« prev   random   next »

2
2

but bitcoin!! bitcoin bitcoin!!

By Zak follow Zak   2021 Feb 23, 10:09am 1,895 views   225 comments   watch   nsfw   quote   share    


I just saw bitcoin silence today and wondered wtf, where was all the cheering?
I know it's still up at like 40k, but uhh.. how did 20% of this amazing store of value evaporate in 2 days?

Hint. this is still speculation even though it is up.

Have fun speculating, but remember to limit your exposure, and diversify your investments.

« First    « Previous    Comments 186 - 225 of 225    Last »

186   GlocknLoad   ignore (0)   2021 Mar 14, 7:17pm     ↓ dislike (0)   quote   flag      

Well, bitcoin is certainly doing well, no?
187   WookieMan   ignore (7)   2021 Mar 15, 1:12am     ↓ dislike (0)   quote   flag      

GlocknLoad says
Well, bitcoin is certainly doing well, no?

On paper, yes. If you don't take gains, then no. It doesn't matter until you gain something from it. Housing bust 2.0. Everyone thought their house was the greatest thing since sliced bread when someone bought in '03-'04 and the price doubled by '06. You get to live there and it's worth X value. That really worked out well for a lot of people.....

This is a speculative bubble and no one can prove otherwise as there's no assets backing it in anyway. New cryptos are made every day. There's zero function or utility to it outside of confirming transfers of the fake money. It's a video game.
188   Bitcoin   ignore (15)   2021 Mar 15, 6:50am     ↓ dislike (0)   quote   flag      

WookieMan says
GlocknLoad says
Well, bitcoin is certainly doing well, no?

On paper, yes


Yes, the value has gone up 1,000% in the past 12 months! Beautiful!
And major companies are investing in Bitcoin. NVidia has created a new chip, just for crypto.

https://www.thestreet.com/investing/cryptocurrency/bitcoin-holds-its-own-around-60k

Among those embracing the currency? JPMorgan JPM has recently unveiled an investment product with indirect exposure to bitcoin and other cryptocurrencies, while names like PayPal (PYPL) - Get Report and Visa (V) - Get Report earlier began offering crypto services. Tech giant Nvidia (NVDA) - Get Report has even created a new chip especially for use in cryptocurrency.
189   WookieMan   ignore (7)   2021 Mar 15, 6:53am     ↓ dislike (0)   quote   flag      

Bitcoin says
Yes, the value has gone up 1,000% in the past 12 months! Beautiful!

Not beautiful unless you've taken gains. Classic pumper and you're sounding like the guys that bought a shack in 2007 thinking housing would run forever. It didn't and BTC is no different.

At least with a house you've got a roof over your head and you can scrap stuff from inside if the shit hits the fan (it did) and then it will become the banks problem after you live 1-2 years rent/payment free. Just a credit hit for 7 years. BTC won't end as well.
190   Bitcoin   ignore (15)   2021 Mar 15, 6:57am     ↓ dislike (0)   quote   flag      

the best part about it is, we are still in the disbelief stage. There were actual people who thought Bitcoin will go to 1.2k not that long ago !

In reality, this happened:

"Bitcoin hit a record $60,000 on Saturday, marking a 1,000% gain in the past year."
https://markets.businessinsider.com/currencies/news/bitcoin-price-surges-record-60000-stimulus-hopes-institutional-support-2021-3-1030188023

Beautiful gains!
191   Bitcoin   ignore (15)   2021 Mar 15, 8:06pm     ↓ dislike (0)   quote   flag      

Lets see if @Zak comes out with his big mouth during the dip or if he learned something. I am 65% sure he will come out and cheer and fall into the same trap.
192   WookieMan   ignore (7)   2021 Mar 15, 8:12pm     ↓ dislike (0)   quote   flag      

Bitcoin says
Lets see if (edit to remove @)Zak comes out with his big mouth during the dip or if he learned something. I am 65% sure he will come out and cheer and fall into the same trap.

No one cheers people losing money. All we're doing is pointing out that it's not an investment. It's trading something that will for sure be worthless at some point. If you didn't take any gains you've made nothing. So all the spamming means nothing. You've made nothing. And we'll see how big this dip is. I think it could be big.
193   Bitcoin   ignore (15)   2021 Mar 15, 8:25pm     ↓ dislike (0)   quote   flag      

WookieMan says
Lets see if (edit to remove @)Zak comes out with his big mouth during the dip or if he learned something. I am 65% sure he will come out and cheer and fall into the same trap.


