Bitcoin: no angel investors, only Faustian bargains

The Something Awful Forums > Main > General Bullshit > Bitcoin: no angel investors, only Faustian bargains

lazorexplosion: Mar 19, 2016

It's just so blindingly obvious that bitcoin is a bubble. Like a bubble is when purely speculative investment drives a commodity way above its actual practical value. Is bitcoin full of speculative investment? Oh god yes it's practically all any bitcoin site is talking about. Is it above its practical value? It's a currency where you go to a bar that 'accepts' bitcoin, pay a $30 fee to buy $20 of drinks, then when the bartender discovers the transaction might not go through for hours (or days) he makes you pay with your credit card anyway, and then the bitcoin transaction can't be cancelled and the bar can't send your money back because the transaction fee to send it back is greater than the actual value of the money. And to make this majesty happen the bitcoin users collectively pay for the more electricity than all of Denmark.

I'm not kidding when I say it already has negative value, it literally has substantial actual costs and no actual usefulness. That is what you are buying into.

It cannot be stable and will never be stable. It has no actual usefulness and the only reason people want to buy and hold it is because it's going up. If it ever 'stabilizes' the it becomes an 'investment' in a currency you can't use that offers no interest and no dividends. There is no reason to hold a stable bitcoin. If bitcoin stabilizes, it collapses. It needs constant growth. And on top of that, the miners have to constantly sell to obtain actual currency to pay for their electricity bills. It needs a constant net inflow of money to pay for the actual cost of running it or it starts collapsing.

# ? Dec 23, 2017 03:37

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# ? Apr 29, 2024 02:59

Lime Tonics: Nov 7, 2015; by FactsAreUseless

The lasst time someone told me I couldn't do enough dmage with this particular [censored] in 15 minutes was wrong.

# ? Dec 23, 2017 03:38

Lime Tonics: Nov 7, 2015; by FactsAreUseless

was fun though, not proving him wrong, but the look of glee on my face, smiling almost

# ? Dec 23, 2017 03:39

Burt Sexual: Jan 26, 2006; by Jeffrey of YOSPOS; Switchblade Switcharoo

lazorexplosion posted:

It's just so blindingly obvious that bitcoin is a bubble. Like a bubble is when purely speculative investment drives a commodity way above its actual practical value. Is bitcoin full of speculative investment? Oh god yes it's practically all any bitcoin site is talking about. Is it above its practical value? It's a currency where you go to a bar that 'accepts' bitcoin, pay a $30 fee to buy $20 of drinks, then when the bartender discovers the transaction might not go through for hours (or days) he makes you pay with your credit card anyway, and then the bitcoin transaction can't be cancelled and the bar can't send your money back because the transaction fee to send it back is greater than the actual value of the money. And to make this majesty happen the bitcoin users collectively pay for the more electricity than all of Denmark.

I'm not kidding when I say it already has negative value, it literally has substantial actual costs and no actual usefulness. That is what you are buying into.

It cannot be stable and will never be stable. It has no actual usefulness and the only reason people want to buy and hold it is because it's going up. If it ever 'stabilizes' the it becomes an 'investment' in a currency you can't use that offers no interest and no dividends. There is no reason to hold a stable bitcoin. If bitcoin stabilizes, it collapses. It needs constant growth. And on top of that, the miners have to constantly sell to obtain actual currency to pay for their electricity bills. It needs a constant net inflow of money to pay for the actual cost of running it or it starts collapsing.

This is all fud, keep buying

# ? Dec 23, 2017 03:41

Comfy Fleece Sweater: Apr 2, 2013; You see, but you do not observe.

Lime Tonics posted:

hey guys I have some tulips worth 9 million dollars.

wanna buy?

