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Post by blazey on Jun 11, 2021 9:20:34 GMT 1
I can't pretend to know all the answers, nobody does. This is actually the point though isn't it. An evidence-based approach suggests that holding a diverse selection of assets (shares, property, bonds, cash etc) in a suitable tax advantaged account; with low fees, adequate contributions and a long holding period should produce excellent returns for the vast majority of people who wish to invest. Which begs the question, why do anything else? I can perhaps see the potential in some of the broader technologies surrounding Cryptocurrency, but there are just too many red flags for me to go near it with a barge pole, from it's stomach churning volatility to the proponence of scams surrounding it as an asset class. If I want a punt, I can go on Skybet and stake my life savings on Town winning League One, but even if I win it would still only be a lucky punt and hardly evidence of my genius I'm most grateful to Frankwell for his contributions to the topic, it's useful to lift the lid on these things and see what's really going on under the bonnet...
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Post by sheltonsalopian on Jun 11, 2021 9:28:09 GMT 1
Have to agree with Martin here; Crypto has the real potential to change the way we work. It's easy to believe the scare stories and it is a volatile market but if people know what they're getting in to there is a real upside there.
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Post by staffordshrew on Jun 11, 2021 9:53:11 GMT 1
Have to agree with Martin here; Crypto has the real potential to change the way we work. It's easy to believe the scare stories and it is a volatile market but if people know what they're getting in to there is a real upside there. You are right, but I think the world's big banks can also see that and will want to set up their own, backed by their reserves. So some of the Bitcoins of this world may fall by the wayside.
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Post by sheltonsalopian on Jun 11, 2021 10:15:44 GMT 1
Have to agree with Martin here; Crypto has the real potential to change the way we work. It's easy to believe the scare stories and it is a volatile market but if people know what they're getting in to there is a real upside there. You are right, but I think the world's big banks can also see that and will want to set up their own, backed by their reserves. So some of the Bitcoins of this world may fall by the wayside. Oh yeah completely agree. Once government's realise the potential no doubt they'll want to muscle in. Think there's already talk of China releasing a " digital yuan" etc.
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Post by martinshrew on Jun 11, 2021 10:30:16 GMT 1
Have to agree with Martin here; Crypto has the real potential to change the way we work. It's easy to believe the scare stories and it is a volatile market but if people know what they're getting in to there is a real upside there. You are right, but I think the world's big banks can also see that and will want to set up their own, backed by their reserves. So some of the Bitcoins of this world may fall by the wayside. Hence the world's bank and dinosaur bankers spreading false information and scare stories constantly, they know their gravy train is coming to an end in the not too distant future. Britcoin as a UK stablecoin has been talked about for some time, was confirmed by Rishi that he's looking into it. Roll with crypto or get left behind by it.
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Post by frankwellshrews on Jun 11, 2021 14:10:17 GMT 1
Honest (slightly uncharitable) opinion; the only people who think crypto is doing new and innovative things are largely people who don't understand what our existing financial structures do or have been oversold on the usefulness of shoehorning "the blockchain" into everything.
Most of what crypto does is already replicated by our existing financial structures and things that aren't there's usually a good reason why not ("trustless" payments to criminals for example).
I'll wait patiently for somebody to give me an example or reason why crypto is anything other than a speculative "investment" (incidentally, made a few quid betting on Amp the last couple of days, kerching).
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Post by staffordshrew on Jun 11, 2021 14:47:34 GMT 1
Honest (slightly uncharitable) opinion; the only people who think crypto is doing new and innovative things are largely people who don't understand what our existing financial structures do or have been oversold on the usefulness of shoehorning "the blockchain" into everything. Most of what crypto does is already replicated by our existing financial structures and things that aren't there's usually a good reason why not ("trustless" payments to criminals for example). I'll wait patiently for somebody to give me an example or reason why crypto is anything other than a speculative "investment" (incidentally, made a few quid betting on Amp the last couple of days, kerching). Er, I am going to regret this, but what's Amp?
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Post by martinshrew on Jun 11, 2021 14:48:51 GMT 1
Honest (slightly uncharitable) opinion; the only people who think crypto is doing new and innovative things are largely people who don't understand what our existing financial structures do or have been oversold on the usefulness of shoehorning "the blockchain" into everything. Most of what crypto does is already replicated by our existing financial structures and things that aren't there's usually a good reason why not ("trustless" payments to criminals for example). I'll wait patiently for somebody to give me an example or reason why crypto is anything other than a speculative "investment" (incidentally, made a few quid betting on Amp the last couple of days, kerching). AMC, or AMP? XRP solves cross border payment issues. It can do what swift does cheaper and practically instant rather than taking 3-5 business days. If sending $1m to Japan, why would you want to pay $10k+ in fees and wait 3-5 business days when XRP could do it for $1 and it would take under 60 seconds? Bitcoin is bad for the environment and has been used by criminals granted, but it's not a stick to bash the entire crypto world with.
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