patrick.net
An Antidote to Corporate Media
1,257,246 comments by 15,003 users - AmericanKulak online now
invite response« First « Previous Comments 290 - 329 of 521 Next » Last » Search these comments
290
WookieMan
2019 Jun 13, 9:01pm
WookieMan
2019 Jun 13, 9:01pm
Newbie123 says
One of the main reasons crypto exists is in spite of the main stream media, banks, government, etc. That was much of the point of its creation. Be careful what you wish for.
Also, why not link to those two media organizations and their reports on it? You consistently link to www.coin(somthing).com. Why is that?
I expect no answer and cannot believe I'm wasting my time, but I'm bored.
Nice
https://www.coindesk.com/reuters-bloomberg-and-tradingview-to-add-new-cryptocurrency-index
Reuters and Bloomberg are adding a crypto index. Main stream media is adopting crypto more and more.
One of the main reasons crypto exists is in spite of the main stream media, banks, government, etc. That was much of the point of its creation. Be careful what you wish for.
Also, why not link to those two media organizations and their reports on it? You consistently link to www.coin(somthing).com. Why is that?
I expect no answer and cannot believe I'm wasting my time, but I'm bored.
291
Onvacation
2019 Jun 14, 7:48am
Onvacation
2019 Jun 14, 7:48am
WookieMan says
Thats why crypto is valued in "fiat".
The current reality of crypto is not as a currency but as a speculative gamble. The HODL crowd will be sitting on crypto even as it aproaches zero. They will call it a buying opportunity.
Somebody has to be the last greatest fool!
One of the main reasons crypto exists is in spite of the main stream media, banks, government, etc.
Thats why crypto is valued in "fiat".
The current reality of crypto is not as a currency but as a speculative gamble. The HODL crowd will be sitting on crypto even as it aproaches zero. They will call it a buying opportunity.
Somebody has to be the last greatest fool!
292
Onvacation
2019 Jun 14, 7:56am
Onvacation
2019 Jun 14, 7:56am
Newbie123 says
Tulips are beautiful. You can wipe your butt with stocks bonds and cash.
Crypto is nothing but 0s and 1s on computers.
bitcoin is the same as tulips.
Tulips are beautiful. You can wipe your butt with stocks bonds and cash.
Crypto is nothing but 0s and 1s on computers.
293
Onvacation
2019 Jun 14, 8:04am
Onvacation
2019 Jun 14, 8:04am
This is someones bitcoin wallet key.
EA2FEBC5BAC0D13E7AC0EAC1EB8C0AFE
How much food can you buy with it after a solar flare?
EA2FEBC5BAC0D13E7AC0EAC1EB8C0AFE
How much food can you buy with it after a solar flare?
294
Onvacation
2019 Jun 14, 12:40pm
Onvacation
2019 Jun 14, 12:40pm
Newbie123 says
Democracy Dies in Darkness
Try 1 month for $1
Sign In
Newsletters & alerts
Gift subscriptions
Contact us
Help desk
Economic Policy
Bitcoin isn’t the future of money — it’s either a Ponzi scheme or a pyramid scheme
By Matt O'Brien June 8, 2015
(Photo by Ethan Miller/Getty Images)
Sometimes it's hard to tell whether Bitcoin is more like Ponzi scheme or a pyramid scheme.
Whatever it is, though, it isn't a currency. It's a tech stock. Each Bitcoin is really a share in a system that seems to make it cheaper to transfer things online—money, stocks, bonds, even the deed to your house—by cutting out the middleman. Well, kind of. Bitcoin doesn't remove the middleman so much as replace him with middlemen who don't make you pay much, but make society as a whole do so instead. Is this progress?
It's supposed to be. Ever since the early days of the Internet, people have been trying to figure out how to transfer money online without having to go through the financial system. The problem, though, is if I send you money, how do you know I haven't already spent it or sent it to somebody else? You don't. So the only solution has been to have a trusted third-party, like a bank, sit in between us. I send the money to the bank, it verifies that I actually have this money to send, and then it sends it on to you, all for a 2 percent fee, of course.
Keep Reading
Bitcoin's breakthrough is to have a decentralized network of "miners" sit in between us instead. Now, remember, these miners are trying to win new Bitcoins by solving computationally-taxing math problems. The clever part, though, is that in the process of doing so, they also create a public ledger of every single Bitcoin transaction, what's called the blockchain. That includes every Bitcoin that's ever been won, every Bitcoin that's ever been used, and every Bitcoin that's ever been transferred. So now we don't need a bank to know that I have the money I'm sending to you, and that I'm only sending it to you. The miners confirm all this. And the best part is that instead of having to pay the bank myself to do this, the system pays the miners in new Bitcoins.
