Bitcoin: no angel investors, only Faustian bargains

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

small butter: Oct 8, 2011; Can't post for 4 hours!

Can someone please post that line going up comic in which the guy is happy because he thinks that line will go up no matter what the chart looks like? 3 charts, all going up. Can't find it.

# ? Jun 21, 2022 18:43

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# ? May 30, 2024 00:55

HappyHippo: Nov 19, 2003; Do you have an Air Miles Card?

Remember when bitcoin crashed through the $20k floor over the weekend?

Bitcoin Miner Bitfarms Sells Coins After Ending Holding Strategy

quote:

Crypto mining company Bitfarms Ltd. has made an about-face on its holding strategy and sold 3,000 Bitcoin for $62 million over the past week to boost its liquidity amid the record-breaking bear market. It�s one of the first self-proclaimed Bitcoin hoarding miners to turn away from accumulating mined coins.

# ? Jun 21, 2022 18:47

fuctifino: Jun 11, 2001

I just had an update from Derek Smart.

Dave Mata was hired 4 months ago as 'Director of Product, LiveOps' by Beamable. Their CEO, Jon Radoff, is also a friend of Derek and noticed the post on Derek's wall, and knew nothing about the SEC prosecution. As of 5 minutes ago, Dave Mata was fired.

lol

fuctifino fucked around with this message at 18:59 on Jun 21, 2022

# ? Jun 21, 2022 18:55

Cantorsdust: Aug 10, 2008; Infinitely many points, but zero length.

Nessus posted:

I do not dispute the analysis which I am putting up front, before I sketch out the distinction that I think a lot of people make on a sort of intuitive basis, which I do not think is a groundless distinction even if it may not be the most important one.

There is the ownership of capital... that does something: a hog farm produces hogs, a Tesla factory produces cars. You can go "OK, this is a factory that produces electric cars." Even with more abstract industries you can often at least squint and say "Alright, they sell advertising" or "OK, they sell the program 95% of the world uses to type a sentence on the computer."

Then there is the ownership of capital... that just sits there and goes up. This is Bitcoin, and probably other assets. It's not mixing with anything to produce value, no laborers are involved other than maybe barest maintenance.

Even without advanced theory or thinking people tend to object to the second more than the first, especially when the second one is made glaringly clear (empty buildings during a housing crisis, fallow land during a famine, etc.) However, I think for a number of people, the second one is intrinsically more appealing -- the point is the passive return on capital, even if you could hypothetically make far more. It's an emotional, status-based thing.

evilweasel posted:

it is very, very important not to get c-spamish about this discussion because all it does is confuse the issue.

what we're talking about is the generation of surplus value. capital, in this sense, is the investment of goods and labor into an enterprise that will produce goods of greater value than the inputs - classically, "building a factory". who gets that excess value is the political debate. that you can generate greater value is not a political debate: communist countries build factories too, it's just they distribute the created value differently.

for something to generate value, it needs to have outputs of more value than the inputs. the inputs for cryptocurrency are expensive electricity. the outputs are waste heat. value is destroyed in this system.

You guys are absolutely correct that crypto should be distinguished from other forms of productive capital. Rereading the original post I was quoting, I think they were probably trying to make that distinction as well.

# ? Jun 21, 2022 18:58

DickParasite: Dec 2, 2004; Slippery Tilde

fuctifino posted:

I just had an update from Derek Smart.

Dave Mata was hired 4 months as 'Director of Product, LiveOps' by Beamable. Their CEO, Jon Radoff, is also a friend of Derek and noticed the post on Derek's wall, and knew nothing about the SEC prosecution. As of 5 minutes ago, Dave Mata was fired.

lol

lmao got em

# ? Jun 21, 2022 18:58

mdxi: Mar 13, 2006; to JERK OFF is to be close to GOD... only with SPURTING

fuctifino posted:

I just had an update from Derek Smart.

Dave Mata was hired 4 months ago as 'Director of Product, LiveOps' by Beamable. Their CEO, Jon Radoff, is also a friend of Derek and noticed the post on Derek's wall, and knew nothing about the SEC prosecution. As of 5 minutes ago, Dave Mata was fired.

lol

# ? Jun 21, 2022 19:03

Nessus: Dec 22, 2003; After a Speaker vote, you may be entitled to a valuable coupon or voucher!

Cantorsdust posted:

You guys are absolutely correct that crypto should be distinguished from other forms of productive capital. Rereading the original post I was quoting, I think they were probably trying to make that distinction as well.

Yeah I just think it's important to remember, because I can absolutely see some kind of new exciting strain of quasi-left rhetoric getting used to try to tap remaining pockets of stupid money.

