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Star Man posted:How did Bitcoin go from dipping below $20,000 at the beginning of the year to bouncing back to over $30,000? Because bitcoin is the future and its going to the moon, buy now! edit: or wash trading, one of the two.
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Nov 16, 2023 22:38
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Speculation over the SEC approving Bitcoin ETFs, which are themselves speculating on people being more willing to touch the poop with an ETF stick than their own hands.
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Nov 16, 2023 22:46
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Also, Tether turned the money printer back on.
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Nov 16, 2023 22:57
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SlapActionJackson posted:Also, Tether turned the money printer back on. It's always this
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Nov 16, 2023 23:11
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Kiavahr posted:Water that is completely free of impurities cannot freeze. Without a particle for the initial ice crystal to form on, the state change just doesn't happen. There are videos out there of pure water supercooled past freezing where it's liquid then someone drops something into it and the whole container turns into an ice block instantly Ice-nine! https://en.m.wikipedia.org/wiki/Ice-nine Edit: The above is a reference. to a Kurt Vonnegut fictional concept, not actual 
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Nov 16, 2023 23:13
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Star Man posted:How did Bitcoin go from dipping below $20,000 at the beginning of the year to bouncing back to over $30,000? It doesn't have even a pretend economic story anymore. Normal finance has "take deposits, loan that money to businesses, they generate profit, that profit pays for interest" and normal money has inherent value (the US government accepts only US dollars for taxes. If you do not pay them USD, people with guns will take your stuff). Bitcoin doesn't have any of that, there's no inherent use/demand, and nobody uses it for commerce. The USD<=>bitcoin rate is entirely driven by speculation. It's kind of like people gambling on corn futures except without any underlying people actually producing or selling corn
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Nov 16, 2023 23:27
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Star Man posted:How did Bitcoin go from dipping below $20,000 at the beginning of the year to bouncing back to over $30,000? Possibly it's due in part to the upcoming Bitcoin halving (increase of mining degree of difficulty) early next year, which one of our regular coiner rereg idiots recently posted a very overexcited meme about ITT. For an explanation of Bitcoin halving, see my post here and other people's pertinent posts on the same page, which correct my post some and add further detail: https://forums.somethingawful.com/showthread.php?threadid=3838405&pagenumber=2172&perpage=40&userid=0#post535702884 We ascertained there that there's no rational reason for Bitcoin value in dollars to significantly increase because of the next halving (or the ones after it). However, coiners tend to be not very rational, and the fact that our thread's coiner parrot deigned to bless us with said meme probably indicates that many coiners over the next few months will hype each other, and try to hype others, into buying lots of Bitcoin in an attempt to profit from the halving... they've already started the blather. BigBadSteve fucked around with this message at 23:41 on Nov 16, 2023 |
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Nov 16, 2023 23:36
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Foxfire_ posted:gambling on corn futures except without any underlying people actually producing or selling corn The short selling hedgies are coming from inside the chain!!!
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Nov 17, 2023 00:03
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It's always timely to gloat towards crypto holders, because the only way they can actually get rich is by cashing out, thereby admitting it's a scheme, or by holding until BTC or any given shitcoin or NFT has as much spending power as USD, which will literally never happen.
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Nov 17, 2023 00:23
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Do you ever think the bitcoin pizza guy wonders that if he just hodl'd he'd be a multibillionaire
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Nov 17, 2023 00:46
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Space Fish posted:Speculation over the SEC approving Bitcoin ETFs, which are themselves speculating on people being more willing to touch the poop with an ETF stick than their own hands. Also being exceptionally Illiquid as a market with what, 1/10th of the previous trading means instead of 100m to move Bitcoin prices it's now 10m. Probably the remaining volume is solely true believers and Russia/Iran/North Korea.
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Nov 17, 2023 01:13
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Boxturret posted:The more of these things I see the more I think they're just the adult versions of those easy bake ovens and make your own candy things they sell in christmas catalogs. I’m pretty sure ovens are the adult version of easy bake ovens.
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Nov 17, 2023 05:00
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Doesn’t halving increase the likelihood of “frisbee on the roof” due to the halving of miner rewards?
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Nov 17, 2023 05:20
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I think we're well over the horizon of "if the frisbee gets stuck on the roof the miners will collude to unfuck it because there's like five of them that would need to agree and they would all like to play with the frisbee"
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Nov 17, 2023 05:41
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What's "Frisby on the roof"?
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Nov 17, 2023 06:02
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The frisbee on the roof scenario happens if it takes more money in terms of electricity/rent than you get in Bitcoin to mine a block. Absent any other factors the most profitable thing then is to turn your mining rigs off, and if enough miners do that there isn't enough capacity to hit the difficulty threshold at the target 10 minute interval and the blockchain stops getting new links as the whole thing grinds to a halt. However, "other factors" include just changing the protocol by consensus, which is almost certainly what would happen because that's easier to swallow than offloading a bunch of otherwise useless computer hardware, and the true believers will just have to go with it. (Except for the ones who will keep mining the original chain and until they putter out or somehow put the years in to trigger difficulty decreases)
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Nov 17, 2023 06:16
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currency of da future.
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Nov 17, 2023 06:21
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Yeah its one of those things that could happen in theory if bitcoin worked how they say it does, but in reality all the mining power is collected in to multiple large groups, and there's people who can make any changes to the bitcoin code that they want, so its not going to happen, sadly.
