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Forum » Just LOL @ the entire world buying Bitcoin.
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Thread: Just LOL @ the entire world buying Bitcoin.

post 1536912951 12-08-2017, 10:37 AM
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#121
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Originally Posted By Mythenthefang⏩
I'm sorry but what's the problem with money's purchasing power going up?

No one holds USD for very long because more is constantly being printed and it's purchasing power is constantly diminishing

Right now Gresham's law is in effect - people would rather spend the bad money (USD) and hold onto the good money (BTC). Just as happened historically under a bimetallic standard where people chose to spend their silver and hold their gold.
No one is using Bitcoin as money. How many of these new buyers could name three places where they could trade their bitcoins for real-world goods? Hell, how many could name one?
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post 1536912961 12-08-2017, 10:38 AM
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#122
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Originally Posted By GabrielNovar⏩
brah you even mission impossible? Look how the bad guys transact $$

all via online market place to sell monies. Tom cruise told us to BUYYYY you BUUYYYYY
You changed my mind - IM ALL IN!!!
post 1536913061 12-08-2017, 10:39 AM
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Originally Posted By ChewYourFood⏩
You changed my mind - IM ALL IN!!!
yup.. Been watching terminator and Blade runner. Pretty much the next wave is AI
post 1536913111 12-08-2017, 10:40 AM
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#124
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Originally Posted By aleeboy⏩
I feel sorry for people in BTC. I wonder how glued to your phones/ PCs you all are. And when you read about new highs, you can't trade as the exchanges are down. This is savage and should be a clear & present warning sign that this is all a scam.

Best execution is important in such a volatile speculative instrument. You guys may be left holding the bag when the whales sell out.
I'm about to throw some money down on BTC and ETH but I think ima stay away from the misc crypto thread. It's mostly guys panicking minute-to-minute and wishing they had bought or held or sold at various points.
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post 1536913331 12-08-2017, 10:42 AM
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can someone aware me...how do you actually turn bitcoin into cash??? you say you made 5k in profit over the last week, how do you get that cash into your hands or is it all fake money.
post 1536913461 12-08-2017, 10:43 AM
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Congrats to everyone on the misc raking in cash off this insane bull market. I predict its going to crash hard as others have said once futures come out and thus haven't invested. A lot of people are going to go negative once the honeymoon ends.
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post 1536913491 12-08-2017, 10:44 AM
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Originally Posted By ctparrilli⏩
can someone aware me...how do you actually turn bitcoin into cash??? you say you made 5k in profit over the last week, how do you get that cash into your hands or is it all fake money.
all bitcoin is....its like Napster for money. You buy/sell

pretty much someone figured out how to turn money (records/cds) and put them on line (mp3) and transact with it real quick (dial up >>> modem) .
post 1536914061 12-08-2017, 10:48 AM
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#128
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It'll crash. It has crashed before and I bet it'll likely crash big time again. I might buy in after a crash, but I dunno.
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post 1536914081 12-08-2017, 10:48 AM
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misc threads from history:

"just LOL @ *******s buying cars"

"just LOL @ *******s buying microsoft - computers are a fad"

"Just LOL if you think more than 5 people will ever use the internet"

"Just LOL @ *******s buying telephones"
Natty poverty maintenance crew

Actual economist crew

Austrian school crew
post 1536915001 12-08-2017, 10:58 AM
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#130
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Originally Posted By Mythenthefang⏩
misc threads from history:

"just LOL @ *******s buying cars"

"just LOL @ *******s buying microsoft - computers are a fad"

"Just LOL if you think more than 5 people will ever use the internet"

"Just LOL @ *******s buying telephones"
can you explain to me, a novice investor, why a bit coin has value?
post 1536915231 12-08-2017, 11:00 AM
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Originally Posted By Frank
can you explain to me, a novice investor, why a bit coin has value?
It doesn't anymore it no longer works as a peer to peer currency because of HIGH fees and insane transfer times like days to weeks.
post 1536915551 12-08-2017, 11:04 AM
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#132
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Originally Posted By ctparrilli⏩
can someone aware me...how do you actually turn bitcoin into cash??? you say you made 5k in profit over the last week, how do you get that cash into your hands or is it all fake money.
I've cashed out regularly to my bank account through Coinbase for the last 3 years. Money arrives in 48 business hours.

