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Minimalist Program
Aug 14, 2010

Uranium 235 posted:

yo how many pizzas do you have now

I'm at like 8 pizzas so it's alright.

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Dog Jones
Nov 4, 2005

by FactsAreUseless

Uranium 235 posted:

quick, gary oldmans diary, tell CME Group that bitcoin is a scam before they waste their time offering bitcoin futures trading

They dont care if its a scam or not they just care if they can make money off it, so I dont see your point

A MIRACLE
Sep 17, 2007

All right. It's Saturday night; I have no date, a two-liter bottle of Shasta and my all-Rush mix-tape... Let's rock.

so should i buy bitcoins or not

Burt Sexual
Jan 26, 2006

by Jeffrey of YOSPOS
Switchblade Switcharoo
When was the last time someone lost big money on bitcoins anyways. All the bad exchanges are gone now right? The market works. Caveat emptor.

Was it less than a year?

Burt Sexual
Jan 26, 2006

by Jeffrey of YOSPOS
Switchblade Switcharoo

Minimalist Program posted:

I'm at like 8 pizzas so it's alright.

Go you!

Inept
Jul 8, 2003

Does Bitcoin still have the thing where whoever "mines" the coins for a period of time gets to determine the minimum fee that must be paid for a transaction to be processed or you can say "gently caress you" and it won't get processed. Get some of your giant Chinese farming buddies to agree to a high minimum and you've got some sweet price fixing going on.

Also lol the average transaction fee is 5 bucks now https://bitinfocharts.com/comparison/bitcoin-transactionfees.html#3m Visa needs to get in on this poo poo

Uranium 235
Oct 12, 2004

Dog Jones posted:

They dont care if its a scam or not they just care if they can make money off it, so I dont see your point
they're the biggest derivatives exchange in the US and they have a 25% stake in the s&p dow jones indices, you think they're going to offer futures trading for something they think is a scam? what a great way to ingratiate yourself to your clients

Uranium 235
Oct 12, 2004

Burt Sexual posted:

When was the last time someone lost big money on bitcoins anyways. All the bad exchanges are gone now right? The market works. Caveat emptor.

Was it less than a year?
this person lost a lot of money today

https://twitter.com/BitmexRekt/status/925369954408517632

Burt Sexual
Jan 26, 2006

by Jeffrey of YOSPOS
Switchblade Switcharoo

I have no idea of how much that lucky charms coin is worth in usd. Lol selling btc short was his first error

Dog Jones
Nov 4, 2005

by FactsAreUseless

Uranium 235 posted:

they're the biggest derivatives exchange in the US and they have a 25% stake in the s&p dow jones indices, you think they're going to offer futures trading for something they think is a scam? what a great way to ingratiate yourself to your clients

Okay so if their whole business model is about finding ways of making money off of scams, and they announce they are gonna get involved in making money off bitcoin, what is so outrageous about thinking "bitcoin is a scam"

Powershift
Nov 23, 2009


What ever could have caused this latest price increase? :iiam:



In completely unrelated news, tether found another $25m in the couch cushions on october 28th.

http://omniexplorer.info/lookuptx.aspx?txid=91f2df37258d00f8873d7b3b52b381fe0a428e1a80f8cdeab64c82da5569a388

Return Of JimmyJars
Jun 24, 2006

by FactsAreUseless
Lmao at dis nigga Gary oldmans diary thinking he is smarter than all of cme group

GastonEatTheEggs
Nov 7, 2012

Ham Sandwiches posted:

It's pretty incredible how I gotta walk you through this stuff step by step, can you really not follow the logic:

When someone says "It's not worth it to mine bitcoins ,you will spend more in electricity" it's an implicit claim that the currency will not appreciate. It assumes that the current price will hold. The price of electricity is known, the price of bitcoin was known at the time ($3000). The obvious rebuttal to that claim "Yeah, but it may go up, in which case your analysis is BS" just gets met with "BIGGER NUMBER BETTER" or "SPECULATIVE BUBBLE TULIPS"

so every single person that said "You can no longer mine bitcoin profitably at $3000" was acting like they checked their crystal ball, and yep, bitcoin stays at 3000 in the future, so it's not profitable to mine. Except, now in October 2017, it's clear that Bitcoin didn't stay at $3000, so that prediction was false.

