Bitcoin: no angel investors, only Faustian bargains

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

IronClaymore: Jun 30, 2010; by Athanatos

All I know is that, despite some people making a lot of money [actual money] out of bitcoin, most people lost. And that's funny. Hearing about people losing their houses to buy bitcoin when it was $17k or whatever. It's funny. And it's like justice. Middle class fucks who basically landed an easy do-nothing job, a few of them getting hosed, it feels good. Have them sleep in a single room with 17 other men, see how they like the world before FIAT currency or whatever part of modern society the fanatics are on about.

Doesn't fix anything. And you can't really stand above it because it wouldn't take much for anyone else including me could have been caught up in the spin. Well no not me because reasons. But in general, safe and secure people making stupid decisions and getting hosed by them, that's nice.

# ? Jun 23, 2018 18:47

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# ? May 29, 2024 14:18

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

Preach on, brother.

# ? Jun 23, 2018 19:00

Shinjobi: Jul 10, 2008; Gravy Boat 2k

Lambos, tho

# ? Jun 23, 2018 19:03

Rectal Death Adept: Jun 20, 2018; by Fluffdaddy

Dead Like Rev posted:

WAIT WAIT WAIT WAIT WAIT. Thats how much cardano is worth? There's some sperg at my job (a manager) who mines ethereum and bitcoin and turns it into altcoins and crap and will endlessly talk about it. Even if i tell him to loving stop he wont. He recently dropped several paychecks on Cardano because it would be a "worthy investment and would only go up". Its loving worthless. ITS WORTHLESS. This is amazing. He also sunk a ton into Ripple and nano and is trying to buy more video cards to continue mining. And when I ask him about how his power bills are he gives me BS, "oh its only 80 bux bro". He's got atleast 50 cards running non stop in one room and the AC cranked down to 60~ish non stop in Georgia.

The guy's investments should tell you what kind of person he is. Even if you want to be completely neutral and argue that crypto investment don't make someone stupid he is doing stupid hype based crypto investments.

(You might already know this but this is for any interested lurkers that might not know the context behind this guy's investing)

Nano - A coin with no actual use that people flooded into because they were desperate for a next flavor of the month coin that would give them ridiculous profit. This snowballed as more and more people tried to flood into the coin as word spread people wanted the coin. It had the benefit of being added to a shifty exchange nobody used at first so it was seen as this rare opportunity to get it on another ground floor before ~The Normies~ even heard about it. I watched the price and the insane hype rise from $0.50 to $35 for no actual functional reasons. It was 100% pure hype and has since lost 95% of it's value. People are still certain it will replace bitcoin.

Ripple - A coin said to be "Banks....but with Crypto Currency!" where a company getting investments from real banks for their technology started their own cryptocurrency. True Believers immediately equated this with "BANKS ARE INVESTING IN CRYPTOCURRENCY" like idiots and this generated extreme hype behind the coin which had been trading for years at less than a penny, shooting it up to $3.65. Anyone trying to speak reason about how banks actually hadn't officially invested in a cryptocurrency and their money was actually unrelated and didn't mean mainstream adoption had finally come to crypto was shouted down by the hundreds of thousands of people who bought Ripple, hyped to gently caress they got in on the ground floor of the next bitcoin. Wells Fargo was even going to use it even if banks weren't! On it's way to losing 87% of it's value there were official statements that Ripple was actually worse at transfering money than what Wells Fargo actually does and repeated statements that banks were not buying it. People are still certain it will replace bitcoin.

Cardano - This coin is so new it came out at the extreme hype stage of the 2017 bubble. As evidenced by people like AAROtrek who has been unable to explain what the coin would be used for or how it works for almost a year of shilling it it's completely hype based on who is involved in making it. You'll notice he keeps dropping the count of PHDs involved on the team or how they are "The Greatest Minds In Programming." This initial stupidity was rewarded when the crypto market spiked and Cardano shot up 65x in value. Any goons that had listened to AAROtrek's complete speculation on a random shitcoin were rewarded and AARO trek became the smuggest douche on the forums that saw his intelligence and the coin's worth proven by the profits. Has lost 90% of it's value. People are still certain it will replace bitcoin.

