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Tether info:QuarkJets posted:Imagine that you run a bitcoin exchange, but you're so transparently corrupt and negligent that banks around the world all refuse to stop working with you. A loser would accept defeat and eventually declare bankruptcy, since no one would want to use an exchange that can't move actual money in/out (because bitcoin is not actually money). But Bitfinex are winners; they created a new digital currency, declared that each unit is worth exactly $1, and then produced billions of units. They claim that there's really a dollar in a vault for every Tether, but so far have turned away every auditor and never proven this, so probably they don't have poo poo. For the cherry on top call the new token USDT (which I guess stands for United States Dollar Tethers) so that the average soft-brained bitcoiner more readily associates Tethers with Dollars People were freaking out when it hit $2000 about six months ago. But it has tripled since then? This is crazy. Anyone know why it has been skyrocketing all year? It's starting to look like it might actually stick around. Which is going to make all the naysayers look pretty drat stupid. Especially the ones who could have bought in when it was "cheap." Especially in comparison to where it is now. gently caress, you could have tripled your $$$ in six months. That just doesn't happen very often. I've heard that bitcoin is being used in many places in Japan now. Apparently businesses there look at it as a legitimate currency. Is this happening elsewhere? Is the US just slow to catch up with the rest of the world (again?) Waltzing Along fucked around with this message at 04:47 on Mar 31, 2018 |
# ? Oct 24, 2017 01:51 |
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# ? Jun 10, 2024 11:45 |
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a dollar in the hand is worth 6000 in the internet
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# ? Oct 24, 2017 01:53 |
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People want bitcoin to be the new currency but the only value it has is value from another currency when you sell Seems problematic
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# ? Oct 24, 2017 01:55 |
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Apparently this is partly due to the infamous Russian conman behind the MMM ponzi scheme introducing bitcoin into African nations: https://qz.com/1100886/bitcoin-in-africa-is-driven-by-mmm-mavrodi-ponzi-scheme/
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# ? Oct 24, 2017 01:56 |
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chinese communist party officials fleeing the state for gross corruption are busy pumping up the value of the internet childporn/drug currency to flee with their ill gotten goods buy purchasing shitload of the money and then using thar value to buy real estate for "cash"
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# ? Oct 24, 2017 01:56 |
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I own a small fraction of a bitcoin, left over from the time I bought psychedelic drugs off the internet. I wonder if its worth cashing in at this point e: lol, my 7 microbitcoins are now worth 5 bucks, up from about a dollar last time I glanced at it. e2: wait apparently that was before the app I used updated things. my .007 BC is now worth 40 dollars?? I could honestly use that money, thanks e-currency I only partially understand! Revins fucked around with this message at 02:03 on Oct 24, 2017 |
# ? Oct 24, 2017 01:56 |
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i still dont understand how bitcoins is worth real money its so stupid god drat
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# ? Oct 24, 2017 02:07 |
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Fallows posted:i still dont understand how bitcoins is worth real money its so stupid god drat I don't understand the economics of it either, but I also think ft Knox is empty and our paper money is worth nothing as well.
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# ? Oct 24, 2017 02:14 |
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Fallows posted:i still dont understand how bitcoins is worth real money its so stupid god drat It has value because you can use them to buy drugs and receive extortion payments over the internet.
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# ? Oct 24, 2017 02:15 |
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alright fine ill diversify into bitcoin ugh
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# ? Oct 24, 2017 02:15 |
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Probably explains why my latest transaction has been verified on blockchain but isn't showing up in my wallet.
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# ? Oct 24, 2017 02:16 |
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Fallows posted:i still dont understand how bitcoins is worth real money its so stupid god drat as beaver pointed out nerds observed the fed printing money and making up new rules as they went and thought "that doesn't seem so hard" and they were right, the only thing keeping half the country from using one of the e-currencies is they have no marketing, it's confusing, and at any moment the fed will eventually hit it harder than JFK
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# ? Oct 24, 2017 02:17 |
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ICO your way to bit success
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# ? Oct 24, 2017 02:18 |
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Waltzing Along posted:People were freaking out when it hit $2000 about six months ago. But it has tripled since then? This is crazy. This reads like one of those retarded fake articles where the answer is an online casino.
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# ? Oct 24, 2017 02:19 |
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No one can cash it out, OP. So its worth maybe 0
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# ? Oct 24, 2017 02:20 |
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extra stout posted:as beaver pointed out nerds observed the fed printing money and making up new rules as they went and thought "that doesn't seem so hard" and they were right, the only thing keeping half the country from using one of the e-currencies is they have no marketing, it's confusing, and at any moment the fed will eventually hit it harder than JFK Lol I agree with all of this, unfortunately.
