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"Wait, I wonder if... Yes, it's Chuck Tingle" canyoneer posted:The rule with kids is that if you don't get anything for them because they say they aren't hungry, they'll eat all of your meal. 
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Sep 21, 2017 04:41
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Already read it. Volmarias posted:To play devil's advocate, sometimes your kids actively demand the garbage and get upset if you try to give them something good (or just don't eat more than two bites before being "done"). Self-posting here, but if my parents wanted something specific for themselves like Yodels or Ring Dings or something, they would have to hide them because my ravenous teenage self would eat them all. But they never did that generic for me, name brand for them thing. Also thanks to those who added to the Ye Olde BWM contest (USER WAS PUT ON PROBATION FOR THIS POST)
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Sep 21, 2017 04:44
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Moneyball posted:Self-posting here, What happens when one reports a mod in their own forum? Let's find out 
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Sep 21, 2017 09:40
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Subjunctive posted:I bought Ethereum today for work (don't ask) and I feel like an idiot already. Thread title please.
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Sep 21, 2017 11:24
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Virigoth posted:Thread title please.
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Sep 21, 2017 14:31
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Subjunctive posted:I bought Ethereum today for work (don't ask) and I feel like an idiot already. Coingratulations! drat I should have bought a "coingratulations" smilie instead of  oh well
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Sep 21, 2017 15:30
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I know a lot of people who got ungodly rich off cryptos or Magic cards. (Including one of the Ethereum co-founders...) Seems like an even split between "they got too rich and I never saw then again" and "they ate out every single meal until it was gone." My neighbor claimed to win a million dollars off BTC and spent it all on restaurants. Last I saw him he was using cardboard boxes for curtains.
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Sep 21, 2017 16:11
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All I know is that I'd love to be given the opportunity! Even if it's one of those monkey's paw kind of wishes
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Sep 21, 2017 16:33
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Saeku posted:I know a lot of people who got ungodly rich off cryptos or Magic cards. (Including one of the Ethereum co-founders...) Introduce some of these mythical bitcoin millionaires to the bitcoin thread because we've been trying to find a credible story of someone who got real actual millions of dollars off cryptos for years now and I don't think we've ever found anyone e: Also get the etherium co-founder an account and invite him to the thread to do a, uh, "interview" with divabot
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Sep 21, 2017 16:39
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ate all the Oreos posted:Introduce some of these mythical bitcoin millionaires to the bitcoin thread because we've been trying to find a credible story of someone who got real actual millions of dollars off cryptos for years now and I don't think we've ever found anyone
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Sep 21, 2017 16:53
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My client is still withdrawing steadily with no problems so far.
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Sep 21, 2017 18:10
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Solice Kirsk posted:My client is still withdrawing steadily with no problems so far.
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Sep 21, 2017 18:14
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ate all the Oreos posted:Introduce some of these mythical bitcoin millionaires to the bitcoin thread because we've been trying to find a credible story of someone who got real actual millions of dollars off cryptos for years now and I don't think we've ever found anyone we had one in this very thread, some goon is a finance guy helping him cash out
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Sep 21, 2017 18:17
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It makes me so happy that even in many crypto success stories like Solice's client's story, the behavior that led to success was the same that people like Bogle and Buffett advise with index funds--buying and forgetting about it.
