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Stefan Prodan posted:wonder if there's any powerball winners that attempt to gloat at people online for being "noticketers" Can't win if you don't play.
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Dec 2, 2020 00:37
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ghosty titty is still posting nonsense graphs in his own little altcoin thread
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Dec 2, 2020 00:46
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Waltzing Along posted:They wrote a script that autobans any new regs that post in this thread. Gotta lurk more to post in the GBS BTC thread. this is true please ask for it
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Dec 2, 2020 00:53
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divabot posted:ghosty titty is still posting nonsense graphs in his own little altcoin thread Isn’t that this thread?
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Dec 2, 2020 00:55
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Gaukler posted:Isn’t that this thread? No, actually when shitcoins went to the moon back in 2017 we had a bunch of wolves of shitstreet on the forums. It wasn't just the true believers you had a bunch of posters talking about their preferred shitcoins and all the money they were making so they started cryptocurrency trading threads in BFC. They were trying to be just like real stock traders and would argue about the legitmacy of shitcoins with anyone who trolled them. We even had multiple goons doing "Technical Analysis" between shilling for their preferred shitcoin. Cardano, Monero and IOTA were mentioned a lot. Especially IOTA. Goons seemed to think an "Internet of Things" token was guaranteed to make them billionaires. It didn't help that a few goons made money (on paper at least) with Cardano since some idiot picked it at random and told everyone else to buy it before it shot up 2,400% and then lost all of it's value. Flash forward to the complete collapse of the shitcoin market with a 95% drop in value in every cryptocurrency in 2018 and the threads were closed with shame. Ghosty moved in to replace it with a thread that's been in BFC for like 2 years with 400 total posts that are mostly him. Rectal Death Adept fucked around with this message at 01:11 on Dec 2, 2020 |
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Dec 2, 2020 01:08
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HugeGrossBurrito posted:this is true please ask for it
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Dec 2, 2020 01:10
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orange juche posted:That was a single transaction for a sale of 800 buttcoins into usd. That's how loving razor thin their order depth is. 10% of the value was 800 coins. Does anyone know the spread of the order book? I'd love to see what the actual price is, I'm gonna bet it's somewhere close to 10k and all of this is a massive bart to bilk morons. No, no, you see after butts appreciate to infinite value people will be using mere fractions of fractions of their butts at any point, as the weight of any full butt will be sufficient to destroy a nation. True coiners will have to use only a vanishingly small percentage of their butts' true power to keep from carelessly crushing anyone in their proximity. Auction attendees will soon dread someone standing up and saying "well, I guess I'll have to use 1% of my butt now."
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Dec 2, 2020 03:11
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 https://www.youtube.com/watch?v=8bmn6bjlw70
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Dec 2, 2020 03:57
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Script seems to be functioning as planned
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Dec 2, 2020 04:10
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Lol that Reuters article. Dollar ‘plummets’ vs EUR, where plummeting in this case is within 10 cents of their high and 3 cents above their low over the last 2.5 years. In the meantime how many wild swings in variance has bitcoin had in the same period? Oh right that was it’s last rally to near-20k and then bust down to 3500. Yes this is a good store of value and basis for currency, please let me write articles in Reuters now. quote:Bitcoin was also on a tear, hitting a record high just under $20,000. The virtual currency though was last down 3.8% at $18,961. That’s the extent of the article talking about bitcoin, and even that loss outstrips the dollar’s < 1% drop.
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Dec 2, 2020 04:38
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ah but see, there's only about 2.1 trillion usd in circulation. with the bits coins there area ctually 100,000,000 bits coins to each bits coin, thus the reltive changes for bits coin s are more newsworthy than a dollar. In seriousness I imagine mentioning buttcoins at all in that article increases their article spread from coiners posting it around, over an otherwise boring article about normal currency value drift. "Wow, we got mentioned by a real website!" poo poo.
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Dec 2, 2020 04:54
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I bet HODLers don't adblock either
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Dec 2, 2020 05:24
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Just think if you had invested in nvidia or amd in the same timespan
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Dec 2, 2020 09:18
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orange juche posted:It isn't. Deflationary currency is a very bad thing to have, since nobody will spend it. If you try to hold it up as a "Store of Value" what can you do with it? Gold is a rare metal that is both attractive, and useful in things like electronics. Bitcoin is simply full of child pornography, and consumes electricity at a higher rate than many civilized nations. Yeah that's the thing. In relative terms Bitcoin is even more deflationary than it looks like on paper because it has no intrinsic worth of its own and actually consumes valuable commodities to have any value at all.
