"Bitcoins," Internet nerd libertarian monopoly money, crashes, no one surprised
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  "Bitcoins," Internet nerd libertarian monopoly money, crashes, no one surprised
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Author Topic: "Bitcoins," Internet nerd libertarian monopoly money, crashes, no one surprised  (Read 9005 times)
Joe Republic
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« Reply #25 on: April 26, 2021, 11:22:45 AM »

This thread rules because it could have plausibly been posted at around 6 or 7 distinct times in the past decade. In another 6-18 months, it will be bumped again and the title will apply again.

Yes, but the snark would have more impact if it didn't keep bouncing back from each crash astronomically bigger than before.

"Ha ha, Bitcoin just went from $2 to 25¢!"

"Ha ha, Bitcoin just went from $8 to $2!"

"Ha Ha, Bitcoin just went from $30 to $8!"

"Ha ha, Bitcoin just went from $50,000 to $40,000."
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True Federalist (진정한 연방 주의자)
Ernest
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« Reply #26 on: April 26, 2021, 01:43:11 PM »

This thread rules because it could have plausibly been posted at around 6 or 7 distinct times in the past decade. In another 6-18 months, it will be bumped again and the title will apply again.

Yes, but the snark would have more impact if it didn't keep bouncing back from each crash astronomically bigger than before.

"Ha ha, Bitcoin just went from $2 to 25¢!"

"Ha ha, Bitcoin just went from $8 to $2!"

"Ha Ha, Bitcoin just went from $30 to $8!"

"Ha ha, Bitcoin just went from $50,000 to $40,000."

I will say that at least "investing" in Bitcoin is more rational than investing in GameStop.
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TheDeadFlagBlues
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« Reply #27 on: April 26, 2021, 11:01:50 PM »

This thread rules because it could have plausibly been posted at around 6 or 7 distinct times in the past decade. In another 6-18 months, it will be bumped again and the title will apply again.

Yes, but the snark would have more impact if it didn't keep bouncing back from each crash astronomically bigger than before.

"Ha ha, Bitcoin just went from $2 to 25¢!"

"Ha ha, Bitcoin just went from $8 to $2!"

"Ha Ha, Bitcoin just went from $30 to $8!"

"Ha ha, Bitcoin just went from $50,000 to $40,000."

The next crash is going to be very brutal and a lot of people will commit suicide over it and/or be financially ruined, which was not true in 2011. Of course, for this reason, snark would be inappropriate - I do not enjoy seeing people suffer only because they are stupid and for no other reason - but this snake oil is still snake oil...
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StateBoiler
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« Reply #28 on: April 27, 2021, 07:14:32 AM »

This thread rules because it could have plausibly been posted at around 6 or 7 distinct times in the past decade. In another 6-18 months, it will be bumped again and the title will apply again.

Yes, but the snark would have more impact if it didn't keep bouncing back from each crash astronomically bigger than before.

"Ha ha, Bitcoin just went from $2 to 25¢!"

"Ha ha, Bitcoin just went from $8 to $2!"

"Ha Ha, Bitcoin just went from $30 to $8!"

"Ha ha, Bitcoin just went from $50,000 to $40,000."

The next crash is going to be very brutal and a lot of people will commit suicide over it and/or be financially ruined, which was not true in 2011. Of course, for this reason, snark would be inappropriate - I do not enjoy seeing people suffer only because they are stupid and for no other reason - but this snake oil is still snake oil...

"Tonight on Boise's 6 o'clock news, a local self-admitted socialist on an internet forum expresses giddiness at the thought of his political enemies committing mass suicide in the near future."
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PSOL
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« Reply #29 on: April 27, 2021, 09:43:42 PM »

This thread rules because it could have plausibly been posted at around 6 or 7 distinct times in the past decade. In another 6-18 months, it will be bumped again and the title will apply again.

Yes, but the snark would have more impact if it didn't keep bouncing back from each crash astronomically bigger than before.

"Ha ha, Bitcoin just went from $2 to 25¢!"

"Ha ha, Bitcoin just went from $8 to $2!"

"Ha Ha, Bitcoin just went from $30 to $8!"

"Ha ha, Bitcoin just went from $50,000 to $40,000."

The next crash is going to be very brutal and a lot of people will commit suicide over it and/or be financially ruined, which was not true in 2011. Of course, for this reason, snark would be inappropriate - I do not enjoy seeing people suffer only because they are stupid and for no other reason - but this snake oil is still snake oil...

"Tonight on Boise's 6 o'clock news, a local self-admitted socialist on an internet forum expresses giddiness at the thought of his political enemies committing mass suicide in the near future."
Roll Eyes
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GM Team Member and Senator WB
weatherboy1102
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« Reply #30 on: April 29, 2021, 05:00:12 AM »

This thread rules because it could have plausibly been posted at around 6 or 7 distinct times in the past decade. In another 6-18 months, it will be bumped again and the title will apply again.

