Plentyoffish dating forums are a place to meet singles and get dating advice or share dating experiences etc. Hopefully you will all have fun meeting singles and try out this online dating thing... Remember that we are the largest free online dating service, so you will never have to pay a dime to meet your soulmate.
     
Show ALL Forums  > UK forums  > Bitcoin - just how bonkers is it?      Home login  
 AUTHOR
 10ky
Joined: 11/15/2012
Msg: 51
etc etc etcPage 3 of 8    (1, 2, 3, 4, 5, 6, 7, 8)
Another thing which I haven't seen anybody mention yet is the problem of converting cryptocurrency into something you can actually do something other than a payment/transfer with (ex. cash, gold, property maybe etc). Given that there is no central authority, the only way to do that is to find someone on the network willing to do the exchange and you have no guarantee that you'll manage to find anyone apparently. It could therefore happen that you'd have to wait quite some time before you can do that. No small disadvantage I reckon.
 Justanotherchap
Joined: 12/4/2013
Msg: 52
view profile
History
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 10:43:04 AM
There is possibly another explanation for the massive price increase. JV alluded to it as did Kirk talking about greed. pretty every asset under the sun has grown in monetary value since 2008/9. I'm not sure when it started to kick off but I'll bet it aligns nicely with Quantitive Easing worldwide. Even a humble Mk2 Cortina is now above ten grand. 50% of all ex right to buy council stock is now in private lanlords hands being rented back out to the taxpayer via housing benefits. 450 million for a Van Gogh - really?

I think it is simply as JV pointed out, the truly rich have money which needs a home because they can't spend it all and that creates asset inflation.
 billybonds
Joined: 8/8/2014
Msg: 53
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: 12/9/2017 1:11:40 AM
The rich have currency to spend because of inflation created by
government and its central bankers. The poor along with our actual planet provide the money and the rich largely spend the currency. The process by which this happens is inflation .

$15,642 ... needs to go lower to shake out the flakes. Notwithstanding $25,000 by easter. Sadly war in North korea too. They callously need war to cover up the wicked reasons for the 2008 economic Collapse.


The debauching , debasing, printing, quantitative easing ...adding digits on a computer or the inflating of the currency supply ...may not "work" for another year. It's been over nine so far...

 rekirked
Joined: 11/7/2017
Msg: 54
view profile
History
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: 12/9/2017 2:50:14 AM
Billy it’s doubled in the last month alone don’t you think 25k by April is being a bit pessimistic? At least in terms of Bitcoin price anyway. 768.00 one year ago 15k today, smart money will be leaving about now imo. I also believe one reason for the insane price is a lot of the money piling in just needed a home for various dubious reasons, those investors aren’t likely to be as discerning or risk averse as clean money, I realise that notion is slightly laughable but the real crooks still dicide who’s gains are legal or not.
 billybonds
Joined: 8/8/2014
Msg: 55
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: 12/9/2017 3:19:40 AM
Kirk...maybe :) Its hard to know where we are in time or history with
this new technology. All human life, romantics, spivs
wall street.. . etc ..have entered the space..who started it ?
If it is an honest endeavour it's about sound or honest money
and for all of humanity I hope it succeeds. .we may need hundreds of
years to make humanity see the importance of
sound money and the destruction wrought by inflationary money.

Government will want to destroy all idea of sound money.
Governments need negative interest rates to keep this unsound
money system going. They need a global cashless system .
They would love to sell us their cryptomoney. Maybe bitcoin
could be linked to the IMF. .'s fiat sdr. Maybe they will use
a gold standard or war or social strife to get back to fiat eventually
after all haven't they and their (s)elected minions
stolen enough tangible assets.

Any one who knows this game and monetary history should
be in physical gold by now and holding it with strong hands.
 duracell_bunny_one
Joined: 1/21/2015
Msg: 56
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: 12/9/2017 7:38:31 AM
Bitcoin mining 'is using so much energy that it is causing electricity blackouts' amid fears it will consume more power than the world by 2020


Read more: http://www.dailymail.co.uk/news/article-5161765/Bitcoin-mining-causing-electricity-blackouts.html#ixzz50mL80ecE
Follow us: @MailOnline on Twitter | DailyMail on Facebook

..........have a nice day............

 billybonds
Joined: 8/8/2014
Msg: 57
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: 12/10/2017 4:31:35 AM
I think energy cost for mining per bit coin at the moment is $1200 dollars....
.Bitcoin is $14,048 at the moment. I believe it went from $18,000 to
$19,000 in three minutes a few days ago.

