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Just now, ewerk said:

And it's also why it'll never go anywhere mainstream.

 

Maybe not, but it's sure as shit getting bigger than it was. Growth is growth. The major banks have been indicating that they're paying more and more attention to it this year and if they do decide to jump in, then it's going to be a step closer to 'mainstream'.

 

The question I'm asking myself in general terms, is whether $2tn worth of investment is going to disappear in the next 3 years. I think probably not. I'll revisit the view in 3 years time.

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1 hour ago, Meenzer said:

Even then, there's nothing wrong with investing in a Tinkerbell if you treat it as a gamble like any other. It's like backing to lay (or vice versa) on Betfair really. But then I'm in the process of making some tidy pocket money from idiot Eurovision fans so I'm in a good mood where market movements are concerned. :D 

 

It's not quite the same though. The only person you may hurt from gambling on Eurovision is yourself or the bookies. The problem with Ponzi schemes is that it is possible early adopters like Rayvin and Quiff will make the right call and make a profit. But someone else has to get hurt for this to happen. 

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1 minute ago, Renton said:

 

It's not quite the same though. The only person you may hurt from gambling on Eurovision is yourself or the bookies. The problem with Ponzi schemes is that it is possible early adopters like Rayvin and Quiff will make the right call and make a profit. But someone else has to get hurt for this to happen. 

 

We're not early adopters tbf - long missed the boat on that, this stuff has been going solidly for years now. Well actually, Quiff might be - I'm not though, I can claim about 6 months at best. I'm 'third wave' apparently.

 

What do you think happens on the "non-ponzi"  markets incidentally? People buy, trade and short gold, shares, commodities... and those people aren't also guilty of exactly the same thing?

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Just now, Rayvin said:

 

We're not early adopters tbf - long missed the boat on that, this stuff has been going solidly for years now. Well actually, Quiff might be - I'm not though, I can claim about 6 months at best. I'm 'third wave' apparently.

 

What do you think happens on the "non-ponzi"  markets incidentally? People buy, trade and short gold, shares, commodities... and those people aren't also guilty of exactly the same thing?

 

Capitalist scumbags do, aye. :)

 

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All of us here are capitalists, last I checked :lol:

 

I prefer to view it as intelligent money profiting from stupid money. Which cuts both ways, and which I have been on both sides of the line on in my experience so far :D 

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Just now, TheGingerQuiff said:

Why does somebody have to get hurt to make a profit? If I buy at market price and sell at market price who gets hurt?

 

I'm making the assumption it's Ponzi-like. Ultimately, people always get hurt. 

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Just now, TheGingerQuiff said:

Why does somebody have to get hurt to make a profit? If I buy at market price and sell at market price who gets hurt?

 

I think it hinges on the notion that the bubble will eventually burst and whoever is left standing holding the commodity at the end gets burned. Which is exactly the same as all the other movements I see on the stock and commodities markets tbf :lol: Although I suppose you could claim that with crypto, if you do believe it's going to die eventually, that will be a reckoning greater than any of the more established commodities. It's still the same principle though.

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I also invest in gold fwiw, and that has been pretty fucking mental in recent times as well. You'll just be sitting there watching the numbers day to day and suddenly some national reserve will dump or buy a great whack of it, and then it's just a frenzy. That actually happens less in crypto, in my experience..! Well, until the other day.

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On 07/12/2017 at 15:41, Rayvin said:

I know but if I summon up the courage to go in, I'll probably go in properly.

 

On 07/12/2017 at 15:43, Rayvin said:

The most likely scenario here is that I won't do it, it'll hit $150k by the end of 2018, and I'll be looking at this thread and cursing my lack of conviction :lol:

 

Just reading back through this thread from when it was about $11k :lol:

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3 minutes ago, TheGingerQuiff said:

 

 

Weird one. I've not got an open position on ETH at the moment (closed earlier to boost my ADA position, trying to max out on the volatility). That sounds like... well idk. Transferring to a wallet isn't selling though.

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5 hours ago, Rayvin said:

 

The major banks have been indicating that they're paying more and more attention to it this year and if they do decide to jump in, then it's going to be a step closer to 'mainstream'.

 

Can we get back to this statement?

If the whole point of crypto is to move away from banks and the current financial system but banks are getting involved in crypto does that not defeat the whole purpose?

Or is it really all about what I alluded to a few pages back, people just trying to avoid paying taxes by using a decentralised currency?

Even the socialists like Rayvin want to be tax dodging cunts.

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24 minutes ago, sammynb said:

 

Can we get back to this statement?

If the whole point of crypto is to move away from banks and the current financial system but banks are getting involved in crypto does that not defeat the whole purpose?

Or is it really all about what I alluded to a few pages back, people just trying to avoid paying taxes by using a decentralised currency?

Even the socialists like Rayvin want to be tax dodging cunts.

 

Banks getting involved doesn't mean they'll control them. It's more that they're starting to accept that they can't beat it, so get amongst. It's not going away. It might always be volatile, but it'll always have a purpose. It's a god send for anyone living somewhere like Venezuela (a couple of years ago, not sure if they're still suffering hyper-inflation). I think the recent bull market can be attributed to the huge covid debts and economic uncertainty. 

 

Maybe we'll get to a point where it isn't judged by its price vs fiat. 

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1 hour ago, sammynb said:

 

Can we get back to this statement?

If the whole point of crypto is to move away from banks and the current financial system but banks are getting involved in crypto does that not defeat the whole purpose?

Or is it really all about what I alluded to a few pages back, people just trying to avoid paying taxes by using a decentralised currency?

Even the socialists like Rayvin want to be tax dodging cunts.

 

They're investing in it and some are, apparently, trying to be "part" of it due to the threat to their relevance. XRP is sorta built for those ones, it's not decentralised and is owned by a company. Their angle is to be the halfway house option that the banks can take up easily. And indeed, banks are keen. The US government is currently suing them though, so who knows where that ends up.

 

I will pay my taxes though, guaranteed. Although if ewerk is right, it sounds like it'll more be the case that the whole thing will be a tax deductible loss..!

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Just now, TheGingerQuiff said:

I haven't really had my money worth out of the tax I've paid from reg work so I'll definitely be dodging until I level up

 

What? :lol:

Its difficult to know if you're being serious or not. Perhaps we should all just pay the tax amount we estimate we get back in services we personally use? I'd be quids in.  

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1 minute ago, Renton said:

 

What? :lol:

Its difficult to know if you're being serious or not. Perhaps we should all just pay the tax amount we estimate we get back in services we personally use? I'd be quids in.  

 

:lol: thought you'd bite

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