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EorayMel
May 29, 2015

You got the fluffy kitty kitty!


The key to finding success with bitcoin is not getting involved in buying/selling bitcoin, but sitting around at a safe distance and laughing at it.

It's a goldmine of financial schadenfreude with the endless stories about scams, heat-induced brain damage from mining, trying to buy full-auto Russian shotguns from a banned importer and/or Chinese research chemicals that fry your nervous system if you use 0.1 MG more than intended getting intercepted by feds or teenagers, and burying hard drives containing bitcoins under a birdbath and digging them up ten years later as a longshot investment.


Also, casual reminder that literal honest ponzis are an actual thing in the bitcoin community.
A honzi steal, you might say.

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EorayMel
May 29, 2015

You got the fluffy kitty kitty!


Bulgogi Hoagie posted:

what happens when your central bank is chinese miners and a bunch of drug dealers

You have this.

a true believer posted:

There have been a lot of conversations about Bitcoin over the years. Is it a currency or an equity or a commodity? Is it a store of value? Is it a “settlement mechanism”? Is it not money at all, but merely an example of a decentralized application on the Blockchain? The short answer is: none of the above.

Bitcoin is a self-organizing collective intelligence. As such, what it becomes is entirely a function of what it can do — that is, it is a function of the capacity of its collective intelligence to overcome the challenges that it encounters in its environment.

Regardless of the specific result of the Bitcoin experiment, we are clearly in the middle of a new era. As I discussed in The Future of Organization, a lot of smart people are currently hard at work understanding, generalizing and optimizing the deep code of these new forms of collective intelligence.

The limitations of Bitcoin’s approach to motivation and collective action are well understood and new technical layers like Ethereum’s smart contracts and Backfeed’s distributed governance system magnify the potential intelligence of this kind of SOCI at least as much as the neocortex magnified the intelligence of the mammalian brain.

I really wish the reality and importance of this new frontier were more broadly understood. My sense is that over just the next five years this new form of SOCI will go through its gestation, birthing and childhood development stages. The result will be a form of collective intelligence that is so much more capable than anything in the current environment, that it will sweep away even the most powerful contemporary collective intelligences (in particular both corporations and nation states) in establishing itself as the new dominant form of collective intelligence on the Earth.

And whoever gets there first will “win” in a fashion that is rarely seen in history.

EorayMel
May 29, 2015

You got the fluffy kitty kitty!


A butt in the hand is worth two in the bush.

EorayMel
May 29, 2015

You got the fluffy kitty kitty!


Moridin920 posted:

Worked just fine a couple years ago and I don't see why it would be any different now aside from random poo poo like the exchange getting "hacked." But that's a risk you bear with BTC in general (which is why they are still stupid).

One of my favorite things the chinese miners did recently was make 50k~ spam transactions and jacked up the fee so you either had to wait a week (complete with a psa saying DON'T USE BITCOIN TODAY OR IF YOU DO USE IT ONLY FOR IMPORTANT TRANSACTIONS OTHERWISE YOU'RE RUINING IT FOR EVERYBODY ) or pay a high no fee. Directly into their pockets because they control enough of the mining power they can do it.

I think that's what happened. With bitcoin you can never truly know.

You can still cash out, true, it's just really, really hard. If you want fiat, you either hit up a bitcoin exchange and hope it goes smoothly without your funds getting stolen by the exchange/put on hold forever/exchange goes up in smoke, or you go the localbitcoins route and risk getting mugged in a parking lot.
There's always going to a dark net and buying drugs and the occasional full-auto russian shotgun that may get intercepted by the ATF. Or the twelve-step gift card route which is another story.

EorayMel
May 29, 2015

You got the fluffy kitty kitty!


Moridin920 posted:

That's true but honestly if you use one of the "major" exchanges and you're moving a couple thousand the odds of the former happening are not very great. Some of those exchanges are doing millions of USD in volume every day.