Yes, but the snark would have more impact if it didn't keep bouncing back from each crash astronomically bigger than before.

"Ha ha, Bitcoin just went from $2 to 25¢!"

"Ha ha, Bitcoin just went from $8 to $2!"

"Ha Ha, Bitcoin just went from $30 to $8!"

"Ha ha, Bitcoin just went from $50,000 to $40,000."

I will say that at least "investing" in Bitcoin is more rational than investing in GameStop.
I mean the GameStop thing was pretty much just to troll hedge fund managers right
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Adam Griffin
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« Reply #31 on: April 29, 2021, 05:48:32 PM »

Around the time this thread was made, I regularly had anywhere from 100 to 500 BTC in my wallet. Ultimately sold them all in 2012-13.

RIP ME Cry
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Omega21
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« Reply #32 on: April 29, 2021, 08:23:12 PM »

Around the time this thread was made, I regularly had anywhere from 100 to 500 BTC in my wallet. Ultimately sold them all in 2012-13.

RIP ME Cry

You just gave me life long chronic FOMO
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Ⓐnarchy in the ☭☭☭P!
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« Reply #33 on: May 07, 2021, 01:54:23 PM »

This thread rules because it could have plausibly been posted at around 6 or 7 distinct times in the past decade. In another 6-18 months, it will be bumped again and the title will apply again.

Yes, but the snark would have more impact if it didn't keep bouncing back from each crash astronomically bigger than before.

"Ha ha, Bitcoin just went from $2 to 25¢!"

"Ha ha, Bitcoin just went from $8 to $2!"

"Ha Ha, Bitcoin just went from $30 to $8!"

"Ha ha, Bitcoin just went from $50,000 to $40,000."

The next crash is going to be very brutal and a lot of people will commit suicide over it and/or be financially ruined, which was not true in 2011. Of course, for this reason, snark would be inappropriate - I do not enjoy seeing people suffer only because they are stupid and for no other reason - but this snake oil is still snake oil...

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parochial boy
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« Reply #34 on: May 08, 2021, 02:05:09 PM »

Regardless of whether it is going up or down, the fact that its value fluctuates so much is a pretty good demonstration of its utter failure to fulfil the role of a currency.

As in, why am I ever going to spend any of the stuff if I think it is going to be worth twice as much two weeks from now? great for a few investors, also a demonstration of the total failure of the ideology behind it.
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StateBoiler
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« Reply #35 on: May 13, 2021, 01:41:55 PM »
« Edited: May 13, 2021, 01:58:33 PM by StateBoiler »

Regardless of whether it is going up or down, the fact that its value fluctuates so much is a pretty good demonstration of its utter failure to fulfil the role of a currency.

As in, why am I ever going to spend any of the stuff if I think it is going to be worth twice as much two weeks from now? great for a few investors, also a demonstration of the total failure of the ideology behind it.

It's misclassified as a currency. Financially, it operates as a commodity. You can use a commodity as currency as well of course, gold and silver were for most of the existence of recorded history. And oil is now to a point.

That Bitcoin swings wildly shows the effects of a limited number of participants in the commodity market buying and selling as happens in other commodity markets, but the long-term rise also demonstrates what has happened to global fiat-based currency systems, especially from 2008 onwards. Right now since the beginning of the year, I could've had sheets of plywood as my personal currency to buy items with, and would be doing pretty well.

(Disclaimer: I do not invest in Bitcoin or any other e-coin.)
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Former President tack50
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« Reply #36 on: May 14, 2021, 05:31:58 PM »

No risk, no reward.

Don't invest, stay poor!

This topic aged like fine wine.

Bitcoin isn't really investing, it is more like glorified gambling
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Former President tack50
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« Reply #37 on: May 14, 2021, 05:34:23 PM »

Regardless of whether it is going up or down, the fact that its value fluctuates so much is a pretty good demonstration of its utter failure to fulfil the role of a currency.

As in, why am I ever going to spend any of the stuff if I think it is going to be worth twice as much two weeks from now? great for a few investors, also a demonstration of the total failure of the ideology behind it.

It's misclassified as a currency. Financially, it operates as a commodity. You can use a commodity as currency as well of course, gold and silver were for most of the existence of recorded history. And oil is now to a point.

That Bitcoin swings wildly shows the effects of a limited number of participants in the commodity market buying and selling as happens in other commodity markets, but the long-term rise also demonstrates what has happened to global fiat-based currency systems, especially from 2008 onwards. Right now since the beginning of the year, I could've had sheets of plywood as my personal currency to buy items with, and would be doing pretty well.

(Disclaimer: I do not invest in Bitcoin or any other e-coin.)

