bitcoin

[easytiger]

hey,

are the good people of East Dulwich following the bitcoin story? how it has gone from $100, to $65k and thanks to Elon Musk dumping bitcoin and not taking it as payment for his electric cars the bitcoin price has plummeted.

[DuncanW]

I think I?m right in saying, that you would still have trebled your money if you had bought one year ago and sold today, even with the recent downtick in price.

[mrwb]

It's a technology obfuscated pyramid scheme. Crypto, generally not only Bitcoin.

Buying it to sell it on for more is what it's all about. Until the base of the pyramid gets too big and can't find someone to sell to. With social media and the covid stimlus the pyramid has had a huge and well funded base.

What else is the point of it?

[JohnL]

What put me off recently was the cost to mine it - using fossil fuels etc.

Apparently it generates a lot of heat and takes a lot of energy - and what for - to solve problems that do not need solving ?

[Seabag]

mrwb Wrote:

-------------------------------------------------------

> It's a technology obfuscated pyramid scheme.

> Crypto, generally not only Bitcoin.

>

> Buying it to sell it on for more is what it's all

> about. Until the base of the pyramid gets too big

> and can't find someone to sell to. With social

> media and the covid stimlus the pyramid has had a

> huge and well funded base.

>

> What else is the point of it?

What about Boris?s ?inverted pyramid of piffle?? he goes on about, where does that come into the equation?

[wordsworth]

GunnerPewPew Wrote:

-------------------------------------------------------

> I think this is all much more complicated than it

> seems

But don't you think that the intelegencia on this thread will be able to clarify things?

[JohnL]

Seabag Wrote:

-------------------------------------------------------

> What about Boris?s ?inverted pyramid of piffle??

> he goes on about, where does that come into the

> equation?

Hancock ate it all up.

[Spartacus]

I thought this was a thread about a new vinyl pressing title by Miss Spears. So confused and disappointed now !

[easytiger]

this thread is about crypto and how disruptive it will be on the banking system.

[SpringTime]

Can anyone explain the mining element behind crypto to me please? Also, are crypto currencies in essence really just like ponzi schemes, or have I got that wrong? Thanks

[Lemming]

Have a flutter if you must - but Crypto is pure speculation, not an investment.

[KidKruger]

SpringTime Wrote:

-------------------------------------------------------

> Can anyone explain the mining element behind

> crypto to me please? Also, are crypto currencies

> in essence really just like ponzi schemes, or have

> I got that wrong? Thanks

You can Google mining - it?s all explained.

[TheCat]

As with any investment...whether that's property, equities, horse racing or crypto....if you don't really understand how it works....then you probably shouldn't be putting money into it.

Even 'experts' in each of those fields are doing well if they are right more than 50 percent of the time.....

[Sephiroth]

And everyone understands how it works. Until they don?t

Bitcoin is not an investment

Repeat after me

Bitcoin

Is not

An investment

Well done

Now ?nft?s

[TheCat]

On that we can agree.

As someone who works in the investment industry, I had to look up what NFT was the other day....FFS....

Maybe I'm just a dinosaur....but screw that....

[JohnL]

Everyone on twitter with bitcoin/crypto in their profile seems to have an agenda.

it's like a warning signal.

[Bob Buzzard]

I tried to pay for my Comt? at Mons with bitcoin, but they said no.