NFR: Crypto Currencies

[General]

I haven't said at any point that crypto will fully replace fiat have I? as for the cv, the "my son told me" comment was insulting and there was no need for it other than your trying to be smart.

Central bank digital currencies (CBDCs) will replace cash in the long term, according to Deutsche Bank's research team. The bank said the coronavirus pandemic has accelerated the use of digital payments over cash, and the trend will eventually lead to CBDCs taking over cash.Nov 13, 2020


https://bcfocus.com/could-cryptocurrency-replace-fiat-money/ Read that, it may give you an insight into something you clearly know nothing about.

ps. Great win tonight

CBDC is fiat, not crypto
Could not have asked for a better illustration of my last post

There are stablecoins though in creation and existence on crypto markets which are pegged to fiat currencies like the USD, so they both exist on each platform.

[blingo]

Suggest you go and read some Statto

[Luka]

You can either invest and enjoy the ride or stay out and be cynical..
At the end f the day i.e today, the £1 anyone invested in Bitcoin a three years ago is worth an awful lot more today.

[Cambridge Pete]

You make some good points Blinco, yes QE in and of itself devalues currency. I think we will see the demise of cash and the concept of Central Bank sponsored digital transactions and other digital transactions has been around for some time. My disquiet is with private unguaranteed individuals being the driving force. As an old fashioned accountant qualifying in the 70's I did not like bankers speculating with individuals savings. The whole system has been complicit in this. The last banking crisis taught the regulators and Governments nothing. But I'm a happy old curmudgeon as I've just watched Fulham win at Everton :dead horse: 049:gif

[Statto]

Suggest you go and read some Statto

keep digging...

[General]

An article on crypto with an aim to explain from one of the EMEA general managers of Coinbase one of the biggest exchanges for crypto.

https://www.cityam.com/this-is-just-the-beginning-of-the-crypto-revolution/

[70sPimlico]

I've taken a little hit this morning. I'm spread across a few currencies.

I try and focus on products that can actually work in real world and don't take a small countries' power output to work. There are a few about

[cmg]

Interesting discussions.
I take a somewhat detatched interest in this, detatched because I don't have much money of any type so am unlikely to get directly involved. I've tried to read the Wikki entry, but it's all well above my technology pay grade.

An article on crypto with an aim to explain from one of the EMEA general managers of Coinbase one of the biggest exchanges for crypto.

https://www.cityam.com/this-is-just-the-beginning-of-the-crypto-revolution/

An interesting and, I am sure, sincere article but it doesn't really 'explain' much, does it? It outlines the various advantages and benefits from a bloke who works in the business and is more of an advertisement than an explaination.
Again, I am sure 'Blingo's Son' is sincere and honest and has everyone's best interests at heart, but as someone whose livlihood depends on the development of this thing he is bound to be enthusiastic and supportive of it.

As a born cynic I am in the camp of those who believe it is all a big con, kept alive by the collective faith of the guillable...but then I think that about heavier-than-air flight so I will presumably be proven to be totally wrong.

[blingo]

Suggest you go and read some Statto

keep digging... I will need to to bury what I am making from crypto.

There's no need to, the hole you are digging is big enough for us both. Are you invested in crypto? If not why bother even commenting?

https://www.investopedia.com/terms/c/cryptocurrency.asp         

For those interested this may give you more of an insight.

[FFC1987]

I don't really know how the rocket men and the naysayers will ever agree on this debate to be honest. For every economist who says they'll ride the rocket to the moon, there's another who says it's a nice fad but likely running it's course so if that's not the basic argument to show that no one really knows. While it's here, its a great and fun ride if you aren't heavily invested. So just enjoy the meme's I guess!

It is mad to think though that someone bought a PapaJohns pizza with it years ago which in todays market means it would of been worth millions though.......A mediocre pizza worth millions.......

[blingo]

I don't really know how the rocket men and the naysayers will ever agree on this debate to be honest. For every economist who says they'll ride the rocket to the moon, there's another who says it's a nice fad but likely running it's course so if that's not the basic argument to show that no one really knows. While it's here, its a great and fun ride if you aren't heavily invested. So just enjoy the meme's I guess!

