BitCoin article for adults

[milanbenes]

Morning All,

a BitCoin article for adults:

https://seekingalpha.com/article/412...ent-approaches

Lance, FrontLoader, Jogon and the other children, this is research material, you won't find it interesting.

Milan.

[FrontEnder]

You've got to sign up to read the full article, so **** that. The summary says:

Bitcoin has made many skeptics, myself included, look silly this year.
Price action alone doesn't make something more valuable in the long term.
Signs of 2006-level frenzy are now clearly evident in cryptocurrencies.
If you're long, consider taking profits. A massive correction is likely coming.

If you'd paid attention to anything we've said we all pretty much agree with this.

[milanbenes]

You've got to sign up to read the full article, so **** that. The summary says:

If you'd paid attention to anything we've said we all pretty much agree with this.

sat here on the mainland the article opens just fine without signing up, maybe that's a Brexit thing

nevertheless, well worth a read for the adults amongst us

FrontLoader et al follow the money

Milan.

[PhiltheGreek]

I read it just fine. At least with tulips you got to keep the bulb

[milanbenes]

I read it just fine. At least with tulips you got to keep the bulb

they can use their nano wallets as usb sticks

Milan.

[original PM]

Works just fine for me....

Can anyone explain in simple terms what a Bitcoin is - and more importantly why it has value?

When 'money' first came into existence it was a pretty basic thing - e.g. based on the value of gold - or back in the day Romans got paid in salt - this was because these things had value and were useful and could be turned into or used to make other things better or different. So how does this (admittedly basic) definition work for cyrptocurrencies?

[FrontEnder]

Let's all make sure we listen to the guy who wrote the article. The on that opens up saying how wrong he was before....

[Agent]

Works just fine for me....

Can anyone explain in simple terms what a Bitcoin is - and more importantly why it has value?

When 'money' first came into existence it was a pretty basic thing - e.g. based on the value of gold - or back in the day Romans got paid in salt - this was because these things had value and were useful and could be turned into or used to make other things better or different. So how does this (admittedly basic) definition work for cyrptocurrencies?

I don't understand your view point. Value is determined by demand. Why does anything have value? Collectable coins, stamps, comic books, collectable cars, books, antiques, property, art etc etc. None of these things have any intrinsic value, their value is in the fact that other people want them. No doubt things will change in the bitcoin / crypto world just as they do in the art world but because something goes up in value doesn't mean it's going to crash. (although I'm sure it will at some point).

Your view on wealth / value if only tied to physical monetary £/$ value is distorted and in my view pretty wrong. IF you think that the pound or dollar is backed by anything other than a promise then I'd go do some research!

[original PM]

I don't understand your view point. Value is determined by demand. Why does anything have value? Collectable coins, stamps, comic books, collectable cars, books, antiques, property, art etc etc. None of these things have any intrinsic value, their value is in the fact that other people want them. No doubt things will change in the bitcoin / crypto world just as they do in the art world but because something goes up in value doesn't mean it's going to crash. (although I'm sure it will at some point).

Your view on wealth / value if only tied to physical monetary £/$ value is distorted and in my view pretty wrong. IF you think that the pound or dollar is backed by anything other than a promise then I'd go do some research!

Ok fair point - my basic view sort of holds.

But then why would I need bitcoins - where does the demand come from?

[milanbenes]

Let's all make sure we listen to the guy who wrote the article. The on that opens up saying how wrong he was before....

FrontEndLoader,

the first sentence of the article,

"Bitcoin has made many skeptics, myself included, look silly this year.",

is not the conclusion.

Your homework for tonight is to develop the patience and persistence to read a whole 5 minute long written article.

Good luck, our ultimate goal will be you reading a whole LadyBird book.

Milan.