The Sanctuary
Carnality => Money Money Money... => Topic started by: inb4bowden on October 05, 2014, 02:21:46 pm
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Literally lost hundreds of dollars getting close to $1000 over the last week and erased much work fucking cunts and shit, what the fucking hell, even moving to other cryptos is pointless unless it's to cash out which I definitely should have done
literally 307 USD
A few days ago when it was 405 I thought "ya, I'll cash out around blazeit420XD" but here we are, a few days later and fucking poorer.
I literally feel robbed by the internet
Discuss what to do about bitcoin. I tried to retweet disinfo on twitter about bitcoin price going up and stuff to no avail. I think I'm gonna cash out at three fucking fifty
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What did you expect from a currency backed by...nothing?
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>implying fiat currency is backed by anything
>implying if oil transactions weren't in USD the entire place would look like Detroit
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>implying fiat currency is backed by anything
>implying if oil transactions weren't in USD the entire place would look like Detroit
I am not implying any of that stuff, and I think that the 'fiat' nature of the dollar is why it is inflated beyond belief at this very moment. Things like 'bitcoin' and the now defunct 'e-gold' are even worse, and 'unregulated' as well....The whole thing just screams 'ponzi' to me.
disclaimer: I am a total layman when it comes to economics, and I barely even know what I am talking about.
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That's a lot of quotations
There are a lot of ponzi scheme type altcoins but bitcoin itself isn't
The dollar is inflated because America is the biggest consumer of bullshit in the world
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That's a lot of quotations
There are a lot of ponzi scheme type altcoins but bitcoin itself isn't
The dollar is inflated because America is the biggest consumer of bullshit in the world
I quote stuff when I am not 100% sure if it is the correct term, or if I consider it to be dubious in some way. Also when I am trying to be sarcastic.
What I mean by comparing it to a ponzi scheme is just my own ruminations on what I think will happen in the future with 'mined' currencies like bitcoin. Is there a point when all the bitcoins are mined out, and what will happen to the currency once there are no more to be mined?
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They would appreciate in value, hence one of the appeals of a gold standard. Mining BTC wouldn't be profitable were it not for chinese communist power bills and alternative energy sources in the US. People will be operating at a loss within a few years. Bitcoin itself isn't gonna be an actual currency but it laid the foundation for one and was a valiant first try at such a concept. Fucking webmoney and perfect money were just sexy and easily exploitable, I can't imagine actually using them
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They would appreciate in value
Please elaborate, because I think it could just as likely become worthless.
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trade stocks or some shit? then you won't reflexively reach out to destroy your hard drive if you see your prosecutor across the street
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trade stocks or some shit? then you won't reflexively reach out to destroy your hard drive if you see your prosecutor across the street
:tup:
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yeah I've been thinking of getting into stocks. I have 2 accounts but haven't done any trading
It makes basic economic sense for BTC to appreciate in value as the money supply peters out. Think of fabrige eggs, there are like a dozen in the world and other than being the centerpiece of the best james bond movie they have no intrinsic value, in order to trade with them it's gonna require more "buy" orders than "sell" hence upward pressure. BTC will be long dead before this happens but a finite number is the appeal that gives them a sense of value.
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yeah I've been thinking of getting into stocks. I have 2 accounts but haven't done any trading
It makes basic economic sense for BTC to appreciate in value as the money supply peters out. Think of fabrige eggs, there are like a dozen in the world and other than being the centerpiece of the best james bond movie they have no intrinsic value, in order to trade with them it's gonna require more "buy" orders than "sell" hence upward pressure. BTC will be long dead before this happens but a finite number is the appeal that gives them a sense of value.
Yes, this is the same reasoning behind baseball cards and shit. What makes it so in the case of bitcoins? Are you saying that their 'rarity' will cause them to sustain value, and possibly even increase? What if no one wants the goddamn things, will they 'appreciate' then?
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what makes bitcoins finite? would you even get prosecuted if you figured out a way to hack like a million into this arbitrary number that isnt representable by a physical concept or parameter?
fabridge eggs are limited because there are only 12 in the world. you can't engineer a frabridge egg out of pure code, you need something to work by and is actually real
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fabridge eggs are limited because there are only 12 in the world. you can't engineer a frabridge egg out of pure code, you need something to work by and is actually real
I always understood that bitcoins are finite, but they are 'locked up' in the 'blocks' and are not in the picture until mined.
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what makes bitcoins finite? would you even get prosecuted if you figured out a way to hack like a million into this arbitrary number that isnt representable by a physical concept or parameter?
fabridge eggs are limited because there are only 12 in the world. you can't engineer a frabridge egg out of pure code, you need something to work by and is actually real
if you get 51% control of the blockchain you can fuck shit up, that will eventually happen but I'm hoping someone will make a better code by then.
