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QuarkJets posted:It's not a sell off, Bitfinex stopped all cash withdrawals because they ran out of banks who would work with them so people with cash deposits there tried to convert their cash into bitcoins. This translates into demand for bitcoins, driving the price up. We saw the same rapid price climb for the same reasons back when MtGox stopped cash withdrawals. If you know what happened to MtGox after that, you can probably see what's coming. you're doing god's work, son i'm proud of you, son
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Jun 2, 2017 09:17
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QuarkJets posted:It's not a sell off, Bitfinex stopped all cash withdrawals because they ran out of banks who would work with them so people with cash deposits there tried to convert their cash into bitcoins. This translates into demand for bitcoins, driving the price up. We saw the same rapid price climb for the same reasons back when MtGox stopped cash withdrawals. If you know what happened to MtGox after that, you can probably see what's coming. Yeah that makes sense - you said "so everyone is selling their coins on that service" when really "so everyone is buying coins on that service" is what's going on and indeed would lead to the price going up. I dunno who the hell is providing that liquidity but whatever lol.
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Jun 2, 2017 17:16
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Millstone posted:Op what does "Bruce Wagner" and "demo mode" and "goons vibrating a blackberry onto the floor on a live video stream" mean to you???? It's really the small things about Bitcoin that I appreciate. Does anyone have a link to that video?
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Jun 2, 2017 17:22
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QuarkJets posted:Note that Bitfinex is the same exchange that lost a bunch of bitcoins in a hack and decided to give all of their customers a 36% haircut last year, even customers who didn't have any bitcoin deposits. So people who are still investing over there are already dumb as bricks Do you feel this is a representative summary of what happened? Are you leaving anything out that happened afterward?
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Jun 2, 2017 18:05
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Jeffrey of YOSPOS posted:Yeah that makes sense - you said "so everyone is selling their coins on that service" when really "so everyone is buying coins on that service" is what's going on and indeed would lead to the price going up. I dunno who the hell is providing that liquidity but whatever lol. I goofed up my phrases but I can answer this: They are allowing people to margin/short 3 1/3 to 1 within the exchange on top of not being able to get actual money in or out.
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Jun 2, 2017 22:02
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LethalGeek posted:I goofed up my phrases but I can answer this: They are allowing people to margin/short 3 1/3 to 1 within the exchange on top of not being able to get actual money in or out. Ahaha what??? I assume you need an account in good standing or something, how the hell could they possibly enforce a margin call on a bitcoin exchange? I guess maybe you can only short as much as you're holding such that you can always pay back the borrowed bitcoins and aren't actually leveraged, but can accept the risk of the exchange folding in exchange for extra (not-quite) money if bitcoins do fall in price.
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Jun 2, 2017 22:14
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Jeffrey of YOSPOS posted:Ahaha what??? I assume you need an account in good standing or something, how the hell could they possibly enforce a margin call on a bitcoin exchange? I guess maybe you can only short as much as you're holding such that you can always pay back the borrowed bitcoins and aren't actually leveraged, but can accept the risk of the exchange folding in exchange for extra (not-quite) money if bitcoins do fall in price. https://www.bitfinex.com/howitworks if you wanna try to make sense of all this have fun
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Jun 2, 2017 22:42
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Ham Sandwiches posted:Do you feel this is a representative summary of what happened? Are you leaving anything out that happened afterward? Very representative, yes. The 36% haircut was illegal as gently caress, which is why Bitfinex can no longer find any banks in the US willing to work with them. I guess another point of comedy is that Bitfinex rewarded its scammed users with tokens to represent their accounts' lost value. So if you had deposited $1000 in USD, suddenly your balance dropped to $640 + 360 IOUs for $1. The value of these tokens fell to as low as 50 cents through 2016, and then as if by magic a bunch of margin traders suffered losses from bizarre price swings that occurred on none of the other exchanges, a bunch of the tokens were bought out by the exchange at the new lowered value, and then later they were able to redeem the rest for their original $1 value. These are scams on top of scams on top of scams but their users don't seem to mind, bitcoiners are nothing if not gullible
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Jun 3, 2017 01:48
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Holy poo poo there's two threads deriding goons for making fun of bitcoin lmao
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Jun 3, 2017 02:18
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Waffle House posted:Holy poo poo there's two threads deriding goons for making fun of bitcoin lmao The funny thing this was the thread from a few months ago when it got over some price...and then crashed a couple weeks later after all the bitcoin idiots were trying to be all smug while the rest of us correctly pointed out it always goes back down. It got bumped to remind us drug selling idiot lost his appeal so he'll be in jail forever.