# ? Jun 21, 2022 19:08

Mooseontheloose: May 13, 2003

Nessus posted:

Yeah I just think it's important to remember, because I can absolutely see some kind of new exciting strain of quasi-left rhetoric getting used to try to tap remaining pockets of stupid money.

Stick it to the capitalist by literally burning money!

# ? Jun 21, 2022 19:10

HappyHippo: Nov 19, 2003; Do you have an Air Miles Card?

Mooseontheloose posted:

Stick it to the capitalist by literally burning money!

That's the whole gamestop thing basically.

Also what the CEL bagholders are doing right now too

# ? Jun 21, 2022 19:14

Planet X: Dec 10, 2003; GOOD MORNING

HappyHippo posted:

Remember when bitcoin crashed through the $20k floor over the weekend?

Bitcoin Miner Bitfarms Sells Coins After Ending Holding Strategy

Bitfarms is �no longer HODLing all our daily BTC production,� said Jeff Lucas, CFO of Bitfarms

Stupid memelanguage from a 'CFO'. Speak loving english.

# ? Jun 21, 2022 19:15

PITY BONER: Oct 18, 2021

I am sure this has been posted before, but I found this explanation of cryptocurrency to be one of the fastest ways to understand how stupid it all is, without even going into many of the topics discussed here. From start to finish, this is a fantastic summary of the bullshit. It's cool that it's also in a 100-level course, so as to inform the multitudes of kids that dropout after the first year.

https://www.youtube.com/watch?v=J9nv0Ol-R5Q

He's also goony as hell and I am sure he has an account here. The soda burps into the mic solidifies my theory.

Planet X posted:

Bitfarms is �no longer HODLing all our daily BTC production,� said Jeff Lucas, CFO of Bitfarms

Stupid memelanguage from a 'CFO'. Speak loving english.

Maybe Snow Crash wasn't that far off with the idea that words can become a brain virus.

# ? Jun 21, 2022 19:15

Serious_Cyclone: Oct 25, 2017; I appreciate your patience, this is a tricky maneuver

Planet X posted:

Bitfarms is �no longer HODLing all our daily BTC production,� said Jeff Lucas, CFO of Bitfarms

Stupid memelanguage from a 'CFO'. Speak loving english.

(crypto exchange freezes withdrawals)
CFO: We are HODLing for a sec while we make sure your portfolios go 2 the moon, such patience, much fortune!
Exchange clients: When will I be able to access my CakeFartCoins?
CFO: UWU

# ? Jun 21, 2022 19:18

Proud Christian Mom: Dec 20, 2006; READING COMPREHENSION IS HARD

fuctifino posted:

I just had an update from Derek Smart.

Dave Mata was hired 4 months ago as 'Director of Product, LiveOps' by Beamable. Their CEO, Jon Radoff, is also a friend of Derek and noticed the post on Derek's wall, and knew nothing about the SEC prosecution. As of 5 minutes ago, Dave Mata was fired.

lol

Keep what you kill

# ? Jun 21, 2022 19:21

Cantorsdust: Aug 10, 2008; Infinitely many points, but zero length.

Nessus posted:

Yeah I just think it's important to remember, because I can absolutely see some kind of new exciting strain of quasi-left rhetoric getting used to try to tap remaining pockets of stupid money.

I think this is what the DeFi movement is tapping already.

Everyone agrees that banks can be greedy, exploitative corporations that are out to take your money--that's why we have a century plus worth of financial regulations that have mostly successfully restrained them from doing that.

The DeFi movement says that since banks are greedy (a quasi-left, largely true statement), you should give money to us instead! Just ignore the fact that we are also greedy, our tech is even dumber, and we have no regulations prevent us from just straight up taking your money!

HappyHippo posted:

That's the whole gamestop thing basically.

Also what the CEL bagholders are doing right now too

The whole Gamestop/AMC thing is another great example of this. Individual investors cheered as a hedge fund got wiped due to shorting Gamestop. It was portrayed as the greedy capitalists finally getting got. But instead of this quasi-left feeling being channeled into anything politically productive, it instead morphed into a religious belief in the power of Gamestop to make everyone wealthy. This has now predictably led to the average individual investor becoming the bagholder allowing these lucky initial Gamestop investors to liquidate their positions.

# ? Jun 21, 2022 19:22

steinrokkan: Apr 2, 2011; Soiled Meat

pippy posted:

It's time to start smoking your vitamins, goons:
https://twitter.com/BennettTomlin/status/1539258114175901696

Yeah, because everybody knows it's the nicotine that kills you

# ? Jun 21, 2022 19:25

Deptfordx: Dec 23, 2013

Smoking 300 cigarettes has got to be pushing nicotine poisoning.