The question, though, is how you get people to mine Bitcoin to begin with. Sure, you can tell them that Bitcoin is digital money they can use to buy things online, but they already have money they can already use to buy things online. And while merchants would be more than happy to save the 2.5 percent they pay in credit card transaction fees, customers are a lot more more blasé since they don't pay them directly. The answer, then, was to do what makes anything popular: make it exclusive. Specifically, Bitcoin limits the total number of coins that will ever be created to 21 million. Now, for Bitcoin's first year and a half, as Nathaniel Popper documents in his page-turning history Digital Gold, there were still only a handful of people, if that, mining it. But that began to change when libertarians, who were convinced, just convinced, that the Federal Reserve's money-printing would mean the doom of the dollar, discovered Bitcoin and its non-inflatable money supply. A boom was born.
But what made people mine Bitcoins is what has kept from spending Bitcoins. Think about it like this. Bitcoin's finite supply means that its price should go up, and keep going up. So if you have dollars that are losing a little value to inflation every year and Bitcoins that are gaining it, which one are you going to use to buy things with? The question answers itself, and it raises another. Why would this ever change? Unless you can't buy something online with dollars—like drugs—you'd always want to use your dollars instead. Buying things with Bitcoin would be like cashing out your Apple stock in 1978 to go grocery shopping even though you have plenty of actual cash lying around.
"The catch-22 is people buy Bitcoins because they think the price will go to infinity and beyond once everybody uses them, but they don't spend their own Bitcoins because they think the price will go to infinity and beyond once everybody else uses them. And so nobody uses them. But if nobody uses them, then the price will stay stuck at something a lot less than infinity let alone beyond. So the Bitcoin faithful have tried to not only convert people, but also convince them to martyr themselves, financially-speaking, for the crypto cause. It goes something like this. Hey, do you want to hear about the future? It's a digital currency called Bitcoin that lets you spend or move your money online without paying any fees. Sounds great. How does it do that? Well, Bitcoin saves you money by making transactions irreversible. So ... if I get scammed, I got scammed? There's nothing I can do about it? Yes. Okay, but is it at least easy to use? The thing is, I don't actually use it. I just hoard it. I'm waiting for some greater fools to push up the price by using theirs. Oh. Yeah. So you should buy some Bitcoins and use yours. I'll get back to you on that."
Folks, calls have been made. I called 50k (100k secretly ;)
Democracy Dies in Darkness
Try 1 month for $1
Sign In
Newsletters & alerts
Gift subscriptions
Contact us
Help desk
Economic Policy
Bitcoin isn’t the future of money — it’s either a Ponzi scheme or a pyramid scheme
By Matt O'Brien June 8, 2015
(Photo by Ethan Miller/Getty Images)
Sometimes it's hard to tell whether Bitcoin is more like Ponzi scheme or a pyramid scheme.
Whatever it is, though, it isn't a currency. It's a tech stock. Each Bitcoin is really a share in a system that seems to make it cheaper to transfer things online—money, stocks, bonds, even the deed to your house—by cutting out the middleman. Well, kind of. Bitcoin doesn't remove the middleman so much as replace him with middlemen who don't make you pay much, but make society as a whole do so instead. Is this progress?
It's supposed to be. Ever since the early days of the Internet, people have been trying to figure out how to transfer money online without having to go through the financial system. The problem, though, is if I send you money, how do you know I haven't already spent it or sent it to somebody else? You don't. So the only solution has been to have a trusted third-party, like a bank, sit in between us. I send the money to the bank, it verifies that I actually have this money to send, and then it sends it on to you, all for a 2 percent fee, of course.
Keep Reading
Bitcoin's breakthrough is to have a decentralized network of "miners" sit in between us instead. Now, remember, these miners are trying to win new Bitcoins by solving computationally-taxing math problems. The clever part, though, is that in the process of doing so, they also create a public ledger of every single Bitcoin transaction, what's called the blockchain. That includes every Bitcoin that's ever been won, every Bitcoin that's ever been used, and every Bitcoin that's ever been transferred. So now we don't need a bank to know that I have the money I'm sending to you, and that I'm only sending it to you. The miners confirm all this. And the best part is that instead of having to pay the bank myself to do this, the system pays the miners in new Bitcoins.
The question, though, is how you get people to mine Bitcoin to begin with. Sure, you can tell them that Bitcoin is digital money they can use to buy things online, but they already have money they can already use to buy things online. And while merchants would be more than happy to save the 2.5 percent they pay in credit card transaction fees, customers are a lot more more blasé since they don't pay them directly. The answer, then, was to do what makes anything popular: make it exclusive. Specifically, Bitcoin limits the total number of coins that will ever be created to 21 million. Now, for Bitcoin's first year and a half, as Nathaniel Popper documents in his page-turning history Digital Gold, there were still only a handful of people, if that, mining it. But that began to change when libertarians, who were convinced, just convinced, that the Federal Reserve's money-printing would mean the doom of the dollar, discovered Bitcoin and its non-inflatable money supply. A boom was born.