Please dont edit quotes. Thats illegal here! You dont want that a moderator has to flag you again, do you?
194   WookieMan   ignore (7)   2021 Mar 15, 9:57pm     ↓ dislike (0)   quote   flag      

Bitcoin says
Please dont edit quotes. Thats illegal here! You dont want that a moderator has to flag you again, do you?

I'm not a dick. Zak doesn't need to get a notification. Sure he can filter it. But again, I'm not a dick. He didn't ignore me... lol. Keep up chief.
195   Bitcoin   ignore (15)   2021 Mar 16, 8:45am     ↓ dislike (0)   quote   flag      

@WookieMan, there is no excuse for editing quotes. Pls dont do it, otherwise we have to flag you again. Thank you for considering our Patnet rules.
196   WookieMan   ignore (7)   2021 Mar 16, 9:10am     ↓ dislike (0)   quote   flag      

Bitcoin says
@WookieMan, there is no excuse for editing quotes. Pls dont do it, otherwise we have to flag you again. Thank you for considering our Patnet rules.

I made note of the edit as I didn't want to bother Zak since he has you on ignore. Intelligence is a thing. Maybe get some.
197   Bitcoin   ignore (15)   2021 Mar 16, 10:09am     ↓ dislike (0)   quote   flag      

thank you for following the rules going forward. We dont want people to edit quotes. Thanks @WookieMan
198   WookieMan   ignore (7)   2021 Mar 16, 8:29pm     ↓ dislike (0)   quote   flag      

Bitcoin says
thank you for following the rules going forward.

I followed the rules. What the hell are you talking about? Grow up.
199   Bitcoin   ignore (15)   2021 Mar 16, 8:34pm     ↓ dislike (0)   quote   flag      

@WookieMan
you edited quotes but it seems you understand you cant do this here. Thank you for obeying the rules going forward.
200   WookieMan   ignore (7)   2021 Mar 17, 7:19am     ↓ dislike (0)   quote   flag      

Bitcoin says
you edited quotes but it seems you understand you cant do this here. Thank you for obeying the rules going forward.

I made note that I edited it. That is fine. Manipulating without strike through or notes about it is pure lying and deceitful, which is what you were doing. What I did is not that. It was actually a courtesy as Zak has you on ignore for a reason and I wasn't going to @ him in a response to you. He doesn't want to see what you have to spam...errrr say.
201   Bitcoin   ignore (15)   2021 Mar 17, 8:18am     ↓ dislike (0)   quote   flag      

WookieMan says
Bitcoin says
you edited quotes but it seems you understand you cant do this here. Thank you for obeying the rules going forward.

I made note that I edited it.

Apology accepted.
202   WookieMan   ignore (7)   2021 Mar 17, 8:28am     ↓ dislike (0)   quote   flag      

Bitcoin says
Apology accepted.

No apology given. Use your brain. Oh wait....
203   Onvacation   ignore (6)   2021 Mar 17, 8:29am     ↓ dislike (0)   quote   flag      

WookieMan says
Bitcoin says
thank you for following the rules going forward.

I followed the rules. What the hell are you talking about? Grow up.

Ignore really does work. But I get the fun of mocking idiots.
204   Bitcoin   ignore (15)   2021 Mar 17, 8:32am     ↓ dislike (0)   quote   flag      

people make mistakes (like @WookieMan editing quotes).
He got caught and apologized. That's fine by me. No further action needed to discipline him.
205   Zak   ignore (0)   2021 Apr 30, 4:13pm     ↓ dislike (0)   quote   flag      

Ping. This is another reminder of the scam that bitcoin is. Also, as a reminder, 75%of bitcoin mining is happening in China (using coal power) so every dollar you put in bitcoin goes to enriching China and polluting the planet with coal based power. Have a nice day!
206   Bitcoin   ignore (15)   2021 May 2, 5:28pm     ↓ dislike (0)   quote   flag      

Zak says
Ping. This is another reminder of the scam that bitcoin is. Also, as a reminder, 75%of bitcoin mining is happening in China (using coal power) so every dollar you put in bitcoin goes to enriching China and polluting the planet with coal based power. Have a nice day!


Bitcoin will exceed 100k per coin this year :) sry you missed out
207   MisdemeanorRebellionNoCoupForYou   ignore (0)   2021 May 2, 6:56pm     ↓ dislike (0)   quote   flag      

One sure sign of a scam: Something is making a shitton of money, but everybody is spreading the word about it.