# ? Jun 21, 2022 19:34

drk: Jan 16, 2005

Deptfordx posted:

Smoking 300 cigarettes has got to be pushing nicotine poisoning.

Yeah but it converts 80% of it to vitamins via magic or something, so its like smoking only 60 a day, a widely recognized healthful level of smoking

# ? Jun 21, 2022 19:38

bagmonkey: May 13, 2003; Grimey Drawer

fuctifino posted:

I just had an update from Derek Smart.

Dave Mata was hired 4 months ago as 'Director of Product, LiveOps' by Beamable. Their CEO, Jon Radoff, is also a friend of Derek and noticed the post on Derek's wall, and knew nothing about the SEC prosecution. As of 5 minutes ago, Dave Mata was fired.

lol

sorry I was mean to you this owns dude, nice work!!! :lmao:

# ? Jun 21, 2022 19:41

PITY BONER: Oct 18, 2021

I def wanna dip my butt into Vita Cool.

# ? Jun 21, 2022 19:43

Nessus: Dec 22, 2003; After a Speaker vote, you may be entitled to a valuable coupon or voucher!

steinrokkan posted:

Yeah, because everybody knows it's the nicotine that kills you

It reads like some kind of half-assed attempt to sound like William Gibson

# ? Jun 21, 2022 19:44

fuctifino: Jun 11, 2001

bagmonkey posted:

sorry I was mean to you this owns dude, nice work!!!

it's all good my friend

#BongHitsForBitcoin

# ? Jun 21, 2022 19:47

DaveWoo: Aug 14, 2004; Fun Shoe

That cigarette thing sounds totally legit, now let me tell you about this special product I invented that you can add to cake to have it give 100% of your daily vitamins and nutrients, and also you lose weight by eating it

# ? Jun 21, 2022 19:48

Cyrano4747: Sep 25, 2006; Yes, I know I'm old, get off my fucking lawn so I can yell at these clouds.

fuctifino posted:

I just had an update from Derek Smart.

Dave Mata was hired 4 months ago as 'Director of Product, LiveOps' by Beamable. Their CEO, Jon Radoff, is also a friend of Derek and noticed the post on Derek's wall, and knew nothing about the SEC prosecution. As of 5 minutes ago, Dave Mata was fired.

lol

ROFL

Goddamn.

# ? Jun 21, 2022 19:50

bobjr: Oct 16, 2012; Roose is loose.
🐓🐓🐓✊🪧

https://twitter.com/brettkollmann/status/1539308882866348032?s=21&t=5Snc3OaIPb-iu91ciLsy0A

# ? Jun 21, 2022 20:07

MarcusSA: Sep 23, 2007

bobjr posted:

https://twitter.com/brettkollmann/status/1539308882866348032?s=21&t=5Snc3OaIPb-iu91ciLsy0A

Hell yeah lol

# ? Jun 21, 2022 20:07

lovely tuna snatch: Feb 10, 2010

On the stocks vs Bitcoin vs commodities and where they derive their value from, it helps to think of it like this (IIRC I saw it in a Buffet video).

Imagine that instead of owning 1 BTC, 0.01% of a company or 10 pounds of wheat, you own all of it globally. All Bitcoin, full ownership of a company, the world's wheat supply.

If that were the case, which of these would you be able to make money off of?

# ? Jun 21, 2022 20:23

Foo Diddley: Oct 29, 2011; cat

lovely tuna snatch posted:

On the stocks vs Bitcoin vs commodities and where they derive their value from, it helps to think of it like this (IIRC I saw it in a Buffet video).

Imagine that instead of owning 1 BTC, 0.01% of a company or 10 pounds of wheat, you own all of it globally. All Bitcoin, full ownership of a company, the world's wheat supply.

If that were the case, which of these would you be able to make money off of?

well the bitcoin, obviously. if you were the only person who had it you could set the price to whatever you wanted and everyone would have to pay it

# ? Jun 21, 2022 20:25

nullEntityRNG: Jun 23, 2010; Mostly pseudo-random.

small butter posted:

Can someone please post that line going up comic in which the guy is happy because he thinks that line will go up no matter what the chart looks like? 3 charts, all going up. Can't find it.

Nowher posted:

I know it's a lovely old meme but it just works so perfectly

# ? Jun 21, 2022 20:29

hot cocoa on the couch: Dec 8, 2009

lovely tuna snatch posted:

On the stocks vs Bitcoin vs commodities and where they derive their value from, it helps to think of it like this (IIRC I saw it in a Buffet video).

Imagine that instead of owning 1 BTC, 0.01% of a company or 10 pounds of wheat, you own all of it globally. All Bitcoin, full ownership of a company, the world's wheat supply.