But what made people mine Bitcoins is what has kept from spending Bitcoins. Think about it like this. Bitcoin's finite supply means that its price should go up, and keep going up. So if you have dollars that are losing a little value to inflation every year and Bitcoins that are gaining it, which one are you going to use to buy things with? The question answers itself, and it raises another. Why would this ever change? Unless you can't buy something online with dollars—like drugs—you'd always want to use your dollars instead. Buying things with Bitcoin would be like cashing out your Apple stock in 1978 to go grocery shopping even though you have plenty of actual cash lying around.
"The catch-22 is people buy Bitcoins because they think the price will go to infinity and beyond once everybody uses them, but they don't spend their own Bitcoins because they think the price will go to infinity and beyond once everybody else uses them. And so nobody uses them. But if nobody uses them, then the price will stay stuck at something a lot less than infinity let alone beyond. So the Bitcoin faithful have tried to not only convert people, but also convince them to martyr themselves, financially-speaking, for the crypto cause. It goes something like this. Hey, do you want to hear about the future? It's a digital currency called Bitcoin that lets you spend or move your money online without paying any fees. Sounds great. How does it do that? Well, Bitcoin saves you money by making transactions irreversible. So ... if I get scammed, I got scammed? There's nothing I can do about it? Yes. Okay, but is it at least easy to use? The thing is, I don't actually use it. I just hoard it. I'm waiting for some greater fools to push up the price by using theirs. Oh. Yeah. So you should buy some Bitcoins and use yours. I'll get back to you on that."
295
WookieMan
2019 Jun 15, 9:30am
WookieMan
2019 Jun 15, 9:30am
Newbie123 says
100% false. This is 100% the premise of bitcoin or any crypto. It was made for the "common person" to avoid banks & all the shit that goes along with that. The issue is any person or company can create a crypto "currency" out of thin air. If they can market it and get people to trade it, they take all your money. There's an infinite amount of "coins" that can be created. There will never be enough capital diverted to a non-producing "asset" class like crypto. Layer on all the other issues and it really is staggering you keep posting.
I'm being serious when I say I hope you don't lose money, but crypto is 100% a pump and dump scam manipulated by people holding large amounts. Don't get caught holding the bag when the floor drops out. You can post your silly videos and nonsensical rebuttals, but you've not countered anything that's been presented to you. Trade it all you want and make money, dead serious, just know it will go away at some point.
Nobody tries to convince the retail market to buy crypto or bitcoin.
100% false. This is 100% the premise of bitcoin or any crypto. It was made for the "common person" to avoid banks & all the shit that goes along with that. The issue is any person or company can create a crypto "currency" out of thin air. If they can market it and get people to trade it, they take all your money. There's an infinite amount of "coins" that can be created. There will never be enough capital diverted to a non-producing "asset" class like crypto. Layer on all the other issues and it really is staggering you keep posting.
I'm being serious when I say I hope you don't lose money, but crypto is 100% a pump and dump scam manipulated by people holding large amounts. Don't get caught holding the bag when the floor drops out. You can post your silly videos and nonsensical rebuttals, but you've not countered anything that's been presented to you. Trade it all you want and make money, dead serious, just know it will go away at some point.
296
Maga_Chaos_Monkey
2019 Jun 15, 11:07am
Maga_Chaos_Monkey
2019 Jun 15, 11:07am
I watch a lot of financial news and channels, like RealVision. Seems a lot of very rich people are starting to get nervous lately and are going into gold and silver. Silver coins for daily spending, gold for wealth preservation. Hard to use a 13K lump of gold to buy a sandwich. I have yet to see any wanting for crypto.
A lot of millennials at the tech company I work for are way into crypto though. Few want to learn about other investment strategies when we are talking smack at lunch.
A lot of millennials at the tech company I work for are way into crypto though. Few want to learn about other investment strategies when we are talking smack at lunch.
297
WookieMan
2019 Jun 15, 11:14am
WookieMan
2019 Jun 15, 11:14am
Newbie123 says
There is no scarcity. Are you joking? Anyone can create a crypto "currency," anytime. In the grand scheme of time, bitcoin is nothing at ten years old. It will be nothing in 10 years from now. If you made some money up to this point, awesome, seriously. Don't be left holding the bag though.
Newbie123 says
That would be silly, who would spend US dollars on advertising the best thing since sliced bread? lol. You ever wonder why there's a reason there's no advertisement and it's people like you posting on internet forums, FB and other social media? But then you post links and videos that are blatant advertisements? You're posting in circles at this point.
It’s scarcity and the demand for it
There is no scarcity. Are you joking? Anyone can create a crypto "currency," anytime. In the grand scheme of time, bitcoin is nothing at ten years old. It will be nothing in 10 years from now. If you made some money up to this point, awesome, seriously. Don't be left holding the bag though.
