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CaptainSarcastic
Jul 6, 2013



:tif:

https://www.bloomberg.com/news/articles/2017-09-04/china-central-bank-says-initial-coin-offerings-are-illegal

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Heath
Apr 30, 2008

🍂🎃🏞️💦

lol.

Tenzarin
Jul 24, 2007
.
Taco Defender

divabot posted:

loving Magic(tm).

Also because bitcoin is so thinly traded that the price is trivially manipulable.

The bitcoin fairy! I love it!

Goa Tse-tung
Feb 11, 2008

;3

Yams Fan

this is actually good for Bitcoin, because

gary oldmans diary
Sep 26, 2005

Tenzarin posted:

The bitcoin fairy! I love it!
agreed. that guy rules

Facebook Aunt
Oct 4, 2008

wiggle wiggle




Are bitcoins funny yet?

https://www.youtube.com/watch?v=vqNEdDaFLCM

CaptainSarcastic
Jul 6, 2013



:tif:
https://www.nytimes.com/2017/09/14/business/china-bitcoin-exchange.html
:tif:

poverty goat
Feb 15, 2004




China kicked off the current crash a couple of weeks ago by banning ICOs as well. Chinese miners are probably next. :rip: faux legitimate drug currency

LethalGeek
Nov 4, 2009

quote:

Though the moves by the Chinese authorities this month have resulted in declines in the value of Bitcoin, some argue that they will allow for a more even geographic distribution in the online currency’s trading and mining.
What hopeful idiot wrote this bullshit? The only reason folks in china got in on this as it was a convoluted way to turn Yuan into Dollars.

:lol: at everyone who put money into crypto god drat the world is full of stupid people.

scott zoloft
Dec 7, 2015

yeah same

LethalGeek posted:

What hopeful idiot wrote this bullshit? The only reason folks in china got in on this as it was a convoluted way to turn Yuan into Dollars.

:lol: at everyone who put money into crypto god drat the world is full of stupid people.

someone missed the wagon :qq:

Stefan Prodan
Jan 7, 2002

I deeply respect you as a human being... Some day I'm gonna make you *Mrs* Buck Turgidson!


Grimey Drawer
It's mostly rebounded in price already, at least to around 4k

Will be interesting to see what it does at the end of the month

HerStuddMuffin
Aug 10, 2014

YOSPOS
It's so funny how people talk about the price of bitcoin like it's something that's decided by market forces and isn't blatantly manipulated.

Comfy Fleece Sweater
Apr 2, 2013

You see, but you do not observe.

Stefan Prodan posted:

It's mostly rebounded in price already, at least to around 4k

Will be interesting to see what it does at the end of the month

What's happening at the end of the month ?

Stefan Prodan
Jan 7, 2002

I deeply respect you as a human being... Some day I'm gonna make you *Mrs* Buck Turgidson!


Grimey Drawer
That's when China is gonna try to shut down their bitcoin exchanges, according to this article

divabot
Jun 17, 2015

A polite little mouse!

HerStuddMuffin posted:

It's so funny how people talk about the price of bitcoin like it's something that's decided by market forces and isn't blatantly manipulated.

https://twitter.com/Bitfinexed/status/908718464671641602

that's someone buying 50,000 BTC - note that 100 BTC of trading can noticeably affect the price - on Bitfinex, an exchange that doesn't have loving banks. It's wash trading to manipulate the price up because otherwise Bitfinex would have hit a lot of margin calls. That's how the price went up $600 in four hours.

Captain Gordon
Jul 22, 2004

:10bux::10bux::10bux::10bux::10bux:
hahaha Russia and North Korea are considering adopting bitcoin, what could go wrong

:ussr: https://cointelegraph.com/news/russia-is-working-on-legalizing-status-of-bitcoin-other-cryptocurrencies-rt

:troll: https://www.bloomberg.com/news/articles/2017-09-14/coincidence-or-not-north-korea-china-and-the-bitcoin-bears

Captain Gordon fucked around with this message at 22:56 on Sep 15, 2017

Jeffrey of YOSPOS
Dec 22, 2005

GET LOSE, YOU CAN'T COMPARE WITH MY POWERS
Where are the sells if it's a wash trade?

Solice Kirsk
Jun 1, 2004

.

Jeffrey of YOSPOS posted:

Where are the sells if it's a wash trade?

Keep them in the sellar for winter.

LanceHunter
Nov 12, 2016

Beautiful People Club



I mean, Russia's ransomware industry already runs on it...

Captain Gordon
Jul 22, 2004

:10bux::10bux::10bux::10bux::10bux:

LanceHunter posted:

I mean, Russia's ransomware industry already runs on it...

a fair point

Waffle House
Oct 27, 2004

You follow the path
fitting into an infinite pattern.

