Bitcoin and Crypto

[InBenjiWeTrust]

Apart from deep web sites that allowed you to take out hits and buy drugs, where can you actually spend crypto? Or is just a tool to cash out on?

There are lots of uses for blockchain technology. Bitcoin was the first so you hear about it the most, but essentially it's used as digital gold (hedge against inflation and store of value) and doesn't really have a huge amount of uses.

If you look at something like Ethereum on the other hand, it's used for everything from decentralised finance (Visa/Mastercard and a number of large banks are investing in their blockchain capability because transacting via blockchain smart contracts are secure and efficient) to nft's (digital art etc). Opensea, which is marketplace for trading nft's on the Ethereum blockchain, is transacting around US$300m of transactions per day.

Moving forward blockchain can be used for medical records, education, everything.

I personally don't view holding crypto coins as a way to transact, I view it more as an investment in the platform, almost like investing in a stock.

Does the other crypto's behave like Bitcoin through mining?

Grab the Coinbase app mate and do the learn and earns. It will teach you a bit about some of the use cases and give you a like $50-100 in cryptocurrencies. The information you’ll learn about the monetary system alone is worth the research.

Oh I won't be investing it. Just about to move my super over to a SMSF in property.

Just curious if they all operated the same way.

I run my SMSF for 20 years, I would suggest you to use only money that you can afford to lose to invest into "risky/high geard" instruments - CFDs, Bitcoins, Option and Futures. And never chase your losses!
The majority may be invested in the property (direct or indirect), "safe"/non aggressive funds, "non aggressive" direct shares and cash.

Yeah I do not know anything about the stock market or crypto. Going into property for safety and better than industry fund returns.

I agree, and remember Chalie Munger (Warren Buffet's investment partner) wise words: 

 

[mike]

Apart from deep web sites that allowed you to take out hits and buy drugs, where can you actually spend crypto? Or is just a tool to cash out on?

There are lots of uses for blockchain technology. Bitcoin was the first so you hear about it the most, but essentially it's used as digital gold (hedge against inflation and store of value) and doesn't really have a huge amount of uses.

If you look at something like Ethereum on the other hand, it's used for everything from decentralised finance (Visa/Mastercard and a number of large banks are investing in their blockchain capability because transacting via blockchain smart contracts are secure and efficient) to nft's (digital art etc). Opensea, which is marketplace for trading nft's on the Ethereum blockchain, is transacting around US$300m of transactions per day.

Moving forward blockchain can be used for medical records, education, everything.

I personally don't view holding crypto coins as a way to transact, I view it more as an investment in the platform, almost like investing in a stock.

Does the other crypto's behave like Bitcoin through mining?

Grab the Coinbase app mate and do the learn and earns. It will teach you a bit about some of the use cases and give you a like $50-100 in cryptocurrencies. The information you’ll learn about the monetary system alone is worth the research.

Oh I won't be investing it. Just about to move my super over to a SMSF in property.

Just curious if they all operated the same way.

I run my SMSF for 20 years, I would suggest you to use only money that you can afford to lose to invest into "risky/high geard" instruments - CFDs, Bitcoins, Option and Futures. And never chase your losses!
The majority may be invested in the property (direct or indirect), "safe"/non aggressive funds, "non aggressive" direct shares and cash.

Yeah I do not know anything about the stock market or crypto. Going into property for safety and better than industry fund returns.

I agree, and remember Chalie Munger (Warren Buffet's investment partner) wise words: 

Well he got that wrong didn’t he.

 

[InBenjiWeTrust]

Apart from deep web sites that allowed you to take out hits and buy drugs, where can you actually spend crypto? Or is just a tool to cash out on?

There are lots of uses for blockchain technology. Bitcoin was the first so you hear about it the most, but essentially it's used as digital gold (hedge against inflation and store of value) and doesn't really have a huge amount of uses.

If you look at something like Ethereum on the other hand, it's used for everything from decentralised finance (Visa/Mastercard and a number of large banks are investing in their blockchain capability because transacting via blockchain smart contracts are secure and efficient) to nft's (digital art etc). Opensea, which is marketplace for trading nft's on the Ethereum blockchain, is transacting around US$300m of transactions per day.

Moving forward blockchain can be used for medical records, education, everything.

I personally don't view holding crypto coins as a way to transact, I view it more as an investment in the platform, almost like investing in a stock.

Does the other crypto's behave like Bitcoin through mining?

Grab the Coinbase app mate and do the learn and earns. It will teach you a bit about some of the use cases and give you a like $50-100 in cryptocurrencies. The information you’ll learn about the monetary system alone is worth the research.

Oh I won't be investing it. Just about to move my super over to a SMSF in property.

Just curious if they all operated the same way.

I run my SMSF for 20 years, I would suggest you to use only money that you can afford to lose to invest into "risky/high geard" instruments - CFDs, Bitcoins, Option and Futures. And never chase your losses!
The majority may be invested in the property (direct or indirect), "safe"/non aggressive funds, "non aggressive" direct shares and cash.

