Bitcoin

[Still Farming]

Forgive my occasional confusion between inherent and intrinsic.
However, you did say " the only thing making a pound/euro/dollar worth anything more than toilet paper is the fact that people believe other people would accept it as payment. That's it!! " which is not true for the reasons I outlined.
'Notes' would be worth less than toilet paper when they are all made of polymer. Not good for posteriors at all. But as long as they are 'backed' by responsible institutions, they will be a reliable long term currency.
The difference being that [at least in theory] the bank issuing currency holds its capital value whereas the capital in Bitcoin is held by those who have sold it.

Or lost it possibly?

 

[Jackov Altraids]

Currency issuing banks no longer hold capital though, and haven’t for some years!

That's why I said 'in theory'.
It is all supposed to be accounted for.
Just because we are moving towards a cashless society doesn't mean we should forget or ignore the original and basic means of trading.
Society is a couple of generations from everyone farming or knowing someone that farms and we are in a mess with a complete lack of understanding of food and its origins. We are fast approaching/ reached a similar situation with too many people having no understanding of value/ money.
To me, Bitcoin is the equivalent of a factory made sludge that tries to imitate meat. It seems good to create something that simulates an item but forget the reasoning for the original products existence.

 

[infiniteConciously]

Bitcoins the biggest con ever

Will happily discuss with ya in this bitcoin thread. just give it a bump if you wanna discuss.

Not really fair to the tax thread to derail that there. I think you could be right but all depends on who is running the con??

 

[snarling bee]

With all the cv stuff going on, what is one bitcoin worth today? .

 

[Breakthru]

If you want involvement with lower risk just get involved in the trading of bitcoin not the actual ownership as per Dragons Den.

 

[Highland Mule]

With all the cv stuff going on, what is one bitcoin worth today? .

LMGTFY - Let Me Google That For You

For all those people who find it more convenient to bother you with their question rather than to Google it for themselves.

lmgtfy.com

 

[glasshouse]

If you want involvement with lower risk just get involved in the trading of bitcoin not the actual ownership as per Dragons Den.

How can u trade something you dont own?
That is theft

 

[glasshouse]

Did that welsh bloke ever retrieve his bit coins off the rubbish tip?

 

[Breakthru]

How can u trade something you dont own?
That is theft

I trade potato futures neither produce them or own them

 

[Exfarmer]

How can u trade something you dont own?
That is theft

This is how many hedge funds make huge amounts of money. selling shares for 3/6 months in the future in thr belief that that they will be able to buy them cheaper down the line. It tends to be a self fulfilling prophecy, which is why many countries ban it

 

[Clive]

How can u trade something you dont own?
That is theft

how do commodity, currency and stock markets work then ?

 

[glasshouse]

how do commodity, currency and stock markets work then ?

You should have to purchase a contract before you can sell it

 

[Clive]

You should have to purchase a contract before you can sell it

bitcoin markets work no differently to any other “paper trade”

 

[glasshouse]

bitcoin markets work no differently to any other “paper trade”

And thats the problem
If a man sold a horse he didnt own, he would be hung.
Traders who sell a trade they dont own have a vested interest in the lowering of that share or commodity
They should also be hung

 

[infiniteConciously]

If you want involvement with lower risk just get involved in the trading of bitcoin not the actual ownership as per Dragons Den.

Please don’t do this without doing
any serious research. Like about 3hours a day for at least 3 months. Trading is dangerous. Trading crypto can be like setting money on fire for fun.

There’s soo many scams out there with bitcoin exchanges. Be super careful Please.

bitcoin exchanges are actually not how bitcoin has is supposed to be used... if we follow the white paper correctly we should in theory have peer to peer banking with no third parties. exchanges or banks.

However mining pools are centralising bitcoin but eventually people will learn to solo mine off a few diy solar panels and realise that solo mining is far superior than pool mining. Especially after the next halvening in May.

And thats the problem
If a man sold a horse he didnt own, he would be hung.
Traders who sell a trade they dont own have a vested interest in the lowering of that share or commodity
They should also be hung

Well your talking about derivatives here that gamble on the spot price of anything from gold, silver, usd and bet on the price going up or down (sometimes on margin up to x100 their original stake). If it’s good enough for gold/usd the banks seem to think it’s good enough for btc as well even though the price of bitcoin can be moved soo easily by a few banks or whales.

 

[Clive]

And thats the problem
If a man sold a horse he didnt own, he would be hung.
Traders who sell a trade they dont own have a vested interest in the lowering of that share or commodity
They should also be hung

if commodity markets didn’t exist the wheat markets would have no liquidity and you would not be able to sell your wheat on any day you choose - you would have to find a specific buyer

those people you think should be hung make you significantly better off would you believe !

 

[glasshouse]

if commodity markets didn’t exist the wheat markets would have no liquidity and you would not be able to sell your wheat on any day you choose - you would have to find a specific buyer

those people you think should be hung make you significantly better off would you believe !

I think not.
They make farmers worse off

 

[Exfarmer]

if commodity markets didn’t exist the wheat markets would have no liquidity and you would not be able to sell your wheat on any day you choose - you would have to find a specific buyer

those people you think should be hung make you significantly better off would you believe !

I think not.
They make farmers worse off

clive is right, except I would argue that although they exist, they do not work. The market is dominated by a very few players , who completely dominate and control it.
40 years ago thr market had 100’s of players all competing to get a share of the market. Most towns had a corn exchange, paid for by local farmers, where sample would go to Mark Lane in London.
Traders across the world competed for good quality grain.
Today the market is dominated by 3-4 international traders who set a price to buyer and seller, setting standards and woe betide the seller whose grain does not make the grade

 

[glasshouse]

clive is right, except I would argue that although they exist, they do not work. The market is dominated by a very few players , who completely dominate and control it.
40 years ago thr market had 100’s of players all competing to get a share of the market. Most towns had a corn exchange, paid for by local farmers, where sample would go to Mark Lane in London.
Traders across the world competed for good quality grain.
Today the market is dominated by 3-4 international traders who set a price to buyer and seller, setting standards and woe betide the seller whose grain does not make the grade

Its this fundamental wrong that traders can sell something short which they dont own.
Imagine if i took 1000 sheep to market on a monday that i didnt own and crash the price?

 

[Frankzy]

Its this fundamental wrong that traders can sell something short which they dont own.
Imagine if i took 1000 sheep to market on a monday that i didnt own and crash the price?

Except that means you would have stolen the sheep, what traders does is sell the promise that they will deliver 1000 sheep in a month from now and then they hope they can buy those sheep sometime during that month for less than what they were paid.