Posted: Feb 19, 2019 1:38 am
by jamest
Thommo wrote:
jamest wrote:
Thommo wrote:Insofar as you're being naive (stupid is your word, not mine), it's in thinking that governments couldn't regulate cryptocurrency rather than thinking that governments could regulate gold.

That thought has crossed my mind already, I just have no idea how they could do that with an intangible and decentralised global asset?

Like China already does, for example?

Well, in a communist country where most of your citizens are too skint to travel and/or are seemingly too afraid to suffer the wrath of their government's archaic ideals, that sort of thing can have a significant effect. However, as stated, single governments are not going to nullify a global phenomenon, ever, even a country as large as China (evidently). Bitcoin et al are going to be in business so long as the majority of countries are not colluding to close the internet. Fact. And if they are, then the shitest form of dystopia will have won the day. 1984, a prophecy fulfilled.

Certainly that kind of scenario has the potential to destroy cryptocurrency, I agree, but if we get to that point then wave goodbye to all forms of freedom and expression, not least wealth.

jamest wrote:We are comparing currencies here, not companies which generate income. I haven't invested in a company, but a currency. There is no intrinsic value in any fiat currency, a point you don't seem to grasp.

No, we're talking about investment and speculation. You bought bitcoin not as a means of exchange, but as a risky vehicle for increasing your capital. A point you don't seem to grasp.

I've stated several times that I'm aware of the risk, yet you have failed to connect to anything that I have discussed or linked to which includes the facts that:

1) Fiat has no intrinsic value and ALL currencies since the beginning of time have eventually crumbled.
2) The US $ is close to crumbling.
3) We are on the verge of a major financial shitstorm. Don't take my word for it, do your own research.
4) During such shitstorms, governments will collude with banks to do whatever it takes to sustain centralised power. They'll even rob their citizens if they have to. I have provided evidence of such in previous links. You've conveniently ignored it.

Perhaps, instead, read some recent history about how the banks nearly bankrupted The West about a decade ago (they certainly bankrupted themselves). What happened? The governments delved into their reserves and/or borrowed more money to give to the banks in order to sustain the status quo. Essentially, the peasants were the ones to suffer.

Is crypto a risk? Absolutely, since I cannot guarantee that some dick like Trump won't seek to undermine its decentralised perfume to the masses. As you say, China has attempted to do so already, and Trump surely proves that capitalists can be more stupid than communists.

Is crypto a good concept? Absolutely, for those of us looking to free ourselves from the shackles enforced upon us.

Will fiat crumble? It's always done so and shall do so again.

There's a concept called normalcy bias mentioned in one of the links I've provided. You, Sir, are under its spell.

I don't hold Sterling (or indeed Dollars or any other currency) because I believe Sterling will appreciate in value, the Sterling I possess I do not claim will make me profit (by virtue of being Sterling). I have it because I need to be able to go to the shops and buy potatoes and carrots, and I need a means of exchange that the shop will honour. Sterling has worked quite well at that, bitcoin does not.

This goes to the heart of what I've been discussing. Once fiat crumbles, inflation doubles+ daily. Carrots become the prices that ipads were, a month previous. Your fiat wealth will rapidly dissolve to nothing.

You simply do not appreciate THE RISK involved in choosing to keep the whole of your wealth associated with centralised fiat, especially at this dark financial time, Sir.

For the final time, I urge you and anyone here to grab one or two of your eggs and invest them in another basket. Just one or two. If it makes you feel any better, the top 5 crypto players went up in price today an average of about 12%.

That doesn't happen to stock that is fundamentally doomed, ladies and gents. Especially in a savage bear market!!!!!!

I'm not telling you these things to gain a thumbs-up. I'm telling you these things because I've been researching them intensely since September and now understand the future potential of both cryptocurrency and fiat. I genuinely don't want anyone here to suffer, so do yourselves a favour and just secretly invest a small amount of your money. Bitcoin, or Ephereum, or EOS, perhaps IOTA, would be my tips. Be wary of investing in Ripple XRP though. It's designed to make life easier and cheaper for banks and is essentially centralised. Don't go there, would be my advice.

Why do you think that? Is this not an alternative investment you could have made? You're banging on about gold which isn't a currency but rather a commodity, at some length, in a thread which you originally resurrected on the grounds it was not about bitcoin or currency. Why the need for a spurious rationalisation?

Investing in stocks & shares is fundamentally an extension of investing in fiat. Incidentally, some gold coins are still legal tender here within the UK. That was one of the reasons I was considering buying them: their buying power after fiat hits the fan. I still might, dunno. That article I linked to about gold has put me off.

The volume of bitcoin transactions, and the range of available goods is miniscule compared to any major currency.

Of course it is, but we're looking to something new becoming the future here.
Time for a cold shower, Thommo.