Crypto Crash

Cash is made up bollocks as well really.
Yes but its backed up by banks and it isn't ridiculous denominations (well the main ones don't). Take a £1,$1 or €1 for example, you can buy say a chocolate bar, with bitcoin would be
0.000040BTC. Its ridiculous and unless it comes down to reasonable levels and banks get involved then it won't be mainstream
 


I don't quite follow what you mean about BTC from a consumer perspective. Revolving credit lines are essentially interest-free loans if you pay them in full each month. Using BTC for that type of daily use would be like paying for everything and then not knowing whether tomorrow you might have just effectively paid 40p, £4, or £40 for that mediocre sandwich at M&S.

Also, Elon Musk looks exactly like what I'd expect Stewie Griffin to look and act like grown up.
You can borrow crypto....same difference
Yes but its backed up by banks and it isn't ridiculous denominations (well the main ones don't). Take a £1,$1 or €1 for example, you can buy say a chocolate bar, with bitcoin would be
0.000040BTC. Its ridiculous and unless it comes down to reasonable levels and banks get involved then it won't be mainstream
Banks are involved. And banks don't back currency.
 
Ew. I can't think of any circumstance in which I'd want to do that. I keep my speculative investments and my borrowing entirely separate for reasons of my own sanity.
What I meant was its like a revolving credit fscikity if you so wish. You borrow you pay a fee and a payment network is provided.
 
What I meant was its like a revolving credit fscikity if you so wish. You borrow you pay a fee and a payment network is provided.
I got it now. But then again, I have enough money to get pretty much any credit card I want, and I'm not sure I want to be paying money anywhere that accepts Bitcoin but not any of the major credit card networks.
 
In the same way gold is.
If I bought gold and the value of gold crashed, I’d still have the same amount of a physical object.

If I bought shares in a company, that company might fold but it still has assets and there is hope for something back.

CryptoCurrency is essentially an email with a number on. It has value because someone said it does, that created demand and that pushed up the value, but you are effectively buying a made up number. That is where I struggle to understand why it has value.

Meanwhile the computer hardware market is screwed, because people are buying everything from a little Raspberry Pi through to powerful GPU are being snapped up so people can make up more made up numbers than anyone else.
 
Bad couple of days for the Crypto Bros :lol:
Why do you find that funny?
If I bought gold and the value of gold crashed, I’d still have the same amount of a physical object.

If I bought shares in a company, that company might fold but it still has assets and there is hope for something back.

CryptoCurrency is essentially an email with a number on. It has value because someone said it does, that created demand and that pushed up the value, but you are effectively buying a made up number. That is where I struggle to understand why it has value.

Meanwhile the computer hardware market is screwed, because people are buying everything from a little Raspberry Pi through to powerful GPU are being snapped up so people can make up more made up numbers than anyone else.
Like a £20 note is only worth £20 because someone said it is.
 
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A little off topic, but if I use a wallet app on my phone, if I lose or break my phone, it that it, lost the money?

Also if it was a coinbase wallet and coinbase go bust, could I still use the wallet with another exchange and recover my money or would it be lost?
 
A little off topic, but if I use a wallet app on my phone, if I lose or break my phone, it that it, lost the money?

Also if it was a coinbase wallet and coinbase go bust, could I still use the wallet with another exchange and recover my money or would it be lost?
Take a backup, the wallet is not tied to coinbase.
 
If I bought gold and the value of gold crashed, I’d still have the same amount of a physical object.

If I bought shares in a company, that company might fold but it still has assets and there is hope for something back.

CryptoCurrency is essentially an email with a number on. It has value because someone said it does, that created demand and that pushed up the value, but you are effectively buying a made up number. That is where I struggle to understand why it has value.

Meanwhile the computer hardware market is screwed, because people are buying everything from a little Raspberry Pi through to powerful GPU are being snapped up so people can make up more made up numbers than anyone else.
You don't understand and I haven't the time or the inclination to explain.
 
You don't understand and I haven't the time or the inclination to explain.
Fair enough. It is clear I don't understand. It just sounds like some people made up a problem one day then people flocked to buy into it for no reason. It feels like a house built on sand to me.
 
Backed by governments.

Obviously they can conjure up as much as they like but it has a promise behind it.

Crypto has no promise and no intrinsic value. Just a price.

I still cannot see how it will work.
I’ve tried to think it through but it always falls down.

Like gold
I know someone with circa 20 btc who is a staunch hodler.

I think it pretty much consumes his life, checking the price. Fuck that, too much pressure.

He'll do well in time
 

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