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jokes posted:Have you never seen an anime or superhero movie where the hero needs to crouch down before making a titanic leap? It's like that but instead of leaping he's about to drop a massive dump.
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Jan 28, 2019 18:42
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Heath posted:People keep saying this but nobody demonstrates what they're referring to. Serious question, what is block chain or a block chain style apparatus good for that isn't done better or cheaper by something already existing? They are also all built on an initial amount of trust because effort is demonstrably a traincrash.
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Jan 28, 2019 19:33
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Was sub 3K the big theshold the thread was waiting for? Or is that the new one because 4k was suppose to be the "floor" before the floor rotted out and broke away again.
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Jan 28, 2019 19:54
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 My toenail clippings are rare, portable, and divisible, just like gold! Surely this means everyone will desire them and I am now rich.
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Jan 28, 2019 19:56
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Heath posted:People keep saying this but nobody demonstrates what they're referring to. Serious question, what is block chain or a block chain style apparatus good for that isn't done better or cheaper by something already existing? People owning blockchain consulting businesses like money and yachts and politicians/CEOs like buzz words. It's a mutually beneficial symbiotic relationship that produced yachts and votes/stock market growth out of thin air
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Jan 28, 2019 20:12
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There are three men in my home at this moment, re-glazing my bathtub. They saw my computer, and one said, “That looks like it could be mining Bitcoin.” They have been talking Bitcoin ever since. One said, “I was thinking about getting into it,” and I recommended he not. They actually seem to be pretty up on what’s going on with Bitcoin. One said he had seen Bitcoin on Dateline.
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Jan 28, 2019 20:25
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PhazonLink posted:Was sub 3K the big theshold the thread was waiting for? Or is that the new one because 4k was suppose to be the "floor" before the floor rotted out and broke away again. It was 6K. That floor lasted for a while, but more importantly, this thread started around the time bitcoin was breaking thru that floor from the other side.
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Jan 28, 2019 20:32
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Facebook Aunt posted:
Of all the bullshit bullet points in this comic, the "infinite divisibility" is the bullshittiest. Who the gently caress wishes they could split pennies into smaller denominations (even for non-cash transactions)?
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Jan 28, 2019 21:08
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Harveygod posted:Of all the bullshit bullet points in this comic, the "infinite divisibility" is the bullshittiest. Who the gently caress wishes they could split pennies into smaller denominations (even for non-cash transactions)? It's really important when pennies catch on and are worth $20k in a few years
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Jan 28, 2019 21:11
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Harveygod posted:Of all the bullshit bullet points in this comic, the "infinite divisibility" is the bullshittiest. Who the gently caress wishes they could split pennies into smaller denominations (even for non-cash transactions)? That makes sense for micropayments or resources priced by minute/second. And is happening today – butters seem to not realize that you can split a penny into tenths by moving the decimal point. This is literally happening today. Banks do the same when computing interest. Of course, once butts moon, they will not be divisible to a finer degree than 1 / 100,000,000, so all the money in the world / 21M butts / 100M = $0.16, so butts are even less divisible than lovely fiat USD.
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Jan 28, 2019 21:40
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also its important when the price of your currency can *only* go up
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Jan 28, 2019 21:59
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poverty goat posted:It's really important when pennies catch on and are worth $20k in a few years That's why I keep all my pennies in jars around the house. I'll be rich!
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Jan 28, 2019 22:04
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I thought comics were supposed to be funny.
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Jan 28, 2019 22:58
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klafbang posted:That makes sense for micropayments or resources priced by minute/second. And is happening today – butters seem to not realize that you can split a penny into tenths by moving the decimal point. This is literally happening today. Banks do the same when computing interest. I figured there was probably an exception like that and that it would have already been solved.
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Jan 28, 2019 23:02
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Facebook Aunt posted:
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Jan 28, 2019 23:38
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Pham Nuwen posted:That's why I keep all my pennies in jars around the house. I'll be rich! sounds crazy but if you'd done this pre-1982 you could actually melt them down today and sell the copper at a profit
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Jan 28, 2019 23:47
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Someone smart remind me what it's called when the government profits off of people holding onto change. I wanna say selvage, but that's a textile thing.
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Jan 29, 2019 00:20
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poverty goat posted:sounds crazy but if you'd done this pre-1982 you could actually melt them down today and sell the copper at a profit
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Jan 29, 2019 00:27
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Nessus posted:They change the formula? I thought this was illegal, at least on an industrial scale (practically speaking the government doesn't care if you melt a few pennies for a science project) pre-1982 pennies were 95% copper, post-1982 are 2.5%. it's definitely illegal but thankfully there's not some kind of -chain documenting the history of your copper ingots
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Jan 29, 2019 00:34
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There are definitely people with hoards of pre 1982 pennies waiting to melt them should that become legal: https://www.npr.org/sections/money/2014/05/16/312732409/episode-539-whats-a-penny-worth
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Jan 29, 2019 00:38
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Is the metal actually worth enough for the effort it takes to gather the pennies?
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Jan 29, 2019 01:11
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I'm thinking more about how hard it is to gather pre-1982 pennies. I assume you can't just go to the bank with thousands of dollars and demand all the cents they have.
