Featured Cryptocurrency investors should be prepared to lose all their money, Bank of England governor says

[Old School]

Yeah right, 2 Trillion $ Market Crypto would wipe off completely right?


BTC will be hitting $100,000

Who stands as the guarantor of these cryptos ? Certainly, no known person, government or central bank. Buyers are on their own if something goes wrong.

 

[HttpError]

Who stands as the guarantor of these cryptos ? Certainly, no known person, government or central bank. Buyers are on their own if something goes wrong.

Who is responsible for the internet? They very same way, it is meant to be decentralized.

 

[Lincoln]

got me about 100 million SHIB coins for giggles ;P hopefully it pays off

Memes are no joke. Even with the recent dip of BTC, Doge coin has been holding like steel, and is still rising.

Just goes to show how so much of the coins' extrinsic value is from everyday people, and not smartass CEOs trying to manipulate the crypto market and failing.

Who stands as the guarantor of these cryptos ? Certainly, no known person, government or central bank. Buyers are on their own if something goes wrong.

And the question is how will or can something go wrong?

It’s gone down this week

Goes down every month only to climb back twice as much. Nothing new.

 

[Green disc]

Memes are no joke. Even with the recent dip of BTC, Doge coin has been holding like steel, and is still rising.

Just goes to show how so much of the coins' extrinsic value is from everyday people, and not smartass CEOs trying to manipulate the crypto market and failing.


And the question is how will or can something go wrong?


Goes down every month only to climb back twice as much. Nothing new.

My son sold his trias coins for £23, got at £3, reason why he sold was because he sold bitcoin was down this week which will effect other coins, was he right in this thinking, to be fare trais did go down in value

 

[WinterFangs]

Buy the dip! Thinking of buying more shiba and selling it in a week or 2 when it doubles or triples or more.

 

[StormBreaker]

Buy the dip! Thinking of buying more shiba and selling it in a week or 2 when it doubles or triples or more.

Market is a joke now

 

[Hallian_Khan]

Buy shiba, doge and matic.

Buy the dip! Thinking of buying more shiba and selling it in a week or 2 when it doubles or triples or more.

 

[WinterFangs]

Buy shiba, doge and matic.

I bought shiba and ICP. I made a big loss from shiba since I bought it at £0.000029 but how’s its 07 I bought extra it balance it off. Was thinking of doge however Opted for ICP, since before the drop it was £300 each but how’s its at £80.

Market is a joke now

Exchanges are a scam, they never let you buy if the prices rocket or if they dip.

 

[StormBreaker]

pile up ETH

 

[WinterFangs]

Elon musk yet again proves why he is just pumping and dumping, his recent tweet of diamond hands just proved the point, people who follow him are dumb.

 

[Old School]

If the value of cryptos can be manipulated simply by twiiter posts, that is a red flag all day. Then this fancy talking about decentralization is a myth. Powerful people is controlling it from shadows and we are at their mercy. Manipulation of either gold or real currencies is not that easy with Twitter.

 

[WinterFangs]

If the value of cryptos can be manipulated simply by twiiter posts, that is a red flag all day. Then this fancy talking about decentralization is a myth. Powerful people is controlling it from shadows and we are at their mercy. Manipulation of either gold or real currencies is not that easy with Twitter.

Well it’s people who follow him who buy it and then sell it when he tweets something bad. Long term crypto is the way, elon and the people who buy and sell on his tweets are the people who are ruining cryptocurrencies for short term inflations. tbh even before his tweet crypto was doing very good, it’s just he brought unexperianced people with him and made them lose money.

 

[FairAndUnbiased]

Who is responsible for the internet? They very same way, it is meant to be decentralized.

Actually, national telecom authorities like CAC (China) or FCC (US) are responsible for the internet. There are only 13 DNS root servers in the world and they're mostly located in the US.

