141 replies to this topic

[Jeruselem]

Modern coins and banknotes are basically worthless tokens denoting it's worth that much, what it's made off is basically metal value (if it's a coin).

I have a $US half dollar on my desk at work which is 40% silver ... made when the $US was backed by Gold.

[Rybags]

For their uselessness they're still worth a lot more than notes.

 

If the currency crashes, at least coinage can be melted down and made into something useful.

[scruffy1]

yes

 

come the crunch, people can melt down their bitcoins and use the electrons for powering the computer

[Cybes]

The only *Australian* general circulation decimal coins...

There's things like the American silver doĺlar to consider, otherwise.

But this the whole point: currency must not have any inherent worth, or simple inflation means that eventually people start destroying it in order to gain financially - ie: coin clipping.

[Rybags]

*Aus* (implied)

 

That's what the ribbed sides are for, though in the modern day anyone shaving cupro-nickel currency to make a minute fraction of a cent per coin would need to be pretty desperate... though they're also there for traditional value and helpful for the blind to work out what they're carrying.

[Jeruselem]

*Aus* (implied)

 

That's what the ribbed sides are for, though in the modern day anyone shaving cupro-nickel currency to make a minute fraction of a cent per coin would need to be pretty desperate... though they're also there for traditional value and helpful for the blind to work out what they're carrying.

 

It's called clipping. In the old days, people used to clip bits off coin from the original because it was gold or silver. It's freaking pointless clipping copper, nickel, aluminium or cupro nickel coins! Might was well melt the whole bloody coin,

 

Nice thing about crypto is you can get like 0.00001 of a coin legally.

Edited by Jeruselem, 20 December 2017 - 09:05 AM.

[eveln]

Did you see the story about some one doing some hacking of this bitcoin stuff ? Koreans I think ...

[Jeruselem]

South Korea exchanges get targetted by north korea which is to be expected.

[scruffy1]

late to the thread, but this is virtual gold

 

https://www.facebook...08639835825712/

[Jeruselem]

Anyone trading here? I have only like 0.005 BTC, but a lot of altcoin.

My tax accountant will have fun this FY LOL

Edited by Jeruselem, 31 December 2017 - 01:05 PM.

[Jeruselem]

[eveln]

I've just watched " Banking on Bitcoin" via Netflix. Interesting. I wonder how enticed I'd be if I had money to lose ...

Oh LOL. just saw scruffy1's link , ahahahaha :)

[scruffy1]

ya, bitcoin is going down like a lead balloon presently

 

www.abc.net.au/news/2018-01-18/bitcoin-bubble-prices-have-lot-further-to-fall-capital-economics/9338532

 

oh dear...

 

https://charts.bitcoin.com/chart/price

[eveln]

If it wasn't already, it was definitely doomed from the moment the dudes got their regulation claws out

the Netflix show was a good watch, for me. I had no idea of how it worked and I am a little amazed by the story

[Cybes]

It's a bad idea from the start: the only reason any fiat currency has any stability is because it has the full weight of The State backing it. Without the financial mass, a currency is going to zooming about all over the place like a deflating party balloon.

Sure, you can make a bundle if you catch it at the right moment, but it's about as reliable an investment as letting it ride on the craps table.

[eveln]

It's a bad idea from the start: the only reason any fiat currency has any stability is because it has the full weight of The State backing it. Without the financial mass, a currency is going to zooming about all over the place like a deflating party balloon.

Sure, you can make a bundle if you catch it at the right moment, but it's about as reliable an investment as letting it ride on the craps table.

Yeah, it's a cool scam made by cool 'puter dudes who don't trust the banks and established financial institutions cos they be thieving mo'fos . lol

[@~thehung]

https://www.bloomber...st-movie-before

A dramatic, unexplained 1,000 percent boom. Then a 50 percent collapse in weeks.

Not Bitcoin in early 2018, but at the end of 2013 and start of 2014. We have been here before.

...

If history is a guide, Bitcoin is set to fall further for longer, perhaps as much as 80 percent. But the urge to gamble in the great cyber casino with untraceable digital cash is hard to kill. Expect the establishment's cries of I-told-you-so to keep falling on deaf ears.

[Jeruselem]

Bitcoin was created because of the crash in 2009 of our current system. Bitcoin is only one currency anyway. The Jan crash was not unexplained, people panic sold when China and South Korea started saying they were banning it. The crash was caused by potential government regulations!

 

People like crypto because it removes the need for those parasites called "banks" to perform transactions.

Edited by Jeruselem, 19 January 2018 - 08:24 AM.

[@~thehung]

i dont know what, if anything, could be done to reign in the volatility of bitcoin by formally tying it up *somehow*.

 

however, i think crypto will just continue creeping towards stability by insinuating itself into the mix.  

 

right now speculators far exceed those who own bitcoin for its actual utility.  but as more and more people are enticed to procure 'what the heck' amounts, and that disproportion begins to shift, this will have a dampening effect.  once enough of it is tied up as average joe's savings or 'in play' for the exchange of everyday goods and services, would-be peaks and troughs will just be absorbed by the masses rather than causing uncontrolled feedback loops.  you wouldnt sell off all of your aussie dollars if its value was in sharp decline.  fiat currency or not, your immediate reason to trust that it will stabilise is the shared dependence on it doing so with millions of other average AUD owners equally hostile to paying for their morning coffee in USD.

[Jeruselem]

I am quite aware volatility in crypto but pretty much any "paper" asset has volatility. It is a very young platform, it will  mature and the volatility will be reduced over time when currencies find their place in the market.