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So we now have something that has a virtual value and you have to pay someone something with real value for them to say "yup you got something of value. You have passed" I'm wrong. Crypto currency is an amazing money making machine but not for anyone who has them. If Rube Goldburg was a grifter he'd do it just like this
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Dec 11, 2017 02:57
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this has probably been touched on before but why the hell do they all refer to holding as HODL or HODLING?
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Dec 11, 2017 03:38
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PromethiumX posted:this has probably been touched on before but why the hell do they all refer to holding as HODL or HODLING?
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Dec 11, 2017 03:45
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PromethiumX posted:this has probably been touched on before but why the hell do they all refer to holding as HODL or HODLING? It's a shilling word muad'dib
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Dec 11, 2017 03:52
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PromethiumX posted:this has probably been touched on before but why the hell do they all refer to holding as HODL or HODLING? Why do Scientologists refer to people as SP's?
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Dec 11, 2017 03:53
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Toys For rear end Bum posted:
They are tipping each other with a crypto backed by the Bitconnect ponzi scheme. 
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Dec 11, 2017 03:54
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I forgot that redditors can tip each other with small amounts of Bitcoin.
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Nessus posted:So what? Good for them. People win the lottery all the time too; just not many of 'em what do you mean so what. did you read the post i replied to? lol edit: also if no one posts about it on the internet it never happened, apparently
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Dec 11, 2017 03:55
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PromethiumX posted:this has probably been touched on before but why the hell do they all refer to holding as HODL or HODLING?
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Dec 11, 2017 04:07
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What if all the Buttsayers are correct, and 20 years from now all of us are the lower class, subjugated and forced to feed the original bit miners Hostess cupcakes and sausages-on-a-stick
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Dec 11, 2017 04:18
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Also isn't is true that Bitcoin was invented by an unknown person under an alias? Lmao, that means even if it succeeds and becomes the world's only currency, the original creator could spring up like a villain and reveal he controls half of the world's money. That's good sci fi and it's going to come true.
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Dec 11, 2017 04:20
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trading of bitcoin futures already halted... they lasted 4 hours. up 16.5% https://www.cnbc.com/quotes/?symbol=@xbt.1 edit: nm it looks like it was temporary, they already resumed
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Dec 11, 2017 04:21
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Uranium 235 posted:trading of bitcoin futures already halted... they lasted 4 hours. up 16.5% That's the second halt. The second halt is five minutes, and it's already resumed.
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Dec 11, 2017 04:22
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smoobles posted:Also isn't is true that Bitcoin was invented by an unknown person under an alias? Lmao, that means even if it succeeds and becomes the world's only currency, the original creator could spring up like a villain and reveal he controls half of the world's money. That's good sci fi and it's going to come true.
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Dec 11, 2017 04:23
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smoobles posted:Also isn't is true that Bitcoin was invented by an unknown person under an alias? Lmao, that means even if it succeeds and becomes the world's only currency, the original creator could spring up like a villain and reveal he controls half of the world's money. That's good sci fi and it's going to come true. edit: except he could try to buy off enough miners to prevent the hard fork. nice plot twist there
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Dec 11, 2017 04:24
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Uranium 235 posted:yeah but then all the miners could agree to hard fork and the rest of the world leaves him high and dry The new world order is awesome, can't wait to get rid of all this government corruption and get back to just regular assholes like you and me doing the corruption instead.
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Dec 11, 2017 04:29
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Uranium 235 posted:yeah but then all the miners could agree haha
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Dec 11, 2017 04:43
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Is there any chance or risk of a bitcoin crash triggering a stock market crash?
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Dec 11, 2017 04:48
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spasticColon posted:Is there any chance or risk of a bitcoin crash triggering a stock market crash? Probably not, unless you include GBTC. Maybe if it happens after more businesses start putting effort into accepting or using them. Right now though, no.
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Dec 11, 2017 04:52
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Inept posted:haha In theory it's possible to herd cats
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Dec 11, 2017 04:53
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spasticColon posted:Is there any chance or risk of a bitcoin crash triggering a stock market crash?
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Dec 11, 2017 04:55
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spasticColon posted:Is there any chance or risk of a bitcoin crash triggering a stock market crash? The semiconductors sector (i.e. Nvidia, graphics cards, etc) goes down when BTC does. But the stock market would only go down if a derivatives clearinghouse blows up and takes various financial sector components with it.
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Dec 11, 2017 04:59
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Inept posted:haha Hillary 2020 posted:In theory it's possible to herd cats Uranium 235 fucked around with this message at 05:05 on Dec 11, 2017 |
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Dec 11, 2017 05:02
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Triglav posted:a derivatives clearinghouse blows up and takes various financial sector components with it. CCPs exist specifically to eliminate credit risk between two trading counterparties, so this shouldn't ever happen. Worst case scenario, any given member would be out their margins and default fund contribution. That said. Some CCP participants complained last week about how they might get stuck with the bill should some Bitcoin futures trader not be able to cough up margin because of the huge swings. So while they may not be bankrupt because of it, they're definitely not happy about it either.
