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Why we don't own bitcoin


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Coinbase don't recognise my bank so I can't cash out any profits, they will let me fund my account with a credit card but they won't let me withdraw back to it and there is some issue with IBAN 2 and my bank so I can't withdraw to that either so what I do instead is find a bullion dealer that accepts cryptos as payment and I make up an order and pay it with Bitcoin or Litecoin directly from Coinbase.  Bitgilt or Sharps Pixley accept crypto payment, I have placed 2 large silver orders with Bitgild and they went easily enough paying with Litecoin.

The way I look at it is by buying crypos instead of silver I can then get silver a few months later but I get 2,3x as much for the same money, it's not ideal and at times I would prefer the cash directly back to my bank but it will do.

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I'm looking at all the recent reports from folk on the ground in the US who (suppressed by the media) say that the fires and the hurricane were preceded by what could only have been EMPs (unless there's some tech we don't know about which is a real possibility for me) and wondering whether this is very much part of the 'play' by the US Govt.

Personally if I'd got into cryptos (the name says it all) I'd be cashing out now. It all stinks imvho.

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Litecoin going ballistic right now, close to 30% up, for those that think they missed the Bitcoin boat I would be (and I have) buying Litecoin as 2018 should see very nice gains.

 

Edit - as far as the EMP scare stories with blockchain techology to kill the cryptos you would need to kill the internet everywhere, if one country or one PC with the ledger survives then it can be restored.

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11 minutes ago, Scuzzle said:

Litecoin going ballistic right now, close to 30% up, for those that think they missed the Bitcoin boat I would be (and I have) buying Litecoin as 2018 should see very nice gains.

 

Edit - as far as the EMP scare stories with blockchain techology to kill the cryptos you would need to kill the internet everywhere, if one country or one PC with the ledger survives then it can be restored.

I was looking at these the other day. @ScuzzleWho do you buy yours with ? Was going to buy a couple of hundred quids worth and see what happens.

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18 minutes ago, Scuzzle said:

Edit - as far as the EMP scare stories with blockchain techology to kill the cryptos you would need to kill the internet everywhere, if one country or one PC with the ledger survives then it can be restored.
 

Bottom line for me - it can't be restored to you short-term if you have no access. Folks on the ground there are talking about EMPs before what they believe were energy weapons hitting them - not reported on the news. Same as Fukushima being a potential ELE (Extinction Level Event) but only mentioned in the Independent and one or two other papers (worldwide). Just ignore it and it'll go away I'm sure lol.

Money Saving Expert yesterday urging everyone to get into Bitcoin. FFS I bet it's all over Mumsnet too. Fairplay absolutely to those who have made a bundle so far, but it's looking distinctly 'set up' to me as of now.

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24 minutes ago, kimchi said:

Bottom line for me - it can't be restored to you short-term if you have no access. Folks on the ground there are talking about EMPs before what they believe were energy weapons hitting them - not reported on the news. Same as Fukushima being a potential ELE (Extinction Level Event) but only mentioned in the Independent and one or two other papers (worldwide). Just ignore it and it'll go away I'm sure lol.

Money Saving Expert yesterday urging everyone to get into Bitcoin. FFS I bet it's all over Mumsnet too. Fairplay absolutely to those who have made a bundle so far, but it's looking distinctly 'set up' to me as of now.

I agree, the CME futures market comes online Sunday and all of a sudden the MSM and the likes of MSE are telling you to get in, this rings alarm bells with me but it's entirely possible that the CME is onto a loser here as they are not dealing in physical Bitcoin, at least with their gold and silver rigging they suppsedly can deliver gold and silver.  From the outset they have said they will not be buying and selling physical Bitcoin and they will only be settling in cash.  They can play their games and do their high frequency trading back and forth between themselves but there are plenty of worldwide exchanges and plenty of other cryptos to swap out to so with any luck instead of destroying Bitcoin rather Bitcoin will destroy them.

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46 minutes ago, Bullionbilly said:

I was looking at these the other day. @ScuzzleWho do you buy yours with ? Was going to buy a couple of hundred quids worth and see what happens.

I'm on Coinbase Billy, they only deal in Bitcoin, Etherium and Litecoin, personally I think getting into Litecoin is going to pay off big time over the next year or two.  It's far better suited to being an actual currency than Bitcoin is, it's faster, cheaper and it has it's developer Charlie Lee continually working on improving it and he has some big plans for it coming up, atomic swaps, privacy enhancements etc.  I don't think you can go far wrong.

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51 minutes ago, Scuzzle said:

they will not be buying and selling physical Bitcoin

What is this?

Technically, alcohol is a solution..

'It [socialism] poses a growing threat, however unintentional, to the freedom of this country, for there is no freedom where the State totally controls the economy. Personal freedom and economic freedom are indivisible. You can’t have one without the other. You can’t lose one without losing the other.'

"There is no such thing as public money, there is only taxpayers' money"

Let not England forget her precedence of teaching nations how to live.

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It's like a different language! There's money to be made I'm sure but be careful guys. Hard to earn, easy to lose eh?

mr dead did well out of it but he's a clever bugger who understands the technology.

I'm sore because I can't do it. 'Bitcoin is ageist!' :angry:

Technically, alcohol is a solution..

'It [socialism] poses a growing threat, however unintentional, to the freedom of this country, for there is no freedom where the State totally controls the economy. Personal freedom and economic freedom are indivisible. You can’t have one without the other. You can’t lose one without losing the other.'

"There is no such thing as public money, there is only taxpayers' money"

Let not England forget her precedence of teaching nations how to live.

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Just now, Roy said:

It's like a different language! There's money to be made I'm sure but be careful guys. Hard to earn, easy to lose eh?

mr dead did well out of it but he's a clever bugger who understands the technology.

