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Mr Teatime
Apr 7, 2009

I think you'll find I covered this in my hassle free guide for the average investor.

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wide stance
Jan 28, 2011

If there's more than one way to do a job, and one of those ways will result in disaster, then he will do it that way.

DoubleT2172 posted:

You forgot the step where during the bank wire transfer that takes a week bitcoin goes up like 50% so you realize you should have just paid the loving 5% CC fee and got in when it was much cheaper!

Uh no you can buy Bitcoin immediately with a deposit. You just can't trade it for something else while waiting.

Solice Kirsk
Jun 1, 2004

.
Yeah, I was gonna say that once you put in the trade it locks in the number of coins you bought. It just takes a while for them to show up. At least that's how it worked for me.

Liquid Communism
Mar 9, 2004

коммунизм хранится в яичках

Holy loving poo poo.

https://twitter.com/BitmexRekt/status/941315043265843200

univbee
Jun 3, 2004





You know it's bad when they have to use scientific notation.

willroc7
Jul 24, 2006

BADGES? WE DON'T NEED NO STINKIN' BADGES!

Can someone translate this into something I can laugh at?

Triglav
Jun 2, 2007

IT IS HARAAM TO SEND SMILEY FACES THROUGH THE INTERNET

willroc7 posted:

Can someone translate this into something I can laugh at?

Someone had to buy $4.1 million Ripple because they lost all their money betting Ripple's price would go down. Because Bitmex provides up to 10,000% leverage, we don't know how much they actually lost, but they definitely lost at least $41,000.

Actually, I'm wrong. It's denominated in bitcoin, so they had to buy 175 bitcoin of Ripple. So they definitely lost at least 0.175 bitcoin (~$3,000).

Triglav fucked around with this message at 17:42 on Dec 14, 2017

The Glumslinger
Sep 24, 2008

Coach Nagy, you want me to throw to WHAT side of the field?


Hair Elf
https://twitter.com/tetherprinter/status/941340422789480448

We're over a billion bucks worth of Tether printed :toot:

Oscar Wild
Apr 11, 2006

It's good to be a G
Can't wait to get a 1 page prospectus with an upward line.

Comfy Fleece Sweater
Apr 2, 2013

You see, but you do not observe.

Triglav posted:

Someone had to buy $4.1 million Ripple because they lost all their money betting Ripple's price would go down. Because Bitmex provides up to 10,000% leverage, we don't know how much they actually lost, but they definitely lost at least $41,000.

Actually, I'm wrong. It's denominated in bitcoin, so they had to buy 175 bitcoin of Ripple. So they definitely lost at least 0.175 bitcoin (~$3,000).

3,000 dollars lost isn’t too bad in this dumb crypto era, I’d even say it’s pretty average

The scientific notation had me thinking he had suddenly gone into debt for the whole amount of money in the economy or something

Blade Runner
Aug 14, 2015

The national debt of Steve begins to outpace America after a particularly harsh margin call

Oscar Wild
Apr 11, 2006

It's good to be a G
Shorting or going long in crypto is dumb as hell. There are no market forces at play, only marketing.

Triglav
Jun 2, 2007

IT IS HARAAM TO SEND SMILEY FACES THROUGH THE INTERNET

Oscar Wild posted:

Shorting or going long in crypto is dumb as hell. There are no market forces at play, only marketing.

People buying and selling are market forces: supply (selling) and demand (buying).

gary oldmans diary
Sep 26, 2005

Triglav posted:

People buying and selling are market forces: supply (selling) and demand (buying).
beep-boop literal is never insightful

putin is a cunt
Apr 5, 2007

BOY DO I SURE ENJOY TRASH. THERE'S NOTHING MORE I LOVE THAN TO SIT DOWN IN FRONT OF THE BIG SCREEN AND EAT A BIIIIG STEAMY BOWL OF SHIT. WARNER BROS CAN COME OVER TO MY HOUSE AND ASSFUCK MY MOM WHILE I WATCH AND I WOULD CERTIFY IT FRESH, NO QUESTION

Triglav posted:

People buying and selling are market forces: supply (selling) and demand (buying).

you know what he meant, don't be deliberately stupid

Nessus
Dec 22, 2003

After a Speaker vote, you may be entitled to a valuable coupon or voucher!



