I still don't understand what the hodl people are waiting for. If you sat on your coins when it hit 16k waiting for a better payout you're retarded and deserve your gains being siphoned off.
That's the genius thing: if people sold at their peak they could have DOUBLED their bitcoins, bought their bitcoins at half the price or got out with a huge bag of cash.
Instead they didn't so now they gotta hope that it gets to that stage again so they can sell for reals, even though I totally expect it crashing JUST before it reaches it's all time high again because everyone will want to cash out before it crashes again.
Tbh nobody has given me a clear explanation as to what happens when all the coins are mined, like how are transactions done if the coins themselves are used to process transactions?
But considering it apparently takes 100 years for all the coins to be depleted, chances are nobody really knows and everyone will be long dead by the time that happens.
Well I think the theory goes like this: imagine we mined 100% of the gold on earth, the value of gold would continue to increase because no new supply would be entering the market while demand remains stable or increases. The problem I see with this is that gold is a physical tangible asset that can't be magically created out of thin air, bitcoin is magic numbers that can be manipulated and, unless I'm missing something, more can be created at a future date.
There's a tax on every transaction which goes to people updating the block chain to enable it. Bitcoin is dead though if you want real crypto I recommend https://www.cryptokitties.co/ or the Shariah compliant-crypto onegram
The typical mining nets you both the transaction fees and block rewards, the block rewards will eventually run out while the transaction fees will stay, so miners would technically always have an incentive to mine.
Another interesting solution which some coins have tried is simply doing away with mining completely, and instead when you want to send a transaction you have to also verify some other transactions.
Tbh nobody has given me a clear explanation as to what happens when all the coins are mined
Well, the system break down. But it's no matter because in five year or so, hacking bitcoin will be more valuable than mining them, due to the growing complexity of mining.
The fact that you know nothing about blockchains won't make their issues disappear.
You made very dubious claims and didn't defend them. PoW is not unstable, it's ridiculous to claim it is and PoS isn't the rich "stealing" from the poor, It's a poor understanding of the system.
Tbh nobody has given me a clear explanation as to what happens when all the coins are mined
Shit man, nobody has been able to even given me a clear explanation of what Bitcoin does that gives it value. Thats never slowed these people down, not one bit.
It's value comes for people agreeing to use it as currency, and on top of that the limited supply and the blockchains various uses, like functioning as a ledger for every transaction done with the currency.
Fundamentally all currency or trade mediums receive their value from people agreeing that they're useful, on top of other uses the currency might have (like how gold is useful for other uses within the economy, which is what actually makes gold not that great as money, the optimal currency should be as disconnected from the economic activity it's facilitating, crypto does that with less downsides than fiat tbh).
People pay what they want to for things. News at 11.
I understand why a collector and fan might want and value a rare baseball that was involved in a significant play. Why someone would want and value Bitcoin is still a mystery to me. I understand the get rich quick scheme aspect of it, but for it to be sustainable it needs some value beyond that.
Because they believe the future of currency means WE control our money, not a middle man like a bank or PayPal.
But thats not how Bitcoin works at all. Just look at the splits that have already happened.
Its as if the biggest Bitcoin proponets dont even understand how it works. I can still remember one of the big talking points about Bitcoin's value was how it is anonymous, which is hilarious since it absolutely is not.
I've got a friend still making money off these stupid cryptocurrencies by buying the dip, selling when it pops back up, and then buying when it dips again as it crashes into the abyss. Its fucking hilarious watching the HODL people.
That's the genius thing: if people sold at their peak they could have DOUBLED their bitcoins, bought their bitcoins at half the price or got out with a huge bag of cash.
Which is what pretty much every *coin trading bot I've ever seen does, because it has the highest chance of turning a profit.
It was pretty obvious the meteoric rise was not normal, 16k sticks out in my mind because it was the number I cashed out at. I could have probably waited and got more, but I also could've been sitting there hoping it hits 10k again like the hodl crowd.