But it is a commodity of what? At least gold and silver are physical objects that have established uses. Bitcoin doesn't.

When you trade gold or silver you are at least buying (in theory) something physical. Bitcoin and other cryptocurrencies aren't like that.
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ultraviolet
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« Reply #38 on: May 19, 2021, 10:54:33 AM »

This thread rules because it could have plausibly been posted at around 6 or 7 distinct times in the past decade. In another 6-18 months, it will be bumped again and the title will apply again.

Not even one month
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Omega21
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« Reply #39 on: May 19, 2021, 01:21:36 PM »

This thread rules because it could have plausibly been posted at around 6 or 7 distinct times in the past decade. In another 6-18 months, it will be bumped again and the title will apply again.

Not even one month




Quote
Wells Fargo's investment institute is in the final stages of onboarding an active crypto strategy for its wealthy clients. Its president told us why the firm changed its mind on crypto — and shared the key merits and risks of the 'investable asset.'

https://www.businessinsider.com/crypto-investing-wells-fargo-to-add-fund-to-platform-bitcoin-2021-5
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Joe Republic
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« Reply #40 on: May 19, 2021, 04:45:49 PM »

This thread is going to keep being bumped every so often (by people on either side of the issue) with "gotcha!" isn't it?
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PSOL
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« Reply #41 on: May 19, 2021, 05:41:13 PM »

I suspect E-currency of all kinds is going to be more prominent in the future, but Bitcoin won’t be prominent in the future unless it updates its source code to work out the kinks that it has preventing it from being commercially viable.
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True Federalist (진정한 연방 주의자)
Ernest
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« Reply #42 on: May 19, 2021, 10:23:55 PM »

I suspect E-currency of all kinds is going to be more prominent in the future, but Bitcoin won’t be prominent in the future unless it updates its source code to work out the kinks that it has preventing it from being commercially viable.

Bitcoin is not, never has been, and never can be a currency.  It's model prevents it from ever handling the volume of transactions necessary to function as a currency.
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The Smiling Face On Your TV
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« Reply #43 on: May 19, 2021, 10:27:56 PM »

Another classic case of speculation gone wrong.
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PSOL
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« Reply #44 on: May 21, 2021, 12:32:11 AM »

I suspect E-currency of all kinds is going to be more prominent in the future, but Bitcoin won’t be prominent in the future unless it updates its source code to work out the kinks that it has preventing it from being commercially viable.

Bitcoin is not, never has been, and never can be a currency.  It's model prevents it from ever handling the volume of transactions necessary to function as a currency.
Cryptocurrencies are commodities (currently) but there’s been some talk and initial development of actual e-currencies lately.

Yes the limiting factor of Bitcoin in particular of having a set limit of units in circulation is one aspect hindering its growth, but if the source code is updated that could change, as unlikely as it is. With other cryptocurrencies though it could be possible, especially if a group finds a way to not yield most of its value in being so closely tied or needing to be exchanged with a current recognized currency, or a cryptocurrency or e-currency being said recognized currency.
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True Federalist (진정한 연방 주의자)
Ernest
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« Reply #45 on: May 21, 2021, 02:55:16 AM »

I suspect E-currency of all kinds is going to be more prominent in the future, but Bitcoin won’t be prominent in the future unless it updates its source code to work out the kinks that it has preventing it from being commercially viable.
Bitcoin is not, never has been, and never can be a currency.  It's model prevents it from ever handling the volume of transactions necessary to function as a currency.
Cryptocurrencies are commodities (currently) but there’s been some talk and initial development of actual e-currencies lately.

Yes the limiting factor of Bitcoin in particular of having a set limit of units in circulation is one aspect hindering its growth, but if the source code is updated that could change, as unlikely as it is. With other cryptocurrencies though it could be possible, especially if a group finds a way to not yield most of its value in being so closely tied or needing to be exchanged with a current recognized currency, or a cryptocurrency or e-currency being said recognized currency.
Considering that fractional Bitcoins can be traded, the limit on the number of Bitcoins isn't a problem. Bitcoin's problem is that it cannot handle a high enuf transaction rate to be a currency.
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PSOL
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« Reply #46 on: May 21, 2021, 06:17:35 PM »

I suspect E-currency of all kinds is going to be more prominent in the future, but Bitcoin won’t be prominent in the future unless it updates its source code to work out the kinks that it has preventing it from being commercially viable.
Bitcoin is not, never has been, and never can be a currency.  It's model prevents it from ever handling the volume of transactions necessary to function as a currency.
Cryptocurrencies are commodities (currently) but there’s been some talk and initial development of actual e-currencies lately.

