Millennials like Robina getting shackled by Crypto currency

[RV Pundit]

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By the end of this crypto craze - Robina will have learnt lifelong investment lesson - invest in only what your really know! and what you have some control over.

https://www.barrons.com/articles/bitcoin-is-tanking-so-are-these-crypto-stocks-51624377645

[Omollo]

Pundit

Pray that bitcoin sinks to under usd 1k and do your best to buy in. It will rise again and this time hit 200k.

The little disruption caused by chinese concerns about electricity will be overcome as miners rush to the US and Euro Asia.

China isn't against Bitcoin. The end of the pandemic in the US means the local industries must up production to keep and capture markets. The communist party apparatchiks reported that energy might be a problem. So China took the drastic step to nudge (not expel) miners to tone it down.

Once they settle expect bitcoin and other cryptocurrencies to hit the roof.

[RV Pundit]

No way I will invest in such scam. Money appreciating just like that is PONZI. What will make something move from a dollar to 200K dollars?  Eti value is generating by generating strong cypro key -

You're sinking trillion of your own hard earned savings in a sinkhole...that you cannot cash out. Meanwhile the owners of those BitCoin website exchanges are living their dream lives in Bahamas....until one day they shut their website...with your money in it.

Pundit

Pray that bitcoin sinks to under usd 1k and do your best to buy in. It will rise again and this time hit 200k.

The little disruption caused by chinese concerns about electricity will be overcome as miners rush to the US and Euro Asia.

China isn't against Bitcoin. The end of the pandemic in the US means the local industries must up production to keep and capture markets. The communist party apparatchiks reported that energy might be a problem. So China took the drastic step to nudge (not expel) miners to tone it down.

Once they settle expect bitcoin and other cryptocurrencies to hit the roof.

[Pragmatic]

Only because you have not understood it.

Be prepared for another global network a la the internet based on blockchain protocol which is the foundation of Bitcoin. Current base of 150m users.... soon growing exponentially due to network effects.

Bitcoin will recover and will be widely adopted in a not too distant future.

No way I will invest in such scam. Money appreciating just like that is PONZI. What will make something move from a dollar to 200K dollars?  Eti value is generating by generating strong cypro key -

You're sinking trillion of your own hard earned savings in a sinkhole...that you cannot cash out. Meanwhile the owners of those BitCoin website exchanges are living their dream lives in Bahamas....until one day they shut their website...with your money in it.

Pundit

Pray that bitcoin sinks to under usd 1k and do your best to buy in. It will rise again and this time hit 200k.

The little disruption caused by chinese concerns about electricity will be overcome as miners rush to the US and Euro Asia.

China isn't against Bitcoin. The end of the pandemic in the US means the local industries must up production to keep and capture markets. The communist party apparatchiks reported that energy might be a problem. So China took the drastic step to nudge (not expel) miners to tone it down.

Once they settle expect bitcoin and other cryptocurrencies to hit the roof.

[Arcadian_Dreamer]

Only because you have not understood it.

Be prepared for another global network a la the internet based on blockchain protocol which is the foundation of Bitcoin. Current base of 150m users.... soon growing exponentially due to network effects.

Bitcoin will recover and will be widely adopted in a not too distant future.

Understood what? What is there to understand it is  a pump and dump scheme for wealthy so called investors.

Bitcon was first advertised as a pseudo currency, it utterly failed at that, now its supporters call it an investment. But it has an underlying value of zero and isn't backed by anything.

Blockchain is the most hyped up useless tech ever, it has no uses whatsoever, impractical and costly.

This is a ponzi scheme, no one should invest in it. The Chinese state has come against it, US is next, they will tighten the screws, hefty taxes, disclosure requirements, etc.

[Omollo]

The more Pundit denies ignorance the more he displays it. Bitcoin is likely to eventually hit 2m each. Mining will stop as there will be no more coins to mine😂😂😂

That answers your 200k question.

I bought mine for 0.34 usd. I can only buy sweets in Europe for that. Not even chocolate. So how much will I lose if it goes to zero?

States and governments create and steal money. Cryptocurrency has the potential to shut them down. For instance if I had 100m and wanted to take it to Kenya, I'd probably change to euros or swiss franks and manage to bring it in. Once I buy 60 horrible apartments, KRA and Asset recovery will accuse me of money laundering and seize everything. With bitcoin I take a commercial flight to the Cayman islands; talk to a lawyer who opens a bank indicating my business is mining or whatever. I transfer the cash to him and he opens two accounts. One checking and the other savings. I get a regular credit card and can buy you a lot of alcohol in Mlolongo. KRA can go to hell. I can still keep the cash even transfer to a local bank kidogo. They will have no idea or options. It's my money and it's not subject to.warrants and taxation unless I decide to be a good guy and report it as one does shares (some European jurisdictions so require).

