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Digital 'Currencies' Are ALL A Scam


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Just now, Martlet said:

These are gimmick coins at best and potential scam coins that give the whole ecosystem a bad name.   Potcoin claims to provide transactions for the legalised cannabis industry... something you could use regular cash payment options for, or another existing crypto such as Litecoin, so what on earth is the point of it?

Yeh with these coins I agree with the article these coins will die out. But the people that buy these coins shouldnt be investing in anything in the first place i feel

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23 minutes ago, JCRJM said:

I just want to know if you don't trust the fiat money like many on here. 

You don't trust crypto currencies.

You only trust gold and silver as 'real' money.

If i want to purchase something across the globe. How may I do this with my ounce of gold in my house? 

If someone gave you 1oz gold and 0.1 BTC today and you had to make a purchase from china for around £1000. (not exactly but near enough what they are worth) How would you do this? Please don't tell me you will use fiat as you are against that. Also please don't tell me you will use a gold backed crypto because then we are back to the whole situation about do they really have the gold where they say they hold it? 

If BTC is a ponzi its doing a good job. 

Must be

I've no problem with holding fiat currency at the right times. Certainly In a deflationary spiral you'll be glad for having cash under the mattress.  :)

Also I've no issues with the concept of crypto either. It's a great idea. However, there's very little evidence of any crypto being used as a currency (to actually buy or sell products or services) apart from criminals funnelling fiat from one party to another. 

Crypto is almost purely used as a speculative vehicle, based on the designs of the systems and the sheer volume of people believing they will get rich from it. 

If I want to purchase something from across the globe then we've already got infrastructure in place that already facilitates that. 

Anyway, I'm not suggesting it's going to crash anytime soon or the 'bubble' is over. These things can go on for years (i.e - UK housing mania) so I think it's reasonable to have some speculative exposure to it. 

You just have to be careful that at any moment the governments can ban it, block access to or shut down the exchanges at anytime.

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5 hours ago, JCRJM said:

Half the posts I see on here are just bitter ?????

misunderstood and any time something new comes along people hate it till they have to use it. 

People will keep on hating all the way up.

Bitcoin can't be shut down. If you believe that your research must be poor.

Hiya, mate.

Whether, or not, Bitcoin will ever be widely accepted as a means to transfer wealth is, IMHO, questionable - but I'm no Nostradamus ?

TBH, I can't envisage a situation where I'll 'have to use' Bitcoin - we (here in the UK) have to use £Sterling (we can't pay our taxes using Bitcoin, €, $, gold, silver, etc.) but we aren't obliged to use anything else.

It may, or not, be possible to shut down Bitcoin - only the future will tell.  But that will not stop governments from (heavily) regulating it - e.g. South Korea threats of a couple of days ago.  If, sometime in the future, the UK Government decided to ban the use of Bitcoin; then you and I, and every other UK citizen, and every UK company, would be committing a criminal offence by using it - whether here or abroad.

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1 minute ago, C12 said:

I've no problem with holding fiat currency at the right times. Certainly In a deflationary spiral you'll be glad for having cash under the mattress.  :)

Also I've no issues with the concept of crypto either. It's a great idea. However, there's very little evidence of any crypto being used as a currency (to actually buy or sell products or services) apart from criminals funnelling fiat from one party to another. 

Crypto is almost purely used as a speculative vehicle, based on the designs of the systems and the sheer volume of people believing they will get rich from it. 

If I want to purchase something from across the globe then we've already got infrastructure in place that already facilitates that. 

Anyway, I'm not suggesting it's going to crash anytime soon or the 'bubble' is over. These things can go on for years (i.e - UK housing mania) so I think it's reasonable to have some speculative exposure to it. 

You just have to be careful that at any moment the governments can ban it, block access to it and shut down the exchanges at anytime.

Yeh i agree with you on some points. A lot of people use it only as speculation and a LOT of people recently ive spoke to who have never invested in their life are looking to buy crypto. 

Also agree on the get rich quick scheme but after one cycle all of those will get rekt.

I have personally used crypto to purchase many things. A few years ago it was easy to use BTC to buy things but because of scaling problems its hit a problem with high transaction fees. When the technology is deveoped further it will improve.

However, the bubble concept. I don't even think it is close to a bubble. Looking at the total market cap it is nothing on a global scale. As it furthers over years it may turn to a bubble but I dont think its yet there. 

