Bitcoin: no angel investors, only Faustian bargains

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

Shameful Display: Nov 30, 2020; by Fluffdaddy

Shumagorath posted:

Declare a thread IK and just have them replace all text in seraph posts and replies with "Coiner heresy deleted by Federal Reserve inquisitor". I'd volunteer but I'm not online enough to manage someone with a life so empty.

Pretty sure IKs don't have the power to edit others' posts. Also, upholding the integrity of the postchain is the sacred duty of all mods, except in extreme situations, such as a 51% shitpost attack.
I HAVE A BIG BUTT AND IT SMELLS LIKE POOP

(USER WAS PUT ON PROBATION FOR THIS POST)

Somebody fucked around with this message at 13:49 on Nov 30, 2020

# ? Nov 30, 2020 13:09

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# ? May 29, 2024 18:15

Wurdalak: Apr 2, 2007

Ad by Khad posted:

I don't think closing the bitcoin threads is cowardice at all. A lot of coiners claim that the inevitable goal of crypto is to replace the current global financial system, and the events this week in bitcoin make that LESS likely to happen, not more. Bitcoin cannot be both a shady gold rush for (mainly Chinese) criminals and also a stable store of value/method of exchange at the same time.

The frantic mudslides that took place this week where btc's "value" shot up and down by thousands of dollars in mere hours, many times - no reasonable person could possibly consider this viable as a replacement for money. There are all sorts of reasons why crypto cannot possibly scale and nothing meaningful or realistic is being done about them - has been done about them - for years. Idiots shrieking "moon" and buying and selling pedo pogs are more a detriment to their own cause than I ever could be, posting words on a small comedy web 1.0 forum.

If coiners want their goal to even be possible, they need to actually change how crypto works rather than just count their imaginary winnings on the darkweb. But whenever someone actually tries to change how crypto works, we get a hard fork, and the whole thing goes to poo poo even worse. This won't change anytime soon, regardless of moon, so btc remains reduced to nothing more than an exploitative tool for capitalists. "Nyah nyah, number went up" is blisteringly short-sighted at best and is outright the biggest stumbling block to what coiners claim they themselves want at worst.

Until coiners can clean up their act and actually begin meaningful steps to progress toward greater adoption, there's not a whole hell of a lot to talk about regarding btc. The Bcash fork was more than three loving years ago now, and coiners have still learned nothing.

Let me be clear,
Close the thread

Pretty much this. I can't help but wonder how strong the current correction will be since the recent pump over the last few months in particular has appeared to be driven by no tangible factors other than some increased interest from large investors. Those same whales are the masters of the pump and dump in some ways, and always come out on top. So when it's profitable to them they will short the heck out of BTC and dump.

# ? Nov 30, 2020 14:00

HugeGrossBurrito: Mar 20, 2018

lol ignore him who cares, if he wants to donate to the forums in this way im not going to close the thread.

# ? Nov 30, 2020 14:16

Ad by Khad: Jul 25, 2007; Human Garbage
Watch me try to laugh this title off like the dickbag I am.
I also hang out with racists.

I'm not even really that particularly knowledgeable about crypto and I could poke holes in that dumb bullet point list all day long. It looks like something someone wrote about buttcoin eight years ago, before the concept of scarcity was destroyed by altcoins and forks.

Jay Powell has gone to incredible unprecedented lengths to prevent a 2008 style liquidity crisis this year because he knew that if that happened it would trigger a depression, but every single thing he has done put together is less hyperinflationary than the house of mirages known as Tether.

# ? Nov 30, 2020 15:17

Plant MONSTER.: Mar 16, 2018; I was watching simpsons at 0.75 without knowing until a scene where homer and bart were getting back massages at a hotel and the noises they were making were super drawn out like a youtube poop

the second point on that list is extremely funny.