Newbie123 says
Ever noticed how bitcoin has never had to spend money on advertisement?
That would be silly, who would spend US dollars on advertising the best thing since sliced bread? lol. You ever wonder why there's a reason there's no advertisement and it's people like you posting on internet forums, FB and other social media? But then you post links and videos that are blatant advertisements? You're posting in circles at this point.
298
Onvacation
2019 Jun 15, 11:19am
Onvacation
2019 Jun 15, 11:19am
just_dregalicious says
Millennials have never had real money.
When I was a kid a quarter was made out of silver. You could buy a soda and a couple of candy bars and still have a dime left over.
After Kennedy was assassinated we traded our silver in for parking tokens. Then Nixon disconnected our dollars from any real backing. Since then inflation has wittled away at our buying power.
Millenials see that saving "fiat" is never going to be profitable. They even have deluded themselves into thinking that crypto is not fiat.
Bitcoin has no intrinsic value. It is not a good currency. It only has value because some fools think that other fools will pay more for it.
A lot of millennials at the tech company I work for are way into crypto though.
Millennials have never had real money.
When I was a kid a quarter was made out of silver. You could buy a soda and a couple of candy bars and still have a dime left over.
After Kennedy was assassinated we traded our silver in for parking tokens. Then Nixon disconnected our dollars from any real backing. Since then inflation has wittled away at our buying power.
Millenials see that saving "fiat" is never going to be profitable. They even have deluded themselves into thinking that crypto is not fiat.
Bitcoin has no intrinsic value. It is not a good currency. It only has value because some fools think that other fools will pay more for it.
299
Onvacation
2019 Jun 15, 2:05pm
Onvacation
2019 Jun 15, 2:05pm
Hey @Newbie123
What will bitcoin be valued in when it replaces "fiat"?
What will bitcoin be valued in when it replaces "fiat"?
300
CBOEtrader
2019 Jun 15, 3:05pm
CBOEtrader
2019 Jun 15, 3:05pm
WookieMan says
*Could go away at some point isn't the same as will. I won't put anything into crypto that I can't afford to lose. Currently about 10% of portfolio mostly in XRP, but I may buy more.
As I've already mentioned, XRP is an infrastructure play as much as a crypto play. I'd also sell it if it 10xed on me, or sell some as it doubles.
Question: is there a better replacement for centralized fiat currencies than cryptos? Do you expect the dollar to remain stable for 20 years?
just know it will go away at some point.
*Could go away at some point isn't the same as will. I won't put anything into crypto that I can't afford to lose. Currently about 10% of portfolio mostly in XRP, but I may buy more.
As I've already mentioned, XRP is an infrastructure play as much as a crypto play. I'd also sell it if it 10xed on me, or sell some as it doubles.
Question: is there a better replacement for centralized fiat currencies than cryptos? Do you expect the dollar to remain stable for 20 years?
301
CBOEtrader
2019 Jun 15, 3:06pm
CBOEtrader
2019 Jun 15, 3:06pm
Onvacation says
What will anything be valued in if the dollar collapses? Probably exchange units like XRP
Hey @Newbie123
What will bitcoin be valued in when it replaces "fiat"?
What will anything be valued in if the dollar collapses? Probably exchange units like XRP
302
Maga_Chaos_Monkey
2019 Jun 15, 4:09pm
Maga_Chaos_Monkey
2019 Jun 15, 4:09pm
Newbie123 says
I've been on the leading edge of tech and biotech for 20 years and am definitely not a grandpa but I understand what the billionaires are saying with respect to crypto vs. gold and silver. That's because I have what's called wisdom from various types of investments over that time span and memory of what the markets did during those times. That's something the millennials I work with who only seem to understand crypto who have the same stars in their eyes my silicon valley peers did back during the dot coms don't have.
CBOEtrader says
Long term probably not for daily activities. Short term there are so fucking many of them, the security sucks and the software isn't ready for prime time. I think it's day will come though. Right now it's still a pain in the ass to use and is only good for speculation.
Nobody is trying to change grandma’s or grandpa’s view of money and how to transact it. And some people just have a hard time with change or innovation in general.
I've been on the leading edge of tech and biotech for 20 years and am definitely not a grandpa but I understand what the billionaires are saying with respect to crypto vs. gold and silver. That's because I have what's called wisdom from various types of investments over that time span and memory of what the markets did during those times. That's something the millennials I work with who only seem to understand crypto who have the same stars in their eyes my silicon valley peers did back during the dot coms don't have.
CBOEtrader says
Question: is there a better replacement for centralized fiat currencies than cryptos?
Long term probably not for daily activities. Short term there are so fucking many of them, the security sucks and the software isn't ready for prime time. I think it's day will come though. Right now it's still a pain in the ass to use and is only good for speculation.
