Bitcoin: no angel investors, only Faustian bargains

The Something Awful Forums > Main > General Bullshit > Bitcoin: no angel investors, only Faustian bargains

Computer Serf: May 14, 2005; Buglord

Solice Kirsk posted:

I stand by my assumption that when the bubble actually bursts its not going to follow that graph at all. It'll be a total free fall over one day with no warning. That graph could be applied a few times to this thing and the speculation just keeps bringing it back up. Maybe a country will decide it's undermining it's own currency and declare it treasonous. That should do it.

litecoin charlie dumping most of his hodlings and warning about another flatline to 2015 levels is probably worth considering

unless he was pulling a double fakie FUD shill attack against the nonbelievers in which case this is a strong strong bbuy signal it's going to moon any day now

# ? Dec 24, 2017 00:02

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# ? May 31, 2024 00:34

Nessus: Dec 22, 2003; After a Speaker vote, you may be entitled to a valuable coupon or voucher!

Solice Kirsk posted:

I stand by my assumption that when the bubble actually bursts its not going to follow that graph at all. It'll be a total free fall over one day with no warning. That graph could be applied a few times to this thing and the speculation just keeps bringing it back up. Maybe a country will decide it's undermining it's own currency and declare it treasonous. That should do it.

That's sort of a classical anatomy sketch; the exact details will be different, of course. The only thing that will probably permanently kill it is either a frisbee on the roof situation (if the mining pools totally implode) or some kind of crack of the super-secret secret-squirrel cryptography poo poo involved.

# ? Dec 24, 2017 00:10

Minimalist Program: Aug 14, 2010

# ? Dec 24, 2017 00:18

lazorexplosion: Mar 19, 2016

I was guessing it would take lightning network coming out and demonstrating that their promises of 'that thing that's coming that's going to fix everything!' is completely unworkable crap to pop the bubble but who knows, it's already teetering on the the edge of blowing up now, so I'd now also say maybe 50% chance of dead cat bounce for a week or so then an even worse plunge.

# ? Dec 24, 2017 00:29

Fanatic: Mar 9, 2006

My Christmas prediction: conversations about crypto between family members over Xmas day lead to a newb influx causing a price surge, leading to established whales and hodlers cashing out, causing the price to plummet.

As said newbs lose their money, many tears are had, fights caused and family ties broken.

# ? Dec 24, 2017 00:44

Uranium 235: Oct 12, 2004

Solice Kirsk posted:

I stand by my assumption that when the bubble actually bursts its not going to follow that graph at all. It'll be a total free fall over one day with no warning. That graph could be applied a few times to this thing and the speculation just keeps bringing it back up. Maybe a country will decide it's undermining it's own currency and declare it treasonous. That should do it.

that won't happen unless someone finds a way to break every wallet

# ? Dec 24, 2017 00:57

Ardennes: May 12, 2002

Solice Kirsk posted:

I stand by my assumption that when the bubble actually bursts its not going to follow that graph at all. It'll be a total free fall over one day with no warning. That graph could be applied a few times to this thing and the speculation just keeps bringing it back up. Maybe a country will decide it's undermining it's own currency and declare it treasonous. That should do it.

Yeah, Bitcoin isn't going to completely die unless something fundamentally breaks, but it is possible it goes dormant around 1-3k for a few years until it gets "re-discovered" again.

It goes look like a pretty classic bull-trap at the moment though. The first crash had a very similar one.

# ? Dec 24, 2017 00:59

Sentient Data: Aug 31, 2011; My molecule scrambler ray will disintegrate your armor with one blow!

But will there be paintings and songs made to tell the tale of the slaying of this second whalebear?!

# ? Dec 24, 2017 01:06

Comfy Fleece Sweater: Apr 2, 2013; You see, but you do not observe.

Minimalist Program posted:

What�s the problem? If you can�t handle bitcoin�s raw power, don�t touch the Blockchain

# ? Dec 24, 2017 01:07

the holy poopacy: May 16, 2009; hey! check this out; Fun Shoe

Ardennes posted:

Yeah, Bitcoin isn't going to completely die unless something fundamentally breaks, but it is possible it goes dormant around 1-3k for a few years until it gets "re-discovered" again.

It goes look like a pretty classic bull-trap at the moment though. The first crash had a very similar one.

