Bitcoin hits new record of $50,000
16/02/2021
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The digital currency has gained 72% so far in a volatile 2021.
Bit like the South Sea Bubble or the 1637 Amsterdam Tulip Bulb crash
Similar comments were made during the last run in 2017. Back then those idiots who bought into this pond scheme at top would have nearly quadrupled their investment.
Have you actually compared Al those three famous market crashes in a graph to see similarity and differences between them? I can tell you haven't.
A coin worth $50 000? How's Elon Musk going to give you your change, or aren't you expecting any?
Each bitcoin can be divided into 100 million units (called sats), so change of even a fraction of a penny is possible. You don't have to buy/sell a whole bitcoin.
Showing your utter ignorance here Best to be quiet & people won’t think less of you
Tulips anyone?
Actually, replying to myself, I'm a fan. Anything that takes control of currency away from the hands of central banks and governments has to be a good thing. Should be inflation proof too due to limited supply.
Didn't people say this in 2017 when it reached $19k...
fiat currencies have no intrinsic value, cyber phantoms even less so.
True, but at least I can still spend my fiat (not to buy digital....which is akin to throwing good money after bad), in my opinion
Fiat currencies are backed by the issuing country, which has mechanisms to control the supply, value etc. The people ultimately in charge of this (the govt) are elected democratically.
Bitcoin has none of the above, and infinitely more volatility. The argument that it has any practical, legal use case is ridiculous.
Bitcoin has none of the above, and infinitely more volatility. The argument that it has any practical, legal use case is ridiculous.
The real value of a Bitcoin is actually less than 1p, because a 1p coin has intrinsic value in the metal it is made of. Bitcoin has no intrinsic value and no purpose other than money-laundering. Given that the electricity to "mine" new coins is greater than the consumption of Argentina (c.f. news last week) it is high time this was closed down once and for all.
Fun fact - gold is much more energy intensive to mine than bitcoin.
A £1m bank deposit or £20 note has no intrinsic value either. Bitcoin now has a role as insurance against collapse of the current financial system amongst other things and cannot be closed down, only regulated to some degree at the exchanges.
My word. A bitcoin article that actually has an accurate comment as the top comment.
Governments love Bitcoin cos it's (dopey) "value" keeps the price of gold and silver lower than what they would be. "digital gold"....so is my *rse!
Bitcoin's energy consumption is high, but most of it is from renewable sources. Compare that to the global banking system's energy usage? Or other (e.g. precious metals) mining operations?
The real value of a £5 note is tiny.
What's your point?
What's your point?
The real value of a Bitcoin (or anything for that matter) is what someone is willing to pay for it, which is ~£35000. That's how economics works.
I don't think you understand Bitcoin. It exists in the form of computer code but you cannot close it down because it belongs to the people who own it. It bypasses the entire traditional financial system, particularly the banks, and allows you to trade freely across the world. Whilst it's true that it has been used for illicit purposes it is increasingly being used legally.
Seems like someone is sore cos he missed out ..
Haha oh dear, such an uneducated post and liked by people equally as uneducated presumably
Is a five pound note only worth the paper it's printed on? No
What drives the value of gold - demand, because it's pretty rather than useful (Also worse carbon footprint to mine I might add)
Assets and fiat for that matter are only worth what people are prepared to part with for them
Is a five pound note only worth the paper it's printed on? No
What drives the value of gold - demand, because it's pretty rather than useful (Also worse carbon footprint to mine I might add)
Assets and fiat for that matter are only worth what people are prepared to part with for them
Seeing as you are writing this this online using an electrical device, one can assume you are using fiat money almost every day.
So what's the value of your £10 note then? What's that backed by?
Sadly such an ill informed statement.. typically peddled by mainstream media.
The BBC is supposed to unbiased yet none of its reports ever highlight the remarkable technology of bitcoin & it's blockchain.
Bitcoins value is its code base, built and maintained by talented programmers over the last 12 years, it's utility and scale of network.
You could argue no digital company has "real value".
The BBC is supposed to unbiased yet none of its reports ever highlight the remarkable technology of bitcoin & it's blockchain.
Bitcoins value is its code base, built and maintained by talented programmers over the last 12 years, it's utility and scale of network.
You could argue no digital company has "real value".
so how much is a 50p coin worth then?
if it has a picture of Kew gardens on it?
if it has a picture of Kew gardens on it?
"it is high time this was closed down once and for all"
This is the whole point. Crypto is not subject to the whims of governments, corporations or people. It can never be closed down. And that's why the governments and banks are so fearful of it and desperate to damage its reputation: because they cannot control it.
This is the whole point. Crypto is not subject to the whims of governments, corporations or people. It can never be closed down. And that's why the governments and banks are so fearful of it and desperate to damage its reputation: because they cannot control it.
