What's a digital contract? What's different about it from any other contract? (I refer you to the Dyson adverts and their vacuum cleaner's "digital motor". What does that mean? I've asked an engineer - he didn't know either.)
CL Wealth Warning - When there is perceived "easy money" to be made no one worries about the fact that these vehicles are unregulated - until it all goes wrong that is.
Well, indeed. But while it's true that the whole shebang is seemingly unregulated, should it be, even under existing legislation? Or are the Government, PRA and FCA all asleep at the wheel - should they be handing down more specific warnings?
It's a bit technical but here's what I mean. First, as we all know, in the UK you need authorisation to undertake certain regulated functions. The existing legislation says both accepting deposits and arranging for the safeguarding and administration of assets belonging to another, or offering or agreeing to do so are both regulated activities for which you need authorisation.
Second, the definition of a deposit (we're not talking a security deposit you hand over to DFS for a sofa, that's a pre-payment) is Rights under any contract under which a sum of money (whether or not denominated in a currency) [my emphasis] is paid on terms under which it will be repaid, with or without interest or a premium, and either on demand or at a time or in circumstances agreed by or on behalf of the person making the payment and the person receiving it.
The legislation in part has even been updated to cope with e-money, which is defined aselectronically (including magnetically) stored monetary value. And in the UK you need to be an authorised electronic money institution to play around with other people's e-money.
(It's a bit more complex than that but that will do for these purposes.) So, how is what is happening not caught by the relevant UK legislation: all these people "looking after your virtual dosh in virtual wallets?
So, just on that basis alone, how is all this stuff not illegal? Well, in short, I suspect (but don't know) that it is. And that is why most (all?) of the businesses that facilitate the acquisition of crypto currencies do so from outside the EU.
So, if it does all go pear-shaped (as it will) there will be no redress. In the same way that there would be no redress if you decided to hand over your personal pension to some person in Russia you didn't know and didn't have any means of contacting and your hard-earned subsequently vanished. Or if you paid out for on off-plan apartment in Kabul.
In short, it would be unreasonable to expect the UK taxpayer to bail you out for being so foolish and it is pleasingly reassuring to know that they won't.
Some of us have seen it all before, whether it's a Ponzi scheme like KF Concept, run by Kevin Foster; pyramid schemes; ostrich farming; or land banks, there's a never-ending stream of people out there quite happy to take money from the gullible.
Coinbase has a registered company in the U.K. theyre the most popular fiat to crypto portal.
But hey, don’t let me impede in your uneducated, unsourced daily mail style ramblings this fine Thursday morning.
Yes, I know, they've set up a UK company. One which qualifies for the "small company exemption" and continues to make a loss. (Which is interesting.) As I've previously stated, I read their latest accounts lodged with Companies House a few weeks back. It only went to underscore that they don't know what they are doing. Read note 6 to the accounts.
You seem convinced that just because the technology seems like a whizzy thing, the currency side must be too. To me, in my uneducated, un-sourced world, that seems like a huge leap of faith.
While you are an evangelist for this stuff, I have seen nothing at all, ever, that convinces me that it is anything other than another car crash waiting to happen.
The overriding trait of the gullible that invest in such schemes is blind faith but there is invariably another trait and that is greed. You can do what you like, I don't care but I want to put up a contrary view so that anyone else reading your pseudo-knowledgeable, reasonable-sounding testament might think more than twice before placing their hard-earned into a scheme they don't understand and with people they don't know.
So I’m essentially a con man for warning people not to invest more than they can afford to lose? LOL OK
You have used this technique throughout: throwing out phraseology and LOLs to imply ridicule to anyone who disagrees with you. Thereby indicating you are the expert and everyone else is a motley fool. It is not an attractive look but is a trait commonly used by conmen and fraudsters.....
Let's take the seemingly fine "don't invest more than you can afford to lose" phrase rolled out on a regular basis. It's misleading: I could "afford to lose" maybe £0.9-£1.2mn. But I'd sure as hell miss it if it was gone. And as sure as hell I'm not putting any of it into cryptos.
