Cryptocurrency

[scooterscot]

I wonder if the decentralised services will be in a position to avoid any clampdown by governments...

Perhaps the first question you should ask yourself before buying - can men with guns shut this down?

Yes? Don't buy.

No? Fill yer boots.

[scooterscot]

Anyone else noticed how during these pullbacks another $10-20b gets added to the market capital of BTC? This is not retail money. That money got reckt in January 2018. This is new money.

[AtW]

FCA proposes ban on cryptocurrency products | Technology | The Guardian

About fooking time this scam was dealt with

[Scruff]

Anyone else noticed how during these pullbacks another $10-20b gets added to the market capital of BTC? This is not retail money. That money got reckt in January 2018. This is new money.

This is Fool's Gold.

[scooterscot]

FCA proposes ban on cryptocurrency products | Technology | The Guardian

About fooking time this scam was dealt with

They have about as much authority as the 'do not tumble dry' label. Just look at destruction London City has done to the world of finance. Where was the FCA then? Pah.

[VirtualMonkey]

FCA proposes ban on cryptocurrency products | Technology | The Guardian

About fooking time this scam was dealt with

Looks like it's just derivatives they are talking about rather than crypto as a whole
"The proposed ban would affect complex financial products such as contracts for difference (CFDs), options and futures, as well as exchange traded notes."

[AtW]

Looks like it's just derivatives they are talking about rather than crypto as a whole
"The proposed ban would affect complex financial products such as contracts for difference (CFDs), options and futures, as well as exchange traded notes."

Derivatives is what helped legitimise this scam

[VirtualMonkey]

Derivatives is what helped legitimise this scam

Then it's a good thing they want to ban them isn't it? Of course...derivatives exist elsewhere in the world so people will just go where they can get access...

[AtW]

Then it's a good thing they want to ban them isn't it? Of course...derivatives exist elsewhere in the world so people will just go where they can get access...

Yes, of course it's a good thing that something that helps legitimise scams is finally going to get banned, but it's too little too late - root of the problem is inherently fraudulent attempt to replace the monopoly of a State to issue money.

[VirtualMonkey]

lucky the 2008 crisis wasn't started by fraudulent use of derivatives...imagine if they were unregulated as well...man, it could have been really bad...oh wait...and wasn't the net cause along the lines of creating money out of thin air to line the pockets of the greedy (but accepted) establishments? Isn't that pretty much the end game of the scam? So it seems the whole investment banking industry before 2008 was a scam. Let's not forget LIBOR manipulation and all the rest.
Good use of the words 'inherently fraudulent' though.
Let's look at a good use case...South America.
Currencies going down the pan (you know...the state issued, promise backed ones). Crypto has allowed a great many people to stave off the poverty that could be brought down on them by a state who can't run a bath, never mind a functioning economy. These people have bought crypto and have managed to hold onto their wealth because of it. I'm sure they'd do it with gold but it's a bit difficult to physically take control of an asset like that and prevent the state from being able to 'confiscate' it at the same time.
States print money all the time and have nothing to back it up with any more other than the promise that they'll pay it back at some point. Didn't QE start over 10 years ago in the UK now? I wonder how much of the printed money has been taken out of circulation (as opposed to paying off the interest on that money).
Bitcoin, while digital and therefore not 'real' in the most basic sense, is backed by the promise of a huge number of people who put up their own resources to prove the security of the network rather than the promise of a government who cant keep their own house in order (doesn't matter if it's red or blue..they're all the same).
While we're on the subject of real...does anyone really think the BoE has rooms full of the cash reserves it promises to have? Doesnt that make 'real money' something significantly less than what it purports to be?
Some other buzz words..fractional reserve lending...FRAUD at the highest level. I'll lend you money we dont have because the place that prints that no-existent money says I can.
Try fractional reserve lending with Bitcoin as the underlying promise...see how quickly you can magic up new coins onto the blockchain.
I know you have your own opinion of all this but to be honest you're full of s***. In my opinion this is no more a scam than the accepted system we're all forced into