Reminder: the commodities exchanges that have been dominated by short sales from institutional investors are closed for the holiday weekend. Once the commodities board hits the limit down for a few more days I suspect there is going to be a lot of panic selling among the small fish on the exchange sites.

# ? Dec 24, 2017 01:13

insulated staircase: Aug 21, 2014

paternity suitor posted:

Unironically this.

No really, the whole monetary system is backed by implicit violence, but also, and this is the key, that�s why people follow the rules.

Straight White Shark posted:

Reminder: the commodities exchanges that have been dominated by short sales from institutional investors are closed for the holiday weekend. Once the commodities board hits the limit down for a few more days I suspect there is going to be a lot of panic selling among the small fish on the exchange sites.

2017 apologizes for all its poo poo with post-holiday lols

# ? Dec 24, 2017 01:21

TACD: Oct 27, 2000

Solice Kirsk posted:

I stand by my assumption that when the bubble actually bursts its not going to follow that graph at all. It'll be a total free fall over one day with no warning. That graph could be applied a few times to this thing and the speculation just keeps bringing it back up. Maybe a country will decide it's undermining it's own currency and declare it treasonous. That should do it.

Everybody trying to sell at once would push fees up to a point where a large number of people wouldn't be able to sell at all :unsmigghh:

# ? Dec 24, 2017 01:21

Rock Puncher: Jul 26, 2014

Sentient Data posted:

But will there be paintings and songs made to tell the tale of the slaying of this second whalebear?!

it has already begun

quote:

"The Miner Comes Around"
And I heard, as it were, the noise of thunder: one of the four altcoins saying: "Come and see." And I saw. And behold, a white horse.

There's a miner goin' 'round takin' names.
And he decides which to process and which to abstain.
Everybody won't be treated all the same.
There'll be a golden ladder reaching down.
When the miner comes around.

The hairs on your arm will stand up
At the terror in each dip and in each up.
Will you partake of that last offered cup
Or disappear into nocoiner ground
When the miner comes around?

Hear the trumpettes, hear the hodlers.
One hundred million assholes singin'.
Multitudes are marching to the speculative bubble fun.
Voices callin', voices cryin'.
Some are losing and some are still buyin�
It's Alphacoin and Betacoins Kingdom come.

And the volatility is in the bot trades.
The nocoiners are all trimming their wicks.
The volatility is in the bot trades.
It's hard for thee to sell before the dips.

'Til Armageddon, no fiat, no reserve bank.
Then the miners will call his chickens home.
The wise men will bow down before the miners throne.
And at his feet they'll cast virtual golden crowns
When the miner comes around.

Whoever is freeriding, let him be freeriding still.
Whoever is taking profit, let him be taking profit still.
Whoever is filthy nocoiner, let him be filthy nocoiner still.
Listen to the words long-written down,
When the miner comes around.

Hear the trumpettes, hear the miners.
One hundred million giggawatts burnin�.
Multitudes are mining a big lovely ledger.
Voices callin', voices cryin'.
Some are waiting and some are payin�.
unconfirmed transactions in this Kingdom come.

And the bitcoin is looking like a thorn tree.
The nocoiners are all trimming their wicks.
The bitcoin is experiencing normal volatility.
It's hard for thee to buy into the dips.

In measured fiat dollar bills and virtual-penny pounds
When the miner comes around.

And I heard a voice in the midst of the four subreddits, and I looked and behold: a pale autist. And his name, that sat on him, was HODL. And Hell followed with him.

Rock Puncher fucked around with this message at 01:27 on Dec 24, 2017

# ? Dec 24, 2017 01:23

lazorexplosion: Mar 19, 2016

# ? Dec 24, 2017 02:11

ElectricSheep: Jan 14, 2006; she had tiny Italian boobs.
Well that's my story.

lazorexplosion posted:

mods change my name to mental grasps. tia

# ? Dec 24, 2017 02:17

Rock Puncher: Jul 26, 2014

lazorexplosion posted:

beautiful

# ? Dec 24, 2017 02:17

AARP LARPer: Feb 19, 2005; THE DARK SIDE OF SCIENCE BREEDS A WEAPON OF WAR; Buglord

lazorexplosion posted:

hahaha, this is awesome.