Surprised that question is still being asked these days tbh. Crypto is very very very very very real.
post 1536915611 12-08-2017, 11:06 AM
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#133
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Originally Posted By CaliSuperSport⏩
I'm about to throw some money down on BTC and ETH but I think ima stay away from the misc crypto thread. It's mostly guys panicking minute-to-minute and wishing they had bought or held or sold at various points.
This will not end well for you bro... famous last words.

You gonna be glued to the charts more than what FB/ Insta could ever have done to you.

Freedom has its price.
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post 1536915621 12-08-2017, 11:06 AM
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#134
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Originally Posted By pojo18⏩
it's the underlying blockchain technology not the actual "bitcoin" per-say

why does a U.S. dollar have value? it's not backed by anything. it has value because we have collectively agreed that it does
so basically the rest of the world needs to embrace this ten year old technology and a currency where probably 10,000 or so people worldwide own 95% of the coins in circulation.

I have respect for those that can admit they're riding a bubble, but those that think the world is going to adapt...
post 1536915881 12-08-2017, 11:10 AM
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#135
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fkin LMFAO Why is the bitcoin meme still going? you don't need a super brain or any expertise in finance to see that it's a total farce.

a. People are only buying it because its value keeps increasing, and its value keeps increasing because people keep buying it

b. The vast majority of people that buy it, don't buy it to use it as a currency, they buy it as an asset/investment

c. It's literally MLM on a grande scale (buy a retarded ****ty product for way more than it's actual value, and make profit by making other people buy more products for way more than it's actual value)

Surely at some point people will realize wtf are we doing? and then it will crash.

inb4 bitcoin is a commodity, sure there is a future to blockchain technology, but you have no guarantees it will use bitcoin, Gold is a good commodity because it's a real life tangible precious metal, meanwhile you can create an infinite number of cryptocurrencies.
post 1536915901 12-08-2017, 11:10 AM
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#136
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Originally Posted By creatinemonstr⏩
Idk why anyone is holding still
Ppl who bought early and lots would have made lots
But if ur still holding hoping it goes higher then ur retarded
You wont know if one is just holding. It's hard to know.
I could have bought 100 BTC in 2013 when it was less than $100 each and sold it to some exchange this month for $15k each.

For all you know, I could be retired enjoying my $1.5M and the 100 BTC I previously held is now being held by other people who bought in at $15k per btc. They are the one holding now hoping it will go up higher than their buy-in price.

So same coin is still there but being held by another party and holding for another reason.
Originally Posted By aleeboy⏩
I feel sorry for people in BTC. I wonder how glued to your phones/ PCs you all are. And when you read about new highs, you can't trade as the exchanges are down. This is savage and should be a clear & present warning sign that this is all a scam.

Best execution is important in such a volatile speculative instrument. You guys may be left holding the bag when the whales sell out.
This is the problem when people talk of something they dont know.
If I have a 2 bitcoins and I think its time to withdraw @ $20k per coin but the exchanges are down, I'll trade my BTC for a USDT (example in Bittrex). I'll get 40k USDT and I'll let that USDT stay within Bittrex until everything settles down.

Now I have 3 options to choose from, I can move my 40k USDT to either BTC (if it settles), LTC or ETH and send them back to Coinbase. Then sell it in Coinbase for FIAT and deposit in my bank.

If you know what you're doing, you wont be trapped into that scenario.
Also you dont have to be glued to your phone if your intention is long term hold. If your intention is day trading, then there are conditional trades you can setup when prices goes down to a certain level.

You can also set an alarm on your phone when prices reached a specific amount you set.
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post 1536916501 12-08-2017, 11:17 AM
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#137
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Originally Posted By Alchem⏩
fkin LMFAO Why is the bitcoin meme still going? you don't need a super brain or any expertise in finance to see that it's a total farce.

a. People are only buying it because its value keeps increasing, and its value keeps increasing because people keep buying it

b. The vast majority of people that buy it, don't buy it to use it as a currency, they buy it as an asset/investment

c. It's literally MLM on a grande scale (buy a retarded ****ty product for way more than it's actual value, and make profit by making other people buy more products for way more than it's actual value)

Surely at some point people will realize wtf are we doing? and then it will crash.

inb4 bitcoin is a commodity, sure there is a future to blockchain technology, but you have no guarantees it will use bitcoin, Gold is a good commodity because it's a real life tangible precious metal, meanwhile you can create an infinite number of cryptocurrencies.
Bit coin futures are being sold not because of legitimacy, but because there is a demand. I saw an interview where the owner of an investment firm said they were going to charge an 800% premium for bit coin futures. Normal contracts are 50 to 80 cents and BC futures well be sold at $5.00. There is an opportunity for these guys to make huge money here.