I wouldn't go the localbitcoins route though yeah lol that's sketch.

Coinbase, the one mentioned earlier about dropping business with Hawaiian clients due to reservation policies, has a long history of randomly stealing deposits from people. Or asking for uncomfortable amounts of personal information before doing business with them when it's supposed to be ~anonymous~.
Similar deal with an exchange called bitfinex. They got hacked and some people lost all the bitcoins they put in, others were totally unaffected because they dealt in USD. So the exchange straight-up stole funds from other people to cover the BTC losses so the burden of this hack was helped spread equally.

I mean, I get your options are few and far between when it comes to bitcoin, but surely you'd move on to a different, similar big exchange after hearing or having that poo poo happen to you, right?
lol butts


Razorwired posted:

Tech question: If China outlaws this poo poo and raids the miners tomorrow how long does the "frisbee on the roof" scenario last?
I don't know, and I think it will be a while before the Chinese government pulls the plug on the bitcoin happenings there. A few dudes stealing electricity to fuel their warehouse crammed with electronics sacrificed to bitcoin is low on the list as national issues are concerned over there.

EorayMel
May 29, 2015

You got the fluffy kitty kitty!


Math based beanie babies

EorayMel
May 29, 2015

You got the fluffy kitty kitty!


Buttcoin purse posted:

So what, you lose 20% of your funds, but that's better than having 100% of your funds trapped in some lovely country maybe? Sorry for your loss if you live in a place like that.

Probably people trying to buy their tickets out of lovely third-world countries also get scammed regularly. Much like how bitcoin works, I guess that's the price of having to do business with criminals.

Oops, I was expressing sympathy for those less fortunate than me there. What I meant to say was we should build a wall to keep out the bitcoiners and refuse them visas. I mean refuse more of them visas, and refuse them more permanently, not like Roger Ver who eventually got back in. Maybe if they're already citizens, then renounce their citizenships for them.

EorayMel
May 29, 2015

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My currency will be backed by unununium.

EorayMel
May 29, 2015

You got the fluffy kitty kitty!


CaptainSarcastic posted:

Aren't the only people who actually have some level of success converting Dunning-Krugerands into actual cash the Chinese guys running server farms and using it to circumvent currency trading limitations?

I mean the whole thing seems to have devolved into a giant Chinese money laundering scheme with some remnant pyramid scheme scammery going on the Western world.

For every success story of "I put in 5 dollars into this investment, waited 5 years, then got 5,000 out and I'm rich!" there is at least ten times as many stories of "I lost every I put into this investment."

Also yes.

EorayMel
May 29, 2015

You got the fluffy kitty kitty!


[In Japan-only ps2 fighting announce voice]

Here comes a new challenger!

https://coinmarketcap.com/assets/pepe-cash/

EorayMel
May 29, 2015

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I screenscapped it before it got removed

PM me

EorayMel
May 29, 2015

You got the fluffy kitty kitty!


The ETF thinks so as well

http://www.theverge.com/2017/3/10/1...nklevoss-denied

quote:

The Securities and Exchange Commission has denied the application for the Winklevoss Bitcoin Trust ETF, in a stunning defeat for its founders, the Winklevoss Twins. In an order today, the commission found that the proposed fund was too susceptible to fraud, due to the unregulated nature of Bitcoin. The result is a major setback for the fund, and a frustrating false start for the crypto-currency at large.

“Regulated markets related to the underlying asset provide a ‘necessary deterrent to manipulation,’” the commission wrote in its analysis. “To the extent there is some question as to the degree to which Bitcoin is subject to manipulation... regulated markets relating to Bitcoin would help answer that question and address instances of such manipulation.”

EorayMel
May 29, 2015

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SpaghetioSexNoises posted:

I can't think of a worse idea than buying shares of bitcoin without owning a wallet, "stunning defeat" to dopes maybe.

Buying shares of bitcoin without a wallet with money you reserved for your mortgage* and spouse's** retirement***.
*requires owning personal property
**requires marriage
***requires working/a job and an actual savings plan

Bitcoiners lack many of these things.