This is a story that played out dozens of times for any specific shitcoin you can mention. Monetary Value = Worth of the Concept to dumb people so even these extremely hyped shitcoins still have true believers simply because they were worth more money at one point. Cardano can't be lovely at a dime because it was worth $1.30!! Nano can't be poo poo at $2 because it was worth $35!!! All that is missing is for your friend to be a true believer of Verge, the shitcoin that shot up 25x in value overnight because John "I'll Eat My Own Dick" McAfee mentioned it's existence one day.

# ? Jun 23, 2018 19:53

The Butcher: Apr 20, 2005; Well, at least we tried.; Nap Ghost

Rectal Death Adept posted:

https://twitter.com/officialmcafee/status/1010172001741352960

That's a really interesting way to say "I OD'd on something."

# ? Jun 23, 2018 19:56

comedyblissoption: Mar 15, 2006

AEMINAL posted:

Did anything happen to tether after that paper made people freak out?

tether made a press release saying the paper was wrong and Funds Are Safe-u

# ? Jun 23, 2018 20:17

Rectal Death Adept: Jun 20, 2018; by Fluffdaddy

Tether isn't going to collapse until the last possible second when they simply run out of money to operate and can no longer trade their special double fake Paddy's Dollars back into a self sustaining economy. The only thing that will save crypto idiots from themselves is when the people running the latest scam are no longer capable of scamming people for whatever reason.

It's been an obvious scam since day 1 but that hasn't stopped hundreds of millions of dollars flowing into it. People still see Tether as the "Safe Harbor" during market turmoil so people are flooding into it during this market crash.

# ? Jun 23, 2018 20:24

comedyblissoption: Mar 15, 2006

Rectal Death Adept posted:

Tether isn't going to collapse until the last possible second when they simply run out of money to operate and can no longer trade their special double fake Paddy's Dollars back into a self sustaining economy. The only thing that will save crypto idiots from themselves is when the people running the latest scam are no longer capable of scamming people for whatever reason.

It's been an obvious scam since day 1 but that hasn't stopped hundreds of millions of dollars flowing into it. People still see Tether as the "Safe Harbor" during market turmoil so people are flooding into it during this market crash.

so what you're telling me is that the ecosystem for tether and cryptocurrencies is musical chairs without the chairs

# ? Jun 23, 2018 20:28

Rectal Death Adept: Jun 20, 2018; by Fluffdaddy

It's that episode of Always Sunny where they create Paddy's Dollars except they have enough money to create them for years before they go broke and everyone realizes they don't actually work and nobody involved understands how economics works.

# ? Jun 23, 2018 20:32

QuarkJets: Sep 8, 2008

Sentient Data posted:

Assuming that this is playing like 2014, and that we are following the ATH downtrend now to goblin town, and that the April 10 Green dildo was equivalent to the large pump on May 18, 2014.....then we can conclude the following

- From the ATH of 2013 to May 18, 2014 was 167 days

- From the ATH of 2017 to April 10, 2018 BGD, was 116 days

- From May 18 2014, to the bottom of the bear market, took another 241 days

Using the same ratio, then we can conclude that from the April 10 BGD to the bottom of this market will take 6 months from that date.

Therefore there are approximately 93 days left (3 months) in this bear market and the bear market will reach its bottom in late September....and the bottom would be 3500 USD. Now I really doubt we're going to see 3500 USD, my personal guess at the lowest we can go is 4.8k. A big technical difference between 2014 and 2017 is that on the way up in 2017, there were many corrections and support levels and resistances were built. Where as in 2014, it literally multiplied like 12 times in under a month with absolutely no breathing in between. We have several levels of support before 3.5k, and I really doubt we will breach all of them.When comparing to a more organic and realistic bubble like the dot com boom, the bottom is around 4.8-5k which is the 78.6 Fibonacci retracement. I can definitely see a scenario of a slow bleed to those levels by September or earlier.

