Bitcoin: no angel investors, only Faustian bargains

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

Dead Like Rev: Sep 6, 2010; "The dead walk among us."

Waltzing Along posted:

Tether was a lot more brazen back then, too.

any day now tether is going to be revealed as the horrific scam / money laundering / money printing operation it really is.

# ? Mar 30, 2018 16:52

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# ? May 30, 2024 13:40

joats: Aug 18, 2007; stupid bewbie

What goes up must keep going up up up!

# ? Mar 30, 2018 16:57

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~

Dead Like Rev posted:

any day now fiat is going to be revealed as the horrific scam / money laundering / money printing operation it really is.

# ? Mar 30, 2018 17:06

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~

Ponzis go on until there are no new suckers to feed the withdrawals of earlier suckers. Considering AlchemyCoin had no problem raising $600K and Verge had no problem fundraising ~~enough to pay the creator's taxes~~ a new partnership, crypto isn't going to die just yet.

# ? Mar 30, 2018 17:13

Alan Smithee: Jan 4, 2005; A man becomes preeminent, he's expected to have enthusiasms.

Enthusiasms, enthusiasms...

Domestic Amuse posted:

My moon is FDIC insured.

But is it FDICK insured

# ? Mar 30, 2018 17:16

funeral home DJ: Apr 21, 2003; Pillbug

The Glumslinger posted:

Bitcoin is crashing! Sell! Sell! Sell!

Still stands as the greatest goon action ever taken. :patriot:

# ? Mar 30, 2018 17:19

Oscar Wild: Apr 11, 2006; It's good to be a G

https://youtu.be/vZuFq4CfRR8

This is the theme song for bitcoin.

# ? Mar 30, 2018 17:31

Waltzing Along: Jun 14, 2008; There's only one
Human race
Many faces
Everybody belongs here

Under 6600

# ? Mar 30, 2018 17:52

There Bias Two: Jan 13, 2009; I'm not a good person

We are now at a 3 month low. Time to buy!

# ? Mar 30, 2018 17:59

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

BITCOIN SALE

Three for the price of one!

# ? Mar 30, 2018 18:05

Sashimi: Dec 26, 2008; College Slice

Oscar Wild posted:

https://youtu.be/vZuFq4CfRR8

This is the theme song for bitcoin.

More like if 9000 was 6000.

# ? Mar 30, 2018 18:12

Mr Luxury Yacht: Apr 16, 2012

I still laugh every time non-drug dealers try to prop up cryptocurrency as a "fast low cost solution for money transfer", as if that didn't already exist.

Like, have these people never heard of e-Transfers? I can send $2500 every 24 hours for free. Hell, even when there was a fee on it, that fee was like $2. Like I understand criminals using it to avoid bank scrutiny, but the idea this was a problem that needed to be solved for the average joe is hilarious.

# ? Mar 30, 2018 18:29

Alan Smithee: Jan 4, 2005; A man becomes preeminent, he's expected to have enthusiasms.

Enthusiasms, enthusiasms...

Waltzing Along posted:

Under 6600

The prodigal son returned

# ? Mar 30, 2018 19:01

klafbang: Nov 18, 2009; Clapping Larry

Andy Dufresne posted:

At that point we'll set the title to 4k to further influence the price

Just LOL if you think we can just change that. It's on the blockchain, see. :smuggo:

...we did put SA on the blockchain, right? :sweatdrop:

# ? Mar 30, 2018 19:07

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

Andy Dufresne posted:

I've made this post 3 times and someone else in the thread made it recently as well. It's really very simple math to know why the bitcoin price is dropping. What's harder to understand is why it didn't drop sooner.

12.5 BTC are created ("mined") every 10 minutes on average (more frequently when the miner arms race picks up, but I'm ignoring that). At a price of $7000 that's $12.6 million created every day. The people who are mining must trade those BTC to fiat to cover their costs, and so the only way for demand to equal supply is for $12.6 million of new money to enter the ecosystem every single day.

For all the talk you'll hear on crypto or bitcoin forums about a deflationary currency, lol, it might potentially be someday but right now we are printing mad cash. It's only deflationary if 1800 btc private keys are lost per day.

We're now more than 3 months past the point where everyone on the planet heard about bitcoin when the price spiked to $20k. Anyone who wanted to buy already did, so why did the price remain relatively stable in the 8-10k range for so long? My guess is that people who want to clean sanctioned currency in exchange for clean "crypto income" currency were happy to pay some portion of that $12.6 million per day as the vig. Here comes Ham Sandwiches to offer an alternative explanation for the price stability.

Every block that is solved, those bitcoins are sold by miners, to cover electricity and infrastructure costs. That money is extracted from the bitcoin economy. 3,600 bitcoin per day are mined and cashed out.

Any person that buys a bitcoin is just paying a portion of a Chinese electric bill, with a tip on top.

3,600 bitcoin per day are being extracted from the economy and thrown down a hole.

# ? Mar 30, 2018 19:18

Waltzing Along: Jun 14, 2008; There's only one
Human race
Many faces
Everybody belongs here

This is how bitcoin works:

https://www.youtube.com/watch?v=xvQfoj2XnIE

# ? Mar 30, 2018 19:21

Fur20: Nov 14, 2007; すご▞い！
君は働か░い
フ▙▓ズなんだね！

VictorianQueerLit posted:

If you ask a true believer though the crash from 20,000$ was just the first sell off and we are in the bear trap headed for $100,000

100k isn't even that exciting. if you bought in today and it somehow hit $100,000, you'd have over an entire magnitude less of a mathematical profit than if you'd bought at $10 and waited for today :downs:

# ? Mar 30, 2018 20:07

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

Well, yeah, but you know, there�s different magnitudes for every person

# ? Mar 30, 2018 20:18

AEMINAL: May 22, 2015; barf barf i am a dog, barf on your carpet, barf

Page 400 coming up soon!!

