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Is it me??

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    #182
    makeorbrake
    Registered Users Posts: 4,664 ✭✭✭makeorbrake


    Say my name wrote: »
    And the south sea bubble of the 1700's.
    So that was one distinct bubble. Have you ever come across a bubble that continually inflates and deflates (albeit that it still maintains an upward price trajectory when you zoom out and look at its complete performance over time)?
    It was designed to go through phases of price discovery. It was known by practically no-one when launched. For that reason, it was available to anyone initially for next to nothing. It's been going through rounds of price discovery and that process will continue for quite a few years to come. When the asset matures, it will be as boring as gold (albeit with digital utility).

    Say my name wrote: »
    Patsy is right though there'll be another bitcoin dreamt up and then another. And ordinary people will be left carrying the can.
    You can have a new facebook tomorrow also. Make a start on that and see how you get on. Whilst I'll acknowledge that nothing ever stays the same, anything that replaces bitcoin will have to be 10x better than it. What is that project?


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    #183
    Green farmer
    Registered Users Posts: 4,005 ✭✭✭Green farmer


    patsy_mccabe wrote: »

    Bitcoin and all the other cryptocurrencies are just clever ponzi schemes.

    Have a look at what the world's greatest investor has to say about it.
    https://www.youtube.com/watch?v=LtITDtZPYEw&t=40s

    Pretty much sums it up imo.


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    #184
    duffysfarm
    Registered Users Posts: 847 ✭✭✭duffysfarm


    to say that "it takes a shed tonne of energy to mint a bitcoin so it's not created from nothing" - that cant be a positive argument


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    #185
    roosterman71
    Registered Users Posts: 5,396 ✭✭✭roosterman71


    All the crypto talk should go to https://www.boards.ie/vbulletin/forumdisplay.php?f=1814 and not be here. Just my 2 BTC worth


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    #186
    Dinzee Conlee
    Registered Users Posts: 2,143 ✭✭✭Dinzee Conlee


    roosterman71 wrote: »
    All the crypto talk should go to https://www.boards.ie/vbulletin/forumdisplay.php?f=1814 and not be here. Just my 2 BTC worth

    Ah, I dunno...

    I hear a lot about it, and I dont fully understand it - so its good to get some info.

    I think lads are quick to dismiss it, which is surprising - as farming has to be the biggest gamble... Taking a constantly devaluing item and constantly investing the same, hoping that this year it'll be better :D:(


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    #187
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    patsy_mccabe wrote: »
    Bitcoin and all the other cryptocurrencies are just clever ponzi schemes. Think about it, the only way you can make a profit on bitcoin is to sell it on to someone else at a higher price. They in turn have to sell it on to someone else. It doesn't create any profit of it's own.
    That by it's nature is a ponzi scheme. People have got caught out with ponzi schemes before and they will again.

    Have a look at what the world's greatest investor has to say about it.
    https://www.youtube.com/watch?v=LtITDtZPYEw&t=40s

    In early 2018 I think it was, I bought €1700 of bitcoin and then did a dumb thing, I went trading as I was influenced by a Discord forum. Needless to say I don't have the €1700 any longer.

    How and ever..... Just for the fun of it, had I kept that €1700 of Bitcoin as Bitcoin, I bought in around the $8,000 mark, then today at $59,000 my €1700 would be worth €12,500. I could have cashed out my €1700 and I would have had €10800 to do whatever with.

    Of course I wasn't schmart enough to hodl but for a Ponzi scheme it's pretty good.

    I'm not getting back in as I have too many long term commitments on the go right now, including doing something I swore I'd never do, borrow for the farm. But, I do believe that Bitcoin will, while having it's ups and downs, go up significantly more over the next few years.


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    #188
    richie123
    Registered Users Posts: 790 ✭✭✭richie123


    roosterman71 wrote: »
    All the crypto talk should go to https://www.boards.ie/vbulletin/forumdisplay.php?f=1814 and not be here. Just my 2 BTC worth

    I dont think it should because a lot of farmers here wouldn't go to the crypto discussion and discuss it ina farming context.


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    #189
    patsy_mccabe
    Registered Users Posts: 10,713 ✭✭✭✭patsy_mccabe


    Deleted User wrote: »
    In early 2018 I think it was, I bought €1700 of bitcoin and then did a dumb thing, I went trading as I was influenced by a Discord forum. Needless to say I don't have the €1700 any longer.

    How and ever..... Just for the fun of it, had I kept that €1700 of Bitcoin as Bitcoin, I bought in around the $8,000 mark, then today at $59,000 my €1700 would be worth €12,500. I could have cashed out my €1700 and I would have had €10800 to do whatever with.

    Of course I wasn't schmart enough to hodl but for a Ponzi scheme it's pretty good.

    I'm not getting back in as I have too many long term commitments on the go right now, including doing something I swore I'd never do, borrow for the farm. But, I do believe that Bitcoin will, while having it's ups and downs, go up significantly more over the next few years.