If however, April 10, 2018 and May 18, 2014 BGDs are not the same, then we can assume another BGD will happen and then the slow bleed will commence which would mean this bear market would continue on into 2019.

There is also a possibility this is more like 2013, and is only the first sell off before the real bull run, in which case we should be reversing soon...I really doubt this though as much as i want it to be true

lol i like this one because right in the middle he says "my technical analysis must be wrong the price can't go that low!!!"

# ? Jun 23, 2018 20:32

Waffle House: Oct 27, 2004; You follow the path
fitting into an infinite pattern.

Yours to manipulate, to destroy and rebuild.

Now, in the quantum moment
before the closure
when all become one.

One moment left.
One point of space and time.

I know who you are.

You are Destiny.

Rectal Death Adept posted:

Tether isn't going to collapse until the last possible second when they simply run out of money to operate and can no longer trade their special double fake Paddy's Dollars back into a self sustaining economy. The only thing that will save crypto idiots from themselves is when the people running the latest scam are no longer capable of scamming people for whatever reason.

It's been an obvious scam since day 1 but that hasn't stopped hundreds of millions of dollars flowing into it. People still see Tether as the "Safe Harbor" during market turmoil so people are flooding into it during this market crash.

On the internet it takes seconds and a few mouse clicks to put up your, "SORRY, OUT OF BUSINESS!" sign.

# ? Jun 23, 2018 20:45

UCS Hellmaker: Mar 29, 2008; Toilet Rascal

my favortie is still iota and the shilling about that and how it will be used in vehicles for something and tolls. TESLA AND VW ARE USING IT GUYS (posts no evidence and doesnt understand the concept of concept cars which companies use to make hype and never anything else.)

# ? Jun 23, 2018 21:05

Boxturret: Oct 3, 2013; Don't ask me about Sonic the Hedgehog diaper fetish

The best part about IOTA is that its an acronym for INTERNET OF THINGS AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA

# ? Jun 23, 2018 21:17

Rectal Death Adept: Jun 20, 2018; by Fluffdaddy

UCS Hellmaker posted:

my favortie is still iota and the shilling about that and how it will be used in vehicles for something and tolls. TESLA AND VW ARE USING IT GUYS (posts no evidence and doesnt understand the concept of concept cars which companies use to make hype and never anything else.)

There were even goons doing that kind of IOTA logic (aside from ghostty) where any news about the internet of things was translated to the cryptocurrency for the internet of things.

"But even soil sensors will be using the internet of things! Everything will use IOTA!!!"
"How? Why? For What Purpose? What does that even mean?"
"Soil Sensors. When even things that small are connected to the internet of things you can obviously see how the internet of things coin is going to revolutionize the world."

You can pretty much instantly tell which gambles someone made based on what they are shilling. Hundreds of coins like Dogecoin or GarlicBreadCoin or Verge having thousands of percent increases prove that there was nothing actually real about these rises in price, but the people invested in (Insert Shitcoin) are using their specific history of increases in price as proof that their chosen shitcoin has already proven itself.

# ? Jun 23, 2018 21:34

Boxturret: Oct 3, 2013; Don't ask me about Sonic the Hedgehog diaper fetish

huh

https://coinmarketcap.com/currencies/garlicoin/

# ? Jun 23, 2018 21:41

Rectal Death Adept: Jun 20, 2018; by Fluffdaddy

Boxturret posted:

huh

https://coinmarketcap.com/currencies/garlicoin/

Memecoin created as a joke at the peak of the market. "Backed by Garlic Bread"

Went from fractions of a penny to over $3 simply because it existed. This doesn't occur to anyone supporting their shitcoin of choice as being proof that literally any cryptocurrency had a spike in value and that rises in price might have nothing to do with the cryptocurrency itself.

~~XVG XRP IOTA ICX TRX NEO VEN SIA PRL XMR XLM TNT BAT BNB ZED INS REQ FUN~~ ADA is the coin that truly proved it's worth. Unlike the other 1,500 cryptocurrencies.