They'd charge commission on dog shyt if enough people wanted to speculate on it's value.

He did comment on how silly people are being right now and how it very well might go to $100k before it pops and goes to zero.

Make no mistake, a bit coin will be worthless in the future.

Find your greater fool today!
post 1536917551 12-08-2017, 11:29 AM
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#138
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Originally Posted By Frank
so basically the rest of the world needs to embrace this ten year old technology and a currency where probably 10,000 or so people worldwide own 95% of the coins in circulation.

I have respect for those that can admit they're riding a bubble, but those that think the world is going to adapt...
There will always be another one better than BTC that will come. Right now, LTC and ETH to name some has actually better potential. If ever that time BTC becomes old and impractical for use, for sure you have already learned about the next big thing. You should be able to know now how to transfer your BTC investment into a more promising crypto OR withdraw your investment by converting it back to FIAT.

Even long term investors doesn't just leave their money sitting there without monitoring it. Once they see some kind of crash, they move it somewhere safe or withdraw.
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post 1536917741 12-08-2017, 11:31 AM
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#139
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Originally Posted By jinda628⏩
There will always be another one better than BTC that will come. Right now, LTC and ETH to name some has actually better potential. If ever that time BTC becomes old and impractical for use, for sure you have already learned about the next big thing. You should be able to know now how to transfer your BTC investment into a more promising crypto OR withdraw your investment by converting it back to FIAT.

Even long term investors doesn't just leave their money sitting there without monitoring it. Once they see some kind of crash, they move it somewhere safe or withdraw.
essentially wildly speculating?

The long term investors and their "hodl" mantra is why there is a perceived demand for this ten year old power ravenous means of exchange.
post 1536917931 12-08-2017, 11:32 AM
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#140
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As of right now BTC only has value as a store of value. It isn't really widely accepted as a currency. If that changes, it could become a legitimate currency. Right now, it is just a bubble and resembles a pyramid scheme (as all early currency systems do). I feel like if BTC ever really does get widely adopted, the government will just mint its own blockchain based crypto, and kill it. The new one would probably be "future proof" for quantum computing.
post 1536918481 12-08-2017, 11:39 AM
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#141
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Originally Posted By wincel⏩
As of right now BTC only has value as a store of value. It isn't really widely accepted as a currency. If that changes, it could become a legitimate currency. Right now, it is just a bubble and resembles a pyramid scheme (as all early currency systems do). I feel like if BTC ever really does get widely adopted, the government will just mint its own blockchain based crypto, and kill it. The new one would probably be "future proof" for quantum computing.
I don't know much about computers, but I do know nothing is future proof. 2008 tech is ancient. 20 years from now we'll probably have quantum PCs in our phones.
post 1536918681 12-08-2017, 11:41 AM
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#142
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Originally Posted By Frank
I don't know much about computers, but I do know nothing is future proof. 2008 tech is ancient. 20 years from now we'll probably have quantum PCs in our phones.
I mean future proof in the short term ish lol. The problem with BTC and other things like that is that when quantum computers hit the market, they will be able to mine much more efficiently than anticipated. Many cryptographic algorithms are vulnerable to this change. They need to "future proof" it in that sense. Of course you are right in that nothing will work forever. It's always an arms race.
post 1536919351 12-08-2017, 11:50 AM
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#143
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Originally Posted By wincel⏩
I mean future proof in the short term ish lol. The problem with BTC and other things like that is that when quantum computers hit the market, they will be able to mine much more efficiently than anticipated. Many cryptographic algorithms are vulnerable to this change. They need to "future proof" it in that sense. Of course you are right in that nothing will work forever. It's always an arms race.
even so mining as we understand in the context of bitcoin doesn't need to exist for any of these tokens, there are many that come pre-mined the value is in the service it offers right? so in theory a super fast quantum computer could process transactions at speeds we couldn't really fathom and the rewards for the use of these cpus the "mining" rewards could be the transaction fees as we see with other proof of work coins.