Yes the limiting factor of Bitcoin in particular of having a set limit of units in circulation is one aspect hindering its growth, but if the source code is updated that could change, as unlikely as it is. With other cryptocurrencies though it could be possible, especially if a group finds a way to not yield most of its value in being so closely tied or needing to be exchanged with a current recognized currency, or a cryptocurrency or e-currency being said recognized currency.
Considering that fractional Bitcoins can be traded, the limit on the number of Bitcoins isn't a problem. Bitcoin's problem is that it cannot handle a high enuf transaction rate to be a currency.
Well yea, that’s why one option is to update the source code.

If not Bitcoin, it will be another cryptocurrency or a nationally recognized e-currency
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True Federalist (진정한 연방 주의자)
Ernest
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« Reply #47 on: May 21, 2021, 10:58:50 PM »

I suspect E-currency of all kinds is going to be more prominent in the future, but Bitcoin won’t be prominent in the future unless it updates its source code to work out the kinks that it has preventing it from being commercially viable.
Bitcoin is not, never has been, and never can be a currency.  It's model prevents it from ever handling the volume of transactions necessary to function as a currency.
Cryptocurrencies are commodities (currently) but there’s been some talk and initial development of actual e-currencies lately.

Yes the limiting factor of Bitcoin in particular of having a set limit of units in circulation is one aspect hindering its growth, but if the source code is updated that could change, as unlikely as it is. With other cryptocurrencies though it could be possible, especially if a group finds a way to not yield most of its value in being so closely tied or needing to be exchanged with a current recognized currency, or a cryptocurrency or e-currency being said recognized currency.
Considering that fractional Bitcoins can be traded, the limit on the number of Bitcoins isn't a problem. Bitcoin's problem is that it cannot handle a high enuf transaction rate to be a currency.
Well yea, that’s why one option is to update the source code.

If not Bitcoin, it will be another cryptocurrency or a nationally recognized e-currency

Updating the source code won't affect the speed issues of the distributed database systems that are at the core of blockchain "cryptocurrencies" that prevent any of them from ever replacing currencies. CDBCs are more an official alternative to fintech payment systems such as Alipay or Venmo than to crypto.
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Omega21
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« Reply #48 on: June 16, 2021, 08:09:27 AM »
« Edited: June 16, 2021, 08:15:38 AM by Omega21 »

I suspect E-currency of all kinds is going to be more prominent in the future, but Bitcoin won’t be prominent in the future unless it updates its source code to work out the kinks that it has preventing it from being commercially viable.
Bitcoin is not, never has been, and never can be a currency.  It's model prevents it from ever handling the volume of transactions necessary to function as a currency.
Cryptocurrencies are commodities (currently) but there’s been some talk and initial development of actual e-currencies lately.

Yes the limiting factor of Bitcoin in particular of having a set limit of units in circulation is one aspect hindering its growth, but if the source code is updated that could change, as unlikely as it is. With other cryptocurrencies though it could be possible, especially if a group finds a way to not yield most of its value in being so closely tied or needing to be exchanged with a current recognized currency, or a cryptocurrency or e-currency being said recognized currency.
Considering that fractional Bitcoins can be traded, the limit on the number of Bitcoins isn't a problem. Bitcoin's problem is that it cannot handle a high enuf transaction rate to be a currency.
Well yea, that’s why one option is to update the source code.

If not Bitcoin, it will be another cryptocurrency or a nationally recognized e-currency

Updating the source code won't affect the speed issues of the distributed database systems that are at the core of blockchain "cryptocurrencies" that prevent any of them from ever replacing currencies. CDBCs are more an official alternative to fintech payment systems such as Alipay or Venmo than to crypto.

Let me introduce you to the lightning network, a layer 2 solution already being used.



It is truly concerning to see lefties seething at the bottom 70% of El Salvador's population getting access to transferring and receiving money, as they don't have bank accounts.

At the absolute worst, this allows that bottom 70% to receive payments from the diaspora via Bitcoin, which is instantly converted at the time of sending to USD (the Govt is opening a clearing house for that purpose), thus losing no money to volatility, while not paying 20-30% fees to banks/transfer services, as they are doing right now.

As it is, rural populations need to make hard and long journeys to pick up any money being sent from the diaspora, and this allows them to simply receive any payment with their phones instantly.

As for CDBC, yeah, I'm not really comfortable with Big Brother having the ability to see literally every single transaction and purchase I make. Plus, authoritarian Big Brothers (like China) have so much control precisely because of that reason.

It's very easy to control the populace when you have the ability to literally freeze and seize 100% of someone's net worth within minutes. The only thing they can't seize (barring keylogging or extracting the private key), are cryptocurrencies.
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PSOL
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« Reply #49 on: June 16, 2021, 09:41:34 AM »

So the prices are rising again due to Musk working on providing less energy-intensive transactions. Why this was not done or thought about previously, and why he made a quick and careless decision in the first place wiping off millions of speculation is a testament to his poor management style.
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