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There Bias Two posted:I think you'd have to be a bit crazy to predict the rise of a cargo cult around cryptocurrency. It's not surprising people didn't foresee it happening, because the reality of it is completely insane. If anyone had tried to explain to me in 2009 any of this poo poo I wouldn't have believed it. "You know bitcoins? The thing that is stupid and useless? Well it will never have a point but by 2021 we will be burning the skies black so Elon Musk can buy billions of dollars of them. It kind of started with the nerds with disposable income propping it up until the first official exchange could manipulate the price. After that someone decides they run a digital Dave and Busters and are going to just spontaneously generate billions of dollars with their own currency which is apparently not something that can be easily stopped. Beyond that twelve years of direct cash bailouts to the richest 1% of the world to stave off the 2008 economic collapse leads to so many raw dollars choking the financial markets and billionaires bank accounts that maya renders of superheroes and cryptocurrencies are somehow worth billions or trillions of dollars. Normal people can't ever buy a house again and we are headed for a world war. Computer parts are becoming impossible to find! Climate change is getting worse! Pandemics! So invest in bitcoin today and by 2021 you can afford a house and long term quarantine! You can't afford bullets because you'll never find them!" By 2033 Bitcoin will become sentient. It will not be kind.
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Apr 25, 2021 23:09
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BigBadSteve posted:Just like how it's saving Turkey currently. People posting "this is the best time to buy, it'll hit 75k after correction" on the forums while peoples entire life savings vanished during today's dip (dive?). If people panic sell, more "exchanges" will enter "technical maintenance" because USD is skyrocketing so people will switch to that. Off hours currency trade is always heavily spread by the banks to discourage buying frenzies but Monday opening can cause a wild ride if people  about exiting shitcoins and lmao all their money are on literal jpegs. I don't know if "legit" (lmao) bitcoin exchanges work like this but Turkish ones simply update your online wallet but don't actually buy crypto and hold small amounts as "active". That's how the 2 billion dude was able to haul everything because the numbers users saw were literally bunch of real-time updating charts and they never had the actual shitcoins. (I mean, it can be argued how actual banks work but, for example in the UK you are protected up to 85k by the government if your bank does a runner) We are talking about people who don't know English or a little so they are following bunch of people who read reddit crypto boards, which is psychotic now it's written down. Galewolf fucked around with this message at 23:19 on Apr 25, 2021 |
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Apr 25, 2021 23:17
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Rectal Death Deft posted:
so Buttcoin is Roko's basilisk?
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Apr 25, 2021 23:50
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PhazonLink posted:so Buttcoin is Roko's basilisk? The BlockchainTM is going to put wires in your brain and use your lobes to mine dogecoin
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Apr 25, 2021 23:54
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Ghost Leviathan posted:Tax laws are
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Apr 26, 2021 02:07
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jokes posted:Some dude says “Bernie Madoff is a fraud”, people who invest with him say “LOL YOU IDIOTS THOUGHT HE WAS A SCAM! HOW IS IT A SCAM I JUST DOUBLED MY MONEY LOL YOU IDIOT NO-BERNIES” then one day the news comes out and they’re all surprised I love this post! Don’t forget that Madoff took a significant fraction of his scheme as payment for “putting in the work,” and was profligate with his “salary.” You wouldn’t give your nest egg to a homeless dude to invest for you, after all! Toys-R-Us just had rear end in a top hat embezzling owners for Christ’s sake. They just straight up burned millions of dollars on planes and booze and boats and houses (probably cocaine, too). Before they went broke most investors thought it was a solid choice because “Well, the guys up top seem to be very wealthy; must be a cracker-jack place to park some  for the future!”They lost a ton off an old established market leading corporation and they didn’t even get scammed (they were mugged on a global scale!) or fat-finger their Quicken software. If I lose money at a Tunica casino, I’m not robbed if I lose my allotted funds: I had a good time, comped some free booze and steak dinner, and may get it back next month or birthday anyway. If you fill out the number wrong on your direct deposit slip at a new job, companies will legit do most anything to get your own cash back quickly for 0 charges or fees. Scammers flock to bitchcoin because the rubes and simpletons who repeatedly get robbed multiple times for the same scam category have zero chance of being made whole. Criminal scammers are all 1) harder working, 2) ruthless, 3) financially more intelligent than I am, and I learn from others’ mistakes so I don’t have to gently caress up my own stash. I hold no I’ll will for others getting rich from luck. Casino, the horses, Bitcoin... I congratulated Seraph84 on getting his money and making it blindly through the btc minefield without pissing off Keyzer Sose or stabby gift card bandits. The only thing that I don’t want to deal with is the Dunning-Kramer (sic) evangelicals who convert the stupid or YOLOFOMO young people. Luck is not smart, but somebody’s gotta hold the bag at the end and when I read about some dude spending his wife’s inheritance on bits I get sad. And that story is waaaaay more common than Tosh.0 interviewing some fresh Bitcoin millionaire. I’ll keep my money if that’s ok. I’m content not dealing with the sharks and con men. Who needs to buy the dip when I can put $50 aside two months in a row and buy a bottle of really good bourbon to share with my Dad? Same price, no worries. I win.