Yeah I do not know anything about the stock market or crypto. Going into property for safety and better than industry fund returns.

I agree, and remember Chalie Munger (Warren Buffet's investment partner) wise words: 

Well he got that wrong didn’t he.

You probably missunderstand what he said, his principle is never to invest into things he does not understand, so in the context of this thread - if you don't understand how/why the bitcoin price change, do not invest in it (e.g. more than money you can gamble)!

 

[mike]

Apart from deep web sites that allowed you to take out hits and buy drugs, where can you actually spend crypto? Or is just a tool to cash out on?

There are lots of uses for blockchain technology. Bitcoin was the first so you hear about it the most, but essentially it's used as digital gold (hedge against inflation and store of value) and doesn't really have a huge amount of uses.

If you look at something like Ethereum on the other hand, it's used for everything from decentralised finance (Visa/Mastercard and a number of large banks are investing in their blockchain capability because transacting via blockchain smart contracts are secure and efficient) to nft's (digital art etc). Opensea, which is marketplace for trading nft's on the Ethereum blockchain, is transacting around US$300m of transactions per day.

Moving forward blockchain can be used for medical records, education, everything.

I personally don't view holding crypto coins as a way to transact, I view it more as an investment in the platform, almost like investing in a stock.

Does the other crypto's behave like Bitcoin through mining?

Grab the Coinbase app mate and do the learn and earns. It will teach you a bit about some of the use cases and give you a like $50-100 in cryptocurrencies. The information you’ll learn about the monetary system alone is worth the research.

Oh I won't be investing it. Just about to move my super over to a SMSF in property.

Just curious if they all operated the same way.

I run my SMSF for 20 years, I would suggest you to use only money that you can afford to lose to invest into "risky/high geard" instruments - CFDs, Bitcoins, Option and Futures. And never chase your losses!
The majority may be invested in the property (direct or indirect), "safe"/non aggressive funds, "non aggressive" direct shares and cash.

Yeah I do not know anything about the stock market or crypto. Going into property for safety and better than industry fund returns.

I agree, and remember Chalie Munger (Warren Buffet's investment partner) wise words: 

Well he got that wrong didn’t he.

You probably missunderstand what he said, his principle is never to invest into things he does not understand, so in the context of this thread - if you don't understand how/why the bitcoin price change, do not invest in it (e.g. more than money you can gamble)!

I understood. My point was Munger should have made the effort to understand Facebook.

 

[Milky]

Apart from deep web sites that allowed you to take out hits and buy drugs, where can you actually spend crypto? Or is just a tool to cash out on?

There are lots of uses for blockchain technology. Bitcoin was the first so you hear about it the most, but essentially it's used as digital gold (hedge against inflation and store of value) and doesn't really have a huge amount of uses.

If you look at something like Ethereum on the other hand, it's used for everything from decentralised finance (Visa/Mastercard and a number of large banks are investing in their blockchain capability because transacting via blockchain smart contracts are secure and efficient) to nft's (digital art etc). Opensea, which is marketplace for trading nft's on the Ethereum blockchain, is transacting around US$300m of transactions per day.

Moving forward blockchain can be used for medical records, education, everything.

I personally don't view holding crypto coins as a way to transact, I view it more as an investment in the platform, almost like investing in a stock.

Does the other crypto's behave like Bitcoin through mining?

Grab the Coinbase app mate and do the learn and earns. It will teach you a bit about some of the use cases and give you a like $50-100 in cryptocurrencies. The information you’ll learn about the monetary system alone is worth the research.

Oh I won't be investing it. Just about to move my super over to a SMSF in property.

Just curious if they all operated the same way.

I run my SMSF for 20 years, I would suggest you to use only money that you can afford to lose to invest into "risky/high geard" instruments - CFDs, Bitcoins, Option and Futures. And never chase your losses!
The majority may be invested in the property (direct or indirect), "safe"/non aggressive funds, "non aggressive" direct shares and cash.

Yeah I do not know anything about the stock market or crypto. Going into property for safety and better than industry fund returns.

I agree, and remember Chalie Munger (Warren Buffet's investment partner) wise words: 

Well he got that wrong didn’t he.

You probably missunderstand what he said, his principle is never to invest into things he does not understand, so in the context of this thread - if you don't understand how/why the bitcoin price change, do not invest in it (e.g. more than money you can gamble)!

I understood. My point was Munger should have made the effort to understand Facebook.

I think what he meant was he doesn’t want to understand facebook and doesn’t use it as it doesn’t return on his investment (of time).

Basically saying he only invests his time in activity that produces money…

Could be wrong…

 

[TillLindemann]

China has just outlawed all cryptocurrency transactions, effectively making bitcoin illegal.

 

[Demps]

China has just outlawed all cryptocurrency transactions, effectively making bitcoin illegal.

Game over.

China rules the world.

 

[mike]

China has just outlawed all cryptocurrency transactions, effectively making bitcoin illegal.

Game over.

China rules the world.

China do that on a regular basis, nothing new here.

 

[TillLindemann]

China has just outlawed all cryptocurrency transactions, effectively making bitcoin illegal.

