Cryptocurrency

Whoah....WHOAAAHHH....!

I'm not interested in making any kind of "idiotic" contest. If idiotic contests are your bag they certainly aren't mine.

My worry (and I doubt I'd be alone) was it's easy to mislead people into thinking it's easy. If you want to do that...go ahead. All I've done is list a few cautions.

I rest my case. watched the video and will refrain from comment on how you may have misled yourself. An important point she makes is that as at now you can avoid paying tax on your investment or purchases. How long, honestly, do you think governments will let that go on when volumes start to rise? 20 years ago UK banks didn't have to disclose anything to the tax people. I had to fill in my tax return and had to be honest. Now the bank does the necessary deductions on their behalf. 10 years ago Swiss bank accounts were utterly secret. Not now.

So while I seriously love to hope its freedom from interference goes on a while yet (the transaction, profit, capital gain etc detail) things have yet to develop (as in the Japan example). The actual transmission technology is much like SWIFT and the little key thing you saw in the video will set you back around £100.

I hesitate to say it but dad fronted me a small amount in his BTC account around 2010 speculating the value would rise. He has a few people who thought it was a good idea - so to that extent you're right! Earlier today I asked him what its current value is against the £. Let's just say I'm not unhappy!

However, in case this seems any kind of contest I'll back away from this topic now. I did my best. Once more, thank you for the discussion.

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[Gemcrusader]

Well it seemed like u were setting ur knowledge about it vs mine... Which i have absolutely no interest in cause im by no means an expert. Im a beginner actually. BUT i can put two plus two together. Meaning i have never been so enthousiastic about some technology which again i can link to higher vibrational developments, hench the excitement and yes i also see oppurtunities to make a buck. Which combined is firework to me. Some say its like the internet at the start while being aware its becoming big. Thats how i see it and pretty much my gut and feeling tells me the same.

So u have bitcoins stored? Mcaffee was sayin on tube they can go to half a million. Or more. It could also go to zero ofcourse. But that doesnt matter, i believe in it.

[Gemcrusader]

Well it seemed like u were setting ur knowledge about it vs mine... Which i have absolutely no interest in cause im by no means an expert. Im a beginner actually. BUT i can put two plus two together. Meaning i have never been so enthousiastic about some technology which again i can link to higher vibrational developments, hench the excitement and yes i also see oppurtunities to make a buck. Which combined is firework to me. Some say its like the internet at the start while being aware its becoming big. Thats how i see it and pretty much my gut and feeling tells me the same.

So u have bitcoins stored? Mcaffee was sayin on tube they can go to half a million. Or more. It could also go to zero ofcourse. But that doesnt matter, i believe in it.

What is SWIFT?

I believe Japan has actually adopted Bitcoin as an acknowledged currency.

Ok, I'll pop back to answer that question - SWIFT is a financial messenging system. (Acronym of Society for Worldwide Interbank Financial Traffic - or some such). It's used by banks and related outfits simply because they had the need for such a thing.

Each msg has a header that identifies the recipient. I forget how its formatted but a bit like your International bank number (IBAN) on your statement/details.
With BTC it probably only includes the wallet ID (which is longer and more complicated! than an IBAN. There will be standards just the same to be sure of security and accuracy. I haven't looked how it's formatted but it is verified before being sent out. It may include time-zone stuff and other things.

Anyway, just the basis and I have to admit that's all I know.

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[Gemcrusader]

I feel like thats still all BANK related. As in with crypto there are no banks. Yeah sure, u have online wallets and what not, but its much different.

[Brucely]

Its biggest feature is also its biggest problem: nobody controls it. Its like earning points at a store u can only use at that store. There are dozens if not hundreds of cryptocurrencies.

Its simple now that a store says "we accept such and such credit cards" but imagine if they had to list several dozen forms of online coins, and prices are so volatile its very risky for a store to accept them, and it will always be volatile because its unregulated, prices will only stabilize if banks ever disband

Im saddened that i didnt buy bitcoins when i first saw it blooming in $50 range. Will it reach over $10,000 as predicted? Unlikely. Banks are trying to downplay it and not talk about it because the worst thing that could happen to them is if every headline said something about BITCOIN.

It will likely become somehow regulated, banned, or taken over by govt. Id say its in the same stage as recreational marijuana: its growing, but too many uncertanties and i certainly cant imagine either of them becoming universally used or accepted

[Gemcrusader]

Many coins serve different purposes and by then payment methods have ofcourse developed to.

This stuff is speeding up so fast now, people hav no idea whats comin.
Some coins have also different technologies.

Banks have been developing their own coin now, or some company. Im not sure. But anyway, there is one coin called Ripple. This coin is supposed to speed up transactions without the help of anybody. Which reduces fees for the banks.

Another coin is called Iota. This project will enable robots to do payments or somethin like that. Iow robots will be able to send money to eachother.


The way we use internet now will be outdated as well. Everything will be in hyperspeed compared to now.

In the old world cryptocurrency CANNOT exist. Thats why its becoming a new world. This age is the age between the middle ages and the future.

Acknowledged. However, as I ducked out of the discussion I'll refrain from further comment. You're widening the topic; opening up possibilities down several avenues which may break into separate discussions.

Always a problem with scope-creep! I doubt many here will ponder the nature of fiat money and its seemingly inexorable failing. Do cryptos which are just as fiat solve the problem?

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[Goddessa]

Interesting topic ruined by unnecessary arguing

Originally Posted by Goddessa

Interesting topic ruined by unnecessary arguing

It's a consequence of the topic itself no matter where you turn. It has huge scope.
There are no arguments here that I can see - differences of opinion, yes, because we approach the subject from different angles. Isn't that what a forum is about?

If it's been ruined for you by the level of argument here it's probably best not to dig deeper. You'll encounter far more ferocious argument. It is a fashion to have a small holding though and acquisition of some of the more usable cryptos is a good start. I have some stuck in an old paper wallet but thinking of setting up an account of my own.

As I'm on your ignore list I'll have a chuckle at "unnecessary" arguing. How wild would a totally silent forum be?!

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