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Nov 17, 2023 06:22
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Kiavahr posted:However, "other factors" include just changing the protocol by consensus, which is almost certainly what would happen because that's easier to swallow than offloading a bunch of otherwise useless computer hardware, and the true believers will just have to go with it. (Except for the ones who will keep mining the original chain and until they putter out or somehow put the years in to trigger difficulty decreases) For some reason, this made me imagine a future where people are studying global warming, and there's this weird sidenote about how at a time when humanity was really starting to wake up to the problem, a subset just went nuts trying to use as much electricity as possible as a form of currency. And then the teacher is going to have to field questions like "what kind of idiot would do that" by relating that to idiotic behavior people are engaging in right then, in an attempt to illustrate that human brains are pretty much the same as the were in the year 3000 BCE. And none of the students will buy it.
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Nov 17, 2023 06:25
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Star Man posted:How did Bitcoin go from dipping below $20,000 at the beginning of the year to bouncing back to over $30,000? hamas needs money really loving bad right now and buying up crypto is the easiest method for outside sources to give them that money btc has been funding terrorists for like 10 years now but the recent rise just started a few days after israel went to war and poo poo got real
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Nov 17, 2023 06:30
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Gutcruncher posted:Finally a toaster for Zangeif mains. i like it
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Nov 17, 2023 07:35
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Kiavahr posted:The frisbee on the roof scenario happens if it takes more money in terms of electricity/rent than you get in Bitcoin to mine a block. Absent any other factors the most profitable thing then is to turn your mining rigs off, and if enough miners do that there isn't enough capacity to hit the difficulty threshold at the target 10 minute interval and the blockchain stops getting new links as the whole thing grinds to a halt.
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Nov 17, 2023 10:51
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Collateral Damage posted:Wouldn't they keep mining anyway because while it may be unprofitable now, they all expect bitcoin to go to $infinity? for some reason most electric companies dont take satoshi-brand funbucks™
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Nov 17, 2023 13:54
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People here having really strong feelings about bitcoin but have to look up what a halving is lmao.
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Nov 17, 2023 14:42
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Mining is a cartel and they're not going to let the frisbee on the roof happen. It'll be a slow gradual death, unless tether or bianance wants to explode in which case we might get some fireworks along the way.
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Nov 17, 2023 14:58
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PiePanHandsMan posted:People here having really strong feelings about bitcoin but have to look up what a halving is lmao. I don't need to read the entire pamphlet to decide that putting a pyramid on my head won't protect me from alien mind control waves.
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Nov 17, 2023 14:58
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PiePanHandsMan posted:People here having really strong feelings about bitcoin but have to look up what a halving is lmao. I don’t really see the issue with that. You don’t need to know what halving is to understand that Bitcoin is slow, unwieldy, and dangerous.
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Nov 17, 2023 14:59
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Collateral Damage posted:Wouldn't they keep mining anyway because while it may be unprofitable now, they all expect bitcoin to go to $infinity? No, you're confusing Bitcoin with memestocks. Bitcoin miners are in it for the easy money, as are in fact most of the crypto evangelists at this point. True believers are a tiny minority, and even they don't think it's some kind of hack for the economy that will spit out impossible phone number values if only they hodl hard enough; they think it will at some point replace real currencies because ??? blockchain magic. But miners are industrialists, they own giant computer racks and want an ROI. They will downscale if they have to, it's happened before.
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Nov 17, 2023 15:11
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Ariong posted:I don’t really see the issue with that. You don’t need to know what halving is to understand that Bitcoin is slow, unwieldy, and dangerous. lol bro you don’t even know what a tie rod does.
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Nov 17, 2023 15:31
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SettingSun posted:Do you ever think the bitcoin pizza guy wonders that if he just hodl'd he'd be a multibillionaire I had an opportunity to buy 200 Bitcoin for 25 bux at one point. I think about it from time to time. I was a dumb stupid rear end in a top hat back in the day so I know I would have lost it in a stupid way (probably 'lost my key' or 'dead hard drive'), even if I was lucky enough to avoid the dumb-stupid-rear end in a top hat-to-Bitcoiner pipeline
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Nov 17, 2023 15:54
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PiePanHandsMan posted:People here having really strong feelings about bitcoin but have to look up what a halving is lmao. That's where the number of bitcoins in existence gets "halved" because someone accidentally sent them to $NULL right?
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Nov 17, 2023 15:57
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Edit: arrrg, need more coffee, can't read a joke properly this morning.
Aramis fucked around with this message at 16:09 on Nov 17, 2023 |
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Nov 17, 2023 16:04
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PiePanHandsMan posted:People here having really strong feelings about bitcoin but have to look up what a halving is lmao. Lmao implying Bitcoin hate is from ignorance
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Nov 17, 2023 18:04
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Evilreaver posted:I had an opportunity to buy 200 Bitcoin for 25 bux at one point. I think about it from time to time. best case you'd have sold them around $300, it takes a real idiot crazy person to sit on their hands long enough to 1000x anything
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Nov 17, 2023 18:13
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I bought Bitcorns so I could buy burritos from Meze Grill.
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Nov 17, 2023 18:23
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Khanstant posted:Lmao implying Bitcoin hate is from ignorance The funny part is that the halving isn't based on a date but by the number of blocks mined, so its date can only be estimated since blocks can take minutes to hours to be verified.
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Nov 17, 2023 18:25
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Evilreaver posted:I had an opportunity to buy 200 Bitcoin for 25 bux at one point. I think about it from time to time. You would have sold them at some point when they got up to like 10K in worth or something, or the exchange would have collapsed, or you would have got phished or hacked, lost the wallet info, etc, etc.
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Nov 17, 2023 18:44
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Nov 17, 2023 18:56
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Impossibly Perfect Sphere posted:You would have sold them at some point when they got up to like 10K in worth or something, or the exchange would have collapsed, or you would have got phished or hacked, lost the wallet info, etc, etc.
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Nov 17, 2023 18:57
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People here having really strong feelings about bitcoin but have to look up how to extract dream shards from a fish, lmao
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Nov 17, 2023 19:20
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