    Where, or more importantly from whom, would that €10800 have come from? Think about it.

    'When I was a boy we were serfs, slave minded. Anyone who came along and lifted us out of that belittling, I looked on them as Gods.' - Dan Breen



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    #190
    grange mac
    Registered Users Posts: 867 ✭✭✭grange mac


    patsy_mccabe wrote: »
    Where, or more importantly from whom, would that €10800 have come from? Think about it.

    Well you can rule out Larry Goodman for a start :)


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    #191
    timple23
    Registered Users Posts: 1,001 ✭✭✭timple23


    patsy_mccabe wrote: »
    Where, or more importantly from whom, would that €10800 have come from? Think about it.

    I'm curious, where do you think it came from?


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    #192
    NSAman
    Registered Users Posts: 3,394 ✭✭✭NSAman


    Was just having this same conversation with friends here in the States. Lumber Prices are gone up by 50% here in the States. They are offering MORE money than people paid for trucks bought 2 years ago..... something does not make sense.

    Speaking about Ireland I too have notices that prices are absolutely crazy at the moment. On one of my properties there I am looking to get work done on the windows. Prices have gone up by 20% over the past two years. Now I have the cash saved to change them, I am not changing them until things quieten down.

    There is without DOUBT a massive global crash coming. When the property market "stays" come around the banks are going to find it hard to find customers to repay loans commercial and private debt..... it will have a global knock on effect.

    Prices in our grocery stories here are going up each week. What used to cost me 20 dollars is costing me close to 40 now.... 6 months later.

    Its a waiting game all over the world I personally think.


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    #193
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    patsy_mccabe wrote: »
    Where, or more importantly from whom, would that €10800 have come from? Think about it.

    From idiots who went trading without knowing how to :D Which wouldn't have bothered me at all, nor does it bother me that my €1700 went to someone else.

    To be fair, there is lots of decent advice around Bitcoin, when you go looking. For example, never invest more than you can afford to lose. I followed that bit. The bit I didn't follow was to "hodl" unless you knew what you were at.

    I stand by my prediction that Bitcoin will increase substantially in value in the coming years. I'll also add, like any investment timing is everything, know or be lucky in getting in, and getting out.

    As for "Government" backed money I'm more in agreement with Tolkien.

    - There was meant to be an image attached but it didn't work


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    #194
    farawaygrass
    Registered Users Posts: 1,900 ✭✭✭farawaygrass


    It’s awful hard to know what to do isn’t it. I too am trying to get a mortgage and build a house but it’s impossible to try and time the market. There is always doomsayers (no disrespect to anyone) and eventually they’ll be right but when is the thing. If i plan to sit tight for a year who’s to say it won’t be 3 years before a downturn comes and by then I’m older and mortgages applications get trickier.
    It’s scary how everything is gone so dear. Talks of steel going up by 40%. What In the name of god drove that? Same with timber.
    It doesn’t feel like the Celtic tiger where the majority of people were living it up. Maybe there is still a hangover from that and people are smarter, but I don’t think anyone is near as flush now as they thought they were back then.


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    #195
    makeorbrake
    Registered Users Posts: 4,664 ✭✭✭makeorbrake


    duffysfarm wrote: »
    to say that "it takes a shed tonne of energy to mint a bitcoin so it's not created from nothing" - that cant be a positive argument
    Why not? That energy use serves a purpose.


    patsy_mccabe wrote: »
    Where, or more importantly from whom, would that €10800 have come from? Think about it.

    Lets think about what happened to gold in the 70s. Nixon took the USD off the gold standard in '71. Over the course of the next decade, there was rampant inflation. At the same time, gold was as volatile as bitcoin with an upward trajectory. It rose from $250 in '71 to $2,250 by the end of that decade.

    Move on a few decades and we're now in a digital age where its the time for digital money - against a backdrop of 'can't print this monopoly money fast enough' monetary policy.

    The story that's unwinding right now is as much about the madness of monetary policy relative to sovereign money as it is about the qualities of bitcoin as a store of value or money.

    Think about that.


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    #196
    irishpride12
    Registered Users Posts: 6 ✭irishpride12


    I asked a friend of mine what does he reckon would be good to invest in, (mid 40s kids nice house sexy wife, good businessman ) he said don't get to stressed about it all and lash it up the nose and down the hatch twill all be grand,,, hmmðŸ‘႒🀔ðŸ™႒


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    #197
    Car99
    Registered Users Posts: 2,530 ✭✭✭Car99


    irishpride12 wrote: »
    I asked a friend of mine what does he reckon would be good to invest in, (mid 40s kids nice house sexy wife, good businessman ) he said don't get to stressed about it all and lash it up the nose and down the hatch twill all be grand,,, hmmðŸ‘႒🀔ðŸ™႒

    So hes suggesting drug dealing is the future ?