# ? Dec 24, 2017 02:20

lazorexplosion: Mar 19, 2016

# ? Dec 24, 2017 02:31

Computer Serf: May 14, 2005; Buglord

lazorexplosion posted:

im the demographic who comprehends bitcoins and i support this message pls like, follow, subscribe tell your friends bitcpins solve the byzimtime ventral problem and the future isBLOCKCHAIN

# ? Dec 24, 2017 02:33

Rock Puncher: Jul 26, 2014

lazorexplosion posted:

the new normal has been achieved, praise freedomcoin

# ? Dec 24, 2017 02:36

Serak: Jun 18, 2000; Approaching Midnight.

hmm yes 10% per day interest rates are definitely a good thing

The bread that cost $2 on January first costs $38 by the end of the month, $62 million dollars by midyear and $1.2 quadrillion dollars by the end of December.

# ? Dec 24, 2017 02:41

let it mellow: Jun 1, 2000; Dinosaur Gum

yeah the fuckin bank should pay me 10% interest daily and also my car loan should have zero percent interest becaus I am a goddamn idiot with no ability to understand that the word interest is in both of those things so ofc blockchain

# ? Dec 24, 2017 02:44

let it mellow: Jun 1, 2000; Dinosaur Gum

fuckin baby boomers don�t understand

# ? Dec 24, 2017 02:45

lazorexplosion: Mar 19, 2016

Also, he posted that four hours ago, and then bitcoin immediately fell back 10% in that time because :bitcoin:

# ? Dec 24, 2017 02:45

XK: Jul 9, 2001; Star Citizen is everywhere. It is all around us. Even now, in this very room. You can see it's fidelity when you look out your window or when you watch youtube

lazorexplosion posted:

My pretend Internet money is super complicated, you guys could never understand it. Whoops, it just lost half its value.

gently caress all you people just starting to take interest and wrecking everything. It's the new global currency, stop putting downward pressure on it because it's fantasy nonsense held by nerds and Chinese industrialists who calculated numbers on video cards.

# ? Dec 24, 2017 02:48

XK: Jul 9, 2001; Star Citizen is everywhere. It is all around us. Even now, in this very room. You can see it's fidelity when you look out your window or when you watch youtube

Those blockchains though.

# ? Dec 24, 2017 02:49

roboshit: Apr 4, 2009

i just want my butt coins to return to their original value so i can sell em and invest in apple

# ? Dec 24, 2017 02:50

Rock Puncher: Jul 26, 2014

https://blockchain.info/unconfirmed-transactions

221,000 unconfirmed transactions with fees valued at a total of ~1400 btc

1400/221000 = .00633484 btc per transaction

~$90 USD per transaction

and you still have to wait

# ? Dec 24, 2017 02:56

the holy poopacy: May 16, 2009; hey! check this out; Fun Shoe

lazorexplosion posted:

Hmm yes people who have the bold vision to be able to say they deserve to have money generated for them out of thin air definitely deserve to get that money for real, makes perfect sense

# ? Dec 24, 2017 03:00

XK: Jul 9, 2001; Star Citizen is everywhere. It is all around us. Even now, in this very room. You can see it's fidelity when you look out your window or when you watch youtube

It's currently $130 per transaction, when you include the fee with the block reward pay out.

# ? Dec 24, 2017 03:04

Rock Puncher: Jul 26, 2014

XK posted:

It's currently $130 per transaction, when you include the fee with the block reward pay out.

you have to bribe a bunch of robot accountants every time you want to use your currency of the future

brilliant

# ? Dec 24, 2017 03:17

lazorexplosion: Mar 19, 2016

And like easily $20 of that is spent by the miners on electricity. Imagine an economy that uses $20 of electricity to buy a beer.

# ? Dec 24, 2017 03:24

XK: Jul 9, 2001; Star Citizen is everywhere. It is all around us. Even now, in this very room. You can see it's fidelity when you look out your window or when you watch youtube

I wonder if the bitcoiners even realize that with every 10 minute block reward, money equivalent to 12.5 bitcoins is being extracted from the economy. That is how the Chinese farms are paying for their running costs and equipment investments. It's not like they're just sitting on it.

# ? Dec 24, 2017 03:27

XK: Jul 9, 2001; Star Citizen is everywhere. It is all around us. Even now, in this very room. You can see it's fidelity when you look out your window or when you watch youtube

There was a halving in the block reward a few months back, the question was proposed about how the farms would keep running if the reward were cut in half. The obvious answer is that the price would be inflated to make up for the halving.

And then tether, and now here we are.

# ? Dec 24, 2017 03:37