Bitcoins intrinsic value is in its mathematically limited supply of 21m. Its value is derived from its decentralised infrastructure (no central authority can control it or create an unlimited supply, unlike the GBP currency). You can literally send bitcoin to anyone, anywhere in the world at anytime for pennies. Try sending £1m to someone in africa on a saturday and see how far you get.
No idea... Bitcoins intrinsic value is being the first money system with the ability to store all the money for every individual, corporation and government in a decentralised system, the first of its kind. Money laundering - All Bitcoin transactions are stored publicly, worst possible place to launder money. Bitcoin uses a fraction of the energy of the current banking infrastructure.
Tulips anyone?
When you have multiple Crypto currencies being created on a whim its not a hedge against inflation...
You do make a good point. The banks have only themselves to blame.
Inflation proof? But volatile beyond any other mainstream financial instrument or holding?
On one hand you may lose out to inflation by a couple of percent per year, or alternatively, lose half your net worth in a matter of weeks. Seems like a terrific hedge against inflation.
On one hand you may lose out to inflation by a couple of percent per year, or alternatively, lose half your net worth in a matter of weeks. Seems like a terrific hedge against inflation.
Driven by gambling and greed. This just one massive bubble waiting to burst.
A bubble that bursts every 4 years before re-inflating to higher highs.
You're describing the world's existing financial and economic system there. Remember 2008?
Sounds like stocks shares & bonds to me Negative interest rates are on there way
The biggest con job in history.
Actually, replying to myself, I'm a fan. Anything that takes control of currency away from the hands of central banks and governments has to be a good thing. Should be inflation proof too due to limited supply.
This looks great!
I think I'll tranfer all the funds and shares in my pension pot into BitCoin.
What can possibly go wrong?
I think I'll tranfer all the funds and shares in my pension pot into BitCoin.
What can possibly go wrong?
That's what I did. I'm up 400 percent. How about you? 3 percent?
Leave it where it’s at & in 6 months time the Bank of England intends to instruct the banks charge you negative interest rates Hyper inflation & a stock market crash will decimate your pension pot What could possibly go wrong?
Look at the numbers you should have done that at Christmas, yes then you could have retired!
I know you are taking the mick, but if you ever do, make sure you buy BTC and not BSV or BCH. Lots of pretenders to the crown.
No currency has intrinsic value, it's all based on confidence, liquidity and means of exchange. Bitcoin has the advantage, unlike central banks, of not being influenced by politicians who will always devalue currency for short term gains (putting the printing presses on / Quantitive Easing).
All physical items have intrinsic value. Traditional currencies have physical versions, even if most of it is virtual. Cryptos do not, and that's the key difference.
That doesn't stop either being seen as items of worth, but you can't use the intrinsic value debate here.
That doesn't stop either being seen as items of worth, but you can't use the intrinsic value debate here.
And on the other hand, it is utterly useless for buying anything. Would you agree to being paid in a currency that means in one month you could buy a small car, and the next month barely cover your rent?
Well said and most people don't know there will only every be a limited number of Bitcoins..so the value will increase
Bitcoin has the disadvantage of having very limited means of exchange.
This is a pyramid scheme driven by tech-savvy opportunists.
The BBC giving it any coverage is scandolous.
This is a pyramid scheme driven by tech-savvy opportunists.
The BBC giving it any coverage is scandolous.
Unlike gold, Bitcoin has rival altcoins such as version 2 of Ethereum to be released in the near future, which is arguably an improved version with inbuilt scalability, and functionality.
People can jump ship to newer versions (hard forks) of cryptocurrency in a click of a finger - sending Bitcoins value plummeting .
People can jump ship to newer versions (hard forks) of cryptocurrency in a click of a finger - sending Bitcoins value plummeting .
Finally I can buy that house I always wanted with my 10 Bitcoins.
I'm sure I won't laughed out of this transaction like last time. Times are different now...Oh Yeah! The Good Times are here.
I'm sure I won't laughed out of this transaction like last time. Times are different now...Oh Yeah! The Good Times are here.
World Governments need to make minds up?
Seems some financial institutions are thinking of embracing digital .. what's the score
Seems some financial institutions are thinking of embracing digital .. what's the score
The comments already are funny. People talk about how crypto is "worthless" while completely oblivious to how fiat works.
The £20 note in your pocket is only worth what we decide it's worth. It's not backed by anything other than faith. It's exactly the same as crypto, except less secure since fiat can be counterfeited.
Crypto will replace fiat within 20 years.
The £20 note in your pocket is only worth what we decide it's worth. It's not backed by anything other than faith. It's exactly the same as crypto, except less secure since fiat can be counterfeited.
Crypto will replace fiat within 20 years.
Exactly. Fiat is 97% digital anyway and backed only by (ever decreasing) trust. If anything Bitcoin is more attractive precisely because it’s not controlled by government and can’t be printed till it’s worthless - it’s also cheaper to transfer with no fx/ card fees..
