US crypto currency guys looking to buy English club

[doubleo]

Meanwhile, in the real world - Back at the ranch, Tonto, disguised as a door had his knob shot off

[Sham67]

15 hours ago, Birley Owl 1867 said:

Pretty decent bubble that, considering it has been on the rise for the past 7 years.

South Sea bubble.  

[trev]

Even though I have some crypto (only invested a few hundred) and have no plans to cash it in until 2026, I would ******** my pants laughing if all crypto became worthless overnight.

[crookesowl]

If they’ve been smart and hedged their crypto with more reliable investments this could be very good for us. 
 

If they haven’t and they are funded via Coinbase then we would be screeeewed. 
 

Or maybe not.

[WendyOK]

I spent 2 months trading NFT’s and made £8000. Think they need more than that to run a club

[myHero]

This is not investment advise....

I am a degenerate gambler...

 

And yet, the world of cytpo intrigues me...

 

 

 

Imagine a world where the banks collapse through debt (2008).... And yet the world continues to function through peer to peer bitcoin (Invented 2009) , or any other crypto currency transaction, without the permission of the bank....

 

 

This my friends is the high seas of unregulated finance....(The dream / The myth - Please don't invest your mortgage in this...)

 

A Ponzi scheme if you will, and yet in regulated markets you can buy a Tesla, which market capitalisation over units of cars produced is $2m per vehicle. (GM and VW equate closer to $40k.

 

And yet, this world exists. It's unregulated. And how can they regulate it. It's on the high seas of international finance. Not domiciled to a country. And yet if you profit from capital gains HMRC need to be kept informed...

 

I'm only interested in digital assets / tokens... which have a use case. NFT and smart contacts are minimum requirement for a token for me. Anything else is likely to be a 24 hour pump and dump meme coin.

 

Bitcoin is poo coin

 

 

 

SWFC and the EFL should look at THETA, in my opinion. NFT has video API content delivery on patented Blockchain technology.... In my opinion it could easily replace iFollow with a more secure / reliable stream for paying customers. (Apologies Refuseniks)

 

https://www.thetadrop.com/marketplace

 

https://www.thetatoken.org/

 

Due diligence...

 

That said, what's beyond me is the world of crypto you can setup what's known as a DAO... Not sure what that stands for (Think it's Decentralised Autonomous organisation), but it's like a go fund me but using smart contacts and crypto currency to purchase an asset.... In America there is already a DAO in operation which seeks to buy a basketball team.

 

Long story short, if all conditions are met, funds can be transferred from a group of investors, to the seller of the contract. SWFC could be the NFT. The transaction would be made on publicity visable Blockchain.

 

[Morepork]

[theowlsman]

Only Americans go big on collectibles.

 

Spiderman comics, Disney pins, Baseball cards, Sheffield soccer cards.

[Nero]

So you know that £20 note in your wallet?

 

Its actually just a piece of paper.

 

It only has value because we cant reproduce it and we all buy into the myth that it represents 20 pounds of gold.

 

NFT's use the same process as paper money of a thing with no value representing value because it is limited.

[owlinexile]

1 hour ago, Nero said:

So you know that £20 note in your wallet?

 

Its actually just a piece of paper.

 

It only has value because we cant reproduce it and we all buy into the myth that it represents 20 pounds of gold.

 

NFT's use the same process as paper money of a thing with no value representing value because it is limited.

 

It has value because it is essentially an 'IOU' backed by the creditworthiness of the UK and the Bank of England.

 

People 'buy into' it because they trust that the issuer is good for it, and isn't going anywhere.  They also know that there is a team of economists working to make sure the value of Sterling stays roughly the same (ideally slowly depreciating) over time, and defending it from the predations of speculative investment.

 

Crypto has none of these things, by design, and is truly backed by literally nothing but 'belief'.  It will ALWAYS be far too volatile to act as an actual credible currency.

 

 

 

[owlinexile]

20 hours ago, Birley Owl 1867 said:

EU are mulling over a ban because it brings money out their hands into a market which they don't regulate as you say, nothing more.

 

I've made my money through crypto already so I don't care what they do to it. 

 

Just like with anything, people hate/dislike something because they don't understand how it works or how to do it in the first place. Crypto is no different, and won't be disappearing in a hurry any time soon.

 

Elected governments being able to regulate financial services and act to defend their currency against speculators is only a bad thing if you are a currency speculator or a financial services company that is planning to act unscrupulously.

 

The main beneficiaries from assets and 'currency' being unregulated are the same financebros and massive corporations that caused the 2008 crash, and the main losers will be almost everyone else.  The fact that they are trying to convince people that crypto represents some kind of egalitarian, liberating democratisation of finance rather than the exact opposite is some real masterpiece-level bullshit.

 

Sure, like all bubbles, some people will 'make their money' on the way up.  But they will be massively outweighed by the number of people who will lose on the (much faster) way down.

[Nero]

39 minutes ago, owlinexile said:

 

It has value because it is essentially an 'IOU' backed by the creditworthiness of the UK and the Bank of England.