if you make that kind of claim, and the value of bitcoin goes to $6000, meaning that yeah, now that we can see the answer to this future prediction of whether you can mine them profitably, and that answer was "Well gee Bitcoin doubled, I guess it would have been profitable no matter what electricity costs where you live, but those guys were really really sure that it wasn't going to double any further and kept repeating it like it was true"

Anyone who can mine bitcoins can also mine altcoins and sell them for bitcoins, so

vortmax
Sep 24, 2008

In meteorology, vorticity often refers to a measurement of the spin of horizontally flowing air about a vertical axis.
Okay so Hammy said Subway takes bitscoin, so I went to the one by my store and ordered my favorite footlong. But when I asked to pay in bit coins, they had no idea what I was talking about. Not even the manager knew. But I could pay with PayPal, so I did that.

What gives, Hammy? Does Subway take the buttcoins or not?

Comfy Fleece Sweater
Apr 2, 2013

You see, but you do not observe.

gently caress! Bitcoin keeps going up! Why haven't I bought more bitcoins!!!!!

gary oldmans diary
Sep 26, 2005

Ham Sandwiches posted:

It's pretty incredible how I gotta walk you through this stuff step by step, can you really not follow the logic:

When someone says "It's not worth it to mine bitcoins ,you will spend more in electricity" it's an implicit claim that the currency will not appreciate. It assumes that the current price will hold. The price of electricity is known, the price of bitcoin was known at the time ($3000). The obvious rebuttal to that claim "Yeah, but it may go up, in which case your analysis is BS" just gets met with "BIGGER NUMBER BETTER" or "SPECULATIVE BUBBLE TULIPS"

so every single person that said "You can no longer mine bitcoin profitably at $3000" was acting like they checked their crystal ball, and yep, bitcoin stays at 3000 in the future, so it's not profitable to mine. Except, now in October 2017, it's clear that Bitcoin didn't stay at $3000, so that prediction was false.

if you make that kind of claim, and the value of bitcoin goes to $6000, meaning that yeah, now that we can see the answer to this future prediction of whether you can mine them profitably, and that answer was "Well gee Bitcoin doubled, I guess it would have been profitable no matter what electricity costs where you live, but those guys were really really sure that it wasn't going to double any further and kept repeating it like it was true"
you literally say claims stating that it is not profitable to mine coins said when that statement was accurate was actually false on the basis that the conditions since then have changed. the only explanation that needs to be walked through is the one that ends with you finally understanding how dumb you are. with the way you think if you watched a home video where it was raining and looked outside and saw it was sunny and dry you would probably go into shock unable to accept both things were somehow true

Return Of JimmyJars posted:

Lmao at dis nigga Gary oldmans diary thinking he is smarter than all of cme group
apparently im smarter than you if criticism of a scam equates to it being impossible to make money on in your mind. a low bar but ill take it

Ccs
Feb 25, 2011


It's a speculative commodity, taps into a lot of insecurities about government currency after the GFC, and is tech related.

It may never crash the point that it's worthless but if this isn't a bubble I dunno what reality is anymore.

Also if I bought bitcoins back when I first heard about it on this very forum I would be rich. Oops.

Novo
May 13, 2003

Stercorem pro cerebro habes
Soiled Meat
Last night I saw an ad on YouTube which featured this guy talking selfie-style about how he makes 5-6k per day on bitcoin. He invited me to learn more about how investing in blockchain technologies can give me the financial freedom I've always dreamed of. I always thought bitcoins were obscure things for internet nerds but that ad and this thread can't be a coincidence. I'm thinking it's time to buy in!

Burt Sexual
Jan 26, 2006

by Jeffrey of YOSPOS
Switchblade Switcharoo

Ccs posted:

It's a speculative commodity, taps into a lot of insecurities about government currency after the GFC, and is tech related.

It may never crash the point that it's worthless but if this isn't a bubble I dunno what reality is anymore.

Also if I bought bitcoins back when I first heard about it on this very forum I would be rich. Oops.