If you had a surefire way to make big bucks, why would you tell strangers on the internet about it?
208   Fortwaynemobile   ignore (3)   2021 May 2, 8:42pm     ↓ dislike (0)   quote   flag      

All right guys what’s a good mining software for this? Can anyone advise? I get how it works, want to try to cash in on transactions here just to mess around.
209   ForcedTQ   ignore (0)   2021 May 2, 8:51pm     ↓ dislike (0)   quote   flag      

It’s supremely cost prohibitive to buy the hardware necessary for a mining machine that would hash at an effective rate, not to mention the ongoing cost of kWh/BTC at least if mined in peoples Democracy of Kalifornistan.

Mining was good for those that got in in the first 25% or so of BTC, and were able to cash out some coins as they went to upgrade and add hardware as necessary.
210   Patrick   ignore (1)   2021 May 3, 1:40am     ↓ dislike (0)   quote   flag      

There is now more power being spent mining Bitcoin than the whole country of Argentina uses to light their houses, etc. Or so I read recently.

https://www.bbc.com/news/technology-56012952

It does not seem to be a good thing ecologically.
211   just_passing_through   ignore (7)   2021 May 3, 7:01am     ↓ dislike (0)   quote   flag      

Patrick says
It does not seem to be a good thing ecologically.


Not sure if you'd seen that picture from space of Texas at night. Looked like a big smiley face throughout S. Texas from flaring gas. Now a lot of that is being used to mine crypto. That's the sort of electricity being used - cheap stuff that was not being used in the first place.

Think of all of the energy used to power the lights etc., in banks and to mine gold. That is way more.
212   clambo   ignore (5)   2021 May 3, 7:15am     ↓ dislike (0)   quote   flag      

“Mining” a fantasy fake virtual currency is a perfect addition to the Twilight Zone unreality we are living in today.

Bitcoin is total complete bullshit.

Fake media, fake pandemic, fake Russia hoax, fake global warming hoax, fake election, fake experts like Fauci, fake everything.

End of coffee rant.
213   just_passing_through   ignore (7)   2021 May 3, 7:40am     ↓ dislike (0)   quote   flag      

Yeah, I was just commenting about the energy part. :)
214   Bitcoin   ignore (15)   2021 May 4, 12:59pm     ↓ dislike (0)   quote   flag      

clambo says
Bitcoin is total complete bullshit.


Why is Tesla holding 1.3B USD in Bitcoin then? Do you know more than Tesla?
215   Bitcoin   ignore (15)   2021 May 4, 1:02pm     ↓ dislike (0)   quote   flag      

Fortwaynemobile says
All right guys what’s a good mining software for this?


I wouldnt mine....you cant compete against mining pools. If you want to profit from crypto, buy BTC and ETH. That's your safest bet....we are already deep in the bull run. If you have play money then gamble with some shitcoins to pull a higher ROI. Since prices have appreciated already a lot, I would only put money into the top 10 coins by market cap at this stage of the cycle.....MINUS Dogecoin. While i think Doge can reach a $1, i think this one is pure gambling considering the 6,000% price increase this year.
216   RC2006   ignore (2)   2021 May 4, 1:07pm     ↓ dislike (0)   quote   flag      

70% of mining in China should be a pretty big red flag no pun intended.

It's wealth transfer ponzi.
217   Bitcoin   ignore (15)   2021 May 4, 1:10pm     ↓ dislike (0)   quote   flag      

RC2006 says
It's wealth transfer ponzi.


So all BTC holders are at the top of the ponzi? Who is being scammed? Me, who bought last year? (i paid 15k for a BTC. Now one BTC is worth 55k). Doesnt feel like a scam....feels like best thing since sliced bread.
218   Zak   ignore (0)   2021 May 6, 2:52pm     ↓ dislike (0)   quote   flag      

reminder: bitcoin is a wealth transfer to the chinese coal industry!
219   clambo   ignore (5)   2021 May 6, 3:16pm     ↓ dislike (0)   quote   flag      

Tesla is almost as absurd as Bitcoin, but at least the stock represents a share of equity.

I do know more than Tesla in one respect; my little business made a profit without government intervention to help me. Wait, that’s 2 things, Tesla doesn’t profit does it?

Edit/addendum

Before someone says that dollars are worse than bitcoin; I don’t have them either, except in small amounts needed to pay for things that I want or need.
220   Zak   ignore (0)   2021 May 6, 3:34pm     ↓ dislike (0)   quote   flag      

Yeah, take all the worst things about the tech bubble and housing bubble inflated assets. They are both still better than bitcoin, in that they represented an actual asset that at least had the hope of generating revenue. The only thing that truly created misery in those situations was the leverage/debt people went into to participate. To the extent that people are leveraging into bitcoin, I truly see pain and misery coming.
221   Eric Holder   ignore (0)   2021 May 6, 3:57pm     ↓ dislike (0)   quote   flag      

clambo says
Tesla doesn’t profit does it?


