Is Bitcoin the Next Big Thing?

[ausername]

Almost as shocking as how quiet the nah-sayers are today...sure they'll be back tomorrow

Pretty sure there are still lots of people who are about 60% down on December..... I wonder how many of those have a £10,000 credit card debt and own about £4,000 in crypto today.

I guess those are "winning" somehow, in their minds.

As for people who owned Crypto before that.... and have been bagholding since... not sure they are "winning" either, as they could have more than doubled their number of bitcoin by selling in December and buying yesterday.

The "naysayers" were suggesting people sell in December. No matter what happens from this point on.... they were 100% correct. It doesn't matter whether the price reaches $50,000.... they were correct to tell people to sell in December.

That's how investment works, and "bagholders" are idiots.... you sell when the price is high, then buy when the price is low. What part of that do you dispute?

 

[RobM]

Would you like us to point out that it's lower than last week.. or the week before...or the week before that..or the week before that? What's the point? It's like pointing out that rain is wet. Of course to some I guess it's not. You think being a bit wet is better than being drenched. I prefer to be dry.

 

[websaway]

I don't think the banks are preventing account holders spending their own money. Isn't it just preventing them gambling with the banks money.

 

[RobM]

They're not gambling they're 'investing' and it's got nothing to do with a get rich quick mentality - it's because they like that blockchainy thingy

 

[ian]

It was a tongue in cheek comment because this thread has been a lot quieter today than previous days

I believe it is absolutely RIGHT for banks to prevent crypto purchases via credit card. This is to prevent the misspending of bank money; they can't possible differentiate between those building up a debt versus those that just prefer to use a credit card as a form of protection (like me). I'm just not a fan of them preventing payments from pre-pay or debit cards, where personal funds are available.

As I said though, at what end my payments were refused (from two debit cards) I do not know; but typically, if a transaction fails, the bank can tell you why. It was odd on this occasion they couldn't, or wouldn't.

 

[websaway]

The people who got out at 20k are obviously going to plough some back in now and drive the price up and encourage more new money, only to take more profit when the price rises. It's unlikely that anyone will cash in who invested at 20k or 18k or 16 k or even 10k, they will wait to get even. There are billions of people on the planet, so nice pickings. If you took 100 million out at 20k and ploughed back 10 million at 6k, you will double your money at 12k and still got 90million in the bank. There could even be a consortium working together so as not to be working against the system.

 

[Edwin]

I don't think the banks are preventing account holders spending their own money. Isn't it just preventing them gambling with the banks money.

Correct. If people default on their credit cards it's the bank's loss, something they will have to make up from all their other customers. They're out to make a profit, they're not charities, so you can bet if the default rate skyrockets they will (have to) find a way to get that money back somehow...

 

[RobM]

well this morning it was 6.9k (euros) now its 6.6k - I guess 'being right' didn't apply then either. Each to their own. I prefer to make my money a lot safer but I also like to go to the casino. However I am under no illusion what I'm doing there and I certainly don't tell others they're mad for not doing the same.

 

[ausername]

I don't think the banks are preventing account holders spending their own money. Isn't it just preventing them gambling with the banks money.

Spot on

 

[ausername]

There are billions of people on the planet, so nice pickings.

Most of them can't afford 0.05 bitcoin, and half of them don't even have internet access.

 

[Admin]

Spot on

Actually completely wrong in markb's case, Ians case and anyone else who wants to buy with their money and not a loan or credit card balance. It's their money, its not a credit line or the banks money.

 

[RobM]

Agree. People should be able to do what they want with their own money. I understand a credit card ban but no reason to stop people spending their own cash.

 

[Edwin]

Worth noting in passing that the transaction volumes (perhaps unsurprisingly?) were way higher when it was plunging than now, when it's perking up a bit.

 

[ausername]

Actually completely wrong in markb's case, Ians case and anyone else who wants to buy with their money and not a loan or credit card balance. It's their money, its not a credit line or the banks money.

Well its not "spot on" for debit card transactions.

But it is "spot on" for credit card, which is the headline news.

And the last thing we need is a crypto-induced consumer debt crisis (or acceleration of the one we've got).

 

[Edwin]

Agree. People should be able to do what they want with their own money. I understand a credit card ban but no reason to stop people spending their own cash.

There might (not sure) be some sort of anti-fraud issue though. For instance, if the bank has any legal liability (however small) in certain cases if their customers get scammed, then they might be more wary of letting them splash the cash on a sector that has traditionally been more studded with scams than a hot cross bun is with raisins...

 

[Admin]

That's how investment works, and "bagholders" are idiots.... you sell when the price is high, then buy when the price is low. What part of that do you dispute?

That's both nasty and offensive. Am I a bagholder? I put some money into an exciting technology / speculative investment a couple of years ago and deserve to be derided for it, really?

 

[ian]

well this morning it was 6.9k (euros) now its 6.6k - I guess 'being right' didn't apply then either. Each to their own. I prefer to make my money a lot safer but I also like to go to the casino. However I am under no illusion what I'm doing there and I certainly don't tell others they're mad for not doing the same.

Aimed at me? I have no idea which way the market is going, it is unpredictable at best, and I respect anyone's decision to invest/gamble or not, it is an incredibly divided subject.

 

[ausername]

ps. Do you know why lapdance clubs don't accept credit card for lap dancers?

Because people wake up sober and get buyers remorse, and issue a chargeback.

If there have been loads of people issuing chargebacks on crypto transactions that they regret, claiming that they were unauthorised.... therefore costing the banks loads of money processing them and refunding them.... isn't it fair enough that they refuse to transact them until they can work out a better way to treat those transactions?

The solution perhaps is a special crypto account with some sort of blockchain verification, so the banks can prove that a purchase was authorised?

Banks are just a business after all.... if you ran a pub and there was some bird who wore some lipstick which your employees really struggled to wash off wine glasses, at your expense, but every other lipstick stain was easy to wash off... you'd be within your rights to say that you're not willing to pay somebody £2 for the 15 minutes it takes to wash her glass each time she spends £3 on a Pinot Grigio.... and would get fed up enough with it to politely refuse her custom unless she changes her lipstick brand?

Probably a terrible analogy, I've got a bad cold today, but you get the point.

 

[martin-s]

Interesting chart of the percentage price change of Bitcoin. Notice anything? It's as stable (or not!) now as it has ever been.

Source: https://www.quora.com/Is-the-bitcoin-bubble-about-to-burst/answer/Andreas-Kitzing-1

 

[ian]

That's both nasty and offensive. Am I a bagholder? I put some money into an exciting technology / speculative investment a couple of years ago and deserve to be derided for it, really?

Think it was aimed at me, though I've never disputed the logic of buying high and selling low, so is perhaps arguing with himself Ultimately some have been saying "sell at 15, 16, 17, 18, 19, 20" and only then did they say "I told you so". Markets, especially this one are so volatile that both sides will be right and wrong at differing times.