How 'bout you put your tulips on my deeeeeck (penis)

# ? Dec 23, 2017 03:41

Lime Tonics: Nov 7, 2015; by FactsAreUseless

buy the imanginary wealth that others have dreams of

plus S&h

# ? Dec 23, 2017 03:42

Salt Fish: Sep 11, 2003; Cybernetic Crumb

lazorexplosion posted:

It's just so blindingly obvious that bitcoin is a bubble. Like a bubble is when purely speculative investment drives a commodity way above its actual practical value. Is bitcoin full of speculative investment? Oh god yes it's practically all any bitcoin site is talking about. Is it above its practical value? It's a currency where you go to a bar that 'accepts' bitcoin, pay a $30 fee to buy $20 of drinks, then when the bartender discovers the transaction might not go through for hours (or days) he makes you pay with your credit card anyway, and then the bitcoin transaction can't be cancelled and the bar can't send your money back because the transaction fee to send it back is greater than the actual value of the money. And to make this majesty happen the bitcoin users collectively pay for the more electricity than all of Denmark.

I'm not kidding when I say it already has negative value, it literally has substantial actual costs and no actual usefulness. That is what you are buying into.

It cannot be stable and will never be stable. It has no actual usefulness and the only reason people want to buy and hold it is because it's going up. If it ever 'stabilizes' the it becomes an 'investment' in a currency you can't use that offers no interest and no dividends. There is no reason to hold a stable bitcoin. If bitcoin stabilizes, it collapses. It needs constant growth. And on top of that, the miners have to constantly sell to obtain actual currency to pay for their electricity bills. It needs a constant net inflow of money to pay for the actual cost of running it or it starts collapsing.

You can buy drugs with it on the internet.

# ? Dec 23, 2017 03:54

Uncle Wemus: Mar 4, 2004

What's hodl

# ? Dec 23, 2017 03:54

Mumpy Puffinz: Aug 11, 2008; Nap Ghost

Salt Fish posted:

You can buy drugs with it on the internet.

not really anymore

# ? Dec 23, 2017 03:56

Burt Sexual: Jan 26, 2006; by Jeffrey of YOSPOS; Switchblade Switcharoo

Uncle Wemus posted:

What's hodl

Hold misspelled

# ? Dec 23, 2017 03:56

Lime Tonics: Nov 7, 2015; by FactsAreUseless

put money into something that doesnt exist, it's fine.

its fine

# ? Dec 23, 2017 04:04

Mumpy Puffinz: Aug 11, 2008; Nap Ghost

Lime Tonics posted:

put money into something that doesnt exist, it's fine.

its fine

but its backed by math

MATH

# ? Dec 23, 2017 04:06

Lime Tonics: Nov 7, 2015; by FactsAreUseless

Mumpy Puffinz posted:

but its backed by math

MATH

divide by zeroand tell me how good that goes.

also im the floating point error

# ? Dec 23, 2017 04:09

Drone_Fragger: May 9, 2007

wide stance posted:

Ah, so you've already made up your mind without actually knowing it very well. You'll fit right in here with all the hideous, desperate envy and schadenfreude.

Here's a guy that knows it pretty well and doesn't want desperately to see people lose money that they couldn't invest themselves in the first place, or have an actual stake in seeing it fall:
https://twitter.com/aantonop

If you want something from a FUD'ster then I can't help you, but you'll need to be ok with lies and deliberate misinformation.

Word of wisdom: anyone saying this kind of stuff wants you to buy into bitcoin because:

a: he wants the value of his coins to go up
b: he then wants to cash out into fiat.
c: he wants someone else (namely, you, or others like you) to be left holding the bag.

The fact that the "hodlers" look at bitcoin in terms of fiat value shows already that they're interested in one thing only, The fiat value of their coins, rather than any potential future usage the coins have.

# ? Dec 23, 2017 04:17

Lime Tonics: Nov 7, 2015; by FactsAreUseless

i'm an investment made of my little pony

# ? Dec 23, 2017 04:19

Rock Puncher: Jul 26, 2014

any news about the future of the futures?

# ? Dec 23, 2017 04:20

Mumpy Puffinz: Aug 11, 2008; Nap Ghost

Rock Puncher posted:

any news about the future of the futures?

https://www.youtube.com/watch?v=n9ud6knUCcc

# ? Dec 23, 2017 04:24

QuarkJets: Sep 8, 2008

bitcoin lost some value after months of unprecedented growth fueled by fraud?

oh my stars!

