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Wales
by Joske Vermeule, September 1
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Forums39
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Jun 14th, 2026
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Joined: Apr 2008
Posts: 12,263 Likes: 320
Scruffy Oik Member of the Inner Circle
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Scruffy Oik Member of the Inner Circle
Joined: Apr 2008
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I must say I agree with Forbes on this one. They describe Bitcoin as the Blood Diamonds of the Digital Age
Coupled with Bitcoin’s popularity among ransomware extortionists and all manner of other cybercriminals, we must now face a chilling realization: the underlying value of Bitcoin really has little if nothing to do with its artificial scarcity or popularity as a medium of speculation.
On the contrary – the only reason Bitcoin has value to anyone is because of the underlying value as a medium of exchange for lawbreakers. If we could flip a switch and eliminate all illegal uses of Bitcoin, there would be nothing left of the cybercurrency.
Tim H.
1986 4/4 VVTi Sport, 2002 LR Defender, 2022 Mini Cooper SE
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Joined: Mar 2009
Posts: 11,533 Likes: 318
Smile, it confuses them Member of the Inner Circle
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Smile, it confuses them Member of the Inner Circle
Joined: Mar 2009
Posts: 11,533 Likes: 318 |
The views are numerous and interesting.
1. Bitcoin is rather like amazon when it first started to sell books. A nice idea but it will never go anywhere. It ended up causing a step change in spending. Look at the share price and compare to woolworths. I never said it was good or bad, just a change in mode.
2. It is a random thing being called a currency and due to the lack of legislation is being used to trade money where money would be controlled better. This is a real side issue of all of the crypto-currencies. This is a real risk to organised society. Then again the layers of legislation on banking makes them somewhat envious of the new noddy-notes as one person called them.
3. They could be the emperors new clothes. Just another silicon valley scam as they will never break out of toy status due to the legislative impact.
The GBP is linked to the UK and Bank of England and so has some knickers under its fur coat. A noddy-note is worth what people think it is worth at any given moment. First time someone gets the bad PR moment (blood diamond situation, run on security issue as it is a BIG target) then the value has no meat so it will be interesting to watch.
As they are not linked to a country it would be fairer to consider them as a simple commodity like copper or gas perhaps.
I used to use my spare computing to do bit-mining when it first started. It was the video board raw number crunching that had most pull.
The new blockchain technologies that underpin it are getting great traction in the VC community in California right now. They could underpin a lot of other payment models and transaction processes and bring great value as I see it.
I do worry about the unregulated aspects of these being the bermuda triangle of blood money. I do however believe that option 1 is waiting to happen.
Legislation in the banking sector has always been both a millstone and a requirement so I am guessing this will bring it to a head.
Many of the older banks will end up taking an interest in newer blockchain/bitcoin banks or opening competitors aligned to the main bank to soak up the activity.
High stakes.
Everyone loves a Morgan. Even me, unless it's broken again.
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Joined: Apr 2012
Posts: 5,013 Likes: 32
Charter Member
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Charter Member
Joined: Apr 2012
Posts: 5,013 Likes: 32 |
I wonder if it's a bit like the Tulip madness of the 17th Century?
+8 4.8
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Joined: Jan 2009
Posts: 5,945 Likes: 28
Charter Member
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Charter Member
Joined: Jan 2009
Posts: 5,945 Likes: 28 |
Is there any real difference between Bitcoin prices and classic car prices? I dont think so. Both are speculative markets with limited supply where prices are going up because everybody expects them to go up. And like other bubble markets they will go up until all of a sudden, sentiment starts to change, people bail out and prices fall like a stone. We have seen this many many times in everything from tech shares to house prices to tulips and classic collectables.
The problem is always the same one. If you get in at the bottom and out at the top then either you are a liar or incredibly lucky. The rest of us can recognise a bubble but do no more than guess when it will burst.
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Joined: Jan 2016
Posts: 853
Talk Morgan Regular
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OP
Talk Morgan Regular
Joined: Jan 2016
Posts: 853 |
The views are numerous and interesting.
1. Bitcoin is rather like amazon when it first started to sell books. A nice idea but it will never go anywhere. It ended up causing a step change in spending. Look at the share price and compare to woolworths. I never said it was good or bad, just a change in mode.
2. It is a random thing being called a currency and due to the lack of legislation is being used to trade money where money would be controlled better. This is a real side issue of all of the crypto-currencies. This is a real risk to organised society. Then again the layers of legislation on banking makes them somewhat envious of the new noddy-notes as one person called them.
3. They could be the emperors new clothes. Just another silicon valley scam as they will never break out of toy status due to the legislative impact.
The GBP is linked to the UK and Bank of England and so has some knickers under its fur coat. A noddy-note is worth what people think it is worth at any given moment. First time someone gets the bad PR moment (blood diamond situation, run on security issue as it is a BIG target) then the value has no meat so it will be interesting to watch.
As they are not linked to a country it would be fairer to consider them as a simple commodity like copper or gas perhaps.