Surely a better phrase would be don't invest anything in anything you don't understand?
In my working life, I got to interview, on tape, large numbers of people varying in ability from CEOs of large insurance companies down to sellers of non-existent car and mobile phone insurance and out-and-out snake oil salesmen. They all had one thing in common; they were bullies who attempted to shout down any opposition in the hope they'd just find the whole experience too unpleasant and give up (think Robert Maxwell) . Experience had told them this technique worked. But, of course at the endgame, it didn't.
One of the abiding pleasures I got from doing this work was merely requiring interviewees to explain their jargon. (Most people don't do that, they just try to avoid embarrassment, nod sagely and pretend to be entirely familiar with the gobbledegook.) It was a never-ending amusement to listen to them try to explain in plain English exactly what the jargon meant.
He hasn't said that though has he? I'm assuming you are trolling... If not, that post is beyond narccasism and you sound like a helmet.
What's a digital contract? What's different about it from any other contract? (I refer you to the Dyson adverts and their vacuum cleaner's "digital motor". What does that mean? I've asked an engineer - he didn't know either.)
So uhh, I would read up about ethereum and come back to the thread. Most cryptos are based off of it. Essentially in the future you would no longer need a human intermediary between “Ive done the work, here’s the invoice, please pay me in 30 days”.
Once again. This is a potentially great thread. @kentaddick has been the main driver, and in my view he has done it in a mature way which reflects well on him as a Lifer. As a result, and heeding his oft-written warning, "only put in what you can afford to lose" I have done exactly that, mainly in Vechain because I understand its very useful real world use.
Even if I lose it all, it will be a lot less than when around the time of the financial crisis, I was persuaded against my better judgement to invest a unit trust focused on gold. It quickly halved in value. It is a regular unit trust, still today pushed by Hargreaves-Lansdowne and the like. No one protected me, and why should they have done? I should have reminded myself that most of the strongest proponents of gold I know are barking mad conspiracy theorists. (Similarly I now have a rule in life that anything proposed by Boris Johnson is a very bad idea for all whom it affects)
I equally appreciate some of the criticisms here of the phenomenon, because they come from people for whom I have enormous respect for their professional knowledge. They know who they are. I know of no other place on the net where both sides can present their views, and we can watch how the real world puts these views to the test on a daily basis.
So to the critics I just want to say, shoot the message by all means, but not the messenger. @kentaddick isn't a snake-oil salesman. There is a technology development here, which we all need to understand. If you can afford it, there are few better ways to learn about it than to dabble in it and learn about what happens to your money. I bet some of the critics did the same thing in the time of the first Internet boom.
Finally, my nephew bought me a book on the subject. I am finding it pretty educational.
Exactly. At the beginning of the internet (I’m not totally sure, I was a baby then) I’m sure there were those saying “and why would I ever need to use this internet when I can do these things by reading a book for free from the library or ringing some one?”
Once again. This is a potentially great thread. @kentaddick has been the main driver, and in my view he has done it in a mature way which reflects well on him as a Lifer. As a result, and heeding his oft-written warning, "only put in what you can afford to lose" I have done exactly that, mainly in Vechain because I understand its very useful real world use.
Even if I lose it all, it will be a lot less than when around the time of the financial crisis, I was persuaded against my better judgement to invest a unit trust focused on gold. It quickly halved in value. It is a regular unit trust, still today pushed by Hargreaves-Lansdowne and the like. No one protected me, and why should they have done? I should have reminded myself that most of the strongest proponents of gold I know are barking mad conspiracy theorists. (Similarly I now have a rule in life that anything proposed by Boris Johnson is a very bad idea for all whom it affects)
I equally appreciate some of the criticisms here of the phenomenon, because they come from people for whom I have enormous respect for their professional knowledge. They know who they are. I know of no other place on the net where both sides can present their views, and we can watch how the real world puts these views to the test on a daily basis.
