CryptoCurrency
| # | Post |
|---|---|
| 1 | Can crypto ie Bitcoin and like be bought and sold on trademe? andywatts - 2021-01-06 16:51:00 |
| 2 | This message was deleted. kittycatkin - 2021-01-06 16:56:00 |
| 3 | Why would anyone buy or sell it on Trademe, you can buy it elsewhere at market price, so you would lose out buying and selling where someone is taking a commission. loud_37 - 2021-01-06 17:07:00 |
| 4 | What goes up must come down and in the case of pretend money, it's really only legitimised wealth redistribution. If someone gains then someone looses. tegretol - 2021-01-06 17:21:00 |
| 5 | This message was deleted. kittycatkin - 2021-01-06 18:53:00 |
| 6 | kittycatkin wrote: Well it really is pretend money as it is only backed/assured by a promise. In general, conventional currency is backed by good/services/assets. There is a huge difference. tegretol - 2021-01-06 19:33:00 |
| 7 | tegretol wrote: That's just rubbish, people pay stupid/good money for promises and other stuff written on silly little bits of paper or stored in digital systems every day... Insurance for one... Edited by king1 at 8:16 pm, Wed 6 Jan king1 - 2021-01-06 20:14:00 |
| 8 | andywatts wrote: to answer your question, No - crypto comes under financial reporting requirements, KYC etc so there is the usual rubbish of opening account, providing ID etc required. you have a couple of options though like easycrypto and localbitcoin, the latter used to be a free market with no ID required etc not sure if still the case Edited by king1 at 8:23 pm, Wed 6 Jan king1 - 2021-01-06 20:20:00 |
| 9 | tegretol wrote:
Conventional currency is just a promissory note, its not backed by anything but faith in it. loud_37 - 2021-01-06 20:39:00 |
| 10 | king1 wrote: Edited by andywatts at 10:16 pm, Wed 6 Jan andywatts - 2021-01-06 22:15:00 |
| 11 | andywatts wrote:
Use easycrypto.ai. good nz company to deal with. mss2006 - 2021-01-07 16:37:00 |
| 12 | tegretol wrote:
Cute. You think the money in your bank account is backed by something. sw20 - 2021-01-07 16:41:00 |
| 13 | sw20 wrote: It's certainly backed by far more assurance than cryptocurrency!!! tegretol - 2021-01-08 10:34:00 |
| 14 | its real enough for IRD bitsnpieces2020 - 2021-01-08 13:31:00 |
| 15 | tegretol wrote:
It's backed by faith. That is it. If your bank fails, your money is gone. There is no insurance. Edited by sw20 at 1:48 pm, Fri 8 Jan sw20 - 2021-01-08 13:48:00 |
| 16 | sw20 wrote:
unless its kiwibank then i think the govt would have to back them. if banks failed the whole country would collapse so maybe safer than invented currency ascotbks - 2021-01-08 15:39:00 |
| 17 | sw20 wrote:
The 5 main banks in NZ are basically "too big to fail" ... there maybe no "formal" insurance or government backing in place, but if any of the big 5 got into really "financial poo" the governments of Australia and/or New Zealand would step in and shore things up.. depositors may only get their principal back up to a limit, but the limit would be at such a level that your "average mom & pop" invester would not be completely ruined.. I think the same would happen with the kiwisaver funds... the government has invested too much time / money & effort into getting the scheme up and running and accepted, to have some "rouge" fund undo all their efforts and put a halt to the up take !! onl_148 - 2021-01-08 15:56:00 |
| 18 | I thought the govt had stopped contributing to kiwi-saver now they had everyone hooked in..? mechnificent - 2021-01-08 16:59:00 |
| 19 | mechnificent wrote:
Tax credits of $521.43 per year continue for every investor provided they deposit $1042.86 each year. If you only deposit the minimum that's a 50% return year on year. Best investment in town. Edited by sw20 at 5:18 pm, Fri 8 Jan sw20 - 2021-01-08 17:13:00 |
| 20 | onl_148 wrote: still an awful lot of faith in there... king1 - 2021-01-08 17:14:00 |
| 21 | onl_148 wrote:
NZ doesn't have the credit to bail out a bank anymore, that was all spent last year. Especially one owned by Aussie corporates. Quickest way to get voted out. sw20 - 2021-01-08 17:17:00 |
| 22 | quicker way would be to allow banks to fail and nz economy with them. nz dosent need credit just an electronic printing press ascotbks - 2021-01-08 17:28:00 |
| 23 | Why should someone bail out a badly run business, this is what is wrong with the world, there are so many zombie companies out there because the banks keep lending them money cause they no they will get bailed out. loud_37 - 2021-01-08 18:08:00 |
| 24 | tegretol wrote:
What is the difference to the pieces of paper and metal disks in your pocket again? Or the number on a screen at your bank? Do you think they are any less "pretend" ..really.. ronaldo8 - 2021-01-08 20:05:00 |
| 25 | Forget about bail outs. Be more concerned about bail ins. Applies here in nz and many countries as well. mss2006 - 2021-01-08 20:08:00 |
| 26 | This message was deleted. kittycatkin - 2021-01-08 20:13:00 |
| 27 | This message was deleted. kittycatkin - 2021-01-08 20:14:00 |
| 28 | This message was deleted. kittycatkin - 2021-01-08 20:16:00 |
| 29 | kittycatkin wrote:
BNZ were days away from collapse in 1990. The government had to bail them out, that won't happen today. Too much money involved. sw20 - 2021-01-08 20:22:00 |