# ? Mar 30, 2018 20:35

Twinty Zuleps: May 10, 2008; by R. Guyovich; Lipstick Apathy

# ? Mar 30, 2018 21:02

Twinty Zuleps: May 10, 2008; by R. Guyovich; Lipstick Apathy

dammit

AEMINAL posted:

Page 400 coming up soon!!

you lied to me

# ? Mar 30, 2018 21:02

stab: Feb 12, 2003; To you from failing hands we throw the torch, be yours to hold it high

Wulfolme posted:

dammit

you lied to me

Just like everything Bitcoin stands for.

# ? Mar 30, 2018 21:36

klafbang: Nov 18, 2009; Clapping Larry

AEMINAL posted:

Page 400 coming up soon!!

The page number is the only thing related to crypto going up, uP, UP!

# ? Mar 30, 2018 21:42

hailthefish: Oct 24, 2010

Shameful.

# ? Mar 30, 2018 21:48

Shinjobi: Jul 10, 2008; Gravy Boat 2k

Bitcoin will be a smashing success on page 400.

# ? Mar 30, 2018 21:49

GRINDCORE MEGGIDO: Feb 28, 1985

So being as bitcoins contain encoded child porn, can't every miner and investor be jailed for being a paedophile?

I wish they would, then I could get a cheap 1080ti.

# ? Mar 30, 2018 21:50

Mozi: Apr 4, 2004; Forms change so fast
Time is moving past
Memory is smoke
Gonna get wider when I die; Nap Ghost

Wulfolme posted:

# ? Mar 30, 2018 22:45

AEMINAL: May 22, 2015; barf barf i am a dog, barf on your carpet, barf

Wulfolme posted:

dammit

you lied to me

Lol get owned

(just like crypto)

# ? Mar 30, 2018 22:59

The Duchess Smackarse: May 8, 2012; by Lowtax

Wulfolme posted:

# ? Mar 30, 2018 23:12

jimmyjams: Jan 10, 2001; King Kong of Megadongs
Gobblin' them mega schlongs
Makin' sure they mega long
Stroke' 'em if they mega strong

shitcoin

# ? Mar 30, 2018 23:32

Shampy: Apr 27, 2003; by FactsAreUseless

Haha someone post the gif of the coin on the coaster I never get tired of that one

# ? Mar 30, 2018 23:39

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

what does the number 400 have to do with bitcoin?

# ? Mar 30, 2018 23:39

Khorne: May 1, 2002

Dadbod Apocalypse posted:

what does the number 400 have to do with bitcoin?

It's gonna be its price at some point in the future.

# ? Mar 30, 2018 23:42

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

Khorne posted:

It's gonna be its price at some point in the future.

i was gonna make the joke that it's the number it will have been twice: once on the way up and once on the way down, but I mean, you can use any number greater than zero here

# ? Mar 30, 2018 23:44

Ham Sandwiches: Jul 7, 2000

Dadbod Apocalypse posted:

i was gonna make the joke that it's the number it will have been twice: once on the way up and once on the way down, but I mean, you can use any number greater than zero here

The bitcoin thread: come for the schadenfreude, stay for the cool graphs and math jokes

# ? Mar 30, 2018 23:52

The Duchess Smackarse: May 8, 2012; by Lowtax

Dadbod Apocalypse posted:

i was gonna make the joke that it's the number it will have been twice: once on the way up and once on the way down, but I mean, you can use any number greater than zero here

You can also use zero

# ? Mar 31, 2018 00:02

wid: Sep 7, 2005; Living in paradise (only bombed once)

XK posted:

Every block that is solved, those bitcoins are sold by miners, to cover electricity and infrastructure costs. That money is extracted from the bitcoin economy. 3,600 bitcoin per day are mined and cashed out.

Any person that buys a bitcoin is just paying a portion of a Chinese electric bill, with a tip on top.

3,600 bitcoin per day are being extracted from the economy and thrown down a hole.

Uuuuhhh no that's not how this works. Even cashed out, the bitcoins are still there. It doesn't evaporate. It just changed hands. It's not deflationary nor inflationary because it cannot be used to buy goods. It *is* a goods. Everyone who quoted the "exchange rate" of bitcoin with usd is the same as going to the supermarket and asked what's the exchange rate of your money to the lettuce. Except you can eat a lettuce. While you can only hope to sell your bitcoin for real money.

# ? Mar 31, 2018 00:23

Risc1911: Mar 1, 2016

http://fortune.com/2018/03/28/reddit-no-longer-accepts-bitcoin/
Reddit, one of the most active hubs of Bitcoin enthusiasts, has dropped its support for the cryptocurrency.

:allears:

# ? Mar 31, 2018 00:37

Three Olives: Apr 10, 2005; Don't forget Hitler's contributions to medicine.

Isn�t it still ridiculously expensive to mine coins? At what price point do the miners start losing a lot of money?

# ? Mar 31, 2018 00:41

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# ? May 30, 2024 13:40

Rick Rickshaw: Feb 21, 2007; I am not disappointed I lost the PGA Championship. Nope, I am not.

Good thing Bitcoin can fall back on its ability to act as a store-of-value :v:

# ? Mar 31, 2018 00:44

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

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