Tesla has a non-negative (albeit very high) P/E, so it does profit.
222   Zak   ignore (0)   2021 May 6, 5:27pm     ↓ dislike (0)   quote   flag      

@clambo .. dollars are NOT worse than bitcoin. They are two entirely different things.
A) bitcoin is not currency.
- a system of money in general use in a particular country.
- the fact or quality of being generally accepted or in use

I can't go down to mcdonalds in any country that I know of and buy a burger using bitcoin.

bitcoin wants to be a currency

I get what you are saying that the inflation in dollars is bad. But lack of inflation does not make something a valuable asset. For instance, gold has a very limited supply. There are other precious metals, but you cant substitute copper for gold. Bitcoin has a limited supply, but you can easily substitute etherium for bitcoin. Similarly, my poop has limited supply. But it's not valuable. It can easily be substituted with your poop.

So dollars DON'T have a limited supply.. but they do have a lack of substitution. You can't just pay your taxes in pesos instead of dollars. In the US, debt must be settled in dollars. If you earn your salary in pesos or bitcoin or gold, it doesn't matter.. you still have to pay your taxes in dollars. Unless and until that changes, bitcoin will be substitutable and as far as I can tell, has no intrinsic value, despite having a currently market driven price.

On the flip side, I am NOT saying the dollar situation is good.. and pretty soon you might be able to get lots and lots of dollars in exchange for very little things that are not substitutable (food, tools, energy).
With bitcoin mining, the situation is: buy energy, buy compute power, generate bitcoin, sell bitcoin for dollars, use dollars to buy energy and have dollars left over.

When that happens, and you can get lots of dollars for energy, why would you want to spend your energy mining bitcoin to trade for dollars, if you can just get lots of dollars for your energy directly? (This just means inflation will happen and bitcoin transaction costs will rise astronomically)
223   WookieMan   ignore (7)   2021 May 6, 5:50pm     ↓ dislike (0)   quote   flag      

Zak says
Similarly, my poop has limited supply. But it's not valuable. It can easily be substituted with your poop.

This original or copied?? I about pooped my pants laughing. lo fucking l.
224   Patrick   ignore (1)   2021 May 6, 5:59pm     ↓ dislike (0)   quote   flag      

I learned the word "fungible" recently.

Poop is fungible.

being something (such as money or a commodity) of such a nature that one part or quantity may be replaced by another equal part or quantity in paying a debt or settling an account Oil, wheat, and lumber are fungible commodities.
225   seesaw   ignore (0)   2021 May 6, 6:37pm     ↓ dislike (0)   quote   flag      

BitCoin:
Before I Start... I've started following this in 2012... and mined in 2014... been in I.T. for 30 years... ok... done

A Peer 2 peer network of Decentralized people... no one single owner.
It's a Global programming environment for the secure exchange / transfer of information .
It's not a piece of digital currency... it's a tiny part of it.
It's a protocol for information synchronization. It can precicely and chronologically Time order any data ( Blockchain) and have a built in check for Validity without any central authority.
This Blockchain is the database that is a giant Accounting Ledger, that stores the transmission and receiving of financial information.
This is a public record of Ownership, with ownership rights secured by Cryptography.

The blockchain is combined with encryption functons and database rules to provide people with ownership rights to a certain balance of numbers... DUBBED ... COINS

... One of the challenges..... when someone invents a whole new technology... is to describe it... in old Technology terms... so ... i't s really just data... Data that is tied to a certain identity.

the database rules includes a condition where multiple private encryption keys must be used to send this Data (Coins) to another user

So if your dealing with a party on the BITCOIN Network, you will know that person is trusted without the need for a Central 3rd party.

Bitcoin is a Secure Record Keeping environment

The Architechure, can replace the Stock Market, financial institutions, foreign Exchanges, Credit Card/Debit Card Processing,.. and this is ever evolving.

So...why do you put money in the Bank?
fundamentally for 2 reasons...
Inflation, since banks at one time gave you interest for them to hold your Money. and
It might get stolen if you keep it in your home.

In Bitcoin you really can't have your "Coins" stolen. you can get your Bitcoin stolen if you lost your encrypted wallet... but a physical wallet is also prone to your case being stolen if not protected.

Finally.. Mining is global... not just China... so the China arguement does not hold major water with me... I mined with Solar with a tiny miner, and dropped it to use utility elec... but that was years ago.. now its back to small scale, and watching/playing the upticks/Downticks.
ok... I'm done..

« First    « Previous    Comments 186 - 225 of 225    Last »


about   best comments   contact   one year ago   suggestions