Yours to manipulate, to destroy and rebuild.

Now, in the quantum moment
before the closure
when all become one.

One moment left.
One point of space and time.

I know who you are.

You are Destiny.


LanceHunter posted:

I mean, Russia's ransomware industry already runs on it...

"We're just legitimizing a particular market segment that our upper-middle class leans heavily on."

ScRoTo TuRbOtUrD
Jan 21, 2007

http://money.cnn.com/2017/09/15/technology/china-bitcoin-exchanges-prices-crash/index.html

quote:

Two of the country's most prominent bitcoin exchanges, BTC China and Via BTC, said they will halt trading this month. BTC China has also stopped registering new users, it said in a statement posted on social media.
Both exchanges said the decision to cease trading was triggered by an announcement by Chinese authorities last week banning initial coin offerings (ICOs), in which companies issue "digital" tokens similar to shares in exchange for bitcoin or other cryptocurrencies.
There have also been reports that China is preparing a wider crackdown on bitcoin trading amid concerns that it is being used for money laundering.
The increased scrutiny has caused the value of bitcoin to crash. It was down 7% on Friday and has fallen more than 20% in a week after rising above $4,000 in August.

:smuggo:

lol

:smuggo:

scott zoloft
Dec 7, 2015

yeah same
i bet it reaches or already reached 6k by the end of the year.

ScRoTo TuRbOtUrD
Jan 21, 2007

scott zoloft posted:

i bet it reaches or already reached 6k by the end of the year.

all money has traces of cocaine on it

in bitcoin you can theoretically see which one of your coins was used to bid on a sri lankan teen

scott zoloft
Dec 7, 2015

yeah same

SCROTO TURBOSPERG posted:

all money has traces of cocaine on it

in bitcoin you can theoretically see which one of your coins was used to bid on a sri lankan teen

i've been keeping track. it's the shiny .0036 piece i set aside for a rainy day.

LethalGeek
Nov 4, 2009

China told exchange operators to not leave Beijing this is good for bitcoin hahahahahahahahah

HerStuddMuffin
Aug 10, 2014

YOSPOS
This way it will be more convenient to round them up and take them to the reeducation camp bitcoin seminar.

Powershift
Nov 23, 2009


LethalGeek posted:

China told exchange operators to not leave Beijing this is good for bitcoin hahahahahahahahah

I guess they're gonna find out what mining really is :smug:

Topographic Nap
Apr 22, 2007

How are drug dealers able to accept bitcoin if they can't get real money out of the exchanges? Overseas banks + higher laundering fees?

Powershift
Nov 23, 2009


Topographic Nap posted:

How are drug dealers able to accept bitcoin if they can't get real money out of the exchanges? Overseas banks + higher laundering fees?

BTC-E was money laundering organization masquerading as an exchange,

I'm sure a few others are as well.

Ham Sandwiches
Jul 7, 2000

Every single person that said that bitcoins were a scam, had no inherent value, that they were going to collapse, that the exchanges were fake, that you'd lose money mining them, and that it's used for drug transactions / money laundering is as wrong as it is possible to be wrong while still alive

It's impressive that if you wanted to find the world's biggest idiots, empirically, you simply need go back over the past 5-6 years and find everyone that bravely warned people against Buttcoins while acting smug about how right they are. Some of them are still posting in this thread, which owns.

Shinjobi
Jul 10, 2008


Gravy Boat 2k
bitcoins are stupid and a pathetic scam


:smug::hf::smugdog:

Stefan Prodan
Jan 7, 2002

I deeply respect you as a human being... Some day I'm gonna make you *Mrs* Buck Turgidson!


Grimey Drawer
I mean, nobody ever said it wouldn't go up before crashing

I'm not even saying it won't go to 20,000

I'm just saying it's totally unpredictable and therefore not a good investment, also people were posting evidence earlier that the price is being manipulated and there's probably other shady poo poo that you can do when you don't have an SEC

Ham Sandwiches
Jul 7, 2000

Stefan Prodan posted:

I mean, nobody ever said it wouldn't go up before crashing

I'm not even saying it won't go to 20,000

I'm just saying it's totally unpredictable and therefore not a good investment, also people were posting evidence earlier that the price is being manipulated and there's probably other shady poo poo that you can do when you don't have an SEC

I'm telling you you're loving stupid and probably shouldn't tell other people how to invest or make money given that this thing you keep calling BS on keeps appreciating, have you considered that?

Let me ask another way:
At what point would you have to admit that you were wrong? Like 6 months ago people were saying "You'll never be able to mine bitcoins profitably again, that time is past." Except anyone who had mined bitcoins would have made a profit, because they went up ~50% since then. So, I'm sure you'll claim they weren't wrong just like you weren't.

