Bitcoin: no angel investors, only Faustian bargains

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

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

Goodpancakes posted:

Why are all these basement dwellers without huge sums of money hand wringing about inflation. They likely have massive sums of debt and would benefit from modest inflation

Because they've been indoctrinated, and because there is no middle ground between "no inflation because sound money, forever" and "Zimbabweimar Megahyperinflation."

# ¿ Dec 8, 2017 02:58

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# ¿ May 14, 2024 15:30

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

Superrodan posted:

It's been a long long time since I've really looked into Bitcoin or read about it but a ton of people are bringing it up in real life today so I have some questions.

I seem to recall something about how some bitcoin file somewhere had to contain every transaction that's ever happened or something? Has that been taken care of? If not, is it still that big? Also, with the prices this high what's the smallest increment of bitcoin someone can give someone else? Lastly, I remember back in the days of Magic The Gathering Online Exchange being the place to get bitcoins whenever it went up people were having trouble actually getting their money out of bitcoins. Is it relatively easy to actually withdraw now or are we gonna see a ton of people trying to do it and unable to soon?

Yes.
I don't know, but I think probably not.
There would be at least some monster files, if perhaps not literally every single computer's file.
Technically still a tiny tiny piece. In practice, lol.
And finally...

What does your heart tell you?

# ¿ Dec 8, 2017 03:48

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FAGGY CLAUSE posted:

With a name like that I'd hate society too

# ¿ Dec 8, 2017 04:27

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smoobles posted:

Lmao I've got $8k worth of BTC (I put $300 in four years ago) locked up in coinbase and I can't log in to sell it because the ID servers aren't working, gently caress me

You will almost certainly never get that back, there will be "problems" for a while and then there will be some horrible misfortune like a server wipe or a hack and you will have lost most or all of that money.

# ¿ Dec 8, 2017 04:45

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smoobles posted:

That's the thug life I signed up for when I put $300 into bitcoin

I hope you at least bought some dope

# ¿ Dec 8, 2017 04:50

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Computer Serf posted:

If you take a moment to understand the grave risks of losing a known risky volatile financial investment and store your key offline, it's considerably secure unless you're a dumbass.

put your orders in via GDAX (if they let you verify your account) and understand the risk involved with third parties holding your assets.

place your market order ahead of time, accepting your risk.

breath and remember this is some nerd poo poo and of course it's beanies but lol if you're salty that other people are willing to take risks

smoobles posted:

Lmao I've got $8k worth of BTC (I put $300 in four years ago) locked up in coinbase and I can't log in to sell it because the ID servers aren't working, gently caress me

In other words, smoobs does not actually have the butts, hence the entire problem! If smoobs had the butts they could go hustle a libertarian.

# ¿ Dec 8, 2017 05:01

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1st_Panzer_Div. posted:

Federal student loans.

Are they inflation indexed in some way?

# ¿ Dec 8, 2017 05:03

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Good Citizen posted:

I also haven�t been paying attention since the magic the gathering exchange days

Has anyone said buttcoin yet??

Yeah, the government did. I think the feds technically own the buttcoin website.

# ¿ Dec 8, 2017 05:15

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1st_Panzer_Div. posted:

One of mine is, not sure whats normal though.

Inflation is scary in combo with current govt poo poo though, it should help but it might condense wealth real quick. Either way bitcoins are the best.

How do butts do anything but "condense wealth" though

# ¿ Dec 8, 2017 07:50

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Fanatic posted:

I wonder what price the coin has to get to that will convince a whale to dump his holdings, and whether that will be enough to crash the market or not

I think a guy with ten thousand butts won't have them on these exchanges.

# ¿ Dec 8, 2017 08:44

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ilmucche posted:

I went to the bitcoin reddit and it was a lot of people complaining they lost x amount of dollars, and had spent x amount of dollars in electricity and so wouldn't be able to pay their bills. Are you essentially paying your electricity company for your bitcoins?

Pretty much, since they stopped being something you could produce on your spare graphics card most of the big money hustlers have been guys with access to cheap industrial electricity.

# ¿ Dec 8, 2017 09:16

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The only good thing about bitcoins would be "I have a bunch of them and I'd really like a bunch of money for owning an asset"

# ¿ Dec 8, 2017 09:26

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Sekenr posted:

What is this thing with 226k unconfirmed transactions and growing? Nobody can pay with Bitcoin anymore?

There's a backlog unless you pay a bunch more butt extra. I don't think it's ground to a halt yet, but your no fees transaction could take approximately forever to execute.

# ¿ Dec 8, 2017 11:11

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Superrodan posted:

How big is the ledger file at the moment?

A little under 150 gigs, or almost as big as my johnson if you prefer metric units.

I don't know if this came up earlier, but:

https://qz.com/1149772/the-murky-relationship-between-bitfinex-and-tether-is-raising-suspicions/

quote:

Put another way, if an affiliate of the New York Stock Exchange was able to print money at will to buy stocks on the exchange, questions would be asked and assurances sought about the legitimacy of a rally, especially if prices rose as rapidly as bitcoin in recent weeks.