So to the critics I just want to say, shoot the message by all means, but not the messenger. @kentaddick isn't a snake-oil salesman. There is a technology development here, which we all need to understand. If you can afford it, there are few better ways to learn about it than to dabble in it and learn about what happens to your money. I bet some of the critics did the same thing in the time of the first Internet boom.
Finally, my nephew bought me a book on the subject. I am finding it pretty educational.
Exactly. At the beginning of the internet (I’m not totally sure, I was a baby then) I’m sure there were those saying “and why would I ever need to use this internet when I can do these things by reading a book for free from the library or ringing some one?”
I spent two years sneering in a similar way at other people's mobile phones before I got my Nokia 3310 (or whatever it was)....
@kentaddick I am also tempted to point out that some of your detractors have had difficulty accepting my point that Google and Facebook are not "tech companies" but media owners and that their principal route to competitive advantage over other media owners is failure to pay taxes that the competitors must pay. The same applies to Uber. These guys can get a bit starry -eyed too when they see people actually making the squillions of real money. Greed is a vice which claims us all at some point.
It’s too volatile for me to re-enter, I sold before the peak in December but still a nice profit although you could argue had I been braver I’d have doubled that profit. But then if you bought in December you might have halved your money.......
Once again. This is a potentially great thread. @kentaddick has been the main driver, and in my view he has done it in a mature way which reflects well on him as a Lifer. As a result, and heeding his oft-written warning, "only put in what you can afford to lose" I have done exactly that, mainly in Vechain because I understand its very useful real world use.
Even if I lose it all, it will be a lot less than when around the time of the financial crisis, I was persuaded against my better judgement to invest a unit trust focused on gold. It quickly halved in value. It is a regular unit trust, still today pushed by Hargreaves-Lansdowne and the like. No one protected me, and why should they have done? I should have reminded myself that most of the strongest proponents of gold I know are barking mad conspiracy theorists. (Similarly I now have a rule in life that anything proposed by Boris Johnson is a very bad idea for all whom it affects)
I equally appreciate some of the criticisms here of the phenomenon, because they come from people for whom I have enormous respect for their professional knowledge. They know who they are. I know of no other place on the net where both sides can present their views, and we can watch how the real world puts these views to the test on a daily basis.
So to the critics I just want to say, shoot the message by all means, but not the messenger. @kentaddick isn't a snake-oil salesman. There is a technology development here, which we all need to understand. If you can afford it, there are few better ways to learn about it than to dabble in it and learn about what happens to your money. I bet some of the critics did the same thing in the time of the first Internet boom.
Finally, my nephew bought me a book on the subject. I am finding it pretty educational.
Exactly. At the beginning of the internet (I’m not totally sure, I was a baby then) I’m sure there were those saying “and why would I ever need to use this internet when I can do these things by reading a book for free from the library or ringing some one?”
I spent two years sneering in a similar way at other people's mobile phones before I got my Nokia 3310 (or whatever it was)....
Yeah but for every "mobile phone" there's a Sinclair C5 or Apple Newton. Anyone remember Beenz? And some other digital currency whose name I've forgotton? People sneered at those too. Then there's the paperless office - how's that doing?
What's a digital contract? What's different about it from any other contract? (I refer you to the Dyson adverts and their vacuum cleaner's "digital motor". What does that mean? I've asked an engineer - he didn't know either.)
So uhh, I would read up about ethereum and come back to the thread. Most cryptos are based off of it. Essentially in the future you would no longer need a human intermediary between “Ive done the work, here’s the invoice, please pay me in 30 days”.
That's not for the future, it's already happening. Last Sunday my plumber sent me a digital contract (by email). Without a human intermediary, the money I owed him was in his bank account within approx. 90 seconds. It cost me nothing to do (apart from a little electricity of course).
I've tried reading up on ethereum using wiki. Every other word was an associated chunk of jargon (or obfuscation as I'd call it), so I got bored and gave up.