Agree governments could ban it but it could still be used even if banned. I think they would cause themselves more problems if they tried this. For example the  crypto ripple is partnering with banks. 

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3 minutes ago, reidpj said:

Hiya, mate.

Whether, or not, Bitcoin will ever be widely accepted as a means to transfer wealth is, IMHO, questionable - but I'm no Nostradamus ?

TBH, I can't envisage a situation where I'll 'have to use' Bitcoin - we (here in the UK) have to use £Sterling (we can't pay our taxes using Bitcoin, €, $, gold, silver, etc.) but we aren't obliged to use anything else.

It may, or not, be possible to shut down Bitcoin - only the future will tell.  But that will not stop governments from (heavily) regulating it - e.g. South Korea threats of a couple of days ago.  If, sometime in the future, the UK Government decided to ban the use of Bitcoin; then you and I, and every other UK citizen, and every UK company, would be committing a criminal offence by using it - whether here or abroad.

Hi mate tried to answer some of that in my reply I just posted. I agree there when it comes to taxes. I do not know how they overcome that unless they get every exchange to hand over details. I think thag is the way its going.

when i bought btc in 2015 I was annonymous. 

Today I need to send the exchange my passport and driving license. So i think thats the way itll go for taxes. Not sure tho.

 

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3 minutes ago, JCRJM said:

Hi mate tried to answer some of that in my reply I just posted. I agree there when it comes to taxes. I do not know how they overcome that unless they get every exchange to hand over details. I think thag is the way its going.

when i bought btc in 2015 I was annonymous. 

Today I need to send the exchange my passport and driving license. So i think thats the way itll go for taxes. Not sure tho.

 

Thing is, we are obliged, by law, to pay our taxes in £Sterling, mate; this obligation is the only thing that gives £Sterling its 'worth' - every UK taxpayer has to obtain it in order to do so.  If the UK Government ever accepted any other 'currency' in payment for taxes, £Sterling would lose all it's value overnight.

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18 minutes ago, JCRJM said:

Yeh i agree with you on some points. A lot of people use it only as speculation and a LOT of people recently ive spoke to who have never invested in their life are looking to buy crypto. 

This is where many people are going to get their asses handed to them, even if Bitcoin goes to £1M per coin in a few years. 

People don't know what their investing in, they don't know how to read a candlestick chart and aren't emotionally equipped to deal with the swings. 

The current technical targets on bitcoin are $8,500 and $4,500 (which could take some months to play out). Even these levels can be taken out and the bull market (bubble) can still be intact. 

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6 minutes ago, shortstack68 said:

The reason that bitcoin and others exist is to remain anonymous and also so the banks don't get to rip people off like they did do in 2008. Cutting out the banks is a poke in the eye to their Ponzi schemes. If you remember about 2 months ago, a Brussels directive stated that banks don't have to give you any money back should the terrible hit the fan, do they know something we don't?

You buy metals to keep the banks hands off your money, no different in the digital world, except, the greater the risk, the greater the reward, just ask the owner of this forum which direction he's took ;)

 

Oh, and do please bear in mind how many banks the Rothchilds own, including the BoE, tell me thats not a Ponzi scheme, i think the last i heard it was around 120 banks worldwide

" banks don't have to give you any money back should the terrible hit the fan,"  Would that be the same as Mt Gox?

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15 minutes ago, shortstack68 said:

The reason that bitcoin and others exist is to remain anonymous

Yet the ownership and transactions of all bitcoins are enshrined in the blockchain. That is how everyone knows how many coins the originator has and whether any have been "cashed in".

My point was that as soon as these coins are cashed, someone somewhere knows who you are, and the spies are everywhere:ph34r:

Profile picture with thanks to Carl Vernon

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29 minutes ago, shortstack68 said:

Incorrect, the transaction is a code, not a name,

I know, but you're missing my point. When those coins are cashed, there will be an audit trail away from the blockchain. That will be via a broker or perhaps a bullion dealer, or whatever. At that point, the recipient becomes a "real" person and transactions are traceable by those with the knowledge and expertise.

Profile picture with thanks to Carl Vernon

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5 minutes ago, sovereignsteve said:

...... When those coins are cashed, there will be an audit trail away from the blockchain. That will be via a broker or perhaps a bullion dealer, or whatever. At that point, the recipient becomes a "real" person and transactions are traceable by those with the knowledge and expertise.