Tbh you were one of the smart ones, it hit 15k so quickly that people decided to wait for 20k instead of cashing out at 15k like they originally planned and ended up getting fucked as it never hit 20k.
No fucking shit guy. Why is it spelled like a fucking 12 year old bit coiner trying to get people to buy into their pyramid scheme. Explain the meme you fucking extra chromosome
Basically a coiner spelled it wrong and they ran with it because the only thing comforting them in the darkness is forced memes. See also "to the moon" and "blowstamps"
Bitcoin is full of people who don't understand finance trying to claim bitcoin is completely immune to everything bad and its just going to rocket up forever. There are articles on CNN and posters by comments and some other articles around of people claiming $100,000 per coin within the next decade.
the amount of delusion has been staggering. It's all just the greater idiot theory. you buy a bitcoin with the expectation a greater idiot will pay more for it later
To be fair, his dick is probably rotting off because of his questionable 'lifestyle' so I'm pretty sure he's not worried about people calling him on this.
If you think you can predict that then you're not better than the people who thought they could predict it would continue. And if you're very confident about that I can show you how to short bitcoin.
That’s called gambling. It’s pretty much impossible to predict the short term patterns if you’re not in the know. I call tell you where it’s going long term though.
You can short bitcoin on the CBE if you don't want to deal with actual crypto exchanges. Shorting is a relatively simple process, I'm willing to walk you through it if you're so sure on this call.
Nothing that says it can't or won't. It's extremely volatile, it can explode or it can crash - it doesn't really mean anything because it's entirely unregulated. Yet "1" bitcoin is still worth over $8000 US dollars, that means it's shit. /s
Tbh all crypto coins seem useless, can anyone actually explain why an altcoin would actually have a real world use when any tech industry would just mimic the tech of whatever coin without needing to pay a cut to the altcoin?
The whole purpose is no trust transactions. I can make a RMDBS based transactable coin in like 5 minutes, and tie it to a credentials system in like 2 hours. The problem with that is now you have to trust me. I have to be trusted to not steal people's money, to not print my own money, etc. Some coins also provide complex programmatic transaction protocols, like eth, but this isn't a requirement by any means.
And there lies the problem, would you rather trust an anonymous person or would you rather choose a bank which has operated for 70+ years and operates under strict banking rules?
Because every single fucker involved is using it for a get rich quick ponzi scheme instead of actually BUYING things with it, like you would with a real currency.
For years, everyone's heard that Wall Street is stupid and worthless and serves no value. These bright shining stars reminded all of us why professional investors exist.
For years, everyone's heard that Wall Street is stupid and worthless and serves no value. These bright shining stars reminded all of us why professional investors exist.
Yeah what you mean is why wall street is regulated. Wall street knows that they could scam greedy chumps easily. they would get fucked over if they did though.
I bought things with it a few years back, when transacting cost cents rather than 40 dollars or whatever. BTC has essentially lost it's use case because the fees are too high.
also RE trusting the financial services industry. Ha. Ha. Ha. There is no chance of me regularly transacting with the banks as an intermediary unless they are the ones holding liability risk. That's why I buy everything on credit.
The only case i can think of where it benefited a tech company to jump on is Crypto Kitties. They're basically digital beanie babies and some people are trading them for insanely stupid prices. But as for the actual company, they jumped into the ethereum blockchain and at one point accounted for 25% of all the traffic. Really pissed off ethereum users and miners since digital cat breeding was slowing down their blockchain (lol)
yeah once it breaks through a few key milestone prices ($8000 and also its 200 day moving average level) there's going to be a glorious amount of drama
they never realised that all the fake confidence and arrogance around bitcoin was just worried people trying to get new people to buy into it before this happened
and yet they STILL didn't sell at 18k because they wanted it to get to 20k. So the end result is tons of new guys getting screwed, legacy bitcoin hoarders getting screwed out of a ludicrous payout and everyone really scared about bitcoin's future.
Legacy bitcoin hoarders are definitely not getting screwed. If you bought in at $10 it doesn't really matter if the price is $20k or $10k, you've still made more money than many others make in a lifetime.