The £20 in your pocket can be exchanged for other goods in any shop in the country. The bitcoin on your hard drive can be, oh.
Unlike crypto (environmentally insanely hostile because of the lunatic amount of electricity consumed in mining them), fiat has public confidence & the chance to be underpinned to a degree by tax revenue in the future.
Crypto doesn't have even that minimum.
And don't mention Venezuela, that's just a choice of which fiat you like, real solvent fiats like $/£/Yen/Euro/SFr/etc. or basket cases
Crypto doesn't have even that minimum.
And don't mention Venezuela, that's just a choice of which fiat you like, real solvent fiats like $/£/Yen/Euro/SFr/etc. or basket cases
Crypto will replace fiat within 20 years.
No.
But crypto con men will be up for parole.
No.
But crypto con men will be up for parole.
And if it even looks remotely like doing so, will be regulated by Governments who aren't going to sit back and let it happen.
The £ in your pocket is backed by an entire financial system and tax revenues.
Crypto is entirely faith based and can be stolen/hacked/lost. Plenty of caces of that happening.
The £ in your pocket is backed by an entire financial system and tax revenues.
Crypto is entirely faith based and can be stolen/hacked/lost. Plenty of caces of that happening.
The value of a fiat currency is a reflection of its country of origin. It's backed by government, the people, the economy, and traded openly to provide a stable exchange of value within / between complex economies. The only thing crypto-traders are punting on is some anarchist conviction that 'we've got all wrong'. So just buy gold? Been there... when TPTB want something, they take it by decree.
It’s Funny? I’ve just made 20% on my investment. Yep at this rate I’m currently laughing. What did your bank last pay you back in interest?
Yep it can go down but it’s a game; play if you can afford to loose what you invest same with any shares!
Yep it can go down but it’s a game; play if you can afford to loose what you invest same with any shares!
Both will be dead in the water in 20 years with a bit of luck after a global rise of higher thinking which takes us away from this financial myth that divides us all right now.
Crypto won't be replacing anything. Once the Tether scam is fully unveiled (no way in hell are they backed anything like they've claimed), the price of Bitcoin will plummet.
It's a hype machine, pure and simple. The big investors buy, trumpet around that they have, number goes up because it's all fanatics and that investor has more wealth. Bitcoin is not a currency, it's a ponzi scheme.
It's a hype machine, pure and simple. The big investors buy, trumpet around that they have, number goes up because it's all fanatics and that investor has more wealth. Bitcoin is not a currency, it's a ponzi scheme.
The UK should issue it's own virtual currency that doesn't require as much 'mining' energy. Be good to have something that is a little more regulated but more 21st century than central bank printed money.
There are lots of other cryptocurrencies other than bitcoin, most if not all of them more energy efficient than bitcoin. Bitcoin was the first crypto, every one since has improved the technology.
Central banks are already looking at the possibility of their own crypto currencies- I suspect that the likes of Bitcoin et al will become to the central banks crypto what gold has become to fiat..an undeerlying safe haven but controlled and manipulated downwards inn price by central bank crypto..like it or not governments (and central banks) hold the political and legislative power
The gains this year were not due to Musk. Bitcoin went from $28k to $39K since the year started - then Musk made his announcement and it went from 39 to 42 and back to 39 and THEN it's topped 50K The growth in Bitcoin this year is down to institutional buying - you know, people who do their research and risk analysis BEFORE they buy big.
You've compared a period of over a month to just one day and then again to a period covering multiple days, which is in the aftermath of said event.
The fact, whether you like it or not, is that Tesla's announcement was responsible for the single biggest rise in Bitcoin's value.
The fact, whether you like it or not, is that Tesla's announcement was responsible for the single biggest rise in Bitcoin's value.
The only people who still say it's a scam and a bubble are 1) Idiots who haven't done their research, or 2) People who missed out and who are salty about it. // For years the Banks called it a scam, yet the moment the price of a Bitcoin is beyond the reach of your Average Joe they suddenly tell the truth and now it's a form of currency and a hedge against the dollar. Coincidence? Yeah right
World Governments need to make minds up?
Seems some financial institutions are thinking of embracing digital .. what's the score
Seems some financial institutions are thinking of embracing digital .. what's the score
The comments already are funny. People talk about how crypto is "worthless" while completely oblivious to how fiat works.
The £20 note in your pocket is only worth what we decide it's worth. It's not backed by anything other than faith. It's exactly the same as crypto, except less secure since fiat can be counterfeited.
Crypto will replace fiat within 20 years.
The £20 note in your pocket is only worth what we decide it's worth. It's not backed by anything other than faith. It's exactly the same as crypto, except less secure since fiat can be counterfeited.
Crypto will replace fiat within 20 years.
Fiat is the currency we already have... GBP, USD, any physical currency not backed by gold or any other asset.
Didn't they merge with Chrysler?
