But presumably for the pound to collapse into worthlessness the economy and the State would have to be deemed to be over, kaput, all the UK's assets and resources needs must be deemed worthless...now that does seem one helluva long shot.
Are you suggesting that if Bitcoin collapsed there'd be the same sort of wealth/ value apocalypse...Could it already too big, too entwined to be allowed to fail... I wouldn't think that's yet the case, though crazy Elon/Tesla might take a bath, oh dear what a shame.
^^ well the banks were deemed to be too big to fail in 2008, so perhaps many other large corporates would enjoy similar treatment (*not that I'm suggesting crypto currencies would be among them)
Yes I recently started mulling this idea...but unlike the banks it hasn't been widely accepted, except hypothetically at least in some quarters, as currency, isn't critical to the infrastructure, the foundation if you like of the money system...in the way the banks were/are.
Sure a lot of investors/ speculators, funds, traders, some private companies I suppose now have some exposure but so what if it collapses it's not a Governmental or tax payer problem, so tough luck I'd have thought.
Whether, how, if that would change IF it ever became regulated...maybe a pretty fundamental, insurmountable challenge to it's regulation and wider acceptance as currency. Afterall, if I'm understanding it right a major part of its raison detre Is its dispersed, quasi anonymous and libertarian/ anti establishment nature...unlike fiat where we all at least 'know' the entities who stand behind them, even if we may not like some of their poliicies as regards QE.
Interesting stuff.
Last edited by Passenger; 3rd March 2021 at 08:09.
I’m pretty sure you know that the FSCS scheme protects cash deposits against the failure of the institution with which you have deposits. No institutions that holds Bitcoin have similar protection.
What is odd here is that most people don’t store their wealth in cash, it’s in property, equities, commodities, bonds and watches.
Cash is just the medium of exchange and represents as small percentage of holdings. If that medium of exchange is debased it isn’t really a big deal except for those with all their wealth in cash.
With some people piling all their assets into crypto it’s an asset mix that the success of such a strategy relies on the value of which continues to rise as measured in the currency which is used as the medium of exchange.
I track my CGT and coin cost basis using Cointracker and it is all automatically calculated. You can link to cold storage like ledger and some exchanges via API. Other exchanges need a csv download. It works really well. You can pay extra for the tax service per tax year, but you can see high level rough figures without paying. I have enough info from it to know my ballpark CGT gains and trade accordingly to not trigger significant tax events etc this year.
It also has a tax loss harvesting capability (I guess it indicates what can be sold for losses to counter gains).
Citi Chart Crimes Part II with its all star cast is now available in a browser near you, if you haven't already seen it.
https://www.ft.com/content/499f5f48-...a-c6859a05c80c
I’m not sure what your point is but you do realise Bitcoin is a fiat currency, if we are defining it as a currency.
I know there is plenty of debate on this point as it’s not government backed and can’t be debased but the key attribute of a fiat currency is that it has no intrinsic value. The concept of the fiat currency really took hold when the gold standard was dropped.
I agree, as it should be and may it remain so. A compelling reason I'd have thought for Governmental entities never to regulate/ licence it, doing anything to foster, participate in or encourage it's adoption.
I'd guess China might just notice, not enough to care, perhaps a fleeting tic, maybe from the fall off in energy draw.
Though looked at from the other direction Bitcoin/ miners have rather more to be potentially concerned about from it's over exposure/ dependence upon China's Govt. and their subsdised energy prices/ lax approach to environmental issues/concerns. I would think.
Last edited by Passenger; 3rd March 2021 at 10:26.
I guess the trouble would be felt more widely if pension funds get heavily into crypto and it then take a dive.
Cheers..
Jase
I s´pose though a pension or indeed any fund might well have some Twizzler exposure and thus indirectly now Bitcoin exposure, ooh er, brave new world.
Good to know, thanks.
Cheers..
Jase
Nouriel Roubini breaks it down,
https://www.theguardian.com/business...east-afford-it
But heck nobody want´s to miss out on those Lambos
First deposit, just waiting to be verified by binance so my current limit is £210. Their fee is £3.78, - is this typical - or sound high to you?
(Appreciate it's not much money, however I plan to deposit more in the future, then presumably they'll be more charges to buy Bitcoin, and more charges to transfer the Bitcoin to BlockFi (which is my plan))
Once your money is cleared in your Bitcoin wallet then go to the Trade screen and there is no charge to convert between currencies (unless I’m mistaken)
Sent from my iPhone using TZ-UK mobile app
Binance charge 2% on card purchases, and free for bank transfers (but I've not been able to set that up), then trading fiat to BTC is 0.1% fees on Binance. The fees you mention seem really high. Are you using the 'convert' option?