# ? Nov 30, 2020 15:33

Plant MONSTER.: Mar 16, 2018; I was watching simpsons at 0.75 without knowing until a scene where homer and bart were getting back massages at a hotel and the noises they were making were super drawn out like a youtube poop

"the silver lining about this huge splatter of poo poo on the floor is that it might act as a catalyst which should, in theory, attract attention"

# ? Nov 30, 2020 15:39

Call Your Grandma: Jan 17, 2010

Shameful Display posted:

I HAVE A BIG BUTT AND IT SMELLS LIKE POOP

(USER WAS PUT ON PROBATION FOR THIS POST)

# ? Nov 30, 2020 15:41

Ad by Khad: Jul 25, 2007; Human Garbage
Watch me try to laugh this title off like the dickbag I am.
I also hang out with racists.

a catalyst that attracts development and innovation, you know, those things bitcoin doesnt have and will reject you from the community if you try to change that

# ? Nov 30, 2020 15:43

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

I'm thoroughly convinced seraph84 doesn't actually like bitcoin anymore and this is his method of trying to wipe all talk/threads of it off the forums as he can only heal/take his meds if this isn't here anymore.

Of course that isn't going to work either but :shrug:

So lets get this straight, Bitcoin is an experiment in self-organizing collective intelligence.

quote:

There have been a lot of conversations about Bitcoin over the years. Is it a currency or an equity or a commodity? Is it a store of value? Is it a �settlement mechanism�? Is it not money at all, but merely an example of a decentralized application on the Blockchain? The short answer is: none of the above.

Bitcoin is a self-organizing collective intelligence. As such, what it becomes is entirely a function of what it can do � that is, it is a function of the capacity of its collective intelligence to overcome the challenges that it encounters in its environment.

The Future of Self Organizing Collective Intelligences

Regardless of the specific result of the Bitcoin experiment, we are clearly in the middle of a new era. As I discussed in The Future of Organization, a lot of smart people are currently hard at work understanding, generalizing and optimizing the deep code of these new forms of collective intelligence.

---

Bitcoin is a SOCI. And its future will be determined precisely by the dynamic tension between the problems it faces and its capacity to solve those problems.

Over the years, Bitcoin has worked its way through a complicated childhood.

---

The limitations of Bitcoin�s approach to motivation and collective action are well understood and new technical layers like Ethereum�s smart contracts and Backfeed�s distributed governance system magnify the potential intelligence of this kind of SOCI at least as much as the neocortex magnified the intelligence of the mammalian brain.

I really wish the reality and importance of this new frontier were more broadly understood. My sense is that over just the next five years this new form of SOCI will go through its gestation, birthing and childhood development stages. The result will be a form of collective intelligence that is so much more capable than anything in the current environment that it will sweep away even the most powerful contemporary collective intelligences (in particular both corporations and nation states) in establishing itself as the new dominant form of collective intelligence on the Earth.

And whoever gets there first will �win� in a fashion that is rarely seen in history.

Discuss.

# ? Nov 30, 2020 17:01

Desert Bus: May 9, 2004; Take 1 tablet by mouth daily.

Vice News tells me that Bitcoin is at an all time high. Is this from idiots divesting from USD before Biden gets into office or from someone hitting the on button on the Tether printer again or just some new level of general human idiocy that makes as much sense as Bitcoin itself?

# ? Nov 30, 2020 17:38

Rectal Death Adept: Jun 20, 2018; by Fluffdaddy

HugeGrossBurrito posted:

lol ignore him who cares, if he wants to donate to the forums in this way im not going to close the thread.

We don't want the thread closed because of Seraph, we want it closed because we are afraid of the new bitcoin world order. All time highs in price means we are mere days away. From something.

# ? Nov 30, 2020 17:43

Desert Bus: May 9, 2004; Take 1 tablet by mouth daily.

Rectal Death Adept posted:

We don't want the thread closed because of Seraph, we want it closed because we are afraid of the new bitcoin world order. All time highs in price means we are mere days away. From something.

Mass death via worldwide heatstroke from mining farms. Bitcoin mining is causing the next great extinction even any day now, make sure to buy some before society collapses you'll need them to barter with.