There is something called the hyperledger fabric which has been
touted as a superior blockchain.

As nothing whatsoever got fixed in 2008 merely put on life support,
government are planning a cashless society so they
can take interest rates negative. I know the mind boggles but
they say theoretically this would solve the debt saturation that
continues to strangle the economy.

There are IMF papers earlier this year ..March I think.. talking about
"decashing" the economy. Conspiracy theory was used by
by the CIA to rubbish people who questioned the Warren commission.
Just saying. You don't suppose government/banks are running up
the price to get all these super intelligent people (boxer?) to build and
iron out all the crypto problems so they can hijack it for purposes fiat.

Eerily there are NSA papers from 1996..97 which detail crypto
coin architecture including smart contracts and wallets. The
Russians are looking into a cryptocoin aligned with gold. The
Chinese are hard to read.

I know you're thinking cluck off billy you nutter but I think
there's always a deeper game ...it's all about the fiat monetary
system .... I'm off out for Sunday lunch ...I love you all..
 Jo van
Joined: 5/23/2009
Msg: 58
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: 12/10/2017 7:18:07 AM
It's not "government's" who have pushed us to a "cashless society", it's the banks IMO.
How many people get paid in cash these days? (Except Vlad, obviously)
You even need a bank account to get your benefits if you're unemployed.

The banks are effectively another layer of "tax", except they don't spend any of it on societal improvements..
Most people pay "bank charges", to spend their own money.
All the profit goes to the private shareholders.
Any losses, to the general public.

Poor people are poorer today, because the government's gave public money to the banks.
None of the banks, or the people in them, were punished, they still hold the same positions today.

Half of the current national debt was to bail out the banks.
Rather laughably, the tories still insist that that failure was somehow the "fault of labour", despite campaigning for "further deregulation", until the collapse, and despite getting more than 59% of their funding from financial institutions and individuals in the city.

Capitalism failed, and was bankrupt and insolvent, and they were bailed out by socialism.
But then they blamed socialism for their failure.
You couldn't make it up.
Private profits.
Public losses.
-Nice work if you can get it....

It's been snowing.
 billybonds
Joined: 8/8/2014
Msg: 59
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: 12/10/2017 11:21:46 PM
On train haven't even got a jacket on ....
The primary banks and the government
are cheek by jowl. They are one. democracy is
a side show, political parties an irrelevance.
They need each other to expropriate our money
through inflation.

Bitcoin $17,000 beginning to think it's a government
operation.
 duracell_bunny_one
Joined: 1/21/2015
Msg: 60
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: 12/11/2017 10:55:00 AM
I can see that - if 'they' can cause it to collapse under its own value,
that puts paid to it. (not that they would, of course).

 Justanotherchap
Joined: 12/4/2013
Msg: 61
view profile
History
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: 12/12/2017 2:15:04 AM
Perhaps that clever bloke Hammond could but a few hundred billio. Its the only way the Tories will ever sorth the economy, they haven't
a fffffffffffffffffffing clue otherwise.
 billybonds
Joined: 8/8/2014
Msg: 62
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: 12/12/2017 11:01:31 PM
Markets have priced in the rate hike this evening our time, seven..ish.....
it would have an impact if yellen didn't hike. Trump was on BBC business
news this morning heralding the U.S. stock
market tops as his tops. Candidate Trump had rightly called them big fat ugly bubbles .
The state broadcaster hinted that
it might have something to do with janet the federal reserve's
soon to be gone chairman. They meant it as a compliment.

More expensive stock indices, house prices, and bond markets are not a
sign of economic rude health. It means a decline in
people's living standards as they have to work harder to afford
the pensions and housing, that makes a chance at the good life
harder to attain and for the majority of Young people almost impossible.

So the slow slide since 2008 into penury for the global worker's paradise
continues until it gets much much worse probably in
the coming year. Inflation feels good at first especially to the
simple left wing/right wing mind but it is a transfer of wealth away
from labour to the unproductive and idle creating increasing inequality and
tearing at the fabric of an economy's productivity until unrelenting poverty stalks the land.