Can anyone explain what the fundamental difference between the risk of investing in tech stocks back in the 90s (when the bubble did burst to disastrous effect) and Cryptos - apart from the fact that financial advisers were duty bound to ensure that any customer investing in such a vehicle understood the risk in doing so and that those customers were protected by regulation.
Once again. This is a potentially great thread. @kentaddick has been the main driver, and in my view he has done it in a mature way which reflects well on him as a Lifer. As a result, and heeding his oft-written warning, "only put in what you can afford to lose" I have done exactly that, mainly in Vechain because I understand its very useful real world use.
Even if I lose it all, it will be a lot less than when around the time of the financial crisis, I was persuaded against my better judgement to invest a unit trust focused on gold. It quickly halved in value. It is a regular unit trust, still today pushed by Hargreaves-Lansdowne and the like. No one protected me, and why should they have done? I should have reminded myself that most of the strongest proponents of gold I know are barking mad conspiracy theorists. (Similarly I now have a rule in life that anything proposed by Boris Johnson is a very bad idea for all whom it affects)
I equally appreciate some of the criticisms here of the phenomenon, because they come from people for whom I have enormous respect for their professional knowledge. They know who they are. I know of no other place on the net where both sides can present their views, and we can watch how the real world puts these views to the test on a daily basis.
So to the critics I just want to say, shoot the message by all means, but not the messenger. @kentaddick isn't a snake-oil salesman. There is a technology development here, which we all need to understand. If you can afford it, there are few better ways to learn about it than to dabble in it and learn about what happens to your money. I bet some of the critics did the same thing in the time of the first Internet boom.
Finally, my nephew bought me a book on the subject. I am finding it pretty educational.
Exactly. At the beginning of the internet (I’m not totally sure, I was a baby then) I’m sure there were those saying “and why would I ever need to use this internet when I can do these things by reading a book for free from the library or ringing some one?”
I spent two years sneering in a similar way at other people's mobile phones before I got my Nokia 3310 (or whatever it was)....
Yeah but for every "mobile phone" there's a Sinclair C5 or Apple Newton. Anyone remember Beenz? And some other digital currency whose name I've forgotton? People sneered at those too. Then there's the paperless office - how's that doing?
What's a digital contract? What's different about it from any other contract? (I refer you to the Dyson adverts and their vacuum cleaner's "digital motor". What does that mean? I've asked an engineer - he didn't know either.)
So uhh, I would read up about ethereum and come back to the thread. Most cryptos are based off of it. Essentially in the future you would no longer need a human intermediary between “Ive done the work, here’s the invoice, please pay me in 30 days”.
That's not for the future, it's already happening. Last Sunday my plumber sent me a digital contract (by email). Without a human intermediary, the money I owed him was in his bank account within approx. 90 seconds. It cost me nothing to do (apart from a little electricity of course). I've tried reading up on ethereum using wiki. Every other word was an associated chunk of jargon (or obfuscation as I'd call it), so I got bored and gave up.
I have been following this thread with interest, not invested and dont really intend to. However what i agree with cafcfan, what is the main purpose of these Cryptocurrencies? I only really know what i have read on here, but i dont see what benefit it would add to the everyday person? Can @kentaddick@CAFCsayer enlighten me on the pros/cons for Bitcoin/Crypto over normal money?
This does quite interest me but more on how people have invested and hope you do well, also i do feel there will be a big crash at some point as there is no set value for any of this just what the market dictates.
Once again. This is a potentially great thread. @kentaddick has been the main driver, and in my view he has done it in a mature way which reflects well on him as a Lifer. As a result, and heeding his oft-written warning, "only put in what you can afford to lose" I have done exactly that, mainly in Vechain because I understand its very useful real world use.
Even if I lose it all, it will be a lot less than when around the time of the financial crisis, I was persuaded against my better judgement to invest a unit trust focused on gold. It quickly halved in value. It is a regular unit trust, still today pushed by Hargreaves-Lansdowne and the like. No one protected me, and why should they have done? I should have reminded myself that most of the strongest proponents of gold I know are barking mad conspiracy theorists. (Similarly I now have a rule in life that anything proposed by Boris Johnson is a very bad idea for all whom it affects)
I equally appreciate some of the criticisms here of the phenomenon, because they come from people for whom I have enormous respect for their professional knowledge. They know who they are. I know of no other place on the net where both sides can present their views, and we can watch how the real world puts these views to the test on a daily basis.