# ? Nov 30, 2020 17:49

Splicer: Oct 16, 2006; from hell's heart I cast at thee
🧙🐀🧹🌙🪄🐸

Desert Bus posted:

Vice News tells me that Bitcoin is at an all time high. Is this from idiots divesting from USD before Biden gets into office or from someone hitting the on button on the Tether printer again or just some new level of general human idiocy that makes as much sense as Bitcoin itself?

Who knows (tm) but based on past history it will go up and/or down for a bit (tm) then drop 50% over the course of two weeks just after zuarg buys in.

# ? Nov 30, 2020 17:52

poverty goat: Feb 15, 2004

There's an article in the front of the new york times about how real investors are buying btc as a long term investment this time, but I didn't read it :iiam:

# ? Nov 30, 2020 17:55

Desert Bus: May 9, 2004; Take 1 tablet by mouth daily.

Splicer posted:

Who knows (tm) but based on past history it will go up and/or down for a bit (tm) then drop 50% over the course of two weeks just after zuarg buys in.

Has anyone every tried using zuarg to time the market? It seems like just as rational a strategy as using technical analysis.

# ? Nov 30, 2020 18:03

Rectal Death Adept: Jun 20, 2018; by Fluffdaddy

Desert Bus posted:

Has anyone every tried using zuarg to time the market? It seems like just as rational a strategy as using technical analysis.

This actually came up in the Zaurg thread last year when we were roasting him about it. He gave receipts for all of his purchases and I mapped it out based on the BTC price.

He had started with a small monthly budget for crypto, which lasted two months until the price spiked the first time and his lizard brain burst into flames. Every peak in price after that ($15,000 -> Crash -> $19,000 -> Crash -> $13,000 -> Crash) he threw like $1,000+ in a frenzy at the absolute peak in price. The very definition of "FOMO" traders. He was just buying for the worst possible price and never selling.

# ? Nov 30, 2020 18:23

Ad by Khad: Jul 25, 2007; Human Garbage
Watch me try to laugh this title off like the dickbag I am.
I also hang out with racists.

That NYT article about bitcoin made a pretty strong point about crypto that I don't think was intentional - prices were at their lowest in March and are now at their highest during the big market "Dow 30000" boom

The way bitcoin just follows along with what the stock market is doing really destroys the notion that bitcoin is going to revolutionize money or capitalism or really do anything to buck that trend. Even the price of gold didn't follow along with the stock market this blindly.

# ? Nov 30, 2020 18:29

kw0134: Apr 19, 2003; I buy feet pics🍆

The funny thing is that once you've made bitcoin another asset class...then there's nothing special about it. It's just another techbro vehicle to fleece retail investors with, and may as well talk about how hyperTesla-ization will take over your index ETF.

Speaking of which TSLA has been a better buy this year, should we start replacing worthless fiat with shares of Tesla? Discuss.

# ? Nov 30, 2020 18:54

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

kw0134 posted:

The funny thing is that once you've made bitcoin another asset class...then there's nothing special about it. It's just another techbro vehicle to fleece retail investors with, and may as well talk about how hyperTesla-ization will take over your index ETF.

Speaking of which TSLA has been a better buy this year, should we start replacing worthless fiat with shares of Tesla? Discuss.

Yes, but only through fake Elon Musk bitcoin raffles on Twitter

# ? Nov 30, 2020 18:56

gary oldmans diary: Sep 26, 2005

Ad by Khad posted:

I'm not even really that particularly knowledgeable about crypto and I could poke holes in that dumb bullet point list all day long. It looks like something someone wrote about buttcoin eight years ago

chance of it containing anything not disproven 8 years ago is about 0%

# ? Nov 30, 2020 19:58

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

we had a new all time high today, just. and the best bit is: nobody cares really.

this took 200 million tethers to achieve.

# ? Dec 1, 2020 00:10

Stefan Prodan: Jan 7, 2002; I deeply respect you as a human being... Some day I'm gonna make you *Mrs* Buck Turgidson!; Grimey Drawer

divabot posted:

we had a new all time high today, just. and the best bit is: nobody cares really.

this took 200 million tethers to achieve.

Wait, it never got to 20k before?

