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Waltzing Along
Jun 14, 2008

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

BloodyScab posted:

I have nothing to do with bitcoin but I love how you all have been objectively wrong about it for over half a decade now.

This is the thing I find surprising, too. It seems every time this topic comes up, a bunch of goons shout it down and joke about kiddie porn and drugs and bubbles. But it just keeps climbing and more and more legitimate uses are appearing as well. I have nothing invested other than believing the goon speak. But at this point, I wish I had just bought some or mined some on a lark and not listened to all the people who didn't do the same. Because I would have made a pretty decent amount of money for very little work.

I think at this point that is how a lot of you feel. You could have made some $$$ but didn't so now you are invested in saying it's bad rather than admitting you were wrong. It still may play out as a huge stupid scam but as time goes by, it is starting to look more and more real.

Ask yourself, if you had invested $100 in 10 bitcoins a few years back, would you have? I mean knowing what you do now?

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FogHelmut
Dec 18, 2003

Your authority is not recognized in Fort Kickass.


Waltzing Along posted:



Ask yourself, if you had invested $100 in 10 bitcoins a few years back, would you have? I mean knowing what you do now?

What do I do with it now? Exchange it for real money? What then is it's value as a currency and not as an insanely volatile investment commodity?

CassandraZara
Oct 21, 2012

by Nyc_Tattoo


Waltzing Along posted:

Ask yourself, if you had invested $100 in 10 bitcoins a few years back, would you have? I mean knowing what you do now?

If you found yourself magically transported through time to 2012 with only the knowledge that you have now, you'd be dumb not to. You'd be dumb not to throw every dime you had into bitcoin in the first run-up, sell at $1000, then rebuy in at $200 and sell again today. Knowledge of how things went for the past five years doesn't make buying into it today a good idea.

Waltzing Along
Jun 14, 2008

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

FogHelmut posted:

What do I do with it now? Exchange it for real money? What then is it's value as a currency and not as an insanely volatile investment commodity?

A cursory google search shows a ton of online retailers that accept it. You can buy gift cards for sites that don't to fill in the gaps. But you can also use Expedia which means travel: flights/rentals/hotels. You can buy things from newegg and overstock so that covers a lot of electronics and various other home goods. And you can also just sell your bitcoin for cash.

I fail to see why bitcoin is so bad at this point. I get that it could turn out to be bad in the future. But so far goons have been 100% wrong on this one. Anyone willing to sack up and admit that you were wrong and wish you hadn't subscribed to the goonthink?

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

CassandraZara posted:

If you found yourself magically transported through time to 2012 with only the knowledge that you have now, you'd be dumb not to. You'd be dumb not to throw every dime you had into bitcoin in the first run-up, sell at $1000, then rebuy in at $200 and sell again today. Knowledge of how things went for the past five years doesn't make buying into it today a good idea.

also the part where if you bought bitcoins in 2012 you probably had them in an exchange that ended up robbing everyone

Oscar Wild
Apr 11, 2006

It's good to be a G

Who knew the heat death of the universe would be caused by buttcoins?

BloodyScab
Sep 12, 2017

by Smythe


FogHelmut posted:

What do I do with it now? Exchange it for real money? What then is it's value as a currency and not as an insanely volatile investment commodity?

Its 2017. Its insanely easy to exchange it for real money dude.

christmas boots
Oct 15, 2012

To these sing-alongs of siren songs
To oohs to ahhs to big applause
With all of my anger I scream and shout
America, I love you but you're freaking me out


Biscuit Hider

Waltzing Along posted:

This is the thing I find surprising, too. It seems every time this topic comes up, a bunch of goons shout it down and joke about kiddie porn and drugs and bubbles. But it just keeps climbing and more and more legitimate uses are appearing as well. I have nothing invested other than believing the goon speak. But at this point, I wish I had just bought some or mined some on a lark and not listened to all the people who didn't do the same. Because I would have made a pretty decent amount of money for very little work.

I think at this point that is how a lot of you feel. You could have made some $$$ but didn't so now you are invested in saying it's bad rather than admitting you were wrong. It still may play out as a huge stupid scam but as time goes by, it is starting to look more and more real.

Ask yourself, if you had invested $100 in 10 bitcoins a few years back, would you have? I mean knowing what you do now?

Whatís the endpoint though? It canít keep growing exponentially forever.

poverty goat
Feb 15, 2004




Cease to Hope posted:

also the part where if you bought bitcoins in 2012 you probably had them in an exchange that ended up robbing everyone

Storing them in the exchange versus in a wallet you alone control has always been totally elective so you only probably did this if you are a lazy retard

CassandraZara
Oct 21, 2012

by Nyc_Tattoo


Cease to Hope posted:

also the part where if you bought bitcoins in 2012 you probably had them in an exchange that ended up robbing everyone

If you were dumb enough to keep your funds on an exchange in 2012, I feel sorry for you. If you were transported through time and somehow made the same mistake, you're too retarded to live.

