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What is your opinion on Bitcoin?

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droog
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PostPosted: 23:17 - 12 Feb 2021    Post subject: What is your opinion on Bitcoin? Reply with quote

I've done the basic research in terms of understanding the technology and philosophy behind Bitcoin and looked at the arguments for and against Bitcoin as a mode of exchange, store of wealth vis-a-vis fiat currency, gold etc - I'm not going to bore you by rehashing all that stuff here.

Big corporate investors are starting to invest in Bitcoin, Elon Musk being the most notable recent example.

So what do you guys think? Has Bitcoin got a future as a practical cryptocurrency/store of wealth or will it go down in history as a speculative bubble which eventually burst (perhaps because it will be edged out of the market by state/central bank backed crypto-currencies with greater practical utility and legal protection etc).

I haven't made my mind up either way - so I'm not going to debate anyone on this - I'm just interested in other people's opinions.
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The Artist
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PostPosted: 05:32 - 13 Feb 2021    Post subject: Reply with quote

My thoughts are that bitcoin is gold 2.0. It will be used as a store of wealth by companies and governments mostly as that is what it seems to be good for.

Many other crypto projects will work together to provide daily banking services for people that want a useable crypto.

I am heavily into BTC, Eth, iota, xmr.
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droog
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PostPosted: 09:54 - 13 Feb 2021    Post subject: Reply with quote

The Artist wrote:
My thoughts are that bitcoin is gold 2.0. It will be used as a store of wealth by companies and governments mostly as that is what it seems to be good for.


Yes, that's the strongest impression I'm getting of Bitcoin and it's future at the moment.
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Keithy
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PostPosted: 13:27 - 13 Feb 2021    Post subject: Reply with quote

I suspect in the longer term quantum computing will find better ways to secure transactions, leaving Bitcoin as the AOL of internet banking. Just don’t know when.
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Hetzer
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PostPosted: 13:51 - 13 Feb 2021    Post subject: Reply with quote

Tulips.
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droog
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PostPosted: 13:52 - 13 Feb 2021    Post subject: Reply with quote

Keithy wrote:
I suspect in the longer term quantum computing will find better ways to secure transactions, leaving Bitcoin as the AOL of internet banking. Just don’t know when.


Yes, that's an interesting and highly plausible scenario.
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droog
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PostPosted: 13:58 - 13 Feb 2021    Post subject: Reply with quote

Hetzer wrote:
Tulips.


Yes, this is a popular analogy among the naysayers Mr. Green
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The Artist
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PostPosted: 14:28 - 13 Feb 2021    Post subject: Reply with quote

Keithy wrote:
I suspect in the longer term quantum computing will find better ways to secure transactions, leaving Bitcoin as the AOL of internet banking. Just don’t know when.


Couple of responses to this:

1. There are supposedly some crypto coins that are quantum resistant but I haven't done much research yet. Mainly because of the point below.

2. The encryption can be updated on any crypto including bitcoin with miner consensus. If quantum computing was developed that could break current encryption, then it would be in miners interests to update so it really isn't an issue. The only way it would be a problem is if someone developed a quantum computer that could break the encryption and then didn't tell anyone and was subtle about what they did from then on.
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Weisse Schlange
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PostPosted: 11:36 - 14 Feb 2021    Post subject: Reply with quote

I'm struggling with the quantifiable value in something that is created buy anyone with a clever enough computer and who can do some calculations.
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The Artist
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PostPosted: 12:46 - 14 Feb 2021    Post subject: Reply with quote

Weisse Schlange wrote:
I'm struggling with the quantifiable value in something that is created buy anyone with a clever enough computer and who can do some calculations.


Don't view it as people creating their own coins. It is a reward for processing transactions and upholding the integrity of the network.

It has value because people think it does, just like any other currency.
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Easy-X
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PostPosted: 15:51 - 14 Feb 2021    Post subject: Reply with quote

The Artist wrote:
It has value because people think it does, just like any other currency.


Fiat currency, except you're putting your faith in nerds rather than politicians Shocked
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The Artist
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PostPosted: 16:38 - 14 Feb 2021    Post subject: Reply with quote

Easy-X wrote:
The Artist wrote:
It has value because people think it does, just like any other currency.