| 30 | most business in nz was close to collapse in 1990 after world wide share market crash in 1987 but didnt and govt would bail big business out like it did then ascotbks - 2021-01-08 21:04:00 |
| 31 | Don't forget about bail-in, the opposite of a bailout, which involves the rescue of a bank by governments using deposits for funding. mopeds - 2021-01-08 21:22:00 |
| 32 | ronaldo8 wrote: You obviously have no knowledge of fiscal matters if you really do think that to be the case. tegretol - 2021-01-08 21:54:00 |
| 33 | tegretol wrote:
Do you? The currency we use is not money, it’s backed by nothing and can be worthless at any stage, I don’t think it will come to this but it could happen. loud_37 - 2021-01-08 22:45:00 |
| 34 | The member deleted this message. mss2006 - 2021-01-08 23:08:00 |
| 35 | kittycatkin wrote: yep, that's usually how it works... king1 - 2021-01-08 23:14:00 |
| 36 | loud_37 wrote:
Correct.. there is a reason our and most all other modern currencies are called "fiat currencies". Google it. The debasement of asset backed currency started in 1971 with Nixoin putting an end to the Bretonwoods (sp) gold backed standard. Modern money has only the value that we all agree it has. Furthermore our fiat money is continually being diluted of its value through inflation by continues printing if of monetary nothingness. Ie how many trillions did the usa print last year out of nothing? 20% of their total ever cash ever created? mss2006 - 2021-01-08 23:26:00 |
| 37 | mss2006 wrote:
The key word is 'we' which means 100% of society. I wonder what % of society has the same agreement about cryptocurrency. !! Printing money is not a problem as long as the amount printed does not exceed the increased gdp in any one year. Any more creates inflation, any less creates deflation. It's the most elegant way of managing the value of domestic currency. tegretol - 2021-01-09 11:03:00 |
| 38 | tegretol wrote: I kind of think the percentage argument is irrelevant - anything has value *if* there is someone prepared to pay for it - any asset or commodity is only going to have value to the subset of society that value it... king1 - 2021-01-09 11:25:00 |
| 39 | One question that has yet to be answered on this one - if there are such huge gains to be made by holdered of CC then who are the loosers? Real wealth can't just be created by inventing a new form of money and few people seem to be able to explain who the loosers are.... tegretol - 2021-01-10 10:26:00 |
| 40 | tegretol wrote: I don't get why you think there has to be losers... crypto is really no different to any other kind of market... coins are created initially, by mining or otherwise, hardware and power costs involved etc - this is not *free* money - costs were incurred to obtain it, decisions made to hold or sell at times that may or may not be fortuitous. When selling, a buyer and seller agree on a price, the buyer usually hoping the price will go up and a capital gain obtained, the seller looking to cash out for their own reasons, normal laws of supply and demand apply, no losers here it behaves no different to share markets, remember the headlines about billions of dollars being wiped off eg No different with crypto markets, if there are any losers it is simply those left holding when the market crashes, but as with other markets there are the usual strategies to mitigate the risk. ie don't sell after a crash otherwise you lock in the loss, buy low sell high etc Edited by king1 at 11:35 am, Sun 10 Jan king1 - 2021-01-10 11:29:00 |
| 41 | king1 wrote: I rest my case. Nothing's for nothing and for every winner there is a looser.!! tegretol - 2021-01-10 12:16:00 |
| 42 | Actually there is a difference. Stocks or Shares are in actual companies which are actually producing something. For example you could buy stocks in "Mr Chips" Mr Chips produces hot chips which are bought by restaurants, cafes, takeaway outfits etc. Chip are always popular, I mean everyone loves chips right? So this would likely be a stable company to buy stocks in. Heading south you have Makikihi Fries, https://makikihifries.co.nz/ who are producing chips near Waimate. These are only two examples, and there are many other companies producing other things. CryptoCurrency is producing nothing. tygertung - 2021-01-10 12:23:00 |
| 43 | tegretol wrote: well it's the standard supply and demand economics you find in any market, but if you want to take that as a win, it's all yours... king1 - 2021-01-10 12:43:00 |
| 44 | tygertung wrote: neither does fiat - that's why it's a currency, it's not supposed to... like fiat money it is a store of value, unit of account, and medium of exchange yada yada Edited by king1 at 12:55 pm, Sun 10 Jan king1 - 2021-01-10 12:45:00 |
| 45 | king1 wrote: Legitimised gambling with no useful product being produced then! tegretol - 2021-01-10 12:45:00 |
| 46 | tygertung wrote: You've got it. tegretol - 2021-01-10 12:46:00 |
| 47 | tegretol wrote: i'm surprised, so much ignorance in such a few words... king1 - 2021-01-10 12:53:00 |
| 48 | tegretol wrote:
US Treasury does not see it as pretend money... https://www.theregister.com/2021/01/06/digital_currency_us/ tony9 - 2021-01-10 17:17:00 |
| 49 | king1 wrote: Really? Your insult belies your ignorance of my knowledge base!!! tegretol - 2021-01-10 18:12:00 |
| 50 | king1 wrote:
Yes, but you compared CryptoCurrency to the Share or Stock Market. tygertung - 2021-01-10 18:50:00 |