On SwissBorg I just pressed "Exchange", they charge 1% to exchange Fiat to BTC
Use the "Pro" trading screens and the fees are low. 0.1% as mentioned (or 0.075% if using BNB)
1) Fund using bank transfer (no fee)
2) Trade rather than Buy. Use the GBP/BTC trading pair (0.1% fee). If you go to wallets after the GBP is cleared and in the Binance account, then click Spot, you will see GBP listed as a wallet. Click on that and you should see the GBP/ BTC trading pair to click on. You can then place a limit or market order and this will be at the 0.1% fee.
Should I pay?
Why are they using a bitcoin wallet and not a bank account number?
Questions, questions....
I am aware [my old password from the 2012 Linkedin kack] is one of your pass. Lets get directly to the point. Not a single person has compensated me to check about you. You may not know me and you are most likely thinking why you are getting this email?
Well, i actually placed a malware on the adult videos (pornography) web-site and there's more, you visited this web site to have fun (you know what i mean). When you were watching video clips, your web browser started out working as a Remote control Desktop with a key logger which provided me accessibility to your screen and also webcam. after that, my software collected every one of your contacts from your Messenger, Facebook, as well as e-mail. after that i created a video. 1st part displays the video you were viewing (you have a fine taste rofl), and second part shows the recording of your web cam, and it is u.
You get two different options. Why dont we take a look at the options in details:
1st alternative is to ignore this e-mail. in such a case, i will send out your very own video clip to all your contacts and then consider concerning the humiliation you will see. and definitely if you are in a romantic relationship, just how it will certainly affect?
Second option would be to compensate me $1651. Lets refer to it as a donation. Then, i most certainly will straightaway erase your video. You could keep daily life like this never happened and you would never hear back again from me.
You will make the payment through Bitcoin (if you don't know this, search 'how to buy bitcoin' in Google search engine).
Bitcoin address to send to: 1AzSMP13cQibLC3uzQNaFnVLsZap1h1pSF
[case sensitive copy and paste it]
in case you are curious about going to the authorities, well, this email cannot be traced back to me. I have taken care of my actions. i am not trying to charge a fee very much, i would like to be compensated. in order to make the payment if i do not get the bitcoin, i will definately send your video to all of your contacts including relatives, coworkers, and so forth. Having said that, if i receive the payment, i will destroy the video immediately. If you want evidence, reply Yup! & i will send out your video recording to your 14 friends. it is a nonnegotiable offer, therefore don't waste my personal time & yours by responding to this email message.
I have seen ransom demands (encrypted servers) sending to protonmail ironic since they were ransom victims but not yet direct to wallet.
Do you still directly own the BTC if you buy it via this method, as in, could you then go on to transfer the BTC out onto a tremor wallet, for example, and then move it back onto a totally different exchange to convert it back to GBP?
I've still not bough any BTC and am getting confused by all the different possabilities.
Binance, Coinbase, Coinbase Pro, etc etc. Which is best?
Ignore. Phishing. Told our local vicar the same only last week. He shat his pants when he got an e-mail like that. The scariest ones actually know one of your passwords. Usually an old one that you don't use anymore.
Another reason to change them quite often. I've started adding a "20" "21" etc to my passwords, so I know to change them at least once a year.
I receive two or three of these every day. The pw is from the 2012 LinkedIn hack. Already had separate passwords for every site back then.
My point is that any wannabe fraudster uses BTC, while I wouldn't know a single legitimate business who accepts them. Not even Tesla or Microstrategy (and that is stretching the definition of 'legitimate' as far as I am willing to do).
Yes you "own" it. It is another method of buying but without the high fees. I'd say it is the main method people use. You can then transfer to cold storage, etc by using the withdraw option. I have had a bit of a faff transferring using the android app, but fine using the website.
$54000 again now...
Sent from my iPhone using Tapatalk
If we don't get any more whale leveraged sells then I think we are off to the races. Keeping a close eye on the derivative exchange inflows.
If purchasing bitcoin at arms length via listed companies is still too close for you, how about getting someone else to hold them indirectly (at arms length) for you?
Saw that yesterday.
I suppose the reluctance of investors is rooted in the anticipated volatility of such an investment rather than not willing to hold shares of exposed companies. I don't really see why one would pay JPM a fee to maintain a static allocation to a handful of names via a certificate?
Peak financial dumbf**kery.
Someone who lies about the little things will lie about the big things too.
I guess such would at least protect an individual investor from the risk of theft or loss of their crypto and the fund provider takes such on. Not that I think such is worth the fee, but no doubt there's a market.
Lucky I held on to my shitco ARB stock
Sent from my SM-G950F using Tapatalk
Was reading somewhere that Elon Musk is now sitting on a $1 Billion profit profit from his most recent BTC purchase...