In time when ujinga umepungua, they'll allow me to pay with bitcoin.

[RV Pundit]

so everyone bought at a few cents - but someone out there is willing to buy - it for 200,000usd. I mean - one bit coin or a condo by the beach in say Cape Town :? I rather buy the condo. Even now at such prizes - I rather buy cheap studio in Nairobi - than one bloody bit coin.

This Ponzi will end in real tears unless you're the genius that bought it at 1 cent and stopped it there.

The intrinsic value of a bitcoin is exactly what you bought for - the prize of a sweet hapo cornavin station  . It has very little value except for buying drugs and the dark web kind of stuff - and maybe money laundering - and ransom ware?

It's real value is to provide untraceable currency for criminal world - and nearly every gov will crackdown hard on it

The more Pundit denies ignorance the more he displays it. Bitcoin is likely to eventually hit 2m each. Mining will stop as there will be no more coins to mine😂😂😂

That answers your 200k question.

I bought mine for 0.34 usd. I can only buy sweets in Europe for that. Not even chocolate. So how much will I lose if it goes to zero?

States and governments create and steal money. Cryptocurrency has the potential to shut them down. For instance if I had 100m and wanted to take it to Kenya, I'd probably change to euros or swiss franks and manage to bring it in. Once I buy 60 horrible apartments, KRA and Asset recovery will accuse me of money laundering and seize everything. With bitcoin I take a commercial flight to the Cayman islands; talk to a lawyer who opens a bank indicating my business is mining or whatever. I transfer the cash to him and he opens two accounts. One checking and the other savings. I get a regular credit card and can buy you a lot of alcohol in Mlolongo. KRA can go to hell. I can still keep the cash even transfer to a local bank kidogo. They will have no idea or options. It's my money and it's not subject to.warrants and taxation unless I decide to be a good guy and report it as one does shares (some European jurisdictions so require).

In time when ujinga umepungua, they'll allow me to pay with bitcoin.

[Omollo]

It's not necessarily dependent on someone buying. I can buy that condo & pay for it with bitcoin. I anticipate your question. I'd use the exchange which will remit the equivalent of 200k usd to the sellers account.

Not everyone bought at cents. Some buy expensively. Just like stocks. That wasn't the primary purpose of crypto but it has ended up like that because it's still being mined and it experiences a rollercoaster. The ups and downs will slow down in the end. But it's not going away. It's not the dot.com thing. It's not speculation per se. You can't stop gossip and badmouthing especially from governments. They will embrace it try to control fail and find other ways of continuing to rob citizens other than through money & printing junk for sale.

[RV Pundit]

It doesn't make sense except for initial investors in the ponzi scheme. What exactly is this? Investment? A currency? It just pure ponzi at global scale that will leave many high and dry.

The only reason why someone would accept payment in bitcoins is if he is upto illegal stuff - tax evasion, ransom, drugs, smuggling, money laundering, kidnapping. Therefore as gov come to understand the real damage that can be caused by this underground ponzi - it will be clamped down - it will be illegal to accept bitcoins - and it will go back to dark web where it began  - and where college students will use it to buy weed and ectasy - not a condominium.

I cannot see why I would pick Bitcoins over say USD or Swiss Franc or Euro or even KSH. It doesn't make sense at all. Well unless I lived in Zimbwabwe or some country experiencing currency failure...where hyper-inflation is the order of the day.

Otherwise, the weakness of currencies are solved by global currency basket -  USD,Euro, Swiss Franc, British Pound - those are stable and almost inflation free currencies.

It's not necessarily dependent on someone buying. I can buy that condo & pay for it with bitcoin. I anticipate your question. I'd use the exchange which will remit the equivalent of 200k usd to the sellers account.

Not everyone bought at cents. Some buy expensively. Just like stocks. That wasn't the primary purpose of crypto but it has ended up like that because it's still being mined and it experiences a rollercoaster. The ups and downs will slow down in the end. But it's not going away. It's not the dot.com thing. It's not speculation per se. You can't stop gossip and badmouthing especially from governments. They will embrace it try to control fail and find other ways of continuing to rob citizens other than through money & printing junk for sale.

[Njuri Ncheke]

I used to ignore this crypto stuff but a friend lawyer has made me buy into it have already registered at binance and opened trust wallet. Am ready to put 100k shs into different crypto currency. Am buying those one below 1$ I don't mind have spent that money badly elsewhere kama kwa pombe na raha. I am having a strong feeling I will be a multi millionaire in dollar terms. This is the future.

