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How the threat of regulation to protect investors from crypto currency causes many of those very same investors to be wiped out - as happened recently re Ripple and it seems Bitcoin is catching up today (down about 25% in 48 hours).

https://www.accountancydaily.co/treasury-consults-new-cryptoassets-regul...

 

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John Toon
By John Toon
11th Jan 2021 17:05

The regulation has been coming for months and the FCA have long had warnings out regarding this unregulated activity and the volatility of Bitcoin and others. Like any bubble is was due to burst.

The irony of bitcoin is that many of the believers think it's a currency to compete with or replace the notes we once had in our pocket. The tech is too slow and ineffective for this to happen, with the final nail in the coffin being that investors, professional or otherwise, are using it (in a similar way to gold) as a hedge against inflation and this very usage diminishes its usability as a currency as it creates the volatility in the market.

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Replying to johnt27:
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By Justin Bryant
11th Jan 2021 17:25

Yes; it's pretty obvious for the reason you state that it is not "money" or "currency". (It is more "tulip".)

I read they have recently started accepting it on a major p4rn website (I did not find that out from said p4rn website I hasten to add) which (inter alia) may help explain its recent rally.

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John Toon
By John Toon
11th Jan 2021 17:55

I don't know either, but a very well known one has had very public issues with Visa and Mastercard withdrawing their payment services in the last couple of weeks due to a campaign mainly driven christian conservatives in the US.

I'm not sure accepting a virtual payment such as Bitcoin is particularly good business, but Amazon and PayPal have accepted them for quite a while now. As for the p4rn website is it a good idea to accept a financial transaction that may well settle after the virtual one?!? May as well bring back cheques...

The rally over the last few months is purely down to volumes - some of the major investment banks have been chucking 6 or 7 figure sums at Bitcoin in recent months.

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By ireallyshouldknowthisbut
11th Jan 2021 17:54

Proof indeed for our Brexiteer chums of the sort of global power that emanates from our utterly brilliant our sovereign nation standing alone against the evil Europeans and their twisted rules and regulations. *

See how the rest of the world kneels down to our mighty regulatory body.

Or it might just be a coincidence.

*Unspecified of course which ones are bad.

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Psycho
By Wilson Philips
11th Jan 2021 18:49

I’m not complaining - I’ve made a bundle in the last few months. As with the best comedy, it’s all about timing.

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