Fiat currency, except you're putting your faith in nerds rather than politicians Shocked


I am putting my faith in maths rather than politicians. QE can't continue forever and fuck knows what's gonna happen when that stops. Crypto for me is a hedge against fiat because it scares me what could happen. The last 30 years has been insane when you look at the numbers.

I just want to make it clear I don't think crypto is going to transform the world or destroy economies, it's just another tool in the box that I think will be used more and more in the coming years. I get paid in GBP, I own index funds from around the world and crypto. Diversification ftw.
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Copycat73
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PostPosted: 17:05 - 14 Feb 2021    Post subject: Reply with quote

pyramid scheme .. or scam .. take your pick ..
been goin quite some time .. the only people to get rich are the original "investors" the rest of yous will crash ,burn and "loose your shirt" as the bubble bursts..
suckers !!!
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The Artist
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PostPosted: 18:12 - 14 Feb 2021    Post subject: Reply with quote

Copycat73 wrote:
pyramid scheme .. or scam .. take your pick ..
been goin quite some time .. the only people to get rich are the original "investors" the rest of yous will crash ,burn and "loose your shirt" as the bubble bursts..
suckers !!!


Can you clarify if you are talking about crypto or fiat?
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Copycat73
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PostPosted: 19:52 - 14 Feb 2021    Post subject: Reply with quote

The Artist wrote:


Can you clarify if you are talking about crypto or fiat?


if a country "looses it`s shirt" and yes it has happened .....nothing matters .. and if in that situation you disagree .. i`ll just shoot you .. since there would be no one to enforce rule of law .. .. so you do the math and figure it out.
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Lord Percy
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PostPosted: 20:21 - 14 Feb 2021    Post subject: Reply with quote

The Artist wrote:
My thoughts are that bitcoin is gold 2.0.


I agree with this entirely.

But I do not agree that cryptocurrency is the future of human monetary transaction, like certain folk on here have said over the years.

Either way, I bought 50 quid of bitcoin a couple of days ago and now it's worth 53 Very Happy
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Fat Angry Scotsman
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PostPosted: 13:33 - 15 Feb 2021    Post subject: Reply with quote

I had 22 bitcoins years ago and sold them all for $700 USD all-in. I didn't realise they would be a thing years later and wish I had kept them to punt now.
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wr6133
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PostPosted: 13:49 - 15 Feb 2021    Post subject: Reply with quote

I used to mine them back when a sli'd set of decent GPU's could do a worthwhile job.

Spent it all on drugs on the silk road (probably about 15 coins in total) Laughing Should I have kept them and now been able to buy a couple more houses?.... nope it was the best acid I have ever done.

Still have something like 0.4 in my wallet, changed my password when really high (6 years ago???) and not been able to get back in Laughing

My opinion is they are doing so well as they facilitate criminality, not just selling drugs/women/etc but they give the wealthy a way to hide or strategically move large sums in ways that may not be totally above board. The same wealthy that control legislation/legislators.
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The Artist
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PostPosted: 14:53 - 15 Feb 2021    Post subject: Reply with quote

wr6133 wrote:

My opinion is they are doing so well as they facilitate criminality, not just selling drugs/women/etc but they give the wealthy a way to hide or strategically move large sums in ways that may not be totally above board. The same wealthy that control legislation/legislators.


This is a myth IMO.

Bitcoin is so transparent, there is no way to get FIAT in and out without following AML/KYC rules. No one sensible uses BTC anymore for anything illegal as it is monitored by many organisations. I know this as I have received emails from exchanges requesting explanations for various transactions to comply with these rules.

Offshore bank accounts still work for the super wealthy and they are unlikely to switch to something so traceable and new for the time being.
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Nobby the Bastard
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PostPosted: 13:11 - 24 Oct 2023    Post subject: Reply with quote

Networmin wrote:
Since your original post, Bitcoin has continued to gain attention, both from institutional investors and the general public. Its price has seen significant fluctuations, but it remains a topic of interest and debate.


Thank you for your insightful comment. I look forward to reading further comments by yourself on items of quite vast important in future.
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Nobby the Bastard
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PostPosted: 23:19 - 17 Jan 2024    Post subject: Reply with quote

Yay! Another bot!

Just what we needed....
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