Either we pay our debts...impossible. ..the world is leveraged to
the tune of over $2 quadrillion dollars. Default unlikely as we will starve.
Or print until we default through inflation, which
means a Collapse in living standards. Capitalism ..free markets
and harder currency will predictively get a terrible bashing from
the social justice warriors but it's the cure. The disease was the
adoption of socialism short circuiting human progress for a
feckless experience that's on loop.
 billybonds
Joined: 8/8/2014
Msg: 63
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: 12/17/2017 5:51:11 AM
Bitcoin is at $20,000 dollars now I think $25, 000 by easter is
Probable. It's not a systemic risk to the system that's poppycock.
Its market capitalisation is still too small. Of course some people
will lose their wealth. Mortgages are being taken out to pay for
some bitcoin...so it is still early doors. The losers are out there
somewhere not really aware of their future financial heartbreak.
The futures market (it has two now) had 3 month contracts at
18,000 plus so they may have to recalibrate and every long must
have a short so some are taking a bath already...although it's a
three month contract billy so shut up.


I don't follow the minutiae of brexit or even the pesky details, all
I know is after a hundred years of capitalism v socialism..socialism
is sucking the life out of poor wee capitalism. And as we should know
socialism is fine for the rich and the poor until we run out if ways of stealing.

Yes the global economy is collapsing. Wealth will be destroyed.
But some life will go on . For those positioned correctly there will
be a huge transfer of wealth away from the ill positioned to the
better positioned. Yes there is geopolitical energy and resource
positioning and China does look superbly placed for that.
Military positioning I'd rather not dwell on ...it is Sunday


But what of the positioning within the fiat monetary system ?
is it possible if not probable the initial transfer of wealth
happens there ?.. in that case China ..may have problems .
Japan has huge problems either way. The nascent European
superstate looks bankrupt and wide open to being carved up
by China and America. Read the newspapers and Europe is
doing marvellous but it's all fake. Brussels is a fascist wannabe.
It does not want to do what is needed to hunt and gather. In fiat
terms it's bankrupt and interest rates are going to rise...

Donald Trump a man that reputedly drinks 12 cans of diet coke
a day. I like diet coke but I also like my teeth and my stomach.
But still he looks ok on it. He's trying to past a tax bill .. I am
scathing.. borrowing money to fund tax cuts for rich corporations
is not a tax cut. You are not shrinking the size of the state.

But what you are doing is announcing to the world ahead of the
coming economic Collapse 2 (the collapse to end all collapses)
that you are a hunter gatherer and that minimum wages and
So call entitlements are for pussies...their way of speaking not mine.
Trump has also been cutting regulations.

The biggest bubble in human history is in the global bond markets.
The debt markets . Remember normalising interest
rates will prick the bubble. The bond market is four times the
global stock market.

Where is this tsunami of fiat going to run to in a state of utter panic.
No not gold that's unrealistic although gold will get a bid.
Will it go to an authoritarian regime, China, with an uncertain
track record in the rule of law? Europe? Don't make me laugh.

I think it will go into the fiat dollar and their already sky high
stockmarkets. Simply put Trump is positioning America to
benefit from Collapse 2 and a resulting wealth transfer...
Those who voted brexit did too let's hope the Conservative government
understands this decade's phoney calm
before the reality of the fiat monetary system continues on its
path of destruction.
 vlad dracul
Joined: 4/30/2009
Msg: 64
view profile
History
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: 12/20/2017 5:52:02 AM
Bondsy
Stupid question time again.

Stupid question 1

You are a spark to trade mate are you not? What made you leave a decent honest trade to get involved with finance? Were you hit over the head and press ganged into finance?

Stupid question 2

The bits i read that can get through my cognac muddled brain all point to a collapse of the money/debt system. And thats what you are saying is it not?

So would a total collapse be a good thing? Would it mean we could overhaul the system we now live in and see the end of the established political pygmies and get TRUE representatives of the citizens installed?

Stupid question 3

You alluded once before to returning to the barter system.

Example
Chapster fits a kitchen for me. I decorate a couple of rooms for him. Quid pro quo.

But how would a barter system work if you have nowt to trade?

Stupid question 4

I'm heading up the shops soon as i need leccy and something for my tea. The first shops and second shops (its a Moredun scheme expression) both have home bakers. Now I'm a first shop user. Always have been. But a pal of mine is the baker at the second shops.

But folk travel from miles away to fergies bakery at the first shops for rolls, pies, sausage rolls and cakes. All made on the premises (to be fair so are jimmy's at the second shops).

So who would you recommend? Loyatly to fergies or go to where my pal is head baker at jimmys?