Triglav posted:

People buying and selling are market forces: supply (selling) and demand (buying).
People-buying and people-selling on the BLOCK CHAIN? Well, I suppose it could work.

Vapor Moon
Feb 24, 2010

Neato!
The Human Font
A co-worker had 0.8 bitcoins from mining a while ago and he decided to use it all to buy bitcoin mining equipment.

Nessus
Dec 22, 2003

After a Speaker vote, you may be entitled to a valuable coupon or voucher!



FillInTheBlank posted:

A co-worker had 0.8 bitcoins from mining a while ago and he decided to use it all to buy bitcoin mining equipment.
What, like. Now?

Comfy Fleece Sweater
Apr 2, 2013

You see, but you do not observe.

FillInTheBlank posted:

A co-worker had 0.8 bitcoins from mining a while ago and he decided to use it all to buy bitcoin mining equipment.

That’s very smart. He gets the soul of Bitcoin.

AARP LARPer
Feb 19, 2005

THE DARK SIDE OF SCIENCE BREEDS A WEAPON OF WAR

Buglord

FillInTheBlank posted:

A co-worker had 0.8 bitcoins from mining a while ago and he decided to use it all to buy bitcoin mining equipment.

he'd be stupid not to

Hillary 2024
Nov 13, 2016

by vyelkin

FillInTheBlank posted:

A co-worker had 0.8 bitcoins from mining a while ago and he decided to use it all to buy bitcoin mining equipment.

Might as well double down

WalletBeef
Jun 11, 2005


gently caress you nocoiners and your fiat hyperinflation :smug:

Raldikuk
Apr 7, 2006

I'm bad with money and I want that meatball!
Has Tether released any new information/excuses for their recent hack? All of the news I can find about it is just the initial reports.

Powershift
Nov 23, 2009


Raldikuk posted:

Has Tether released any new information/excuses for their recent hack? All of the news I can find about it is just the initial reports.

Yeah, it was on the cover sheet of their full detailed audit proving they actually have $1b in their bank account.

Ruggan
Feb 20, 2007
WHAT THAT SMELL LIKE?!


Ugh my wife is talking to me about Bitcoin and how someone in the family has made a few hundred thousand on selling it. I should be happy for them but I’m irrationally bitter lol.

Bitcoin is dumb and that’s dumb. How is it 16k? Is it going to crash? This loving world we live in.

Stefan Prodan
Jan 7, 2002

I deeply respect you as a human being... Some day I'm gonna make you *Mrs* Buck Turgidson!


Grimey Drawer

Ruggan posted:

Ugh my wife is talking to me about Bitcoin and how someone in the family has made a few hundred thousand on selling it. I should be happy for them but I’m irrationally bitter lol.

Bitcoin is dumb and that’s dumb. How is it 16k? Is it going to crash? This loving world we live in.

just be happy for them like they won the lottery or in vegas

QuarkJets
Sep 8, 2008

Stefan Prodan posted:

just be happy for them like they won the lottery or in vegas

To clarify, this is exactly what happened. They bet on a penny stock and won. There's nothing to be bitter about

QuarkJets fucked around with this message at 10:59 on Dec 15, 2017

HELLBITCH
Sep 15, 2017

bad at posting
What a bout a currency that's just this machine that prints these big golden 'O's. Like a stock ticker spits out stocks this thing is just constantly spitting out 'O's.
It prints at a rate that is not too fast, as to not cause inflation, but not to slow, as to cause a shortage of 'O's.
The 'O' printer will be owned by no man and will just sit in a room printing all day and the 'O's will be collectible by anyone who wants to take an 'O' ticker from the machine and it will be controlled by no central system other than the mechanism that spits out the 'O's.
After you get your 'O' that is not controlled by any central bank or authority out of the 'O' machine, you can take it to a central bank or authority to redeem it for something useful.

