Asset Values

[Blue Yonder]

Bitcoin is a pyramid scheme, a little like a Ponzi scheme, where new investors fund old investors.

The biggest ponzi scheme is fiat currency. I urge you to check out Michael Saylor - Real Vision you tube videos keep an open mind. Yes is BTC is volatile yes it price will drop by as much as 25% as some rush to take profits at somr point but there are big institutions waiting to take advantage of such correction and buy in at such points. Thus pushing the price back up.

 

[Blue Yonder]

Simplified version...
Anyone can earn Bitcoin by processing Bitcoin transactions and doing the accounts/bookkeeping...this is called Bitcoin mining.
Computers compete against each other for the privilege of doing this work, by solving a pointless cryptographic puzzle. The first one to solve it gets to do the bookkeeping and is therefore paid and makes the money.
The puzzle they have to solve takes a huge amount of computing power, which uses a huge amount of electricity.

It is estimated that Bitcoin mining currently uses the same amount of electricity as a medium sized country like Switzerland or the Netherlands.

Crazy really

Gold mining consumes vast amount of energy too. It also uses some very nasty chemicals to extract gold eg Cyanide. I know you may argue once out of the ground it does not. But a BTC sat on your electronic wallet doesn't either. It will not be a currency it is morphed into a very effective store of value. Which can be put to work to earn you a very healthy return. Also majority of the energy used to maintain the BTC ledger and create new BTC is cheap renewable energy in particularly geothermal and hydro.

 

[soulstyledevon]

What links Bitcoins rise and fall...?
Is it some spotty teenager in his bedroom in Munich or Shanghai...?
I just don’t get it ?

 

[willwander]

What links Bitcoins rise and fall...?
Is it some spotty teenager in his bedroom in Munich or Shanghai...?
I just don’t get it ?

Bitcoin market cap is now $1 Trillion...
That’s a lot of spotty teenagers

 

[Jay gas]

A mate of mine mentioned some bitcoin mining company and a maker of the machine that mine bitcoin so I got a small amount of shares in them at the start of the year and they have flown following the rise in bitcoin

 

[Vagophile]

I read that Elon Musk has started "dabbling" with a newer cryptocurrency, which shot up in value on that news. He then asked holders to sell. It's all a mystery to me, I'll stick with my gold bars buried in the garden.

 

[Amarillo]

I read that Elon Musk has started "dabbling" with a newer cryptocurrency, which shot up in value on that news. He then asked holders to sell. It's all a mystery to me, I'll stick with my gold bars buried in the garden.

M : I just want to say one word to you. Just one word.
B : Yes, sir.
M : Are you listening?
B : Yes, I am.
M : Tulip bulbs.
B : Exactly how do you mean?
M : There's a great future in tulip bulbs. Think about it. Will you think about it?

 

[willwander]

I read that Elon Musk has started "dabbling" with a newer cryptocurrency, which shot up in value on that news. He then asked holders to sell. It's all a mystery to me, I'll stick with my gold bars buried in the garden.

Dogecoin, started as a joke, now worth $8 Billion

Tesla recently bought $1.5 billion in Bitcoin.
In the past month they made $600 million profit on it. That’s more profit than Tesla has made in it’s entire history of making cars.

 

[willwander]

M : I just want to say one word to you. Just one word.
B : Yes, sir.
M : Are you listening?
B : Yes, I am.
M : Tulip bulbs.
B : Exactly how do you mean?
M : There's a great future in tulip bulbs. Think about it. Will you think about it?

If Bitcoin is not your thing I hear house prices are up 10% since the start of the pandemic...unless you live in London.

Meanwhile Cali prices continue to rise.

Worth considering... ‘stuff’ is not worth more, your money is just worth less.

 

[Blue Yonder]

The higher it goes the further it has to fall, more people will make more money, more people will loose more money, and more electricity than the needs of Sweden will be expended each year in the hunt for “free” Bitcoin which has no intrinsic value whatsoever, and no government to support it when it collapses.

Like all currencies, how long it will last is uncertain. The British Pound at ~1200 years old is the longest surviving currency. The Bitcoin is a relative newcomer, but its collapse is probably not imminent but almost certainly inevitable.

The British pound came off the silver standard 205 years ago then off then Gold Standard 90 years ago. So has only been a fiat currency for 90 years.

Don't forget the British pound crashed in 1992 when 690 billion pounds (at todays value) was stolen from the BoE by George Soros shorting the pound forcing it to exit the ERM (which it should have never joined at the exchange rate it did).

The pound sterling is now worth less than 0.5% of its original value!

With all this "money printing" (which in fact only creates money when people take on debt) and zero interest rates you would be much better off storing your wealth in a decentralised asset such as BTC that has a fixed final supply (21 million).