A fiat currency is one that is no longer backed by an asset. Now that Sterling is no longer backed by the gold standard it is in effect a fiat currency. I’m trying to think of a currency that is backed by an asset and I can’t!
They make crap Cars
What’s the transaction cost of Bitcoin at the moment ?
The comments already are funny. People talk about how crypto is "worthless" while completely oblivious to how fiat works.
The £20 note in your pocket is only worth what we decide it's worth. It's not backed by anything other than faith. It's exactly the same as crypto, except less secure since fiat can be counterfeited.
Crypto will replace fiat within 20 years.
The £20 note in your pocket is only worth what we decide it's worth. It's not backed by anything other than faith. It's exactly the same as crypto, except less secure since fiat can be counterfeited.
Crypto will replace fiat within 20 years.
Bitcoin is controlled by the miners. Which is even worse as most are Chinese.
With my few hundered pounds worth of Bitcoin I can probably cash in enough to get a nice curry on the profit. Unfortunately we don't all have a Billion dollars in the back pocket. Cashing that in now will pobably pay for Musk's rocket explosion last month.
It'll be $500k per coin within 5 years. Just hold your "few hundred pounds" and wait until it's a few grand.
I'd rather hold a volatile asset that appreciates in value (Bitcoin) than a non-volatile asset that depreciates in value (£)
Imagine buying a Tesla with a bitcoin. That's $50k now, and $500k in five years maybe, while the car you bought is worth ten times the square root of sod all.
I'd rather have an asset I can buy something with.
volatile assets also depreciate. £ 'safer' than bitcoin, but gold, land and shares in real companies only way to be reasonably sure of retaining value long term.
With my few hundered pounds worth of Bitcoin I can probably cash in enough to get a nice curry on the profit. Unfortunately we don't all have a Billion dollars in the back pocket. Cashing that in now will pobably pay for Musk's rocket explosion last month.
This is the way
at such a high values against present trad currency does a bitcoin split into segments for exchanging or spending ?
Yes. They are broken into "Satoshis" (named after the alleged inventor), there are 100m sats in a btc.
Yes, 1/1000 of a Bitcoin is known as a Satoshi, however it can be split even smaller.
Yes, each bitcoin can be split into 100 million units (called sats).
Usual amount of FUD from the uninformed: Tulips, South Sea bubble, Ponzi Scheme, Money laundering etc etc with the latest being Energy consumption. Governments can print money at will and are destroying our currency one pound at a time. The national debt stands at around £60,000 per tax payer lets face it the only way out of that is via inflation. Digitally scare Bitcoin is the prefect hedge.
totally agree, governments steal from their subjects via currency debasement,.
Why waste your time trying to be sarcastic? Bitcoin has been around for years. Now Banks and Institutions are buying yet the people still call it a scam. Not exactly a display of intelligence, is it? It doesn't register to the brain-dead that the banks called Bitcoin a scam for years until the price of one became beyond the reach of your Average Joe. Now they are free to tell the truth.
Spot on.
The UK government should buy one Bitcoin per person and keep it to service that debt. :-)
You understand
A scarcity of supply means Bitcoin can be the lifeboat for those who jump on board now
Being scarce alone doesn’t give something value. Also, it’s only backed by faith like any fiat currency so it doesn’t have value to begin with
It's all well and good making claims, but those things you rubbish are all absolutely true.
The gains this year were not due to Musk. Bitcoin went from $28k to $39K since the year started - then Musk made his announcement and it went from 39 to 42 and back to 39 and THEN it's topped 50K The growth in Bitcoin this year is down to institutional buying - you know, people who do their research and risk analysis BEFORE they buy big.
Nonsense. Tesla's announcement caused a spike of 10% in half an hour, then over the course of a week the market slowly ebbed back 10%, and it has since taken off again. Tesla caused a brief surge in demand, that is all.
When you bought Bitcoin at £5k who cares who is responsible for the rise, makes no odds, whats your point? Elon added ever increasing legitimacy to an already appreciating asset.
The real value of a Bitcoin is actually less than 1p, because a 1p coin has intrinsic value in the metal it is made of. Bitcoin has no intrinsic value and no purpose other than money-laundering. Given that the electricity to "mine" new coins is greater than the consumption of Argentina (c.f. news last week) it is high time this was closed down once and for all.
Except gold actually has some physical uses. Bitcoin does not.
But it is real, and can be held in the hand. It also has real-world uses, as in electronics and jewellery.
But gold has some unique practical uses other than storing it back in the ground
Ye, because it’s gold!!!!!
Imagine buying a Tesla with a bitcoin. That's $50k now, and $500k in five years maybe, while the car you bought is worth ten times the square root of sod all.
e-cigarettes, i-Tunes, digital gold.... it's so confusing for boomers, these days. How much is it in old money..?
You can buy dollars with a bitcoin.
bit coins sounds like a way that criminal world can move wealth
Sure. But let's not pretend you can't launder cash.