Bitcoin was created in like 5 years by a chink with aspbergers and no reference point for what he was doing, I have to believe someone is working on something better right now.
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fabridge eggs are limited because there are only 12 in the world. you can't engineer a frabridge egg out of pure code, you need something to work by and is actually real
I always understood that bitcoins are finite, but they are 'locked up' in the 'blocks' and are not in the picture until mined.
lol, this doesn't exist in computerin'. it's either encrypted code of some sort or you're talking about the literal amount of pure computer energy harvested. maybe the market crashes when something like that happens, cause it might be some sort of code or power confined within 60, 600, 6000 computers or so. but if you can control BTC dynamics you could also keep it in equilibrium while benefiting yourself i.e. stealing someone's internets
or maybe not, i usually smoke a huge amount of fake weed to be amused enough to post here
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what's your favorite number?
i just thought about this and my favorite number is 2. my favorite color is probably blue. my favorite letter of the alphabet would have to be Z. if i imagined the color of my aura it would probably be a greyish orange-red
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It makes me mad that people are actually smoking fake weed in the year of our lord, 2014
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you're talking about the literal amount of pure computer energy harvested. maybe the market crashes when something like that happens, cause it might be some sort of code or power confined within 60, 600, 6000 computers or so.
Well, yeah, bitcoins would be worthless without the tech infrastructure, the same way that no one will want US dollars if civilization collapses. They may be good for toilet paper, but not much else.
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my aura it would probably be a greyish orange-red
More like a gayish orange-red.
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you're talking about the literal amount of pure computer energy harvested. maybe the market crashes when something like that happens, cause it might be some sort of code or power confined within 60, 600, 6000 computers or so.
Well, yeah, bitcoins would be worthless without the tech infrastructure, the same way that no one will want US dollars if civilization collapses. They may be good for toilet paper, but not much else.
but for people to have a dynamic bitcoin market they have access to this system, right? that means they may not be able to make bitcoin poof out of thin air, they could just move the hands around the clock a little bit
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fabridge eggs are limited because there are only 12 in the world. you can't engineer a frabridge egg out of pure code, you need something to work by and is actually real
I always understood that bitcoins are finite, but they are 'locked up' in the 'blocks' and are not in the picture until mined.
lol, this doesn't exist in computerin'. it's either encrypted code of some sort or you're talking about the literal amount of pure computer energy harvested. maybe the market crashes when something like that happens, cause it might be some sort of code or power confined within 60, 600, 6000 computers or so. but if you can control BTC dynamics you could also keep it in equilibrium while benefiting yourself i.e. stealing someone's internets
or maybe not, i usually smoke a huge amount of fake weed to be amused enough to post here
Hahaha... :tup:
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but for people to have a dynamic bitcoin market they have access to this system, right? that means they may not be able to make bitcoin poof out of thin air, they could just move the hands around the clock a little bit
I don't know enough about how bitcoin works to discuss it intelligently, but I would assume that they have thought of this loophole and have some way of preventing it.
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i don't know anything about bitcoins i just am great at pwning noobs
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>somebody walks into chinese kid's apartment, steals his 1TB bitcoin harddrive
>the great depression for petty internet criminals
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The "economics" section of bitcointalk.org can be some of the cringiest shit you've ever seen.
"feeding all the homeless with BITCOIN"
"fiat currency is over!!!!!"
"solution to poverty, socialism or capitalism?"
It's really the most neckbearded no nothing shit I've ever seen and yet the worst thread has more posts than the entirety of sanctuary and if you remove myself and sploo from the equation, a higher concentration of quality than sanc.
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like, i would assume it would be a better idea to have a viable, standard stock share, and then put small amounts of whatever you earn (only if you're good enough to earn) into BTC, because basically it's entirely experimental. you can have real world money that is far less likely to just getted v& at any given moment with possibly no foreshadowing. you use your real money to use anonymous bitcoin money to experiment in alternative markets and order heroin in a sandwich bag from cuba with BTC when needed
tl;dr you're just an over glorified gambler who's probably losing more money than he's easrned
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>somebody walks into chinese kid's apartment, steals his 1TB bitcoin harddrive
>the great depression for petty internet criminals
I loled, might tweet this
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>somebody walks into chinese kid's apartment, steals his 1TB bitcoin harddrive
>the great depression for petty internet criminals
I loled, might tweet this
Why don't you marry him you Canadian faggot?
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i will admit that unstable matter has been sending me sexually aggressive PMs lately
is that PI?
