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Thread: Cryto Currency

  1. #46
    I'm part of the furniture Club Member grahamc's Avatar
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    Quote Originally Posted by Scooter View Post
    If true it will be interesting to see if the governments let it, it might be a bit tin foil hat but it wouldn't surprise me if they take measures to stop it if it threatens the normal currencies?
    USA and China already are, but many others are freely accepting, Japan is
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  2. #47
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    As far as I can see, the USA and China aren't actually regulating bitcoin, but exchanges that trade cryptocurrencies. I.e - not the currencies themselves, but anyone who trades with them.

  3. #48
    I'm part of the furniture Club Member grahamc's Avatar
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    Quote Originally Posted by el_bandido View Post
    As far as I can see, the USA and China aren't actually regulating bitcoin, but exchanges that trade cryptocurrencies. I.e - not the currencies themselves, but anyone who trades with them.
    Correct, but I think that it would be a struggle for them to regulate the currency along the lines of traditional currencies
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  4. #49
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    The whole point of cryptocurrency is decentralisation, so yes, it would be futile.

  5. #50
    Helpful Club Member Scooter's Avatar
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    It will be interesting to see how/where this goes. Right now from an ignorant outsiders point of view it appears to be 'just' another investment vehicle, ie people are putting old money into it with a view to extracting/converting back to more old/regular money after a period of time/gain?
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  6. #51
    I'm part of the furniture Club Member grahamc's Avatar
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    Quote Originally Posted by Scooter View Post
    It will be interesting to see how/where this goes. Right now from an ignorant outsiders point of view it appears to be 'just' another investment vehicle, ie people are putting old money into it with a view to extracting/converting back to more old/regular money after a period of time/gain?
    Maybe, however, I would like to be able (at some point in the future) have a BitCoin card (payment method) and be able to use that pay for everything, with no need to transfer to a single currency unless I have to
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  7. #52
    Helpful Club Member Scooter's Avatar
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    Quote Originally Posted by grahamc View Post
    Maybe, however, I would like to be able (at some point in the future) have a BitCoin card (payment method) and be able to use that pay for everything, with no need to transfer to a single currency unless I have to

    I get you and from memory you have south African root/connections? that mean you are impacted far more buy FOREX transactions/consequences? financial institutions though make lots of money from FOREX so....?

    I don't know enough about it apart from terms like 'mining' etc, so I'm curious how it's perceived going forward by the masses, as it would have to be to get to the point where you can use it as a currency ie others will accept it as payment. It's probably no more ridiculous than someone giving me food for my bit of paper with a queens head on it, but it does feel like it!
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  8. #53
    I'm part of the furniture Club Member grahamc's Avatar
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    Quote Originally Posted by Scooter View Post
    I get you and from memory you have south African root/connections? that mean you are impacted far more buy FOREX transactions/consequences? financial institutions though make lots of money from FOREX so....?

    I don't know enough about it apart from terms like 'mining' etc, so I'm curious how it's perceived going forward by the masses, as it would have to be to get to the point where you can use it as a currency ie others will accept it as payment. It's probably no more ridiculous than someone giving me food for my bit of paper with a queens head on it, but it does feel like it!
    Good memory! Yes, born in Wales, grew up in South Africa... also, over the next few years I will be traveling a lot (about 4-6 months of each year) so having a means to use money in which ever country easily and cheaply is great! Also, if I can live on just the interest, even better!!
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  9. #54
    Me? Post? Never! Club Member Marty's Avatar
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    Quote Originally Posted by grahamc View Post
    Maybe, however, I would like to be able (at some point in the future) have a BitCoin card (payment method) and be able to use that pay for everything, with no need to transfer to a single currency unless I have to
    Although there are a few projects (pay, mco, tkn, etc) trying to do this i've got a feeling it's still a little way off, purely due to tax implications - the gov are never going to allow you to pay with crypto that you've not paid capital gains tax on.

    We are really close to $10k atm, i can see the same thing happening to what happened at $5k - we got really close then the whales shorted and forced the price down a $k, or two this time. There is still a lot of manipulation in crypto due to some people having masses and masses of Btc.