# ? Jun 23, 2018 21:49

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

so,is each shitcoin backed by 1 poo poo

# ? Jun 23, 2018 21:58

Rectal Death Adept: Jun 20, 2018; by Fluffdaddy

They are backed by Arby's gift certificates which are functionally the same thing.

# ? Jun 23, 2018 22:03

gary oldmans diary: Sep 26, 2005

Rectal Death Adept posted:

"But even soil sensors will be using the internet of things! Everything will use IOTA!!!"
"How? Why? For What Purpose? What does that even mean?"
"Soil Sensors. When even things that small are connected to the internet of things you can obviously see how the internet of things coin is going to revolutionize the world."

sounds like there is a clear need for soilsensorcoin. all soil sensors will have to use it!

# ? Jun 23, 2018 23:10

Moridin920: Nov 15, 2007; by FactsAreUseless

quote:

My enemies maged to spike something that i ingested.

# ? Jun 23, 2018 23:24

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

Moridin920 posted:

I hate it when that happens to me, too.

# ? Jun 23, 2018 23:27

The Butcher: Apr 20, 2005; Well, at least we tried.; Nap Ghost

They spiked my bath salts with... extra bath salts.

My enemies are ruthless.

# ? Jun 23, 2018 23:40

Motronic: Nov 6, 2009

Rectal Death Adept posted:

They are backed by Arby's gift certificates which are functionally the same thing.

This is patent pending, so you can't use it: but my new altcoin is going to be backed by unlimited breadsticks at Olive Garden. So it literally has completely unlimited potential.

That THAT Cardano.

# ? Jun 24, 2018 00:30

Rad Russian: Aug 15, 2007; Soviet Power Supreme!

Garlicoin is currently at it's lowest price point ever, and my technical analysis is showing a target price of $30,000 by the end of the year as the deep bear cycle subsides. Buy buy buy! Don't be a stupid no coiner and get yourself some free lambos.

Rad Russian fucked around with this message at 02:45 on Jun 24, 2018

# ? Jun 24, 2018 02:43

Satchel and Trunk: Nov 4, 2008

Buy your bitcoins now while they're on sale and come December you too can eat John McAfee's dick!

# ? Jun 24, 2018 04:10

Rock Puncher: Jul 26, 2014

Buttchain, the decentralized human centipede solution

# ? Jun 24, 2018 05:38

Roargasm: Oct 21, 2010; Hate to sound sleazy
But tease me
I don't want it if it's that easy

Motronic posted:

This is patent pending, so you can't use it: but my new altcoin is going to be backed by unlimited breadsticks at Olive Garden. So it literally has completely unlimited potential.

That THAT Cardano.

Carbano

# ? Jun 24, 2018 05:40

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

Just got home. It's at 5950! Woo!

# ? Jun 24, 2018 05:41

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

Lowest point since October. Since Tether went crazy artificially inflating the price.

# ? Jun 24, 2018 05:47

gary oldmans diary: Sep 26, 2005

$5000 is the floor. it can never go below $5000

# ? Jun 24, 2018 05:53

Rectal Death Adept: Jun 20, 2018; by Fluffdaddy

Waltzing Along posted:

Just got home. It's at 5950! Woo!

Wasn't expecting another dip below $6,000 so soon so I wasn't watching the nerds. It's headed for $5,800 so maybe they are saying something interesting. They had calmed down once things rebounded to $6,100-$6,200 for most of a day.

quote:

Kinieter (UTC+7) - Today at 12:57 AM
100/200 ma cross down on 1h eth/usdt
the_nForcer - Today at 12:57 AM
Dead retard bounce failed instantly like expected.... Are we about to have another leg down?
SuperFlyTNT2 - Today at 12:58 AM
I predict we bounce up again just a bit as all the Saudi princes see the current price and just can�t help themselves, and then every degenerate bitmexer ever will see the teeny tiny uptick and short to death.
Nefitty☆ - Today at 12:58 AM
volume on june 21st looks super manipulated
the next day volume dropped almost 80%
that is super rare
TheCrab - Today at 1:00 AM
Hey guys, when BTC was $19k, everyone was begging for sub $10k to buy in, so now we are below $10k, why aren't these people buying?
Chicky - Today at 1:00 AM
they did buy
and got rekt
the_nForcer - Today at 1:00 AM
Because they think it's going to 4k
SuperFlyTNT2 - Today at 1:01 AM
Shorting ourselves to death, this is wonderful. BTC has become the Ouroboros, eating ourselves endlessly.
the_nForcer - Today at 1:01 AM
BitMex shorting lust is killing our BTC price?
DRB - Today at 1:01 AM
I lost 1/3 of my net worth on crypto pew pew pew pew
TheCrab - Today at 1:02 AM
the whole market being $250 billion, 5 wealthy billionaires around the world together can destroy the whole market right now to zero. Was wishing we would reach $1 trillion so a handful cannot control the price(edited)
Chicky - Today at 1:02 AM
honestly
instead of being mad
just enjoy the fact that you get to buy below those ridiculous prices people were saying theyd buy at
TheCrab - Today at 1:05 AM
I know someone that bought 40 bitcoins at $16k each after selling his investment house. We don't discuss Bitcoin when we get together for beer.
E f f e c T - Today at 1:06 AM
its cold but if your greedy enough to put your money in something thats already gone up 10x you in such a short amount of time you deserve to get a reality check(edited)
vv - Today at 1:06 AM
4k bottom based on what? monthly chart?
Chicky - Today at 1:06 AM
weekly logarithmic
SuperFlyTNT2 - Today at 1:07 AM
I admit at one point I was almost convinced maybe we could escape a huge crash because sentiment was still good enough, and then the market just got scammier and full to the brim with more and more Pajeet coin madness, and I knew the writing was on the wall.
We need this
The great weak hands cleanse of 2018.
meep! - Today at 1:11 AM
Man im glad im in tether
Millerb7 - Today at 1:13 AM
This is accumulating time.
This be fun.
Kinieter (UTC+7) - Today at 1:13 AM
grab your cheap eth, lets guess the bottom
SuperFlyTNT2 - Today at 1:13 AM
When others are fearful, be greedy. When others are greedy, be fearful.
Millerb7 - Today at 1:18 AM
Buying BTC. Buying BCH. Buying ETH. Buying IOTA.

Current Mood: This is good for Bitcoin

# ? Jun 24, 2018 06:30

Rock Puncher: Jul 26, 2014

I sad I got myself banned from the crypto discord and the bitcoin reddit :negative:

# ? Jun 24, 2018 06:33

I Was The Fury: Oct 19, 2012; Always stop to smell the flowers, just in case they're weeds

Every time the Bitcoin price drops I just buy more Bitcoin because obviously this is the exact right time. The price will never drop below 5.8k which is definitely the floor, so if you see it drop below 5.4k that is the perfect time to buy because it's guaranteed to skyrocket up to 30k almost immediately after hitting the floor of 5k

# ? Jun 24, 2018 06:34

I Was The Fury: Oct 19, 2012; Always stop to smell the flowers, just in case they're weeds

The Bitcoin floor is inversely proportional to the amount of electoral votes donald trump claims to have won at any given time

# ? Jun 24, 2018 06:35

lazorexplosion: Mar 19, 2016

quote:

Retarded for holding some of us have no choice you idiot we�re not rich yanking keep dumping money back into the market every time there�s a downturn we�re not gonna take a 70% loss are you foolish exactly why 90% of traders lose in the long run because eventually you�re going to get caught with your pants down trying to time the market and get slapped right in the face but again I guess it doesn�t matter for rich people like you you can just dump 100,000 more dollars back into it make up for your loss. Only an idiot is selling right now if you even understood what is what was around the corner people need to look beyond the tape and see this is clear market manipulation to get these prices as low as possible the big institutional guys are mad they weren�t in the stuff when it was cheap so they�re going to do whatever they can to get it back to where it is cheap so they can go ahead and come in the writing is right there in the wall it�s real simple all these trading desk run by Fidelity Goldman Sachs they�re going to get there liquidy up before they start getting their clients and their 401(k)s and retirement plans involved and when that happens guess what all those coins are going to be held not sold. They�ll be taking clients money and invest in it for long term and guess what you�re not going to be able to buy a cheap bitcoin anymore because it�s going to be trillions of dollars in the market have fun trying to time the market buddy see you in the soup line eventually when your millions run out. Give advice stay up on the news read up on Fidelity read up on what�s going on instead of just running your trap thinking you�re some big hot shot master traitor you�d be running Goldman Sachs or Fidelity yourself if you�re that good at it I can�t wait to ride passed you while you�re in the soup line in my Lamborghini or Ferrari once bit coins $250,000. That goes for anybody who thinks just like him and the rest of us hodlers I got your back. Remind me of the guys said to sell bitcoin when it was $150 I remember that said it was never going to go beyond that said it was in a bubble just makes me laugh now it�s so Ludacris

Goldman Sachs will save bitcoin

# ? Jun 24, 2018 07:01

AARO: Mar 9, 2005; by Lowtax

Rectal Death Adept posted:

The guy's investments should tell you what kind of person he is. Even if you want to be completely neutral and argue that crypto investment don't make someone stupid he is doing stupid hype based crypto investments.

(You might already know this but this is for any interested lurkers that might not know the context behind this guy's investing)

Nano - A coin with no actual use that people flooded into because they were desperate for a next flavor of the month coin that would give them ridiculous profit. This snowballed as more and more people tried to flood into the coin as word spread people wanted the coin. It had the benefit of being added to a shifty exchange nobody used at first so it was seen as this rare opportunity to get it on another ground floor before ~The Normies~ even heard about it. I watched the price and the insane hype rise from $0.50 to $35 for no actual functional reasons. It was 100% pure hype and has since lost 95% of it's value. People are still certain it will replace bitcoin.

Ripple - A coin said to be "Banks....but with Crypto Currency!" where a company getting investments from real banks for their technology started their own cryptocurrency. True Believers immediately equated this with "BANKS ARE INVESTING IN CRYPTOCURRENCY" like idiots and this generated extreme hype behind the coin which had been trading for years at less than a penny, shooting it up to $3.65. Anyone trying to speak reason about how banks actually hadn't officially invested in a cryptocurrency and their money was actually unrelated and didn't mean mainstream adoption had finally come to crypto was shouted down by the hundreds of thousands of people who bought Ripple, hyped to gently caress they got in on the ground floor of the next bitcoin. Wells Fargo was even going to use it even if banks weren't! On it's way to losing 87% of it's value there were official statements that Ripple was actually worse at transfering money than what Wells Fargo actually does and repeated statements that banks were not buying it. People are still certain it will replace bitcoin.

Cardano - This coin is so new it came out at the extreme hype stage of the 2017 bubble. As evidenced by people like AAROtrek who has been unable to explain what the coin would be used for or how it works for almost a year of shilling it it's completely hype based on who is involved in making it. You'll notice he keeps dropping the count of PHDs involved on the team or how they are "The Greatest Minds In Programming." This initial stupidity was rewarded when the crypto market spiked and Cardano shot up 65x in value. Any goons that had listened to AAROtrek's complete speculation on a random shitcoin were rewarded and AARO trek became the smuggest douche on the forums that saw his intelligence and the coin's worth proven by the profits. Has lost 90% of it's value. People are still certain it will replace bitcoin.

This is a story that played out dozens of times for any specific shitcoin you can mention. Monetary Value = Worth of the Concept to dumb people so even these extremely hyped shitcoins still have true believers simply because they were worth more money at one point. Cardano can't be lovely at a dime because it was worth $1.30!! Nano can't be poo poo at $2 because it was worth $35!!! All that is missing is for your friend to be a true believer of Verge, the shitcoin that shot up 25x in value overnight because John "I'll Eat My Own Dick" McAfee mentioned it's existence one day.

gently caress you.

# ? Jun 24, 2018 07:21