Bitcoin: no angel investors, only Faustian bargains

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

«‹›2276 »

Moon Atari: Dec 26, 2010

A smaller crash can do enough damage to trigger a larger one.

# ? Jan 16, 2018 19:33

Adbot: ADBOT LOVES YOU

# ? May 28, 2024 08:52

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

Moon Atari posted:

A smaller crash can do enough damage to trigger a larger one.

gently caress you man! I invested my life in Bitcoin and now you treat it like a joke? Just... just kill me... Crypto has failed me... I just... I need to lie down... Ehere is my gun....

# ? Jan 16, 2018 19:37

COMRADES: Apr 3, 2017; by LITERALLY AN ADMIN

quote:

It's also trivially divisible, meaning you can buy a small item like a doughnut with it as easily as you can buy a house or even a mansion.

but you can do that now with USD???

# ? Jan 16, 2018 19:39

Harminoff: Oct 24, 2005; ð½

Vice token starts Feb 1st. Time to get rich fappin fellas!

# ? Jan 16, 2018 19:41

Katana Gomai: Jan 14, 2007; "Thus," concluded Miyamoto, "you must give up everything you have to be my disciple."

Fresh off /r/bitcoin:

quote:

Bought enough [Bitcoin] for a purchase last night. Woke up and am not able to pay.

# ? Jan 16, 2018 19:43

FogHelmut: Dec 18, 2003

# ? Jan 16, 2018 19:43

Mr.PayDay: Jan 2, 2004; life is short - play hard

dwirony�
�Bought in at $17,800, just sold everything - i'm getting out of here before i lose more money�

If you can�t HODL, buttcoin is too strong for you

# ? Jan 16, 2018 19:53

Lote: Aug 5, 2001; Place your bets

Buckle up. Once the fear really gets going that�s when you�re going to see some real gems.

# ? Jan 16, 2018 19:55

Dr. Fishopolis: Aug 31, 2004; ROBOT

Darth TNT posted:

If only we could turn a dollar into pennies...

Can someone please explain tether to me, I can never seem to find a proper explanation. Everything I know about it says it overly complicated.

there's an exchange called bitfinex that "lost" 120,000 bitcoins in a "hack" in 2016.

to replace the "stolen" bitcoins, they decided to invent something called "tether" which is a cryptocurrency that's "tethered" to USD. In theory, bitfinex has one united states dollar in a bank account for each one point six five billion tethers they've doled out so far.

of course, they won't redeem any of those tethers if you ask them to. also, there's never been a third party audit to prove the money's actually there. also, someone "stole" 30 million in tether from bitfinex this past november, and afaik they never so much as put out a press release about it.

it's really not complicated at all, it's one of the most cynical, blatant scams in crypto, which is saying a lot.

# ? Jan 16, 2018 20:01

Minimalist Program: Aug 14, 2010

Mr.PayDay posted:

LOL what, Athene was talking about Bitcoin 4 years ago https://youtu.be/iU8ie9QEzQk

(He is a former WoW and Hearthstone Streamer and Troll, just watch his grab the 10K video where he offered Forsen money up to 10k Dollar for testing his gaming for good stream tools and ended donating this to Sodapoppin or his early YT stuff where he got millions of clicks by monetizing his girlfriends (Tania) DD boobs via clickbait and her d�collet�; he later explained how the team �exploited� YouTube algorithms and Viewers.
He is wacky and a diva but not dumb and likes to be underestimated )

4 years later, he launched Purpose, an altruistic crypto currency:

�Purpose is a token built on the ERC-20 Token Standard that allows people to contribute to its altruistic objectives by holding it. Its primary feature is its ability to generate a second token called DUBI (Decentralized Universal Basic Income) that is supported by a large community of activists as well as an independent group of volunteer developers who work together towards increasing DUBI�s value, in preparation for eventually gradually distributing it among the world�s population. Distribution is to be facilitated on-chain with an allowance contract that grants each individual DUBI at a rate that can be set to equal that of the DUBI output of 1 to 100 Purpose, a process that also incorporates optional automated taxation for government compliance.

Purpose is only distributed for donations not towards its creator but towards charity and/or the above-mentioned volunteers who are collaborating on initiatives that support Purpose. It will also be available on exchanges when the tokens are claimable, which should be in the first quarter of 2018. In the meantime, Purpose continues to be reserved at Athene�s discretion for donations directly towards, for example, Save the Children on PRPS.io.