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# ? Oct 24, 2017 02:20 |
the beast will always get its meat enjoy prison
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# ? Oct 24, 2017 02:21 |
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I'm pretty sure it's just another investment bubble.
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# ? Oct 24, 2017 02:24 |
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stfu
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# ? Oct 24, 2017 02:24 |
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insulated staircase posted:the beast will always get its meat Ross Ulbricht IRL:
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# ? Oct 24, 2017 02:24 |
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How much would bitcoin be worth to you if you let your PC's videocard mine for a couple of days and you traded it in on a cornucopia full of drugs?
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# ? Oct 24, 2017 02:25 |
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Here's how bitcoin works: * you put money in to "buy a bitcoin" because you're a moron that didn't read * no one will ever pay you money to take it out * I'm not allowed to say this in GBS
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# ? Oct 24, 2017 02:26 |
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gently caress the ROW posted:Here's how bitcoin works: It is still (still [still {still}]) trivially easy to get money for Bitcoin but that doesn't change how bad an investment it is.
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# ? Oct 24, 2017 02:31 |
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The first time I bought bitcoin It was like a nickel a bitcoin. Coulda been rich, darn
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# ? Oct 24, 2017 02:33 |
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Good luck liquidating it.
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# ? Oct 24, 2017 02:33 |
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A. Beaverhausen posted:I don't understand the economics of it either, but I also think ft Knox is empty and our paper money is worth nothing as well. All value is subjective and by Fiat. Did I just blow your mind????!?!!!?
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# ? Oct 24, 2017 02:35 |
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CassandraZara posted:It is still (still [still {still}]) trivially easy to get money for Bitcoin but that doesn't change how bad an investment it is. Exactly, it's a pile of poo poo! Sad money currency! Bad returns!
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# ? Oct 24, 2017 02:36 |
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I still lol at the hot new cryptocurrency trend letting people snatch millions of dollars out of thin air by spending 30 minutes programming johnnyissocoolandtommyissolamecoins and selling them in bulk to venture capitalists.
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# ? Oct 24, 2017 02:41 |
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Waltzing Along posted:Anyone know why it has been skyrocketing all year? It's starting to look like it might actually stick around. Which is going to make all the naysayers look pretty drat stupid. Especially the ones who could have bought in when it was "cheap." Especially in comparison to where it is now. gently caress, you could have tripled your $$$ in six months. That just doesn't happen very often. I would question what on earth would make you believe this Bitcoin, the hallmark for consistent, sustainable growth.
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# ? Oct 24, 2017 02:56 |
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"I've got a billion dollars in bitcoins!" *is unable to produce the hard cash to buy a load of bread* *goes hungry that night while looking at bitcoin wallet* *dreams about being able to spend bitcoins on bread*
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# ? Oct 24, 2017 11:46 |
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More like Buttcoin
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# ? Oct 24, 2017 11:50 |
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is it hard or risky to buy drugs using bitcoin
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# ? Oct 24, 2017 11:50 |
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Jose posted:is it hard or risky to buy drugs using bitcoin It's so easy, you'll almost suspect your anonymous dealer is a cop collecting information on users. You'll probably be right, too.
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# ? Oct 24, 2017 11:54 |
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Chief McHeath posted:More like Cosbycoins
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# ? Oct 24, 2017 11:57 |
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So did they ever solve that problem of if everyone used bitcoin you'd have to download multiple terabytes of data every time you wanted to buy a candy bar?
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# ? Oct 24, 2017 11:58 |
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A. Beaverhausen posted:I don't understand the economics of it either, but I also think ft Knox is empty and our paper money is worth nothing as well. GOOGLE RON PAUL
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# ? Oct 24, 2017 11:59 |
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gently caress the ROW posted:No one can cash it out, OP. So its worth maybe 0 I mean, Bitcoin is dumb and the price growth is dumb, but it's easy as hell to sell. Maybe not if you've got like all your life savings in it and wanna cash it all out at once, but if you wanna sell like, 1 coin or something, you can cash out in minutes (and then wait like 2 hours for the Blockchain to actually process the transaction lol)
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# ? Oct 24, 2017 12:00 |
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Any speculation is always great in hindsight, when it pans out nicely. You could have just bought some ES futures and have made a poo poo ton of money, all regulated and easy to cash out. Buttcoin is just a speculative financial instrument at this point really, a real lovely one.
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# ? Oct 24, 2017 12:07 |
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I bought some steroids with bitcoin Seems like it's good for illegal purchases
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# ? Oct 24, 2017 12:09 |
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# ? Jun 10, 2024 11:45 |
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gently caress the ROW posted:* I'm not allowed to say this in GBS
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# ? Oct 24, 2017 12:09 |