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Crypto cash crash

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 subtle 05 Mar 2019

I see millions of crypto cash has disappeared following the death of Gerald Cotten

https://www.bbc.co.uk/news/technology-47454528

I'm glad I didn't have any money to invest in this

Will this be the end of emerging crypto currency as people pull their money out of it or will it continue to be a "thing"

 SenzuBean 05 Mar 2019
In reply to subtle:

> I see millions of crypto cash has disappeared following the death of Gerald Cotten

> I'm glad I didn't have any money to invest in this

> Will this be the end of emerging crypto currency as people pull their money out of it or will it continue to be a "thing"


Note that the money was lost from the exchange. It's like putting your money in a dodgy bank, and then blaming the money for getting lost, instead of the dodgy bank.

It's also interesting you mention 'invest' and 'currency' in the same breath. They are not really compatible. A currency you want to be stable, liquid (i.e. it's flowing, people are not holding onto the entire supply), and an investment you want to be growing and you want most of it to be held. When I heard this, I realized that 'investing' in a currency is actually making it fail as a currency.

I'm 99% sure that crypto currency is here to stay, but it may not be bitcoin that lasts. A good analogy is that these crypto currencies (and the resulting bubble) were just like the internet and the dotcom bubble. People probably said the internet was a big fad after that crash too, and probably 99% of websites/companies made at that time don't exist anymore - but yet if you made the correct pick, you'd be a billionaire from google stocks.

 Shani 05 Mar 2019
In reply to SenzuBean:

All excellent points. However as BitCoin is finite, 'losing/destroying' thousands of them in this way actually makes the remaineder more valuable.

 Luke90 05 Mar 2019
In reply to subtle:

I think we should be putting "death" in scare quotes here.

This man was in sole charge of hundreds of millions of pounds in easily transferable assets, lives in Canada but mysteriously "died" in India, and now it turns out that the assets were no longer in the location he claimed to be storing them. I'm not generally given to conspiracy theories but this one stinks!

Having said that, exchanges have lost assets or gone out of business loads of times over the course of the Bitcoin craze. I'm not sure this one will be any different. Though there are plenty of other reasons to be sceptical about the value of Bitcoin.

Removed User 05 Mar 2019
In reply to Shani:

> All excellent points. However as BitCoin is finite, 'losing/destroying' thousands of them in this way actually makes the remaineder more valuable.


Well, maybe.

 birdie num num 05 Mar 2019
In reply to Luke90:

> This man was in sole charge of hundreds of millions of pounds in easily transferable assets, lives in Canada but mysteriously "died" in India, and now it turns out that the assets were no longer in the location he claimed to be storing them. I'm not generally given to conspiracy theories but this one stinks!

It was my hindu uncle... Birdie Naan Naan, he didn't actually die, but was just re-born. He's currently buying the Taj Mahal as a country retreat

OP subtle 06 Mar 2019
In reply to birdie num num:

> It was my hindu uncle... Birdie Naan Naan, he didn't actually die, but was just re-born. He's currently buying the Taj Mahal as a country retreat

You sure he hasn't moved to Forfar and renamed himself Bridie?

In reply to subtle:

I'm starting my own crypto currency. 

It's going to be called "Magic beanZ"

Its all going to be totally 1,000,000 % safe.  Honest.

You can PM me for details on how to "invest" your real hard earned queen heads in exchange for a print out or screen grab that says you have become rich for doing nothing at all but trusting me .

 Dax H 06 Mar 2019
In reply to Chive Talkin\':

Want to go in to partnership? I have access to a massive amount of money via a Nigerian Prince. We could make a killing if we invested it correctly. 


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