# ? Dec 23, 2017 04:36

Lime Tonics: Nov 7, 2015; by FactsAreUseless

i for one am shocked

# ? Dec 23, 2017 04:37

Mumpy Puffinz: Aug 11, 2008; Nap Ghost

https://www.youtube.com/watch?v=N4vIBijzg4w

# ? Dec 23, 2017 04:40

Andy Dufresne: Aug 4, 2010; The only good race pace is suicide pace, and today looks like a good day to die

Coohoolin posted:

Is there a super layman's primer on how bitcoin scams the gently caress out of people and will never ever work? I need to educate some people and I can't explain the concepts well enough.

Imagine if you could clear out anyone's bank account in an untraceable way from across the world with nothing but their online banking password.

Imagine if you could clear out their entire bank's reserves with nothing but the bank manager's password.

Imagine how lucrative criminal enterprises to hack peoples' computers and steal passwords would become if the above two statements were true. There's no insurance and the police can't do anything about it.

In short this is why crypto can't work, even if they solve the scalability issues.

# ? Dec 23, 2017 04:44

Burt Sexual: Jan 26, 2006; by Jeffrey of YOSPOS; Switchblade Switcharoo

Andy Dufresne posted:

Imagine if you could clear out anyone's bank account in an untraceable way from across the world with nothing but their online banking password.

Imagine if you could clear out their entire bank's reserves with nothing but the bank manager's password.

Imagine how lucrative criminal enterprises to hack peoples' computers and steal passwords would become if the above two statements were true. There's no insurance and the police can't do anything about it.

In short this is why crypto can't work, even if they solve the scalability issues.

A good start, but you can only buy lsd and cp, or cash out money iddy Betsy amounts at a time till you are caught for tax fraud.

# ? Dec 23, 2017 04:49

Mumpy Puffinz: Aug 11, 2008; Nap Ghost

Andy Dufresne posted:

Imagine if you could clear out anyone's bank account in an untraceable way from across the world with nothing but their online banking password.

Imagine if you could clear out their entire bank's reserves with nothing but the bank manager's password.

Imagine how lucrative criminal enterprises to hack peoples' computers and steal passwords would become if the above two statements were true. There's no insurance and the police can't do anything about it.

In short this is why crypto can't work, even if they solve the scalability issues.

but MATH

# ? Dec 23, 2017 04:49

Computer Serf: May 14, 2005; Buglord

wide stance posted:

Ah, so you've already made up your mind without actually knowing it very well. You'll fit right in here with all the hideous, desperate envy and schadenfreude.

Here's a guy that knows it pretty well and doesn't want desperately to see people lose money that they couldn't invest themselves in the first place, or have an actual stake in seeing it fall:
https://twitter.com/aantonop

If you want something from a FUD'ster then I can't help you, but you'll need to be ok with lies and deliberate misinformation.

Drone_Fragger posted:

Word of wisdom: anyone saying this kind of stuff wants you to buy into bitcoin because:

a: he wants the value of his coins to go up
b: he then wants to cash out into fiat.
c: he wants someone else (namely, you, or others like you) to be left holding the bag.

The fact that the "hodlers" look at bitcoin in terms of fiat value shows already that they're interested in one thing only, The fiat value of their coins, rather than any potential future usage the coins have.

forgot to mention bitcoin is basically a ponzi inspired pyramid themed scheme, where early users generated most of the coins very easily and new coins become exponentially expensive to produce because of how the software decreases the efficiency of mining.

so old users try really really really hard to try and sell you their bittickets made for 25¢ each and sell them to you for a million fiats because uhh hoarding is good for society and economicals

:viggo:

# ? Dec 23, 2017 04:54

Lime Tonics: Nov 7, 2015; by FactsAreUseless

oh/ dear better 20 more dol,ars into the slot machine.

# ? Dec 23, 2017 04:54

Mumpy Puffinz: Aug 11, 2008; Nap Ghost

Lime Tonics posted:

oh/ dear better 20 more dol,ars into the slot machine.

when I was just 21 I went to Las Vegas. Put $20 dollars into a slot machine and won $648.
I quit when I was a head.

# ? Dec 23, 2017 04:59

Mumpy Puffinz: Aug 11, 2008; Nap Ghost

bought an Xbox when I got home

# ? Dec 23, 2017 05:00

Mackers: Jan 16, 2012

Lime Tonics posted:

oh/ dear better 20 more dol,ars into the slot machine.