It is mad to think though that someone bought a PapaJohns pizza with it years ago which in todays market means it would of been worth millions though.......A mediocre pizza worth millions.......

10,000 bitcoins was what was given over for that pizza. multiply by $47k

[FFC1987]

I don't really know how the rocket men and the naysayers will ever agree on this debate to be honest. For every economist who says they'll ride the rocket to the moon, there's another who says it's a nice fad but likely running it's course so if that's not the basic argument to show that no one really knows. While it's here, its a great and fun ride if you aren't heavily invested. So just enjoy the meme's I guess!

It is mad to think though that someone bought a PapaJohns pizza with it years ago which in todays market means it would of been worth millions though.......A mediocre pizza worth millions.......

10,000 bitcoins was what was given over for that pizza. multiply by $47k

Wonder if that guy is ok and kept it going or just feels very sick right now.....

[Statto]

Suggest you go and read some Statto

keep digging... I will need to to bury what I am making from crypto.

There's no need to, the hole you are digging is big enough for us both. Are you invested in crypto? If not why bother even commenting?

https://www.investopedia.com/terms/c/cryptocurrency.asp         

For those interested this may give you more of an insight.

Lol, second sentence of that article: "A defining feature of cryptocurrencies is that they are generally not issued by any central authority"

Wikipedia definition of CBDC: "The phrase "central bank digital currency" (CBDC) has been used to refer to various proposals involving digital currency issued by a central bank..."

As I said, keep digging...

FWIW, if you're suggesting that we'll transition to cashless/digital payments, I entirely agree. I hardly ever pay cash for anything nowadays and the practical advantages of electronic payments, and even a completely digital currency (ie being electronic rather than paper notes and coins) over cash, are obvious. But that is totally different from a new global non-fiat currency like Bitcoin and all the other tripe you were talking about governments not being able to engage in QE etc. The latter will never happen. The fact that you've conflated the two things again reinforces my view that you don't really know what you're talking about. 

[Rambler]

I would urge people who don't understand to read 'the bitcoin standard'
You can buy it from Amazon.
300 pages or so but explains the fundamentals of money, it's origins trading shells in ancient history, and how money has transitioned including an interesting piece about financing WW2.
Only the last 100'pages talks about bitcoin but it explains everything in great detail.

I guarantee a few of you 'skeptics' will change your mind.

[blingo]

Suggest you go and read some Statto

keep digging... I will need to to bury what I am making from crypto.

There's no need to, the hole you are digging is big enough for us both. Are you invested in crypto? If not why bother even commenting?

https://www.investopedia.com/terms/c/cryptocurrency.asp         

For those interested this may give you more of an insight.

Lol, second sentence of that article: "A defining feature of cryptocurrencies is that they are generally not issued by any central authority"

Wikipedia definition of CBDC: "The phrase "central bank digital currency" (CBDC) has been used to refer to various proposals involving digital currency issued by a central bank..."

As I said, keep digging...

FWIW, if you're suggesting that we'll transition to cashless/digital payments, I entirely agree. I hardly ever pay cash for anything nowadays and the practical advantages of electronic payments, and even a completely digital currency (ie being electronic rather than paper notes and coins) over cash, are obvious. But that is totally different from a new global non-fiat currency like Bitcoin and all the other tripe you were talking about governments not being able to engage in QE etc. The latter will never happen. The fact that you've conflated the two things again reinforces my view that you don't really know what you're talking about. 

You are blinded by your own opinions, and refusal to accept what is the future, which you are of course fully entitled to do. . Read up on the subject and im sure you will see it differently. Im not here to teach you.

[General]

Suggest you go and read some Statto

keep digging... I will need to to bury what I am making from crypto.

There's no need to, the hole you are digging is big enough for us both. Are you invested in crypto? If not why bother even commenting?

https://www.investopedia.com/terms/c/cryptocurrency.asp         

For those interested this may give you more of an insight.

Lol, second sentence of that article: "A defining feature of cryptocurrencies is that they are generally not issued by any central authority"

Wikipedia definition of CBDC: "The phrase "central bank digital currency" (CBDC) has been used to refer to various proposals involving digital currency issued by a central bank..."