.....and are taxable by the relevant authority.

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Oh no shortstack68, you're doomed! Doomed I tell ye! :D

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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Or aren't clever enough to get on board :(

I put it down to fate. I was never meant to be a bitcoin billionaire :P

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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7 minutes ago, shortstack68 said:

I also remember @mr-dead i think it was bought 9x 1000g bars with profit from crypto, if i remember correctly most of us were drooling at what we saw, not sure though i heard anyone mention tax at this point

The attached chart is a portfolio that was started with 7k........Paying a few quid tax on that free money with free money shouldn't be a worry

 

Block.jpeg

There are those who realise that tax is due; and there are those who don't.......

Were I to off-load any more chargeable assets (be it only £1's worth) in the current tax year (be they cryptos, or not), then, because I have recently disposed of an investment property, in reality said chargeable assets would attract a tax rate of 28%.  Not a problem for me as, like you, I realise that the tax will be due and I , really, don't have a problem paying my obligations ?

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16 minutes ago, Roy said:

Or aren't clever enough to get on board :(

I put it down to fate. I was never meant to be a bitcoin billionaire :P

One doesn't have to be that clever to gain wealth (I'm the perfect example of that ?); just clever enough to keep hold of it ?

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3 hours ago, shortstack68 said:

Why shouldn’t banks give you your money back, aren’t banks supposed to protect your money? 

If I deposit 1k i’d expect 1k back unless we’re saying banks cannot be trusted to protect our hard earned money.

Of course, your money is guaranteed by the bank should someone hack in and steal it. My point is it's not the same with crypto as was the case with MtGox if your coins were in their care you are on to plums. 

Personally, I would prefer a paper wallet plus the ledger S for storage, although this method does have its downside it's about as safe as you can get considering the other methods.

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I don't think the author of the article fully understands cryptocurrency. There are many different mathematical economic models, and models for mining (some don't even have any mining or are all remind). To outright say that all cryptocurrencies are a scam is a bit of a blanket statement.

Here is one example of how tokenisation can be used by a company....

A games company who has an online game sells digital items in the game to users, which they use in the game. Currently the system can easily be cheated and people who don't buy these upgrades are able to cheat the system from a bit of simple hacking and duplicate their items etc.

By making a token and then by registering all of these items in the game on a blockchain, all items are tracked and it isn't possible for items to be duplicated or for tokens to be either. 

My posts are my personal opinions, they do not constitute advice or financial advice.

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24 minutes ago, shortstack68 said:

I’m not talking about stealing, although it can amount to that if the crisis of 2008 were to happen again. Brussels has already said that banks won’t be liable to pay your money back should they go pear shaped, that’s the reason people are stacking metals and the reason people buy crypto so that exchanges in payment doesn’t have to go through a middle man (aka a Bank) it can go direct to the seller/buyer without the bank getting involved.

That will be Brussels talking about the EU banks. They are probably panicking now that the UK will eventually stop pouring money into their coffers. Possibly one way to prevent another 2008 banking crises is to give long-term jail sentences to the parasites at the top of the banking system, not bail them out and then give them taxpayers money to do it all again. So it continues.

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Deposit Guarantee Scheme - up to £85k per bank (or banking group).  If you run out banks (or group) to put your money into, then buy Gilts - one of the reasons that the Government 'borrows' is that it allows it to act as 'the borrower of last resort'; e.g.  If I sold a load of properties next week for £100 million (no I don't own £100 million's worth of property - more' the pity ?), it wouldn't be practical (probably not possible) for me to split it up into £85k chunks.  So, the only practical alternative would be for me to buy Gilts; which would provide the needed protection (the UK Government can't go bankrupt in £Sterling - nor run out of it).

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£Sterling could never lose it's worth here in the UK (£1 will always be worth £1) unless the Government decided that we didn't need it to pay our taxes with (say, if we ever joined the € - wash my mouth out ?).

 

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On 30/12/2017 at 21:11, reidpj said:

£Sterling could never lose it's worth here in the UK (£1 will always be worth £1) unless the Government decided that we didn't need it to pay our taxes with (say, if we ever joined the € - wash my mouth out ?).

 

You’re right, £1 will always be £1. And one loaf of bread will always be one loaf of bread,

But, one loaf of bread won’t always be £1

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