Nor are they scared of bitcoin's future. They have been through multiple of these bubbles, there's nothing special about this time.
a heap of morons jumped on a ponzi scheme near its peak at 15k to 18k and now that its crashing because they've run out of greater idiots to buy into the ponzi, they have to scream HODL!! and BUY THE DIP!! because otherwise they're fucked
I..i dont even know how this works. What's mining? How do you mine crypto money? Is it real money, like after youre done mining you can have it transferred to your bank? I just.. I have no idea.
its a bunch of incel autists who run everything on linux and play games like factorio to feel smart (rick and morty as well of course) who think they can take jews on at their own craft theyve spent thousands of years manipulating.
I decided to sell my imaginary internet currency back to traditional investments, now that many services are dropping bitcoin or ether based purchasing.
[author here] cheers! this is about the drop on Thursday/Friday, and applies to today's. If you know what the charts mean, it's like an action thriller movie for really boring people.
So it was meant to be a currency, but it's literally being treated as a pure investment and not a currency. I have a feeling shit hasn't completely hit the fan yet.
160 comments
1 SnapshillBot 2018-02-04
We can submit quotes?
Snapshots:
I am a bot. (Info / Contact)
1 Oh_hamburgers_ 2018-02-04
I still don't understand what the hodl people are waiting for. If you sat on your coins when it hit 16k waiting for a better payout you're retarded and deserve your gains being siphoned off.
1 shanewater 2018-02-04
That's the genius thing: if people sold at their peak they could have DOUBLED their bitcoins, bought their bitcoins at half the price or got out with a huge bag of cash.
Instead they didn't so now they gotta hope that it gets to that stage again so they can sell for reals, even though I totally expect it crashing JUST before it reaches it's all time high again because everyone will want to cash out before it crashes again.
1 Oh_hamburgers_ 2018-02-04
But there's a limited supply of coins! They might not be able to buy them back!
1 shanewater 2018-02-04
Tbh nobody has given me a clear explanation as to what happens when all the coins are mined, like how are transactions done if the coins themselves are used to process transactions?
But considering it apparently takes 100 years for all the coins to be depleted, chances are nobody really knows and everyone will be long dead by the time that happens.
1 Oh_hamburgers_ 2018-02-04
Well I think the theory goes like this: imagine we mined 100% of the gold on earth, the value of gold would continue to increase because no new supply would be entering the market while demand remains stable or increases. The problem I see with this is that gold is a physical tangible asset that can't be magically created out of thin air, bitcoin is magic numbers that can be manipulated and, unless I'm missing something, more can be created at a future date.
1 bargenil 2018-02-04
There's a tax on every transaction which goes to people updating the block chain to enable it. Bitcoin is dead though if you want real crypto I recommend https://www.cryptokitties.co/ or the Shariah compliant-crypto onegram
1 nqtbty 2018-02-04
damn this appeals to me.
1 strathmeyer 2018-02-04
People who mine new blocks get to keep the transactions fees, they just don't create any new bitcoins.
1 bareballzthebitch 2018-02-04
I wonder this but about pepe's
1 VintageCake 2018-02-04
The typical mining nets you both the transaction fees and block rewards, the block rewards will eventually run out while the transaction fees will stay, so miners would technically always have an incentive to mine.
Another interesting solution which some coins have tried is simply doing away with mining completely, and instead when you want to send a transaction you have to also verify some other transactions.
1 ModsMicroPeen 2018-02-04
This sounds like a great idea, lol
1 VintageCake 2018-02-04
I believe IOTA is a real world implementation, if you want to look at how it works in practice.
1 error404brain 2018-02-04
Well, the system break down. But it's no matter because in five year or so, hacking bitcoin will be more valuable than mining them, due to the growing complexity of mining.
1 ffbtaw 2018-02-04
Oh no, it's retarded.
1 aqouta 2018-02-04
most people in this thread saying the crash was obvious are complete morons.