I'm sore because I can't do it. 'Bitcoin is ageist!' :angry:

Mr Dead did really well, I could have done a lot better with mine if I had just left it alone but that niggle that it might always go to nothing was always there, I would invest £500 at a time then when it reached minimum £800 - £900 which was usually only a month or two later I would cash it in for silver.  I've changed strategy now though and now I'm just going to chance leaving it for a couple of years.

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Isn't there a saying that investment is driven by emotion? In this case elation followed by anxiety and then fear?! 

Compare it to the silver craze in 2011 etc. Invest with what you can afford to lose. Did you read about the Dutch couple who sold their house for bitcoin?

What is it with the Dutch and bubbles? :)

Technically, alcohol is a solution..

'It [socialism] poses a growing threat, however unintentional, to the freedom of this country, for there is no freedom where the State totally controls the economy. Personal freedom and economic freedom are indivisible. You can’t have one without the other. You can’t lose one without losing the other.'

"There is no such thing as public money, there is only taxpayers' money"

Let not England forget her precedence of teaching nations how to live.

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I don't think it's a bubble Roy or if it is then it has a long long way to inflate yet, only 1% of the global population own Bitcoin and thats worked out at one Bitcoin per individual which is not the case, some individuals own thousands.  If that 1% became even only a genuine 2 or 3% then it's price has a long way to go yet, if it became 50 or 60% then it's in the stratosphere.

This is why there is the slim chance the CME is on to a hiding, there could be those shorting it and it just never goes down enough for them to recover their position.

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How many of the global population will ever own bitcoin? :rolleyes:

Technically, alcohol is a solution..

'It [socialism] poses a growing threat, however unintentional, to the freedom of this country, for there is no freedom where the State totally controls the economy. Personal freedom and economic freedom are indivisible. You can’t have one without the other. You can’t lose one without losing the other.'

"There is no such thing as public money, there is only taxpayers' money"

Let not England forget her precedence of teaching nations how to live.

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Dunno Roy but the more it's brought into the public awareness the more likely it is for more people to invest in it, especially those that want to diversify out of everything else that is in a bubble, stocks, property etc.

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Sure, you make a good point.

But tell me this, if your investment of say £150 rises by 6000% and it turns into £9000 where does the money come from?

If you bet on a horse, I'd understand that you're a winner and there are 100 losers but what with bitcoin when everyone is making money?

 

Technically, alcohol is a solution..

'It [socialism] poses a growing threat, however unintentional, to the freedom of this country, for there is no freedom where the State totally controls the economy. Personal freedom and economic freedom are indivisible. You can’t have one without the other. You can’t lose one without losing the other.'

"There is no such thing as public money, there is only taxpayers' money"

Let not England forget her precedence of teaching nations how to live.

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16 minutes ago, Roy said:

How many of the global population will ever own bitcoin? :rolleyes:

Considering there will only be 21 million created, counting the ones that are lost and the ones that will be lost ( unretrievable) in the future, who knows. 

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15 minutes ago, Roy said:

Sure, you make a good point.

But tell me this, if your investment of say £150 rises by 6000% and it turns into £9000 where does the money come from?

If you bet on a horse, I'd understand that you're a winner and there are 100 losers but what with bitcoin when everyone is making money?

 

The money comes from all the other people seeing Bitcoin rise who pull their money out of where they would normally invest it and stick it in Bitcoin instead hoping for more of the same.  It goes back to how 99% of the potential market is still untapped.  The losers are all the organisations that would normally be the recipient of that money.

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49 minutes ago, Scuzzle said:

I don't think it's a bubble Roy or if it is then it has a long long way to inflate yet, only 1% of the global population own Bitcoin and thats worked out at one Bitcoin per individual which is not the case, some individuals own thousands.  If that 1% became even only a genuine 2 or 3% then it's price has a long way to go yet, if it became 50 or 60% then it's in the stratosphere.

This is why there is the slim chance the CME is on to a hiding, there could be those shorting it and it just never goes down enough for them to recover their position.

Depends on how these statistics are formulated. Don't want to question your logic but when 8 people hold the same "wealth" as the poorest 50% of the entire planet things are pretty well f****d  up https://www.theguardian.com/global-development/2017/jan/16/worlds-eight-richest-people-have-same-wealth-as-poorest-50

“Nowadays people know the price of everything and the value of nothing.” Oscillate Wildly

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4 minutes ago, Scuzzle said:

It is something like 4 Bitcoin wallets are supposed to own 90% of all the Bitcoin.

Now that doesn't surprise me. One of them is probably owned by old Betty Battenberg in an offshore Caymen,s account if you know what I mean?

“Nowadays people know the price of everything and the value of nothing.” Oscillate Wildly

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2 minutes ago, Stu said:

Now that doesn't surprise me. One of them is probably owned by old Betty Battenberg in an offshore Caymen,s account if you know what I mean?

And the biggest one will belong to "Satoshi Nakamoto" if there is an actual Satoshi Nakamoto and not the dark hand of the NSA.   It's highly suspect how Bitcoin magically appeared on the scene just after the 2008 crash to run alongside the paper ecomony ready to transition across to if something similar ever happens again.   It's massive price rise suckering all the ordinary people in to get them used to the idea of a digital currency with the Satoshi story spun to get the biggest opponents onside from the beginning.

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2 hours ago, Scuzzle said:

I'm on Coinbase Billy, they only deal in Bitcoin, Etherium and Litecoin, personally I think getting into Litecoin is going to pay off big time over the next year or two.  It's far better suited to being an actual currency than Bitcoin is, it's faster, cheaper and it has it's developer Charlie Lee continually working on improving it and he has some big plans for it coming up, atomic swaps, privacy enhancements etc.  I don't think you can go far wrong.

Thanks

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