Is Bitcoin the Next Big Thing?

[Admin]

Some of the contributors to this thread might be interested in the Flat Earth Society facebook group.... just saying like

 

[ausername]

Obviously I'm just old fashioned.... despite being 32.

 

[Edwin]

The people to win from the financial crisis by the way where anybody holding cash.... they were buying up new builds at auction. Completed 2 bed apartments smack bang in the middle of Leeds city centre were going for £30k at auction, because the developers had gone under and nobody could get a mortgage. Those people with cash really found that "cash was king" at that time, and the equities were a bargain.

Go and look at how much those apartments are worth now.... £150k, £200k.

Presuming the rent yields on those must be pretty juicy now. Half a dozen of them (for less than the price of a single property in many parts of the country) and the revenue stream would probably mean you’d never have to work again.

The opportunity may come around again (albeit at a much higher unit cost) as it looks like there’s a massive new build glut accumulating in the London market, yet they are still building tens of thousands more. If that bursts big time then the cash buyers will be all over it.

After all, the one thing that’s about as guaranteed as anything in the future can be is that the population of London will keep growing for decades.

Oh, and if anyone’s sniffing around for investment property at the moment, take a quick look at Margate. Prices were depressed for ages, but they seem to be catching up with the wider area.

 

[ausername]

I thought the same actually Edwin.... about what would happen if the Chinese and Russians started liquidating all of their empty investment properties.

Although I suspect a "bargain" London property would still require somebody to be rich to capitalise... e.g. £300k for a property currently worth £1.2m would be the equivalent of what happened in the North, which would have been more like £30k vs £120k at the time.

Makes you wonder about Manchester though, which is seeing a crazy amount of building. Not sure if the Chinese are buying those up or not?

 

[ausername]

Some of the contributors to this thread might be interested in the Flat Earth Society facebook group.... just saying like

All I was querying is why somebody would halt their SIPP investments the moment they see a few red arrows, which seems to defy logic as stocks have a degree of volatility like any other market. What part of that do you disagree with?

My post effectively said "stopping your pension contributions to buy crypto may not be a good idea", do you disagree? Really?

 

[ausername]

Oh, and if anyone’s sniffing around for investment property at the moment, take a quick look at Margate. Prices were depressed for ages, but they seem to be catching up with the wider area.

Manchester is absolutely booming as well. My mate bought in a pretty rough area of Manchester 2 years ago.... but the redevelopment is getting closer and closer to his area, and the closer the new tower blocks and commercial properties get the more the value of his property rises. His property cost £120k and its valued at £150k... in two years.

Gentrification basically, like London went through. Plus new tram lines all the time in Manchester bringing new areas into commuter distance.

Choose the area of Manchester which is one of the next in line for gentrification and you're laughing.

Although choose the wrong one and you're stuck in a sh*thole

 

[dee]

Really interested to know why you are so keen to "buy the dip" with crypto after it falls about 60% from record highs, but not with equities when the FTSE falls less than 10% from record highs.

I suspect a lot of it is volatility (in general , not just @ian). The potential rewards are huge in a short period of time. If it goes up as quickly as it comes down then its all the gold you can eat in terms of % return. Obviously there is an associated risk/reward ratio attached to that.

 

[RobM]

Some of the contributors to this thread might be interested in the Flat Earth Society facebook group.... just saying like

I don't really think it takes forward thinking and genius to blindly follow the herd into a pyramid scheme. But remind us flat-earthers... how are your programming skills on modern technology going? Basically flat earthers I guess are simply defined as 'people who won't invest to make me money'. I'm guessing you don't have much idea about the technology itself just that you can 'buy low sell high' if people subscribe to the mentality. I do think a lot of people have got the idea that it makes them clever.... people have been conned for centuries and it doesn't take forward thinking or braincells to write a cheque. I think with that I better not 'contribute' any more to the conversation. Leave it to the experts... obviously not the ones who bought in last week, the week before, the week before that, the week before that etc.

 

[ausername]

I'd just like to know what the difference is between an "idiot" and a "flat earther".

I prefer "mugs" personally, which is what I actually consider people stopping their pension contributions or borrowing on credit cards to gamble on crypto to be.

 

[Admin]

I was trying to lighten the mood, clearly that didnt work! After 63 pages I think its more than clear you are anti crypto. You might want to think why you bash it everyday though. On the flip side I'm not here shouting buy buy buy everyday. Did you ever read those articles about delivering aid via ethereum? Anyway, we don't need to keep going over it, you are entitled to your opinion and I have no interest in trying to change it.

 

[Admin]

I don't really think it takes forward thinking and genius to blindly follow the herd into a pyramid scheme. But remind us flat-earthers... how are your programming skills on modern technology going? Basically flat earthers I guess are simply defined as 'people who won't invest to make me money'. I'm guessing you don't have much idea about the technology itself just that you can 'buy low sell high' if people subscribe to the mentality. I do think a lot of people have got the idea that it makes them clever.... people have been conned for centuries and it doesn't take forward thinking or braincells to write a cheque. I think with that I better not 'contribute' any more to the conversation. Leave it to the experts... obviously not the ones who bought in last week, the week before, the week before that, the week before that etc.

Like you said, you're guessing, you don't know what I know. You sound really miserable when you talk about making money as though its a dirty deed.

 

[ausername]

I was telling somebody that stopping their pension contributions is unwise. Literally anybody worth listening to would agree... it really wasn't an anti-crypto message.