Huh for some reason I thought it got to like 22k or somethin

# ? Dec 1, 2020 00:21

spankmeister: Jun 15, 2008

Stefan Prodan posted:

Wait, it never got to 20k before?

Huh for some reason I thought it got to like 22k or somethin

It never quite got to 20k and this time around it didn't either.

# ? Dec 1, 2020 00:24

ghosTTy: Sep 22, 2008

Monthly closed

This is so funny

# ? Dec 1, 2020 03:17

Shumagorath: Jun 6, 2001

gohtsty you're going to have to step it up and get perma'd a few times if you want to reclaim your village idiot status

# ? Dec 1, 2020 03:20

ghosTTy: Sep 22, 2008

Village of idiots

# ? Dec 1, 2020 03:26

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

it takes a village to raise an idiot but it takes an idiot to raze a village

# ? Dec 1, 2020 03:28

Ad by Khad: Jul 25, 2007; Human Garbage
Watch me try to laugh this title off like the dickbag I am.
I also hang out with racists.

certainly nothing stable about that store of "value"

# ? Dec 1, 2020 03:31

notwithoutmyanus: Mar 17, 2009

ghosTTy posted:

Monthly closed

This is so funny

all my trading group homies are either freaking out over fear and greed at 95, or considering this uncharted territory

# ? Dec 1, 2020 04:18

orange juche: Mar 14, 2012

notwithoutmyanus posted:

all my trading group homies are either freaking out over fear and greed at 95, or considering this uncharted territory

There's nothing holding it up except tether printer go brrrrrrrr, no matter what coiners tell you. If you jump in you're just losing your rear end

# ? Dec 1, 2020 05:40

Stefan Prodan: Jan 7, 2002; I deeply respect you as a human being... Some day I'm gonna make you *Mrs* Buck Turgidson!; Grimey Drawer

orange juche posted:

There's nothing holding it up except tether printer go brrrrrrrr, no matter what coiners tell you. If you jump in you're just losing your rear end

i mean there's no guarantee of that either, maybe they'll brrr it up to 100k!!!

it's just gambling, you might win

# ? Dec 1, 2020 05:43

orange juche: Mar 14, 2012

Stefan Prodan posted:

i mean there's no guarantee of that either, maybe they'll brrr it up to 100k!!!

it's just gambling, you might win

they'll brrr it up to 100k, until you try to cash out and the book is so thin that you burn down 90k of value trying to cash out your modest holdings, cause a run on shitcoin as people try to jump ship, and bam its back where they started, with the Suicide Hotline pinned to /r/Cryptocurrency.

# ? Dec 1, 2020 06:13

Dr. Fraiser Chain: May 18, 2004; Redlining my shit posting machine

Bitcoin is to currency as Donald Trump is to the presidency.

# ? Dec 1, 2020 06:40

orange juche: Mar 14, 2012

Bitcoin is a classic pyramid scheme.

# ? Dec 1, 2020 07:58

Grip it and rip it: Apr 28, 2020

Did classic pyramid schemes also break the brains of idiots?

# ? Dec 1, 2020 08:15

Ad by Khad: Jul 25, 2007; Human Garbage
Watch me try to laugh this title off like the dickbag I am.
I also hang out with racists.

it is a pyramid of pyramid schemes, as we learned from such luminaries as Bitcoin Savings & Trust and BitPonzi

"sorry I can't payout, I took all the money you invested in me and invested it in pirateat40, who is a scammer, but I'm not a scammer, I just don't have the money"

# ? Dec 1, 2020 08:16

Ghost Leviathan: Mar 2, 2017; Exploration is ill-advised.

Grip it and rip it posted:

Did classic pyramid schemes also break the brains of idiots?

Have you SEEN what MLM people are like?

# ? Dec 1, 2020 08:20

Zamujasa: Oct 27, 2010; Bread Liar

yospos coin thread got closed :rip:

re: how the price fluctuates, a fun thing was looking at the depth charts that showed how much could actually be bought or sold at a certain price. it's usually extremely shallow and at least back in the magic the gathering online exchange days was full of completely fake values that would magically melt if the price actually moved towards it