Is the US dollar used by criminals? What about the Pound? And the Euro? I think it's time you engaged in some critical thinking....
Pretty sure the US dollar is the Drug Cartels currency of choice, not bitcoin that can be traced on a public blockchain, do some research!!
You need to be worried about how your pension is being invested by the hedge fund managers and the repeat of 2008 than how criminals can move it. Remember no got held accountable paid for 2008 and not much has changed
So why do we hear so much about bank account fraud? That's fiat being moved around, and that never seems to be able to be recovered - it's just gone and the banks don't seem to be able to do anything about it.
Bitcoin is a public ledger. Every single transfer and transaction is a matter of public record and can be traced.
Bitcoin is a public ledger. Every single transfer and transaction is a matter of public record and can be traced.
0.34% of Bitcoin is in criminal hands Guess what they bought it with dollars & pounds That’s how they moved the wealth
More criminal money has been moved using regular money than has ever been with crypto. Still is.
The rats in Pablo Escobar's cellar ate more money than you will ever make.
The rats in Pablo Escobar's cellar ate more money than you will ever make.
World Governments need to make minds up?
Seems some financial institutions are thinking of embracing digital .. what's the score
Seems some financial institutions are thinking of embracing digital .. what's the score
Should I invest Bob that's the question?
Finally I can buy that house I always wanted with my 10 Bitcoins.
I'm sure I won't laughed out of this transaction like last time. Times are different now...Oh Yeah! The Good Times are here.
I'm sure I won't laughed out of this transaction like last time. Times are different now...Oh Yeah! The Good Times are here.
The comments already are funny. People talk about how crypto is "worthless" while completely oblivious to how fiat works.
The £20 note in your pocket is only worth what we decide it's worth. It's not backed by anything other than faith. It's exactly the same as crypto, except less secure since fiat can be counterfeited.
Crypto will replace fiat within 20 years.
The £20 note in your pocket is only worth what we decide it's worth. It's not backed by anything other than faith. It's exactly the same as crypto, except less secure since fiat can be counterfeited.
Crypto will replace fiat within 20 years.
I can trade bitcoin for GBP and then buy good from a shop. And give it a year or two and you'll soon start seeing vendors accepting crypto. It's still early days, the technology is moving.
This is an outdated argument. I can spend my bitcoin on a Visa card linked directly to my bitcoin wallet... so anywhere that takes that is good for me. Or I can sell at an exchange and have the cash in my bank within 10 minutes.
You can spend bitcoin anywhere that accepts Visa, contactless, paypal.
Perhaps you shouldn't use the BBC to learn about these things...
Perhaps you shouldn't use the BBC to learn about these things...
The biggest con job in history.
The gains this year were not due to Musk. Bitcoin went from $28k to $39K since the year started - then Musk made his announcement and it went from 39 to 42 and back to 39 and THEN it's topped 50K The growth in Bitcoin this year is down to institutional buying - you know, people who do their research and risk analysis BEFORE they buy big.
The only people who still say it's a scam and a bubble are 1) Idiots who haven't done their research, or 2) People who missed out and who are salty about it. // For years the Banks called it a scam, yet the moment the price of a Bitcoin is beyond the reach of your Average Joe they suddenly tell the truth and now it's a form of currency and a hedge against the dollar. Coincidence? Yeah right
Stack Sats and chill.
BitCon
Yep, like the South Sea bubble (only exists in the history books hundreds of years later, never mind 4 years) or the tulip bulb bubble (you can pick them up in bags of a dozen in your suermarket for the price of a small bag of spuds)
So much for 4 year reinflating to higher highs.
Hundreds of years later they're still flat busted, effectively valueless
Have another go.
So much for 4 year reinflating to higher highs.
Hundreds of years later they're still flat busted, effectively valueless
Have another go.
The fact it has risen over 70% on the back of Tesla announcing they had bought £1.5bn worth tells you all you need to know about the volatility of Bitcoin.
It didn't rise 70% because of Tesla. It rose 10%, then dropped 10%.
Not true
It's up about $8k since Musk invested which is 20-25% and not all of that was driven by Tesla
It's up about $8k since Musk invested which is 20-25% and not all of that was driven by Tesla
Your comment tells us all we need to know. People just see what they want and make up they're own facts.
If Elon Musk is going to accept Bitcoin as payment for Tesla cars, why does he need to buy Bitcoin? He's going to be in the business of selling it.
Usual amount of FUD from the uninformed: Tulips, South Sea bubble, Ponzi Scheme, Money laundering etc etc with the latest being Energy consumption. Governments can print money at will and are destroying our currency one pound at a time. The national debt stands at around £60,000 per tax payer lets face it the only way out of that is via inflation. Digitally scare Bitcoin is the prefect hedge.
I'd rather have an asset I can buy something with.