Extra Large Marge
Jan 21, 2004



Fun Shoe

I don't think bitcoins are going to go away, but they will even out at some point.

It'd be interesting to know the ratio between people who use them as money, and people who are just speculating/investing.

poverty goat
Feb 15, 2004




Extra Large Marge posted:

I don't think bitcoins are going to go away, but they will even out at some point.

It'd be interesting to know the ratio between people who use them as money, and people who are just speculating/investing.

It's 99.8% people buying and selling drugs with no interest in owning bitcoins for longer than 20 minutes

BloodyScab
Sep 12, 2017

by Smythe


Yea the people who used them as their 401ks were kooky but other than that the hate on bitcoins here is just bizzare and must be out of habit at this point.

Waltzing Along
Jun 14, 2008

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

fruit on the bottom posted:

Whatís the endpoint though? It canít keep growing exponentially forever.

Exponentially, no. But if it doesn't go away, it will likely continue to grow with inflation. Also, because there are only 21 million bitcoin possible, they will eventually stop being mined which will only drive the value up. Plus a ton are just gone. Lost on old hard drives or other means of loss. I don't think anyone even knows the true number there could possibly be.

I suspect that if this thing keeps going, we will stop seeing the value of single bitcoin and it will shrink to something that people can wrap their heads around. Like 1/100th of a bitcoin. Or whatever.

BloodyScab
Sep 12, 2017

by Smythe


There is no endpoint. Just like theres no endpoint to the stockmarket or the "economy". Prices will fluctuate over time just like anything else. If you are being myopic and solely talking about the dollar value well theres a complex answer to that but the rough answer is it will gain value as it gains wider acceptance, which bitcoins have barely begun to penetrate.

Socialism is great for advocating for better working conditions but they're objectively wrong about anything economic related.

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

CassandraZara posted:

If you were dumb enough to keep your funds on an exchange in 2012, I feel sorry for you. If you were transported through time and somehow made the same mistake, you're too retarded to live.

so how exactly are you cashing out bitcoins without using an exchange

are you the guy trading them for a pile of gift cards in a parking lot

poverty goat
Feb 15, 2004




BloodyScab posted:

Yea the people who used them as their 401ks were kooky but other than that the hate on bitcoins here is just bizzare and must be out of habit at this point.

Most of gbs knows nothing about btc except what they learned in the early days when these threads were just r/Bitcoin helldump

To them it's still just gpu miners eating dessicated fruit because they lost everything on the magic the gathering online exchange

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

poverty goat posted:

Most of gbs knows nothing about btc except what they learned in the early days when these threads were just r/Bitcoin helldump

To them it's still just gpu miners eating dessicated fruit because they lost everything on the magic the gathering online exchange

now it's money laundering through a network wholly controlled by chinese mining companies with unclear ownership, that's just not funny

FogHelmut
Dec 18, 2003

Your authority is not recognized in Fort Kickass.


its value is entirely predicated on the fact that it may gain value

Oscar Wild
Apr 11, 2006

It's good to be a G

Via CNBC:

"I'm not saying 'go short bitcoin and sell $100,000 of bitcoin before it goes down," he [Jamie Diamon] said. "This is not advice of what to do. My daughter bought bitcoin, it went up and now she thinks she's a genius."

In an appearance at a separate conference earlier in the day, Dimon said bitcoin mania is reminiscent of the tulip bulb craze in the 17th century.

"It's worse than tulip bulbs. It won't end well. Someone is going to get killed," Dimon said at a banking industry conference organized by Barclays. "Currencies have legal support. It will blow up."

Dimon also said he'd "fire in a second" any JPMorgan trader who was trading bitcoin, noting two reasons: "It's against our rules and they are stupid."

I mean, sure bitcoin is a competitor to banks but still LOL. Also, JPMorgan have never been wrong.

SilvergunSuperman
Aug 6, 2010



I love the projection of these loving idiots saying wow bet you invested! when they probably also own none and were laughing at legit lols like BFL with the rest of us.

I mean how many times can you say it before you get bored?

Powershift
Nov 23, 2009




Cease to Hope posted:

now it's money laundering through a network wholly controlled by chinese mining companies with unclear ownership, that's just not funny

Bitcoin mining uses more electricity than ~110 countries.

is that funny?

Each transaction uses as much electricity as the average US household does in 3 days.

The network could run on an NES if there was no arms race.

insulated staircase
Aug 21, 2014



heading to the dump to scavenge for hard drives with bitcoins on them wish me luck

FogHelmut
Dec 18, 2003

Your authority is not recognized in Fort Kickass.


its not a currency though, spending bitcoins is like bartering bearer bonds

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

nobody is making "lol irish business incorporation laws" threads

BloodyScab
Sep 12, 2017

by Smythe


FogHelmut posted:

its value is entirely predicated on the fact that it may gain value

Thats all economic action. gently caress dude its the basis of all human action

kolby
Oct 29, 2004



SilvergunSuperman posted:

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

This exactly. OP is weird as poo poo.

