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Post by Repat Van on Mar 20, 2024 23:02:56 GMT
Me neither. I've had people try to explain it to me but, nope. Same. It’s why I have not bothered investing in that or other Cryptocurrency - to quote the great investor Mr Buffet - never invest in things you don’t understand / don’t understand how they make money. |
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Post by Repat Van on Mar 20, 2024 23:04:12 GMT
It’s basically upheld by magic. You can think of it like holding dollars or pounds, but it’s not backed by anything real and the value is utterly randomised, driven purely by supply and demand rather than real things. If you adhere to Warren Buffet’s principle that you should only invest in companies that make things you understand - which is a pretty good maxim, on the whole - then you shouldn’t invest in Bitcoin. There’s some very computer intensive use of blockchain that theoretically means it can’t get stolen, but fundamentally you are buying and selling dead tulip bulbs and hoping that there are other people that want your dead tulip bulbs. Funnily the exact same came to mind before I even read this post. |
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moggyonspeed
New Member
"Anyone who considers protocol unimportant has never dealt with a cat."
Posts: 7,670
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Post by moggyonspeed on Mar 21, 2024 12:46:00 GMT
If someone could point me toward a pub that accepts bitcoin, then perhaps I’d think a bit more about it but, as Andy says, it’s backed by nothing more than people saying how great it is.
A modern version of the South Sea Company, with a similar investorship and equivalently nefarious things in which to “invest”. Begs the question as to how soon the bubble will burst.
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voice
New Member
Goals are a form of self inflicted slavery
Posts: 41,222
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Post by voice on Mar 21, 2024 14:32:01 GMT
Bubbles have been bursting since it was dreamed up, the values gone up and down like a brides nighty, it's like a study in boom bust
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Post by marechal on Mar 21, 2024 16:36:01 GMT
It will never replace fiat due to its volatility from being used as a speculative trading instrument.
Also, the big fanboys of bitcoin all seem to be anti-government/conspiracy derelicts, which right there should tell you something.
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Post by perrykneeham on Mar 21, 2024 16:49:42 GMT
Spivs.
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Post by flatandy on Mar 21, 2024 18:00:22 GMT
Yeah, it's a particularly unpleasant combination of libertarian tech-bros and corrupt gambling spivs.
And the only reason its value is going up is because its value has gone up, and now everyone who owns it needs to keep the bubble inflated as much as they can by trying to persuade other people to buy their dead tulip bulbs. Some normal people are going to get f**k*d as a result, once there's no new money to come into the scheme and keep it afloat.
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Post by perrykneeham on Mar 21, 2024 18:52:03 GMT
If only there was a name for a financial market which has no realisable value and where the continued profits of early entrants relies entirely on investment by increasingly large numbers of new participants ...
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