How's this sound guys?

Enchanted Hat
Aug 18, 2013

Defeated in Diplomacy under suspicious circumstances

HELLBITCH posted:

What a bout a currency that's just this machine that prints these big golden 'O's. Like a stock ticker spits out stocks this thing is just constantly spitting out 'O's.
It prints at a rate that is not too fast, as to not cause inflation, but not to slow, as to cause a shortage of 'O's.
The 'O' printer will be owned by no man and will just sit in a room printing all day and the 'O's will be collectible by anyone who wants to take an 'O' ticker from the machine and it will be controlled by no central system other than the mechanism that spits out the 'O's.
After you get your 'O' that is not controlled by any central bank or authority out of the 'O' machine, you can take it to a central bank or authority to redeem it for something useful.

How's this sound guys?

It's okay, but I feel like the new economy would be more sound if it were based on buying and selling eights instead of Os.

Nessus
Dec 22, 2003

After a Speaker vote, you may be entitled to a valuable coupon or voucher!



HELLBITCH posted:

What a bout a currency that's just this machine that prints these big golden 'O's. Like a stock ticker spits out stocks this thing is just constantly spitting out 'O's.
It prints at a rate that is not too fast, as to not cause inflation, but not to slow, as to cause a shortage of 'O's.
The 'O' printer will be owned by no man and will just sit in a room printing all day and the 'O's will be collectible by anyone who wants to take an 'O' ticker from the machine and it will be controlled by no central system other than the mechanism that spits out the 'O's.
After you get your 'O' that is not controlled by any central bank or authority out of the 'O' machine, you can take it to a central bank or authority to redeem it for something useful.

How's this sound guys?
Give me a few thousand Os to start with and I'll talk it up

Triglav
Jun 2, 2007

IT IS HARAAM TO SEND SMILEY FACES THROUGH THE INTERNET
Put us in for $25,000,000.

HELLBITCH
Sep 15, 2017

bad at posting

Nessus posted:

Give me a few thousand Os to start with and I'll talk it up

O[]O[]O[]O[]O[]O[]O[]O[]O[]O[] O[]O[]O[]O[]O[]O[]O[]O[]O[]O[] O[]O[]O[]O[]O[]O[]O[]O[]O[]O[] O[]O[]O[]O[]O[]O[]O[]O[]O[]O[] O[]O[]O[]O[]O[]O[]O[]O[]O[]O[] O[]O[]O[]O[]O[]O[]O[]O[]O[]O[] O[]O[]O[]O[]O[]O[]O[]O[]O[]O[] O[]O[]O[]O[]O[]O[]O[]O[]O[]O[] O[]O[]O[]O[]O[]O[]O[]O[]O[]O[] O[]O[]O[]O[]O[]O[]O[]O[]O[]O[]

Here's a hundred to get you started off. If you would kindly notice the blocks of brackets chaining the 'O's together, I devised this system and it is called the "blockchain". It "chains" the 'O's together with "blocks"

HELLBITCH
Sep 15, 2017

bad at posting
I'm thinking we could have vendors think of a number between 1 and 100 for the customer to guess whenever they do a transaction as a form of security

e: I didn't mention this, but you can keep your 'O's safe by saving them in a text file with your name (ONLY YOURS!!) and putting it on a flash drive and shoving it up your rear end

Here's the second series

O[]O[]O[]O[]O[]O[]O[]O[]O[]O[] O[]O[]O[]O[]O[]O[]O[]O[]O[]O[]

HELLBITCH fucked around with this message at 07:42 on Dec 15, 2017

Computer Serf
May 14, 2005
Buglord

HELLBITCH posted:

What a bout a currency that's just this machine that prints these big golden 'O's. Like a stock ticker spits out stocks this thing is just constantly spitting out 'O's.
It prints at a rate that is not too fast, as to not cause inflation, but not to slow, as to cause a shortage of 'O's.
The 'O' printer will be owned by no man and will just sit in a room printing all day and the 'O's will be collectible by anyone who wants to take an 'O' ticker from the machine and it will be controlled by no central system other than the mechanism that spits out the 'O's.
After you get your 'O' that is not controlled by any central bank or authority out of the 'O' machine, you can take it to a central bank or authority to redeem it for something useful.