The only concern i would have is how easy a 51% attack could be to arrange with computer power on a quantum level. I for one, don't want to live in a world where there are competitor "stores of value" coins, I don't like all the btc forking, cumulative hashing power is how we've managed to exponentially secure transactions on the ledger, if you all of the sudden have many competitors and people mining all these competing coins you open the door for people to gain majority of the hash power and alter the ledgers.
post 1536919751 12-08-2017, 11:52 AM
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#144
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I'm going to start selling futures contracts to all you fkkers next week.
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post 1536919911 12-08-2017, 11:54 AM
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Originally Posted By Frank
I don't know much about computers, but I do know nothing is future proof. 2008 tech is ancient. 20 years from now we'll probably have quantum PCs in our phones.
It is still doing what its meant to do at this point. The last bitcoin is projected to be mined by year 2140. So until that time comes, they could come up with some rework or improvement along the way, that's why there are forks. Or they could just die. It happens on any kind of business.

But its future should not stop people from going in and investing while its still profitable, like any other business. I may not even live long enough to see the day BTC will die so...
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post 1536920161 12-08-2017, 11:56 AM
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#146
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Originally Posted By LFAesthetics⏩
even so mining as we understand in the context of bitcoin doesn't need to exist for any of these tokens, there are many that come pre-mined the value is in the service it offers right? so in theory a super fast quantum computer could process transactions at speeds we couldn't really fathom and the rewards for the use of these cpus the "mining" rewards could be the transaction fees as we see with other proof of work coins.

The only concern i would have is how easy a 51% attack could be to arrange with computer power on a quantum level. I for one, don't want to live in a world where there are competitor "stores of value" coins, I don't like all the btc forking, cumulative hashing power is how we've managed to exponentially secure transactions on the ledger, if you all of the sudden have many competitors and people mining all these competing coins you open the door for people to gain majority of the hash power and alter the ledgers.
That's why when crypto gets big enough, the federal govt will just make its own, and that will become the new crypto standard
post 1536920181 12-08-2017, 11:56 AM
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Can any bitcoin misc exper brah explain me how this currency is worth more than dollars if it doesnt consitute a measure of wealth of any kind?

Miring hard the fall, if I could I short sell that bich to make a kilin
post 1536920461 12-08-2017, 11:59 AM
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#148
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Originally Posted By jinda628⏩
It is still doing what its meant to do at this point. The last bitcoin is projected to be mined by year 2140. So until that time comes, they could come up with some rework or improvement along the way, that's why there are forks. Or they could just die. It happens on any kind of business.

But its future should not stop people from going in and investing while its still profitable, like any other business. I may not even live long enough to see the day BTC will die so...
If cryptocurrency was main stream today, can you tell me how my life would improve as a regular consumer vs fiat?
post 1536920881 12-08-2017, 12:03 PM
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#149
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Originally Posted By Frank
If cryptocurrency was main stream today, can you tell me how my life would improve as a regular consumer vs fiat?
Some benefits:

Electronic ledger for documentation of all transactions
Very difficult to counterfeit
Electronic money has a faster transaction speed = higher financial velocity, meaning more productivity (these days banking is mostly done electronically or via credit card so this is a minor improvement at best)

Drawbacks:

Reduced privacy and anonymity of transactions (black market, cash only businesses would suffer if crypto were widely adopted and the IRS would prevent any type of anonymity)
post 1536921471 12-08-2017, 12:09 PM
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#150
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Originally Posted By wincel⏩
Some benefits:

Electronic ledger for documentation of all transactions
Very difficult to counterfeit
Electronic money has a faster transaction speed = higher financial velocity, meaning more productivity (these days banking is mostly done electronically or via credit card so this is a minor improvement at best)

Drawbacks:

Reduced privacy and anonymity of transactions (black market, cash only businesses would suffer if crypto were widely adopted and the IRS would prevent any type of anonymity)
I don't mean to be rude or obtuse but what advantage does a ledger have for me vs my CC statement? I honestly see no benefits in crypto. I for one appreciate inflation of fiat currency. Without inflation, people would be afraid to spend money and the economy would essentially halt.
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