Cryptocurrency

[Cirrus]

Yes, exactly. You are selling first before you own it. Therefore you have to borrow it from somewhere to sell. With the idea that you buy it back at later date at a lower price to return to the owner. With you keeping the profit made between your sell and buy prices.

If you already own it, you aren't shorting it, you are just selling it.

No, you are taking a situation you have seen and saying that's the way it must always be.

Scooter is shorting if he gets into a situation where he has less resources than he needs at some future point. If he has got rid of his house but thinks he should have one again then he is short of a house. The use of the term shorting also assumes you can obtain the resource for a lower amount of money than the amount you got by going short. Scooter is working on this assumption. So he isn't just selling. He is speculating.

By the way, try to short the housing market is about as advisable as betting on cryptocurrencies. I admit to being baffled how Scooter seems to have so much wealth given his addiction to dangerous behaviours and the size of the gambles he is taking all the time.

[stonehenge]

I don't hope. I calculate :-)

For me, it's a calculated gamble.

Decide how much I'm prepared to lose. Eg. £3k, which is about one BTC.

Worst case, lose £3k.

Best case, who knows.

[scooterscot]

By the way, try to short the housing market is about as advisable as betting on cryptocurrencies. I admit to being baffled how Scooter seems to have so much wealth given his addiction to dangerous behaviours and the size of the gambles he is taking all the time.

Totally appreciate that point of view. I imagine it is a view that is taken by the majority. I just don't agree with that majority position. There's a saying on main street, "you make money from something that makes sense and a lot from something that doesn't". Because I don't agree with the majority I must take up the contrarian position, and that is unpopular. So you see, your bafflement continues to put money in my pocket.

My reasons for selling the but n ben:

1) The average worker (In Edinburgh anyway) requires 6 times his or her income to buy.

2) Estate agent share prices are... have collapsed. There's fewer buyers now, and sellers are increasing.

3) Debt. Governments are telling us unemployment is low yet the economy is just about keeping its head above water. The economy drowning in debt. What does the government do? Spend billions on a failed election experiment to remove the country from its largest trading partner. Historians jaws will hit the table when reading the text in the coming years.

4) Brexit. That steaming turd is a factor. March 29th is like watching a countdown timer to doom. As such I don't wish to have any assets in the UK during this undoubtedly turbulent transition.

[Hobosapien]

There's talk about them bringing out a new gold backed FIAT currency to challenge the USD, as they have both been accumulating a lot of gold the last few years...

US to bring out digital gold backed currency to counter-attack and do away with worthless USD at same time.

It will be based on new crypto mining process that is more efficient using new Intel chips that recognise when being used on US soil to stop China and others from undermining them.

WWIII will be digital.

[AtW]

The only thing scooty shorted was hit lofe expectancydue to stress, I guess this means he won’t need pension anyway....

[Hobosapien]

The only thing scooty shorted was hit lofe expectancydue to stress, I guess this means he won’t need pension anyway....

On the plus side (sorry scooty) the raising of minimum age for state pension means those of us not planned for earlier retirement (still possible from 55 with private and other non-state pensions ) will have a better chance of actually getting a state pension, as the raising of minimum age is calculated to ensure there are much fewer claimants surviving to retirement.

[stonehenge]

I can totally understand why most people here think BTC is a worthless piece of crap.

Personally, I don't care what it is.

In its history to date, whenever it has fallen about 90% peak to trough, it has gone on to make an ATH 100-fold higher.

Is there any guarantee that it will repeat this again? Of course not.

But where's the harm in risking a small sum, say £1000?

BTC history

Jan 2011 $0.30 Jul 2011 $30 (100-fold)

Dec 2011 $2 Apr 2013 $260 (100-fold)

Jan 2015 $180 Dec 2017 $19k (100-fold)

[pr1]

Pretty cool. Sold my entire pension a few months backs, which had done very well over the last ten years in stocks and bought bitcoin ETFs when price around $6k. Pension now halved May even go lower.

[AtW]

I can totally understand why most people here think BTC is a worthless piece of crap.

Personally, I don't care what it is.

In its history to date, whenever it has fallen about 90% peak to trough, it has gone on to make an ATH 100-fold higher.

Is there any guarantee that it will repeat this again? Of course not.

But where's the harm in risking a small sum, say £1000?

BTC history

Jan 2011 $0.30 Jul 2011 $30 (100-fold)

Dec 2011 $2 Apr 2013 $260 (100-fold)

Jan 2015 $180 Dec 2017 $19k (100-fold)

Yeah, so wait until it drops to 180!



For Scooter it will be as good as zero ...

[scooterscot]

Forget Bitcoin until the new-year. It'll still hit around $3k before it is ready to rally upwards. Instead pay attention to the Alt-coins, many of them are about to explode upwards during December.