Bitcoin is hilariously broken in 2016

The Something Awful Forums > Archives > General Bullshit > Bitcoin is hilariously broken in 2016

gnarlyhotep: Sep 30, 2008; by Lowtax; Oven Wrangler

It's almost like...a currency that isn't backed by anything other than it's market value in other currencies isn't very stable...

I'm having flashbacks to 2011 and two gay men in NYC with a web cast

# ¿ Jan 18, 2016 02:59

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# ¿ Apr 29, 2024 13:40

gnarlyhotep: Sep 30, 2008; by Lowtax; Oven Wrangler

Stick Figure Mafia posted:

"our cameras stuck in demo mode" is a reference very few people still get
https://www.youtube.com/watch?v=MBfeLdjNVKY

Those were heady days indeed

# ¿ Jan 18, 2016 03:04

gnarlyhotep: Sep 30, 2008; by Lowtax; Oven Wrangler

Serrath posted:

Story + question about bitcoins:

I have a friend who has been dating a new partner for about 4 months. My friend has a good job and savings of about $40 or $50k. Her partner wanted to return to university but lacked the means to pay and he asked if he could borrow tuition for a year (about $6000). My friend wasn't comfortable loaning that sort of money for a 4 month old relationship causing her boyfriend to offer to give her $6000USD worth of bitcoins as collateral for the loan.

My friend isn't that computer savvy and didn't know what a Bitcoin was so her partner set about studiously showing her magazine articles, pages printed from webpages, graphs showing their value over time and gave assurance after assurance that bitcoins were a real thing. She was still worried and, in the middle of an argument, her partner promised her his entire Bitcoin fortune (worth about $15,000 USD) as collateral for the $6000 loan. Wanting to avoid a longer argument she said yes and he set about putting the bitcoins in her name.

Since then, he's been needling her and making snide, passive aggressive comments about how she's holding onto his entire retirement savings and making allusions about how unfair it was that he had to turn over $15,000 (which is apparently worth $18,000 now) in exchange for a "mere" $6,000

Anyway she's sick of it and wants to cash out $6,000 worth of bitcoins so she can settle the loan and then send him back the remaining bitcoins so this doesn't keep coming between them. Except she doesn't know how to convert her Bitcoin fortune into real money and asked me to help her.

My question is, how screwed is she?

# ¿ Jan 18, 2016 03:56

gnarlyhotep: Sep 30, 2008; by Lowtax; Oven Wrangler

The thread title should be

Bitcoin and its users are hilariously broken in 2016

# ¿ Jan 18, 2016 04:06

gnarlyhotep: Sep 30, 2008; by Lowtax; Oven Wrangler

Wicker Man posted:

I think the original might still be on the crew forums, unless it was lumped in with the xbone release thread.

This is one of them

http://forums.somethingawful.com/showthread.php?threadid=3413928&userid=0&perpage=40&pagenumber=1

OP was put on probation by Senior Woodchuck, because Senior Woodchuck was a loving idiot.

# ¿ Jan 18, 2016 04:44

gnarlyhotep: Sep 30, 2008; by Lowtax; Oven Wrangler

Nirvikalpa posted:

The real question is, can you still buy drugs?

gently caress off bitch

# ¿ Jan 18, 2016 05:16

gnarlyhotep: Sep 30, 2008; by Lowtax; Oven Wrangler

Serak posted:

All of these things are true but you see this is actually good for Bitcoin because

# ¿ Jan 18, 2016 05:21

gnarlyhotep: Sep 30, 2008; by Lowtax; Oven Wrangler

I overheard a guy at work explaining bitcoins to another guy as I passed by and all I needed to hear was "it's better because it has no central authority". I will be avoiding that bitcoin guy now.

# ¿ Jan 20, 2016 02:55

gnarlyhotep: Sep 30, 2008; by Lowtax; Oven Wrangler

Novo posted:

to be fair plenty of protocols are cooler for being decentralized. bitcoin sucks though.

protocols maybe, but I like my dollars to have some semblance of stability

# ¿ Jan 20, 2016 03:22

gnarlyhotep: Sep 30, 2008; by Lowtax; Oven Wrangler

Ayn Randi posted:

also these bitcoin intermediary services are routinely used to launder money from stolen credit cards. you send your bitcoins to some random guy who buys poo poo off amazon/ wherever for you with a stolen card, then the police come knocking on your door because you just ordered goods purchased with a stolen card to your home address now you're both a criminal and out a bunch of butts

A fool and his butts are soon farted

# ¿ Jan 20, 2016 05:06

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# ¿ Apr 29, 2024 13:40

gnarlyhotep: Sep 30, 2008; by Lowtax; Oven Wrangler

TontoCorazon posted:

Shouldn't the thread be titled "bitcoin is hilariously broken everyday"

well yes, but it was a big thing about 5 or 6 years ago, how it was going to revolutionize currency and the world itself

So the thread title is a reminder of the hubris

# ¿ Jan 20, 2016 07:05

The Something Awful Forums > Archives > General Bullshit > Bitcoin is hilariously broken in 2016