 

[GumNaam]

KEY POINTS

• When asked about the rising value of cryptocurrencies, Bank of England Governor Andrew Bailey said: “They have no intrinsic value.”
• “I’m going to say this very bluntly again,” he added. “Buy them only if you’re prepared to lose all your money.”
• The prices of digital currencies from bitcoin to dogecoin have climbed wildly this year.

Bank of England Governor Andrew Bailey.
Simon Dawson | Bloomberg via Getty Images

LONDON — Cryptocurrencies “have no intrinsic value” and people who invest in them should be prepared to lose all their money, Bank of England Governor Andrew Bailey said.

Digital currencies like bitcoin, ether and even dogecoin have been on a tear this year, reminding some investors of the 2017 crypto bubble in which bitcoin blasted toward $20,000, only to sink as low as $3,122 a year later.

Asked at a press conference Thursday about the rising value of cryptocurrencies, Bailey said: “They have no intrinsic value. That doesn’t mean to say people don’t put value on them, because they can have extrinsic value. But they have no intrinsic value.”

“I’m going to say this very bluntly again,” he added. “Buy them only if you’re prepared to lose all your money.”

Bailey’s comments echoed a similar warning from the U.K.’s Financial Conduct Authority.

“Investing in cryptoassets, or investments and lending linked to them, generally involves taking very high risks with investors’ money,” the financial services watchdog said in January.

“If consumers invest in these types of product, they should be prepared to lose all their money.”

Bailey, who was formerly the chief executive of the FCA, has long been a skeptic of crypto. In 2017, he warned: “If you want to invest in bitcoin, be prepared to lose all your money.”


Bitcoin is up over 90% this year, thanks in part to rising interest from institutional investors and corporate buyers such as Tesla. The electric car firm bought $1.5 billion worth of bitcoin earlier this year, and the value of its holdings have since risen to nearly $2.5 billion.

Proponents of bitcoin see it as a store of value akin to gold because of its scarce supply — only 21 million bitcoins can ever be minted — arguing that the cryptocurrency can act as a hedge against inflation as central banks around the world print money to relieve coronavirus-battered economies.

However, skeptics view bitcoin as a market bubble waiting to burst. Michael Hartnett, chief investment strategist at Bank of America Securities, said bitcoin’s rally looks like the “mother of all bubbles,” while Alvine Capital’s Stephen Isaacs said there are “no fundamentals with this product, period.”


Alternative digital currencies have made even larger gains than bitcoin. Ether, the native token of the Ethereum blockchain, has seen returns of more than 360% year to date, while meme-inspired crypto dogecoin is up a whopping 12,500%.

Analysts have attributed dogecoin’s rise to tweets from celebrities like Tesla’s Elon Musk and Mark Cuban, as well as retail investors buying the token on the free-trading app Robinhood. David Kimberley, an analyst at U.K. investing app Freetrade, described the dogecoin rally as “a classic example of greater fool theory at play,” referring to the practice of selling overvalued assets to investors who are willing to pay a higher price.

At the same time, central banks are considering whether to issue their own digital currencies. Last month, the Bank of England launched a joint taskforce with the Treasury aimed at exploring central bank digital currencies, or CBDCs. Such a currency would exist alongside cash and bank deposits rather than replacing them, the bank said.

Cryptocurrency investors should be prepared to lose all their money, Bank of England governor says

When asked about the rising value of cryptocurrencies, Bank of England Governor Andrew Bailey said: "They have no intrinsic value."

www.cnbc.com

I don't invest in any cryptocurrencies but it's funny that the governor mentions it not having any intrinsic value...cuz fiat currencies like the british pound or the usd also have no intrinsic value...only gold & silver have intrinsic values.

 

[Saddam Hussein]

Actually, national telecom authorities like CAC (China) or FCC (US) are responsible for the internet. There are only 13 DNS root servers in the world and they're mostly located in the US.

They're just responsible for agreeing on a few things and organising IP subnet distribution(IANA). None are needed, alternatives available. Internet remains a decentralised network of networks. Of course it mostly functions through ISPs and other large organisations which governments can shut down. But that's unlikely.

The great eBGP protocol serves us.