Cryptocurrency

[eek]

BitCoin good as gold they said

Milan.

gold I can make jewellery out of. Bitcoins are just a string of text...

[ChimpMaster]

Yeah - they'll be saying that when the UK housing bubble pops.

Wait, you can build this house for 5% of the asking price? SSsshshhh!


Mark my words, BC in the £10k's before long with £50k by summer of next year... use these corrections to acquire more.

If I buy enough bitcoins I can pile them up high and build a house out of them to live in.

Or actually, I can't, because there's nothing physical about cryptos

The house price boom will pop but people will always need somewhere to live. When it crashes, prices could come down 30% or so, and it will decimate the UK economy if that happens. 30% is fine for me because I stopped investing in property when it became too expensive around 2 years ago.

To build a house it costs approximately 30% to 40% of the house price, not 5%. If build costs do fall dramatically then so will house prices. One of the reasons house prices have gone up is because build costs have increased, related ultimately to cost of materials and labour. And the biggest cost in the UK is land. Everything in tandem, because in a real economy it is all linked.

Now which disk did I store my Elite credits on....

[milanbenes]

If I buy enough bitcoins I can pile them up high and build a house out of them to live in.

Or actually, I can't, because there's nothing physical about cryptos

The house price boom will pop but people will always need somewhere to live. When it crashes, prices could come down 30% or so, and it will decimate the UK economy if that happens. 30% is fine for me because I stopped investing in property when it became too expensive around 2 years ago.

To build a house it costs approximately 30% to 40% of the house price, not 5%. If build costs do fall dramatically then so will house prices. One of the reasons house prices have gone up is because build costs have increased, related ultimately to cost of materials and labour. And the biggest cost in the UK is land. Everything in tandem, because in a real economy it is all linked.

Now which disk did I store my Elite credits on....

the biggest difference I see between a Digital Currency and Gold is...


Gold is the ultimate life insurance policy

If you hold a few ounces of physical gold in your portfolio, if ever there is a situation where you are forced to be geographically displaced, gold will always have a value in every country, let's say if there's a war and you have to move to
another country, you can take your krugers and use them to help you get established

in the war/disaster situation, let's say there's no electricity, or somehow the blockchain breaks, how are you going to prove that you have pockets full of digital currency ?

And let's be sure, in the disaster situation the gold price will explode

Anyway, contrary to what our newbies think, there are no haters here and we wish you the best of luck and all the success in the world

Milan.

[northernladyuk]

the biggest difference I see between a Digital Currency and Gold is...


Gold is the ultimate life insurance policy

If you hold a few ounces of physical gold in your portfolio, if ever there is a situation where you are forced to be geographically displaced, gold will always have a value in every country, let's say if there's a war and you have to move to
another country, you can take your krugers and use them to help you get established

in the war/disaster situation, let's say there's no electricity, or somehow the blockchain breaks, how are you going to prove that you have pockets full of digital currency ?

And let's be sure, in the disaster situation the gold price will explode

Anyway, contrary to what our newbies think, there are no haters here and we wish you the best of luck and all the success in the world

Milan.

The barbarous relic does OK. Wonder what bitcoin will look like in the future.

[Lance]

The barbarous relic does OK. Wonder what bitcoin will look like in the future.

I like the fact that gold price goes down during the turbulent period after the French revolution, and during WWI.

I was sure someone was speaking with great authority about how much it goes up during times of trouble. I must be mistaken, why would anyone say that when it flies against the face of the evidence?

[milanbenes]

I like the fact that gold price goes down during the turbulent period after the French revolution, and during WWI.

I was sure someone was speaking with great authority about how much it goes up during times of trouble. I must be mistaken, why would anyone say that when it flies against the face of the evidence?

Lance, the graph was for the British Pound.

Let's see if somebody can find the graph for the French Franc, I am confident that will tell a different story.

If you are being displaced by war which France was, then when you decide to up sticks and let's see, move to Spain of the UK, the forex rate you get for your Franc against the British Pound or Spanish Peseta will be next to eff all because who from Britain or Spain in that time would want the Franc, but if you have the shiny stuff in your pocket, you'll get the market rate against the Pound or Peseta. Hence, against the other currencies in the safer regions the gold holds it's value

Next question

Milan.

[northernladyuk]

I like the fact that gold price goes down during the turbulent period after the French revolution, and during WWI.

I was sure someone was speaking with great authority about how much it goes up during times of trouble. I must be mistaken, why would anyone say that when it flies against the face of the evidence?

Complete guess around WW1 is that there was massive spending on national gold reserves on armaments etc. increasing the supply of gold on the world markets.

[Lance]

Complete guess around WW1 is that there was massive spending on national gold reserves on armaments etc. increasing the supply of gold on the world markets.

I think the answer is here
https://en.wikipedia.org/wiki/Gold_s...of_World_War_I

[scooterscot]

Litecoin $48 a pop right now - bargain. Ripple is about to explode in the next couple of weeks. As will NMR. Very exciting..

[Lance]

Let's see if somebody can find the graph for the French Franc, I am confident that will tell a different story.

Yes. A very different story.
The French Franc was created as a currency in 1795 so no comparison is valid.
During WWI the Franc was devalued by around 70% so no comparison is valid.

The only comparison is the GBP as it's the only currency that was there before, during and after those events. After the British Gold Standard Act 1925 all comparisons against gold are difficult to quantify, except against the USD which effectively became the international standard at around the same time.