What would it take for your advice of "You should avoid bitcoins, don't mine them, it's a total scam" to be 100% clearly wrong? Can you come up with that criteria?

COMRADES
Apr 3, 2017

by LITERALLY AN ADMIN

Ham Sandwiches posted:

I'm telling you you're loving stupid and probably shouldn't tell other people how to invest or make money given that this thing you keep calling BS on keeps appreciating, have you considered that?

Have you considered that something might be gaining in value and yet still be not worth it when a risk analysis is done?

I mean, just buy Defense/Aerospace ETFs. Yeah you won't get TO THE MOON returns but you won't be in any danger if your shares all being stolen one day and/or crashing 10%-50% in a day based on the whims of the Chinese government.

Ham Sandwiches posted:

Every single person that said that bitcoins were a scam, had no inherent value, that they were going to collapse, that the exchanges were fake, that you'd lose money mining them, and that it's used for drug transactions / money laundering is as wrong as it is possible to be wrong while still alive

It's impressive that if you wanted to find the world's biggest idiots, empirically, you simply need go back over the past 5-6 years and find everyone that bravely warned people against Buttcoins while acting smug about how right they are. Some of them are still posting in this thread, which owns.

This is only true if no one ever lost a BTC to those hacks/scams which is deffo not true.

CassandraZara
Oct 21, 2012

by Nyc_Tattoo

Ham Sandwiches posted:

Like 6 months ago people were saying "You'll never be able to mine bitcoins profitably again, that time is past." Except anyone who had mined bitcoins would have made a profit, because they went up ~50% since then. So, I'm sure you'll claim they weren't wrong just like you weren't.

If the gains of mining are less than the cost of electricity, you're better off just buying bitcoins rather than mining them. Pointing out that they appreciated value past the breakeven point six months down the road doesn't change that.

Stefan Prodan
Jan 7, 2002

I deeply respect you as a human being... Some day I'm gonna make you *Mrs* Buck Turgidson!


Grimey Drawer

Ham Sandwiches posted:

I'm telling you you're loving stupid and probably shouldn't tell other people how to invest or make money given that this thing you keep calling BS on keeps appreciating, have you considered that?

Let me ask another way:
At what point would you have to admit that you were wrong? Like 6 months ago people were saying "You'll never be able to mine bitcoins profitably again, that time is past." Except anyone who had mined bitcoins would have made a profit, because they went up ~50% since then. So, I'm sure you'll claim they weren't wrong just like you weren't.

What would it take for your advice of "You should avoid bitcoins, don't mine them, it's a total scam" to be 100% clearly wrong? Can you come up with that criteria?

If Bitcoin never has a crash in the next 50 years then I'll say I was wrong.

Also I never said they were a scam, that's your words. I'm just saying I think they are a bubble and it's impossible to tell where on the graph of a bubble you are. It could go up 1000% more or it could crash next week.

Mine em if you want, I don't give a poo poo, i just think there are a lot better investments you can make where more variables are known. I don't even have a problem with someone buying a small amount as a lottery ticket but I also don't have a problem with people gambling in any other way either as long as they recognize it for what it is.

Ham Sandwiches
Jul 7, 2000

COMRADES posted:

Have you considered that something might be gaining in value and yet still be not worth it when a risk analysis is done?

No, people are free to speculate with their money how they wish. You were sitting there doomsaying it months ago when it was $2500. On what basis did you warn people off this thing that has gotten more liquidity, more trading, more funds, more nation state support, and more valuation the whole time? Because it keeps being proven wrong.

Like the fact that you are wrong and unable to qualify risk properly - which is 100% empirically true, shouldn't affect other people negatively. Why keep giving out garbage advice that keeps turning out wrong? When do you intend to stop giving out advice that turns out untrue every single time?

EorayMel
May 30, 2015

WE GET IT. YOU LOVE GUN JESUS. Toujours des fusils Bullpup Français.

Shinjobi posted:

bitcoins are stupid and a pathetic scam


:smug::hf::smugdog:

I agree.

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Ham Sandwiches
Jul 7, 2000

CassandraZara posted:

If the gains of mining are less than the cost of electricity, you're better off just buying bitcoins rather than mining them. Pointing out that they appreciated value past the breakeven point six months down the road doesn't change that.

Lmao people were saying you can never make a profit off coins you mine because chinese miners will outdo you. Now you're saying you're better off buying from scam exchanges and not wasting electricity l m a o.

If people had mined up coins the profit was roughly $3/hr. And that profit assumed that the coins would be worth $2500. The coins are now worth $4k which means the profit/hr was very very high. But as always, goons gave out garbage and useless advice that turned out to be untrue.

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