303
Maga_Chaos_Monkey
2019 Jun 15, 4:12pm
Maga_Chaos_Monkey
2019 Jun 15, 4:12pm
I guess, there is also the energy costs to consider for block chain in general as well... Also what kind of an affect an EMP might have on cryptos and a potential future where a government (shit these days even Leftist companies) might be able to control e-transactions by one means or another that they can't with physical currencies. Like cocaine, gold, etc.
I think there is a reason China, Russia, India, etc., are hording gold these days instead of crypto haha..
I think there is a reason China, Russia, India, etc., are hording gold these days instead of crypto haha..
304
Onvacation
2019 Jun 15, 4:17pm
Onvacation
2019 Jun 15, 4:17pm
CBOEtrader says
I did not say collapses. I said replaces.
That is the big crypto idea; decentralization. Instead of the central banks controlling the worlds currency it will be controlled by a decentralized digital gold. CRYPTOCURRENCY has value because the owners say so.
Bullets, real estate, stocks, bonds, jewelry, art, and guns have intrinsic value, they're real.
All refined metals including silver and gold have intrinsic value. They take manpower to create and they can be used to make beautiful and useful THINGS.
Even the fiat federal reserve notes can be traded for, anything. A paper dollar represents the systems ability and willingness to anihilate anything in its way.
Cryptocurrency is NOTHING. Literally 0s and 1s on a fancy flash drive.
The scam is where you have to buy in with "fiat" to get paid off, someday, in fiat.
Onvacation saysHey @Newbie123
What will bitcoin be valued in when it replaces "fiat"?
What will anything be valued in if the dollar collapses? Probably exchange units like XRP
I did not say collapses. I said replaces.
That is the big crypto idea; decentralization. Instead of the central banks controlling the worlds currency it will be controlled by a decentralized digital gold. CRYPTOCURRENCY has value because the owners say so.
Bullets, real estate, stocks, bonds, jewelry, art, and guns have intrinsic value, they're real.
All refined metals including silver and gold have intrinsic value. They take manpower to create and they can be used to make beautiful and useful THINGS.
Even the fiat federal reserve notes can be traded for, anything. A paper dollar represents the systems ability and willingness to anihilate anything in its way.
Cryptocurrency is NOTHING. Literally 0s and 1s on a fancy flash drive.
The scam is where you have to buy in with "fiat" to get paid off, someday, in fiat.
305
Maga_Chaos_Monkey
2019 Jun 15, 4:19pm
Maga_Chaos_Monkey
2019 Jun 15, 4:19pm
Onvacation says
See this I'm not so sure is really going to pan out long term. Powers that be et al. There will probably eventually be some sort of 'blessed' crypto if it ever goes mainstream. At that point it doesn't even need to be crypto so it saves energy. Just some number of 'units' on the block chain.
"But there is only a limited number of Bitcoin so it can't be devalued like fiat!"
Yeah, but an unlimited number of crypto-currencies...
Instead of the central banks controlling the worlds currency it will be controlled by a decentralized digital gold.
See this I'm not so sure is really going to pan out long term. Powers that be et al. There will probably eventually be some sort of 'blessed' crypto if it ever goes mainstream. At that point it doesn't even need to be crypto so it saves energy. Just some number of 'units' on the block chain.
"But there is only a limited number of Bitcoin so it can't be devalued like fiat!"
Yeah, but an unlimited number of crypto-currencies...
308
CBOEtrader
2019 Jun 16, 2:10pm
CBOEtrader
2019 Jun 16, 2:10pm
Onvacation says
Yup, and that intrinsic value would be stretched 50000 times over if gold backed transactions, making it effectively just as fiat as cryptos with far more limitations.
If it is discovered that gold can be used to power starships or cure cancer, I'd consider it. Even then I'd rather buy the company than gold.
I'm unimpressed by pretty things
All refined metals including silver and gold have intrinsic value. They take manpower to create and they can be used to make beautiful and useful THINGS.
Yup, and that intrinsic value would be stretched 50000 times over if gold backed transactions, making it effectively just as fiat as cryptos with far more limitations.
If it is discovered that gold can be used to power starships or cure cancer, I'd consider it. Even then I'd rather buy the company than gold.
I'm unimpressed by pretty things
309
MrMagic
2019 Jun 16, 2:40pm
MrMagic
2019 Jun 16, 2:40pm
Newbie123 says
Wake me when it gets near to it's previous high of 19K (hint: it won't)...
Happy Father’s Day! And bitcoin holding above 9k :)
Wake me when it gets near to it's previous high of 19K (hint: it won't)...
310
Maga_Chaos_Monkey
2019 Jun 16, 9:19pm
Maga_Chaos_Monkey
2019 Jun 16, 9:19pm
CBOEtrader says
Good point.
