Bitcoin

[Jog On]

'Wolf of Wall Street' says Bitcoin is a 'huge scam' | Daily Mail Online

Jealous as he did not think of it first.

Just about everyone calling it a scam is a banker or politician. If I was them I wouldn't be too thrilled about the plebs pulling money out of their funds - and what about fractional reserve banking and bail ins??!!! Those yachts don't pay for themselves you know!

[_V_]

Just about everyone calling it a scam is a banker or politician. If I was them I wouldn't be too thrilled about the plebs pulling money out of their funds - and what about fractional reserve banking and bail ins??!!! Those yachts don't pay for themselves you know!

At least we know where the $12.3 trillion of magic money is going to end up...

https://www.cnbc.com/2016/06/13/12-t...-for-this.html

[Hobosapien]

If it is a scam expect the bankers and institutional investment gamblers to be part of it, it's what they do.

With their QE money they could afford to ramp bitcoin to the moon. Steadily raise the price so the mania sweeps the public, and slowly withdraw as the public pile in so the public are left holding the million dollar bitcoins, and no one to sell them to so the price collapses.

Maybe they already are.

[_V_]

If it is a scam expect the bankers and institutional investment gamblers to be part of it, it's what they do.

With their QE money they could afford to ramp bitcoin to the moon. Steadily raise the price so the mania sweeps the public, and slowly withdraw as the public pile in so the public are left holding the million dollar bitcoins, and no one to sell them to so the price collapses.

Maybe they already are.

Them bankers wouldn't screw over ordinary people for the sake of a few trillion $$$ surely?

[_V_]

https://digiconomist.net/bitcoin-energy-consumption

Number of U.S. households powered for 1 day by the electricity consumed for a single transaction = 8.11

Bitcoin makes no sense whatsoever on so many levels....

[Hobosapien]

There's just so much about bitcoin that's not fit for purpose. Transaction fees being an obvious one. $25 to get your transaction through in minutes rather than hours or days.

Like the investment brokers, the exchanges are making a killing by mugs buying and selling in the hope of a quick buck, it's in their interests to not fix that problem.

What is likely to happen when all those punters realise they need a greater fool to allow them to make a profit from holding bitcoins, when those fools stop wanting to play the game? Mass panic and exchange fees for a 'quick' exit going to the moon while their bitcoins crash and burn in £/$ value. At some point in all that the exchange fee will equal the value of the bitcoin they're trying to cash out into real currency.

At least with bitcoin price still steadily rising in real money terms (plenty of greater fools still in the queue waiting for their transactions to complete ) there's real money for them to be made if they don't hold for too long, so no excuse if they're caught holding a worthless 'currency' when it all plays out.

It's fascinating to watch and glad I'm not risking my shirt in the process.

Edit: Not sure if it's the exchanges or the miners causing the high transaction fees due to the tech's flaws. If It's the miners, send in Maggie, she'll sort them out.

[Jog On]

There's just so much about bitcoin that's not fit for purpose. Transaction fees being an obvious one. $25 to get your transaction through in minutes rather than hours or days.

Like the investment brokers, the exchanges are making a killing by mugs buying and selling in the hope of a quick buck, it's in their interests to not fix that problem.

What is likely to happen when all those punters realise they need a greater fool to allow them to make a profit from holding bitcoins, when those fools stop wanting to play the game? Mass panic and exchange fees for a 'quick' exit going to the moon while their bitcoins crash and burn in £/$ value. At some point in all that the exchange fee will equal the value of the bitcoin they're trying to cash out into real currency.

At least with bitcoin price still steadily rising in real money terms (plenty of greater fools still in the queue waiting for their transactions to complete ) there's real money for them to be made if they don't hold for too long, so no excuse if they're caught holding a worthless 'currency' when it all plays out.

It's fascinating to watch and glad I'm not risking my shirt in the process.

Edit: Not sure if it's the exchanges or the miners causing the high transaction fees due to the tech's flaws. If It's the miners, send in Maggie, she'll sort them out.

You're obsessed! Either buy some or just ignore it. Or keep raging against it if you must...

[_V_]

You're obsessed! Either buy some or just ignore it. Or keep raging against it if you must...

It makes no sense, it's completely flawed, this definitely has all the hallmarks of a ponzi scheme and a speculative bubble.

Based on this I'm in!

[Hobosapien]

Bitcoins going to the moon! Trump just signed up for it so it's going to happen, no need for a new Apollo mission.

Get in now, you can't lose.

Just remortgaged the house and maxed out all the credit cards to pile into bitcoin. So what if the value is going up only because others don't want to miss out and are also piling in (who is actually selling them their coins, muppets, it's a game that can't be lost). As long as you're not the last fool holding the coins you ain't a fool.

[Not obsessed, it's just one of the less dull things going on on a quiet Sunday while I'm catching up with other stuff online. ]

[deebeegee]

I had my nephew call me, asking how he can into Bitcoin "big time". He's always completely skint, but told me he secured a big personal loan for this, and isn't worried because he will double his money in a matter of weeks or months. This is a guy that can barely afford to eat.

I assume he secured the loan via wonga and will owe double double the value of the original loan