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As for the speculative commodity aspect, bitcoin right now has declined to roughly where it was in the aftermath of the 2014-2015. Right now it is pretty much new the test period to see if it actually does continue to decline and get to levels where it can't recover from or stabilize like it did and just flatline. Also, Bitcoin pretty much has been a speculative commodity since 2013-2014. That said, mining is pretty much done expect in pretty much the cheapest energy markets.
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Nov 26, 2018 13:43
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CheesyDog posted:*from atop my hobo throne*
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Nov 26, 2018 13:55
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Ardennes posted:Also, Bitcoin pretty much has been a speculative commodity since 2013-2014. That said, mining is pretty much done expect in pretty much the cheapest energy markets.
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Nov 26, 2018 14:00
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ArbitraryC posted:Isn't this sort of a self correcting issue? As a miners leave the network mining gets easier and then you start getting more bitcoin from the same electricity/hardware. That is the rational view. The irrational view is that some miners will never leave, no matter the price because they’re dumping dirty money or currency that can’t otherwise be converted into USD into hardware and electricity and getting clean USD on the other side.
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Nov 26, 2018 14:32
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ArbitraryC posted:Isn't this sort of a self correcting issue? As a miners leave the network mining gets easier and then you start getting more bitcoin from the same electricity/hardware. I thought that each coin becomes increasingly more computationally intensive to mine, where eventually you'll reach the point where it's no longer viable to do so, regardless of the number of miners.
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Nov 26, 2018 15:00
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There Bias Two posted:I thought that each coin becomes increasingly more computationally intensive to mine, where eventually you'll reach the point where "Frisbee on the Roof" iirc
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Nov 26, 2018 15:01
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ArbitraryC posted:Isn't this sort of a self correcting issue? As a miners leave the network mining gets easier and then you start getting more bitcoin from the same electricity/hardware. More miners may leave but the complexity is going to have to increase and at the same time electricity prices were likely also increase while same time the actual price for bitcoins is most likely either continue to decline or simply start to largely flatline for at least a while. If bitcoin is still in the classic bubble/bust cycle it has been in the past, then it would start slowly stabilizing but who knows in the end. That said it is also possible a certain number of miners will simply eat losses to build up their stockpile of coins even though it would make more sense just to buy them outright.
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Nov 26, 2018 15:05
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There Bias Two posted:I thought that each coin becomes increasingly more computationally intensive to mine, where eventually you'll reach the point where The complexity of mining a coin is based on the number of miners. There's a "difficulty" that is calculated over the last X blocks, with the goal that a block is found on average every Y time units. In the case of bitcoins, you could run the whole network at max speed on a single decades old computer forever if nobody else ever joined in.
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Nov 26, 2018 15:23
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Take a look at the people in your life that are actually interested in Bitcoin. In my life nearly every single one is working a dead end job, complaining about their lot in life, doing nothing to advance or educate themselves even when given numerous opportunities to. They are obsessed with money that they never spend. They watch their stock trading apps constantly in between their fantasy football/hockey leagues. They get clouded by greed and keep thinking that they could have been one of the lucky ones, so they keep buying further and further into it. Even with all the negative press coming out that obvious paints this as a horrible idea, they keep latching onto it because they think another boom will happen. Same thing happens with Tesla stock, video game stock, etc. They see people got rich and the boat left and now they think another boat is going to arrive at the same dock and pick them up but they have to believe it or else it won't happen. Also they have to be huge dicks to people when it's an obviously horrible idea.
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Nov 26, 2018 15:42
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sub-$4k lmao
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Nov 26, 2018 16:17
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Thank you, whoever made this contribution to Lowtax's spine fund: A better use of your money than Bitcoins, that's for sure
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Nov 26, 2018 16:20
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brugroffil posted:sub-$4k lmao dont worry its just some healthy profit taking by all the hodlers who buried their wallets back in 2011 who have patiently awaited this day so they could FUD up the market and sell and rebuy in a lower price (TLDR it whale manipulation), fundamentals haven't changed, do your own research, great buying opportunities at this price today. We'll be getting ready for take off really soon. Foo Diddley posted:Thank you, whoever made this contribution to Lowtax's spine fund: please sir where may i invest in this rear end? I realise it is a risky asset class but I can afford to blow my load on a bunch of poo poo and maybe one day it will pay off big time, I don't really understand opportunity cost, I just like to gamble on smelly turds.
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Nov 26, 2018 16:20
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I know a pretty normal and reasonably successful guy who was into crypto in a big way. He theoretically tripled his $5k on Bitcoin in 2017, lost a chunk of that during the early 2018 crash before shifting it to Etherium, then lost the rest of his "earnings" plus the cost of a mining rig he bought with a friend as that tanked in price. He's also the only one I know who actually admits to losing money on that poo poo.