...

�We appreciate every single one of our customers who have made Bitfinex the largest and best cryptocurrency exchange in the world,� Torossian said in an emailed statement.
In addition to their banking woes, both Bitfinex and Tether have suffered costly hacks. Last August, Bitfinex lost nearly 120,000 bitcoins, worth about $60 million at the time, to a hack.

Also I guess tether is just literally fiat money? Issued by a single authority and backed by promises alone?

# ¿ Dec 8, 2017 12:05

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Powershift posted:

No, tether is more like arcade tokens, if the arcade let you use arcade tickets to get more tokens.

You put $10 into a machine and get 10 arcade tokens that they say they will buy back from you at any time.
You put the tokens into a game and win 40 tickets.
You use those 40 tickets at the toy counter to get 40 arcade tokens
You tell the arcade owner you want to trade your tokens for money
He says he got hacked, and then disappears.

So it's not like you get tethers for your money they totally didn't steal from you, you have to give them your fiat money, and then they totally promise they'll pay it back from their 100% non-fractional bank balance at some future point, maybe, if they feel like it?

# ¿ Dec 8, 2017 12:23

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QuarkJets posted:

They don't even promise to pay it back. The tether legal page states that they're under no obligation to redeem tethers to anyone for any reason.

It's a completely transparent scam but it makes the bitcoin price go up so bitcoiners are okay with it. It's also what will eventually cause the bubble to explode, most likely

So like, what's the value here, is the idea that if you float them enough money they'll release your butts or let you cash them out?

# ¿ Dec 8, 2017 13:19

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nexous posted:

That's what people keep saying. But I haven't proof of a sucessful withdrawl (to the US) that didn't end in someones bank freezing their account. Surely someone in this thread must have extracted a large amount of money from Bitcoin into USD and can show us a line item in their bank account? I don't doubt that its technically possible, I would just like to see it.

I think the theory here is that if you "Just" want to pull out six hundo, it is relatively likely that after multiple attempts and a customer support ticket, you may be able to do so. It is in the interest of the scammers to do a little of that because it spreads the story.

# ¿ Dec 8, 2017 22:05

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Fallows posted:

Should I invest my retirement money into a new titan v powered bitcoin rig or directly into bitcoins at this point? need advice asap!

Buy Porg

# ¿ Dec 8, 2017 22:15

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jonathan posted:

I mined for about 10 days though nicehash earning rough $45 in btc. I probably spent $12 in power. I transferred that to coinbase for no reason. Then my power supply blew up, costing me $90 to replace.

So basically it cost me $102 to generate 45 in magic bucks that still isn't technically in my pocket.

They should try making a currency that is useful for something. Imagine if!

It's useful for giving guys with computer skills free money occasionally, what purpose could be higher?

# ¿ Dec 8, 2017 22:22

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Stefan Prodan posted:

I have personally withdrawn 40k from btc to usd from poker

All at once?

# ¿ Dec 8, 2017 22:45

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Computer Serf posted:

it's difficult to accept things have changed in the last 5 years but believe it or not, bitcoin is about to be traded on nasdaq and yes there are several licensed startups who give cash for satoshi beanie babies.

look up GDAX

I can't - I'm too busy waiting for the cryptosearch to clear for when I googled ron paul

# ¿ Dec 8, 2017 23:44

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a hot gujju bhabhi posted:

Bitcoin is a store of value so you just never remove your Bitcoins duh.

Do people ever use their butts for collateral for actual things? That would make some sense at least.

# ¿ Dec 9, 2017 00:24

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QuarkJets posted:

ATM fees are more like having to pay a transaction fee to get the bitcoin network to move bitcoins from one place to another. The more analogous real-life example would be going to a Chase Bank ATM and trying to withdraw money from your Chase Bank Checking Account and being told that the withdrawal will take 4 days and will cost $50

Have banks ever charged fees for using their own ATMs?

Probably, although I think the scale is another factor here. Like, it's one thing if they give you a dollar fee when you pull out two hundred bucks, it's another if it's $80 for $200 (and also you wait three days).

# ¿ Dec 9, 2017 00:50

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Waltzing Along posted:

Is there any way to make bitcoin transactions faster?

Use something other than bitcoin

# ¿ Dec 9, 2017 02:19

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Comfy Fleece Sweater posted:

What do we need to make a bunch of micro transactions to clog the Bitcoin Blockchain? Would that be illegal?

Run a small gambling site

# ¿ Dec 9, 2017 04:58

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Rock Puncher posted:

Even better if you can make it so that it appears you're selling bitcoins at a huge discount to market prices, that did a good job of crashing the opal market back in the day.

At this point it seems prudent to crash the market, it is getting way too much exposure and the irrationality is off the charts, could go horribly if it goes on too long and people are highly leveraged when it actually does crash.

