Bitcoin currency

Wasmanormouse

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Joined
May 12, 2019
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123
I think a bit of schadenfraude is merited. While no doubt some innocent people have been duped, the whole crypto sphere has been plagued by fraudsters, liars and criminals. Hopefully this will put an end to the notion that Bitcoin et al are a legitimate investment class, never mind some sort of safe haven
It also has the wise ass crowd telling their friends and anyone else who’ll listen, how much their position in crypto has increased in value while sounding clever. All you need do is scroll back here to see what I’m talking about.
These people are well described in Texas, all hat and no land.
 


Watcher2

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May 2, 2010
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35,011
Eh no. Bitcoin, unlike gold, has no intrinsic value. It’s just a series of 0s and 1s. It’s fun for a bit of speculation but fundamentally worthless.
Of course its worthless. Just because a few fraudsters played on peoples greed to hype the concept (yes, its just a concept) up, does not mean it has "value". And no, its not "worth" what someone will pay for it. Price and value are not the same thing. Did we not learn anything from the property crash?

I guess not.
 

Hillmanhunter1

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Jan 9, 2009
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2,630
New Bank of England Governor, Andrew Bailey (who has a consumer protection background most recently) his the nail on the head:

"I've said publicly because we were concerned about it—if you want to buy bitcoin, be prepared to lose all your money," Bailey said. "If you want to buy it, fine, but understand that what you've got has no intrinsic value. It might have extrinsic value, but no intrinsic value."

New Bank Of England Governor Sent Bitcoin Buyers A Stark Warning
 

Dame_Enda

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Dec 14, 2011
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57,840
Bitcoin has a history of spectacular rises and collapses. Its around €4400 now. I think it will survive.
 

Sync

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Aug 27, 2009
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It exists purely as a gambling system. If you've got 12k that you wouldn't miss, why not buy 3? But as Watcher points out: It's not "value", it's a case of interesting odds. It is not investing. It's gambling. So don't put anything you've earmarked reliance on for it.
 

Hillmanhunter1

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Jan 9, 2009
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Bitcoin has a history of spectacular rises and collapses. Its around €4400 now. I think it will survive.

Only because (as we're also finding out in relation to Covid-19) there's no cure for stupid.
 

Lumpy Talbot

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Jun 30, 2015
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32,159
Twitter
No
I checked the price on bitcoin less than ten days ago and it was over £6k then. Treat it is a single share volatility index.
 

Dame_Enda

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Dec 14, 2011
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57,840
Bitcoin on €5220 now. Maybe the market is starting to see cryptocurrency will become more important due to social distancing with Coronavirus.
 


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