 

[Algor]

I read that Elon Musk has started "dabbling" with a newer cryptocurrency, which shot up in value on that news. He then asked holders to sell. It's all a mystery to me, I'll stick with my gold bars buried in the garden.

I am off to find my shovel! There can't be too many houses with a Cali parked outside in Market Deeping

 

[GrumpyGranddad]

The British pound came off the silver standard 205 years ago then off then Gold Standard 90 years ago. So has only been a fiat currency for 90 years.

Don't forget the British pound crashed in 1992 when 690 billion pounds (at todays value) was stolen from the BoE by George Soros shorting the pound forcing it to exit the ERM (which it should have never joined at the exchange rate it did).

The pound sterling is now worth less than 0.5% of its original value!

With all this "money printing" (which in fact only creates money when people take on debt) and zero interest rates you would be much better off storing your wealth in a decentralised asset such as BTC that has a fixed final supply (21 million).

I read recently about a guy (in Wales I think), who had dumped his computer before realising it had his Bitcoin credentials on it. He was offering a reward (£1m I think) for retrieval of the hard drive from landfill.

 

[GrumpyGranddad]

I read recently about a guy (in Wales I think), who had dumped his computer before realising it had his Bitcoin credentials on it. He was offering a reward (£1m I think) for retrieval of the hard drive from landfill.

 

[Blue Yonder]

If you had bought £5k worth of Bitcoin in 2018 you would now be able to buy a brand new California with profit you had made, even taking account of the Capital Gains Tax.

Hindsight is a wonderful thing.

 

[Jay gas]

If you had bought £5k worth of Bitcoin in 2018 you would now be able to buy a brand new California with profit you had made, even taking account of the Capital Gains Tax.

Hindsight is a wonderful thing.

I have a mate looking for a newish Cali after dumping his life savings into GameStop and getting out at the right time. I wouldn’t have had the nerves to go through what he did for 2 weeks

 

[Blue Yonder]

I have a mate looking for a newish Cali after dumping his life savings into GameStop and getting out at the right time. I wouldn’t have had the nerves to go through what he did for 2 weeks

Neither would I. That was an extremely risky bet.

 

[Jay gas]

Neither would I. That was an extremely risky bet.

Plenty more losers than winners on that bet

 

[Amarillo]

The South Sea Bubble

The South Sea Bubble of 1720

The 18th century version of the Dot Com Boom - and Bust!

www.historic-uk.com

 

[willwander]

I have a mate looking for a newish Cali after dumping his life savings into GameStop and getting out at the right time. I wouldn’t have had the nerves to go through what he did for 2 weeks

Crazy YOLO

 

[Vagophile]

GrumpyGranddad said:
I read recently about a guy (in Wales I think), who had dumped his computer before realising it had his Bitcoin credentials on it. He was offering a reward (£1m I think) for retrieval of the hard drive from landfill.

I also read about someone who had exhausted all but two of his twenty attempts to remember the password to his bitcoin wallet.

 

[clarinetbcn]

Someone posted a while ago about buying a new Tesla or spending the same amount of money buying Tesla stock years ago. Now the Tesla would be worth less, but the Tesla stock would make you rich. Hindsight.

 

[Blue Yonder]

Someone posted a while ago about buying a new Tesla or spending the same amount of money buying Tesla stock years ago. Now the Tesla would be worth less, but the Tesla stock would make you rich. Hindsight.

Tesla made more money last year from the profit it made buying BTC then it did from selling cars. Crazy.

 

[Corradobrit]

Tesla makes the bniggest proportion of its profits selling carbon credits to other manufacturers than it makes from its 'Appliances'

 

[Blue Yonder]

Tesla makes the bniggest proportion of its profits selling carbon credits to other manufacturers than it makes from its 'Appliances'

Not sure what your source is this info Bloomberg states

Tesla car sales profit $721 million

Tesla sales of Emission Credits $428 million

Bitcoin profit at $50 / BTC $930 million.

I"m sure the BTC price will fall by -25% within next 12 to 24 months. Look at price of BTC on a logarithmic scale if you want to truly see how it price fluctuates or the long term.

 

[Corradobrit]

Not sure what your source is this info Bloomberg states

Tesla car sales profit $721 million

Tesla sales of Emission Credits $428 million

Bitcoin profit at $50 / BTC $930 million.

I"m sure the BTC price will fall by -25% within next 12 to 24 months. Look at price of BTC on a logarithmic scale if you want to truly see how it price fluctuates or the long term.

From CNN article

"It's a lucrative business for Tesla -- bringing in $3.3 billion over the course of the last five years, nearly half of that in 2020 alone. The $1.6 billion in regulatory credits it received last year far outweighed Tesla's net income of $721 million -- meaning Tesla would have otherwise posted a net loss in 2020.
"These guys are losing money selling cars. They're making money selling credits. And the credits are going away," said Gordon Johnson of GLJ Research and one of the biggest bears on Tesla(TSLA) shares."