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Cryptocurrency investors should be prepared to lose all their money, Bank of England governor says
CNBC ^ | 07 May 2021 | Ryan Browne

Posted on 05/07/2021 3:31:42 AM PDT by zeestephen

When asked about the rising value of cryptocurrencies, Bank of England Governor Andrew Bailey said: "They have no intrinsic value."

(Excerpt) Read more at cnbc.com ...


TOPICS: Chit/Chat
KEYWORDS: cryptocurrency; goldbug; goldbugs; myths; nts; ntsa
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To: ARGLOCKGUY

Fiat currency is a government issued currency where as cryptocurrency is an internet scheme much like multilevel marketing. A government currency is not backed by anything other than the strength of the issuing nation, but that is far better than the nothing of the internet.


41 posted on 05/07/2021 6:06:35 AM PDT by em2vn
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To: zeestephen

The same can be said of the Pound Sterling.


42 posted on 05/07/2021 6:10:29 AM PDT by Presbyterian Reporter
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To: Flavious_Maximus

Modern fiat money is at least backed by the military of the country that provides it. They have a vested interest in its value. Crypto enjoys no such status.


43 posted on 05/07/2021 6:18:58 AM PDT by cuban leaf (We killed our economy and damaged our culture. In 2021 we will pine for the salad days of 2020.)
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To: Larry Lucido

The “greater fool” concept...


44 posted on 05/07/2021 6:22:30 AM PDT by cuban leaf (We killed our economy and damaged our culture. In 2021 we will pine for the salad days of 2020.)
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To: Vermont Lt

I agree. That’s why commodities and real estate are nice. Including PMs. They have intrinsic value, especially during an apocalypse, which is where we are right now.


45 posted on 05/07/2021 6:25:13 AM PDT by cuban leaf (We killed our economy and damaged our culture. In 2021 we will pine for the salad days of 2020.)
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To: Jane Long

Paper money wears out, so they are always burning old dollars and replacing with new ones.


46 posted on 05/07/2021 6:28:53 AM PDT by cuban leaf (We killed our economy and damaged our culture. In 2021 we will pine for the salad days of 2020.)
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To: lucky american
All based on internet access. You cannot touch crypto currency or hold it in your safe. If a nuclear bomb hit Washington, and chaos ensued, you have nothing.

You can keep your crypto in a home safe on what's called a cold wallet. Ledger and KeepKey have been around since 2014. You can also write down your private keys to safeguard from a disaster. A new cold wallet generation is coming soon. Ngrave and Bisq have person-to-person transaction wallet prototypes.
47 posted on 05/07/2021 6:36:42 AM PDT by neefer (Because you can't starve us out and you can't make us run.)
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To: Pollard

Oh great! Nothing to do with AlGORe is it? :-)


48 posted on 05/07/2021 6:53:04 AM PDT by SgtHooper (If you remember the 60's, YOU WEREN'T THERE!)
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To: zeestephen
Strange, how many corporations are now holding BTC on their books?

Several banks are slated this year to allow BTC accounts.

Paypal takes btc.

Oakland As just starting take Doge coin in their merchandise stores.

49 posted on 05/07/2021 7:06:56 AM PDT by riri (Hope is not a strategy at this point- Sam Andrews)
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To: SgtHooper

Yeah, I know. First thing that popped into my head when I first discovered Algorand was Al Gore Land.


50 posted on 05/07/2021 7:21:44 AM PDT by Pollard
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To: neefer

Doesn’t that require internet access to exchange? It’s zeros in a database somewhere. it’s not gold, silver, ammo, or seeds.


51 posted on 05/07/2021 10:03:48 AM PDT by lucky american (Progressives are attac Iking our rights and y'all will sit there and take it.)
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To: lucky american
Doesn’t that require internet access to exchange? It’s zeros in a database somewhere. it’s not gold, silver, ammo, or seeds.

Your debit or credit card requires access to the internet or do you have all your money physically in your home?

No, crypto is not stored in a database. It's a distributed ledger with multiple verification requirements. The bank stores your money in a database as a series of zeros and ones.

True, crypto is not gold, silver, ammo or seeds. Those are commodities not fractional currency. Like tulips, they have their limitations as currency. Like other currency, crypto is a tool that facilitates trade of commodities or services.

However, there is type of crypto called stable coins which are backed by other currency or precious metal. Tether is tied to the US dollar and the Chinese are introduced a crypto that is pegged to gold.
52 posted on 05/07/2021 12:54:55 PM PDT by neefer (Because you can't starve us out and you can't make us run.)
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To: neefer

I own one credit card,I don’t have a debit card, I buy everything with cash or check. I guess I’m old school. my paycheck is direct deposit but when I need cash, I cash a check.


53 posted on 05/07/2021 2:03:35 PM PDT by lucky american (Progressives are attac Iking our rights and y'all will sit there and take it.)
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To: babble-on

Crypto screws over Governments around the world - Love it!


54 posted on 05/08/2021 6:40:35 AM PDT by ohioman
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To: Cletus.D.Yokel
With the expansion of the investment vehicles available, this is just \London\ trying to drive a steak in to the heart of crypto.

Stick with American ISO20022 standardized cryptos and you'll be ok. If you have European or Chinee crypto dump it now.

55 posted on 05/08/2021 6:57:13 AM PDT by numberonepal (WWG1WGA)
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To: numberonepal

Did the crypto market respond (+ or -) yesterday.
Friday is typically a “financial movement” day anyway.


56 posted on 05/08/2021 9:06:29 AM PDT by Cletus.D.Yokel (Patriots, stop looking at the politicians as enemies. Look at the complicit Legacy Media.)
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To: Cletus.D.Yokel

Crypto doesn’t respond to the market as far as I can tell. Doge Coin went up and Doge Token went down. Dunno.


57 posted on 05/08/2021 11:39:38 AM PDT by numberonepal (WWG1WGA)
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To: ARGLOCKGUY
Neither does any other fiat currency.

The difference is this. National and international governing bodies could make crypto worth nothing tomorrow if they wanted to.
58 posted on 05/08/2021 11:44:42 AM PDT by Antoninus (Republicans are all honorable men.)
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