Game over.

China rules the world.

China do that on a regular basis, nothing new here.

I know they have cracked down before, but is this not the first time they have outright banned it? Forgive me if I'm wrong.

 

[Magpie_Magic]

China has just outlawed all cryptocurrency transactions, effectively making bitcoin illegal.

Game over.

China rules the world.

China do that on a regular basis, nothing new here.

I know they have cracked down before, but is this not the first time they have outright banned it? Forgive me if I'm wrong.

This is the first outright ban I think including overseas transactions and dealers

 

[mike]

China has just outlawed all cryptocurrency transactions, effectively making bitcoin illegal.

Game over.

China rules the world.

China do that on a regular basis, nothing new here.

I know they have cracked down before, but is this not the first time they have outright banned it? Forgive me if I'm wrong.

Not outright banned but pretty close. Really all it means is they are probably about to launch their own crypo currency and they don't want any competition.

 

[TheDaBoss]

China has just outlawed all cryptocurrency transactions, effectively making bitcoin illegal.

Game over.

China rules the world.

China do that on a regular basis, nothing new here.

I know they have cracked down before, but is this not the first time they have outright banned it? Forgive me if I'm wrong.

Not outright banned but pretty close. Really all it means is they are probably about to launch their own crypo currency and they don't want any competition.

+100 social credits

 

[Demps]

These NFTs are ridiculous.

I understand it but wow, people are seriously throwing money at little corny graphics?

I guess it's marketed to children, young adults and imbeciles but I just cannot... beyond stupidity.

 

[Demps]

These NFTs are ridiculous.

I understand it but wow, people are seriously throwing money at little corny graphics?

I guess it's marketed to children, young adults and imbeciles but I just cannot... beyond stupidity.

 

[Big.City.Smog]

China has just outlawed all cryptocurrency transactions, effectively making bitcoin illegal.

Game over.

China rules the world.

Said no one ever ???

 

[Scare]

China has just outlawed all cryptocurrency transactions, effectively making bitcoin illegal.

Game over.

China rules the world.

China do that on a regular basis, nothing new here.

I know they have cracked down before, but is this not the first time they have outright banned it? Forgive me if I'm wrong.

Not outright banned but pretty close. Really all it means is they are probably about to launch their own crypo currency and they don't want any competition.

Vechain is the only China approved crypto currency, there might be one more maybe?

 

[avocadoontoast]

China has just outlawed all cryptocurrency transactions, effectively making bitcoin illegal.

Game over.

China rules the world.

China do that on a regular basis, nothing new here.

I know they have cracked down before, but is this not the first time they have outright banned it? Forgive me if I'm wrong.

Not outright banned but pretty close. Really all it means is they are probably about to launch their own crypo currency and they don't want any competition.

Vechain is the only China approved crypto currency, there might be one more maybe?

There are several, more than a dozen I think. You can look up BSN which chinas blockchain services network

 

[Demps]

China has just outlawed all cryptocurrency transactions, effectively making bitcoin illegal.

Game over.

China rules the world.

Said no one ever ???

Are you a tourist?

Haha.
China has been buying up Australia for ages now.
Look around your house. Everything, made in China.

I'm not going to even debate it further with you because your response is so misinformed and clueless I don't even feel it'd be worth my time to waste another moment of time in discussing this with you.

Hope you've had a great weekend buddy.
Go Tigers.

 

[momo_amp_medo]

China has just outlawed all cryptocurrency transactions, effectively making bitcoin illegal.

China has been working towards that since August.
So the Cripto holders, traders and customers have been looking for options for that event for some time now and plans well advanced in relocating their operations to Eastern Europe and Central America-US etc.
Another thing is ….. what China says and does are not the same thing. They are after control and regulation so that they can introduce their own version of Cripto financials when they are in position to do so.
Can’t see Cripto going away any time soon.
It’s very much an open gambit for speculators and risk takers at the moment. The only things that separates it from the Stock Market at present, is lack of Government regulation and approval from the Banking Sector. But that’s coming so…..

 

[Magpie_Magic]

China has just outlawed all cryptocurrency transactions, effectively making bitcoin illegal.

China has been working towards that since August.
So the Cripto holders, traders and customers have been looking for options for that event for some time now and plans well advanced in relocating their operations to Eastern Europe and Central America-US etc.
Another thing is ….. what China says and does are not the same thing. They are after control and regulation so that they can introduce their own version of Cripto financials when they are in position to do so.
Can’t see Cripto going away any time soon.
It’s very much an open gambit for speculators and risk takers at the moment. The only things that separates it from the Stock Market at present, is lack of Government regulation and approval from the Banking Sector. But that’s coming so…..

Interesting debate this.

I can understand that western governments may like Cryptocurrencies because it allows for money to be siphoned out of China and the like but still, there are literally thousands of these and put simply if they are a form of currency which is appreciating against fiat currencies that means central banks can't control the money supply which basically makes central banks redundant.

Wh6 wouldn't they move to ban this?

Am I missing something?
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