Australian (ASX) Stock Market Forum

Bitcoin price discussion and analysis

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verce said:
Goldman Sachs are NOT fans of Bitcoin.

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verce said:
Goldman Sachs are NOT fans of Bitcoin.

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Goldman Sachs are thought by many to be wrong on every point and missing all the important ones. Many individuals of the unscrupulous kind and about 100 countries see bitcoin as a way of escaping the eye of American, European and major Asian countries or in other words 'big brother' they see as bully boys.
As long as very many accept bitcoin it doesn't matter one eyeota what anybody thinks. If a country like Iran accepts bitcoin and can find others who do also they can survive. A crooked little empire of gangsters and pirates can always unload their wares.
 
noirua said:
Goldman Sachs are thought by many to be wrong on every point and missing all the important ones. Many individuals of the unscrupulous kind and about 100 countries see bitcoin as a way of escaping the eye of American, European and major Asian countries or in other words 'big brother' they see as bully boys.
As long as very many accept bitcoin it doesn't matter one eyeota what anybody thinks. If a country like Iran accepts bitcoin and can find others who do also they can survive. A crooked little empire of gangsters and pirates can always unload their wares.
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I always come back to the belief, we will end up with a digital currency and Bitcoin has capitalised on that.
However every Country wants to have some sovereign control over their money and monetary policy, so I can't see how a secondary currency can get traction, other than on the black market.
So you are probably right, but as the World becomes more interconnected, the more it closes in on the black market.
The more people avoid taxes, the more establishment has to clamp down, because the tax base gets smaller.
 
Okay but my understanding is that you still have to buy bitcoin through an exchange which are subject to the country's laws and reporting requirements, are they not?

How would criminals convert cash to bitcoin untraced?
 
wayneL said:
Okay but my understanding is that you still have to buy bitcoin through an exchange which are subject to the country's laws and reporting requirements, are they not?

How would criminals convert cash to bitcoin untraced?
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I think it is a bit like trading non degrading bananas, as long as someone is prepared to pay for them, the value keeps increasing.
That is untill you take them to the bank.
Just my opinion.
 
wayneL said:
These are the points I'm struggling with.

I'm sure I'm missing something, on one level they just seem like tulip bulbs to me, yet on another level I can see some sort of utility... blockchain and all that.

But I'm still an absolute novice with these.
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I understand the concerns of Goldman Sachs. But doesn't every hard asset - or even equities for that matter - depend on the proposition that someone else will come along in the future and want to pay a higher price for more than you bought it?

Food for thought...
 
Furthermore:

"Bitcoin does not provide consistent diversification benefits given its unstable correlations."

Isn't an uncorrelated hedge the very essence of diversification? Am I the only one who thinks this is a contradictory statement?
 
satanoperca said:
Just showing what it is worth, nothing but if people believe in it, short term it has some value, long term, no value at all. 50% devaluation in less than a month and you think it will bounce back, lol.
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It seems pretty resilient now. Managing to bounce back without any sort of bailout.
 
I still don't own any bitcoin, yet.

I have had a flutter trading the cfds, which has gone ok, no different to trading anything really.

But it has been helpful disc to get my head around what it is all about, the risks, rewards etcetera.

I still can't say that I understand everything around it but I am gradually warming to it.

 
wayneL said:
I still don't own any bitcoin, yet.

I have had a flutter trading the cfds, which has gone ok, no different to trading anything really.

But it has been helpful disc to get my head around what it is all about, the risks, rewards etcetera.

I still can't say that I understand everything around it but I am gradually warming to it.

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I applaud you for having such an open mind to new technology. I remember also thinking it was a ponzi scheme, but then I researched some more, reflected on it for some time, and then decided it was a useful uncorrelated hedge that you can happily park 1% of your net wealth in and just forget about for a while.
 
verce said:
I applaud you for having such an open mind to new technology. I remember also thinking it was a ponzi scheme, but then I researched some more, reflected on it for some time, and then decided it was a useful uncorrelated hedge that you can happily park 1% of your net wealth in and just forget about for a while.
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Back it with gold, and I might touch it; without gold backing it, it is essentially worthless.
 
Chronos-Plutus said:
Back it with gold, and I might touch it; without gold backing it, it is essentially worthless.
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Why does gold have value? Because there is a consensus it does.

In the new world, maybe Bitcoin will be the new consensus. Could be wrong. But what if I'm right?
 
verce said:
Why does gold have value? Because there is a consensus it does.

In the new world, maybe Bitcoin will be the new consensus. Could be wrong. But what if I'm right?
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You can try to change a millennia of established thinking if you like.

Aside from the obvious monetary value of gold, it is used in highly advanced technologies; ask NASA where gold is used:D
 
Chronos-Plutus said:
Back it with gold, and I might touch it; without gold backing it, it is essentially worthless.
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It is this point that I struggle with most and I don't have an answer to that.

But also, he only currency that is backed by gold, is gold itself. Hence why I have already acquired as much as I think is prudent... Perhaps even a little overweight.

But, I have listened to some pretty compelling arguments for it.

At the the end of the day, what's the upside, what's the downside... And what is a prudent allocation?

The downside is easy, as with almost any unleveraged instrument, particularly equities, it is 100% loss (assuming you don't exit beforehand).

But what is the upside?

This is a question that I am struggling to answer, despite the bullishness from some of the macro folks.

Complicating matters is the current macroeconomic situation, I don't think there is very much time to learn about and implement strategies to protect ones meagre cache of Pacific Pesos.

0kay... Well my personal view is that we will have a deflationary episode, before a strongly inflationary one. But that could be wrong we may just leave straight into inflation.

I'm just thinking that I should have a bet each way on that outcome. Yes, Gold and Silver.... But could there be more upside in the cryptocurrencies?

that's what I'm trying to figure out that's where I am trying to come to some sort of a half intelligent decision.
 

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