"Invest what you can afford to lose" is a mantra which many crypto investors seem to propagate. Well I'd argue that anybody who has to stop their pension contributions or requires a credit card to make a crypto purchase is flirting with investing what they can't afford to lose.

Another poster "needed" to cash in his $60 worth of Bitcoin a few weeks ago, and is now talking about buying $500 worth of Bitcoin (da fuq?).

I don't think being "pro" or "anti" crypto has any bearing whatsoever.

I may actually take a small gamble (which is definitely what it is, and should be described as such) on Litecoins if a $4500 domain sale goes through next week as expected.... but I always "pay myself first", and for me that means banging a wedge in the pension.

 

[Admin]

"Invest what you can afford to lose" is a mantra which many crypto investors seem to propagate. Well I'd argue that anybody who has to stop their pension contributions or requires a credit card to make a crypto purchase is flirting with investing what they can't afford to lose.

You are only arguing with yourself. I think we all agree one doesn't invest (or gamble if you prefer..) any money you can't afford to lose. As far as I'm aware nobody here is buying crypto on credit, I don't know why you KEEP talking about it. All the best

 

[ausername]

Id rather have the £60 now

I was considering buying £500 worth of Bitcoin soon as a gamble

Five weeks between these points

I'm not so much calling out Murray but the whole shebang.

Ultimately if Crypto needed people to load up on credit card debt to drive the price to $20k (and banks have said as much), then where's all this new capital going to come from to drive it to $50k... considering household debt levels are pushing record highs in much of the West.

One of the primary arguments of those who are actual proponents of bitcoin as an alternative currency is that it is fixed in supply, yet you are reliant on the central banks flooding the markets with more money at some stage to push up the price because you still measure the value in fiat.

But the central banks seem to be moving in the opposite direction.

This is where the whole pack of cards comes tumbling down. Bitcoin will probably "survive", but those who just expect the value when measured in fiat to keep reaching new frontiers are living in a dream world, and perpetuating these hyperbolic projections are just suckering in skint gamblers like Murray. That's why people see it as a ponzi, the mentality thing.

What makes me laugh is people who don't own and never will own Bitcoins telling people what to do with their Bitcoins that have gone up from $200 to $20,000

The same people are the ones who don't like change and think Brexit was the end of the world and that no one can make money from domains if the brought them after 1979...

What makes me laugh is the people who were sitting on $20,000 bitcoin and didn't listen to those with a better rounded view on investment, who subscribe to the idea of diversification of asset classes, and are now lashing out calling people "naysayers" because they don't subscribe to the crackpot idea that the markets will somehow find a sufficient influx of new money in 2018 to drive the price to new paradigm at a time when central banks are increasing interest rates (making borrowing more expensive, and cash savings, bonds and gilts more worthwhile!).

 

[ausername]

You are only arguing with yourself. I think we all agree one doesn't invest (or gamble if you prefer..) any money you can't afford to lose. As far as I'm aware nobody here is buying crypto on credit, I don't know why you KEEP talking about it. All the best

Sorry to hear that you didn't liquidate at $20,000.

Never met an adsense publisher and forum owner before who didn't value long posts on high CPC subjects.

I get it, you want to live in an echo chamber. The thread title should be changed.

So... All the best.

 

[Murray]

Five weeks between these points

I'm not so much calling out Murray but the whole shebang.

Well yeah, I do remember posting lol

Difference was it was at high $xx,xxxx at the time

When I posted again $x,xxx...

So I was exactly right that $xx,xxx was the time to sell so you're pointing out my gut feeling was correct

\thanks

 

[aZooZa]

@ausername I think you're overstepping the mark here with your disrespect to @Murray and @Admin. Saying Murray is a "skint gambler" is not cricket. Then you have the audacity to question the financial motives of this forum's owner. Kinda sucks to me...

 

[ausername]

Not sure how I questioned the "financial motives" of the admin, please do explain.

Anyway, I just quit this forum (like most other people it seems, bitcoin is the only thing to talk about, so without that its done)... so consider it my resignation.

At one point this was quite a well rounded two way discussion about the future of Bitcoin and other cryptocurrencies. Now those who don't believe are "flat earthers" and "naysayers", and those who are "mugs" and "idiots", only the flat earthers don't hold the keys.

But if pointing out that 18% of crypto purchases in December were made on Credit card and 22% of those buyers now can't repay their debt, with almost 90% still owing money isn't relevant to the discussion... then I no longer know what the discussion is.

Perhaps if people just kept repeating "Bitcoin to the moon!"... and "We're all going to buy a lambo!", complete with animated gifs, then that would work? Like Reddit?

But apologies to Murray for using him as an example, I don't know anything about him or his circumstances and was just using soundbites to illustrate a mentality.

 

[Murray]

@ausername

I'm not sure what your example you were trying to make tbh

I had a very small amount of Bitcoin left in a wallet and when it jumped up in price £60 was worth having out, I'm not desperate for £60 but even if Bitcoin went to $100,000 which is unlikely it would only be x5 so who cares, rather have the cash back while it's high

Then it slumped massively since, has a lot of room to go back up and you get a lot more Bitcoin for £500 at $x,xxx then you did at $xx,xxx?

 

[Murray]

@ausername I think you're overstepping the mark here with your disrespect to @Murray and @Admin. Saying Murray is a "skint gambler" is not cricket. Then you have the audacity to question the financial motives of this forum's owner. Kinda sucks to me...

I can't see where Admin said that, but if he did that's cheeky lol

I don't mind though, wouldn't take anything personally, just a little confusing