Bitcoin...surprised there isn’t more uk discussion/press coverage?

[Dancinggertrude]

Bitcoin has had an interesting few months, steadily rising.
Twitter feeds are full of American discussion about it, US press coverage etc.
Yet here it is still not v mainstream..
Aibu to be surprised ?
I’m neither a convert to bitcoin or an investor btw, I like to dabble and watching the charts /world press coverage really interests me.
Most (Uk)people I mention it to aren’t even aware you can purchase fractional bitcoin.

@cailleachian

Ok, I understand your viewpoint better now.

Person to person transfers can be achieved today in theory with any crypto. Doesn’t really matter which you use. XRP plumbed into the global money transfer system just makes sense to me. Whether it will succeed in any big way remains to be seen but (rightly or wrongly) I just don’t see cryptos replacing the current system in its entirety.

I assume that if you want the ‘system’ to be bypassed completely then you want cryptos/BTC to replace fiat currency entirely? For me, this happening within our lifetimes is very hard to imagine.

OK, some of the women I follow are:

@OutlierCanada
@AmberBaldet
@iam_preethi
@LindsayxLin
@Melt_Dem
@AriannaSimpson
@starkness
@ljxie

Non macho male accounts include

@fundstrad
@JRossNicoll
@nic_carter
@NeerajKA
@_JohnWhelan

Plus @parabolictrav just because I find him quite entertaining

Banks and Pensions are backed by the FCA. Driving is regulated. There is official risk management for those besides using your own wits.

Cryptocurrencies: Not Regulated. On Your own Sucka...

Oh, and great opportunity for criminals. Woohoo (Not).

You got what you wanted, OP. Lots of talk on MN about them.
Personally I find the "toothpaste soothes mozzie bites" thread more useful, though.

Brilliant @wickedgooddoge
Much appreciated!

@Melt_Dem spoke at one of the recent congressional hearings. She was great!

@lljkk
It was simply a thread for discussion.
All viewpoints welcome , including yours.
It wasn’t intended as a thread for aggressive arguments, rather for balanced in depth informative resource gathering.
You shoot yourself in the foot with your deliverance... You’re too aggressive.
So people are recoiling from you even though potentially you have something important to say.
🤷‍♀️

Also banks and pensions
Yeah... nobody has ever lost money there

@Paddybare

I dont think fiat will disappear entirely, but I believe that crypto will be the primary economic system within the decade...and the quicker the better.

Cheers for the list @WickedGoodDoge

Also @lljkk your information has no proper source info as i can see? It’s not a great way to argue your point, just copying and pasting text. That’s perhaps why people aren’t really engaging with it.

@lljkk

I dont care that its unregulated by government because I know it is regulated by mathematics, and I trust mathematics a whole lot more than I trust the government.

I trust myself more than I trust the banks, the risk management of my wits will do me just fine.

The FCA are pathetically useless.
There is shocking crime and corruption going on in the city every day and the police and the FCA turn a blind eye.
I know people who have reported insider trading, false accounting, stealing from clients and investors, lost 100s of thousands of pounds. FCA couldn't care less.

Undermining faith in established institutions including regulators (like banks & FCA).

That is the new way of the world.
A lot of people seem to like this new world order a lot.
I only know these things about cryptocurrencies b/c they have been discussed often & widely in the UK, OP.

I have faith that anyone seeing the images I posted can google for themselves to find sources if they want to know sources.

You're right about one thing, though. I really need to find some toothpaste to do something useful put some on my son's mozzie bites.

Caille,

In what way is it ‘regulated’ by mathematics. Basically there is a finite supply of bitcoins and transactions can be cleared. But so what?

It is an artificial commodity not regulated by any government or supranational entity. In that sense it is like gold but without being able to be made into jewellery. There is nowhere you can really earn interest on it and it’s only value is that which people perceive it to have.

Once upon a time someone swapped their house for a rare tulip bulb.

I cannot for the life of me see why bitcoin is not another bubble. Sure, lots of people make money when bubbles inflate but they do inevitably end in tears.

Wait...
Am i veering into the territory of the people with the lizardy eyes? 😱
I am totally not bothered about undermining faith in established institutions, particular the banks and the FCA. Sorry 🥴

Regulated to 85k.....

Meh, I’m not fussed about bubbles. It’s more like a series of ever increasing parabolas. Sit through a couple of 80-90% collapses and the downturns then just get tediously boring, not worrisome.

In what way is it ‘regulated’ by mathematics.

The white paper has the mathematics needed to regulate it. Its worth a read, it gets a bit mathematically technical at the end, but its still quite understandable

nakamotoinstitute.org/bitcoin/

Essentially it is regulated by mathematics because certain parameters are mathematically preset

• there is a fixed supply of 21m bitcoins
• a new block is produced every 10 minutes (approx)
• the release rate is preset, starting at 50 btc every ten minutes then halving every 4 years.

These parameters can only be changed if 51% of all of the miners agree to the change.

Basically there is a finite supply of bitcoins and transactions can be cleared. But so what?

• the ledger is immutable, it cannot ever be altered
• energy is turned directly into money
• bitcoin will grow more scarce over time (due to loss)

It is an artificial commodity not regulated by any government or supranational entity. In that sense it is like gold but without being able to be made into jewellery.

yes, its kindof like Gold, but someone could always discover another goldmine and increase the supply, or finally figure out alchemy. Gold also keeps no records.

There is nowhere you can really earn interest on it

Nexo is currently offering interest on stablecoins and have plans for interest on Bitcoin, Eth and XRP.

and it’s only value is that which people perceive it to have.

yup, and I value bitcoin a great deal.

Once upon a time someone swapped their house for a rare tulip bulb.

I hope they got pleasure from the tulip.

I cannot for the life of me see why bitcoin is not another bubble. Sure, lots of people make money when bubbles inflate but they do inevitably end in tears.

Fiat is the bubble, and you are right, it will end in tears.

I love this thread .
Like really, its a resource in itself.
Thanks everyone for your generosity and your time for sharing all the links etc

Caille,

Bitcoin is a fiat currency.

Actually,

Apparently it isn’t in the sense that it is not government issued. However it is not backed by any physical asset and only has value as people believe it has.

Bitcoin is a form of crypto currency, not fiat currency.

Fiat currency is “legal tender” backed by a government.” . The government controls the supply. If you are liable to pay taxes to the government that issues it, they demand those taxes in that form. (ie you cant pay your UK tax bill in dollars)

Cryptocurrency is not “legal tender” and it is not backed by a central government or bank (it is decentralized and global). An algorithm controls the supply and it is taxed by the miners at the point of transaction.

But lots of things only have the value people perceive it to have.
Art as a prime example. Yet these bubbles continue for centuries

I’ve always thought of it as the antithesis of Fiat.

Dancing,

Art is primarily there to be exhibited and viewed. Yes, some people use art as investment and elements of the current market are ‘bubbly’, but that is not art’s purpose.

When you see threads like this (or people discussing bitcoin) I do not hear much about what they are buying with it or how convenient it is. It is discussed as an investment.

Its closest analogue is gold, except it is less tangible (and shiny). There is a lot of hyperbole about ‘mining’ it (gold again..) and block chain technology, but crypto is still a vanishingly small part of the global financial system.