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Dec 11, 2017 05:30
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The free riding violation threads that pop up on Reddit are going to be pretty hilarious. That will be something to look out for.
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Dec 11, 2017 05:35
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Solice Kirsk posted:Probably not, unless you include GBTC. Maybe if it happens after more businesses start putting effort into accepting or using them. Right now though, no. Acceptance of bitcoin by businesses is negligible and declining and probably never going to soar because of how businesses have to actually care about the currency being used as a currency which it is fundamentally bad at and it has no solution. It's the best bubble ever because it's hilarious and guilt free to laugh at because it's not going to burn anyone but the incredibly dumb money that flows into it and holds the piece of poo poo.
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Dec 11, 2017 05:42
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zmcnulty posted:CCPs exist specifically to eliminate credit risk between two trading counterparties, so this shouldn't ever happen. Worst case scenario, any given member would be out their margins and default fund contribution. And Peterffy's cranked commissions to $5 and disallowed shorts, even in spreads  If no one can short, who can go long? Seems like a funny way to "allow" trading. And this is after increasing short VX margins 300% in August, so maybe he just hates CFE.
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Dec 11, 2017 05:48
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lazorexplosion posted:Acceptance of bitcoin by businesses is negligible and declining and probably never going to soar because of how businesses have to actually care about the currency being used as a currency which it is fundamentally bad at and it has no solution. It's the best bubble ever because it's hilarious and guilt free to laugh at because it's not going to burn anyone but the incredibly dumb money that flows into it and holds the piece of poo poo.
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Dec 11, 2017 05:50
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For real though, if you want to speculate on bitcoin now is there any reason to actually purchase bitcoins instead of just buying a futures contract? The risk of the exchange getting "hacked" are basically nil compared to bitcoin exchanges
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Dec 11, 2017 05:58
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QuarkJets posted:For real though, if you want to speculate on bitcoin now is there any reason to actually purchase bitcoins instead of just buying a futures contract?
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Dec 11, 2017 06:00
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QuarkJets posted:For real though, if you want to speculate on bitcoin now is there any reason to actually purchase bitcoins instead of just buying a futures contract? The risk of the exchange getting "hacked" are basically nil compared to bitcoin exchanges If you bought bitcoins you could try to use them as a currency! 
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Dec 11, 2017 06:01
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Nessus posted:Well some actual people are gonna get hurt by this and if it does get stupid big it may cause some destructive ripples, but the HODLers are basically guilt free laughter targets. Indeed, in a cosmic sense, we may be doing them a favor. quote:Heh, I'm not the only one then! I already calculated the price range to own 100LTC if the price stays below 200$USD. I could at least get 50LTC for 7,000USD something I can afford to do within a few months without much issue. From there own it would sadly take me a good 12 months more to get another 50LTC but still possible for me to do as long as it stays lower than 300USD. It'd just be harder x.x from here: https://www.reddit.com/r/litecoin/comments/7iwj9b/the_coinbase_support_chat_prompted_to_me_inquire/ he hopes the price stays low so he can buy 100 LTC and he'll hold until he can sell for $1 million total. hodlers are real special people it's going to take him over a year to get 100 so you know he must be putting every cent he can save into buying it
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Dec 11, 2017 06:04
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quote:BTC coin is perfect (I own under .5 so not a BTC holder, Hold MUCH more LTC) maybe it was always meant to be a store of value and not a currency to be spent daily. BTC store of value/Big transactions. LTC for daily use. Both coins grow and we all become rich
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Dec 11, 2017 06:09
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QuarkJets posted:For real though, if you want to speculate on bitcoin now is there any reason to actually purchase bitcoins instead of just buying a futures contract? The risk of the exchange getting "hacked" are basically nil compared to bitcoin exchanges The vast majority of bitcoin trades are less than a full bitcoin. The CFE contract is 1 BTC, and the CME contract is 5 BTC. You need to post about half the cost to get a futures position going. You can't "put $100 on futures" like you can bitcoin itself. But if you can afford the cost of futures, and you're only interested in profiting in dollar terms, there is absolutely no reason to subject yourself to bitcoin exchanges and the shittiness of bitcoin itself. Trading the futures would also turn 60% of your short-term profits into long-term capital gains. And if you're only interested in $100 gambling, the CFE will have futures options in a month or two for you to lose on due to theta.
