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Aug 24th, 2023
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Joined: Jan 2016
Posts: 853
Talk Morgan Regular
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Joined: Jan 2016
Posts: 853 |
Has anyone else realised the massive growth in the value of Bitcoins over this year. They were worth $1000 in Jan and are now worth $17000+. Does anyone have any idea how this is possible and will it be a continued growth.
Ken A.
Plus 4 2009 Centenary Metallic Red
Plus 8 1994 Dark Green (prev)
Honda CB100 The Big One
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Joined: Jun 2014
Posts: 11,610 Likes: 43
Wave & smile... It's a Morgan Member of the Inner Circle
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Wave & smile... It's a Morgan Member of the Inner Circle
Joined: Jun 2014
Posts: 11,610 Likes: 43 |
I can’t get my head around Bit Coin at all
I don’t understand it
2008 XXVII Platform, Bugatti Blue Roadster 4 Seater
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Joined: Jul 2011
Posts: 1,948
Talk Morgan Enthusiast
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Talk Morgan Enthusiast
Joined: Jul 2011
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Tulip bulbs.
Quite apart from the bizarre investor psychology which is fueling this price rise, there are two main issues in my view.
Firstly, blockchain is clever technology but the lack of a centralised register makes it impossible to forensically replicate ownership records if the system ever crashes. Of course, the glib answer is that a distributed register can't crash - but I don't trust that the access enabling technology will hold up if all the investors head for the exit together.
So what might cause a stampede for the exit?
In a word, regulation. I suspect that the emergence of crypto currencies is so disrupting for State structures globally and their taxation, oversight and law enforcement agencies that there will come a point where Governments worldwide have no option but to regulate/intervene. How much of the growth of Bitcoin is based on criminals engaging in money-laundering and Russian agencies sanction-busting? What would be an acceptable percentage?
Stuart
"There's no skill substitute like cubic inches."
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Joined: Apr 2014
Posts: 5,181 Likes: 2
Charter Member
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Charter Member
Joined: Apr 2014
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Even more confused now. 
.+8 Now gone for a 1800 4/4. Duratec in bright yellow.
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Joined: Feb 2012
Posts: 5,653 Likes: 4
Charter Member
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Charter Member
Joined: Feb 2012
Posts: 5,653 Likes: 4 |
Its funny money and for some, it will end in tears. The smart guys have made their money and got out.
Martin (Deano)
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Joined: Apr 2008
Posts: 11,868 Likes: 138
Scruffy Oik Member of the Inner Circle
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Scruffy Oik Member of the Inner Circle
Joined: Apr 2008
Posts: 11,868 Likes: 138 |
What Stuart said. Blockchain is an interesting technical approach to a fault tolerant distributed data register, but it's horribly slow and inefficient to process transactions compared to existing methods.
Bitcoin as a cryptocurrency still has to stand the trust test.
Like anything, if you're investing in something with an expectation of making large returns for little effort, then the 'missing' element is risk. Only invest money in Bitcoin that you are prepared to lose, because that's what will probably happen.
Last edited by Hamwich; 08/12/17 07:06 AM.
Tim H.
1986 4/4 VVTi Sport, 2002 LR Defender, 2022 Mini Cooper SE
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Joined: Jan 2012
Posts: 14,976 Likes: 1
Member of the Inner Circle
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Member of the Inner Circle
Joined: Jan 2012
Posts: 14,976 Likes: 1 |
Tulip bulbs.
Quite apart from the bizarre investor psychology which is fueling this price rise, there are two main issues in my view.
Firstly, blockchain is clever technology but the lack of a centralised register makes it impossible to forensically replicate ownership records if the system ever crashes. Of course, the glib answer is that a distributed register can't crash - but I don't trust that the access enabling technology will hold up if all the investors head for the exit together.
So what might cause a stampede for the exit?
In a word, regulation. I suspect that the emergence of crypto currencies is so disrupting for State structures globally and their taxation, oversight and law enforcement agencies that there will come a point where Governments worldwide have no option but to regulate/intervene. How much of the growth of Bitcoin is based on criminals engaging in money-laundering and Russian agencies sanction-busting? What would be an acceptable percentage? But it started unregulated......and largely still is.
Richard
1976 4/4 4 Seater
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Joined: Aug 2014
Posts: 5,587
Charter Member
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Charter Member
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I think its a good time to cash in on the bitcoins .
Geneva 2016 plus 8' The Green Godess' 4 side exits .
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Joined: Sep 2008
Posts: 514 Likes: 1
Talk Morgan Regular
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Talk Morgan Regular
Joined: Sep 2008
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One of my regrets is that I strongly advised number 1 son not to buy any when they were $30......because of the reasons above!
He listened to me
Malcolm T
1966 +4
1957 TR3
1963 TR4
1983 LR 110
1985 Robin Hood 2.0l
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Joined: Apr 2008
Posts: 11,868 Likes: 138
Scruffy Oik Member of the Inner Circle
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Scruffy Oik Member of the Inner Circle
Joined: Apr 2008
Posts: 11,868 Likes: 138 |
The problem with BitCoin is that as it's not backed either by any link to any source of value or government fiat, it has no inherent advantage over any other cryptocurrency.
There can only ever be 21 million BitCoin, and the costs of mining them to generate new ones is getting higher and higher.
So after a while all that will happen is that new cryptocurrencies will emerge (It's already happening - Etherium, for example) and the cycle will happen again.
Meanwhile, Governments and social institutions will do everything they can to thwart the tax-avoidance capabilities.
Tim H.
1986 4/4 VVTi Sport, 2002 LR Defender, 2022 Mini Cooper SE
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