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Like I hate to say it but this was the exact kind of mentally running up to the dot com bubble bursting, people absolutely convinced it was never gonna end and that their million stocks in alienfart.com, a company with no assets and buisness model were really gonna be worth ten million dollars each and they should keep buying them.
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Mar 7, 2021 21:09
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I would say that in terms of dollars returned to dollars invested, it's more possible to make money off bitcoin than I had previously thought, and these threads perhaps misled me to underestimate the earnings potential there's still very tangible odds that I would have just lost everything and since I don't have a half-million inheritance to coast on, that would have been a serious problem for me roughly anytime it happened Stealthgerbil posted:The only reason I say that is because I have a coworker who buys a little buttcoin each month, no matter the cost. It has worked out pretty well for him so far. Its probably dumb but he is way ahead over just buying stocks. He has been doing it for like the past four years or so. has he been selling any of it? remember, you only realize gains if you actually get something back Drone_Fragger posted:Bitcoin will come crashing down eventually, almost certainly when tether folds due to being insolvent and operating illegally, at which point the people who realise their “usdt” isn’t redeemable anywhere will likely figure it’s a scam. much though I'd like this, "<event having to do with a specific crypto scam collapsing> will finally kill bitcoin" has been a bad bet every time. I'd much more expect it to spiral into the dirt when the ongoing everything-else bubble pops. I've heard banks are doing weird poo poo like canceling rent in order to avoid devaluing the property they own by having it be vacant, because nobody at all can make rent at the moment - this sounds pretty familiar with some of the weird poo poo that was going around in 2008. s'gonna suck EDIT: 
LordSaturn fucked around with this message at 21:33 on Mar 7, 2021 |
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Mar 7, 2021 21:13
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Tether is orders of magnitude more impacting on BTC than any other cryptoscam and it directly factors into the ability to get your money out the system which you're right about - money in crypto is not money gained. But even more than that it's a much more enviable position to be in to not need a get rich quick scheme than to have succeeded at one.
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Mar 7, 2021 21:16
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Stealthgerbil posted:How high of a price does it have to hit before people will admit that they regret not buying even a little? Do you regret not buying shares from the Monster energy drinks company?
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Mar 7, 2021 21:29
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Bitcoin is less like the dotcom bubble and more like Beanie Baby mania. Yeah, the digital Beanie Baby mania has persisted longer, but it's fundamentally an arbitrarily inflated value assigned to something with essentially no intrinsic value. Yeah, people made some significant money off Beanie Babies. That didn't make it a wise investment.
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Mar 7, 2021 22:46
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CaptainSarcastic posted:Bitcoin is less like the dotcom bubble and more like Beanie Baby mania. Yeah, the digital Beanie Baby mania has persisted longer, but it's fundamentally an arbitrarily inflated value assigned to something with essentially no intrinsic value. Look, the market cap of beanies in 2000 was INCREDIBLE. That's a lot of value tied up in those plastic-capsuled mint condition tag intact beanies 20 years later. CUDL!!
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Mar 7, 2021 22:50
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divabot posted:Look, the market cap of beanies in 2000 was INCREDIBLE. That's a lot of value tied up in those plastic-capsuled mint condition tag intact beanies 20 years later. CUDL!! It's eerie, really. random Slate article posted:The existence of groupthink has been confirmed in a rich assortment of studies, and Odlyzko’s theory expands the idea to economic bubbles. Under his analysis, the initial coterie of Beanie Baby collectors comprised an in-group that shared the great secret of Beanie Babies’ worth. As more people discovered the toy, they yearned to learn this secret and partake in the impending financial success of the Beanie Babies market. Soon, millions of Americans were gripped by the conviction that they had discovered an easy path to personal wealth. And thanks to their collective hallucination of Beanie Babies’ worth, none of these collectors ever realized that the only thing driving the Beanie Babies market was their own conviction that the toys were valuable. https://slate.com/technology/2015/02/beanie-babies-bubble-economics-and-psychology-of-a-plush-toy-investment-craze.html
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Mar 7, 2021 23:20
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at least you can cuddle a beanie baby
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Mar 7, 2021 23:47
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Crypt MUST be the future! I'd only have to spend $10 in gas fees to buy a stick of gum with Ethereum!. Really sticking it to the credit card companies!
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Mar 7, 2021 23:50
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*kramers into a thread about a recent rise in burglaries* Hey but guys I just took some poo poo from a house a few blocks down the road and it was worth quite a bit of cash on craigslist, so why aren't you all joining in?
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Mar 8, 2021 00:08
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xtal posted:That all currencies are like that. It's a fine currency and a terrible investment asset.