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Jan 29, 2019 01:33
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ymgve posted:Is the metal actually worth enough for the effort it takes to gather the pennies? Depends on what your time is worth.
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Jan 29, 2019 01:35
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A friend of mine regularly goes to banks to buy sleeves of 50c pieces to sort out the silvers.
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Jan 29, 2019 01:58
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Subjunctive posted:Depends on what your time is worth. you're just being shortsighted if you're not pricing your time in 2040 pennies
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Jan 29, 2019 02:25
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ymgve posted:I'm thinking more about how hard it is to gather pre-1982 pennies. I assume you can't just go to the bank with thousands of dollars and demand all the cents they have. Buy pennies from the bank, pull <1982s. Take the rest to coinstar to redeem for no fee Amazon gift cards. Profit???
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Jan 29, 2019 03:42
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TVsVeryOwn posted:Someone smart remind me what it's called when the government profits off of people holding onto change. I wanna say selvage, but that's a textile thing. I'm a big ole dummy but the term you're looking for is "seigniorage".
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Jan 29, 2019 03:51
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Goodpancakes posted:A friend of mine regularly goes to banks to buy sleeves of 50c pieces to sort out the silvers. Yeah it's a whole thing. In the Doomsday Prepper thread it was a really common thing to hoard old coins for the metals. Melting them is illegal but there's nothing stopping people from just trading them for the metal while they're still in coin form.
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Jan 29, 2019 07:30
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Bitcoin, the new penny.
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Jan 29, 2019 14:30
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Penny: The old Bitcoin.
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Jan 29, 2019 15:14
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I wonder what mental gymnastics one would have to go through to decide that Bitcoin was intrinsically valued? Like, gold is highly valued because it's both rare and useful as a material to make things out of. It looks pretty, conducts energy really well, and is extremely malleable and resistant to corrosion. It seems the author understands that this is important as he lists being desired/valued but never really delves into why a random hash on a computer hard drive would have any recognized, verifiable value to anybody like an actual real material like gold does. Edit:. Also non-reproducible for a thing you can literally copy & paste. I mean, yeah, the system won't let you spend your copies but you sure as poo poo can make as many copies of your random hash as you want. Warbadger fucked around with this message at 15:30 on Jan 29, 2019 |
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Jan 29, 2019 15:23
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Also: "But what about MTGOX?" "That was an exchange, not the blockchain." "But isn't the blockchain too slow to use in everyday commerce?" "I suppose, but then people could just use an exchange."
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Jan 29, 2019 15:41
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Warbadger posted:I wonder what mental gymnastics one would have to go through to decide that Bitcoin was intrinsically valued? Like, gold is highly valued because it's both rare and useful as a material to make things out of. It looks pretty, conducts energy really well, and is extremely malleable and resistant to corrosion. It seems the author understands that this is important as he lists being desired/valued but never really delves into why a random hash on a computer hard drive would have any recognized, verifiable value to anybody like an actual real material like gold does. but you can't make anything useful out of cash either
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Jan 29, 2019 15:48
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poverty goat posted:but you can't make anything useful out of cash either Cash you can burn, wipe your rear end with without getting splinters, or weave into a snazzy purse. Or any other number of things you can do with uniform pieces of paper/plastic/fibres/metal. Cash is also open about being a fiat currency and does not pretend to hold intrinsic value itself. The comic attempts to suggest that Bitcoin, like gold, has this intrinsic value and that this is an advantage over cash. Warbadger fucked around with this message at 16:11 on Jan 29, 2019 |
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Jan 29, 2019 16:02
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Warbadger posted:I wonder what mental gymnastics one would have to go through to decide that Bitcoin was intrinsically valued? Like, gold is highly valued because it's both rare and useful as a material to make things out of. It looks pretty, conducts energy really well, and is extremely malleable and resistant to corrosion. It seems the author understands that this is important as he lists being desired/valued but never really delves into why a random hash on a computer hard drive would have any recognized, verifiable value to anybody like an actual real material like gold does. Any time I ask a butter about this the answer I get is that the hashing power of the network makes it intrinsically valuable. Which is dumb as hell for dozens of reasons.
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Jan 29, 2019 16:22
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the intrinsic value of wasting massive amounts of energy
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Jan 29, 2019 16:24
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someday when future scientists figure out how turn bitcoins back into energy they'll finally be vindicated
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Jan 29, 2019 17:16
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poverty goat posted:someday when future scientists figure out how turn bitcoins back into energy they'll finally be vindicated You just turn the plugs around on the miners to reverse the flow of current. Duh.
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Jan 29, 2019 17:51
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Warbadger posted:I wonder what mental gymnastics one would have to go through to decide that Bitcoin was intrinsically valued? Pretty much the same as "invisible hand". One of the more difficult concepts for a beginner in free market economics is that the economic system has no way whatsoever to track what something SHOULD be worth. The only thing the system can possibly evaluate is what people are able to transact for it. The fact that people only seem willing to trade about 3k for it right now is still driven by either the big whales who are under federal investigation for manipulating the market, or the preppers who sleep on their copy of Atlas Shrugged and are just begging for the day when Butts hit $20k and they can go galt and really show their ex wife. Aside from lulz and crying into the pillow at night, there doesn't seem to be much else holding the value of Butts up.
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Jan 29, 2019 19:12
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