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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

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

266 replies

Dancinggertrude · 03/08/2019 11:55

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.

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QuinionsRainbow · 04/08/2019 13:53

I mean... it’s doubled in price in 3 months. At one point hitting 10k.

But still rather less than it was worth 18 months ago! And down to £K8.7 today.

Cailleachian · 04/08/2019 14:00

@DGRossi

I disagree that you need to be confident about knowing about blockchain before you get into crypto. Bitcoin is the place that I would always recommend new crypto users to start. I dont think its a proof-of-concept, but I think its ground zero of crypto, because of the comparative hash-power, the level of decentralisation and the level of blockchain security.

But yes, Bitcoin isnt as interesting as some of the newer cryptos, with smart contracts, advanced privacy, sharding, side-chains and experimental governance forms. You dont need to know any of that to get started tho, and I doubt if there are more than a handful people in the entire world who properly understand all of it.

Smart contracts are incredibly powerful, and they are only just starting to be explored.

BogglesGoggles · 04/08/2019 14:41

I’m not trying to ham you from doing anything. I’m just pointing out that you are lying in the hope that no one is stupid enough to be sucked in.

Dancinggertrude · 04/08/2019 14:45

@QuinionsRainbow
But it depends on the way you use bitcoin surely. For some traders for example, wild price fluctuations can be desirable. I didn’t really ask whether bitcoin was a good long term investment , I asked why we are not hearing about it so much in MSM considering how much discussion there is around it globally.

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BogglesGoggles · 04/08/2019 14:47

@Cailleachian I only saw you comment upthread, I apologise for lumping you in with Gertrude. Maybe I am wrong but I was around in the early days and saw a good idea that everyone turned away from. I still think that crypto currencies are the future but I don’t think that bitcoin will survive this. I’m looking elsewhere to currencies that are back by more tangible assets which will hopefully be more popular.

Dancinggertrude · 04/08/2019 15:00

Lying about what @bogglesgoggles?

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Cailleachian · 04/08/2019 15:17

@DGRossetti

"the absence of blockchain betting is a clear signal we aren't quite there yet"

Gambling was one of the most popular uses of bitcoin in the early days - remember satoshi dice? And if you look at the most popular dapps, gamblng is very well represented (www.stateofthedapps.com/dapps?tags=gambling).

Dancinggertrude · 04/08/2019 19:45

Oh @BogglesGoggles I just read back your accusation.
No that’s not my aim .
Your name is appropriate
Take your boggly goggles off.... you’re getting the wrong end of the stickConfused

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Dancinggertrude · 05/08/2019 10:11

Well today it’s going crazy anyway it seems, up nearly £1000 since yesterday ?

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WickedGoodDoge · 05/08/2019 12:57

LTC halving today

Cailleachian · 05/08/2019 13:11

Nothing to do the litecoin halving, its because @DancingGertrude has lured all the mumsnetters to throw their life savings at it. Better cash out quick before they read @BoggleGoggles post, our scam gets rumbled and the whole ponzi scheme collapses. ;)

Dancinggertrude · 05/08/2019 13:36

I am gonna be so crushed at the bottom of that pyramid Grin

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Dancinggertrude · 05/08/2019 13:40

I did wonder if it was me that broke Mumsnet Grin

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AnnaForbes · 05/08/2019 15:04

Fantastic to see this thread. I have commented many times to dh about the lack of women's voices in the crypto space.

My personal thoughts are that it is incumbent on me as a woman and as a mother of daughters to be involved and informed. Cryptocurrency and blockchain technology will revolutionise the way we do things and I don't want to be left behind.

I choose to hold Bitcoin, LiteCoin and Ethereum because of the following:

Bitcoin is the best known and it is widely trusted. It also has first-mover advantage. It is volatile but as more people buy into crypto, this will settle. I hold it long term and avoid looking at the wild fluctuations in price. I like the fact it has a finite supply and I think it will most likely stay a store of wealth.

Litecoin gives faster transactions with very small transaction costs - it is more likely to become the everyday means of exchange that Satoshi originally envisaged for Bitcoin.

Ethereum - I believe Ethereum is a good investment because it is a smart contracts platform and, as such, its value is likely to increase as smart contracts become common-place.

A quick analogy to illustrate why smart contracts are the future: You go on holiday and your flight is delayed. You are due compensation for the delay so you fill in the paperwork and wait for a cheque to arrive from your insurance provider. With a smart contract, once the terms of the contract are broken, (eg your flight is delayed) the money is automatically paid to your bank account. Transactions are smoother and faster for the consumer. They are also much cheaper to administer so a win-win.

I'm still learning but I do see this as akin to the early days of the internet when there was uncertainty, reluctance and cynicism.

I do also think it is a higher risk than many more traditional investments and thus favour keeping my investments diverse.

AnnaForbes · 05/08/2019 16:56

Just re-read my post - that's not an analogy I wrote at all is it? It's an example. Blush

Dancinggertrude · 05/08/2019 16:58

Well I loved it @annaforbes whatever it was it was a great post! Uplifting, eloquent and v inspiring Smile

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WickedGoodDoge · 05/08/2019 17:00

Oh, I thought this was really funny! DS and I went to one of Edinburgh’s Open Days back in June. At the lecture on Informatics and future opportunities etc, Bitcoin and crypto were well discussed. In a positive way. Grin

I spent the whole time poking DS in the ribs, saying “Ha! Bitcoin! Ha! Bitcoin!” He was not amused.

Bitcoin...surprised there isn’t more uk discussion/press coverage?
Dancinggertrude · 05/08/2019 17:08

Ha @wickedgooddoge he needs to get on board if he wants his inheritance Grin

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Dancinggertrude · 06/08/2019 07:38

Another interesting day for crypto.....

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WickedGoodDoge · 06/08/2019 08:25

Yes, a little more enthusiasm would be appreciated! At least he’s better than DH and does tolerate me wittering on about it.

Saw it just broke $12k again. Hopefully it will stick this time.

Dancinggertrude · 06/08/2019 08:33

Fingers crossed
Certainly there seems to be a bit of Wall Street money headed for the pot....

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Iggly · 06/08/2019 08:35

I’d like to understand more about crypto currency.
But this is because I’m currently reading a book about the 2008/9 crash of the financial services sector - and I’m incredibly wary of how the sector has such a hold on governments. The majority of the general population don’t know how it works and why it’s such a drain on resources = less for everyone else.

It’s also the same with the rise of technology. Ultimately while there has been an improvement in living standards, most of the financial benefits have gone to the very very top and we are seeing a bigger gap in inequality. Governments are powerless to act because they’re ultimately being influenced by the very rich and wealthy.

That’s why we have a rise in populist leaders (populist = tell you what you want to hear for votes even though it’s bullshit) like trump and Boris.

Sorry I went on a bit there.

Anyway I’m going to be finding out as much as I can but it’s hard to find credible sources. I’m very very sceptical of things I read on bitcoin because I know that ultimately someone is aiming to make money from me.

Dancinggertrude · 06/08/2019 08:39

@iggly there are some great links on this thread, and recommendations for podcasts etc.
But your book sounds good. What’s it called?

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Iggly · 06/08/2019 09:06

Thanks @Dancinggertrude I will check them out.

this is the book

Dancinggertrude · 06/08/2019 09:17

Thanks @iggly have added it to my kindle

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