Bitcoin: no angel investors, only Faustian bargains

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

Uncle Ivan: Aug 31, 2001

priznat posted:

Actually that is good for Bitcoin

In the short term it will probably pump as people scramble to get all of their USDT into BTC/ETH, then as liquidity dries up, probably massive volatility and then likely crater. There's probably some money to be made here but the timing is tricky as with all of crypto. Although who knows, anyone who pretends to know anything about crypto's future is probably incorrect. Maybe it will just moon and stay up. Or crash before Tether gets investigated.

# ? Jun 19, 2021 07:35

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# ? May 29, 2024 06:04

Gazpacho: Jun 18, 2004; by Fluffdaddy; Slippery Tilde

Party Boat posted:

If (when?) tether goes down that'll trigger a pretty huge crash across all crypto, right?

From the way I've seen Tether's role in the market described, it would suck the liquidity out of every exchange that relies on it as a dollar proxy. Bitcoin faith says that you never sell, but even the faithful have to cover their expenses and without a way to liquidate their next option is to sell from the future (ie stop buying).

# ? Jun 19, 2021 08:29

DerekSmartymans: Feb 14, 2005; The
Copacetic
Ascetic

priznat posted:

Actually that is good for ~~Bitcoin~~ lols

FTFY

# ? Jun 19, 2021 09:19

YerDa Zabam: Aug 13, 2016

Cross-posting this from the BWM thread as there's loads about crypto.

Adolf Glitter posted:

Good long-form article about amateur trading/crypto poo poo.

�I put my life savings in crypto�: how a generation of amateurs got hooked on high-risk trading

quote:
Online trading apps are drawing in novice investors willing to risk everything on volatile stocks. Do they really know what they�re doing?

https://www.theguardian.com/lifeandstyle/2021/jun/19/life-savings-in-crypto-generation-of-amateurs-hooked-on-high-risk-trading

# ? Jun 19, 2021 11:16

Somfin: Oct 25, 2010; In my🦚 experience🛠️ the big things🌑 don't teach you anything🤷‍♀️.; Nap Ghost

The only "dip" anyone should be buying is guacamole

# ? Jun 19, 2021 11:58

Sashimi: Dec 26, 2008; College Slice

Or hummus.

# ? Jun 19, 2021 12:09

Barudak: May 7, 2007

Oh poo poo oh poo poo all my money is tied up in copies of Christina Milan's 2003 hit Dip it Low

# ? Jun 19, 2021 13:52

Mozi: Apr 4, 2004; Forms change so fast
Time is moving past
Memory is smoke
Gonna get wider when I die; Nap Ghost

i'm sorry, all you actually own is a link to where a JPG of the album cover used to exist

# ? Jun 19, 2021 13:56

FogHelmut: Dec 18, 2003

The ideal state of Bitcoin is that eventually all of the wallet passwords get lost, and mining grinds to a halt as the earth runs out of coal, and there is one person left with the last Bitcoin, who is now the richest man in the world.

# ? Jun 19, 2021 14:49

Crime on a Dime: Nov 28, 2006

# ? Jun 19, 2021 16:08

Crime on a Dime: Nov 28, 2006

free the people

# ? Jun 19, 2021 16:11

Andy Dufresne: Aug 4, 2010; The only good race pace is suicide pace, and today looks like a good day to die

CaptainSarcastic posted:

Presumably.

I still wonder if some of the major players want to keep the price down in order to stop institutional investors from getting involved, which would then bring regulatory scrutiny to whole shell-game. Not everyone involved in crypto can be a complete idiot, right?

I don't buy this at all. Block rewards and mining fees require a constant, massive influx of new money to support current prices, let alone 60k+. You can't sit and hold crypto; if the price isn't going up it must go down. I don't actually believe professional traders are interested in anything other than short term trades. They are better at capitalizing on volatility than the 19 year olds they are trading against.

# ? Jun 19, 2021 16:43

Bablicon: Jun 19, 2021; by Jeffrey of YOSPOS

Haha everyone itt is poor because they don�t understand crypto is the future. Just wait 20 years until you�re all getting global ubi on your implanted microchip/vaccine passport. Bunch of shitposting smoothbrains.

(USER WAS PUT ON PROBATION FOR THIS POST)

# ? Jun 19, 2021 17:43

tehinternet: Feb 14, 2005; Semantically, "you" is both singular and plural, though syntactically it is always plural. It always takes a verb form that originally marked the word as plural.

Also, there is no plural when the context is an argument with an individual rather than a group. Somfin shouldn't put words in my mouth.

Bablicon posted:

Haha everyone itt is poor because they don�t understand crypto is the future. Just wait 20 years until you�re all getting global ubi on your implanted microchip/vaccine passport. Bunch of shitposting smoothbrains.

Oh yes

My body is ready

Give me the shitposts, it�s been so long, my body yearns for them GIVE THEM TO ME

CaptainSarcastic posted:

Not everyone involved in crypto can be a complete idiot, right?

� have you ever met anyone with a MBA? Solid 90% of them have no understanding or care for anything beyond turning X money into 2X money with zero regard for long term growth.

To answer your question, yes. Even the �smart� people in it are stupid.

tehinternet fucked around with this message at 18:01 on Jun 19, 2021

# ? Jun 19, 2021 17:59

Bablicon: Jun 19, 2021; by Jeffrey of YOSPOS

tehinternet posted:

Oh yes

My body is ready

Give me the shitposts, it�s been so long, my body yearns for them GIVE THEM TO ME

� have you ever met anyone with a MBA? Solid 90% of them have no understanding or care for anything beyond turning X money into 2X money with zero regard for long term growth.