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Sep 21, 2017 18:21
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Crypto is awful because the currency literally consumes vast amounts of energy to continue existing It is objectively bad for society
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Sep 21, 2017 18:24
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Zo posted:we had one in this very thread, some goon is a finance guy helping him cash out That's why I put "dollars" in italics, because there have been plenty of "bitcoin millionaires" in theory that never had more than a few hundred thousand actualdollars materialize out of it. It sounds like that guy might actually be successful over time though, so good for him, he might be the first Real Actual Bitcoin Millionaire 
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Sep 21, 2017 18:30
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Not a Children posted:Crypto is awful because the currency literally consumes vast amounts of energy to continue existing And it's causing scarcity in the gaming GPU market 
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Sep 21, 2017 18:40
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Solice Kirsk posted:My client is still withdrawing steadily with no problems so far. Did he end up being able to do $10k per day, or $10k every other day? Will those limits ever increase? Edit: and another stupid question, would he be able to open a second, third, etc wallet somewhere that allows withdrawals, transfer some BTC to the new wallets, and do another 10k per day from each of those? Droo fucked around with this message at 18:54 on Sep 21, 2017 |
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Sep 21, 2017 18:48
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Solice Kirsk posted:My client is still withdrawing steadily with no problems so far. Did you tell him that the withdrawals today are worth about 25% less than the ones last week? I assume since this was all "free money" anyway that he probably doesn't care, but it would be interesting to get a perspective on that from someone who had no idea.
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Sep 21, 2017 18:50
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Leon Trotsky 2012 posted:Did you tell him that the withdrawals today are worth about 25% less than the ones last week? My graph shows it up about 10% since a week ago?
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Sep 21, 2017 18:53
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Subjunctive posted:My graph shows it up about 10% since a week ago? I guess it's been about two weeks. Sept. 7th - $4,638 per BTC Sept. 21st - $3,682 per BTC
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Sep 21, 2017 18:56
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Leon Trotsky 2012 posted:I guess it's been about two weeks. I show $4,500 from Coinbase today, but they're also showing higher on the 7th too. They show a 10% drop over a month, though. I think speculating on bitcoin is dumb, but recent price movements aren't really evidence of it.
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Sep 21, 2017 19:01
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Subjunctive posted:I show $4,500 from Coinbase today, but they're also showing higher on the 7th too. They show a 10% drop over a month, though. https://www.coindesk.com/price/ Says 3.6k today? And the two crashes in one month because BTC exchanges are getting shutdown is a pretty good reason to be skeptical. The assumed value due to widespread adoption seems like an incredibly shaky assumption. Edit: I like this poll from the site. 
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Sep 21, 2017 19:04
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Are any bitcoin exchanges capable of funding a 100% withdrawal? And if the answer is no, why would you speculate on it?
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Sep 21, 2017 19:18
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il serpente cosmico posted:Are any bitcoin exchanges capable of funding a 100% withdrawal? And if the answer is no, why would you speculate on it? If your holdings are less than $1,000 and not a lot of other people want to withdraw at the same time as you, then you can quickly withdraw 100% of your holdings with minimal fuss.
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Sep 21, 2017 19:20
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Leon Trotsky 2012 posted:If your holdings are less than $1,000 and not a lot of other people want to withdraw at the same time as you, then you can quickly withdraw 100% of your holdings with minimal fuss. What I mean is, can any exchanges fund 100% of the exchange's total holdings at any given time?
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Sep 21, 2017 19:22
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I don't see how they could, given the volatility of BTC. Are they gonna go raise 25% more reserves when it takes a jump somehow? Also they're not a bank, they're not loaning anything so I don't see why they'd be expected to.
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Sep 21, 2017 19:24
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Anyone have a link to the Blockchain book? Sounds interesting. And while I'm asking for links of things I could probably just google myself, does anyone have a link to how much energy bitcoin is consuming? I know it's staggering but I can't seem to find out how much.
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Sep 21, 2017 19:27
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Not sure that is the point of an exchange does the NYSE hold enough cash and credit to cash out every security?
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Sep 21, 2017 19:27
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I'm not comfortable answering a bunch of those questions, but I can tell you we talked about how the price per coin could bounce around a ton and he doesn't care even in the slightest. He's waaaaaay ahead already and this is such a big windfall for him that he cried a little in my office after the first transaction hit and we confirmed it.
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Sep 21, 2017 19:49
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Fuzzy Mammal posted:I don't see how they could, given the volatility of BTC. Are they gonna go raise 25% more reserves when it takes a jump somehow? Also they're not a bank, they're not loaning anything so I don't see why they'd be expected to. How would you even calculate a reserve amount of real money to have on hand when someone can move any amount of "coins" in our out of your exchange in the span of minutes?