    Personally i think diversification is the best way to ensure you don't get rekt. It's definitely good to have some 'currency' in your crypto bags - Btc, Ltc, Zcash, monero and similar, but be aware, these are direct competitors to government controlled Fiat and are more under threat to gov bans than platform tokens are. Should every government get together and ban bitcoin the price of btc would go through the floor almost instantly. Although this would affect every crypto initially the only ones that would recover are the platform tokens, eth, neo, omg, to name a few - Crypto that actually has real world blockchain use other than just a store of wealth.

    The fact that financial investment institutions are now recognising bitcoin as an investment is a big positive that bans are starting to be a thing of the past, but never say never

  10. #55
    1.21 Gigawatts Club Member Wez's Avatar
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    I am not sure how any one government could ban it, by its distributed / decentralised nature it would take multiple entities who do not like cooperating.
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  11. #56
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    Quote Originally Posted by Scooter View Post
    It will be interesting to see how/where this goes. Right now from an ignorant outsiders point of view it appears to be 'just' another investment vehicle, ie people are putting old money into it with a view to extracting/converting back to more old/regular money after a period of time/gain?
    That's the great thing about it, 99% of the public haven't a clue so whilst they wait longer we can pile on the cheap crypto strategies and kill it in a few years.
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    Quote Originally Posted by Sheefa View Post
    That's the great thing about it, 99% of the public haven't a clue so whilst they wait longer we can pile on the cheap crypto strategies and kill it in a few years.
    So you'd suggest avoiding BTC and just building a diverse portfolio of much smaller cryptos? I'm only in with ETH at the moment.

  13. #58
    Posting is my life! Club Member Sheefa's Avatar
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    Absolutely Wonga. Remember you can still get a portion of BTC like 0.2 and therefore if it continues to gain you shall benefit from future increases.

    However, now it is all about spread betting and buying alt coins in top 200. It doesn’t have to be a lot, I have 10,000 Dogecoins for example that only cost £15 yet the possibility for growth is enormous.

    My main coins are Neo, Ripple, Doge, ARDR, POWR, Steem, ETH, ADA, VTC, SC, LTC, NXT, XLM, PAY, LSK and DGB. I also have around £500 spread in another 100 low market cap coins.

    Hope this helps.


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  14. #59
    Posting is my life! Club Member Sheefa's Avatar
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    And here is some clear evidence for you all on the profitability of alt coins over BTC long term.




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  15. #60
    I'm part of the furniture Club Member grahamc's Avatar
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    Quote Originally Posted by Marty View Post
    Although there are a few projects (pay, mco, tkn, etc) trying to do this i've got a feeling it's still a little way off, purely due to tax implications - the gov are never going to allow you to pay with crypto that you've not paid capital gains tax on.

    We are really close to $10k atm, i can see the same thing happening to what happened at $5k - we got really close then the whales shorted and forced the price down a $k, or two this time. There is still a lot of manipulation in crypto due to some people having masses and masses of Btc.

    Personally i think diversification is the best way to ensure you don't get rekt. It's definitely good to have some 'currency' in your crypto bags - Btc, Ltc, Zcash, monero and similar, but be aware, these are direct competitors to government controlled Fiat and are more under threat to gov bans than platform tokens are. Should every government get together and ban bitcoin the price of btc would go through the floor almost instantly. Although this would affect every crypto initially the only ones that would recover are the platform tokens, eth, neo, omg, to name a few - Crypto that actually has real world blockchain use other than just a store of wealth.

    The fact that financial investment institutions are now recognising bitcoin as an investment is a big positive that bans are starting to be a thing of the past, but never say never
    Completely agree....

    We are a long way off this and I am not sure if Bitcoin will be the currency or if it is just the start of it all.

    Bitcoin (25-30%) has made good gains for me, however on a percentage basis, ETH (45%) and LTC (45%) have made better gains over the last month!
    -GTR is now officially SOLD, very shortly the Escort and 240z will also be up for sale

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