do not think it is a ponzi scheme but if it had to succeed, govts will collude and enforce regulations on such shite. That would defeat the prupose of it all, so, in my view, there is no way this will ever succeed. You wait and see, bond, man ... they'll regain control in one way or another. This is essentially to maintain authority.

 rekirked
Joined: 11/7/2017
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Bitcoin - just how bonkers is it..fifty years of fiat..the young can neither afford a house or a pension..with worse to come..
Posted: 12/8/2017 9:39:06 AM
The definition of Ponzi scheme probably doesn’t fit perfectly but it is a bubble currently in the mania phase and it will explode.....massively, messily and a lot of people are going to lose everything.


But, the most significant element of Bitcoin isn’t the crazy price and mania surrounding it and the pending mess, the most significant thing about bitcoin is the blockchain technology that underpins it. Whatever happens to the price of Bitcoin is somewhat irrelevant, the technology behind it is far more significant and it’s that which will ensure bitcoins survival for a long time to come....at whatever price.
 billybonds
Joined: 8/8/2014
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