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yeah, Canada was the first country to actually regulate and legalize BTC because Harper's an old school economist. He literally ordered BTC ATM's with tax dollars and genuinely wants it to catch on, he just wants it highly regulated and would probably prefer if there was photo IDs accompanying each hash
kind of want to delete this thread
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So, is there a scam angle to all of this? Can one induce another to buy 'fake bitcoins' or sell fake mining hardware to new 'prospecters'? I am almost interested enough to look for myself.......almost.
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I think there'll always be a decentralized internet economy for anonymous dealings somewhere or another, but i think it's more like something that'll pop up on the fringe every few months once a kid eats 3 grams of phenazepam and has to go to the emergency room and then ILLEGALIZE BITCOIN!!!!!!
there are so many different online currencies already available, but the ones that get popular will inevitably crash, and on to the next one everyone/the FBI will be. sort of like "okay silk road is down, now lets go to silk road 2"
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i'm wondering if you can exchange bitcoin "shells"
have you ever downloaded a song off the internet and it turned out to be an empty file designed to look like the real one? a computer trojan.
maybe you can replicate all the physical (observable) properties of bitcoins without actually having to program bitcoins. it would still be detectable to someone who knew how to analyze the file i guess but i mean how many people can figure out how to use Tor even?
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yeah, that's why transactions need so many network confirmations
There's a better way, I know it but my IQ isn't high enough to figure it out yet
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>link them to a bitcoin phishing trojan app to download
i spent 20 minutes thinking about how i would do this most realistically idk bros
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the idea about breaking into the chinese kids apartment and stealing his harddrive is about as technical a solution as I am capable of.
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someone I once saw swimming with a whale in the arctic before it jumped out of its tail can get blockchain private keys for cheap but don't know enough to make them work and figures blockchain has some pretty good security these days
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Bit coins are backed by computing power. Not that that qualifies as 'something' but hey...
The volume of bitcoins traded on the markets is simply way too low. If some dude tries to offload his 100 bitcoins this can already destabilize the "exchange rates" for one
I did some digging into bitcoin myself, and the way i'd do it, is to buy bullion with them immediately. There's several sites that offer gold and silver bars and coins you can pay for with bitcoins. You'll lose some "money" on it in the sense that the gold you bought will be worth less when you bring it to the pawnshop than had you sold your bitcoin straight away, but atleast there's a well established markter for silver and gold, and you're not exposed to BTC-USD exchange rate risks.
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Back a few years ago when I got my first set of student loans, I came so close to buying 1,000 bitcoins at $5 a piece.... It's still hard for me to really think about it, and the only reason I didnt make the purchase was because my "current" fiance advised me against it and that I would be.. stupid and wasting five grand.. In hindsight, it's easy to look back and think.. "Wow, I could have been a millionaire right now.. where would I be?".. Then again, Bitcoin didnt blow up over night.. I would have probably considered myself a failure and sold them off little by little with each small increase in price, probably never seeing a million dollar payday.. I was about to say it was probably for the best that I didn't because I wouldn't have had my wonderful fiance, but since Bitcoin never really bottomed out to lower than $5.. at least after the point in time.. I was guaranteed not to lose any money.. Ah, what can you do. I made good even though I missed that opportunity and I'm not bitter about it.. My life aint too shabby. But I will make a greater effort to pursue something I believe in the next time I see a profitable opportunity.
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Bitcoin is a great idea, with a lot of flaws. I know the cryptocurrency community is really trying to find a way to develop a system that currency speculators can't get their hooks into (which is the main cause of the wild value swings), but I wouldn't have a clue as to how to start with that problem. With Dogecoin they tried getting away from the chronic hardware escalation with the miners, but that didn't work out either.
I can't see using bitcoins, or other cryptocurrency for anything other than anonymous transactions (and don't forget to use a tumbler, or it's not as anonymous as you think), since you never know what it will be worth. Someday someone is going to figure out how to stabilize the value, then they'll be useful as something other than a novelty.
That's my 2B
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While I initially loved the concept of Bitcoin, especially since there was the prospect of getting rich from the investment... My infatuation has died down some in time. I would still love to see a digital currency, not unlike the 'cred' often featured in science fiction media.. Obviously, something that is legitimately secure and safe from theft/loss.. outside of ones personal stupidity. I can still possibly see Bitcoin doing fairly well in the future as it matures. I don't think Bitcoin will be the endgame as far as crypto-currency in the immediate future.. Sure, we have all these coins floating around now, but I mean something on par or beyond what BTC has already accomplished. Then again, a solid competitor could possibly hinder all markets instead of helping.. I'll stick to investing in the physical for now.. I'm not quite ready to throw money at BTC.. I missed that ship when it left port a long long time ago.