Cryptocurrency and Yachting

[CAPTAIN FANTASTIC]

Cryptocurrency is gaining ground despite the financial banking sectors that actively opposing it. Some people have made fortunes, virtually as well as in real terms and converted into real money making the transition and crossing over from cryptocurrency to traditional banking (gold based currency) and visa versa.

Are we going to see people buying yachts using bitcoin and other cryptocurrency? is the yachting community brave enough to accept it? Can you visualize paying the the daily mooring fees at the Folly with bitcoin and then buying a drink at the Folly and giving a tip to the bar person using bitcoin?

 

[newtothis]

Are we going to see people buying yachts using bitcoin and other cryptocurrency? is the yachting community brave enough to accept it? Can you visualize paying the the daily mooring fees at the Folly with bitcoin and then buying a drink at the Folly and giving a tip to the bar person using bitcoin?

Can you visualise using a currency where your mooring fee costs £20 and by the time you row ashore and buy your pint has surged so the pint now cost £30, but by the time you return to you boat has now crashed and you could have got that mooring for £2.50.
As for yotties being early adopters, we are still having debates on here over whether using a compass is cheating when you could be using a perfectly good astrolabe.
I think there's more chance of boats being priced in guineas than Bitcoin. Although if they chose Guinness they could be on to something.

 

[Lucy52]

Not for me just now, even if I could afford to play, too much risk. When the GBP moves, prices and the economy move with it, crypto currencies move in a virtual universe, there is no market adjustment. Great for speculators.

"Two-day bitcoin sell-off wipes out over $100 billion from the entire crypto market."

"The price of bitcoin slipped 10% in two days to fall below the $32,000 level for the first time since Jan. 11 2021"

Two-day bitcoin sell-off wipes out over $100 billion from the entire crypto market

Having said that Tessla bought 1.5 Billion Bitcoin and plan to accept them, perhaps it will work in there market, traders with other peoples money to play with.

 

[Concerto]

On a recent radio report I was listening to about Bitcoin, I was surprised that roughly 20% of the total value in this crypto currency is totally locked and cannot be accessed because the owners cannot remember their passwords to access their funds. There are only a small number of attempts before the funds get locked, BUT once locked there is no way to ever unlock them unlike the current bank system which will assist if you get problems. So, if you cannot remember your current PIN for your debit and credit cards, etc, what chance do you have in loosing all your funds?

 

[sgr143]

Although if they chose Guinness they could be on to something.

A black-market currency with a substantial degree of liquidity.

 

[lustyd]

It's been many, many years since currency was gold based. Today our currency is backed by the Dollar, as are most currencies around the world. The real story of the Euro was an attempt to correct this, but it failed in part due to the lack of involvement of the UK. The US government majority ownership of Swift international payments has increased interest in replacing the dollar, and there are many stories of their abusing that system including one where planes full of gold bullion were used to buy oil because the US cut Iran out of world payments. Thankfully when they tried to do the same to India, India and the rest of the world laughed and put them in their place. China might well succeed in toppling the Dollar, and that's one of the root causes of all of the anti-China propaganda we see daily in the West. Hopefully they will succeed for all our sakes.

Bitcoin can be used to purchase things, but in reality it's just another thing to trade, like gold and will normally be sold first in order to purchase things. When buying things digitally it really makes no difference what you're buying with as it's all just numbers going back and forth. The volatility makes it a poor choice right now for something like a yacht purchase since that purchase might take a year to complete and you can't be sure whether you could afford it or not until the settlement date! Even then, the company selling you the yacht might not recoup their money if Bitcoin tanks just after completion. Currency works because it's stable. Crypto will get there, but not for a long while yet.

 

[CAPTAIN FANTASTIC]

Can you visualise using a currency where your mooring fee costs £20 and by the time you row ashore and buy your pint has surged so the pint now cost £30, but by the time you return to you boat has now crashed and you could have got that mooring for £2.50.
As for yotties being early adopters, we are still having debates on here over whether using a compass is cheating when you could be using a perfectly good astrolabe.
I think there's more chance of boats being priced in guineas than Bitcoin. Although if they chose Guinness they could be on to something.

Brilliant

 

[GHA]

Are we going to see people buying yachts using bitcoin and other cryptocurrency? is the yachting community brave enough to accept it? Can you visualize paying the the daily mooring fees at the Folly with bitcoin and then buying a drink at the Folly and giving a tip to the bar person using bitcoin?