Sorry for your pizza drought.

Uranium 235
Oct 12, 2004

Burt Sexual posted:

I have no idea of how much that lucky charms coin is worth in usd. Lol selling btc short was his first error
XBT is what they call bitcoin on Bitmex. Not sure why.

The tweet shows number of contracts, and each is worth 1 USD. It's not how many bitcoins they had. Still a lot of money

Uranium 235 fucked around with this message at 13:22 on Nov 1, 2017

Uranium 235
Oct 12, 2004

Dog Jones posted:

Okay so if their whole business model is about finding ways of making money off of scams, and they announce they are gonna get involved in making money off bitcoin, what is so outrageous about thinking "bitcoin is a scam"
that's a real dumb take

Uranium 235
Oct 12, 2004

hello police, i'd like to report the dow jones industrial average, it's a scam

Fried Watermelon
Dec 29, 2008


vortmax posted:

Okay so Hammy said Subway takes bitscoin, so I went to the one by my store and ordered my favorite footlong. But when I asked to pay in bit coins, they had no idea what I was talking about. Not even the manager knew. But I could pay with PayPal, so I did that.

What gives, Hammy? Does Subway take the buttcoins or not?

No you see you need to convert the bitcoins into PayPal or real money and THEN subway will accept them!

See how disruptful this currency is? Hopefully your currency doesn't drop in value while you wait for the transaction to go through!

vortmax
Sep 24, 2008

In meteorology, vorticity often refers to a measurement of the spin of horizontally flowing air about a vertical axis.

Fried Watermelon posted:

No you see you need to convert the bitcoins into PayPal or real money and THEN subway will accept them!

See how disruptful this currency is? Hopefully your currency doesn't drop in value while you wait for the transaction to go through!
That's not what Hammy said. He said they took bitcorns. But I went to another Subway across town for breakfast this morning and they didn't take craptocurrency either. I paid with a debit card this time.

1gnoirents
Jun 28, 2014

hello :)
hey guys just checking in seeing how the buttmad non buttcoiners are doing ah pretty well it seems well thanks for pushing the value up to $6600 this bumps up my output a bit!

kolby
Oct 29, 2004

vortmax posted:

That's not what Hammy said. He said they took bitcorns. But I went to another Subway across town for breakfast this morning and they didn't take craptocurrency either. I paid with a debit card this time.

Getting breakfast at Subway sounds like a gamble

Tiberius Christ
Mar 4, 2009

Uranium 235 posted:

hello police, i'd like to report the dow jones industrial average, it's a scam

well yeah thats what a stock market is

Minimalist Program
Aug 14, 2010
Made like 10 pizzas today so Im happt

Return Of JimmyJars
Jun 24, 2006

by FactsAreUseless

Tiberius Christ posted:

well yeah thats what a stock market is

If everyone tried to cash out of the stock market at once they would lose their value!! STOCKS ARE A SCAM!!

Fried Watermelon
Dec 29, 2008


Return Of JimmyJars posted:

If everyone tried to cash out of the stock market at once they would lose their value!! STOCKS ARE A SCAM!!

Can you pay Subway with DOW JONES stock? I thought not.

EorayMel
May 30, 2015

WE GET IT. YOU LOVE GUN JESUS. Toujours des fusils Bullpup Français.
I bet subway would accept bitcoin more easily if they still had Jared Fogle.

Minimalist Program
Aug 14, 2010

Fried Watermelon posted:

Can you pay Subway with DOW JONES stock? I thought not.

Its actually impossible to do this and anyone who says they can, are lying and being scammed!! Stocks are slow and can’t be used to buy pizzas.

down n out
Sep 16, 2008

Nap Ghost

quote:

Placing a "futures" market wrapper on an unregulated market to generate volume seems like a profit-oriented motive.

“Remember the CDO (collateralised debt obligation) wrapper around all those crappy mortgages during the financial crisis? Placing a wrapper doesn't make it safe.”

Mr Saluzzi told CNBC: “I have no problem with bitcoin. I like the concept.

“I have a problem that on Wall Street the innovators are trying to package something up and put a derivative label on it when they really don't know what's underneath.