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Jun 3, 2017 04:27
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LethalGeek posted:The funny thing this was the thread from a few months ago when it got over some price...and then crashed a couple weeks later after all the bitcoin idiots were trying to be all smug while the rest of us correctly pointed out it always goes back down. It got bumped to remind us drug selling idiot lost his appeal so he'll be in jail forever. zero seven em eight to the bumper
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Jun 3, 2017 05:16
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I have too much fun arguing when I ultimately don't care. Also I think we were up to 3 threads.
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Jun 3, 2017 05:21
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LethalGeek posted:The funny thing this was the thread from a few months ago when it got over some price...and then crashed a couple weeks later after all the bitcoin idiots were trying to be all smug while the rest of us correctly pointed out it always goes back down. It got bumped to remind us drug selling idiot lost his appeal so he'll be in jail forever. Uh yeah it continued varying but it didn't really significantly crash at all. It's not like whether it's 800 or 1000 is the point - the naysaying goons who've been posting "the money is computer LMFAO!!!!" for five years were, in fact, totally wrong and it's funny that they still keep their threads around as monuments to their incompetence. Turns out bitcoins had the right kind of ram, after all.
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Jun 3, 2017 17:44
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Wrong about what?
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Jun 4, 2017 03:20
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How much of the real money value of bitcoin is dependent upon bitcoins position as the payment method of choice for ransomware?
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Jun 4, 2017 03:27
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Spatial posted:Wrong about what? Bitcoins. All of them. We were wrong about every single Bitcoin.
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Jun 4, 2017 03:30
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drat. 
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Jun 4, 2017 04:11
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Waffle House posted:Holy poo poo there's two threads deriding goons for making fun of bitcoin lmao There can only ever be 21,000,000 threads making fun of goons about bitcoin. It's deflationary after that.
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Jun 4, 2017 05:29
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Jeffrey of YOSPOS posted:Uh yeah it continued varying but it didn't really significantly crash at all. It's not like whether it's 800 or 1000 is the point - the naysaying goons who've been posting "the money is computer LMFAO!!!!" for five years were, in fact, totally wrong and it's funny that they still keep their threads around as monuments to their incompetence. Turns out bitcoins had the right kind of ram, after all. again, there's nothing wrong about laughing at ross "mycrimes.txt" ulbricht, mark "did nothing wrong" karpeles being so not-wrong that he came out of Japanese prison looking super slim and good, or super-agent CARL MARK FORCE IV
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Jun 4, 2017 06:47
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and the most not-wrong thing of all: Bitcoin Mining Profit Calculator: Gaiden
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Jun 4, 2017 06:49
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some dude in the yospos thread made like $1500 amazon bucks. From Dogecoin. Anyone ever make any money from bitcoin?
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Jun 4, 2017 07:14
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Mumpy Puffinz posted:Anyone ever make any money from bitcoin? Richard "Lowtax" Kyanka has definitely gotten  from me so I could laugh at funny coins, plus lots more from some bitcoiners who have registered multiple accounts and given us great avatars just to show us how rich they are.
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Jun 4, 2017 07:31
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Buttcoin purse posted:Richard "Lowtax" Kyanka has definitely gotten yeah, thats pretty funny too
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Jun 4, 2017 07:35
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Who actually uses bitcoin for anything besides as high risk commodity? Or people cashing out ransom ware fees
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Jun 4, 2017 08:28
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a cyberpunk goose posted:Who actually uses bitcoin for anything besides as high risk commodity? Or people cashing out ransom ware fees Uh drugs?