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Apr 26, 2021 02:53
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Rectal Death Deft posted:If anyone had tried to explain to me in 2009 any of this poo poo I wouldn't have believed it. Kinda stupid still, though. Bitcoin. Bitcoin never changes. Edit: Sorry again for 3x shitposts. I respond in-line as I read on my phone, and if a thread isn’t moving fast in GBS I don’t even notice until I get right to my own private thread buster 
DerekSmartymans fucked around with this message at 03:07 on Apr 26, 2021 |
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Apr 26, 2021 02:58
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The real value proposition of cryptos are decentralized finance. Why should I give my money to a middleman and let them invest that money? Why should I go to a middleman to get credit? It shouldn’t be surprising that banks aren’t willing to lend credit to a concept that could literally make them irrelevant. If someone is buying crypto for the long term, that is the gamble. there are ways of allocating transactions on the blockchain that don’t require maximum power, and hopefully more of those will gain traction
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Apr 26, 2021 03:24
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Ubiquitus posted:The real value proposition of cryptos are decentralized finance. Why should I give my money to a middleman and let them invest that money? Why should I go to a middleman to get credit? Please tell me how, exactly, cryptocurrency allows for decentralized credit?
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Apr 26, 2021 03:29
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Ubiquitus posted:The real value proposition of cryptos are decentralized finance. Why should I give my money to a middleman and let them invest that money? Why should I go to a middleman to get credit? Believing in bitcoin will not get you a line of credit, because bitcoin is not credit lol You are able to get credit/loans because of centralized finance. Decentralized finance is bookies who break your legs when you're late on a payment.
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Apr 26, 2021 03:33
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jokes posted:Decentralized finance is bookies who break your legs when you're late on a payment. Not only is my savings insured by a centralized agency, FDIC, but I’ve never had a bank teller off-handedly complement my son’s new shirt he wore on a first date last night, and how it would be a shame if something happened to him...
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Apr 26, 2021 04:01
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Ubiquitus posted:The real value proposition of cryptos are decentralized finance. Why should I give my money to a middleman and let them invest that money? Why should I go to a middleman to get credit? I love posts where people straight up imagine new benefits of crypto. It betrays a total lack of understanding of how existing systems work, which is a requirement for thinking that crypto can solve this new imaginary problem. Trust is not a bad word. We give our money to middlemen we trust, not just because they are trustworthy but because we trust our government to back them up and regulate them. The middle men also extend us credit because they trust us, based on some formula of credit worthiness and their ability to recover secured assets. There's no real market for lending money to anonymous people for obvious reasons. It's not centralization preventing it.
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Apr 26, 2021 04:28
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Crypto also has way more middlemen per measure of liquidity than any real market.
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Apr 26, 2021 04:36
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LanceHunter posted:Please tell me how, exactly, cryptocurrency allows for decentralized credit? I was reading that it made me think we really need a new series of PSAs like the old "This is your brain on drugs" spot but for libertarianism instead of drugs.
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Apr 26, 2021 04:57
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LanceHunter posted:Please tell me how, exactly, cryptocurrency allows for decentralized credit? Simple, I can loan money to buy drugs to people further away now.