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Sep 21, 2017 19:55
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Elephanthead posted:Not sure that is the point of an exchange does the NYSE hold enough cash and credit to cash out every security? Correct me if I'm wrong, but aren't exchanges the only practical way to store and buy bitcoins? And since this is the case, don't people treat them as de-facto banks? If a de-facto bank needs to go Ponzi to fund withdrawals, then that seems like a problem to me.
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Sep 21, 2017 20:05
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il serpente cosmico posted:Correct me if I'm wrong, but aren't exchanges the only practical way to store and buy bitcoins? And since this is the case, don't people treat them as de-facto banks? If a de-facto bank needs to go Ponzi to fund withdrawals, then that seems like a problem to me. Not to defend cryptocurrency at all, but even real banks use fractional reserves, which depending on their size is anywhere between 3-10% minimum IIRC. But I bet crypto exchanges still don't come anywhere close to that.
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Sep 21, 2017 20:09
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Solice Kirsk posted:I'm not comfortable answering a bunch of those questions, but I can tell you we talked about how the price per coin could bounce around a ton and he doesn't care even in the slightest. He's waaaaaay ahead already and this is such a big windfall for him that he cried a little in my office after the first transaction hit and we confirmed it. I hope this guy happily withdraws all his millions and retires, meanwhile this activity crashes the entire currency and all the annoying neck beards hodling and praying on dumber investors lose their shirts.
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Sep 21, 2017 20:24
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Jesus if the car was worth about 6k and your client is cashing out what was 6k worth of bitcoins in 2012... Yeah he just fast forwarded to richsville. Makes me wish I'd bought like 50 buttcoins on a lark back then.
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Sep 21, 2017 20:28
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il serpente cosmico posted:Correct me if I'm wrong, but aren't exchanges the only practical way to store and buy bitcoins? And since this is the case, don't people treat them as de-facto banks? If a de-facto bank needs to go Ponzi to fund withdrawals, then that seems like a problem to me. I think what people ought to be doing is keeping their own private wallet with the vast majority of their holdings and disbursing small bits in to the exchange at just the rate you can withdraw them back out as cash. Otherwise you don't actually have coins, you have coin credit in whatever their db which as you say could become worthless overnight.
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Sep 21, 2017 20:32
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il serpente cosmico posted:Correct me if I'm wrong, but aren't exchanges the only practical way to store and buy bitcoins? And since this is the case, don't people treat them as de-facto banks? If a de-facto bank needs to go Ponzi to fund withdrawals, then that seems like a problem to me. Isn't it just buy and sell orders and not the actual exchange buying your bitcoins?
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Sep 21, 2017 20:44
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il serpente cosmico posted:Correct me if I'm wrong, but aren't exchanges the only practical way to store and buy bitcoins? And since this is the case, don't people treat them as de-facto banks? If a de-facto bank needs to go Ponzi to fund withdrawals, then that seems like a problem to me. Actual banks don't have anywhere near the capability to fund withdrawals. That is what fractional-reserve banking means.
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Sep 21, 2017 21:01
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However, a bank is typically not in fact insolvent and there are rules for winding down a bank in a non catastrophic way that ensures depositors are made whole, below a certain amount per account. Bank runs don't really happen in life any more. Or we could trust Magic the Gathering Online eXchange to have a plan for liquidation in the event of a systemic security breach. Surely the leading crypto currency exchange has made such a contingency to make its creditors whole!
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Sep 21, 2017 21:27
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Leon Trotsky 2012 posted:https://www.coindesk.com/price/ I agree that the whole currency space is shaky, or worse. I bought in with reluctance for professional purposes. I wish I could find a way to ethically expense it. (Coinbase isn't Coindesk, but it's hilarious that they're so far apart.)
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Sep 21, 2017 21:29
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