I'm going to punch bitcoin in the face

[inb4bowden]

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

[millionsofdeadcats]

What did you expect from a currency backed by...nothing? 

[inb4bowden]

>implying fiat currency is backed by anything
>implying if oil transactions weren't in USD the entire place would look like Detroit

[millionsofdeadcats]

>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. 

[inb4bowden]

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

[millionsofdeadcats]

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?

[inb4bowden]

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

[millionsofdeadcats]

They would appreciate in value

Please elaborate, because I think it could just as likely become worthless.

[splooge gook]

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

[millionsofdeadcats]

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

[inb4bowden]

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.

[millionsofdeadcats]

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? 

[splooge gook]

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

[millionsofdeadcats]

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.

[inb4bowden]

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.