Ps just read a good joke in the grauniad

Q. Where is the capital of Zimbabwe

A. in a swiss bank account
 Justanotherchap
Joined: 12/4/2013
Msg: 65
view profile
History
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: 12/20/2017 6:06:32 AM
When I started this thread just a month ago bitcoins were valued at around $11,000. Today somewhere between $15,600 and $17,600.

So something which you can't touch, feel, smell or has any use whatsoever and is backed by absolutely nothing and was created from absolutely nothing by unknown people has created more wealth than the average UK worker in the same period.

I know what Billy is saying about fiat money and debt however some of us do own stuff like bricks and mortar which in the event of a monetary collapse we will still own. The only event I can think of where money totally collapsed was in Germany in the 1920s (30s?). Afterwards, the government did try to restore property and wealth to the owners who had been duped out of it. We should probably already have civil servants working on the plan in case this should happen.

I think it was Bezos who wrote an article about billionaires being careful not to push the proles too far. i wonder what will happen in the states when the rednecks realise they've been done over with the latest tax changes.

Billy - can I come to one of your business meetings - sounds brilliant.
 vlad dracul
Joined: 4/30/2009
Msg: 66
view profile
History
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: 12/20/2017 6:44:08 AM
Chapster

"I think it was Bezos who wrote an article about billionaires being careful not to push the proles too far. i wonder what will happen in the states when the rednecks realise they've been done over with the latest tax changes."

I think trumps vote would hold. The white poor in america have made a statement by voting trump. Everything trump has tried to do has been thwarted by what are seen as the elites. Voting trump was a kick in the collective balls of those sneering, patronising elitists.

If i was a sherman i would have voted trump. And would again. Would YOU vote for a party whos candidate for president called you deplorable?

Bondsy

Now i got nearly £9 grand back in ppi from the royal bank of scotland. I never even asked for it as the cvnts already lost me my house by following THEIR advice.

Now i have ANOTHER letter saying they have to review the amount of commission they took.

It says on the letter

"A high level of commission typically means it was over half what you paid for your policy. Generally we did not tell ppi customers about our commission."

Can thou explain in terms for the stupid what the donald duck they are on about?
 billybonds
Joined: 8/8/2014
Msg: 67
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: 12/20/2017 7:56:47 AM
I am a sparky !!!.....

If you have nothing to barter (trade) vlad you will starve.
Other than starvation your only chance would be someone's
charity or theft. A barter system would make it hard for me
to just spark and you to just paint. Money makes it possible.

But we have a global government money system and one based
on the theft of your trade with others. Money should not be
government issued . It arises naturally from the market or
people...


Yes the economic system will Collapse. ..no doubt about this..
100%...it's not that it's unusual ...it last Collapsed
in August 1971. That system was Bretton woods.
Another system between the world wars was the gold
exchange standard which broke down at the start of
World war two. The classical gold standard broke down
at the start of world war one . Since 1971 we have been
on a purely fiat dollar standard.


The fiat system is simply government issuing paper.
They print what they like ...the more the better ...what could
go wrong. It allows them to purchase anything . It's that simple.
It's a power few would want to give up.



Two main points

1 This creates inflation which is the INCREASING unobserved theft of
all your wages. ..Not talking taxes here they are something else that
need legislation.. for....direct and indirect. Inflation is a dirty little secret.
Please don't take my word for
it. John Maynard Keynes hero to Jo explains it all.

Point 2. this paper is issued as a debt, a bond it is both someone's
asset and someone's liability or debt . So create fiat money we create. ..debt...
this is crude but it's not inaccurate.


So as you can guess the system has filled up with much debt since 1971..?..
Government has been busy...say you had a million pound debt vlad
how would that affect your own personal
economy . Would you have anything left over to spend after
interest payments would the argentine steakhouses get your
business...would you get there business renovating? Well
an economy grows worse the more debt there is.

Eventually it would Collapse if you spent all your money on
interest payments you would have nothing to spend on food.
The farmer might just stop growing food why bother. Government
has favoured the banker over the farmer or you.
But it wouldn't get to this absurd level as you would revolt at the
government's fiat paper system.

When ...? Soon....why haven't we Collapsed yet ? Well the seventies
were tumultuous gold went from 35 dollars to
850 dollars...as fear gripped...what about 1987 .....it was
closer than many think. 1998 Russian bond default and
Long term capital's Collapse. 2008 ?...that added another
$16 trillion. What next $160 trillion . Can we function with
that debt in the economy..

