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Waltzing Along
Jun 14, 2008

There's only one
Human race
Many faces
Everybody belongs here

Tether info:

QuarkJets posted:

Imagine that you run a bitcoin exchange, but you're so transparently corrupt and negligent that banks around the world all refuse to stop working with you. A loser would accept defeat and eventually declare bankruptcy, since no one would want to use an exchange that can't move actual money in/out (because bitcoin is not actually money). But Bitfinex are winners; they created a new digital currency, declared that each unit is worth exactly $1, and then produced billions of units. They claim that there's really a dollar in a vault for every Tether, but so far have turned away every auditor and never proven this, so probably they don't have poo poo. For the cherry on top call the new token USDT (which I guess stands for United States Dollar Tethers) so that the average soft-brained bitcoiner more readily associates Tethers with Dollars

You might think "surely if there's not real money backing then couldn't they be driven bankrupt by people going to them to convert Tethers for real dollars?"

Well, they prevent that by refusing to honor Tether to USD conversions. On their legal page they even say that Tethers are not redeemable and are not worth anything. So the IOU comparison is completely accurate, and for now people are trading Tethers at ~1USDT : $1 for seemingly no reason at all. Even some parts of the bitcoin community think that this is all super fishy and dubious but refuse to do anything about it because doing nothing is better for bitcoin

Compounding this is the fact that numerous academics have shown that Tethers are most often released during periods when the bitcoin price is in freefall, e.g. they're created in order to prop up the price

This recipe has some additional comedy notes:
- For months bitcoiners argued that there was no relation between Tether and Bitfinex, until it was revealed that they're literally run by the same individuals and then bitcoiners were like "well we knew that all along it's not a big deal"
- Bitfinex was subpoenaed by US Regulators, and new Tether printings mysteriously stopped. Even more mysteriously they later started printing EuroTethers (supposedly tied to Euros instead of US Dollars)
- There are numerous exchanges that have wash-trading users keeping the Tether price around $1, presumably bot activity
- Bitfinex are in the process of trying to sue their largest critic on twitter, an account named Bitfinex'ed, and apparently signed up Bitfinex'ed's lawyer for a bunch of e-mail spam, like something a 5th grader might do to a child they're not getting along with



People were freaking out when it hit $2000 about six months ago. But it has tripled since then? This is crazy.

Anyone know why it has been skyrocketing all year? It's starting to look like it might actually stick around. Which is going to make all the naysayers look pretty drat stupid. Especially the ones who could have bought in when it was "cheap." Especially in comparison to where it is now. gently caress, you could have tripled your $$$ in six months. That just doesn't happen very often.

I've heard that bitcoin is being used in many places in Japan now. Apparently businesses there look at it as a legitimate currency. Is this happening elsewhere? Is the US just slow to catch up with the rest of the world (again?)

Waltzing Along fucked around with this message at 03:47 on Mar 31, 2018

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Noblesse Obliged
Apr 7, 2012



a dollar in the hand is worth 6000 in the internet

Fried Watermelon
Dec 29, 2008




People want bitcoin to be the new currency but the only value it has is value from another currency when you sell

Seems problematic

EorayMel
May 29, 2015

You got the fluffy kitty kitty!


Apparently this is partly due to the infamous Russian conman behind the MMM ponzi scheme introducing bitcoin into African nations:

https://qz.com/1100886/bitcoin-in-africa-is-driven-by-mmm-mavrodi-ponzi-scheme/

Top City Homo
Oct 15, 2014




Ramrod XTreme

chinese communist party officials fleeing the state for gross corruption are busy pumping up the value of the internet childporn/drug currency to flee with their ill gotten goods buy purchasing shitload of the money and then using thar value to buy real estate for "cash"

Revins
Nov 2, 2007

the stars are strange and this isn't home


I own a small fraction of a bitcoin, left over from the time I bought psychedelic drugs off the internet. I wonder if its worth cashing in at this point

e: lol, my 7 microbitcoins are now worth 5 bucks, up from about a dollar last time I glanced at it.

e2: wait apparently that was before the app I used updated things. my .007 BC is now worth 40 dollars?? I could honestly use that money, thanks e-currency I only partially understand!