And instead of investing it with the Winklevoss twins you dump all of it on an honest ponzi hyip doubler.

EorayMel
May 29, 2015

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There is another internal crisis going on between bitcoin forking or not.

Quote from one of the biggest figures in the Chinese bitcoin scene pressing more towards the fork occuring:

quote:

"All the exchanges who signed are not world class level. They think they're clever, but didn't figure out the most basic logic. The situation is more complex but the result is clear. The big blocks will win and the rest can't survive".

"These stupid cunts are going to be caught unprepared for the complex circumstances in which the fork is going to occur."

EorayMel
May 29, 2015

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Ham Sandwiches irl:

Only registered members can see post attachments!

EorayMel
May 29, 2015

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Ham Sandwiches posted:

Hey, dude that only posts FUD and only negative comments from reddit:

Why, if anyone is going to post a positive opinion on bitcoin, do they have to prove that they are invested in it before they can post that what you're saying is total garbage? Since you decided to imply that it was necessary like 5 different times, I'd like you to explain why there are two standards that you hold posters to. Ones that want to talk poo poo can do so freely, ones that want to disagree have to meet a higher standard.

How much money have you made via bitcoins

EorayMel
May 29, 2015

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Ham Sandwiches posted:

Why do you ask?

If you preach it as FREE MONEY, it would make sense that you should've hopped on and gotten some of the FREE MONEY yourself to practice what you preach.

You did do so and make some of the FREE MONEY a profit, didn't you?

EorayMel
May 29, 2015

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I'm asking about you, not a man on reddit.

If you don't give me a number, I will have no choice but to assume that you have not personally made any profit off the FREE MONEY that you preach about.

EorayMel
May 29, 2015

You got the fluffy kitty kitty!


Ham Sandwiches posted:

Lmao the guy who doesn't have any bitcoins but is entitled to laugh at them takes umbrage at the dude who is for them but he can't be sure has any stake in the game!!!

How dumb are you, well it turns out, as dumb as a redditor because you literally think the same. "Ah bitcoin will go to $3000? Better be buying all you can lol"

<cut to 4 years later>

All you had to do was make up any value about the money you made off of bitcoin, and not turn to deflect it towards unrelated stories about questions of your wealth.

So you have not personally made any profit off the FREE MONEY you preach about so zealously.

If you do not practice what you preach, then you are a hypocrite, and thus are not worth listening to.

In that case, I will gladly accept your succession and claim victory on this argument as you cannot even answer a simple question.

Cheers

EorayMel
May 29, 2015

You got the fluffy kitty kitty!


Waffle House posted:

Why *are* you so cagey about talking about how much money you've made on Bitcoins?

I think he listened to goons not to buy some, then remembered they existed a few years after the fact, and is angry he listened to said goons and didn't buy buy BUY the FREE MONEY for his own gain.

It's a long-lasting form of catharsis imo.

EorayMel
May 29, 2015

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Waffle House posted:

Unless you get a national entity to cash you out as a blood favor in Rubles or something that you can then actually exchange for Other Real Money, it really sounds like getting meaningful money out of buttcoin is pretty difficult. The layers of EVE-esque scams between you and the prize are too numerous.

There is a thing as bloodcoin.

Apparently.

https://coinmarketcap.com/currencies/bloodcoin/

Though I like the idea of calling multiple instances of the cryptocurrency "BOD"

EorayMel
May 29, 2015

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Mark did nothing wrong.

Also I just remembered I have this picture saved to my computer.

Only registered members can see post attachments!

EorayMel
May 29, 2015

You got the fluffy kitty kitty!


Comfy Fleece Sweater posted:

I'm gonna buy Byteballs, Moneros, Xems, Nems, Reddcoins, BluCoins, Blood Coins, Dash Coins, Sonic Coins, Coin Coins, Speedballs, SiaCoins, Beatles Coins, all sorts of coins TO BE RICH

Why stop there? You can even make your own coins!

