So just the 10% loss in three days for the "diamond hands." Way to go.

but a currency is backed by a Government, and in theory by assets that the Government owns. It used to be Gold but no longer. What assets stand behind Bitcoins? Do Elon Musk or JP Morgan promise to pay the bearer so much from their other assets? I doubt it.

I agree digital currency is the way forward as it's quicker, cheaper and easier to store, maintain and transact. Nevertheless, they will operate and function just like the individual currency at present according to the country's economic and stability status; probably a "premier" one eg present dollar.

However, given the might of the economic prowess of China it will soon become the richest country with the largest GDP too. As such, I think China will eventually try to install their own digital crypto (Yuan Mk2) onto the world. But, who'd trust them given the behaviour of some of the Chinese cowboy founders of present cryptos; a lack of human rights; sovereignty violation; etc? Even the owner of Binance (another Chinese) is not squeaky clean in his behaviour towards the collapse of FTX.

Has anyone tried to buy/sell minnow cryptos ie not Bitcoin/Ethereum/Dodgecoi/XRP/Cardano? These have already been hyped with a much lesser upward potential; cryptos are for trading (not investing). If not, firstly, one must register with an associated trading platform. Secondly, accept a market price significantly higher (buying) or lower (selling) - these minnow cryptos are so illiquid - worse than trading minnow AIM stocks in LSE. Also, a transaction could take ages to finalise or execute meaning it's opened to massive manipulation and fraud.

Why bother with them if there are easier trading commodities?

Crptoycurrency is a Scam. Here is the problem with Crpto which is that there are an infinite number of cryptocurrency units available.

The scam in Bitcoin is in talking average man on the street investors into investing in Bitcoin by intentionally obfuscating what it really is, just a number, into some super sophisticated investment by throwing out the technical verbiage that surrounds cryto, such as blockchain technology and peer to-peer servers etc etc.

Bitcoin may be limited to 21 million numbers, but that doesn't mean that somebody else can't come up with a similar algorithm and thereby create their own unique set of numbers.

To push bitcoin, there are now a lot of internet gurus coked up celebs, who claim to have inside knowledge on the ever imminent rise of bitcoin and nfts. Imo when the novelty wears off ( which is happening right now)  and every day people figure out that they are really just buying a number, and the number of buyers diminish. It is all a neverending cycle, limited only by the number of available suckers.

The next "big thing" is just around the corner, but dont get scammed everyone!

Former Microstrategy CEO and Bitcoin bull Michael Saylor believes the fallout of FTX could actually benefit Bitcoin and spark further growth in the crypto industry.

Saylor, who joined CNBC's ‘Squawk on the Street’ last week, said the turbulence and market volatility will benefit Bitcoin and a “handful” of other coins as it will eliminate thousands of useless cryptocurrencies.

“If there is a progressive regulation, then I think you’ll see, you won’t see 20,000 tokens, you’ll see a handful, dozens, but they’ll be properly registered tokens. The industry is going to grow much more rapidly," he said.

When addressing the collapse of FTX, the Bitcoin enthusiast argued that the exchange failed as a result of a lack of transparency. According to Saylor, if a company holds cryptocurrency assets, they should be “nobody else’s liability.”

Saylor also warned that the recent developments around FTX will surely attract more regulatory scrutiny. However, he said if regulators move too aggressively in response to FTX’s implosion, it will harm the industry.

“I think it’s definitely going to strengthen the hand of the regulators. It’s going to accelerate their intervention. There’s a regressive regulation, which is to say, you can’t really do anything, and that’ll contract the industry,"

Saylor also noted there is a need for US regulators to clearly lay out how crypto activities can come into compliance. “The regulatory intervention of late has been all negative like enforcement, but the marketplace is waiting for the regulators to say this is how you register a digital currency," he added.


As reported, FTX filed for Chapter 11 bankruptcy late last week. Notably, FTX US, the US arm of the crypto exchange, has also been included in the proceedings, despite claims by the former CEO that their US exchange was fine.

Microstrategy Now Holds Around 130,000 BTC
Microstrategy has been acquiring and holding Bitcoin as a treasury reserve since late 2020, investing millions of dollars in the flagship cryptocurrency in a bid to hedge against inflation and diversify its portfolio.

The company currently holds around 130,000 BTC, worth over $2.1 billion at current rates. The average purchase price was $30,623 per coin, with a total cost of $3.981 billion, according to data accumulated by Buy Bitcoin Worldwide. Therefore, the company is currently down by more than $1,8 billion on its Bitcoin investment.

The poor performance of Bitcoin has also negatively impacted MicroStrategy shares, which closed the last trading day down by more than 19%. The company’s shares are down by 69% YTD.

However, the recent price crash has not affected Saylor's optimism around the flagship cryptocurrency. "Bitcoin will be the winner because Bitcoin is a digital commodity, and it’s the least controversial of everything," he said in the interview.

Like any such scheme, a lot of people make a lot of money, and the wise ones walk away and convert those profits into a real currency like land. The late comers get skinned as they always do.

Imagine G20 countries prohibit the use of Bitcoin when they have their own crypto. What'd happen to Bitcoin? No doubt implode and then discard by most holders (speculators). I do not think Bitcoin will ever be a major medium of exchange replacing paper currency which has an intrinsic value.

I'd have £10k instead of crypto; Bitcoin is for trading, even the bankers know it

We all sleep walking into the abliss, who would want crypto to succeed!! Once it does they will tell you what you can and cannot buy. I fear like carbon credit, they will be a major part of life in next 10 years

Why would any government (unless it's banana republic or a close relative) want bitcoin as their major medium of exchange esp if they'd have their own eg UK, EU or USA crypto? I think those that benefited from the stratospheric rise of this crypto are long gone, and merely trading it at present given its incessant daily fluctuation.

Holding Tesla is speculative, bitcoin is pure gambling!

Wasn't the guy from geegeez promoting this to his band of merry men some time ago? Recommending dodgy "financial" investments to followers interested in horse racing was always a little dubious at the time. Some of the on-line racing fraternity are still at it. I heard the frantic shouts of "sell, sell, sell" in my google inboxes. On the other hand, I have it on good advice that there is a new flower worth following in Holland...

Got no Money Dave  , Certainly no Bit Coin

yes land and house take some beating over time and as our country gets filled up with 100,000 a year coming over they need somewhere to live and demand will keep rising, we are in for a slight reduction with this recession but this time its different imo to other recessions we have building materials increasing 50-100% plus and land doing 100-300% plus so its a different ball game than previous times, interest rates need raising to 7-10% to cure inflation or we are in this recession far longer than we should be

Was a buy, over £50k now!

Crpto markets rising.

Shiba up 250% in a week!

dont understand it tbh thats why i havent got involved with it ,a question ...those that bought at say £16k can they draw out the dough at say the £50 k it is now ?

finishes day at 52,138.79GBP

he's Misstra Know It all!

a real rollercoaster though and have never got involved personally
good profit to be taken from the initial 16,000 though

There used to be a guy on RTV that gave regular updates about bitcoin. Since they have gone I haven't kept up to date on it but apparently the US government has something like 12 billion's worth so my guess is its here to stay and will probably go higher.