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Apr 26, 2021 05:05
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They will never take my Ayn Rand!
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Apr 26, 2021 05:07
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Yeah it is decentralized credit. You buy butts from some exchange with USD. Eventually they spend the USD to fake their own death in India and bing bong so simple no central place to find your money!
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Apr 26, 2021 05:10
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luv 2 forget that regulation is what replaced violence as a means of guarantee
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Apr 26, 2021 05:16
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DeFi on blockchains seem to be all about putting high value coins up as collateral so you can chase pumps in other shitcoins. So you don’t actually get a loan, you just temporarily sell your coins with a chance of buying them back later
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Apr 26, 2021 06:36
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Shrimp or Shrimps posted:So how are the people who do a million trades a day with bots even doing all their accounting? Seems like a nightmare. Nightmare is an understatement to the uninitiated, to be honest. It's also comical, because trying to export a CSV of 2500+ trades a day will raise a *lot* of people's eyebrows and has created a lot of interesting stories. Usually people don't know bots exist so the first questions are random things like "how did you manage 2500 trades a day?". Plus if you do anything other than bot, now it gets even more complicated. End of the day, you are taxed on the gains which is literally every dollar of profit you've eked out from them - because everything is short term cap gains which is basically straight income tax. That part is a mixture of suck and awful. It means basically 50% of all your crypto gains need to be set aside continually. I have an LLC that all the money is attributed to (and taxes are budgeted from) until I pay myself a salary or a distribution, and that helps a bit - because I have an accountant and a lawyer on retainer, and my partners are business owners as well - to make sure I'm not loving up any sort of accounting. Because good loving grief is it easy to gently caress up the accounting. That being said, a lot of people are foolish and still believe stupid poo poo like thinking that they don't have to pay until they cash out. Or they think they can just magically not pay tax and they'd get a free ride. It's a major shitshow that US taxes are so loving complicated that I need a literal staff of people to handle it, but here we are. Would I have it any other way? No. I enjoy the insane profits (which I don't care whether btc tanks or moons, doesn't matter to me), but the taxes do suck. It's actually attractive to consider getting citizenship somewhere else vs dealing with this poo poo.
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Apr 26, 2021 07:21
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Bitcoin only goes up when MAGA chuds buy them to fund their nazi activities IMO goon sires
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Apr 26, 2021 08:10
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only new MAGA chuds buy coin. old school chuds buy Iraqi Dinar because if enough FREEDOM happens in the middle east, the tons of dinar they bough and hold will be worth a trillion trillion .....trillion US dollars.
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Apr 26, 2021 08:30
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If you only use your crypto gains to buy drugs you don't have to worry about taxes. Or do the big exchanges report your gains (either on a regular basis or when you send crypto to a different wallet) even if you don't cash out?
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Apr 26, 2021 13:33
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Bright Bart posted:If you only use your crypto gains to buy drugs you don't have to worry about taxes. People don't use exchanges to buy drugs
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Apr 26, 2021 13:36
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xtal posted:People don't use exchanges to buy drugs i wouldnt be surprised if some genius withdrew directly to their dark web marketplace wallet tbh
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Apr 26, 2021 13:43
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hbag posted:i wouldnt be surprised if some genius withdrew directly to their dark web marketplace wallet tbh Apparently darknet markets have had to start putting up warnings telling their idiot customers to not make payments directly from their exchange wallets. Granted, it seems most of them now use monero exclusively, ensuring that only the shadiest of exchanges would even have customers with a monero balance. The fact that darknets even exist anymore, when a few subpoenas to the few places where you can exchange monero would net virtually every internet drug dealer, is a sign that they are either low-priority targets or the Feds are giving it time to build extremely major cases around them.