I used to use my spare computing to do bit-mining when it first started. It was the video board raw number crunching that had most pull.
The new blockchain technologies that underpin it are getting great traction in the VC community in California right now. They could underpin a lot of other payment models and transaction processes and bring great value as I see it.
I do worry about the unregulated aspects of these being the bermuda triangle of blood money. I do however believe that option 1 is waiting to happen.
Legislation in the banking sector has always been both a millstone and a requirement so I am guessing this will bring it to a head.
Many of the older banks will end up taking an interest in newer blockchain/bitcoin banks or opening competitors aligned to the main bank to soak up the activity.
High stakes. Sorry but this is a load of rubbish talk
Ken A.
Plus 4 2009 Centenary Metallic Red
Plus 8 1994 Dark Green (prev)
Honda CB100 The Big One
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Joined: Dec 2009
Posts: 37,438 Likes: 984
Tricky Dicky Member of the Inner Circle
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Tricky Dicky Member of the Inner Circle
Joined: Dec 2009
Posts: 37,438 Likes: 984 |
The views are numerous and interesting.
1. Bitcoin is rather like amazon when it first started to sell books. A nice idea but it will never go anywhere. It ended up causing a step change in spending. Look at the share price and compare to woolworths. I never said it was good or bad, just a change in mode.
2. It is a random thing being called a currency and due to the lack of legislation is being used to trade money where money would be controlled better. This is a real side issue of all of the crypto-currencies. This is a real risk to organised society. Then again the layers of legislation on banking makes them somewhat envious of the new noddy-notes as one person called them.
3. They could be the emperors new clothes. Just another silicon valley scam as they will never break out of toy status due to the legislative impact.
The GBP is linked to the UK and Bank of England and so has some knickers under its fur coat. A noddy-note is worth what people think it is worth at any given moment. First time someone gets the bad PR moment (blood diamond situation, run on security issue as it is a BIG target) then the value has no meat so it will be interesting to watch.
As they are not linked to a country it would be fairer to consider them as a simple commodity like copper or gas perhaps.
I used to use my spare computing to do bit-mining when it first started. It was the video board raw number crunching that had most pull.
The new blockchain technologies that underpin it are getting great traction in the VC community in California right now. They could underpin a lot of other payment models and transaction processes and bring great value as I see it.
I do worry about the unregulated aspects of these being the bermuda triangle of blood money. I do however believe that option 1 is waiting to happen.
Legislation in the banking sector has always been both a millstone and a requirement so I am guessing this will bring it to a head.
Many of the older banks will end up taking an interest in newer blockchain/bitcoin banks or opening competitors aligned to the main bank to soak up the activity.
High stakes. Sorry but this is a load of rubbish talk Ken that is a little rude, Alistair stated at the top that it was a list of views not necessarily his and I did find them interesting, I didn't have a clue about them really until this thread and have appreciated the shared knowledge and opinions of those that do.
2009 4/4 Sport Henrietta
1999 Indigo Blue +8
2009 4/4 Sport Green prev
1993 Con Green +8 prev
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Joined: Jan 2016
Posts: 853
Talk Morgan Regular
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OP
Talk Morgan Regular
Joined: Jan 2016
Posts: 853 |
OK I will retract and listen to any views. No offence intended
Ken A.
Plus 4 2009 Centenary Metallic Red
Plus 8 1994 Dark Green (prev)
Honda CB100 The Big One
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Joined: Dec 2009
Posts: 37,438 Likes: 984
Tricky Dicky Member of the Inner Circle
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Tricky Dicky Member of the Inner Circle
Joined: Dec 2009
Posts: 37,438 Likes: 984 |
 Well done Ken. I am biased as I find Alistair's own views most interesting and sometimes quite different from the mainstream, as a consequence I learn a lot.
2009 4/4 Sport Henrietta
1999 Indigo Blue +8
2009 4/4 Sport Green prev
1993 Con Green +8 prev
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Joined: Apr 2008
Posts: 12,263 Likes: 320
Scruffy Oik Member of the Inner Circle
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Scruffy Oik Member of the Inner Circle
Joined: Apr 2008
Posts: 12,263 Likes: 320 |
Sorry but this is a load of rubbish talk
Why is this rubbish? If you know more about this than Alistair then why not share your knowledge with the rest of us rather than just slagging him off?
Tim H.
1986 4/4 VVTi Sport, 2002 LR Defender, 2022 Mini Cooper SE
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Joined: Dec 2008
Posts: 22,366 Likes: 354
Roadster Guru Member of the Inner Circle
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Roadster Guru Member of the Inner Circle
Joined: Dec 2008
Posts: 22,366 Likes: 354 |
All I can see is that speculators are spending money on something which doesn't exist.
There was a report in the Times today that a large number of Bitcoins have been hacked in the last few days.
Railway mania followed Tulip mania and that didn't end well either.
Be in at the start or don't bother is the right way I suspect.
Like RS Escorts.
DaveW
'05 Red Roadster S1
'16 Yellow (Not the only) Narrow AR GDI Plus 4
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