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Dec 2, 2020 10:24
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Liquid Communism posted:Yeah that's the thing. the hard cap on inflation and relative ease of destruction works wonders. when is the next halving supposed to happen
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Dec 2, 2020 10:39
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Here we go again with the intrinsic value fallacy. Okay, serious post time people. Liquid Communism posted:Yeah that's the thing. So what makes Crypto useful? Crypto makes money transfers quick, traceable, transparent, and immutable. And right now, given the low fees, extremely cheap for large quantities of money being transferred to/from anywhere in the world. Thanks to network effect, cryptocurrencies will gain more value as adoption increases. Think about it like this: Having a single phone is pretty useless as no calls can be made through it. But as soon as the number of phones increases, the value increases exponentially. Hence, with Bitcoin, adoption is the factor which will play the leading role in adding value to it. Beyond this layman’s narrative, economics defines two essential characteristics for a commodity to have value – Utility and Scarcity. Scarcity means a finite supply of goods or services. Bitcoin and many cryptocurrencies are limited currencies. That means, there is just a finite number of the same available. Bitcoin, for instance, has set a cap of 21 Million Bitcoins. Analysts note that this scarcity feature of Bitcoin increases its desirability over other assets including gold. With gold, although the supply is limited, we aren’t really sure of the total amount available. A sudden influx of supply will crash prices and may hurt overall markets. However, a similar Gold Rush isn’t possible with Bitcoin as no hidden treasure is going to be ever ‘discovered’. So what is Bitcoin’s intrinsic value? It has none! “Intrinsic value” is a strange term when applied to commodities like gold and currencies like the U.S. dollar. There is nothing intrinsic about the value of anything. Value is subjective and comes from outside forces. For example, a gold bar isn’t very valuable to someone stranded on a deserted island alone. In real terms, what makes bitcoin valuable is that it’s an apolitical and censorship-resistant digital money. The difficult-to-corrupt monetary policy is at the core of this value proposition, but other attributes and use cases are built on top of that base layer. Before almost anyone had heard of it, Bitcoin was valued as a collectible by cypherpunks before it was used as a payment system. Although it was extremely easy for cypherpunks to obtain some bitcoin at a low cost, but even when faucets were dropping 5 btca tick, that cost was not necessarily zero. This early value as a collectible combined with a permissionless, censorship-resistant payment system illustrates bitcoin’s “intrinsic” utility. Satoshi wrote about this concept on the bitcointalk.org forum before he left the project. Satoshi Nakamoto posted:“If [bitcoin] somehow acquired any value at all for whatever reason, then anyone wanting to transfer wealth over a long distance could buy some, transmit it, and have the recipient sell it. Maybe it could get an initial value circularly as you’ve suggested, by people foreseeing its potential usefulness for exchange. (I would definitely want some). Maybe collectors, any random reason could spark it.” Do yourself a favor and buy some Bitcoin. 05:00 EST December 2nd, 2020. As of this post, Bitcoin was trading at 19,090 USD / BTC Extrinsic Value fucked around with this message at 11:03 on Dec 2, 2020 |
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Dec 2, 2020 11:00
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https://www.youtube.com/watch?v=qKhNcu73rJQ 05:04 EST December 2nd, 2020. As of this post, Bitcoin was trading at 19,123 USD / BTC Extrinsic Value fucked around with this message at 11:04 on Dec 2, 2020 |
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Dec 2, 2020 11:01
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Ok cool but can you provide actual examples of bitcoin doing something? Not just rising in value (because as you said, it has neither it nor money have any value which I don't agree with but hey) but actually being used as a regular currency in a market and not transferred back to a traditional currency. And can you show this happening on the blockchain, not on an exchange? To me it looks like most transactions happen on exchanges, which are essentially unregistered banks. What are the current transaction fees for a bitcoin purchase. If I purchase something valued at 500 USD how much would be paid in transaction fee and how long would it take? If I understand correctly mining is confirmation of transactions and updating the blockchain, and the miner that confirms the next block gets to write the transactions in the blockchain and gets to write themself a chunk of bitcoin. What happens when bitcoin hits its limit? Like 21 million bitcoins or whatever. What incentive rests for miners to continue to confirm transactions if they no longer get bitcoin out of it?