Seems unlikely, the tax side would be massively complex for starters. But as a long term investment very likely, even if people are unaware of it. All the worlds biggest financial institutions are putting some of their funds into BTC, It's outdone everything long term for something like 9 out of the past 10 years so when people say - wouldn't touch it', they probably do in some form or another.. Apps like SwissBorg make it simple and cheap to transfer and get some interest. But the financial revolution is here, it's happening right now. Cardano another one to watch for. Fantastic tech and hopefully will give people in countries where inflation is massive a chance to have their few bucks worth something in a few days time.

 

[GHA]

On a recent radio report I was listening to about Bitcoin, I was surprised that roughly 20% of the total value in this crypto currency is totally locked and cannot be accessed because the owners cannot remember their passwords to access their funds. There are only a small number of attempts before the funds get locked, BUT once locked there is no way to ever unlock them unlike the current bank system which will assist if you get problems. So, if you cannot remember your current PIN for your debit and credit cards, etc, what chance do you have in loosing all your funds?

That is a big difference. You don't give your funds to anyone like you do with banks. The crypto wallet may be held in an exchange but only you can access it. They can't see what's in the wallet or what you do with it. Mostly these days there's a long list of words as a backup to get back in, but it's your crypto, you're completely in charge. If that's too scary then there are places who will look after it. And charge you money to do so and give rubbish exchange rates.

 

[alan_d]

This article from the BBC exposes Bitcoin's excessive carbon footprint. At the end of it Ken Rogoff, a professor of economics at Harvard University and a former chief economist at the International Monetary Fund (IMF) suggests that it is a bubble about to burst.

 

[CAPTAIN FANTASTIC]

Seems unlikely, the tax side would be massively complex for starters. But as a long term investment very likely, even if people are unaware of it. All the worlds biggest financial institutions are putting some of their funds into BTC, It's outdone everything long term for something like 9 out of the past 10 years so when people say - wouldn't touch it', they probably do in some form or another.. Apps like SwissBorg make it simple and cheap to transfer and get some interest. But the financial revolution is here, it's happening right now. Cardano another one to watch for. Fantastic tech and hopefully will give people in countries where inflation is massive a chance to have their few bucks worth something in a few days time.

Agree, I put some money in bitcoin more than a year ago.

 

[RJJ]

It's been many, many years since currency was gold based. Today our currency is backed by the Dollar, as are most currencies around the world.

Our currency is not backed by the Dollar. To the extent it's "backed" by anything, it's
(1) the claim on the labour and capital income of those who like to accept it. Mainly, people in UK like to get paid in sterling, and nowhere else, so you can also say it's "backed" by the future labour and capital productivity of the UK.
(2) the faith of international money market operators in (1) and the ability to earn interest
(2) offset by the willingness of the Bank of England to create currency and devalue the claims in (1).
(3) offset by some level of uncertainty, which is linked to (2), whether people will in future continue to like earning sterling.

Most currencies that are dollar-linked are not "backed" by the Dollar or more accurately the Fed Reserve. Some countries peg themselves to the Dollar or just use the dollar domestically, the short-term effect of which is much the same. Interest rates are determined by Washington and the balance of external trade; there is no lender-of-last resort.

If you worry (and you should worry) about the government inflating sterling with the effect of a swingeing tax on your savings and any sterling-denominated fixed income - like your pension - then you should be very interested in Bitcoin acceptance. Not that you necessarily need to buy it or use it yourself, but you should welcome the fact that Bitcoin (and gold, and the dollar, and the Swiss Franc, or whatever other relatively "strong" currency you like) might be used by other people, because that acts to constrain the actions of government.

Whether bitcoin is "good at being money" is a separate matter. It's expensive to run, so they say. But so's gold. And so's sterling. It's vulnerable to risk of theft, so they say. But gold-backed certificates are can also be counterfeit or hacked (nobody actually shifts gold around).

Oh, and as said above - don't forget your PIN!!

 

[Deleted member 478]

Just over 100 years ago, the critics said that a car will never replace a horse and cart and cars are noisy, smelly, always breaking down, slow, bla bla bla. The only **** still using a cart and horse is Queen Liz and her over privileged clan.

 

[lustyd]

Our currency is not backed by the Dollar. To the extent it's "backed" by anything, it's

You're right, but the dollar is so close to the core that it might as well be! If we can't pay for things internationally without using Dollars and SWIFT then we're dependent on the dollar. Things are gradually changing, hence a lot of tensions right now.

European Alternate Payment System to Circumvent US Iran Sanctions Nearly Ready | SchiffGold

I'll be honest, right now my main worry is the chancellor handing out the Billions like candy!