[...]
Athene is a well-known philanthropist who started the idea of Purpose to enable a new form of decentralized altruism that uses a Decentralized Universal Basic Income utility token to combat poverty and counteract the imminent global repercussions of industries� increasing reliance on automation and AI.
Altruism and philanthropy are the foundation of Purpose and are the driving forces behind the community that supports it. As a result, holding Purpose and/or developing & supporting initiatives and software around it is of primary interest to its current owners.

In contrast to more feature-rich cryptocurrencies, Purpose� functionality is rudimentary and its value primarily originates from its ideological objective and the future intrinsic value of Purpose integrated software. Purpose and its basic features are built on the idea of its supporters �hodling� it, with the intent of contributing to its value and, by extension, its ability to do good. Consequently, supply is limited, which may maintain a high demand and steadily raise the value of Purpose. Furthermore, there are several simple added incentives for holding Purpose to ensure its ripple effect.

Beyond the altruistic driving force of its community that is committed to increasing its value, Purpose�s �HODL� mechanism allows users to lock the token away with a smart contract for up to 12 months and instantly receive a 4% return in the form of a second token, called DUBI.
DUBI can be used in applications built by the development team with likely minimum equal value as Purpose. Moreover, it may be used to give its holders recognition and access within the community to features such as private message boards. Since technological functionality itself is rarely what drives the economy of cryptocurrencies on exchanges, Purpose incorporates specific elements and strategies that allow it to potentially respond exceptionally to scenarios wherein its community engages in trading and other independent initiatives that give Purpose and DUBI value. Exchange dynamics are often determined by fear, whether FOMO (fear of missing out) or FUD (fear, uncertainty and doubt). Purpose�s �HODL� feature makes it easy to overcome the latter while low supply and actively maintained marketing livestreams that mobilize its community may fuel FOMO. Purpose�s HODL culture is largely code-based rather than solely reliant on trust. Amount in circulation and amount of Purpose being �hodl�d� can be tracked and seen on PRPS.io.�

More in the whitepaper.

https://www.prps.io
https://www.prps.io/Purpose.pdf
https://youtu.be/5M4hP8H1O24

Let�s see how a famous internet Troll (who on contrast does a lot for charity, seriously, he raised multi millions for charity https://youtu.be/-nMJdXJAHPA) is handling crypto currency.

I find this interesting so far and it fits in the Bitcoin thread because this Purpose project deconstructs the crypto currency in an Athene style way. At least he is trying to build something good.
(Edit: it is Athene after all so you never know if he is trolling; �if you want to invest into a scam, at least chose the right one�: he wrote. His charity work was ever honest, tho, so there is that.)
You can be sure, some trolling will be part of it:
https://youtu.be/wS9yN9YuDBg

This is some powerfully autistic stuff, my man.

# ? Jan 16, 2018 20:14

Boon: Jun 21, 2005; by R. Guyovich

Just getting caught up - when did the fear start?

Also, whichever institutional investor is manipulating the market is going to stabilize this, there's profit for them (at the expense of everyone else) in the volatility.

# ? Jan 16, 2018 20:14

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

I wonder if all the Japanese and Korean people who do all this bit-trading have any adherence to this "no matter what happens never sell" philosophy that our libertarian idiots do.

# ? Jan 16, 2018 20:17

Mr.PayDay: Jan 2, 2004; life is short - play hard

apology for poor english

when were you when bitcoin dies?

i was sat at home looking at Reddit debating hodl when Fred ring

'bitcoin is kill'

'no'

# ? Jan 16, 2018 20:21

Alpha Mayo: Jan 15, 2007; hi how are you?
there was this racist piece of shit in your av so I fixed it
you're welcome
pay it forward~

Three Olives posted:

I just popped over to CNBC because they have kind of been pimping Bitcoin lately to see what they had to say and they have published an article on why Bitcoin isn't worthless by an expert:

https://www.cnbc.com/2018/01/16/skeptics-say-bitcoin-has-no-value-heres-why-theyre-wrong.html

It's really remarkable how many Bitcoin "experts" there are that have no loving clue about Bitcoin. Yep, go ahead and buy that doughnut with Bitcoin, I want to see it.