1 error404brain 2018-02-04
Lol. A volatile as fuck shit broke down. Who could have expected that.png
1 aqouta 2018-02-04
"Broke down"
1 error404brain 2018-02-04
A "money" that vary by 10% everyday is not usable.
1 aqouta 2018-02-04
Sure it is, I've used it. But crypto volatility is a short term thing.
1 error404brain 2018-02-04
Lol. PoW is inevitably instable by its very nature.
And PoS is shit as a money because "rich" user can steal the stuff of everyone else.
1 aqouta 2018-02-04
Neither of thise claims is true.
1 error404brain 2018-02-04
lol
The fact that you know nothing about blockchains won't make their issues disappear.
1 aqouta 2018-02-04
You made very dubious claims and didn't defend them. PoW is not unstable, it's ridiculous to claim it is and PoS isn't the rich "stealing" from the poor, It's a poor understanding of the system.
1 error404brain 2018-02-04
LOL
O O L O L
1 aqouta 2018-02-04
Username relevant.
1 error404brain 2018-02-04
Making false transactions of bitcoin toward you if you prefer.
1 aqouta 2018-02-04
Nothing changes, block rewards become 100% fees.
1 ALoudMouthBaby 2018-02-04
Shit man, nobody has been able to even given me a clear explanation of what Bitcoin does that gives it value. Thats never slowed these people down, not one bit.
1 LightUmbra 2018-02-04
It's value comes solely from the fact that people are willing to buy it. There isn't even an abstract value like fiat money has.
1 ALoudMouthBaby 2018-02-04
Which still leave me confused as to why people are willing to buy it. Is this just another example of how right PT Barnum was?
1 LightUmbra 2018-02-04
People don't understand economics.
1 KekGratiaRex 2018-02-04
It's value comes for people agreeing to use it as currency, and on top of that the limited supply and the blockchains various uses, like functioning as a ledger for every transaction done with the currency.
Fundamentally all currency or trade mediums receive their value from people agreeing that they're useful, on top of other uses the currency might have (like how gold is useful for other uses within the economy, which is what actually makes gold not that great as money, the optimal currency should be as disconnected from the economic activity it's facilitating, crypto does that with less downsides than fiat tbh).
1 LightUmbra 2018-02-04
REEEEEEEEWWWWgulation
But for real, Crypto is a retarded and won't catch on.
1 sheepcat87 2018-02-04
It'd blow your mind to go on eBay and see what kind of stuff like baseballs carry Huge prices for a signature when it has no real value
People pay what they want to for things. News at 11.
1 ALoudMouthBaby 2018-02-04
I understand why a collector and fan might want and value a rare baseball that was involved in a significant play. Why someone would want and value Bitcoin is still a mystery to me. I understand the get rich quick scheme aspect of it, but for it to be sustainable it needs some value beyond that.
1 sheepcat87 2018-02-04
Because they believe the future of currency means WE control our money, not a middle man like a bank or PayPal.
Do you not know why Bitcoin was started?? If you choose to be uneducated then it's no wonder you are confused on why others value it.
1 ALoudMouthBaby 2018-02-04
But thats not how Bitcoin works at all. Just look at the splits that have already happened.
Its as if the biggest Bitcoin proponets dont even understand how it works. I can still remember one of the big talking points about Bitcoin's value was how it is anonymous, which is hilarious since it absolutely is not.
Actually I dont. Could you explain?
1 aj_thenoob 2018-02-04
Bitcoins are literally beanie babies reborn.
1 caffienatedjedi 2018-02-04
I've got a friend still making money off these stupid cryptocurrencies by buying the dip, selling when it pops back up, and then buying when it dips again as it crashes into the abyss. Its fucking hilarious watching the HODL people.
1 RT17 2018-02-04
People were calling the top at 6k, 7k, 8k... All the way up to ~20k.
Smart investors sell off portions on the way up to realise gains.
Looking at the price movements in retrospect and saying "if you bought here and sold there you would have doubled your money" is retarded.
You could reliably predict the movements of any market you'd be a near-instant trillionaire.