“It reminds me of the financial crisis all over again.”

Blade Runner
Aug 14, 2015

Uranium 235 posted:

hello police, i'd like to report the dow jones industrial average, it's a scam

Stop calling this number

Dog Jones
Nov 4, 2005

by FactsAreUseless

Uranium 235 posted:

that's a real dumb take

Oh poo poo!!!!! I just took a look outside at society and the economy.... everything looking above the board. Feeling prerty dumb of my post before, so can we just move on?

Adar
Jul 27, 2001
As bad as Ham Sandwiches and friends are at this, it’s enough of a bull market / massive bubble that making money during it is extremely easy and “but you’re wasting electricity” isn’t really much of a comeback, tbqh

For example, that buttcoin will go up nearly every day until the November 15th fork (at the expense of ICOs and altcoins) and then take a 1 day massive drop (with altcoins reversing the entire decline) has been a known, obvious fact for well over a month, and yet the market has somehow not priced either of these things in yet

Yeah, the entire thing is a massive meme whose only chance was reaching critical mass, but it did just that. It was a fun few years but sanity lost this round so making fun of it when you could be investing in it misses the point (the point is profiting off libertarians and their tears)

Btw in case anyone’s wondering getting money into and out of an exchange takes about an hour one way and a day the other so that argument sucks too. Don’t keep buttcoins on an exchange but it’s not 2013 anymore in that sense, either

Ham Sandwiches
Jul 7, 2000

Adar posted:

As bad as Ham Sandwiches and friends are at this, it’s enough of a bull market / massive bubble that making money during it is extremely easy and “but you’re wasting electricity” isn’t really much of a comeback, tbqh

I'm a guy that's been pointing out that the buttcoin brigade aka "run from bitcoins at all costs" are full of poo poo and make ridiculous arguments. I have no idea why people feel the need to be like "Hurr its not like I'm agreeing with this dude that is saying the same poo poo I'm saying" but come on, lmao, how lame

quote:

Yeah, the entire thing is a massive meme whose only chance was reaching critical mass, but it did just that. It was a fun few years but sanity lost this round so making fun of it when you could be investing in it misses the point (the point is profiting off libertarians and their tears)

The point is people were convinced they knew that cryptocoins were a dumb scam, and well, they were utterly and completely wrong

quote:

Btw in case anyone’s wondering getting money into and out of an exchange takes about an hour one way and a day the other so that argument sucks too. Don’t keep buttcoins on an exchange but it’s not 2013 anymore in that sense, either

No poo poo, it turns out that the "exchanges gonna rip you off and keep getting hacked" people are 100% dumb and making ridiculous arguments, just as I have been pointing out for months!

vortmax
Sep 24, 2008

In meteorology, vorticity often refers to a measurement of the spin of horizontally flowing air about a vertical axis.

kolby posted:

Getting breakfast at Subway sounds like a gamble
It's honestly not great, but I wanted to see if maybe it was just the one Subway near my store that didn't take the XBT. I guess Hammy was lying?

Burt Sexual
Jan 26, 2006

by Jeffrey of YOSPOS
Switchblade Switcharoo

Ham Sandwiches posted:

I'm a guy that's been pointing out that the buttcoin brigade aka "run from bitcoins at all costs" are full of poo poo and make ridiculous arguments. I have no idea why people feel the need to be like "Hurr its not like I'm agreeing with this dude that is saying the same poo poo I'm saying" but come on, lmao, how lame


The point is people were convinced they knew that cryptocoins were a dumb scam, and well, they were utterly and completely wrong


No poo poo, it turns out that the "exchanges gonna rip you off and keep getting hacked" people are 100% dumb and making ridiculous arguments, just as I have been pointing out for months!

So it’s like F.U.D.?

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Uranium 235
Oct 12, 2004

Dog Jones posted:

Oh poo poo!!!!! I just took a look outside at society and the economy.... everything looking above the board. Feeling prerty dumb of my post before, so can we just move on?
hey geys lemme redefine the meaning of "scam" real quick so all commerce is a scam

gently caress i'm so good at arguing

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