So to the critics I just want to say, shoot the message by all means, but not the messenger. @kentaddick isn't a snake-oil salesman. There is a technology development here, which we all need to understand. If you can afford it, there are few better ways to learn about it than to dabble in it and learn about what happens to your money. I bet some of the critics did the same thing in the time of the first Internet boom.
Finally, my nephew bought me a book on the subject. I am finding it pretty educational.
Exactly. At the beginning of the internet (I’m not totally sure, I was a baby then) I’m sure there were those saying “and why would I ever need to use this internet when I can do these things by reading a book for free from the library or ringing some one?”
I spent two years sneering in a similar way at other people's mobile phones before I got my Nokia 3310 (or whatever it was)....
Yeah but for every "mobile phone" there's a Sinclair C5 or Apple Newton. Anyone remember Beenz? And some other digital currency whose name I've forgotton? People sneered at those too. Then there's the paperless office - how's that doing?
What's a digital contract? What's different about it from any other contract? (I refer you to the Dyson adverts and their vacuum cleaner's "digital motor". What does that mean? I've asked an engineer - he didn't know either.)
So uhh, I would read up about ethereum and come back to the thread. Most cryptos are based off of it. Essentially in the future you would no longer need a human intermediary between “Ive done the work, here’s the invoice, please pay me in 30 days”.
That's not for the future, it's already happening. Last Sunday my plumber sent me a digital contract (by email). Without a human intermediary, the money I owed him was in his bank account within approx. 90 seconds. It cost me nothing to do (apart from a little electricity of course).
Much like you could walk 5 mins to the library and get a book for free or instantly get the information you wanted on the internet.
I have been following this thread with interest, not invested and dont really intend to. However what i agree with cafcfan, what is the main purpose of these Cryptocurrencies? I only really know what i have read on here, but i dont see what benefit it would add to the everyday person? Can @kentaddick@CAFCsayer enlighten me on the pros/cons for Bitcoin/Crypto over normal money?
This does quite interest me but more on how people have invested and hope you do well, also i do feel there will be a big crash at some point as there is no set value for any of this just what the market dictates.
Forget money. I highly doubt crypto will replace money.
There are hundreds of practical uses for crypto beyond money and banking. Think of everything you would need a server to do and crypto could (potentially) do it. It would be a hundred times more secure than using a server.
I have been following this thread with interest, not invested and dont really intend to. However what i agree with cafcfan, what is the main purpose of these Cryptocurrencies? I only really know what i have read on here, but i dont see what benefit it would add to the everyday person? Can @kentaddick@CAFCsayer enlighten me on the pros/cons for Bitcoin/Crypto over normal money?
This does quite interest me but more on how people have invested and hope you do well, also i do feel there will be a big crash at some point as there is no set value for any of this just what the market dictates.
Forget money. I highly doubt crypto will replace money.
There are hundreds of practical uses for crypto beyond money and banking. Think of everything you would need a server to do and crypto could (potentially) do it. It would be a hundred times more secure than using a server.
Where are you getting this hundred times more secure than a server? is there any facts to support that? Whats the main purpose still you haven't said, i get its not going to replace money but what circumstances would it be better to have bitcoin/whatever over money.
I have been following this thread with interest, not invested and dont really intend to. However what i agree with cafcfan, what is the main purpose of these Cryptocurrencies? I only really know what i have read on here, but i dont see what benefit it would add to the everyday person? Can @kentaddick@CAFCsayer enlighten me on the pros/cons for Bitcoin/Crypto over normal money?
This does quite interest me but more on how people have invested and hope you do well, also i do feel there will be a big crash at some point as there is no set value for any of this just what the market dictates.
