BitCoin – down but not out….

Tuesday 19th September 2017

BitCoin – down but not out….

For the last couple of years, the bitcoin story has revolved around one theme and one theme only – price….

What price was bitcoin back in the day? What price is it today? What price will it be tomorrow?

The price of bitcoin had been climbing sharply….

Between July 16th and September 1st, the price of the cryptocurrency had risen more than $3000.00 to a high of $4950.72 – a spectacular rise of 255%….

Last week the bitcoin price fell off a cliff – falling all the way back down to $2981.05 on Friday.

It did not represent the end of the world. It did not – as some news sources suggested – represent the end of bitcoin either.

It was just a correction – a timely reminder that prices can fall just as swiftly as they can rise.

Even so, those bus drivers, nurses and ironworkers we reported on last week will be wondering how such a good thing went wrong so quickly.

But, in the world of money, an awful lot can happen in a few short days….

  • A hammer blow delivered in Beijing….

It started in Beijing….

The Chinese authorities had already outlawed initial coin offerings the previous week – describing them as a form of illegal fundraising….… Click here to read more

What championship boxers can teach us about cryptocurrencies….

Tuesday 12th September 2017

What championship boxers can teach us about cryptocurrencies….

Mike Komaransky is 38-years-old – and retired….

How did he pull that off? In a word – bitcoin….

This professional trader began trading cryptocurrencies in 2010. The stellar gains in his portfolio over the last couple of years enabled him to give up work this summer….

He’s tight-lipped about the extent of his gains. But they clearly amount to a life-changing sum.

Komaransky has shipped his family to the south of France where they can look forward to a life of sun-drenched leisure….

  • Preaching the bitcoin gospel…. 

Roger Ver bought 25,000 bitcoins at $1 per coin back in 2011….

Ver was attracted to the idea of a new currency that no individual or government could manipulate….

Such was the fervor of his advocacy for the cryptocurrency that people started to refer to him as ‘bitcoin Jesus’….

Ver has since sold his 25,000 bitcoins for the grand sum of $30 million….

As far as bitcoin is concerned, Ver saw the light, kept the faith and the high-flying market has delivered him into the promised land….

  • Success stories abound….

Komaransky and Ver sensed the way the wind would blow early-doors and they were swift to act.… Click here to read more

The side effects of ‘heroin’….

Tuesday 5th September 2017

The side effects of ‘heroin’….

Like a winded boxer, the British economy has been lying flat on the canvas and gasping for air throughout 2017.

It does not seem able to get back to its feet and put its gloves up….

A barely-flickering first-quarter GDP growth rate of 0.2% was followed by an equally disappointing second-quarter figure of 0.3%….

In layman’s terms, the British economy is a lame dog with no bark and no bite – the slowest growing economy in the G7….

The immediate prognosis is underwhelming. A poll of economists conducted by Reuters in August forecast that Britain’s economy will expand just 0.3% per quarter through to mid-2018.

If that were not a painful enough news, last week the Greeks delivered another kick to the unmentionables when they announced their beleaguered economy had enjoyed second-quarter growth of 0.5%….

The Greek economy has been in the doldrums for a decade and in recession 4 times during the last 9 years….

But, for now at least, its economy is growing quicker than Britain’s….

  • The gloomy message gets through….

It is fair to say that the state of the economy (British or Greek) doesn’t weigh heavily on the mind of the average individual….… Click here to read more

Trusting your newspaper is a dangerous game….

Wednesday 30th August 2017

Trusting your newspaper is a dangerous game….

Ask the common-garden man in the street why he takes a daily newspaper and he’ll probably give you a variety of responses….

He feels a desperate need to catch-up on the latest exploits of Kim Kardashian, Kerry Katona or some other young thing sporting a new hair-do or a bikini….

He wouldn’t know what to do without a cryptic crossword to take his mind off his job and get him through the day….

He knows of no better way of avoiding eye contact on the train than to have his head buried in a newspaper….

He might run a chip shop and need to stock up on wrapping. The cat litter tray might be short of lining….

He might labor under the delusion that carrying a copy of the Times under his arm makes him appear like a man to be reckoned with….

  • A window on the world?

There are all sorts of reasons why people take a daily newspaper….

But by far the most prevalent is that the reader seeks information. He wants to know what is going on in the world. He wants to stay abreast of national and international events.… Click here to read more

Nightmare at the checkout tills….

Tuesday 22nd August 2017

In this issue of Money Truths….

Nightmare at the checkout till….

Dave can’t be with us this morning. He’s dealing with something that takes him away from his desk.

In his absence, we revisit Dave’s take on a dystopian future without physical cash – what it might look like, what it might mean and how it will be sold to you….

This piece is taken from our archive and was originally published in August last year. Over to Dave….

———————————————————-

Picture the following scene….

You’ve just popped to the supermarket for a few bits. You fill your basket and head for the tills….

The checkout girl asks you if you need help packing your bags. You tell her you’ve got that situation under control….

You pack your bags carefully – making sure to put the heavy items at the bottom so that the bread, the salad items and the soft fruit don’t get squashed.

As the years roll-by, you have grown wiser about the finer points of bag-packing. These days you know exactly what to do to avoid an earful off the wife when you get home….

‘That will be £34.65, please….’

You reach into your pocket, take a card from your wallet and swipe it across the machine.… Click here to read more

Fear, money and a mirage….

Tuesday 15th August 2017

Fear, money and a mirage….

Have you ever wondered what the world would look like if it were run by crazy people? Well, look out of the window….

Donald Trump and Kim Jong-un have both clambered up the greasy pole – all the way to the very top. Both men insist on sporting loony-tune haircuts and both call the shots at home. But that’s not all they have in common….

Both men are also dangerously unhinged and represent a potentially lethal threat to the whole world and its entire population….

It is to be hoped that there is some serious back-channeling in-play between Washington and Pyonyang. Trump and Kim Jon-un are to diplomacy what two kids tossing a hand-grenade back and forth (with the pin out) are to playground health and safety….

Not content with posturing and sabre rattling on just one front, Trump is also threatening to get involved in Venezuela. ‘I’m not going to rule out a military option,’he told reporters last week before striding out like a Roman emperor onto the golf course….

Venezuela is in a well-documented state of economic crisis. But why that demands a military intervention from the US is unclear.… Click here to read more

Bitcoin – a speculation bubble?

Tuesday 8th August 2017

Bitcoin – a speculation bubble?

I regret not buying a Bitcoin in 2012 when they cost just $5….

I was curious. I thought it might be interesting to own a Bitcoin. But I was busy and I didn’t know how to buy one, where to go or who to ask. I planned to find out, but life moved on and I failed to act.

Yesterday the cryptocurrency posted a new high. That Bitcoin I didn’t buy would have been worth $3,451.86. You’ll understand my regret….

Over the last 10-years, nothing has risen in value like Bitcoin. Had you invested $1000 in 2010, your holding today would be worth $40 million….

For perspective, the same $1000 in an S&P 500 tracker would be worth $2500….

And don’t forget, stocks have done nothing but grow over the period. Bitcoin has shot up like a rocket running on some strange new fuel….

  • Bitcoin in brief….

Bitcoin appeared in 2009, shortly after the last financial crisis. Early players wanted to participate in a currency market beyond the reach of meddling central banks….

This new currency (or the ‘blockchain’ technology underpinning it) enabled users to transfer values for free – taking the traditional middlemen (financial institutions) and their commissions out of the equation….… Click here to read more