BITCOIN as an alternative to regular currency

[ruthlessimon]

Have opened a spread bet, to the sell side.

Worth having a watch of this guy. Always good to understand the alternate opinion (https://youtu.be/gucldeyRYJ0)

[Euler]

Good documentary: -

https://www.netflix.com/title/80154500

[Dallas]

Good documentary: -

https://www.netflix.com/title/80154500

Thanks for that, it was a interesting watch especially from the history perspective of how its got to were it now is

[mjmorris335]

A friend of mine has got involved with cryptocurrencies in the form of something called BTC Packages through a company called USI Tech. She buys these packages at 50 Euros a time and she says she's making an average of 1% a day Monday to Friday, every week paid in bitcoin.

I've had a look online and it immediately struck me as some sort of MLM scheme, but I can't find anything definitive to put to her. She's a pensioner, doesn't have a great deal of money and she's bought in to this hook, line and sinker.

Anybody know anything about this company?

Mike

[mjmorris335]

Nobody?

Mike

[ruthlessimon]

New all-time highs

[ruthlessimon]

I've had a look online and it immediately struck me as some sort of MLM scheme, but I can't find anything definitive to put to her. She's a pensioner, doesn't have a great deal of money and she's bought in to this hook, line and sinker.

God, certainly looks like it doesn't it. Cringeworthy watching these reviews & "recruitment bonuses". If I was her I'd quickly withdraw & run the hell away before it's too late

[RalfusDawes]

My intuitive side wanted to buy a few Bitcoin when they were $2 each, but my risk-averse side said no - it's probably a ponzi scheme, don't throw your money away. I got in after the first big pump and dump, traded in and out of fiat, and built my bank up... then the exchange I used (btc-e) got raided by the Feds. ffs - now look at the price!!!

There are now so many different crypto coins and ICO's, or platforms built off ethereum or what-have-you. It reminds me of a quote I read somewhere - "If you see a bandwagon, it's too late".

[ruthlessimon]

My intuitive side wanted to buy a few Bitcoin when they were $2 each, but my risk-averse side said no - it's probably a ponzi scheme

You weren't alone. Just look @ page 1 of this thread. It's a lovely time capsule. (£60 for a Bitcoin) BUT hindsight is a VERY wonderful thing. If Ferru was still around - think of the extreme gloating - arguably the ultimate trend this side of the millennium. Also, I wonder if Peter's friend who had 1000 Bitcoins held on (& accumulated) during the deep retracements of 2014 - 2015. What that phone call would be like today Peter might have cost him becoming a multimillionaire!

[Euler]

History is there for us to learn from, but few actually do.

[Euler]

[ruthlessimon]

I thought late 2013 was meant to be the high, wasn't it

[Euler]

I thought late 2013 was meant to be the high, wasn't it

That's why you can't short it. The market will show your opinions no respect.

During the dot com boom I was begging people not to buy. But the prices kept on going up. Something that was worth a billion that clearly wasn't, but people were paying 10 times that a year later.

A friend of mine listed his website on AIM and is reached £143m in valuation which was crazy.

Ultimately everything has an underlying value that is eventually reached. It may just deviate massively in the interim.

[LinusP]

I thought late 2013 was meant to be the high, wasn't it

That's why you can't short it. The market will show your opinions no respect.

During the dot com boom I was begging people not to buy. But the prices kept on going up. Something that was worth a billion that clearly wasn't, but people were paying 10 times that a year later.

A friend of mine listed his website on AIM and is reached £143m in valuation which was crazy.

Ultimately everything has an underlying value that is eventually reached. It may just deviate massively in the interim.

So what are you advising now?

Been reading up a lot about the underlying technology / code in bitcoin and ethereum, the guys working on this are at another level when it comes to programming, really clever stuff. Looking forward to future of where the blockchain goes but wouldn't be surprised if bitcoin is replaced, it has a lot of limitations.

[workpeter]

Bitcoin gets its value from its apparent function as an anonymous currency and logically there are big players taking advantage. It's a vessel for tax evasion and funding crime and terrorism. Initially, it baffled me it's not outlawed but then it dawned on me that governments may be taking advantage of the situation. My guess would be it's not so anonymous and it's given them a window to the black market. When the British developed the enigma machine they used it just enough for an edge, but not too much as to give away their advantage.

if Bitcoin somehow gets an upgrade in the cryptography department, I would short it soon after it gets a bump in value, and then watch it crash. If governments lose their edge, the regulators will be set loose.