Usual amount of FUD from the uninformed: Tulips, South Sea bubble, Ponzi Scheme, Money laundering etc etc with the latest being Energy consumption. Governments can print money at will and are destroying our currency one pound at a time. The national debt stands at around £60,000 per tax payer lets face it the only way out of that is via inflation. Digitally scare Bitcoin is the prefect hedge.
I suggest you sell the Emperors New Clothes while you still can.
You're right for every winner there will be a loser, fact.
I've heard that now is the time to get into South Sea Company shares. Hurry.
Remember 2008? That really was Emperors New Clothes - "bad debts" being bundled together and repackaged and labelled "good debts".
Crypto is completely transparent. No government, corporation or individual controls it, every participant has exactly the same information, and every transaction is a matter of public record in the ledger.
I know which I would (and have) picked to invest in...
Crypto is completely transparent. No government, corporation or individual controls it, every participant has exactly the same information, and every transaction is a matter of public record in the ledger.
I know which I would (and have) picked to invest in...
The real value of a Bitcoin is actually less than 1p, because a 1p coin has intrinsic value in the metal it is made of. Bitcoin has no intrinsic value and no purpose other than money-laundering. Given that the electricity to "mine" new coins is greater than the consumption of Argentina (c.f. news last week) it is high time this was closed down once and for all.
A £20 note has an intrinsic value in the UK if you pay tax, as ONLY Sterling is accepted by HMRC. Indeed, according to MMT this is how a fiat currency issued by a national bank has value.
The £20 in your pocket can be exchanged for other goods in any shop in the country. The bitcoin on your hard drive can be, oh.
And yet, no one in their right mind would hold their rent money in bitcoin. The huge benefit of 'fiat' money is that it's largely going to be worth the same in any given month, whilst bitcoin... well, you know the rest.
e-cigarettes, i-Tunes, digital gold.... it's so confusing for boomers, these days. How much is it in old money..?
The real value of a Bitcoin is actually less than 1p, because a 1p coin has intrinsic value in the metal it is made of. Bitcoin has no intrinsic value and no purpose other than money-laundering. Given that the electricity to "mine" new coins is greater than the consumption of Argentina (c.f. news last week) it is high time this was closed down once and for all.
as usual armchair experts commenting on something they have no idea about. Like all investments you need to keep your eyes on it. Crypto currencies are more volatile than most. Keep using you piggy bank but your money will deflate with inflation !
Try 1/1000000000 of a bitcoin.
1 Satoshi - one hundred millionth of a single bitcoin (0.00000001 BTC), not 1/1000
The gains this year were not due to Musk. Bitcoin went from $28k to $39K since the year started - then Musk made his announcement and it went from 39 to 42 and back to 39 and THEN it's topped 50K The growth in Bitcoin this year is down to institutional buying - you know, people who do their research and risk analysis BEFORE they buy big.
As Bob Marley once said 'Please don't let them fool ya, oh no' You lap up that garbage about intrinsic and extrinsic value like mothers milk. Do some research, its value is created by the most powerful computer network in existence, its scarcity, divisibility and portability.
An allocation of Bitcoin, Gold & Silver is a great hedge for what's coming.
Totally agree. Just a damn shame more people can't see -when you try and tell them and they laugh at you.
There’s no similarity between Bitcoin and gold. There are 8,000 crypto’s with identical properties to Bitcoin..
No currency has intrinsic value, it's all based on confidence, liquidity and means of exchange. Bitcoin has the advantage, unlike central banks, of not being influenced by politicians who will always devalue currency for short term gains (putting the printing presses on / Quantitive Easing).
So what's the intrinsic value of the £20 note in my wallet?
£20?
lolol
£20?
lolol
The majority of currency in circulation today doesn't have anything physical (like gold) backing it, it's value is predicated on the amount of "work" done in the society in which the currency is circulated. I this regard modern "hard" currencies have about as much backing them as crypto-currencies do, that is their backing is notional, not actual.
Most fiat is digital now... You know this.
What intrinsic value does a piece of paper with numbers on it have, Bob?
What on earth is the "intrinsic value debate" and how is it relevant?
Usual amount of FUD from the uninformed: Tulips, South Sea bubble, Ponzi Scheme, Money laundering etc etc with the latest being Energy consumption. Governments can print money at will and are destroying our currency one pound at a time. The national debt stands at around £60,000 per tax payer lets face it the only way out of that is via inflation. Digitally scare Bitcoin is the prefect hedge.
Why waste your time trying to be sarcastic? Bitcoin has been around for years. Now Banks and Institutions are buying yet the people still call it a scam. Not exactly a display of intelligence, is it? It doesn't register to the brain-dead that the banks called Bitcoin a scam for years until the price of one became beyond the reach of your Average Joe. Now they are free to tell the truth.
Average Joe can still buy into this market as each Bitcoin is divisible by 100,000,000 . The on ramps are getting easier such that you can Pound cost average into the market as £5 a day for example.