1 ineedmorealts 2018-02-04
Which is what pretty much every *coin trading bot I've ever seen does, because it has the highest chance of turning a profit.
1 froibo 2018-02-04
It's not your panzi scheme if people sell before you, so you need to keep up your "milti-leveled marketing".
1 Mort_DeRire 2018-02-04
I thought the same thing at like 1k though. It's totally arbitrary, that's the whole thing of it
1 3PPisForLosers 2018-02-04
But those people would have been able to get a 20k payout. Which would make all the people who sold at 16k look pretty retarded.
Looking back with hindsight and pretending it was obvious to everyone is pretty retarded. Especially when you don't even get the numbers right.
1 Oh_hamburgers_ 2018-02-04
It was pretty obvious the meteoric rise was not normal, 16k sticks out in my mind because it was the number I cashed out at. I could have probably waited and got more, but I also could've been sitting there hoping it hits 10k again like the hodl crowd.
1 pentillionaire 2018-02-04
you could have waited & gotten much more
1 Oh_hamburgers_ 2018-02-04
Or much less, I'm totally at peace with it.
1 -SetsunaFSeiei- 2018-02-04
Not a lot more, that was actually a good time to cash out
1 shanewater 2018-02-04
Tbh you were one of the smart ones, it hit 15k so quickly that people decided to wait for 20k instead of cashing out at 15k like they originally planned and ended up getting fucked as it never hit 20k.
1 DodgeIvan 2018-02-04
Wtf is this autistic “hodl” thing anyway
1 Matthew94 2018-02-04
Hold
1 DodgeIvan 2018-02-04
No fucking shit guy. Why is it spelled like a fucking 12 year old bit coiner trying to get people to buy into their pyramid scheme. Explain the meme you fucking extra chromosome
1 Matthew94 2018-02-04
lol
1 charlesgrodinfan 2018-02-04
is google broken?
1 RagdollPhysEd 2018-02-04
Basically a coiner spelled it wrong and they ran with it because the only thing comforting them in the darkness is forced memes. See also "to the moon" and "blowstamps"
1 shanewater 2018-02-04
Hold
On for
Dear
Life
1 DodgeIvan 2018-02-04
Gay
1 aqouta 2018-02-04
People thought the same thing when it hit $1 and every large increment since.
1 fucknazimodzzz 2018-02-04
Nah. Bitcoin is done. People are starting to realize that crypto is mostly a scam
1 froibo 2018-02-04
I know a guy that bought right around 17-18k thinking it would go to 40k by next year.
1 somegurk 2018-02-04
Interesting, i have some premium investment opportunities for your friend.
1 concerned_llama 2018-02-04
Please tell me more and let me sign here in this white paper and give it to you for you to make the contract
1 genericusername348 2018-02-04
Bitcoin is full of people who don't understand finance trying to claim bitcoin is completely immune to everything bad and its just going to rocket up forever. There are articles on CNN and posters by comments and some other articles around of people claiming $100,000 per coin within the next decade.
the amount of delusion has been staggering. It's all just the greater idiot theory. you buy a bitcoin with the expectation a greater idiot will pay more for it later
1 NoDish 2018-02-04
tbh I have about 100 bucks in it. Kinda like if you bought $100 of Microsoft stock in 1930 you'd be a gazillionaire now
1 andyfuckingkaufman 2018-02-04
Wanna buy some premium hillside Martian real estate?
1 million acres. 1 cent per acre. PM me.
1 lascanto 2018-02-04
Hat depends, is there an HOA?
1 pentillionaire 2018-02-04
john mcafee swears he will eat his dick on live tv if it doesn’t reach $1,000,000 by 2021
1 joris 2018-02-04
John promises a lot.
1 Gryphonboy 2018-02-04
To be fair, his dick is probably rotting off because of his questionable 'lifestyle' so I'm pretty sure he's not worried about people calling him on this.