Revins fucked around with this message at 01:03 on Oct 24, 2017

Fallows
Jan 20, 2005

If he waits long enough he can use his accrued interest from his savings to bring his negative checking balance back into the black.

i still dont understand how bitcoins is worth real money its so stupid god drat

A. Beaverhausen
Nov 11, 2008

by R. Guyovich


Fallows posted:

i still dont understand how bitcoins is worth real money its so stupid god drat

I don't understand the economics of it either, but I also think ft Knox is empty and our paper money is worth nothing as well.

Extra Large Marge
Jan 21, 2004



Fun Shoe

Fallows posted:

i still dont understand how bitcoins is worth real money its so stupid god drat

It has value because you can use them to buy drugs and receive extortion payments over the internet.

Former DILF
Jul 13, 2017



alright fine ill diversify into bitcoin

ugh

Say Nothing
Mar 4, 2013

by FactsAreUseless


Probably explains why my latest transaction has been verified on blockchain but isn't showing up in my wallet.

extra stout
Feb 24, 2005

ISILDUR's ERR


Fallows posted:

i still dont understand how bitcoins is worth real money its so stupid god drat

as beaver pointed out nerds observed the fed printing money and making up new rules as they went and thought "that doesn't seem so hard" and they were right, the only thing keeping half the country from using one of the e-currencies is they have no marketing, it's confusing, and at any moment the fed will eventually hit it harder than JFK

Top City Homo
Oct 15, 2014




Ramrod XTreme

ICO your way to bit success

SilvergunSuperman
Aug 6, 2010



Waltzing Along posted:

People were freaking out when it hit $2000 about six months ago. But it has tripled since then? This is crazy.

Anyone know why it has been skyrocketing all year? It's starting to look like it might actually stick around. Which is going to make all the naysayers look pretty drat stupid. Especially the ones who could have bought in when it was "cheap." Especially in comparison to where it is now. gently caress, you could have tripled your $$$ in six months. That just doesn't happen very often.

I've heard that bitcoin is being used in many places in Japan now. Apparently businesses there look at it as a legitimate currency. Is this happening elsewhere? Is the US just slow to catch up with the rest of the world (again?)

This reads like one of those retarded fake articles where the answer is an online casino.

fuck the ROW
Aug 29, 2008

by zen death robot


No one can cash it out, OP. So its worth maybe 0

CassandraZara
Oct 21, 2012

by Nyc_Tattoo


extra stout posted:

as beaver pointed out nerds observed the fed printing money and making up new rules as they went and thought "that doesn't seem so hard" and they were right, the only thing keeping half the country from using one of the e-currencies is they have no marketing, it's confusing, and at any moment the fed will eventually hit it harder than JFK

Lol I agree with all of this, unfortunately.

insulated staircase
Aug 21, 2014



the beast will always get its meat

enjoy prison

Duckbox
Sep 7, 2007



I'm pretty sure it's just another investment bubble.

Cubone
May 26, 2011

Because it never leaves its bedroom, no one has ever seen this poster's real face.

stfu

EorayMel
May 29, 2015

You got the fluffy kitty kitty!


insulated staircase posted:

the beast will always get its meat

enjoy prison

Ross Ulbricht IRL:

R-Type
Oct 10, 2005

by FactsAreUseless


How much would bitcoin be worth to you if you let your PC's videocard mine for a couple of days and you traded it in on a cornucopia full of drugs?

fuck the ROW
Aug 29, 2008

by zen death robot


Here's how bitcoin works:
* you put money in to "buy a bitcoin" because you're a moron that didn't read
* no one will ever pay you money to take it out
* I'm not allowed to say this in GBS

CassandraZara
Oct 21, 2012

by Nyc_Tattoo


gently caress the ROW posted:

Here's how bitcoin works:
* you put money in to "buy a bitcoin" because you're a moron that didn't read
* no one will ever pay you money to take it out
* I'm not allowed to say this in GBS

It is still (still [still {still}]) trivially easy to get money for Bitcoin but that doesn't change how bad an investment it is.

Tolkien minority
Feb 14, 2012




The first time I bought bitcoin It was like a nickel a bitcoin. Coulda been rich, darn

Who What Now
Sep 10, 2006

In the cheery brightness of the 41st millennium there is only CHRISTMAS SPIRIT!


Good luck liquidating it.

Who What Now
Sep 10, 2006

In the cheery brightness of the 41st millennium there is only CHRISTMAS SPIRIT!


A. Beaverhausen posted:

I don't understand the economics of it either, but I also think ft Knox is empty and our paper money is worth nothing as well.