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Dec 11, 2017 06:20
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Uranium 235 posted:well if something happened that threatened all of them then yeah i think they could agree to fork away from it. they can't agree on stuff like scalability because there's no obvious good solution, but if something obvious came up, like someone suddenly claiming ownership of most bitcoins, then i think the solution is simple enough. just support a fork where that person owns nothing he already owns the bitcoins what difference does it make if he goes public about it or not?
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Dec 11, 2017 07:21
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While this Bitcoin stuff is pretty bananas to me in terms of actual curreny, I'm currently gambling with CFDs on all the crypto currencies and it's a hoot. I'm down 50 bucks but I put 100 aside just for this so I don't mind. These things have serious swings and if you catch a good one at the right moment it's really fun. I predict I will have lost all 100€ at the end of the week, but who knows, maybe I'll make enough for a pizza! Btw on the bitcoin sites the future markets are seen as a "this is good for bitcoin" naturally, but people are expecting huge swings soon once the markets open in the US. So if y'all wanna get in on it there might be a good dip soon. Might not be, either. Who the gently caress knows anymore.
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Dec 11, 2017 09:48
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Waffle House posted:lol it's like "normies" https://twitter.com/Beautyon_/status/939586017027387392 https://twitter.com/ButtCoin/status/939883023763492869 Uranium 235 posted:this sounds good too https://www.reddit.com/r/Bitcoin/comments/7iuqwk/3rd_best_day_of_my_life_ama/ quote:I called my cousin who is a CPA/lawyer, and I told her that I had felt like I had won the lottery and she said to me “every time I hear about bitcoin I think of you, you didn’t win the lottery, you were Into it before the hype, you knew what it was when other people thought it was and still think it is weird. The real thing is you’re lucky because you forgot about it!” and then Albert Einstein stood up and clapped Noblesse Obliged posted:I'm wrong. Crypto currency is an amazing money making machine but not for anyone who has them. https://twitter.com/JorgeStolfi/status/940080895976861696 https://twitter.com/JorgeStolfi/status/940081120120418310 lazorexplosion posted:Acceptance of bitcoin by businesses is negligible and declining and probably never going to soar because of how businesses have to actually care about the currency being used as a currency which it is fundamentally bad at and it has no solution. It's the best bubble ever because it's hilarious and guilt free to laugh at because it's not going to burn anyone but the incredibly dumb money that flows into it and holds the piece of poo poo. yeah, the tiny bit of non-drug merchant adoption has pretty much vanished since the transaction clog. It's literally unusable for normal transactions. Someone asked Bitcoin dev Adam Back (originator of the HashCash scheme that inspired Bitcoin's proof of work mechanism) about it: https://www.youtube.com/watch?v=DHc81OL_hk4&t=21136s That's deep in jargon, but the guy is asking how merchants in Arnhem can use Bitcoin when fees and delays for on-chain transactions are through the roof. Back's answer - admitting that Lightning isn’t wallet-ready - is: keep a tab off chain or something, and reconcile to the blockchain later. “Maybe the shops in the local area could make a shared tab.” So it's official: the best way to use Bitcoin as a merchant is not to use Bitcoin. Son of Rodney posted:While this Bitcoin stuff is pretty bananas to me in terms of actual curreny, I'm currently gambling with CFDs on all the crypto currencies and it's a hoot. I'm down 50 bucks but I put 100 aside just for this so I don't mind. These things have serious swings and if you catch a good one at the right moment it's really fun. this is actually 100% the correct attitude, and I hope you do well 
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Dec 11, 2017 11:08
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The only thing I love to do more than pay fees, is engage with brands.
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Dec 11, 2017 11:16
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So I waded in and bought a massive £1.54 of bitcoin. Is worth 2.04 at the min so gently caress all the haters... Real talk I see this as a fun video game where you have to time your buys and sells at the right time to maximise your money. Don’t play with your day to day money! And that guy who got a payday loan is a fucktard.
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Dec 11, 2017 11:42
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thegasman2000 posted:So I waded in and bought a massive £1.54 of bitcoin. Is worth 2.04 at the min so gently caress all the haters...
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Dec 11, 2017 11:47
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divabot posted:That's deep in jargon, but the guy is asking how merchants in Arnhem can use Bitcoin when fees and delays for on-chain transactions are through the roof. Back's answer - admitting that Lightning isn’t wallet-ready - is: keep a tab off chain or something, and reconcile to the blockchain later. “Maybe the shops in the local area could make a shared tab.” So it's official: the best way to use Bitcoin as a merchant is not to use Bitcoin. Probably the biggest "legitimate" user Bitcoin is Backpage. They only accept Bitcoin for ads which works out for them because all their revenue comes from prostitution ads. That's probably why there's a Bitcoin ATM next to the airport in my city.
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Dec 11, 2017 11:50
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