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Jun 4, 2017 08:37
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a cyberpunk goose posted:Who actually uses bitcoin for anything besides as high risk commodity? Or people cashing out ransom ware fees hodl bitch
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Jun 4, 2017 08:38
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LethalGeek posted:The funny thing this was the thread from a few months ago when it got over some price...and then crashed a couple weeks later after all the bitcoin idiots were trying to be all smug while the rest of us correctly pointed out it always goes back down. It got bumped to remind us drug selling idiot lost his appeal so he'll be in jail forever. The sentencing hearing was amazing Judge was like my dude you could be going to prison for a very long times so I don't take this lightly I went to my cabin by myself and just went on walks and thought about it I thought about every potential year of your sentence and what it would mean for you and your loved ones and the people whose lives you hurt with your drug Amazon One million years dungeon don't pass go don't collect poo poo you gonna die in jail ross
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Jun 4, 2017 13:47
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a cyberpunk goose posted:Who actually uses bitcoin for anything besides as high risk commodity? Or people cashing out ransom ware fees Chinese mining pools getting around ever-tightening currency controls. I realized bitcoiners are missing a golden opportunity by not convincing red staters who roll coal to get into Bitcoin, considering the massive amount of energy spent and pollution created.
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Jun 4, 2017 15:22
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Pole kwa hasara yako [Here comes a scammer, Father] wahalifu kuiba fedha za [Oh yes, it's a scammer] From the day we arrive on the blockchain And blinking, step around the scum There's more to steal than can ever be stolen More to do than can ever be done There's far too much to lose in here More to, uh, find than can ever be found But the sun rolling high Through Satoshi's sky Keeps great and small on the endless round It's the Circle of Scams And it drains us all with despair, no hope No faith or love Till we find our coins On the birdbath unwinding In the Circle The Circle of Scams
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Jun 4, 2017 18:09
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a cyberpunk goose posted:Who actually uses bitcoin for anything besides as high risk commodity? Or people cashing out ransom ware fees There are still some businesses that use Coinbase but they don't technically accept bitcoin (you give bitcoin to Coinbase and Coinbase gives cash to the vendor but apparently there are some pitfalls to avoid) so you could buy a video card or w/e on Newegg Not that anyone ever does because bitcoin is for hoarding, not spending
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Jun 4, 2017 22:54
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Ross "harm reduction" Ulbricht was also okay with people selling like ricin and poo poo on his drug amazon And also he paid bitcoins to have some people killed, so I guess that's another thing you can buy with bitcoin, but the assassin and all of the victims were undercover FBI agents so maybe it doesn't count
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Jun 4, 2017 22:57
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QuarkJets posted:Ross "harm reduction" Ulbricht was also okay with people selling like ricin and poo poo on his drug amazon One of the "victims" was a guy the FBI busted and flipped, the other was just some guy? According to the wired article I think Ross hiring a guy to kill himself is just lore
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Jun 4, 2017 23:59
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BENGHAZI 2 posted:One of the "victims" was a guy the FBI busted and flipped, the other was just some guy? According to the wired article no no no, it was the fbi guy named Carl Mark Force IV. In one email he was pretending to be a girl, but signed it carl. Then realised it and said his name was Carla the whole Ross Ulbricht thing is a calamity of incompetence. Ross had a file on his laptop called mycrimes.txt
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Jun 5, 2017 00:38
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Mumpy Puffinz posted:no no no, it was the fbi guy named Carl Mark Force IV. No there was a guy with roommates that he told the air quotes Hitman to kill all of them CARL MARK FORCE IV is a different story and it ends with CARL MARK FORCE IV facing trial because he stole bitcoins during his investigation
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Jun 5, 2017 00:49
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Mumpy Puffinz posted:no no no, it was the fbi guy named Carl Mark Force IV. No running an encrypted online drug empire from Austin, TX was a stroke of genius.
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Jun 5, 2017 00:51
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Dmitri-9 posted:No running an encrypted online drug empire from Austin, TX was a stroke of genius. my favorite part of the whole debacle was when Ross' mom testified that he's such a nice boy, one time he went and got the car for his friends after the movies when it was raining
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Jun 5, 2017 01:37
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Ross is such a nice boy, not like those darker criminals - ross' mom
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Jun 5, 2017 01:55
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Whats the consensus?: I hear word on the street is even if i had bitcoins I wouldn't be able to convert it
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Jun 5, 2017 02:07
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LolitaSama posted:Whats the consensus?: I hear word on the street is even if i had bitcoins I wouldn't be able to convert it bitcoin is boring and stupid and going nowhere. Laughing at bitcoin and its stupid cult is priceless
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Jun 5, 2017 02:09
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BENGHAZI 2 posted:The sentencing hearing was amazing Every time I start to feel bad for the dude I remember how his parents argued he was too white to die in prison.
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Jun 5, 2017 03:06
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