Forget money. I highly doubt crypto will replace money.
There are hundreds of practical uses for crypto beyond money and banking. Think of everything you would need a server to do and crypto could (potentially) do it. It would be a hundred times more secure than using a server.
Where are you getting this hundred times more secure than a server? is there any facts to support that? Whats the main purpose still you haven't said, i get its not going to replace money but what circumstances would it be better to have bitcoin/whatever over money.
A single server you can hack/burn down the building. You can’t hack thousands of encrypted machines at once which makes up the blockchain. If one goes down, the entire network is fine.
If you buy the tokens of a cryptocurrency, those tokens can go up in value. Or go down in value. Like anything that can go up or down there is potential to make money from.
I have been following this thread with interest, not invested and dont really intend to. However what i agree with cafcfan, what is the main purpose of these Cryptocurrencies? I only really know what i have read on here, but i dont see what benefit it would add to the everyday person? Can @kentaddick@CAFCsayer enlighten me on the pros/cons for Bitcoin/Crypto over normal money?
This does quite interest me but more on how people have invested and hope you do well, also i do feel there will be a big crash at some point as there is no set value for any of this just what the market dictates.
Forget money. I highly doubt crypto will replace money.
There are hundreds of practical uses for crypto beyond money and banking. Think of everything you would need a server to do and crypto could (potentially) do it. It would be a hundred times more secure than using a server.
Where are you getting this hundred times more secure than a server? is there any facts to support that? Whats the main purpose still you haven't said, i get its not going to replace money but what circumstances would it be better to have bitcoin/whatever over money.
This question was explained quite well by the Panorama programme, I thought..
Can anyone explain what the fundamental difference between the risk of investing in tech stocks back in the 90s (when the bubble did burst to disastrous effect) and Cryptos - apart from the fact that financial advisers were duty bound to ensure that any customer investing in such a vehicle understood the risk in doing so and that those customers were protected by regulation.
What's a digital contract? What's different about it from any other contract? (I refer you to the Dyson adverts and their vacuum cleaner's "digital motor". What does that mean? I've asked an engineer - he didn't know either.)
Nearly fell for a whoooosh there.
Incidentally, I do not understand why @kentaddick addict and others take it personally and react as they do when an alternative view of crypto is expressed. I form a view based on what I understand, it's an opinion and doesn't mean someone's not entitled to hold a different opinion based on a different understanding. If it looks like I am attacking the messenger that's an entirely misplaced perception.
No one should take offence at having their views challenged, if you have an open mind and digest material that doesn't just reinforce your bias you should be confident enough to stand your ground without resorting to playground taunts.
So chill out and accept cryptos is a fledgling phenomena and needs to be taken apart and argued over as a concept before there is any consensus on what has value, how it works, why it works and if it has any future as a currency or store of value.
To show I am not mindlessly opposed to crypto I can say I agree that a crypto like Bitcoin would be a more practical form of irrational store of value than gold. Having said that, gold is now being digitalised with e-gold trading, so you can buy an interest in gold without physically owning it. This has the additional benefit of being more widely acceptable as means of exchange than Bitcoins as gold is a fiat currency. If Bitcoin replaced gold as the refuge of investors seeking to protect capital against financial markets crashing then holders of Bitcoin will be in Shangri La. Will that happen? Can it happen? I don't know and neither does anyone else. At the moment would a savvy investor fearing a financial crash put his money in Bitcoin or Gold, given he is looking to protect capital, not seeking a gain?
Can anyone explain what the fundamental difference between the risk of investing in tech stocks back in the 90s (when the bubble did burst to disastrous effect) and Cryptos - apart from the fact that financial advisers were duty bound to ensure that any customer investing in such a vehicle understood the risk in doing so and that those customers were protected by regulation.
Ha ha ha. LMFAO.
Whatever floats your boat - it is the reason why banks have had to pay out so much in compensation because consumers were protected through regulation.