Could we pay or service all the debt if rates were at 10% or 20%.
Why are they at zero..I wonder ? Well Governments of
the world magic some of their paper money out of thin air
and buy up loads and loads of bonds driving / bidding up their prices. And since
yields act inversely to prices interest rates
go to zero. I won't say how bad this is for the econony. Only
say that it cuts the global interest rate bill.

The academics (god help us)..say we can cut the interest
rate bill further by going to negative ...so I give you 100 pounds
Vlad and you at -5% give me 95 pounds back ... or just service it ...
I'm at a lost to explain why I would give you my money but a
banker wouldn't. This apparently would be stimulant. Of course
they acknowledge they would have to move to a cashless society.
So no bank runs could be possible.



This country's inflation rate is at 6 or 7% these crooks even fudge
official statistics who would have thought. So .75%... minus a seven
percent inflation rate equals a real bank of England base rate of minus...
-6.25% . Today as I type we already have real negative rates ..ditto most of the world.
I have no debt. ..my savings and wages are no longer being stolen I have insurance with
no counterparty risk. Gold is that insurance.

To keep this Alice in wonderland scheme going we have to add
debt .. to keep servicing the debt we must lower interest rates...
to lower negative interest rates we must add debt..........and on
and on the economy will not look good as this continues.

Some people claim a wonderous new technology a cheap and
plentiful energy will come along boosting incomes and making servicing the debt possible .....

But we have a system that means we dig ourselves into more and more debt..
to prop it up ... those people don't get it.

I give a 20% chance of a deflationary Collapse. ...we essentially will all perish .

I give an 80% chance of a Collapse in living standards enough
so we can service our debts at 20 % interest rates and go
again... This world is a world of $10, 000 gold. ....
 Justanotherchap
Joined: 12/4/2013
Msg: 68
view profile
History
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: 12/20/2017 8:05:36 AM
People who sell these types of product never do tell what level of commission they take otherwise no one would ever buy their products.

This is from the RBS website
"Following a Supreme Court decision and new rules and guidance from the Financial Conduct Authority, you can now make a new type of complaint to us about the sale of your PPI policy.

You could now receive some money back if we took a high level of commission on your PPI policy but did not tell you this when you bought it.

A high level of commission typically means it was over half of what you paid for your policy. Generally we did not tell PPI customers about our commission at the point of sale, as we were not required to.

If we did not uphold your original complaint, complete this form and we will assess whether you have a valid complaint in relation to this matter. The FCA’s new rules and guidance do not extend to previously upheld complaints. If you’re not sure whether we upheld your complaint in the past, complete the form."

I don't know what money you got back but if it did not include an element for the commission they took you could be in for another payout - hopefully. Fill the form in and send it back.
 vlad dracul
Joined: 4/30/2009
Msg: 69
view profile
History
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: 12/20/2017 9:01:11 AM
Chapster

"If we did not uphold your original complaint, complete this form and we will assess whether you have a valid complaint in relation to this matter. The FCA’s new rules and guidance do not extend to previously upheld complaints. If you’re not sure whether we upheld your complaint in the past, complete the form."

I don't know what money you got back but if it did not include an element for the commission they took you could be in for another payout - hopefully. Fill the form in and send it back.


I got around £9,000 in ppi. I just woke up one day and luckily i knew the postie as the letter and cheque was sent to the address of the house i lost.

That was for £6,000 odd pounds. Then i got a text a few months later saying they had another cheque but had the letter returned as it was the wrong address again.

As for this one well it said you could phone as well. So i did on November the 29th. So eight weeks takes me to January 24th. Thats the time limit the government put on them.

Although they returned the ppi i never made a complaint about ppi at any time. I did however tell them i hoped the whole bank collapsed. I was also using the ombudsman and asked what chance i had against rbs for following their advice when THEY followed their own advice and destroyed economies everywhere.

I just do not trust them at all.

Still hopefully i get a blue bells are blue result. Ill keep yous posted though.

Anyway im away to eat a pie from fergies bakery washed down with a lovely cognac.
 billybonds
Joined: 8/8/2014
Msg: 70
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: 12/20/2017 9:04:42 AM
That's a good joke vlad I think.. :)

Chap I thought I deleted that post before anyone saw it
I was jabbering on about everything. ..yeah that girl
was at our health and safety briefing .....unbelievable
....this is her on you tube ..

