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  • Another crypto advice thread – really small amounts
  • rossburton
    Free Member

    I had some bitcoin back in the day (like, 2010) but essentially whilst coin miners are eating a non-negliable amount of global electricity I can’t really support cryptocurrency.

    davros
    Full Member

    As a bang average boring person, what problem does it solve? Banking is free. Sending money to people is free. Secure online banking which is backed by a compensation scheme is free. Contactless payments. Free credit. Cash. Instant worldwide payments. Etc.

    Using BTC as a currency would only make life harder, more risky and more costly for most people. If it is to succeed as a currency it needs to be idiot-proof. And it’s so far away from that point. It also needs to be stable and there is nothing to suggest it will become that. The interest it has generated is mainly around its volatility and ability to make people rich. If it becomes stable then what will its appeal be?

    Well done to those who have made money on it. I considered buying some when it was down around 4k usd. Not because I think it’s a useful currency, but because it looked like an easy way to get some free money. But the more I read, mainly on the Reddit forums, made me think it was a cult! Also I’m useless with IT so I steered clear.

    I’ll stick with shares and quids.

    footflaps
    Full Member

    And houses, and classic cars, and antiques, and, er… gold.

    Again, very simplistic.

    The house as a pension / investment is quite a UK centric thing, in many places eg France, house prices don’t change much and in Japan, they’re a depreciating asset.

    As for Gold, it’s traditionally seen as a safe haven rather than an appreciating asset, although it does trend upwards.

    See also Tesla.

    Yep, Tesla is quite an exception and massivly over priced. However, hardly an argument to invest in BitCoin, which is orders of magnitude more insane!

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    footflaps
    Full Member

    As a bang average boring person, what problem does it solve? Banking is free. Sending money to people is free. Secure online banking which is backed by a compensation scheme is free. Contactless payments. Free credit. Cash. Instant worldwide payments. Etc.

    It doesn’t solve any problems; but by being unregulated, unbacked, unstable and riddled with crime it’s just created a whole set of extra problems the main two being unsustainable energy consumption and behaving like a speculative asset rather than a currency.

    Hence it’s future as a currency is non existent.

    For a few years any company with Blockchain in its prospectus was raising millions as being the next big thing, but that madness is dieing off now.

Viewing 4 posts - 41 through 44 (of 44 total)

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