If that were the case, which of these would you be able to make money off of?

and before you retort that it's not an asset or commodity, but a form of money, and if you owned all the worlds japanese yen, for example, it would be equally useless, remember: currency issued by a central bank is on it's balance as a liability (it created that money by issuing bonds). nations typically issue bonds and create money based on it's expected ability to pay for those liabilities (ie. with it's GDP). it is infinitely more valuable to own a countries entire currency base than a crypto

# ? Jun 21, 2022 20:30

Dr. Video Games 0031: Jul 17, 2004

Zwabu posted:

Well since the president of El Salvador forced his country to adopt Bitcoin as the national currency I would imagine its having a pretty big effect there. I�m gonna guess some guy living week to week selling food from some street cart isn�t going to be doing great in the current circumstance and probably isn�t looking to �buy the dip� and probably has no resources to do so even if he wanted to.

It's my understanding that Bitcoin was only added as an alternative legal tender and didn't replace the existing currency. And also that literally nobody is using it/accepting it because lol, it's loving bitcoin. The bigger negative impact there will come from the president investing a notable chunk of the nation's finances into bitcoin before the crash.

# ? Jun 21, 2022 20:33

WorldIndustries: Dec 21, 2004

bobjr posted:

https://twitter.com/brettkollmann/status/1539308882866348032?s=21&t=5Snc3OaIPb-iu91ciLsy0A

lmfaooo

# ? Jun 21, 2022 20:58

Strong Sauce: Jul 2, 2003; You know I am not really your father.

fuctifino posted:

I just had an update from Derek Smart.

Dave Mata was hired 4 months ago as 'Director of Product, LiveOps' by Beamable. Their CEO, Jon Radoff, is also a friend of Derek and noticed the post on Derek's wall, and knew nothing about the SEC prosecution. As of 5 minutes ago, Dave Mata was fired.

lol

god drat.

# ? Jun 21, 2022 20:58

Chinatown: Sep 11, 2001; by Fluffdaddy; Fun Shoe

bobjr posted:

https://twitter.com/brettkollmann/status/1539308882866348032?s=21&t=5Snc3OaIPb-iu91ciLsy0A

holy poo poo lmao

# ? Jun 21, 2022 21:04

halokiller: Dec 28, 2008; Sisters Are Doin' It For Themselves

bobjr posted:

https://twitter.com/brettkollmann/status/1539308882866348032?s=21&t=5Snc3OaIPb-iu91ciLsy0A

Some of the symptoms of CTE are confusion, impaired judgement, memory loss, and buying crypto.

# ? Jun 21, 2022 21:06

LifeSunDeath: Jan 4, 2007; still gay rights and smoke weed every day

there's the 40 for 40 about athletes losing all their money. one guy got set up with a financial advisor through the football team who ended up swindling him out of everything. so I'm on surprised that these guys are being allowed to take their money in crypto.

# ? Jun 21, 2022 21:08

Parkingtigers: Feb 23, 2008; TARGET CONSUMER
LOVES EVERY FUCKING GAME EVER MADE. EVER.

https://twitter.com/stephenmlangton/status/1539328481305034752?s=21&t=2Ny1Lr1FvKuBEORm2wVJUg

# ? Jun 21, 2022 21:14

Blotto_Otter: Aug 16, 2013

Planet X posted:

Bitfarms is �no longer HODLing all our daily BTC production,� said Jeff Lucas, CFO of Bitfarms

Stupid memelanguage from a 'CFO'. Speak loving english.

"When the price of bitcoin was still going up, we were taking out debt to pay our utilities bills rather than sell our bitcoins. But now that everything's crashing, our financing is drying up so we've got to sell some of these buttcoins to cover our utilities bills and loan payments, because for some reason the power company and the bank still want cold hard cash rather than buttcoins"

# ? Jun 21, 2022 21:24

priznat: Jul 7, 2009; Let's get drunk and kiss each other all night.

Isn't the average length of a NFL career like 4 years or something, imaging blowing one entire year on crypto tanking.

# ? Jun 21, 2022 21:26

CaptainViolence: Apr 19, 2006; I'M GONNA GET YOU DUCK

i think i figured out why the prices have plateaued a bit

# ? Jun 21, 2022 21:28

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# ? May 30, 2024 00:55

evilweasel: Aug 24, 2002

priznat posted:

Isn't the average length of a NFL career like 4 years or something, imaging blowing one entire year on crypto tanking.

he's a first round pick so his first four years are guaranteed but he isn't exactly looking like he's getting a whole bunch after that so far

# ? Jun 21, 2022 21:28

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