1 pentillionaire 2018-02-04
i mean i know he’s gonna weasel his way out of it & his followers won’t care but i wish there was a way to legally enforce promises like this
1 IAintThatGuy 2018-02-04
It's possible though. But I best it'll last 2 hours and then a lot of people will kill themselves the days after.
1 fucknazimodzzz 2018-02-04
It’s not delusion, it’s dishonesty. Their livelihoods depend on them getting more people to buy bitcoin
1 aqouta 2018-02-04
Tbf 40k is a conservative guess if it continued it's trend.
1 SuperiorExcess 2018-02-04
I'm pretty sure after this crash retards will keep dumping their money in it, it doesn't seem like it's over yet.
1 sheepcat87 2018-02-04
This "crash" dropped it back to levels it was at waaaaay back in. . .November.
1 fucknazimodzzz 2018-02-04
The trend clearly wasn’t going to continue
1 aqouta 2018-02-04
If you think you can predict that then you're not better than the people who thought they could predict it would continue. And if you're very confident about that I can show you how to short bitcoin.
1 fucknazimodzzz 2018-02-04
I did predict it. Spent weeks earning everyone in the bitcoin sub
1 aqouta 2018-02-04
Post your leveraged short? And the bitcoin sub is full of morons.
1 fucknazimodzzz 2018-02-04
I’m not buying into your scheme. Get lost
1 aqouta 2018-02-04
Do you know it will go down and there are ways to easily make money off of your prediction if it turns out true but you refuse to do so.
1 fucknazimodzzz 2018-02-04
That’s called gambling. It’s pretty much impossible to predict the short term patterns if you’re not in the know. I call tell you where it’s going long term though.
1 aqouta 2018-02-04
So open a short position. If you can predict where it will be in 1 year It's easy money.
1 fucknazimodzzz 2018-02-04
It will be worthless in a year
1 aqouta 2018-02-04
You can short bitcoin on the CBE if you don't want to deal with actual crypto exchanges. Shorting is a relatively simple process, I'm willing to walk you through it if you're so sure on this call.
1 fucknazimodzzz 2018-02-04
I’m not buying your buttcoins. Move along.
1 aqouta 2018-02-04
I'm not asking you to. Shorting is the opposite of buying.
1 fucknazimodzzz 2018-02-04
MOVE ALONG
1 aqouta 2018-02-04
Oh so you just talk a big game but won't put your money where your mouth is?
1 fucknazimodzzz 2018-02-04
I’m not putting my money anywhere near bitcoin
1 LightUmbra 2018-02-04
How would like to invest in my prolapsed anus? We have no bubble in anusville.
1 shallowm 2018-02-04
To explain it simply, shorting is when you sell a borrowed security to make money off of it when it falls. If it goes down, you make money.
1 RagdollPhysEd 2018-02-04
Probably a warhammer nerd
1 bat_mayn 2018-02-04
Nothing that says it can't or won't. It's extremely volatile, it can explode or it can crash - it doesn't really mean anything because it's entirely unregulated. Yet "1" bitcoin is still worth over $8000 US dollars, that means it's shit. /s
1 LightUmbra 2018-02-04
1 buttcoin is only worth 1 buttcoin.
1 fucknazimodzzz 2018-02-04
Plenty of people did, which is why the whales decided to unload
1 Lostx22 2018-02-04
What are you telling me Chuck E. Cheese tokens are worthless 🤔
1 froibo 2018-02-04
Hey, you can get some tickets with those.
1 fucknazimodzzz 2018-02-04
Tfw ur magic beans are worthless
1 MegaSeedsInYourBum 2018-02-04
Chuck E. Cheese tokens have more real value than bitcoin.
1 OnionBits 2018-02-04
Currently holding a bunch of alts and shitcoin. I have no emotion left, I hope they all crash and burn. 🔥💳🔯
1 RagdollPhysEd 2018-02-04
What price you buy at
1 Wtfct 2018-02-04
Just a reminder, the suckers aren't those who have been screaming HODL for the last year but those who are saying "I bought at 15k+".
We should admire the early adopters for keeping the scam running for so long.