Waffle House posted:

Unironically, I'm actually pleased in ways that bitcoins exist because it makes a new weird market where comedy (and changes) can precipitate. It's broadened our economic horizons, and created some very interesting situations, none of which directly affected me or I was invested in. Great news material, if you will, and always fascinating to read about.

I have a somewhat personal stigma because I had to go into a long conversation with my aging mother about not buying bitcoins because she heard about some rube try to promote it on a radio show she listens to every day. Back when they were 1,000 bucks a pop. I knew nothing about them since, but just hearing the surface of decentralization and anonymous stuff and how weird wallet transactions were ticked me off and I had to tell her it was a bad idea.

Coincidentally, I think this occurred back in February 2014 during the Mt.Gox collapse, I know this happened in the later half of a pretty lovely winter during an event like that. Not surprisingly, she looked at it again next week from sheer curiosity and everything crashed down, she thanked me for talking her out of a bad financial decision, and she never bothered looking into it again.


Then I found out how incredibly retarded everything about it was from the origin to the concept of honest ponzis on something awful, and I've held it as my pretty little enemy since.
The trick is to not touch the poop, but instead sit at the edge and point and laugh at the poop.

EorayMel fucked around with this message at 18:38 on Jun 8, 2017

EorayMel
May 29, 2015

You got the fluffy kitty kitty!


Rhetorical question: Did Doobie's Dog House accept bitcoin?

Or perhaps, oobie og hous accepted bitcoin.

Also I just thought of something: somebody had to have made a bitcoin knockoff called bltcoin or bitcoln or something subtle that ripped off a whole bunch of people (as if they wouldn't be ripped off in the first place) right?

EorayMel
May 29, 2015

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mojo1701a posted:

And holy poo poo do you not realize that mining takes electricity that, y'know, costs money? Unless you're living in a dorm or siphoning electricity like a grow up. Actually, investing in marijuana is on the rise. I should get in on that.

There's no cost if you steal it

EorayMel
May 29, 2015

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They did.
https://www.irs.gov/uac/newsroom/ir...rrency-guidance

IRS Virtual Currency Guidance : Virtual Currency Is Treated as Property for U.S. Federal Tax Purposes; General Rules for Property Transactions Apply

quote:

The notice provides that virtual currency is treated as property for U.S. federal tax purposes. General tax principles that apply to property transactions apply to transactions using virtual currency. Among other things, this means that:

Wages paid to employees using virtual currency are taxable to the employee, must be reported by an employer on a Form W-2, and are subject to federal income tax withholding and payroll taxes.

Payments using virtual currency made to independent contractors and other service providers are taxable and self-employment tax rules generally apply. Normally, payers must issue Form 1099.

The character of gain or loss from the sale or exchange of virtual currency depends on whether the virtual currency is a capital asset in the hands of the taxpayer.

A payment made using virtual currency is subject to information reporting to the same extent as any other payment made in property.

EorayMel
May 29, 2015

You got the fluffy kitty kitty!


mojo1701a posted:

How do they require you to determine cost base on a mined coin, is it by exchange estimate? I mean, it's pretty obvious that they can't require most people to estimate given their power bill and GPU usage.

I have no idea.

I'm gonna go with whatever gain/loss you made from acquiring a bitcoin and giving away in a transaction, like long/short term capital gain stuff like with stocks and cars.

EorayMel
May 29, 2015

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Comfy Fleece Sweater posted:

Are you just burning money?

Maybe.

EorayMel
May 29, 2015

You got the fluffy kitty kitty!


COMRADES posted:

Similarly this is the logic of a person who won the lotto and is now seriously advising everyone they know to sell all their holdings and buy lotto tickets.

It isn't a good investment now and it wasn't a good investment then. Just because some people made tons of money doesn't change the risk analysis.