Can anyone explain what the fundamental difference between the risk of investing in tech stocks back in the 90s (when the bubble did burst to disastrous effect) and Cryptos - apart from the fact that financial advisers were duty bound to ensure that any customer investing in such a vehicle understood the risk in doing so and that those customers were protected by regulation.
Ha ha ha. LMFAO.
Whatever floats your boat - it is the reason why banks have had to pay out so much in compensation because consumers were protected through regulation.
Not digging you out as an individual but I have already commented above that the idea that Brit's have been "protected" while being led into a financial cesspit since Big Bang in the 1980s really is laughable.
Just as a reminder
- to repeat, it was a long battle by the Consumers' Association that got compensation for millions who were missold endowment mortgages.
- you are protected now, after the crisis from your bank going belly up with your savings. Didn't help anyone banking with IceSave, did it?
- Pensions...
- as for IFAs, until recently, any idiot could become an IFA with minimal oversight, and frequently, he did. They have been misleading and miss-selling for years.
None of this shit happened in Germany on any scale. Just sayin...
Litecoin is partenered to Bitcoin right? Why have they become more independant lately in their movements?
They want to be the silver to bitcoin’s gold. Might have something to do with until recently bitcoin has been going dowwwwwn. Also iirc they’re trying to speed up the network.
Comments
That's not for the future, it's already happening. Last Sunday my plumber sent me a digital contract (by email). Without a human intermediary, the money I owed him was in his bank account within approx. 90 seconds. It cost me nothing to do (apart from a little electricity of course).
I've tried reading up on ethereum using wiki. Every other word was an associated chunk of jargon (or obfuscation as I'd call it), so I got bored and gave up.
This does quite interest me but more on how people have invested and hope you do well, also i do feel there will be a big crash at some point as there is no set value for any of this just what the market dictates.
There are hundreds of practical uses for crypto beyond money and banking. Think of everything you would need a server to do and crypto could (potentially) do it. It would be a hundred times more secure than using a server.
If you buy the tokens of a cryptocurrency, those tokens can go up in value. Or go down in value. Like anything that can go up or down there is potential to make money from.
https://bitconnect.co/bitcoin-information/10/how-is-the-price-of-cryptocurrency-defined
This question was explained quite well by the Panorama programme, I thought..
Incidentally, I do not understand why @kentaddick addict and others take it personally and react as they do when an alternative view of crypto is expressed. I form a view based on what I understand, it's an opinion and doesn't mean someone's not entitled to hold a different opinion based on a different understanding. If it looks like I am attacking the messenger that's an entirely misplaced perception.
No one should take offence at having their views challenged, if you have an open mind and digest material that doesn't just reinforce your bias you should be confident enough to stand your ground without resorting to playground taunts.
So chill out and accept cryptos is a fledgling phenomena and needs to be taken apart and argued over as a concept before there is any consensus on what has value, how it works, why it works and if it has any future as a currency or store of value.
To show I am not mindlessly opposed to crypto I can say I agree that a crypto like Bitcoin would be a more practical form of irrational store of value than gold. Having said that, gold is now being digitalised with e-gold trading, so you can buy an interest in gold without physically owning it. This has the additional benefit of being more widely acceptable as means of exchange than Bitcoins as gold is a fiat currency. If Bitcoin replaced gold as the refuge of investors seeking to protect capital against financial markets crashing then holders of Bitcoin will be in Shangri La. Will that happen? Can it happen? I don't know and neither does anyone else. At the moment would a savvy investor fearing a financial crash put his money in Bitcoin or Gold, given he is looking to protect capital, not seeking a gain?
Just as a reminder
- to repeat, it was a long battle by the Consumers' Association that got compensation for millions who were missold endowment mortgages.
- you are protected now, after the crisis from your bank going belly up with your savings. Didn't help anyone banking with IceSave, did it?
- Pensions...
- as for IFAs, until recently, any idiot could become an IFA with minimal oversight, and frequently, he did. They have been misleading and miss-selling for years.
None of this shit happened in Germany on any scale. Just sayin...