1 RagdollPhysEd 2018-02-04
Do not mock the pharaohs for they are the top of pyramid ascending to the heavens. Mock those at the base
1 bjt23 2018-02-04
Well ya.
1 -SetsunaFSeiei- 2018-02-04
The ones who bought at 15k+ are also screaming HODL
1 fucknazimodzzz 2018-02-04
No lol the ones screaming HODL are the guys who bought at 16k and they’re shitting their pants right now
1 QuantumFreakonomics 2018-02-04
Damn, it's still going down? I thought it would level out at 8k
1 genericusername348 2018-02-04
Hasn't broken 8k yet, but its imminent (as of writing this post). Down 10% in the last 24 hours and no signs of stopping.
bitcoin on suicide watch
1 shanewater 2018-02-04
Every morning when I check bitcoin prices it feels like Christmas Day all over again.
1 PracticalOnions 2018-02-04
Yes, it shows no signs of slowing down and will most likely go below 8k by the week’s end.
Prepare for the imminent suicide notes of idiots who spent their life savings on Chuck E Cheese tokens
1 MegaSeedsInYourBum 2018-02-04
$7,400 as of right now
1 PracticalOnions 2018-02-04
r/bitcoin on suicide watch
1 nomad1c 2018-02-04
http://www.amarketplaceofideas.com/wp-content/uploads/2015/11/bubble-phases1.jpg
currently at "fear"
1 shanewater 2018-02-04
Tbh all crypto coins seem useless, can anyone actually explain why an altcoin would actually have a real world use when any tech industry would just mimic the tech of whatever coin without needing to pay a cut to the altcoin?
1 Nyandalee 2018-02-04
The whole purpose is no trust transactions. I can make a RMDBS based transactable coin in like 5 minutes, and tie it to a credentials system in like 2 hours. The problem with that is now you have to trust me. I have to be trusted to not steal people's money, to not print my own money, etc. Some coins also provide complex programmatic transaction protocols, like eth, but this isn't a requirement by any means.
1 shanewater 2018-02-04
And there lies the problem, would you rather trust an anonymous person or would you rather choose a bank which has operated for 70+ years and operates under strict banking rules?
Because every single fucker involved is using it for a get rich quick ponzi scheme instead of actually BUYING things with it, like you would with a real currency.
1 nithingpole 2018-02-04
For years, everyone's heard that Wall Street is stupid and worthless and serves no value. These bright shining stars reminded all of us why professional investors exist.
1 Mcfillher 2018-02-04
Yeah what you mean is why wall street is regulated. Wall street knows that they could scam greedy chumps easily. they would get fucked over if they did though.
1 nithingpole 2018-02-04
Nah I don't. Madoff went to Club Med of prisons and he ran a Ponzi scheme.
1 Nyandalee 2018-02-04
I bought things with it a few years back, when transacting cost cents rather than 40 dollars or whatever. BTC has essentially lost it's use case because the fees are too high.
also RE trusting the financial services industry. Ha. Ha. Ha. There is no chance of me regularly transacting with the banks as an intermediary unless they are the ones holding liability risk. That's why I buy everything on credit.
Disclosure: I work in said industry
1 joris 2018-02-04
Wait for the lighting network and you can rethink that comment.
1 shitpersonality 2018-02-04
Lightning network is garbage
1 aqouta 2018-02-04
You're not trusting an anonymous person, it's a trustless transaction that's the entire point.
1 genericusername348 2018-02-04
The only case i can think of where it benefited a tech company to jump on is Crypto Kitties. They're basically digital beanie babies and some people are trading them for insanely stupid prices. But as for the actual company, they jumped into the ethereum blockchain and at one point accounted for 25% of all the traffic. Really pissed off ethereum users and miners since digital cat breeding was slowing down their blockchain (lol)
1 Yiin 2018-02-04
So they dont want people to use it?
1 0987654231 2018-02-04
Banana coin looks promising...