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Apr 26, 2021 13:54
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LanceHunter posted:Apparently darknet markets have had to start putting up warnings telling their idiot customers to not make payments directly from their exchange wallets. Granted, it seems most of them now use monero exclusively, ensuring that only the shadiest of exchanges would even have customers with a monero balance. binance lets me buy monero i just never have because the price sucks atm then again im also too paranoid to give people on the dark net my address
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Apr 26, 2021 14:02
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Ubiquitus posted:The real value proposition of cryptos are decentralized finance. Why should I give my money to a middleman and let them invest that money? Why should I go to a middleman to get credit? people give their money to a middleman investor because that investor invests for a living and is presumably much better at it than some fuckin random redditor idiot off the internet and you know what? that middleman is REGULATED, unlike when people give their bitcoin to a middleman like Bitcoin Savings & Trust and then 764000 bitscoin vanishes into a puff of smoke
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Apr 26, 2021 14:04
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LanceHunter posted:Apparently darknet markets have had to start putting up warnings telling their idiot customers to not make payments directly from their exchange wallets. Granted, it seems most of them now use monero exclusively, ensuring that only the shadiest of exchanges would even have customers with a monero balance.
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Apr 26, 2021 14:05
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One of those agents is named Carl Mark Force IV, he received a 6 and a half year sentence
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Apr 26, 2021 14:09
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hbag posted:binance lets me buy monero [...] LanceHunter posted:[...]ensuring that only the shadiest of exchanges would even have customers with a monero balance.[...] 
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Apr 26, 2021 14:11
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is binance shady? i dont mean US binance, i mean UK binance different companies
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Apr 26, 2021 14:14
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Ad by Khad posted:One of those agents is named Carl Mark Force IV, he received a 6 and a half year sentence
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Apr 26, 2021 14:17
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Has anybody that bought small quantities off the compromised markets even received a cautionary letter or e-mail from law enforcement? Not sure about the legal technicalities of this but I presume it might be very hard to actually bring charges against anyone buying for personal use. There are so many that the standard and unless you go after them all the standard for non-arbitrariness might be hard to meet. It's like if there is a rowdy party and the cops walk up and arrest 3 random attendees. Larger amounts might be easier: Why did we choose cryptomasta69 out of the 400,000 buyers? Well, he bought 10 kilograms of MDVP whereas most people bought a gram of coke. Bright Bart fucked around with this message at 14:24 on Apr 26, 2021 |
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Apr 26, 2021 14:19
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CaptainSarcastic posted:I was reading that it made me think we really need a new series of PSAs like the old "This is your brain on drugs" spot but for libertarianism instead of drugs. It's just a bunch of dudes talking about ephebophilia from a cell.
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Apr 26, 2021 14:39
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DerekSmartymans posted:I love this post! Don’t forget that Madoff took a significant fraction of his scheme as payment for “putting in the work,” and was profligate with his “salary.” You wouldn’t give your nest egg to a homeless dude to invest for you, after all! I remember some write-up of Madoff's heyday that looked at the percentages he was promising clients and he would've actually performed a profitable service for everyone involved if he just shoved everything in an S&P 500 fund and took a fee. Rich marks handed him the keys to the easiest, most lucrative finance job on earth and he bungled it with his stupid shell games.
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Apr 26, 2021 14:41
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Was Madoff's the scheme where tons of celebrities invested and received a surprising amount of sympathy when they lost it all? Like you'd hear "shut up about Kevin Bacon doing trashy films now he has to pay the bills after that rat Madoff got him".
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Apr 26, 2021 15:02
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It was a lot of rich people of many creeds but mostly New York executive types who were in the market for a money manager and Madoff was a mathemagician guaranteeing like 20% returns.
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Apr 26, 2021 15:09
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jokes posted:It was a lot of rich people of many creeds but mostly New York executive types who were in the market for a money manager and Madoff was a mathemagician guaranteeing like 20% returns. Are there any stories about people who got Madoff's pitch but stayed away because of suspicion? When there's a consistent outlier by that much for that long you've just got to think there's something illegal or shady going on
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Apr 26, 2021 15:44
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20% What am I? A chump? There was a dude on Reddit posting how X coin is going to double in the next year but they couldn't reveal the details of what made them think so. I was tempted to respond by pointing out they were in the gathering place for YOLO and moonshots; anything below a promised 1000% return won't get people to blindly buy the coin you're trying to pump. But I don't post on Reddit.
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Apr 26, 2021 15:47
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