Cryptocurrency

[Jog On]

Off to the market to buy me bread and milk in BTC... oh no wait so I now have to pay $23 fee for a $4 purchase??? WTF... this isn't supposed to happen, I thought the banks were screwing people up and crypto was supposed to help out the little people, the ones that cannot afford to pay bank fees and all that tulip....

Just for the fun of it I am going throw the following in the mix to the BTC groupies:

When I asked about insurance/protection I was told that there are companies that offer insurance, however you never provided the details ie: you get charged 0.351 BTC a month... great, you have 50 BTC worth £400k and in 10 years you will have around 7 BTCs left)) great investment and protection.

I also love it when you say, banks print money and crypto doesn't.... ahem... every BTC fork is printing money, every other cryptocurreny popping out is printing money.

It's not a ponzi... so the early investors, the people that put in $100 and got 100 BTCs are not getting stinking rich on the shoulders of the new investors? 100 BTC now $800k by producing absolutely nothing except based on what people say it is work?
It's pretty much like saying I am putting in $1 in this jar and by this time next year there will be $8000 in there.... WTF how? where is that money coming from?

The 17 mill house on sale for BTC... so the owner is creating a $23 mill demand in small supply pool of BTC yet no one thinks, if this guy has 4 mill worth of BTC he is going to create a huge demand, the moment it goes up he can sell the same coins he is about to get back and suddenly his return is £50 mill or some stupid figure like that?


Peace out!!!

So don't get involved with it.

 

[Drei]

So don't get involved with it.

 

[FrontEnder]

Here we go again....

You've used your bread and milk analogy before. It's a massive straw man argument.

 

[psychocandy]

Only 23 dollars? Looks they don't trade it on real "market" then?

Yeh and since its a different wallet it costs this to move from your store on exchange to own wallet elsehwere.

 

[psychocandy]

Off to the market to buy me bread and milk in BTC... oh no wait so I now have to pay $23 fee for a $4 purchase??? WTF... this isn't supposed to happen, I thought the banks were screwing people up and crypto was supposed to help out the little people, the ones that cannot afford to pay bank fees and all that tulip....

Just for the fun of it I am going throw the following in the mix to the BTC groupies:

When I asked about insurance/protection I was told that there are companies that offer insurance, however you never provided the details ie: you get charged 0.351 BTC a month... great, you have 50 BTC worth £400k and in 10 years you will have around 7 BTCs left)) great investment and protection.

I also love it when you say, banks print money and crypto doesn't.... ahem... every BTC fork is printing money, every other cryptocurreny popping out is printing money.

It's not a ponzi... so the early investors, the people that put in $100 and got 100 BTCs are not getting stinking rich on the shoulders of the new investors? 100 BTC now $800k by producing absolutely nothing except based on what people say it is work?
It's pretty much like saying I am putting in $1 in this jar and by this time next year there will be $8000 in there.... WTF how? where is that money coming from?

The 17 mill house on sale for BTC... so the owner is creating a $23 mill demand in small supply pool of BTC yet no one thinks, if this guy has 4 mill worth of BTC he is going to create a huge demand, the moment it goes up he can sell the same coins he is about to get back and suddenly his return is £50 mill or some stupid figure like that?


Peace out!!!

I will admit the current high fees and delays on bitcoin do seem to be an issue. But the market is ignoring it.

 

[FrontEnder]

I will admit the current high fees and delays on bitcoin do seem to be an issue. But the market is ignoring it.

In a volatile market, fees aren't much of a concern because your market gains/losses will be many times more or less.

Drei keeps banging on about fees and using a contrived example. Bitcoin will never be used for the purposes of buying a loaf of bread, at least not on any sort of scale.

I'm skeptical over if a de-centralised blockchain will ever compete with and/or replace the likes of Visa/Mastercard etc. But if they do it will be one of the chains that has been built for this purpose, not Bitcoin.

 

[AtW]

In a volatile market, fees aren't much of a concern because your market gains/losses will be many times more or less.

Bitcoin value only goes up, sell yer houses!!!

 

[scooterscot]

PM your e-mail address for tonight's report if you'd like. Only limiting to five or so individuals whom have agreed to give a percentage of their gains to charity.

BHF or Save the children would be my first choices.

 

[PokemonStay]

Bitcoin value only goes up, sell yer houses!!!

Or sell your grubby studio about the kebab shop on the Castle Vale estate....

 

[Agent]

BTC just keep going up today, sold yesterday at 5960 in the hope of a small drop so that i could rebuy a few extra fractions of a coin but it hasnt stopped going up!

When's it gonna drop back to 5800?! Hopefully very soon