I think gold and silver are only better in a shit hits the fan type of situation. Speaking of which:
Notice to Californians to load up on ammo before July 1st. You can still get it after that but it'll be quite a bit more painful.
Walmart only had 115 grain 9mm today. It was a madhouse.
would be stretched 50000 times over if gold backed transactions, making it effectively just as fiat as cryptos with far more limitations.
Good point.
I think gold and silver are only better in a shit hits the fan type of situation. Speaking of which:
Notice to Californians to load up on ammo before July 1st. You can still get it after that but it'll be quite a bit more painful.
Walmart only had 115 grain 9mm today. It was a madhouse.
311
RWSGFY
2019 Jun 16, 11:02pm
RWSGFY
2019 Jun 16, 11:02pm
Newbie123 says
... and you are still holding none if it.
Happy Father’s Day! And bitcoin holding above 9k :)
... and you are still holding none if it.
312
Onvacation
2019 Jun 18, 9:49am
Onvacation
2019 Jun 18, 9:49am
Newbie123 says
From your linked article:
"invite people to pay directly for goods and services within the app using Libra[ Facebook's proposed crypto]. In doing so, Facebook would be able to glean new data about its users’ shopping behaviors—and how to better target them—potentially generating more revenue through advertising."
People that trust Facebook deserve to get their "wallet" picked. Zuck wants in on this scam.
What are the advantages of crypto? How can users be anonymous AND have a record of all transactions? Is there really an advantage using crypto vs credit card for online transactions and if so what?
@Newbie123 I know you don't answer questions.
As a software engineer I have a good understanding of how blockchain works. Moore's law and good hackers will always overcome algorithms, no matter how seemingly bullet proof.
Newbie123 says
Tulip mania and cryptocraziness are similiar in that people weren't investing on intrinsic value but on future gains once some bigger fool paid more in the hopes that some bigger fool would pay more... Don't be the biggest fool.
Newbie123 says
Probably not zero, beanie babys still have some value. ...
Facebook should have visited this blog before working on a cryptocurrency. Very smart people here could have told FB that a cryptocurrency is just 0’s and 1’s,
From your linked article:
"invite people to pay directly for goods and services within the app using Libra[ Facebook's proposed crypto]. In doing so, Facebook would be able to glean new data about its users’ shopping behaviors—and how to better target them—potentially generating more revenue through advertising."
People that trust Facebook deserve to get their "wallet" picked. Zuck wants in on this scam.
What are the advantages of crypto? How can users be anonymous AND have a record of all transactions? Is there really an advantage using crypto vs credit card for online transactions and if so what?
@Newbie123 I know you don't answer questions.
As a software engineer I have a good understanding of how blockchain works. Moore's law and good hackers will always overcome algorithms, no matter how seemingly bullet proof.
Newbie123 says
tulips are better
Tulip mania and cryptocraziness are similiar in that people weren't investing on intrinsic value but on future gains once some bigger fool paid more in the hopes that some bigger fool would pay more... Don't be the biggest fool.
Newbie123 says
crypto is just a scam/ ponzi and that it will go to zero
Probably not zero, beanie babys still have some value. ...
313
mell
2019 Jun 18, 11:18am
Onvacation says
Also Libra will be competition to bitcoin. I don't want to weigh in on mania vs. to the moon I believe crypto is here to stay but it's already being coopted from the likes of Libra with sinister interests and it's impossible to assign it an intrinsic value, so for me it's a trading vehicle rather than a store of value.
Newbie123 saysFacebook should have visited this blog before working on a cryptocurrency. Very smart people here could have told FB that a cryptocurrency is just 0’s and 1’s,
From your linked article:
"invite people to pay directly for goods and services within the app using Libra[ Facebook's proposed crypto]. In doing so, Facebook would be able to glean new data about its users’ shopping behaviors—and how to better target them—potentially generating more revenue through advertising."
People that trust Facebook deserve to get their "wallet" picked. Zuck wants in on this scam.
What are the advantages of crypto? How can users be anonymous AND have a record of all transactions? Is there really an advantage using crypto vs credit card for online transactions and if so what?
@Newbie123 I know you don't answer questions.
As a software engineer I have a good understa...
Also Libra will be competition to bitcoin. I don't want to weigh in on mania vs. to the moon I believe crypto is here to stay but it's already being coopted from the likes of Libra with sinister interests and it's impossible to assign it an intrinsic value, so for me it's a trading vehicle rather than a store of value.
314
WookieMan
2019 Jun 18, 3:48pm
WookieMan
2019 Jun 18, 3:48pm
Newbie123 says
Weird... smart people know how to make shitloads of money off you from data you supply for free. Your email, likes and photos of your cats. Now they're just going to TAKE your money AND your data for free and this is a win for bitcoin and crypto somehow? This is a big loser for bitty if it takes off, you know that, right? I won't name call, but I'll say your logic is not very sound.
