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  • Bailey
    replied
    And here's the Reserve Bank's thoughts on it.

    https://www.interest.co.nz/business/...-facebook-says

    They're 'open minded to it'. To be honest at this stage I don't think they have a choice!

    I wonder whether this being backed to some other currencies and by some very large companies will mean that it gets mainstream acceptance. This could then bridge the current gap some people have in accepting cryptocurrency as legitimate and pave the way for wider acceptance of crypto overall.

    Leave a comment:


  • BlackPeter
    replied
    Here is some more info regarding facebooks plans:

    https://www.nytimes.com/2019/06/18/t...ncy-libra.html

    Leave a comment:


  • nextbigthing
    replied
    Originally posted by BlackPeter View Post

    I understand the plan is to tie this currency to a basket of fiat currencies (like USD, Euro ...) , which would make speculation with it rather pointless, but it would make it much more useful as means of payment. It will be interesting to see, whether they put as well any guarantees (like face books balance sheet) behind this currency - if yes, than it might be a real flyer (but as I stated before - only as means of payment, not as an investment).

    As far as facebook controlling the world is concerned - I don't see any reason, why Google, Amazon or e.g. Alibaba couldn't do the same. You could even argue that some of them have already their own currencies (so far linked into the USD). Same btw as e.g. Whitcoulls selling vouchers. Admittedly not linked into the block chain, but still the same idea. Nobody I know is concerned that Whitcoulls might control the world ...

    Obviously - the challenge for the potential owners of these "currencies" is to check out, whether the organisation backing them is trustworthy.
    I don't think Whitcoulls is at risk of taking over the world. I think their biggest risk is staying solvent! But you're absolutely right about Google and Amazon. Between Google, Amazon and Facebook, they could certainly corner a very large portion of the population. Black Mirror stuff.

    Leave a comment:


  • BlackPeter
    replied
    Originally posted by nextbigthing View Post
    Gee I see Zuckerberg is launching a new worldwide crypto coin backed by 27 other firms.
    I’m not really one for conspiracies but given Facebook’s influence around the world, their goal of controlling a single world currency is a little concerning!
    If nothing else, it will provide some more awareness of crypto.
    https://www.ft.com/content/af6b1d48-...1-2b1d33ac3271
    I understand the plan is to tie this currency to a basket of fiat currencies (like USD, Euro ...) , which would make speculation with it rather pointless, but it would make it much more useful as means of payment. It will be interesting to see, whether they put as well any guarantees (like face books balance sheet) behind this currency - if yes, than it might be a real flyer (but as I stated before - only as means of payment, not as an investment).

    As far as facebook controlling the world is concerned - I don't see any reason, why Google, Amazon or e.g. Alibaba couldn't do the same. You could even argue that some of them have already their own currencies (so far linked into the USD). Same btw as e.g. Whitcoulls selling vouchers. Admittedly not linked into the block chain, but still the same idea. Nobody I know is concerned that Whitcoulls might control the world ...

    Obviously - the challenge for the potential owners of these "currencies" is to check out, whether the organisation backing them is trustworthy.

    Leave a comment:


  • nextbigthing
    replied
    Gee I see Zuckerberg is launching a new worldwide crypto coin backed by 27 other firms.
    I’m not really one for conspiracies but given Facebook’s influence around the world, their goal of controlling a single world currency is a little concerning!
    If nothing else, it will provide some more awareness of crypto.
    https://www.ft.com/content/af6b1d48-...1-2b1d33ac3271

    Leave a comment:


  • MajorMoke
    replied
    Originally posted by Wazza View Post
    Bit of a sad outcome for Cryptopia. Regardless of your views on the whole industry, it's always nice to see NZ firms succeed. Nevermind.
    https://www.stuff.co.nz/business/112...as-liquidators
    Inevitable really - they had consistently bad reviews from their customers. So bad they cut off their facebook feed that showed them all.

    Leave a comment:


  • Wazza
    replied
    Bit of a sad outcome for Cryptopia. Regardless of your views on the whole industry, it's always nice to see NZ firms succeed. Nevermind.
    https://www.stuff.co.nz/business/112...as-liquidators

    Leave a comment:


  • Bailey
    replied
    $23 million stolen so far apparently with funds still going missing as Police were investigating.

    A little messy

    Leave a comment:


  • BlackPeter
    replied
    Originally posted by John B View Post
    Further concerns about what has happened at Cryptopia, mainly being that they seemingly don't know what has happened when they should.

    http://www.sharechat.co.nz/article/4...ajor-hack.html
    Just funny that they refer in this article consistently to "investors" being worried or at risk to lose it all.

    While I agree that the clients of cryptopia have every reason to be concerned for their money - putting money into Crypto was never an investment and always a gamble.

    If somebody breaks into the Christchurch casino and steals the cash which they would use to repay gamblers chips - nobody would refer to the gamblers as "investors" - or would they?

    Leave a comment:


  • John B
    replied
    Further concerns about what has happened at Cryptopia, mainly being that they seemingly don't know what has happened when they should.

    http://www.sharechat.co.nz/article/4...ajor-hack.html

    Leave a comment:


  • cometobed
    replied
    I thought part of the appeal was it's security@
    http://www.stuff.co.nz/national/crim...id=app-android

    Leave a comment:


  • fatportfolio
    replied
    Hi all,

    There is a new short article which discusses Bitcoin mining in Georgia, written by the very talented Anna Pearson, with photos by Joe Harrison.

    https://www.fatportfolio.com/article...ison#post11628

    Kind regards and happy investing,
    Fatportfolio

    Leave a comment:


  • Bailey
    replied
    Originally posted by Blackcap View Post

    I do. Set an account up with a CFD provider, such as IG.com. (I use them for the last 4 months and to date have been happy enough). The costs are reasonably biggish on crypts and the spreads are largish 3690 3730 is the current spread. But you can short or buy with impunity and its on tick as it were so there is leverage available. Ripple spread is .3308 .3388 etc.
    On shares the cost is $7AUD min so is pretty competitive. You can also short shares.
    Thank you Blackcap, that's very interesting.

    Leave a comment:


  • Blackcap
    replied
    Originally posted by Bailey View Post
    It looks like the real money to be made in Bitcoin is by shorting it.

    Does anyone know how to do this?
    I do. Set an account up with a CFD provider, such as IG.com. (I use them for the last 4 months and to date have been happy enough). The costs are reasonably biggish on crypts and the spreads are largish 3690 3730 is the current spread. But you can short or buy with impunity and its on tick as it were so there is leverage available. Ripple spread is .3308 .3388 etc.
    On shares the cost is $7AUD min so is pretty competitive. You can also short shares.

    Leave a comment:


  • Bailey
    replied
    It looks like the real money to be made in Bitcoin is by shorting it.

    Does anyone know how to do this?

    Leave a comment:

HLG

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