How's this sound guys?

the room fits 20 people and everyone else is stuck outside being a filthy no Oer

Stefan Prodan
Jan 7, 2002

I deeply respect you as a human being... Some day I'm gonna make you *Mrs* Buck Turgidson!


Grimey Drawer

QuarkJets posted:

To clarify, this is exactly what happened. They bet on a penny stock and won. There's nothing to be better about

?

I wasn't, like, being ironic or anything

They made a gamble and they won, I don't really see any reason to be a hater about any of it unless they are like awful people, but I mean awful people make waaay more every day on wall street

edit: oh I see you meant clarify for him what I was saying I think, nm

comedyblissoption
Mar 15, 2006

Ruggan posted:

Ugh my wife is talking to me about Bitcoin and how someone in the family has made a few hundred thousand on selling it. I should be happy for them but I’m irrationally bitter lol.

Bitcoin is dumb and that’s dumb. How is it 16k? Is it going to crash? This loving world we live in.
They haven't made a few hundred thousand unless they've fully cashed it out in USD (or actual currency) completely out of any bitcoin exchanges. If they have, then congrats! If they haven't, lol.

Ruggan
Feb 20, 2007
WHAT THAT SMELL LIKE?!


comedyblissoption posted:

They haven't made a few hundred thousand unless they've fully cashed it out in USD (or actual currency) completely out of any bitcoin exchanges. If they have, then congrats! If they haven't, lol.

Claim to have cashed out a lot already and are pulling it out in chunks. And they are trying to keep it hush hush, my wife found out from her mom who told her against his wishes.

I mean yeah good for him. Spose there’s an element of being jealous - I’m too risk averse to invest any amount and hold onto it long enough to make a life changing amount of money, so it isn’t worth it to me.

gary oldmans diary
Sep 26, 2005

Ruggan posted:

they are trying to keep it hush hush, my wife found out from her mom who told her against his wishes
and now you tell the whole drat internet. you idiot. you buffoon

Gyro Zeppeli
Jul 19, 2012

sure hope no-one throws me off a bridge

Ruggan posted:

Claim to have cashed out a lot already and are pulling it out in chunks. And they are trying to keep it hush hush, my wife found out from her mom who told her against his wishes.

I mean yeah good for him. Spose there’s an element of being jealous - I’m too risk averse to invest any amount and hold onto it long enough to make a life changing amount of money, so it isn’t worth it to me.

"Risk averse" in the crypto market directly translates as "too smart to be suckered".

Yeah, he might have made a bunch of money. But essentially the strategy is "pray to any deity who'll listen". All that bitcoin they've yet to cash out could be worth pennies tomorrow and there's nothing they could do to stop it.

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comedyblissoption
Mar 15, 2006

you shouldn't feel jealous

to cash out on that scale you would have had to have survived a gauntlet of:
  • bought a bunch of bitcoins when it was cheap and sat on it for years
  • not cashed out on one of the two earlier bubbles
  • not have used wallet software that had built-in backdoors
  • not have used wallet software that had unintentional security flaws
  • not had your bitcoins on one of many compromised exchanges where all the bitcoins were lost
  • not had your computer compromised through a billion different attack vectors which led to your wallet being leaked. Attack vectors including downloading popular exploitable bitcoin software or visiting popular bitcoin websites where attackers inject XSS attacks
  • not told someone which then resulted in word of mouth leading to someone physically assaulting you to steal your wallet
  • not have used a brute force-able wallet key
  • used a strong key but didn't have your wallet compromised by random brute force
  • not had the majority of miners which control the system maliciously abuse their power too much and cause a systemic crash of the value of bitcoins

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