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Dec 2, 2020 12:11
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ilmucche posted:Ok cool but can you provide actual examples of bitcoin doing something? ilmucche posted:What are the current transaction fees for a bitcoin purchase. If I purchase something valued at 500 USD how much would be paid in transaction fee and how long would it take? Extrinsic Value fucked around with this message at 12:19 on Dec 2, 2020 |
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Dec 2, 2020 12:15
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ilmucche posted:What happens when bitcoin hits its limit? Like 21 million bitcoins or whatever. ilmucche posted:What incentive rests for miners to continue to confirm transactions if they no longer get bitcoin out of it?
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Dec 2, 2020 12:19
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Extrinsic Value posted:Many people used it to buy large quantities of weed (as ND tiger drugs) on the original Silk Road and other darkweb markets. Can you show it doing anything legal? Extrinsic Value posted:You set the fee yourself. The cheaper you are, the longer it takes your transaction to process. But even a "generous" fee would still only cost you like 50 cents at the moment. So widescale adoption would require bidding to get your transactions done? Buying a coffee for .0002 bitcoin might cost .0004 bitcoin to process in the next batch, and would take anywhere from 0-9 minutes to process depending on where the mining process is?
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Dec 2, 2020 12:21
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Bitcoin (on chain) transactions are not for buying coffee. It's not practical for that use case. You don't need the security of the world's most powerful computer network to ensure your $6 coffee transaction is legitimate. Just use an off-chain solution or a cheaper, faster alternative cryptocurrency. Bitcoin is useful for transactions like sending 2,000$ back to your family in your home country without paying exorbitant money transfer fees. Or for protecting your wealth from an inflating/hyperinflating national fiat scrip. Extrinsic Value fucked around with this message at 12:24 on Dec 2, 2020 |
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Dec 2, 2020 12:22
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ilmucche posted:Can you show it doing anything legal? "0-9 minutes"  
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Dec 2, 2020 12:26
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10 minutes does indeed make it impractical for many use cases. Good thing there are off-chain solutions being iterated on as we speak for those smaller transactions, not to mention an entire ecosystem of thousands of other cryptocurrencies. E: watch this https://youtu.be/vaPgfErzeu0 Extrinsic Value fucked around with this message at 12:32 on Dec 2, 2020 |
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Dec 2, 2020 12:28
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If there are other off-chain solutions (that can be used in all situations, large or small purchases), or cheaper, faster alternative cryptos then what's the draw to bitcoin? Why not stick with those? In regards to sending money, I can literally change 3000 currency to another currency for like 11 of that currency. Some banks now exist that allow spending in multiple currencies without fees (revolut? Or monzo I think). Is bitcoin not subject to fluctuation as well, outside of its pegging to the usd? If it's adopted widespread as you say it'll be looked at as another currency held up against other cryptos, and price of goods can still change relative to bitcoin. I don't really understand economics to a deeper level, so please expand on that.
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Dec 2, 2020 12:37
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I appreciate that you're asking good questions, that puts you way ahead of the majority of posters itt bud, unfortunately I have a work related training in a couple hours and I need to get some sleep before then. Maybe some others can answer your other questions. If not I'll rereg and answer them at some future date. Probably not this week though, I have a lot going on IRL this week.
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Dec 2, 2020 12:43
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ilmucche posted:If there are other off-chain solutions (that can be used in all situations, large or small purchases), or cheaper, faster alternative cryptos then what's the draw to bitcoin? Why not stick with those? bitcoin's primary use was revealed earlier, which is buying illicit drugs and other illegal things, and being a vector for people to play chicken with a usd number. saying it's "pegged" to usd is also wrong, because there are multiple usd-to-btc exchanges and they have different rates. the number you see is just one from whatever exchange hasn't imploded yet. even in the case of transferring money, you're paying a deposit fee (usd to exchange), a tx fee (exchange to wallet), another tx fee (wallet to destination), another deposit fee (destination to exchange), then probably another withdrawal fee (exchange to ???), assuming you have one. there is also no resolution process if the any step fails. put in the wrong account number? swapped the fee for the amount? welcome to bitcoin and of course there's no promise that whatever exchanges happen to be used actually work properly without suffering from sudden withdrawal delays or the exchange getting "hacked" or whatever surprise catastrophe befalls your would-be money to compare, you could also just walk into a western union and transfer about 2500 usd to canada for the low cost of $10, or about 0.4%. coinbase dings you about 1.49% instead and now you get to pay that twice for deposit and withdrawl. bitcoin is bad at everything it tries to do.
