Anyone big in Crypto?

[duncs500]

Wouldn’t work like that though as it’s pegged to your local currency so the car would remain at whatever price you’ve agreed in £ here and then when it’s time to pay you can pay in Bitcoin at the equivalent of its current value in £ if you want.

I'm not sure I follow how that makes much difference? Whether the amount they want for the car is Bitcoin or your pot of money is in Bitcoin, the volatility remains the issue.

[Beany]

Wouldn’t work like that though as it’s pegged to your local currency so the car would remain at whatever price you’ve agreed in £ here and then when it’s time to pay you can pay in Bitcoin at the equivalent of its current value in £ if you want.

So now it's the car dealer who has the volatile currency that could be worth 10% less tomorrow, yes?

[Rich B]

Wouldn’t work like that though as it’s pegged to your local currency so the car would remain at whatever price you’ve agreed in £ here and then when it’s time to pay you can pay in Bitcoin at the equivalent of its current value in £ if you want.

why bother with Bitcoin then?

[Mito Man]

I never said it's a sensible way of doing it, the car dealer is taking a risk by accepting crypto. Volatility will never stabalise like a government backed currency but it will remain liquid like a stock. I see it as the equivalent of selling some stocks to buy a physical item in that regard. Then can go down afterwards and you can feel smug or they can go up 20% a fortnight later and you'd feel like a git.

Generally most things are pegged to the Dollar, BTCUSD is the universally accepted measurement of the value of a Bitcoin as well as most other cryptos, which is then converted to local rates. So the Fiat currency will remain as the most prominent price which everything else is compared to.

[Jobbo]

Why not accept gold or Euros or anything else which can easily be converted into dollars? I don't think you understand the volatility issue at all, Mito.

[Rich B]

I never said it's a sensible way of doing it, the car dealer is taking a risk by accepting crypto. Volatility will never stabalise like a government backed currency but it will remain liquid like a stock. I see it as the equivalent of selling some stocks to buy a physical item in that regard. Then can go down afterwards and you can feel smug or they can go up 20% a fortnight later and you'd feel like a git.

Generally most things are pegged to the Dollar, BTCUSD is the universally accepted measurement of the value of a Bitcoin as well as most other cryptos, which is then converted to local rates. So the Fiat currency will remain as the most prominent price which everything else is compared to.

so it only really works if you're buying the car outright and have that much Bitcoin ready to go (otherwise you'll just incur charges changing from £ to Bitcoin).

It doesn't work as currency.

[Mito Man]

It's just another asset class, there's enough users of it out there now that it's been deemed sufficient to be used as a payment method. That's all it is at the end of the day and it seems like there's some tens of millions of people who seem happy enough with the volatility to use it.
Demographically it seems like a large amount of the younger population prefer buying crypto over other more traditional assets, so yeah, I can imagine that there will be many people with Bitcoin ready to spend.

[duncs500]

so yeah, I can imagine that there will be many people with Bitcoin ready to spend.

They just don't know how much it will be worth when the time comes to spend it.

[Swervin_Mervin]

It's just another asset class, there's enough users of it out there now that it's been deemed sufficient to be used as a payment method. That's all it is at the end of the day and it seems like there's some tens of millions of people who seem happy enough with the volatility to use it.
Demographically it seems like a large amount of the younger population prefer buying crypto over other more traditional assets, so yeah, I can imagine that there will be many people with Bitcoin ready to spend.

That's because young people are morons.

[Simon]

Swerve nails it.

Young people are doing it because they see x many idiots making a quick buck whilst masturbating over their parents electricity bill whilst in their basement-bedroom that they're still occupying despite the fact they're pushing on 30 and have got to get off for their shift at McDonalds.

[Maurice]

Can we try and package up some of Simon’s posts in this thread into an NFT and try and punt it?

Absolute gold (or decentralised currency equivalent).

[Beany]

Swerve nails it.

Young people are doing it because they see x many idiots making a quick buck whilst masturbating over their parents electricity bill whilst in their basement-bedroom that they're still occupying despite the fact they're pushing on 30 and have got to get off for their shift at McDonalds.

I literally know two people like this. They just don't work at Mcdonald's.

[Swervin_Mervin]

Can we try and package up some of Simon’s posts in this thread into an NFT and try and punt it?

Absolute gold (or decentralised currency equivalent).

+1 for that.

Has had me proper chuckling over the last couple of evenings

[Mito Man]

He has an unhealthy complex against it and Elon Musk.

Simon, did Elon abuse you when you were younger?

[Rich B]

He has an unhealthy complex against it and Elon Musk.

Simon, did Elon abuse you when you were younger?

it's not unhealthy - use your brain, Bitcoin is a ridiculous concept in this day and age.

[Simon]

Mito. Just stop for a second and think of one common GOOD that comes from crypto. When you have a genuine, undeniable common good that outweighs all the silk-road / electricity wastage / insane GPU market disruption / gullible idiots losing their shirts / criminality / and sheer pointlessness of it all, please let us know.

Because I don't see a thing.

[Foz]

I am away to bmw to buy an M3, cash, I will take some
krugerrands.

[Mito Man]

There is no common good, it's just a bunch of people hoping to grow their wealth. I don't agree with gambling but you won't find me losing my shirt over a bunch of people spunking money at a casino.

[Rich B]

There is no common good, it's just a bunch of people hoping to grow their wealth. I don't agree with gambling but you won't find me losing my shirt over a bunch of people spunking money at a casino.

You really don't get it do you. I thought you millennials were supposed to be more aware of the environment?

It's nothing like a casino, it's literally burning a whole countries worth of energy, and someone paying you for the amount of electricity you've wasted. You're not even putting that electricity to any good use - quite the opposite, you HAVE to use it for a 100% useless task.

[Matty]

I thought the point was to get a new currency and remove world banking so the fatcat$ can't profit from me and the government spys don't know I'm spending all my money on cheap lager and foreign porn?