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Mar 8, 2021 00:21
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If I had access to a time machine I would probably tell my past self to buy or mine a few butts, but this is on the same theory as giving myself the winning lotto numbers: Might as well get rich! I do not have access to a time machine and thus I serenely laugh at bitcoin. I do think that the people who have made money speculating on butts are having a misapprehension as to the long haul buttlaughters. We are not doing this because we are bearish on bitcoins, we are doing it because bitcoins are loving ridiculous and actively harmful to society, as well as producing a range of idiotic stories such as the tale of Carl Mark Force V.
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Mar 8, 2021 00:27
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The best time to buy bitcoin was 10 years ago. The second best time is today.
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Mar 8, 2021 00:32
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Okay.
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Mar 8, 2021 00:32
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salt shakeup posted:The best time to buy bitcoin was 10 years ago. The second best time is today.
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Mar 8, 2021 00:36
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I'm just gonna keep the faith by only buying a little bit of beanies every month. That way I'm guaranteed to hold the bag
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Mar 8, 2021 00:52
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CaptainSarcastic posted:Bitcoin is less like the dotcom bubble and more like Beanie Baby mania. Yeah, the digital Beanie Baby mania has persisted longer, but it's fundamentally an arbitrarily inflated value assigned to something with essentially no intrinsic value. I guess I don't get the comparison to Beanie Babies. Supply is unlimited, why would the price go up (boomers are dumb is why) could not the creators of beanie baby create at any time whatever beanie they wanted? Magic the Gathering, Black Lotus, most valuable card in the trading cards history. Couldn't they just print more? No, wizards of the coast controlled the supply by stopping the printing, and banning the card in new leagues. You can extrapolate from there I assume if you know btc supply. This thread could be in the Schadenfreude thread.
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Mar 8, 2021 01:47
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Fist posted:I guess I don't get the comparison to Beanie Babies. Supply is unlimited, why would the price go up (boomers are dumb is why) could not the creators of beanie baby create at any time whatever beanie they wanted? Asking yourself stupid questions isn’t the pwn you think it is
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Mar 8, 2021 01:52
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Flowers for QAnon posted:Asking yourself stupid questions isn’t the pwn you think it is Exactly
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Mar 8, 2021 01:53
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Schad is on me, I didn't even buy a scratch off. VV-- I'm bullish on titty futures --VV nomad2020 fucked around with this message at 02:05 on Mar 8, 2021 |
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Mar 8, 2021 01:54
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i spent $700 on a lapdance once, how much tity u got to get a peek before you admit its a good idea
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Mar 8, 2021 01:57
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Fist posted:Exactly Now I can understand your post. That was not easy to parse.
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Mar 8, 2021 02:02
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OMGVBFLOL posted:i spent $700 on a lapdance once, how much tity u got to get a peek before you admit its a good idea I cannot fathom the people who do this.
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Mar 8, 2021 03:08
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Fist posted:I guess I don't get the comparison to Beanie Babies. Supply is unlimited, why would the price go up (boomers are dumb is why) could not the creators of beanie baby create at any time whatever beanie they wanted? Here, does a visual aid help? 
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Mar 8, 2021 03:36
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If you need bsalert.com to guide you on your investments, I'd guess there are other things to discuss.
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Mar 8, 2021 03:48
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Fist posted:If you need bsalert.com to guide you on your investments, I'd guess there are other things to discuss. You're the one who was having a hard time with the Beanie Baby/Bitcoin analogy, buddy.
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Mar 8, 2021 03:50
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Nitrousoxide posted:I cannot fathom the people who do this. I wanted to put my stimulus check back into the local economy and boobs feel nice so...
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Mar 8, 2021 03:54
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Nitrousoxide posted:I cannot fathom the people who do this. i mean, it wasn't like i sat down with my financial adviser and concluded that calling the number on the vegas hooker flier was a good idea
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Mar 8, 2021 03:58
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OMGVBFLOL posted:i mean, it wasn't like i sat down with my financial adviser and concluded that calling the number on the vegas hooker flier was a good idea So, you're saying I should get a different financial adviser?