All value is subjective and by Fiat. Did I just blow your mind????!?!!!?

fuck the ROW
Aug 29, 2008

by zen death robot


CassandraZara posted:

It is still (still [still {still}]) trivially easy to get money for Bitcoin but that doesn't change how bad an investment it is.

Exactly, it's a pile of poo poo! Sad money currency! Bad returns!

EorayMel
May 29, 2015

You got the fluffy kitty kitty!


I still lol at the hot new cryptocurrency trend letting people snatch millions of dollars out of thin air by spending 30 minutes programming johnnyissocoolandtommyissolamecoins and selling them in bulk to venture capitalists.

Serak
Jun 18, 2000

Approaching Midnight.

Waltzing Along posted:

Anyone know why it has been skyrocketing all year? It's starting to look like it might actually stick around. Which is going to make all the naysayers look pretty drat stupid. Especially the ones who could have bought in when it was "cheap." Especially in comparison to where it is now. gently caress, you could have tripled your $$$ in six months. That just doesn't happen very often.



I would question what on earth would make you believe this


Bitcoin, the hallmark for consistent, sustainable growth.

DancingShade
Jul 26, 2007

MAYBE IF MY WEAK NONSENSICAL "BURNS" ARE CONVOLUTED ENOUGH, NOBODY WILL NOTICE THAT IN SPITE OF BEING A CONDESCENDING TAINTSMEAR IN EVERY THREAD I POST IN, I HAVE LITERALLY NEVER HAD ANYTHING EVEN REMOTELY INSIGHTFUL OR FUNNY TO SAy.

"I've got a billion dollars in bitcoins!"

*is unable to produce the hard cash to buy a load of bread*

*goes hungry that night while looking at bitcoin wallet*

*dreams about being able to spend bitcoins on bread*

Chief McHeath
Apr 23, 2002



More like













Buttcoin

Jose
Jul 24, 2007





is it hard or risky to buy drugs using bitcoin

Powershift
Nov 23, 2009




Jose posted:

is it hard or risky to buy drugs using bitcoin

It's so easy, you'll almost suspect your anonymous dealer is a cop collecting information on users.

You'll probably be right, too.

DancingShade
Jul 26, 2007

MAYBE IF MY WEAK NONSENSICAL "BURNS" ARE CONVOLUTED ENOUGH, NOBODY WILL NOTICE THAT IN SPITE OF BEING A CONDESCENDING TAINTSMEAR IN EVERY THREAD I POST IN, I HAVE LITERALLY NEVER HAD ANYTHING EVEN REMOTELY INSIGHTFUL OR FUNNY TO SAy.

Chief McHeath posted:

More like













Buttcoin

Cosbycoins

a_gelatinous_cube
Feb 13, 2005



So did they ever solve that problem of if everyone used bitcoin you'd have to download multiple terabytes of data every time you wanted to buy a candy bar?

Cease to Hope
Dec 12, 2011
the forum where people post about insurance in case they have to kill someone is mad at this guy again lol

A. Beaverhausen posted:

I don't understand the economics of it either, but I also think ft Knox is empty and our paper money is worth nothing as well.

GOOGLE RON PAUL

Bardeh
Dec 2, 2004



Fun Shoe

gently caress the ROW posted:

No one can cash it out, OP. So its worth maybe 0

I mean, Bitcoin is dumb and the price growth is dumb, but it's easy as hell to sell. Maybe not if you've got like all your life savings in it and wanna cash it all out at once, but if you wanna sell like, 1 coin or something, you can cash out in minutes (and then wait like 2 hours for the Blockchain to actually process the transaction lol)

amotea
Mar 23, 2008


Grimey Drawer

Any speculation is always great in hindsight, when it pans out nicely.

You could have just bought some ES futures and have made a poo poo ton of money, all regulated and easy to cash out.

Buttcoin is just a speculative financial instrument at this point really, a real lovely one.

Fartbox
Apr 27, 2017
What's happening? Dri fu an only two? what is this?
Is this an avatar? I don't know rm dunk



I bought some steroids with bitcoin

Seems like it's good for illegal purchases

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FactsAreUseless
Feb 16, 2011



gently caress the ROW posted:

* I'm not allowed to say this in GBS
It's true, in addition to my large Star Citizen investment, I am also heavily into Bitcoin, and I WILL ban you!

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