Weird.... Facebook should have visited this blog before working on a cryptocurrency. Very smart people here could have told FB that a cryptocurrency is just 0’s and 1’s, that tulips are better and that crypto is just a scam/ ponzi and that it will go to zero.
Weird... smart people know how to make shitloads of money off you from data you supply for free. Your email, likes and photos of your cats. Now they're just going to TAKE your money AND your data for free and this is a win for bitcoin and crypto somehow? This is a big loser for bitty if it takes off, you know that, right? I won't name call, but I'll say your logic is not very sound.
315
WookieMan
2019 Jun 18, 6:34pm
WookieMan
2019 Jun 18, 6:34pm
Newbie123 says
I'm not sure who you're talking about, but it's apparent you cannot read whether you choose to or not. Or more specifically, read, and then answer questions asked of you. You're a troll and my suggestion to anyone commenting on this thread is to stop wasting their time. Intelligence is a thing. Stop giving free troll food.
I am not reading through all your comments but it seemed like it triggered you well ;)
I'm not sure who you're talking about, but it's apparent you cannot read whether you choose to or not. Or more specifically, read, and then answer questions asked of you. You're a troll and my suggestion to anyone commenting on this thread is to stop wasting their time. Intelligence is a thing. Stop giving free troll food.
316
Shaman
2019 Jun 20, 5:13am
Shaman
2019 Jun 20, 5:13am
mell says
I’m not so sure.
Nobody will trust the Zuckfuck to keep their transactions secure or anonymous given his obvious alliance with Deep State and Leftists. Add that to the fact that Libra is tied to your very personal FB account, and you can expect no anonymity at all, or protection if you buy or sell something illegal.
No, bitcoin will still be much preferable for people who use such currencies. I’d see this Libra as trying to compete with services like Venmo to make person to person transactions easier.
Also Libra will be competition to bitcoin.
I’m not so sure.
Nobody will trust the Zuckfuck to keep their transactions secure or anonymous given his obvious alliance with Deep State and Leftists. Add that to the fact that Libra is tied to your very personal FB account, and you can expect no anonymity at all, or protection if you buy or sell something illegal.
No, bitcoin will still be much preferable for people who use such currencies. I’d see this Libra as trying to compete with services like Venmo to make person to person transactions easier.
317
WookieMan
2019 Jun 20, 6:30am
WookieMan
2019 Jun 20, 6:30am
Newbie123 says
Can you not do that without bitcoin or crypto? I must be living in an alternative universe where this cannot happen....
Also there's a fraction of 1% where you would NEED money NOW on a personal level, excluding exchanges and financial institutions. It's already an option for many, but there literally isn't much need for transactions between people to happen immediately. And of course this tech has existed for years now, but "bitcoin" lol.
You dig a deeper hole daily.
Why would anyone want to send money within seconds?
Can you not do that without bitcoin or crypto? I must be living in an alternative universe where this cannot happen....
Also there's a fraction of 1% where you would NEED money NOW on a personal level, excluding exchanges and financial institutions. It's already an option for many, but there literally isn't much need for transactions between people to happen immediately. And of course this tech has existed for years now, but "bitcoin" lol.
You dig a deeper hole daily.
318
Onvacation
2019 Jun 20, 8:04am
Onvacation
2019 Jun 20, 8:04am
Newbie123 says
Not zero. Some fools will hold on to their crypto and won't let go for less than 50 or 100 k per coin.
Do you think crypto is a ponzi or a pyramid scam? Seems more like a pyramid scam.
At least you have intrinsic value with tulips. You can touch them. Don’t you know that crypto is going to zero? All ponzi’s go to zero.
Not zero. Some fools will hold on to their crypto and won't let go for less than 50 or 100 k per coin.
Do you think crypto is a ponzi or a pyramid scam? Seems more like a pyramid scam.
319
Onvacation
2019 Jun 20, 9:01am
Onvacation
2019 Jun 20, 9:01am
Newbie123 says
What have you bought with bitcoin currency? Or are you just holding on for the moonshot?
If you hold bitcoin (like me)
What have you bought with bitcoin currency? Or are you just holding on for the moonshot?
320
Onvacation
2019 Jun 21, 9:00am
Onvacation
2019 Jun 21, 9:00am
Newbie123 says
Do you have the timeline?
It looks like it may cross 10k.
At what price will you sell?
Onvacation says
Bitcoin is going to zero
Do you have the timeline?
It looks like it may cross 10k.
At what price will you sell?
Onvacation says
What have you bought with bitcoin currency?
322
Onvacation
2019 Jun 22, 9:30am
Onvacation
2019 Jun 22, 9:30am
Newbie123 says
It's not that us "no coiners" hope that btc goes to zero, it's that we are amazed that anyone gambles on it. Fools and their money.