CassandraZara
Oct 21, 2012

by Nyc_Tattoo


Cease to Hope posted:

so how exactly are you cashing out bitcoins without using an exchange

are you the guy trading them for a pile of gift cards in a parking lot

You move them to an exchange only when you want to sell, limiting your exposure. For being a bunch of geniuses you sure are having trouble understanding how a literal time machine would make it near impossible to lose.

FogHelmut
Dec 18, 2003

Your authority is not recognized in Fort Kickass.


BloodyScab posted:

Thats all economic action. gently caress dude its the basis of all human action

no it isnt. if i invest in stock, there is a company behind that stock doing some kind of economic activity. if i invest in bitcoin, its driven by people investing in bitcoin.


CassandraZara posted:

You move them to an exchange only when you want to sell, limiting your exposure. For being a bunch of geniuses you sure are having trouble understanding how a literal time machine would make it near impossible to lose.

if this is a currency, why would you sell it for real currency?

poverty goat
Feb 15, 2004




FogHelmut posted:

if this is a currency, why would you sell it for real currency?

I dunno man if you had a shitload of pesos that's just as good as dollars or euros and idk why anyone would cash that out either. I mean it's all currency

FogHelmut
Dec 18, 2003

Your authority is not recognized in Fort Kickass.


poverty goat posted:

I dunno man if you had a shitload of pesos that's just as good as dollars or euros and idk why anyone would cash that out either. I mean it's all currency

so in which country am I able to spend bitcoins as currency?

poverty goat
Feb 15, 2004




FogHelmut posted:

so in which country am I able to spend bitcoins as currency?

On the internet

Ham Sandwiches
Jul 7, 2000



BloodyScab posted:

I have nothing to do with bitcoin but I love how you all have been objectively wrong about it for over half a decade now.

Hello I have been posting about goons being objectively wrong about bitcoins for some time.

Every goon that has made fun of buttcoins or claimed that you can't get money out is a dumb jackass with 0 predictive ability re: the world and the future.

So basically just take a look at all the anti buttcoiners, the helpful mod of r/buttcoins that wrote a book about how wrong he is, and you'll have a good idea of the people you should never, ever listen to again.

Ham Sandwiches
Jul 7, 2000



poverty goat posted:

Most of gbs knows nothing about btc except what they learned in the early days when these threads were just r/Bitcoin helldump

To them it's still just gpu miners eating dessicated fruit because they lost everything on the magic the gathering online exchange

In the last bitcoin thread a financial industry dude with 140 IQ wrote like 4 long rear end posts about how bitcoin is a scam that will never be worth anything, I plan to revisit those posts when bitcoin hits either 7.5k or 10k, depending on when that is

Did you know Bitcoins are like:
An MLM
A casino
A ponzi scheme
A tulip
A beanie baby
A penny stock
A fake bridge being sold to someone

This is what idiots genuinely believe lmao

zenintrude
Apr 7, 2008

Where we're going,
we won't need eyes to see.


Cool, time to spend these 20 bitcoins I got in 2010 on a lambo...

http://spendbitcoins.com/places/lamborghini-newport-beach/

FogHelmut
Dec 18, 2003

Your authority is not recognized in Fort Kickass.


what economic functions are you performing with your bitcoins? looking at your account balance in USD doesn't count

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



Ham Sandwiches posted:

Hello I have been posting about goons being objectively wrong about bitcoins for some time.

Every goon that has made fun of buttcoins or claimed that you can't get money out is a dumb jackass with 0 predictive ability re: the world and the future.

So basically just take a look at all the anti buttcoiners, the helpful mod of r/buttcoins that wrote a book about how wrong he is, and you'll have a good idea of the people you should never, ever listen to again.

So what, are you some sort of millionaire? Did you make a fortune on buttcoins

Do you live in a palace now

a bone to pick
Sep 14, 2011

by FactsAreUseless


Bitcoins seem bad to me. Very bad.

Ham Sandwiches
Jul 7, 2000



Fartbox posted:

So what, are you some sort of millionaire? Did you make a fortune on buttcoins

Do you live in a palace now

I'm just laughing at people making predictions that are utter garbage but feel the need to keep making them. Bitcoin is gonna collapse, the exchanges are gonna fail, the same dudes repeating it at 1200, 2500, 5000, and now 6000

"It's not a store of value and it's not a currency and it has no inherent value unlike stocks and you cant get your money out and you can only buy drugs or child porn" as long as people keep repeating dumb poo poo I'll keep enjoying that they appear to be as wrong as it is possible to be wrong

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Owlbear Camus
Jan 3, 2013

Maybe this guy that flies is just sort of passing through, you know?




in tyool 2017 any prediction made based on the world not being the most impossibly, absurdly stupid place is being dashed

this includes bit coins

Owlbear Camus fucked around with this message at 17:25 on Oct 24, 2017

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