Re: Crypto Bubble
Posted: March 2nd, 2021, 3:31 pm
The order went through at $50.50. Last of the big spenders.
Matt
Matt
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https://lemonfool.co.uk/
Kevin O'Leary has invested 3% of his funds in bitcoin, having been cynical on it until very recently:NotSure wrote:BTC is not something I would like to be long or short, but both Citi and Ruffer gave it a conditional thumbs up today. It is becoming harder and harder to completely dismiss IMHO, despite the fact that I'd love to.
Sort of. Their salaries are set in the local currency, then converted to bitcoin each pay day. It would take a brave person, and a brave employer, to denote salaries in bitcoin. Big swing up, your employer goes bust, big swing down, you do.paid in bitcoin
I think that the bigger problem would be accounting for tax and national insurance. By denoting the salary in £'s that can easily be accounted for and paid.NotSure wrote: Sort of. Their salaries are set in the local currency, then converted to bitcoin each pay day. It would take a brave person, and a brave employer, to denote salaries in bitcoin. Big swing up, your employer goes bust, big swing down, you do.
Tim Bond of Odey Asset Management (reported on MarketWatch) has also noticed this - and he calls currency fiat!I think that the bigger problem would be accounting for tax and national insurance
.....“....To my mind, bitcoin is a particularly vile asset class.
If bitcoin starts to displace fiat currencies [government-issued currency that is not backed by a commodity], governments’ ability to tax, spend and redistribute will be severely impaired.”
He believes bitcoin could prevent society from functioning in an efficient and ethical manner.
“In this sense, bitcoin is the spearhead of a particularly extreme form of libertarian anarchism, which is presumably why it is so popular in Silicon Valley,” he said....
Where does it go when you buy Euros or Dollars from the Post office?scotview wrote:When someone purchases Bitcoin, using a site like Coinbase or the like, where does the money that comes out of your bank account to pay for the crypto actually go ?
Can't you use a bureau de change like everyone else does?Andy46 wrote:Hi,
Just wondering what exchanges people are using? I'm registered with Binance but my KYC failed and their support are taking ages to resolve it. I'm also with coinjar so can deposit fiat there, buy BTC or ETH etc then transer this to Binance which has a larger offering of coins, but with gas fees so high this costs a fortune. Meanwhile i've been sat here watching coins double up in a day thinking i could have been rich by now lol.
Andy
Thats not a crypto exchange is it?GoSeigen wrote:Can't you use a bureau de change like everyone else does?Andy46 wrote:Hi,
Just wondering what exchanges people are using? I'm registered with Binance but my KYC failed and their support are taking ages to resolve it. I'm also with coinjar so can deposit fiat there, buy BTC or ETH etc then transer this to Binance which has a larger offering of coins, but with gas fees so high this costs a fortune. Meanwhile i've been sat here watching coins double up in a day thinking i could have been rich by now lol.
Andy
GS
Not much of a currency then...Andy46 wrote:Thats not a crypto exchange is it?GoSeigen wrote: Can't you use a bureau de change like everyone else does?
GS
Everyone else doesn't. I hope most Fool's are smarter than that.GoSeigen wrote: Can't you use a bureau de change like everyone else does?
GS
I think you'll have the same problem transferring BTC or ETH as paying in £s - Binance and Coinbase have to follow the UK money laundering laws for deposits, be it in £s or crypto. Not entirely sure, but I think I saw that when i tried the same as you, and could only deposit £200.Andy46 wrote:Hi,
Just wondering what exchanges people are using? I'm registered with Binance but my KYC failed and their support are taking ages to resolve it. I'm also with coinjar so can deposit fiat there, buy BTC or ETH etc then transer this to Binance which has a larger offering of coins, but with gas fees so high this costs a fortune. Meanwhile i've been sat here watching coins double up in a day thinking i could have been rich by now lol.
Andy
Most people are just ignoring this, India have said it before. Some countries have already banned it and its more popular than ever. How on earth do you stop people trading what is essentialy a computer code.scrumpyjack wrote:Interesting that India are to bring in a law banning ownership of or dealing in cryptocurrencies.
https://www.independent.co.uk/asia/indi ... 17148.html
Maybe this idea will spread and save a lot of carbon emissions?
You could make it harder. You could have internet providers block access to websites where bitcoin is traded. That doesn't stop private transactions of course.. How on earth do you stop people trading what is essentialy a computer code