# ? Dec 23, 2017 05:02

XK: Jul 9, 2001; Star Citizen is everywhere. It is all around us. Even now, in this very room. You can see it's fidelity when you look out your window or when you watch youtube

Woohoo posted:

I bought BitCoin in 2010 I think. It was new, and I needed it to get access to some forum where people posted pirate links for very specific software nobody ever seeds or uploads anywhere except people inside industry, but those forums asked for Bitcoin donation to let you see the threads

So I bought 4 BTC for $26 per BTC I think - needed much less for forum registration, but thought what the heck. Maybe it's going to be needed elsewhere too, being new thing and all. I didn't even get access to forums, some browser problem or whatnot
Somethingawful had Bitcoin is bad gigathread where wise sages from the mountaintop posted hundreds upon hundreds of pages why bitcoin is bullshit and will die in next 10 seconds.

So... I forgot all about my Bitcoin. I don't remember what my wallet was or where or how to access it or basically anything. I think mtGox had something to do with it back then. It was so new and I relied on links in some threads or whatever not knowing what I'm doing so I immediately forgot.

So I have 57K worth of bitcoin gently caress knows where and I will never find it.

I have left over money in e-gold somewhere from buying weed over the internet before bitcoin was ever a twinkle in anyone's eye, if it makes you feel any better.

# ? Dec 23, 2017 05:03

salt shakeup: Jun 27, 2004; 'orrible fucking nights

Salt Fish posted:

You can buy drugs with it on the internet.

I've heard you can't do this anymore due to price volatility, transaction backlog, super high fees and apparently people are just straight up ripping each other off due to the crazy price increase.

Edit: decrease

# ? Dec 23, 2017 05:09

Comfy Fleece Sweater: Apr 2, 2013; You see, but you do not observe.

salt shakeup posted:

I've heard you can't do this anymore due to price volatility, transaction backlog, super high fees and apparently people are just straight up ripping each other off due to the crazy price increase.

Edit: decrease

shut up, you gently caress

Are you better than MATH? Is MATH backing you ? then SHUT UP

# ? Dec 23, 2017 05:14

Mumpy Puffinz: Aug 11, 2008; Nap Ghost

salt shakeup posted:

I've heard you can't do this anymore due to price volatility, transaction backlog, super high fees and apparently people are just straight up ripping each other off due to the crazy price increase.

Edit: decrease

also all the marketplaces are just fbi honeypots now

# ? Dec 23, 2017 05:14

XK: Jul 9, 2001; Star Citizen is everywhere. It is all around us. Even now, in this very room. You can see it's fidelity when you look out your window or when you watch youtube

Drug dealers don't even want bitcoin anymore. If that doesn't foretell the fate for you, you're a hopeless bag holder.

# ? Dec 23, 2017 05:23

jimmyjams: Jan 10, 2001; King Kong of Megadongs
Gobblin' them mega schlongs
Makin' sure they mega long
Stroke' 'em if they mega strong

ponzicoin

# ? Dec 23, 2017 05:29

Rock Puncher: Jul 26, 2014

XK posted:

Drug dealers don't even want bitcoin anymore. If that doesn't foretell the fate for you, you're a hopeless bag holder.

what did they change to? Is it the new bitcoin cash? Either way that leaves hodlers without anyone to consistently use their garbocoin and prop the price up.

# ? Dec 23, 2017 05:29

insulated staircase: Aug 21, 2014

i prefer currencies backed by violence :shobon:

# ? Dec 23, 2017 05:34

HCFJ: Nov 30, 2009; WILL AMOUNT TO NOTHING IN LIFE.

Rock Puncher posted:

what did they change to? Is it the new bitcoin cash? Either way that leaves hodlers without anyone to consistently use their garbocoin and prop the price up.

Monero, Verge, probably something else soon. It turns out being explicitly traceable isn't good for business no matter what that guy's secret service uncle at nintendo says.

# ? Dec 23, 2017 05:38

ruddiger: Jun 3, 2004

I have a coworker who won't shut the gently caress up about bitcoin and keeps referring to some shithole African town where a bunch of workers are paid in bitcoin and I'm just like okay buddy, good luck with all that.

# ? Dec 23, 2017 05:51