To answer your question, yes. Even the �smart� people in it are stupid.

SA: Way Way smarter then the country of Equador.

# ? Jun 19, 2021 18:03

jokes: Dec 20, 2012; Uh... Kupo?

SA as a community is very smart. For example, they permabanned Seraph

# ? Jun 19, 2021 18:07

Bablicon: Jun 19, 2021; by Jeffrey of YOSPOS

jokes posted:

SA as a community is very smart. For example, they permabanned Seraph

Nope

# ? Jun 19, 2021 18:15

Relevant Tangent: Nov 18, 2016; Tangentially Relevant

Bablicon posted:

Haha everyone itt is poor because they don’t understand crypto is the future. Just wait 20 years until you’re all getting global ubi on your implanted microchip/vaccine passport. Bunch of shitposting smoothbrains.

shitposting is the only thing that brings you joy, clearly

# ? Jun 19, 2021 18:19

Relevant Tangent: Nov 18, 2016; Tangentially Relevant

Bablicon posted:

Nope

You are permabanned though? Shitposting in the brief intervals between account destruction is funny.

# ? Jun 19, 2021 18:20

Juul-Whip: Mar 10, 2008

Bablicon posted:

SA: Way Way smarter then the country of Equador.

Lol you don�t even know how to spell Ecuador

# ? Jun 19, 2021 18:21

spankmeister: Jun 15, 2008

Please refer to this instructional video

https://www.youtube.com/watch?v=9cQlVww0zKo

# ? Jun 19, 2021 18:22

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

Juul-Whip posted:

Lol you don�t even know how to spell Ecuador

Lol

# ? Jun 19, 2021 19:08

Paladinus: Jan 11, 2014; heyHEYYYY!!!

How embarrassing!

# ? Jun 19, 2021 19:12

jokes: Dec 20, 2012; Uh... Kupo?

Bitcoin is keeping these forums alive via the generosity and absolute buffoonery of Seraph

Thank you for you are service

# ? Jun 19, 2021 19:13

Bondematt: Jan 26, 2007; Not too stupid

spankmeister posted:

Please refer to this instructional video

https://www.youtube.com/watch?v=9cQlVww0zKo

I was going to make a joke about the Vengaboys, but just found out their name means Comeboys and I can't top that.

# ? Jun 19, 2021 19:17

Hihohe: Oct 4, 2008; Fuck you and the sun you live under

https://twitter.com/penip_/status/1406135443385552899?s=19

# ? Jun 19, 2021 19:22

Bablicon: Jun 19, 2021; by Jeffrey of YOSPOS

I�ll never be able to show my face here again. The shame!

# ? Jun 19, 2021 19:35

tango alpha delta: Sep 9, 2011; Ask me about my wealthy lifestyle and passive income! I love bragging about my wealth to my lessers! My opinions are more valid because I have more money than you! Stealing the fruits of the labor of the working class is okay, so long as you don't do it using crypto. More money = better than!

hey, have you guys heard Seraph's TED talk?

https://soundcloud.com/user-710437758/seraphs-ted-talk

# ? Jun 19, 2021 19:44

Mad Dragon: Feb 29, 2004

FogHelmut posted:

The ideal state of Bitcoin is that eventually all of the wallet passwords get lost, and mining grinds to a halt as the earth runs out of coal, and there is one person left with the last Bitcoin, who is now the richest man in the world.

also the poorest man in the world

# ? Jun 19, 2021 20:12

HELLOMYNAMEIS___: Dec 30, 2007

Some people are so poor that all they have is ~~money~~ Bitcoin.

# ? Jun 19, 2021 20:55

nomad2020: Jan 30, 2007

gradenko_2000 posted:

https://twitter.com/WuBlockchain/status/1406269298423726084

I think this is what :blood: looks like in bitcoin terms

# ? Jun 19, 2021 21:08

Honky Dong Country: Feb 11, 2015

buttcoin

# ? Jun 19, 2021 21:44

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

Honky Dong Country posted:

buttcoin

Only registered members can see post attachments!

# ? Jun 19, 2021 21:44

Doctor_Fruitbat: Jun 2, 2013

Honky Dong Country posted:

buttcoin

Could you please edit your oldest posts to bring parity with the rest of your thread contributions, they being me joy and it's bumming me out, thank you in advance.

# ? Jun 19, 2021 21:50

CaptainSarcastic: Jul 6, 2013

It just seems like classic Seraph to not only confuse El Salvador and Ecuador, but be unable to properly spell either one.

# ? Jun 19, 2021 22:00

Alan Smithee: Jan 4, 2005; A man becomes preeminent, he's expected to have enthusiasms.

Enthusiasms, enthusiasms...

Bablicon posted:

I�ll never be able to show my face here again. The shame!

and yet you participate in the forums. Curious

# ? Jun 19, 2021 22:07

philihp: Jun 1, 2008

Hamburger Sandwich posted:

Why do bitcoiners keep trying to re-invent fiat currency?

(1) It takes days to move fiat.
(2) It is expensive to move fiat.
(3) If you do neither of these things, your fiat will be slowly debased. We call it inflation. At best, we accept it as something that is good for everyone except you, and at worst it's just a fact of life.

# ? Jun 19, 2021 22:16