Advantage over dollar: 8 DECIMAL POINTS INSTEAD OF 2

Also, Bitcoin will be the last to fall. You can't sell most altcoins directly for cash. Instead, you have to exchange them for buttcoins or litecoins, transfer them to somewhere that lets you withdraw the butts as cash then take it out. This involves a BUY order for Bitcoin, which helps prop it up.

Once the altcoin selloff is done, Bitcoin won't be propped up by buy orders anymore and will collapse.

# ? Jan 16, 2018 20:23

divabot: Jun 17, 2015; A polite little mouse!

Darth TNT posted:

Can someone please explain tether to me, I can never seem to find a proper explanation. Everything I know about it says it overly complicated.

first, picture in your mind a car wash token

you got it

# ? Jan 16, 2018 20:27

Andy Dufresne: Aug 4, 2010; The only good race pace is suicide pace, and today looks like a good day to die

Nessus posted:

I wonder if all the Japanese and Korean people who do all this bit-trading have any adherence to this "no matter what happens never sell" philosophy that our libertarian idiots do.

I would actually be very interested in reading the translated first page of posts on whatever Korean forum is similar to bitcointalk or /r/reddit. There's no way they have the same ideals as our idiots do.

# ? Jan 16, 2018 20:28

ghosTTy: Sep 22, 2008

# ? Jan 16, 2018 20:28

LGD: Sep 25, 2004

Alpha Mayo posted:

Advantage over dollar: 8 DECIMAL POINTS INSTEAD OF 2

Also, Bitcoin will be the last to fall. You can't sell most altcoins directly for cash. Instead, you have to exchange them for buttcoins or litecoins, transfer them to somewhere that lets you withdraw the butts as cash then take it out. This involves a BUY order for Bitcoin, which helps prop it up.

Once the altcoin selloff is done, Bitcoin won't be propped up by buy orders anymore and will collapse.

3 decimal points binch:

Coinage Act of 1792 posted:

That the money of account of the United States shall be expressed in dollars or units, dismes or tenths, cents or hundredths, and milles or thousandths, a disme being the tenth part of a dollar, a cent the hundredth part of a dollar, a mille the thousandth part of a dollar, and that all accounts in the public offices and all proceedings in the courts of the United States shall be kept and had in conformity to this regulation.

# ? Jan 16, 2018 20:31

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

Comfy Fleece Sweater posted:

gently caress you man! I invested my life in Bitcoin and now you treat it like a joke? Just... just kill me... Crypto has failed me... I just... I need to lie down... Ehere is my gun....

I uh... I apologize for my outburst, I was under a bit of stress... what I meant to say was that: even if it fell further, a lot of us wouldn't mind too much. We'd get some cheap coins and the weak hands would be removed from the greater crypto community. This would allow us to focus on building infrastructure and adoption without an army of trolls trying to tear us down at every turn. Why? Because weak hands are going to abandon the alt coins first as they have less chance of recovering. Meaning that once the alt hype has subsided, the pump and dump crowd will be gone at least for a little while.

# ? Jan 16, 2018 20:33

Andy Dufresne: Aug 4, 2010; The only good race pace is suicide pace, and today looks like a good day to die

LGD posted:

3 decimal points binch:

Fork the dollar imo. Lightning USD network

# ? Jan 16, 2018 20:33

ruddiger: Jun 3, 2004

Three Olives posted:

I just popped over to CNBC because they have kind of been pimping Bitcoin lately to see what they had to say and they have published an article on why Bitcoin isn't worthless by an expert:

https://www.cnbc.com/2018/01/16/skeptics-say-bitcoin-has-no-value-heres-why-theyre-wrong.html

It's really remarkable how many Bitcoin "experts" there are that have no loving clue about Bitcoin. Yep, go ahead and buy that doughnut with Bitcoin, I want to see it.

https://www.youtube.com/watch?v=LE8gaZKuIUs

# ? Jan 16, 2018 20:34

Edgar Allan Pwned: Apr 4, 2011; Quoth the Raven "I love the power glove. It's so bad..."

how many users use bitcoin to buy illegal things? what else would you do with a cryptocurrency?