[GeeMail]

The more Pundit denies ignorance the more he displays it. Bitcoin is likely to eventually hit 2m each. Mining will stop as there will be no more coins to mine😂😂😂

That answers your 200k question.

I bought mine for 0.34 usd. I can only buy sweets in Europe for that. Not even chocolate. So how much will I lose if it goes to zero?

States and governments create and steal money. Cryptocurrency has the potential to shut them down. For instance if I had 100m and wanted to take it to Kenya, I'd probably change to euros or swiss franks and manage to bring it in. Once I buy 60 horrible apartments, KRA and Asset recovery will accuse me of money laundering and seize everything. With bitcoin I take a commercial flight to the Cayman islands; talk to a lawyer who opens a bank indicating my business is mining or whatever. I transfer the cash to him and he opens two accounts. One checking and the other savings. I get a regular credit card and can buy you a lot of alcohol in Mlolongo. KRA can go to hell. I can still keep the cash even transfer to a local bank kidogo. They will have no idea or options. It's my money and it's not subject to.warrants and taxation unless I decide to be a good guy and report it as one does shares (some European jurisdictions so require).

In time when ujinga umepungua, they'll allow me to pay with bitcoin.

Potentially, cryptocurrency can shut down Cayman islands as well. Again, if you got Pundit right, the only time Bitcoin makes sense is when it translates to something handy like the 60 ugly flats. Otherwise it remains pipe dream, digits on a screen. Even the corrupt Kenyans buy flats like the one who bought 11 ugly flats cash in one day, not some digits on a screen.

[RV Pundit]

That one should have bought bitcoins. I heard Ruto bought lots of bitcoins. Illegal money - I would put them in Bitcoins. drug money. corruption proceeds. money likely to be lost to gov in taxes. So yes for illegal kind of opaque money - Bitcoin has it's value.

Clean money definitely buy those flats. Ugly by developed world standards - very beautiful by Africa standards. Definitely likely to earn you rental income for next 40yrs - and earn your kids too.

The future of bitcoin -  black market economy - and gov like China is doing will try to really crackdown on it - it cannot become mainstream money because gov wants to regulate money.

Potentially, cryptocurrency can shut down Cayman islands as well. Again, if you got Pundit right, the only time Bitcoin makes sense is when it translates to something handy like the 60 ugly flats. Otherwise it remains pipe dream, digits on a screen. Even the corrupt Kenyans buy flats like the one who bought 11 ugly flats cash in one day, not some digits on a screen.

[Pragmatic]

Bitcoin and crypto currency will become mainstream currency/money. As they say fiat is by consensus. Basically we both agree that the exchange of good with a said amount of Bitcoin is equivalent value.... How else did we trade with salt or courie shells; what was the measure of value?? How did King Sundiata or Mansa Musa know the equivalent value of his gold or salt exchanged?

Printed money as legal tender is a very recent concept. It is time now to move to the next iteration which is digital currency.... Not controlled or under the thumb or influence of any central bank or big brother nation. Its volatility and inflationary nature will stabilize and will become generally accepted as a means of trade.

Soon, when central banks launch their CBDC (Central Bank Digital Currency).... backed by the national legal tender 1:1 or however they designate, digital currency (and subsequently crypto currency) will become ubiquitous. With this ubiquity, it will no longer be any need for central banks to refuse to recognize or accept Bitcoin and Bitcoin will be the gold or bullion reserve currency. As I said earlier the widespread adoption and network effect will see to this being a globally accepted means of exchange.

Lest we forget the Mpesa digital wallet is indeed a digital currency backed 1:1 to Kenya shilling or whatever currency in its market of adoption.

As regards the dark web or the FUD that Bitcoin is for criminal activity, who says that you cannot apply or use the dollar, pound, Swiss franc etc for same activities. The larger amount of these illegal activities have been transacted in these currencies.

[GeeMail]

Any Kirinyaga Rd Mpesa operator already knows this, but let's read it anyway.

https://www.investopedia.com/articles/07/roots_of_money.asp

Money, currency was always backed by something. Cryptocurrency takes the thing a step further by making the nothingness more of nothing, mere digits on a screen. With ransomware attacks and the nothingly nature of cryptocurrency, it will take long to adjust. Maybe we eventually will, like MPesa. But even MPesa eventually translates into something tangible when needed. Cryptocurrency is digital mined nothing for nothing's sake. Our mama mboga economy cannot accept it for now.