I can't get the video up... but her and her sheet are on their
You tube videos on their site ..company is acting up..



 Justanotherchap
Joined: 12/4/2013
Msg: 71
view profile
History
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: 12/20/2017 9:41:20 AM
Vlad - you are quite right not to trust them. Last year a few blokes were given time for conning banks customers to move to the wrong products taking huge commissions and making themselves very rich. That is still being sorted out. If you really have been conned by the bank don't give up, the courts are not looking to favourably on banks at the moment.

Billy - if you find that vid, please post it.

My first day at my first shiny new job in proper office block all suited and booted at 18. Directors conference room for all the intros and then the health and safety bloke comes in with his slide projector (it was a while ago). Sets it up on the desk and wanders over to the wall to plug it in. Lead is too short so crash! That was great intro to the world of work learning very quickly that there are tossers everywhere.
 billybonds
Joined: 8/8/2014
Msg: 72
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: 12/22/2017 1:50:01 AM
13500.....down 7000 in a few days...are some worried who
bought at 20500 especially since there are putative distributive
ledgers (hyperledger fabric, hashgraph etc) that are said to be superior. ..to the blockchain.

Is government controlling the cryptocoin space..They have the
power ( unlimited paper) to buy up this space sell it, buy it throughly discouraging people. Its market capitalisation even
at $100, 000 a bitcoin is a tiny amount to these people. Then what about a cry for government regulation..a right wing coin , a left wing or a centrist coin perhaps linked to the sdr and hey presto a sound government crypto. ..capture. ... drudgery. I would stay in gold and silver while these shenanigans play out. ..
 Justanotherchap
Joined: 12/4/2013
Msg: 73
view profile
History
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: 12/22/2017 2:12:18 AM
I was going to type something extremely worth pontificating on but looking to see just when the stock exchanges first moved from investing in companies to gambling i came across this:

The South Seas Bubble Bursts
The British East India Company had one of the biggest competitive advantages in financial history—a government-backed monopoly. When the investors began to receive huge dividends and sell their shares for fortunes, other investors were hungry for a piece of the action. The budding financial boom in England came so quickly that were no rules or regulations for the issuing of shares. The South Seas Company (SSC) emerged with a similar charter from the king and its shares, and the numerous re-issues, sold as soon as they were listed. Before the first ship ever left the harbor, the SSC had used its newfound investor fortune to open posh offices in the best parts of London.

Encouraged by the success of the SSC—and realizing that the company hadn't done a thing except for issue shares—other "businessmen" rushed in to offer new shares in their own ventures. Some of these were as ludicrous as reclaiming the sunshine from vegetables or, better yet, a company promising investors shares in an undertaking of such vast importance that they couldn't be revealed. They all sold. Before we pat ourselves on the back for how far we've come, remember that these blind pools still exist today.

Inevitably, the bubble burst when the SSC failed to pay any dividends on its meager profits, highlighting the difference between these new share issues and the British East India Company. The subsequent crash caused the government to outlaw the issuing of shares—the ban held until 1825.


Change the name of any of those ventures to bitcoin or ethereum .......................
 billybonds
Joined: 8/8/2014
Msg: 74
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: 12/22/2017 3:06:28 AM
All true chap I think Isaac Newton lost a fortune in the south sea
bubble he bought early and sold for a considerable profit. Then
Newton, one of the brightest men ever, bought back in and lost
a fortune. Apparently he couldn't abide everyone chatting but
how rich they were getting with their shares...all paper wealth.

This is the everything bubble. .bitcoin is small beer..2000 was the
Dot.com bubble.. stocks...2008 was the derivative bubble ..
mortgage backed securities. ..2018? Is the everything bubble..or the bond bubble..
or at its most simplest the money bubble.
It will reverberate for centuries. We are witnessing financial
history. Future generations will marvel at our stupidity and ask how we never saw it coming .




Gold is the money of kings, silver is the money of gentlemen, barter is the money of peasants –
but debt is the money of slaves


I need a fire under my bottom I am behind on all
christmas fronts.....

I quite like mistletoe and wine now....

BUT... Last Christmas pudding mix is still my favourite
Happy Christmas George. ..




 duracell_bunny_one
Joined: 1/21/2015
Msg: 75
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: 12/22/2017 3:31:04 AM
Bitcoin price latest: Cryptocurrency value plummets by 15% after futures trading launches

....................

Show ALL Forums  > UK forums  > Bitcoin - just how bonkers is it?