Where are all the news stories from the absolute poo poo tons of internet people going "I'm saving up every last BTC I mine I have thousands now" from back in the day who are now super rich? There's some puff pieces here and there but in general you don't see very many of those do you? I wonder why.

e: Final note: if a poo poo ton of people did get rich the IRS would be all over them and that hasn't happened either.

SEC/IRS are starting to gradually get more involved in this poo poo.

https://twitter.com/BTCVIX/status/889947755912802304

Also lol @ at the Russian mobster shutting down one of the longest running "legitimate" bitcoin exchanges for several days for sudden "maintenance", getting apprehended in Greece(??????) while trying to escape with the money, and having the government statist shill men with guns find out the platform was used to facilitate 95% of ransomware payments.

EorayMel
May 29, 2015

You got the fluffy kitty kitty!



quote:

But if Price did have millions in bitcoin, as the Morning Call wondered, why was he so cash-broke he was stealing laptops and hocking $30 jewelry? The hacker told investigators he wasn’t able to cash out his bitcoin without drawing attention to himself

EorayMel
May 29, 2015

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Burt Sexual posted:

How low on the workplace totem pole do you have to be to get assigned to write about bitcoin?

Or how high do you need to be?

EorayMel
May 29, 2015

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Shinjobi posted:

bitcoins are stupid and a pathetic scam




I agree.

EorayMel
May 29, 2015

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EorayMel
May 29, 2015

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So then why didn't you buy some and make sick profits if you believed all goons were wrong just to really stick it to us?

EorayMel
May 29, 2015

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Ham Sandwiches posted:

Lmao imagine being this loving wrong, spending months going "HOW MANY DO YOU OWN" and now after being proven wrong retreating to "SO HOW MANY DID YOU BUY!!!"

Like I don't know, do you feel embarassed? Imagine the morons that claimed Columbus would sail off the edge of the earth. That's literally you dude. Doesn't that concern you?

I mean, why wouldn't you?

EorayMel
May 29, 2015

You got the fluffy kitty kitty!


Ham Sandwiches posted:

Hmm, because my concern is the garbage advice people are giving and not on making a buck?? Which is what I've seen saying the ENTIRE TIME?

If you know that in bitcoin going up uP UP, why would you not take advantage of that fact and make money yourself?

COMRADES posted:


I know someone in real life who was suckered in by someone like you, leveraged themselves too much, and are now hosed because they lost all their BTC in a hack. Get bent and stop pretending like this is a sure thing because you can and will cause damage to people who believe you.

And you have the nerve to call our advice garbage.

I first heard about bitcoin via overhearing my mother's favorite radio show back just before Mt.Gox collapsed, and I had to argue with her for 20 minutes to not get involved. Just the concept alone sounded really loving suspicious and dirty.

One week later, she checked back in, it loving crashed, and never thought about touching bitcoins ever again. Otherwise she would've lost thousands of dollars.

Also the same guy called back in still trying to promote bitcoins after the crash, and the host laughed him off

EorayMel fucked around with this message at 20:46 on Oct 5, 2017

EorayMel
May 29, 2015

You got the fluffy kitty kitty!


Ham Sandwiches posted:

I don't know that it's going up

So your predictions are presumably just as wrong as ours, in your eyes.

Which makes you no more qualified than us if we're following your logic.

Eat poo poo

EorayMel
May 29, 2015

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COMRADES posted:

there is nothing propping up the value of these things thus high risk.

There is: it's called new suckers.

And the money laundering/ransomware/drug thing.

EorayMel
May 29, 2015

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I would not buy a bitcoin, Sam I am.
Even after listening to the words
Of sandwiches made of ham,
Whom I suspect are full of turds.

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EorayMel
May 29, 2015

You got the fluffy kitty kitty!


gary oldmans diary posted:

lol you do this in every single bitcoin thread and you always think maybe this time will be different and you wont get slapped up but it already happened and you didnt even last an hour

Don't tell him about the green forum.

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