[Pragmatic]

And as we debate, let me leave you with this:-

https://www.google.co.uk/amp/s/www.itweb.co.za/amp/content/j5alr7QaVRg7pYQk

Two young south African brothers disappear into thin air with Bitcoin worth $3.6b😂😂

[RV Pundit]

You're confusing electronic or digital money with virtual currency created from nothing.
The role of the central bank in creating money will remain.
Virtual currency created by some phantom guy and controlled by some phantom committee will not replace the modern gov's role in creating and regulating money.
The idea that because it's computational hard to create some crypto key - will somehow make such virtual currency - have some value is crazy.
Gov will remain gov. Gov will remain with guns - and all military might - to decide what is right or wrong.
The rest are details.
Yes virtual currency will have their use cases...like Mombasa's BanglaCash used in Bangladesh Slum.

There is no doubt that money will remain - but coins and notes - will certainly disappear.

The money will continue to be issued by gov controlled body under very strict controls. Be it in cowries shells, gold, notes, electronic money - it won't be bitcoin.

Bitcoin and virtual currenciesies - and their exchanges will exist - at the periphery - mostly for illegal stuff - because gov doesn't like competition in stuff like making money or making weapons.

Bitcoin and crypto currency will become mainstream currency/money. As they say fiat is by consensus. Basically we both agree that the exchange of good with a said amount of Bitcoin is equivalent value.... How else did we trade with salt or courie shells; what was the measure of value?? How did King Sundiata or Mansa Musa know the equivalent value of his gold or salt exchanged?

Printed money as legal tender is a very recent concept. It is time now to move to the next iteration which is digital currency.... Not controlled or under the thumb or influence of any central bank or big brother nation. Its volatility and inflationary nature will stabilize and will become generally accepted as a means of trade.

Soon, when central banks launch their CBDC (Central Bank Digital Currency).... backed by the national legal tender 1:1 or however they designate, digital currency (and subsequently crypto currency) will become ubiquitous. With this ubiquity, it will no longer be any need for central banks to refuse to recognize or accept Bitcoin and Bitcoin will be the gold or bullion reserve currency. As I said earlier the widespread adoption and network effect will see to this being a globally accepted means of exchange.

Lest we forget the Mpesa digital wallet is indeed a digital currency backed 1:1 to Kenya shilling or whatever currency in its market of adoption.

As regards the dark web or the FUD that Bitcoin is for criminal activity, who says that you cannot apply or use the dollar, pound, Swiss franc etc for same activities. The larger amount of these illegal activities have been transacted in these currencies.

[RV Pundit]

The more reason the gov need to protect the fools and their money -before they lose it to such online ponzis.

And as we debate, let me leave you with this:-

https://www.google.co.uk/amp/s/www.itweb.co.za/amp/content/j5alr7QaVRg7pYQk

Two young south African brothers disappear into thin air with Bitcoin worth $3.6b😂😂

[Pragmatic]

I know all about crypto currencies, electronic/virtual currencies, digital currencies, mobile wallets etc.... I am not confusing or confused about one or the other. I am very clear about what I am talking about.

CBDC's are a knee-jerk reaction from central banks and Government to the threat of liberty and free democratic financial systems that Crypto bring.

Crypto undermines the established central power structure and replaces it by a #decentralized (democratic) one.

You're confusing electronic or digital money with virtual currency created from nothing.
The role of the central bank in creating money will remain.
Virtual currency created by some phantom guy and controlled by some phantom committee will not replace the modern gov's role in creating and regulating money.
The idea that because it's computational hard to create some crypto key - will somehow make such virtual currency - have some value is crazy.
Gov will remain gov. Gov will remain with guns - and all military might - to decide what is right or wrong.
The rest are details.
Yes virtual currency will have their use cases...like Mombasa's BanglaCash used in Bangladesh Slum.

There is no doubt that money will remain - but coins and notes - will certainly disappear.

The money will continue to be issued by gov controlled body under very strict controls. Be it in cowries shells, gold, notes, electronic money - it won't be bitcoin.

Bitcoin and virtual currenciesies - and their exchanges will exist - at the periphery - mostly for illegal stuff - because gov doesn't like competition in stuff like making money or making weapons.

[GeeMail]

And as we debate, let me leave you with this:-

https://www.google.co.uk/amp/s/www.itweb.co.za/amp/content/j5alr7QaVRg7pYQk

Two young south African brothers disappear into thin air with Bitcoin worth $3.6b😂😂

Our SA-Asian Zulu "hustler" cousins.

[KenyanPlato]

Creating ledger verification is what is worthy $20k in single unit. Muna mchezo. During dot.com era these type of Cinderella investments were there and left many even in Wallstreet broke