 

People 'buy into' it because they trust that the issuer is good for it, and isn't going anywhere.  They also know that there is a team of economists working to make sure the value of Sterling stays roughly the same (ideally slowly depreciating) over time, and defending it from the predations of speculative investment.

 

Crypto has none of these things, by design, and is truly backed by literally nothing but 'belief'.  It will ALWAYS be far too volatile to act as an actual credible currency.

 

 

 

I agree that crypto is massively unstable and likely to end in tears. Its more that people cant get the concept of something worthless representing value. As if they are carrying bags of gold around and bartering goats to get into the match.

 

There are numerous examples of currency becoming worthless too if confidence goes and hyper inflation takes over. Weirmacht Germany, Argentina, Central America.

 

Sterling was devalued by the market in the 90's even though Norman Lamont used everything in the govt power to shore it up.

 

Its still just worthless paper in your wallet.

Edited December 18, 2021 by Nero

[Mr. Tom]

30 minutes ago, owlinexile said:

 

Elected governments being able to regulate financial services and act to defend their currency against speculators is only a bad thing if you are a currency speculator or a financial services company that is planning to act unscrupulously.

 

The main beneficiaries from assets and 'currency' being unregulated are the same financebros and massive corporations that caused the 2008 crash, and the main losers will be almost everyone else.  The fact that they are trying to convince people that crypto represents some kind of egalitarian, liberating democratisation of finance rather than the exact opposite is some real masterpiece-level bullshit.

 

Sure, like all bubbles, some people will 'make their money' on the way up.  But they will be massively outweighed by the number of people who will lose on the (much faster) way down.

This. A lot of it more or less amounts to pyramid selling under the hood.

 

For one thing, if any one individual or organisation ever manages to own >50% of an unregulated cryptocurrency, then all aspects of that entire currency would essentially become totally subject to the majority holder’s every whim overnight. So much for unregulated at that point.

 

Given how much of it is moved around through hacks, phishing, criminal enterprise and malware/ransomware, that could easily happen to any of them with a big enough coordinated effort.

 

The blockchain is a powerful and potentially useful tool for the future but IMO crypto is a house of cards.

 

NFTs are a straight-up scam and literal Ponzi scheme.

[Mr. Tom]

32 minutes ago, Nero said:

I agree that crypto is massively unstable and likely to end in tears. Its more that people cant get the concept of something worthless representing value. As if they are carrying bags of gold around and bartering goats to get into the match.

 

There are numerous examples of currency becoming worthless too if confidence goes and hyper inflation takes over. Weirmacht Germany, Argentina, Central America.

 

Sterling was devalued by the market in the 90's even though Norman Lamont used everything in the govt power to shore it up.

 

Its still just worthless paper in your wallet.

Depends how you define worthless. It’s  never worthless insofar as it’s ‘worth’ whatever the market/society decrees it to be worth at a given time. But yes, at any moment that could theoretically be a penny or a grand.

 

Reminds me of the giant trading stones from the tiny Pacific island of Yap - huge chunks of limestone they discovered abroad and shipped over in their rowing boats. They were so prized and coveted that they eventually became a form of money on the island, traded between people for other items or favours…but the majority were far too big to actually move or take home, let alone pocket. So they just stayed put, but the acknowledged owner changed every so often.

 

There was even one that fell out of a boat during a storm before it made it to the island, and sank to the bottom of the sea. They still used it as part of the same ‘currency’ system even though nobody could even see it, much less physically recover it.

[sheffield_dave]

It’s a currency that can massively increase or decrease in value based on something Elon Musk tweets. 
 

Buy in, everyone.

[Guest LondonOwl313]

4 hours ago, Nero said:

I agree that crypto is massively unstable and likely to end in tears. Its more that people cant get the concept of something worthless representing value. As if they are carrying bags of gold around and bartering goats to get into the match.

 

There are numerous examples of currency becoming worthless too if confidence goes and hyper inflation takes over. Weirmacht Germany, Argentina, Central America.

 

Sterling was devalued by the market in the 90's even though Norman Lamont used everything in the govt power to shore it up.

 

Its still just worthless paper in your wallet.

It’s not totally worthless because all of the goods and services in the economy is denominated in the fiat currency, and the government have the power to tax those goods and services. 
 

Fiat currencies are backed by the government’s ability to borrow and tax both income and wealth. 
 

Governments worldwide are doing a bad job of managing that post 2008 as they can’t get their spending in order and taxation is too low to cover costs despite being at 30 year highs. We’re basically going insolvent when they’re inflating their way out. 
 

This is what gives rise to Bitcoin and other cryptos, but they’re just speculative assets with no backing. That’s why they casually fall 50% at some point pretty much every year and 70+% every few years. They’re more than capable of falling 95+% from here.

[lanzaroteowl]

Is my mind playing tricks or did we not get paid in 300,000 bitcoins for summat once?

Probably richest club in the country and not know it.