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Mar 8, 2021 04:08
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LordSaturn posted:has he been selling any of it? remember, you only realize gains if you actually get something back yea i know he sold at least one bitcoin recently and finished off his mortgage or something. and yea i wish i had bought shares of monster energy that would rule
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Mar 8, 2021 05:04
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I mean, people were wrong about bitcoin being worth money someday but let's not get on the side of the seasteaders. In the first few years Bitcoin was supposed to be a replacement for currency. Every business would take it. Almost everyone involved with it was preaching it's brilliant revolutionary concepts that were so new and amazing that it would eventually take over completely and either be worth a lot of money or actually be the money itself. People here mocked the poo poo out of those people but were too shortsighted to see that bitcoin could ever actually become valuable in spite of the idiots that supported it. At every opportunity over the years the critics of bitcoins proposed fundamentals were proven right. It's blockchain can't handle traffic and it isn't even being used as a widely accepted currency yet. This makes transaction times and fees impossible to adapt to the small transactions it was designed for. Who would pay $30 for a cup of coffee that takes 2 hours to pay for? The burning milk crates have turned into equally stupid and horrible warehouses full of videocards. For years every business that tried to accept it as a currency had to abandon the concept. It wasn't anonymous at all since authorities easily tracked people down with it. You couldn't avoid taxes anymore since all US exchanges report to the IRS now. The dumb energy wasted on it by libertarians is now surpassing the usage of entire countries. So just because it took off as a weird digital fantasy currency league that is worth billions of dollars doesn't mean that bitcoin itself was a good idea, that the people who were evangelical about it were right or that it would ever have been worth money based on any of it's fundamentals. What it means is that everyone who said it would be worth money was wrong because it ended up being worth money. Everyone who said it would be worth money was accidentally right.
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Mar 8, 2021 05:17
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But the lightning network!
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Mar 8, 2021 05:48
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Anyone else looking around for digital currency that you'd think could actually be used? I found Nano the other day and thought that parts of it had a better chance (not total certainty) of fulfilling what Bitcoin was supposed to do. It's essentially instant, isn't mined out of thin air, doesn't require nuclear reactors personally assigned to it. Still has some of the drawbacks: Your dog can eat your paper key, actual acceptance is minimal (yet), isn't somehow anonymous but also completely certain the right person is paying the right person. Finally, nothing stops anyone running a meme based clone of it (Banano). Edit: Also it forgot that most people don't work in more than 2-3 decimal places for money Rooted Vegetable fucked around with this message at 06:28 on Mar 8, 2021 |
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Mar 8, 2021 06:21
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Rooted Vegetable posted:Anyone else looking around for digital currency that you'd think could actually be used? I found Nano the other day and thought that parts of it had a better chance (not total certainty) of fulfilling what Bitcoin was supposed to do. It's essentially instant, isn't mined out of thin air, doesn't require nuclear reactors personally assigned to it. This is like asking if an MMO could ever overtake WoW by looking at the gameplay and not at the uptake, community, or evangelism. No crypto is ever going to overtake Bitcoin. Not because Bitcoin is good, but because it is established and socially powerful.
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Mar 8, 2021 10:18
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rn all ive got is like 60 bucks worth of monero lmao thinking of converting all my USDT to PAX or PAXG since those are actually backed and audited
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Mar 8, 2021 11:52
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Rectal Death Adept posted:What it means is that everyone who said it would be worth money was wrong because it ended up being worth money. Everyone who said it would be worth money was accidentally right. While true, you gotta remember that even the vast majority of people who got into bitcoin early ended up burned by it, by stuff like exit scams or exchanges getting robbed or hardware failure or user error or like 20 other things. Statements that have been made in this thread like "everyone who bought in made money" is dead wrong, laughably so. This is why I have no regrets and will continue to not have regrets - even if I bought at 80 cents it'd be gone by now. Then the much smaller portion of people who got in and didn't lose their investment for any one of many reasons run into the Heresiarch question and would've sold their coins for a profit way before moon. Dog dick coffee table man is the greatest example of this, who got in at like $1 and then sold at $40 to buy a Nissan (and then got a huge tax bill he wasn't prepared for). Then you have the even much smaller portion of people who got in early and still have access to their coins and didn't already sell them, usually because they forgot about them for like 8 years. If they made some money ok fine, that's great, but we've now strayed really fuckin far from the fantasy that the FUTURE OF MONEY idiots have. We're continuing to stray even farther from it now, in real time, what with crypto being completely hijacked by tech bro capitalist investment firms.
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Mar 8, 2021 11:57
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I know a lot of people that get depressed whenever crypto gets pumped back up because they lost everything with GOX. The price plummets and they forget about it. I at least was able to tip off two friends who went super in on mining in 2017. They were able to sell their rx 470s and vega 64s instantly at near what they originally paid.
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Mar 8, 2021 14:28
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well gently caress me dead i WAS going to put all my earnings in PAX for safekeeping but it seems PAX has ground to a loving halt order book isnt moving at all not a single transaction
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Mar 8, 2021 14:58
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hbag posted:well gently caress me dead This is good for Bitcoin.
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Mar 8, 2021 14:59
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hbag posted:well gently caress me dead If you hate having money so much why not give it to a charity instead of an obvious scam.
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Mar 8, 2021 16:42
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