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Dec 2, 2020 13:00
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vortmax posted:I did this in a report please make it happen Lmao my man
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Dec 2, 2020 14:00
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HugeGrossBurrito posted:this is true please ask for it Maybe it should also wipe the text of their posts and replace them with 
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Dec 2, 2020 14:02
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theparag0n posted:Maybe it should also wipe the text of their posts and replace them with
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Dec 2, 2020 14:26
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Zamujasa posted:bitcoin's primary use was revealed earlier, which is buying illicit drugs and other illegal things, and being a vector for people to play chicken with a usd number. From what I've read yeah it seems like other things do each use case better individually and a few do all of them better. All without the environmentmal massacre. Was wondering if seraph could explain to me what it is they see in bitcoin that makes them push it as the future (their perspective) as opposed to (my perspective) basically a gambling bet/ponzi scheme. Edit: as in not looking at it from a number go up/down thing ilmucche fucked around with this message at 15:04 on Dec 2, 2020 |
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Dec 2, 2020 15:00
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ilmucche posted:From what I've read yeah it seems like other things do each use case better individually and a few do all of them better. All without the environmentmal massacre.
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Dec 2, 2020 15:22
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https://twitter.com/advertisedtwit/status/1334143991282020357 
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Dec 2, 2020 15:49
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They're called satoshis
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Dec 2, 2020 15:59
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Buttcoin
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Dec 2, 2020 16:48
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xtal posted:They're called satoshis but can you eat a satoshi?
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Dec 2, 2020 17:14
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ilmucche posted:So widescale adoption would require bidding to get your transactions done? Buying a coffee for .0002 bitcoin might cost .0004 bitcoin to process in the next batch, and would take anywhere from 0-9 minutes to process depending on where the mining process is? The average fee-per-transaction has bounced wildly in the past month, anywhere from $2 USD to $13 USD. That's an average, though. Known crazy crypto man Roger Ver once did an analysis of the blockchain and found 28000 transactions where the seller paid $1000+ Also whatever it is, it's taking longer than 9 minutes. Bitcoin doesn't scale, so in this manic dreamworld where bitcoin gets popular, you might wanna set that estimate to 900 minutes instead. That's only if you pay a high enough fee, though. edit: to give you an idea of how far from 9 minutes that wait is going to be, even right now the waiting list of unconfirmed transactions is 37 times larger than can be fit into a block. they cannot make the blocks bigger - if you try they will kick you out of bitcoin Ad by Khad fucked around with this message at 17:27 on Dec 2, 2020 |
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Dec 2, 2020 17:20
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Zamujasa posted:bitcoin's primary use was revealed earlier, which is buying illicit drugs and other illegal things, and being a vector for people to play chicken with a usd number. 1. Transactions cannot be reversed or stopped by THE MAN 2. No chargebacks, which is important when you're dealing with fellow digital criminals 3. Can send/receive value without necessarily revealing your identity. 4. You can be your own bank so THE MAN can't seize your bitcoins without physically compromising you. 5. Long transaction times don't matter if you're online. These are all bad things if you're not a digital criminal but perfect if you are. Before Bitcoin internet criminals used centralized digital currencies like e-gold and Pecunix to do their crimes which worked until the man said so.
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Dec 2, 2020 18:18
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Any argument a coiner uses to justify their waste are just brain worms that are deluding them into thinking they care about anything other than number go up. Or down when they want to throw more $$ away.
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Dec 2, 2020 19:32
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HugeGrossBurrito posted:Lmao my man  Oh well, this always makes me feel better. vortmax fucked around with this message at 05:14 on Dec 6, 2020 |
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Dec 2, 2020 19:48
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