Bitcoin has no intrinsic value — Top hedge fund manager

C4Cat

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I dont think you have ever been outside of the south african borders.

I transact more with crypto than my card in asia.
:ROFL: outside of the south african borders is apparently all asia. What does this have to do with the Zim dollar being one of the lowest valued currency units in the world?
 

MaisonP

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When was the last time you bought anything with bitcoin and how often do you spend bitcoin?

You asked the question, i answered it. Because you are stuck in your own world makes you blind to what is really happening in other countries.

I transact with BTC at 7/11 on a daily basis.
 

MaisonP

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:ROFL: outside of the south african borders is apparently all asia. What does this have to do with the Zim dollar being one of the lowest valued currency units in the world?
Not sure if you dumb or just naive.

I book hotels, flights, live my daily life with using BTC.
You need to get out more.
 

harties

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For me, it more and more boils down to 1 thing. Why are you buying bitcoin?

1.) Because it's productively generating income.
2.) Because you need it to do something with it.
3.) To hopefully sell at a later date to someone else for more than you paid for it. (and then end up with the dreaded fiat in your pocket.....)

I would wager that that if people are honest 99% of all purchases are Nr 3. And that sort of tells you what's going on here. On day you'll run out of people that are willing to pay more.

3 applies to pretty much all investments. I mean what else are you trying to do with it? We're trying to maximize our returns whether via capital gains or regular income.
 

MaisonP

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Sounds like someone who took a massive L.
and you assume this all based on what?

I have obviously had some losses in the past but I have purchased many years ago already. I only spend my gains.
 

C4Cat

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You asked the question, i answered it. Because you are stuck in your own world makes you blind to what is really happening in other countries.

I transact with BTC at 7/11 on a daily basis.
Maybe you quoted the wrong post then?
1633341681478.png
 

C4Cat

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Not sure if you dumb or just naive.

I book hotels, flights, live my daily life with using BTC.
You need to get out more.
What does this have to do with the Zim dollar being one of the lowest valued currency units in the world?
 

harties

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and you assume this all based on what?

I have obviously had some losses in the past but I have purchased many years ago already. I only spend my gains.
Sorry, it wasn't clear, was referring to the person you were responding to
 

C4Cat

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Sorry, it wasn't clear, was referring to the person you were responding to
Who me? No, I've done well on the small fraction of bitcoin I have. I bought once a in 2011 and have spent more than quadruple what I paid for it, and the value of what I have left is still much higher than what I paid for it.
 

richjdavies

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This...

As Warren Buffett points out: “All you’re counting on is whether the next person is going to pay you more because they’re even more excited about another next person coming along”
Thats kinda true of any non yielding asset, and if you added in "plus anything it pays out" any asset the world over.

Even a simple bond 90% of the time you sell before it matures, so you're still assuming someone will value it more than you do...
 

richjdavies

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For me, it more and more boils down to 1 thing. Why are you buying bitcoin?

1.) Because it's productively generating income.
2.) Because you need it to do something with it.
3.) To hopefully sell at a later date to someone else for more than you paid for it. (and then end up with the dreaded fiat in your pocket.....)

I would wager that that if people are honest 99% of all purchases are Nr 3. And that sort of tells you what's going on here. On day you'll run out of people that are willing to pay more.
Its a good list.
To be 100% honest though youd have to say the same of any currency you hold... Even Rand beyond your expected spending over a set period of time.

Ps - I say this as someone who is constantly just waiting for this, and gold and real estate to collapse as feel they are all over valued
 

MaisonP

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That wasn't the post you initially quoted as you saw in my screenshot, which is what confused me, but whatever, not everyone lives in Vietnam
You really need to get out more. You have no clue what is happening around you.

hahahahahahahahaha
 

Sensorei

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Who me? No, I've done well on the small fraction of bitcoin I have. I bought once a in 2011 and have spent more than quadruple what I paid for it, and the value of what I have left is still much higher than what I paid for it.
So you bought in 2011 and never sold? Liar. Where did you buy your BTC from in 2011? In SA there was no way to buy it in 2011 unless you were bigtime into crypto then. We had to mine it and the reward for solving a block was 50 BTC. ie. R36 Million today.
 

C4Cat

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So you bought in 2011 and never sold? Liar. Where did you buy your BTC from in 2011? In SA there was no way to buy it in 2011 unless you bigtime into crypto then. We had to mine it and the reward for solving a block was 50 BTC. ie. R36 Million today.
Yes, you are correct, it was 2014, not 2011, sorry, I didn't check, I just had that in my mind.
I bought it via localbitcoins.com.
 

notayoba

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Feb 19, 2010
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Its a good list.
To be 100% honest though youd have to say the same of any currency you hold... Even Rand beyond your expected spending over a set period of time.

Ps - I say this as someone who is constantly just waiting for this, and gold and real estate to collapse as feel they are all over valued
I was thinking more along the lines of investing in equities. Cash is trash IMHO.

You aren't fully dependent on waiting for someone willing to offer more for your share. The underlying business is supposed to make money. (if you picked well)

Re your waiting for things to collapse. Maybe gold, but I wouldn't bargain on a real estate crash. Building cost in my area is currently around 16000/sqm. I don't really see it dropping, the material and labour prices just keep rising. Massive demand, little to no supply, and nothing to rent either. (anyway. side track. sorry)
 

SoldierMan

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Its a good list.
To be 100% honest though youd have to say the same of any currency you hold... Even Rand beyond your expected spending over a set period of time.

Ps - I say this as someone who is constantly just waiting for this, and gold and real estate to collapse as feel they are all over valued

This post is not going to age well.....
 
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