As I said, keep digging...

FWIW, if you're suggesting that we'll transition to cashless/digital payments, I entirely agree. I hardly ever pay cash for anything nowadays and the practical advantages of electronic payments, and even a completely digital currency (ie being electronic rather than paper notes and coins) over cash, are obvious. But that is totally different from a new global non-fiat currency like Bitcoin and all the other tripe you were talking about governments not being able to engage in QE etc. The latter will never happen. The fact that you've conflated the two things again reinforces my view that you don't really know what you're talking about. 

You are blinded by your own opinions, and refusal to accept what is the future, which you are of course fully entitled to do. . Read up on the subject and im sure you will see it differently. Im not here to teach you.

Statto - this isn't anything personal - but it does strike me as something you're inherently pushing back on without fully grasping, which strikes me (again) as slightly odd.

Bitcoin/Cryptocurrencies tipping point, like any other currency, will be dependent on public acceptance of it as a form of currency to trade and that has value.

With a market cap of coming up to 1 trillion USD now in Bitcoin alone, the asset is simply valuable - payments providers are taking steps to legitimise it further (this has already happened in Japan where they have 23 recognised legal exchanges), with Apple, Mastercard, Paypal and Visa all coming out publicly that it is a product they're looking to offer customers and also retailers to use.

You can now get more financial products through crypto too - homes are being bought, loans are being given against crypto (bitcoin particularly now), Canada has given the green light to the first legal crypto ETF.

This is the list of all cryptocurrencies and the money in each for an example of scale. It is past the point of no return. One day you'll be using whichever currency to travel seamlessly between countries and everyone will be using the same currencies. A levelling of a playing field. It may take a while, but it'll happen in my lifetime I imagine.

https://coinmarketcap.com/

[General]

Suggest you go and read some Statto

keep digging... I will need to to bury what I am making from crypto.

There's no need to, the hole you are digging is big enough for us both. Are you invested in crypto? If not why bother even commenting?

https://www.investopedia.com/terms/c/cryptocurrency.asp         

For those interested this may give you more of an insight.

Lol, second sentence of that article: "A defining feature of cryptocurrencies is that they are generally not issued by any central authority"

Wikipedia definition of CBDC: "The phrase "central bank digital currency" (CBDC) has been used to refer to various proposals involving digital currency issued by a central bank..."

As I said, keep digging...

FWIW, if you're suggesting that we'll transition to cashless/digital payments, I entirely agree. I hardly ever pay cash for anything nowadays and the practical advantages of electronic payments, and even a completely digital currency (ie being electronic rather than paper notes and coins) over cash, are obvious. But that is totally different from a new global non-fiat currency like Bitcoin and all the other tripe you were talking about governments not being able to engage in QE etc. The latter will never happen. The fact that you've conflated the two things again reinforces my view that you don't really know what you're talking about. 

Perhaps this may help: https://www.youtube.com/watch?v=nkNhSPxFsnY

[FFC1987]

I don't necessarily agree or disagree with Statto's position here, but to the people that just go 'read up on it, or watch this and you'll change your mind' like its some objective opinion on world transitioning finance are at best optimistic, at worst, totally deluded. That's not to say you *might* be right, but as I mentioned before, it's not an objective opinion that cypto is the future as much as it isn't objective that it'll collapse anytime soon. You can have a punt on it, sure and justify your forecast with a few opinions, which is also fine, but to say read this, or watch that like its an objective position you hold is silly guys.

Much like predicting a football result, we'll all find out in time, so just enjoy the ride and try not to be too preachy about it.

[Statto]

Some great quotes in here Blingo / General ...

086.gif

BBC News - How Bitcoin's vast energy use could burst its bubble
https://www.bbc.co.uk/news/science-environment-56215787

[General]

Some great quotes in here Blingo / General ...

086.gif

BBC News - How Bitcoin's vast energy use could burst its bubble
https://www.bbc.co.uk/news/science-environment-56215787

Honestly I see the way energy is being created these days in a renewable sense making the use of it as an argument one which has lessening significance. Also money facilitates the use of huge amounts more purchasing of products that use significant amounts more energy.. so the argument strikes me as somewhat mute and easily undermined.