They will be back when big daddy retraces, gaining new hope that it might go to zero soon.
It's not that us "no coiners" hope that btc goes to zero, it's that we are amazed that anyone gambles on it. Fools and their money.
323
Onvacation
2019 Jun 22, 11:00am
Onvacation
2019 Jun 22, 11:00am
Newbie123 says
So tell us how much fiat you have invested in crypto and what that crypto is now worth in fiat? How much taxes did you have to pay on your profits?
It seems as though there are a lot of cryptocrazies that can't even answer basic questions about their "investments".
Rofl, you pray daily that it will go to zero :)
So tell us how much fiat you have invested in crypto and what that crypto is now worth in fiat? How much taxes did you have to pay on your profits?
It seems as though there are a lot of cryptocrazies that can't even answer basic questions about their "investments".
324
Onvacation
2019 Jun 22, 3:01pm
Onvacation
2019 Jun 22, 3:01pm
Newbie123 says
Are you saying that crypto is a pyramid scheme that should be cashed out within the next couple of years?
I will share details when I sell my cryptos and the fiat is in the bank or spent on more real estate. Guessing we will top out within the next two years.
Are you saying that crypto is a pyramid scheme that should be cashed out within the next couple of years?
325
Onvacation
2019 Jun 22, 8:36pm
Onvacation
2019 Jun 22, 8:36pm
Newbie123 says
"Pyramid schemes market to prospective participants while Multi-Level Marketing plans market to prospective consumers. Pyramid schemes fail because scam participants are not a viable market. Most of the participants pay more money to participate than they receive for participating because there aren't enough suckers left to recruit.
Once the suckers figure that out and quit paying into the scheme, those who recruited them start losing money too, and then they quit. The scam shrivels even faster than it grew."
the def of a pyramid scheme
"Pyramid schemes market to prospective participants while Multi-Level Marketing plans market to prospective consumers. Pyramid schemes fail because scam participants are not a viable market. Most of the participants pay more money to participate than they receive for participating because there aren't enough suckers left to recruit.
Once the suckers figure that out and quit paying into the scheme, those who recruited them start losing money too, and then they quit. The scam shrivels even faster than it grew."
326
Onvacation
2019 Jun 23, 8:42am
Onvacation
2019 Jun 23, 8:42am
Newbie123 says
More like a ponzi that requires graphic card "mining".
Pon·zi scheme
/ˈpänzē ˌskēm/
noun
a form of fraud in which belief in the success of a nonexistent enterprise is fostered by the payment of quick returns to the first investors from money invested by later investors.
"a classic Ponzi scheme built on treachery and lies"
BTC price is built on FOMO and ignorance.
bitcoin is a pyramid scheme!
More like a ponzi that requires graphic card "mining".
Pon·zi scheme
/ˈpänzē ˌskēm/
noun
a form of fraud in which belief in the success of a nonexistent enterprise is fostered by the payment of quick returns to the first investors from money invested by later investors.
"a classic Ponzi scheme built on treachery and lies"
BTC price is built on FOMO and ignorance.
327
Onvacation
2019 Jun 23, 10:42am
Onvacation
2019 Jun 23, 10:42am
Newbie123 says
Good luck. Make sure you're not the last greatest fool to invest. Make sure you get out before the other fools get wise.
it’s a ponzi/pyramid scheme/scam/whatever and you are not going to put money in it. I have zero problem with that. I have a significant amount of money in it.
Good luck. Make sure you're not the last greatest fool to invest. Make sure you get out before the other fools get wise.
328
Onvacation
2019 Jun 23, 10:47am
Onvacation
2019 Jun 23, 10:47am
Newbie123 says
Now we know you're joking. Had me going for a while.
Libra, the Facebook crypto coin, is establishing credibility and legitimizes the crypto industry.
Now we know you're joking. Had me going for a while.
329
WookieMan
2019 Jun 29, 12:07pm
WookieMan
2019 Jun 29, 12:07pm
Newbie123 says
Lol! A photoshopped picture. Explains a lot about what you "believe" in.
Bitcoins roadmap 2019
Lol! A photoshopped picture. Explains a lot about what you "believe" in.
« First « Previous Comments 290 - 329 of 521 Next » Last » Search these comments
Hi guys,
I'd like to start a conversation on crypto-currency, particularly Bitcoin.
What do you all think about it from an investment point of view today? I have some buddies in the finance world who are quite bullish on it and claim we are just scratching the surface. Judging by the recent performance, they may be right.
For people who are investing in Bitcoin, what are you using to invest and what recommendations do you have for a new investor?
Also, how are gains taxed compared to typical stock market gains?
I read this week that over 100,000 merchants in the USA are accepting Bitcoin today.
At the same time, digital currency does scare me a bit as it seems so abstract. Curious what PatNet thinks.
Thanks guys!