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Nov 26, 2018 16:29
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 this is totally normal and has happened many times before and it will go back up to 100,000 per butt in no time at all probably later this day
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Nov 26, 2018 16:34
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Warbadger posted:I know a pretty normal and reasonably successful guy who was into crypto in a big way. He theoretically tripled his $5k on Bitcoin in 2017, lost a chunk of that during the early 2018 crash before shifting it to Etherium, then lost the rest of his "earnings" plus the cost of a mining rig he bought with a friend as that tanked in price. Shifting his BTC into ETH like that probably makes him liable for taxes depending on how it was done
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Nov 26, 2018 16:36
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There was a bitcoin "startup" at the co-working space a friend of mine works at, and they had a vision board with lambos and rich people poo poo on it and an "intern" who didn't get a desk. Boy am I glad those motherfuckers disappeared one day so I don't have to keep hearing from my friend about how maybe they're on to something and they seem to make money even when Bitcoin falls.
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Nov 26, 2018 16:37
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Dolphin posted:
I mean that's possible. But it'll happen in a world where you can't actually do anything with Internet Currency so it's like owning all the... uhhhh.... Neopets? Ad by Khad posted:Shifting his BTC into ETH like that probably makes him liable for taxes depending on how it was done He is liable for taxes, full stop. If everyone in the market suddenly realizes taxes are due, the market will turn to absolute poo poo. This is what has happened.
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Nov 26, 2018 17:02
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Is it time to buy?
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Nov 26, 2018 17:03
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poverty goat posted:Is it time to buy? If you're talking about flooz, then: Yes.
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Nov 26, 2018 17:12
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poverty goat posted:Is it time to buy? buy high sell low I always say
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Nov 26, 2018 17:18
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I’ve seen things you wouldn’t believe. Moldy strawberries draped over hot fans. A dog dick coffee table glittering in the night. Semen soaked bedsheets on fire in Brazil. Time to buy.
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Nov 26, 2018 17:22
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Don't forget about the fallen segways of Vienna.
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Nov 26, 2018 17:23
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 small_bart.xls
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Nov 26, 2018 17:25
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All these moments will be preserved in time, like laffs on a chain.
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Nov 26, 2018 17:25
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All I know about BTC is to always do the exact opposite of what goons say because historically they've been wrong 100% of the time.
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Nov 26, 2018 17:36
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Rock Puncher posted:please sir where may i invest in this rear end? I realise it is a risky asset class but I can afford to blow my load on a bunch of poo poo and maybe one day it will pay off big time, I don't really understand opportunity cost, I just like to gamble on smelly turds.
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Nov 26, 2018 17:37
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935 posted:All I know about BTC is to always do the exact opposite of what goons say because historically they've been wrong 100% of the time. Tell me about your bitcoin position.
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Nov 26, 2018 17:39
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El_Elegante posted:Tell me about your illegal porn collection
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Nov 26, 2018 17:44
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Warbadger posted:I know a pretty normal and reasonably successful guy who was into crypto in a big way. He theoretically tripled his $5k on Bitcoin in 2017, lost a chunk of that during the early 2018 crash before shifting it to Etherium, then lost the rest of his "earnings" plus the cost of a mining rig he bought with a friend as that tanked in price. It's a lot harder to pretend you got lambo rich to the people you know IRL who are seeing you eating bologna sandwiches.
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Nov 26, 2018 17:45
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935 posted:All I know about BTC is to always do the exact opposite of what goons say because historically they've been wrong 100% of the time. Old chart again.   100% wrong of course means about 80% correct thanks to the Economic Laws of Internet Shitposting.
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Nov 26, 2018 17:50
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I think i might've just watched the printer boot up in real time
Slightly Absurd fucked around with this message at 18:01 on Nov 26, 2018 |
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Nov 26, 2018 17:51
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Slightly Absurd posted:I think i might've just watched the printer boot up in real time omfg! can';t believe it's like that. what were they thinking when they came up with this stuff?
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Nov 26, 2018 17:53
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Dolphin posted:
That's a Batman pattern, you idoit. It's going to go up again
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Nov 26, 2018 18:38
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It's actually the wow signal pattern. We got that one peak. We'll never see it again and we'll always wonder how the hell it happened.
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Nov 26, 2018 18:44
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Bitcoin is dead  
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Nov 26, 2018 19:02
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ghosTTy posted:Bitcoin is dead 
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Nov 26, 2018 19:15
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ghosTTy posted:Bitcoin is dead 
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Nov 26, 2018 19:33
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ghosTTy posted:Bitcoin is dead You loving traitor...
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Nov 26, 2018 19:34
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ghosTTy posted:Bitcoin is dead
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Nov 26, 2018 19:34
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My Linux Rig posted:Are you sure it’s priceless? You could have bought AAPL for $22 and you would have made a profit of 56,465% as of today. But you didn't because you were too busy wanking off to some technology that was already 30 years old when it was introduced by satoshi, seems like you are the moron. PS: Since you probably too stupid for math, that is much more than BTC would have done even if you would have bought at $1 and sold at $19k.
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Nov 26, 2018 19:38
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