Think you are replying to the wrong person, JBFC2 is clearly an advocate
Which actual banks are buying it?
The only institutions investing are ones that have never made a consistent profit (Tesla, Twitter, Microstrategy), whose owners all seem to have private investments.
They'll get slapped down soon enough by the SEC, but don't pretend there's any actual adoption going on.
The only institutions investing are ones that have never made a consistent profit (Tesla, Twitter, Microstrategy), whose owners all seem to have private investments.
They'll get slapped down soon enough by the SEC, but don't pretend there's any actual adoption going on.
e-cigarettes, i-Tunes, digital gold.... it's so confusing for boomers, these days. How much is it in old money..?
Millennials are now coming up to 40 years old
The comments already are funny. People talk about how crypto is "worthless" while completely oblivious to how fiat works.
The £20 note in your pocket is only worth what we decide it's worth. It's not backed by anything other than faith. It's exactly the same as crypto, except less secure since fiat can be counterfeited.
Crypto will replace fiat within 20 years.
The £20 note in your pocket is only worth what we decide it's worth. It's not backed by anything other than faith. It's exactly the same as crypto, except less secure since fiat can be counterfeited.
Crypto will replace fiat within 20 years.
Yes 20 years is a long time, the change is beginning now and will perhaps take that long to make fiat redundant. It depends how much our current currencies inflate. Hyperinflation will make it happen much sooner. Fun fact - bitcoin is currently the de facto national currency of Venezuela for this very reason.
Without legal assets to buy, proper regulation (with appropriate taxation) its a criminal currency and its marketing a giant ponzi scheme..
Regulate it properly or shut it down!
Regulate it properly or shut it down!
Next stop £100,000. Go Bitcoin
Without legal assets to buy, proper regulation (with appropriate taxation) its a criminal currency and its marketing a giant ponzi scheme..
Regulate it properly or shut it down!
Regulate it properly or shut it down!
Allow me to explain. In order to shut down bitcoin, you need to do one of two things.
Own 51% of it. If you actually own 51% of it, why the hell would you want it to decrease in value or disappear?
Or you could destroy every single bitcoin wallet on the planet. But whatever you do, don't leave one, because otherwise the entire network can be restored.
Own 51% of it. If you actually own 51% of it, why the hell would you want it to decrease in value or disappear?
Or you could destroy every single bitcoin wallet on the planet. But whatever you do, don't leave one, because otherwise the entire network can be restored.
Finally I can buy that house I always wanted with my 10 Bitcoins.
I'm sure I won't laughed out of this transaction like last time. Times are different now...Oh Yeah! The Good Times are here.
I'm sure I won't laughed out of this transaction like last time. Times are different now...Oh Yeah! The Good Times are here.
If everybody's talking about it, it's too late to buy. Don't touch it with a barge pole.
I hope you remember saying this in five years when it's $500k a coin.
Still plenty of time to buy. Mining is limited to 21 million coins so once reached, probably this year, the price may go up faster as supply is limited. A recent forecast said value could go up x30 (3000%) between now and 2035. If you don't invest more than you can afford to lose, it could be a big winner.
It was talked about back in 2014 when I first bought 10 of them from BitBargain. Unfortunately, I sold them all for £2k back in 2017 thinking that was the peak. Anyway, I made over £19 for doing nothing, but £400,000 now would've been nice.
OK boomer.
Tell that to Elon Musk and Michael Saylor that it's too late to buy.
people said this when it was £100 a coin, and £1000, £10000 and so on.
Ah yes, the same statement was made at 5k, 10k, 15k, 20k, 25k, 30k.
Instead of "dont touch it with a barge pole" change that to, "only touch it with the money you can afford to lose." You might end up better off, you might end up worse off.
Instead of "dont touch it with a barge pole" change that to, "only touch it with the money you can afford to lose." You might end up better off, you might end up worse off.
That's what everyone said when it hit $1,000. Some people have no vision
Yeah, I heard that in 2013 when it hit £1k and have been hodling it since. The best thing I've done in my life is not listen to people's advice.
Bit coins, being manipulated by the fat cats, all the little lefty followers thought it was a way to get away from control, now bit coin gone corporate, but many will lose their shirts when it hits rock bottom.
Fat cats and lefty followers?
What have you been drinking, and where can I get a crate, because it seems to be good stuff!
Hint - not everyone who disagrees with you is a lefty...
What have you been drinking, and where can I get a crate, because it seems to be good stuff!
Hint - not everyone who disagrees with you is a lefty...
If I were a badass cartel leader, I'd be using Monero, not dollars, and not bitcoin.
I mean, obviously I'd have a fat stash of dollars, but that's for immediate liquidity, paying the goons and buying tequila and that sort of thing. But my hidden money would be a nice private crypto that will appreciate in value.
I mean, obviously I'd have a fat stash of dollars, but that's for immediate liquidity, paying the goons and buying tequila and that sort of thing. But my hidden money would be a nice private crypto that will appreciate in value.
warning to investors in so-called crypto assets!