# ? Jan 16, 2018 20:35

paternity suitor: Aug 2, 2016

Edgar Allan Pwned posted:

how many users use bitcoin to buy illegal things? what else would you do with a cryptocurrency?

HODL

# ? Jan 16, 2018 20:39

Drav: Jul 23, 2002; We've come a long way since that day, and we will never look back at the faded silhouette.

Alpha Mayo posted:

Advantage over dollar: 8 DECIMAL POINTS INSTEAD OF 2

Also, Bitcoin will be the last to fall. You can't sell most altcoins directly for cash. Instead, you have to exchange them for buttcoins or litecoins, transfer them to somewhere that lets you withdraw the butts as cash then take it out. This involves a BUY order for Bitcoin, which helps prop it up.

Once the altcoin selloff is done, Bitcoin won't be propped up by buy orders anymore and will collapse.

You can go through Ethereum too which isn't related

# ? Jan 16, 2018 20:40

ghosTTy: Sep 22, 2008

# ? Jan 16, 2018 20:44

EorayMel: May 30, 2015; WE GET IT. YOU LOVE GUN JESUS. Toujours des fusils Bullpup Fran�ais.

I tried searching for bitcoin levels on happy wheels and I found this instead.

# ? Jan 16, 2018 21:02

shiksa: Nov 9, 2009; i went to one of these wrestling shows and it was... honestly? frickin boring. i wanna see ricky! i want to see his gold chains and respect for the ftw lifestyle

the red boxes on the chart are starting to get pretty tall

# ? Jan 16, 2018 21:02

gary oldmans diary: Sep 26, 2005

Darth TNT posted:

Can someone please explain tether to me, I can never seem to find a proper explanation. Everything I know about it says it overly complicated.

tether is my favorite part of all of this. i would like ham sandwiches to explain tether in the most glowing way he can

# ? Jan 16, 2018 21:03

Burt Sexual: Jan 26, 2006; by Jeffrey of YOSPOS; Switchblade Switcharoo

divabot posted:

first, picture in your mind a car wash token

you got it

Wrong. With that token I have a clean car.

# ? Jan 16, 2018 21:04

Jikes: Dec 18, 2005; candy of the ocean

gary oldmans diary posted:

tether is my favorite part of all of this. i would like ham sandwiches to explain tether in the most glowing way he can

"I will gladly pay you tomorrow for a cheeseburger eaten today," except that the cheeseburger is your money and tomorrow never comes

# ? Jan 16, 2018 21:06

scott zoloft: Dec 7, 2015; yeah same

HODL is hold?

# ? Jan 16, 2018 21:07

gary oldmans diary: Sep 26, 2005

Hold On for Dear Life

# ? Jan 16, 2018 21:08

comedyblissoption: Mar 15, 2006

we've got to hodl on to what we've got
it doesn't make a difference if we get fiat or not

# ? Jan 16, 2018 21:08

scott zoloft: Dec 7, 2015; yeah same

was HODL a thing when I was talking mad poo poo about my coinz?

# ? Jan 16, 2018 21:08

scott zoloft: Dec 7, 2015; yeah same

I wish I got in on the HODL zeitgeist..

# ? Jan 16, 2018 21:09

ElGroucho: Nov 1, 2005; We already - What about sticking our middle fingers up... That was insane; Fun Shoe

HODL on to the nights
HODL on to the memories
I wish that I could give you something more
That I could be yours

# ? Jan 16, 2018 21:13

Drav: Jul 23, 2002; We've come a long way since that day, and we will never look back at the faded silhouette.

comedyblissoption posted:

we've got to hodl on to what we've got
it doesn't make a difference if we get fiat or not

We got each other and that's altcoins for love

# ? Jan 16, 2018 21:21

french lies: Apr 16, 2008

Grab your popcorn, nocoiners. We're heading for some fun times.

# ? Jan 16, 2018 21:25

Elias_Maluco: Aug 23, 2007; I need to sleep

Dont HODL your breath

# ? Jan 16, 2018 21:31

Adbot: ADBOT LOVES YOU

# ? May 28, 2024 08:52

Inept: Jul 8, 2003

At the top of r/cryptocurrency

+1(800)273-8255 - U.S. National Suicide Hotline (self.CryptoCurrency)

# ? Jan 16, 2018 21:38

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

«‹›2276 »