1 AnnoysTheGoys 2018-02-04
I can't wait for despair
1 genericusername348 2018-02-04
yeah once it breaks through a few key milestone prices ($8000 and also its 200 day moving average level) there's going to be a glorious amount of drama
1 AnnoysTheGoys 2018-02-04
At what price before it starts raining men?
1 Time_to_Drink 2018-02-04
It’s hard to jump out of your moms basement
1 captainpriapism 2018-02-04
they never realised that all the fake confidence and arrogance around bitcoin was just worried people trying to get new people to buy into it before this happened
1 shanewater 2018-02-04
and yet they STILL didn't sell at 18k because they wanted it to get to 20k. So the end result is tons of new guys getting screwed, legacy bitcoin hoarders getting screwed out of a ludicrous payout and everyone really scared about bitcoin's future.
It's delicious.
1 Tricitiesdrama 2018-02-04
Tbf it did hit twenty
1 iwakan 2018-02-04
Legacy bitcoin hoarders are definitely not getting screwed. If you bought in at $10 it doesn't really matter if the price is $20k or $10k, you've still made more money than many others make in a lifetime.
Nor are they scared of bitcoin's future. They have been through multiple of these bubbles, there's nothing special about this time.
1 ALoudMouthBaby 2018-02-04
When the price hit $.05 though theyre going to feel mighty silly!
1 genericusername348 2018-02-04
a heap of morons jumped on a ponzi scheme near its peak at 15k to 18k and now that its crashing because they've run out of greater idiots to buy into the ponzi, they have to scream HODL!! and BUY THE DIP!! because otherwise they're fucked
1 Hayleycakes2009 2018-02-04
I..i dont even know how this works. What's mining? How do you mine crypto money? Is it real money, like after youre done mining you can have it transferred to your bank? I just.. I have no idea.
1 CHAD_THUNDERCUCK 2018-02-04
its a bunch of incel autists who run everything on linux and play games like factorio to feel smart (rick and morty as well of course) who think they can take jews on at their own craft theyve spent thousands of years manipulating.
1 PM_ME_HAIRLESS_CATS 2018-02-04
I decided to sell my imaginary internet currency back to traditional investments, now that many services are dropping bitcoin or ether based purchasing.
1 better_bot 2018-02-04
Here's how bitcoin could still win.
1 MrAlphonzo 2018-02-04
Who could've thought that the neo-liberal wet dream of a completely unregulated market would fall flat on its face?
1 Lolicon_Air 2018-02-04
libertarian*
1 MrAlphonzo 2018-02-04
I english good.
1 KekGratiaRex 2018-02-04
Every libertarian tbh, that's the point of market, some shit fails and some succeeds.
1 Mcfillher 2018-02-04
This has something to do with drop. Can't be arsed reading it.
https://davidgerard.co.uk/blockchain/2018/01/28/how-to-read-a-crypto-market-depth-chart-and-why-people-went-holy-crap-at-the-overnight-tether-chart/
1 dgerard 2018-02-04
[author here] cheers! this is about the drop on Thursday/Friday, and applies to today's. If you know what the charts mean, it's like an action thriller movie for really boring people.
1 Mcfillher 2018-02-04
I dont know what the chart means.
How did you find my post?
1 dgerard 2018-02-04
the blog has referer logsI obsessively read ALL of reddit grepping for my name
1 kingofthehill5 2018-02-04
Idiots sell at this point but smart people buy.
1 ALoudMouthBaby 2018-02-04
This maxim only holds true when trading in items that have some sort of value.
1 kingofthehill5 2018-02-04
Its a circlejerk joke retard.
1 ALoudMouthBaby 2018-02-04
Well its clearly not a very funny one. Perhaps next time rather than getting upset you should focus on sharpening your wit?
1 mlgattracing 2018-02-04
I blame the Jews.
1 Al_Simmons 2018-02-04
So it was meant to be a currency, but it's literally being treated as a pure investment and not a currency. I have a feeling shit hasn't completely hit the fan yet.
1 ricardogce 2018-02-04
How can I buy the dip if the dip never ends?