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    #198
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    irishpride12 wrote: »
    I asked a friend of mine what does he reckon would be good to invest in, (mid 40s kids nice house sexy wife, good businessman ) he said don't get to stressed about it all and lash it up the nose and down the hatch twill all be grand,,, hmmðŸ‘႒��ðŸ™႒
    Mid 40s sexy wife, well done there


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    #199
    Reggie.
    Registered Users Posts: 24,386 ✭✭✭✭Reggie.


    [Deleted User] wrote: »
    Mid 40s sexy wife, well done there

    Big wallet sure


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    #200
    Pussyhands
    Registered Users Posts: 8,239 ✭✭✭Pussyhands


    A lot of the prices rising would be down to brexit and covid with supply chains effected etc.

    BUT the problem will be when those are cleared, will prices return? I don't think so because people are more than happy to pay the massive prices.


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    #201
    carrollsno1
    Registered Users Posts: 2,189 ✭✭✭carrollsno1


    See a post from tbe FJ on Facebook where hydraulic oil, grease and the like have gone up 20%.

    Better living everyone



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    #202
    Pussyhands
    Registered Users Posts: 8,239 ✭✭✭Pussyhands


    This is what flooding everywhere with money does.

    Inflation.


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    #203
    NSAman
    Registered Users Posts: 3,394 ✭✭✭NSAman


    Pussyhands wrote: »
    This is what flooding everywhere with money does.

    Inflation.

    Problems come when it all has to be paid for...and that is coming in my humble opinion on a fast track way


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    #204
    carrollsno1
    Registered Users Posts: 2,189 ✭✭✭carrollsno1


    NSAman wrote: »
    Problems come when it all has to be paid for...and that is coming in my humble opinion on a fast track way

    How is it going to be paid for do ye reckon? Higher taxes for all or higher taxes for some?

    Better living everyone



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    #205
    wrangler
    Registered Users Posts: 11,092 ✭✭✭✭wrangler


    carrollsno1 wrote: »
    How is it going to be paid for do ye reckon? Higher taxes for all or higher taxes for some?

    Politicians aren't going to tax themselves out of a a job, they haven't dealt with the recession, they just kept borrowing, we've made no impression on paying for the Celtic tiger years.
    Until someone shouts stop, this'll probably be the same


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    #206
    timple23
    Registered Users Posts: 1,001 ✭✭✭timple23


    wrangler wrote: »
    Politicians aren't going to tax themselves out of a a job, they haven't dealt with the recession, they just kept borrowing, we've made no impression on paying for the Celtic tiger years.
    Until someone shouts stop, this'll probably be the same

    Nearly 41 billion owed from bailout, small money compared to the cost covid has had on the countries finances.

    https://www.irishtimes.com/business/economy/state-makes-final-payment-on-3-2bn-bailout-loan-from-britain-1.4520919


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    #207
    wrangler
    Registered Users Posts: 11,092 ✭✭✭✭wrangler


    timple23 wrote: »
    Nearly 41 billion owed from bailout, small money compared to the cost covid has had on the countries finances.

    https://www.irishtimes.com/business/economy/state-makes-final-payment-on-3-2bn-bailout-loan-from-britain-1.4520919

    Pachal Donoghue said a couple months ago that our national debt was €220 bn.
    That equates to about €40000 per person


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    #208
    carrollsno1
    Registered Users Posts: 2,189 ✭✭✭carrollsno1


    wrangler wrote: »
    Pachal Donoghue said a couple months ago that our national debt was €220 bn.
    That equates to about €40000 per person

    Best way to get on is to get out so by the looks of it.

    Better living everyone



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    #209
    richie123
    Registered Users Posts: 790 ✭✭✭richie123


    By the end of 2021 our national deot will be close to 240 billion euros.
    Let me put it another way..its basically a quarter of a trillion euro.

    One quarter of a trillion.

    All it will take is for interest rates to rise just a small bit.


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    #210
    patsy_mccabe
    Registered Users Posts: 10,713 ✭✭✭✭patsy_mccabe


    Its amazing how countries get themselves in to more and more debt, yet the politicians who make these decisions retire on pensions worth millions, passing the buck on to the next generation to pay off.

    'When I was a boy we were serfs, slave minded. Anyone who came along and lifted us out of that belittling, I looked on them as Gods.' - Dan Breen



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    #211
    NSAman
    Registered Users Posts: 3,394 ✭✭✭NSAman


    Borrowing is easy, repaying is damned difficult.

    Politicians are ruining the futures of all, passing debts to children and their children’s children, spending money recklessly when anyone with sense would know you spend carefully.

    If WE ran our own finances the way our governments are running finances we would be living on the streets. What ever happened to cautious spending and accountability?

    Sorry for the rant, but seeing prices skyrocketed where I live and back at home, is worrying in the extreme.


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