The financial watchdog said investors should be "prepared to lose all their money" should their investment's value collapse.
The financial watchdog said investors should be "prepared to lose all their money" should their investment's value collapse.
I was prepared to lose all my money...but I'm up 400percent. Just be sensible an enjoy it.
Why waste your time trying to be sarcastic? Bitcoin has been around for years. Now Banks and Institutions are buying yet the people still call it a scam. Not exactly a display of intelligence, is it? It doesn't register to the brain-dead that the banks called Bitcoin a scam for years until the price of one became beyond the reach of your Average Joe. Now they are free to tell the truth.
Usual amount of FUD from the uninformed: Tulips, South Sea bubble, Ponzi Scheme, Money laundering etc etc with the latest being Energy consumption. Governments can print money at will and are destroying our currency one pound at a time. The national debt stands at around £60,000 per tax payer lets face it the only way out of that is via inflation. Digitally scare Bitcoin is the prefect hedge.
Much as I think Bitcoin valuation is outrageous, I do laugh when I hear central bankers criticise it as the currency 'has no intrinsic value'. The last decade of unlimited money creation must have just passed them by!
Like all commodities, it it worth what someone is willing to pay for it.
If everyone decided to sell their houses, jewellery, cars, at the same time, of course there would be a crash in values. BTC is no different.
Biggest issue with bitcoin, is that you can't hide it, insure it, or use it for any purpose to generate income. As such, when stolen by hackers who are clevere than you, it is GONE!
If everyone decided to sell their houses, jewellery, cars, at the same time, of course there would be a crash in values. BTC is no different.
Biggest issue with bitcoin, is that you can't hide it, insure it, or use it for any purpose to generate income. As such, when stolen by hackers who are clevere than you, it is GONE!
Is Crypto a currency (digital fiat?)or a commodity? I suspect the former and like all currency's has no intrinsic value (hence the term "fiat"). The supply of Bit coin maybe fixed however the potential limitless supply of competing crypto's isn't and so value appreciation is far from guaranteed IMHO
Hopefully they will close it down before farmers ruin the environment any more with the banks of computers and electricity usage of a country that is being used to generate more 'Bitcoin'.
And it literally has no underlying value as it's not a commodity like, say, gold, which you can actually hold. It's literally a string of numbers (which can be stolen/lost/highjacked).
Tread carefully.
And it literally has no underlying value as it's not a commodity like, say, gold, which you can actually hold. It's literally a string of numbers (which can be stolen/lost/highjacked).
Tread carefully.
Patch
Interesting point and not that far off the mark all this cheap money and live now pay later will eventually come home to roost seriously for many. Unsustainable debt, which is now common in many households, will always come home to bite with devastating consequences for many. Put bluntly live beyond your means and there is always, at some point, a price to pay.
Interesting point and not that far off the mark all this cheap money and live now pay later will eventually come home to roost seriously for many. Unsustainable debt, which is now common in many households, will always come home to bite with devastating consequences for many. Put bluntly live beyond your means and there is always, at some point, a price to pay.
Bank of England just prints money...thats how they will pay for covid
The thing that really annoys me about Bitcoin is the true cost of it. It uses up the same amount as energy as Argentina, according to recent reports.
That's unacceptable given the state of the environment. Is the energy cost and damage to the environment reflected in its value?
The last thing life on Earth needs is a currency that adds to global warming!
That's unacceptable given the state of the environment. Is the energy cost and damage to the environment reflected in its value?
The last thing life on Earth needs is a currency that adds to global warming!
Why waste your time trying to be sarcastic? Bitcoin has been around for years. Now Banks and Institutions are buying yet the people still call it a scam. Not exactly a display of intelligence, is it? It doesn't register to the brain-dead that the banks called Bitcoin a scam for years until the price of one became beyond the reach of your Average Joe. Now they are free to tell the truth.
This is idiocy. It is also extremely bad for the CO2 reduction energy balance of the planet Those who can least afford to lose their life savings are now all set to pay the heaviest price. While those city slickers that know how to will already have "leveraged " their potential loss?
I don't see what it has to do with CO2, nor will it have any impact on life savings, unless people dabble in what they don't understand. Just because there is all this fuss about Bitcoin, it doesn't mean fiat currencies are on the way out, so just ignore it if you want.
I tell you what, instead of throwing your life savings at it, why not throw an amount you can afford to lose at it? £100, £50. Then watch what happens.
The real value of a Bitcoin is actually less than 1p, because a 1p coin has intrinsic value in the metal it is made of. Bitcoin has no intrinsic value and no purpose other than money-laundering. Given that the electricity to "mine" new coins is greater than the consumption of Argentina (c.f. news last week) it is high time this was closed down once and for all.
Someone will make a lot of money and a lot of people will lose some money. A sounder investment might be bargepoles.