The "market cap" is like 99% bullshit since most of those butts are either old or were purchased for small sums, and while I have no idea how many are in those exchanges, it's probably less than "the number lost forever to computer failures."

But if this dumb poo poo went on for a year, yeah it would probably be a big problem when it actually did popped. I wonder how Wall Street will take it if they lose a few billion.

# ¿ Dec 9, 2017 06:09

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QuarkJets posted:

Market cap is 100% bullshit, not just for cryptocurrencies but stocks too

Yeah? I thought it had some relation to stocks at least, which were at least in theory originally connected to an actual company which did something or other.

# ¿ Dec 9, 2017 07:15

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But the market cannot be irrational, save by the cruel hand of Government!

# ¿ Dec 9, 2017 07:40

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FogHelmut posted:

The good news is that if the bitcoin does crash, the slow transaction speed will not allow anyone to get out in time to save themselves.

I forget where but I read something along the lines the other day, that various features of bitcoin (including this) are basically obstacles to the price going down.

# ¿ Dec 9, 2017 08:16

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Baronash posted:

The real tragedy in all of this is that the several hundred (did any ever hit 1k?) page threads about bitcoin back in the heady Bruce Wagner days seem to have vanished into oblivion following the GBS genocide.

Are those still around somewhere?

Buy archives (so lowtax can buy bitcoin)

# ¿ Dec 9, 2017 09:15

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BluPotato posted:

My problem with this whole thing is isn't it hilariously bad as a currency though? Like in order to aquire goods with it you need to go though umpteen something steps and rather it works better as a money laundering tool?

It was a hypothetical proof of concept that people cling to because they own a bunch of it and would really like free money for having that thing

# ¿ Dec 9, 2017 10:41

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QuarkJets posted:

Keep in mind that the most popular bitcoin exchange by far is Bitfinex. Bitfinex isn't able to let people withdraw USD (or basically anything else) because they are so blatantly shady that no banks will work with them.

When you can't withdraw USD, what do you do with it? You buy cryptocurrencies. This puts upward pressure on the price.

Obviously you just do not understand the new banking revolution that is "I own something that is going up in price." It will change everything (because I will be very rich, just as soon as I get my money out).

e: I looked at r/bitcoin, because I'm an idiot, and good golly.

quote:

What does this mean? It means bitcoin is edging into the hearts and minds of the general public. This COMPLETELY DEPENDS ON A STRONG BITCOIN COMMUNITY. Do not be disheartened if the price dips dramatically. Don't give up on your hodlings.
Remember why we're in this space at all: for freedom. No more endless wars funded by unaccountable central banks that operate in complete secrecy, siphoning the wealth of an unaware populace while simultaneously sending them to their deaths on the battlefield.
You are all the early adopters, and you are about to find out just what that means. Stay strong, you're not alone.
And... HODL.

So the idea here is that by getting some butts and just... not doing anything with them, you will destroy the ~~Jewish~~ central banking system and all the bad things?

Nessus fucked around with this message at 03:54 on Dec 10, 2017

# ¿ Dec 10, 2017 03:36

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Toys For rear end Bum posted:

There was a year and a half period where Bitcoins price was relatively stable ($250-$400), transactions went thru in 20 minutes with no fees.
If it didn't take off as a currency back then, what the gently caress makes people think it'll happen now?

That doesn't sound like it's making me rich for owning an object at all!

e: https://twitter.com/Beautyon_/status/939586017027387392

persuasive, I must say

Nessus fucked around with this message at 09:09 on Dec 10, 2017

# ¿ Dec 10, 2017 06:29

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wide stance posted:

When cherry picking r/bitcoin it must have hurt to see the new cars, people getting out of debt, buying houses, quitting their job to travel year-round, etc.

I suppose those are less authentic than the obvious low-effort FUD shills and crazies.

Shouldn't you be happy about that yourself? After all, they were weak hands. More for you to buy; and to HODL.

# ¿ Dec 10, 2017 21:33

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https://twitter.com/AdamSinger/status/939918609626800128

"Sore winners" are totally a thing lately, huh.

# ¿ Dec 10, 2017 22:17

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I still don't understand the process by which the butts destroy central banking and various other moral ills simply by becoming very expensive. Is this one of those things where it imbues the hodlers with godlike power, and obviously they would use their godlike power to fix all the problems rather than just Notching out?

# ¿ Dec 10, 2017 22:43

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a hot gujju bhabhi posted:

They don't understand it either. If you try to press them on the specifics of their ridiculous story they completely flounder.

Well I mean I have some pretty wacky religious beliefs myself but I think that guy with the nocoiner definition kind of revealed it: It's this giant virtual conspiracy of idiots trying to inflate their hodling, and the only thing they can do is police each other to avoid having their, dare I say it, safe space disrupted.

e: misspelled hodling

Nessus fucked around with this message at 22:53 on Dec 10, 2017

# ¿ Dec 10, 2017 22:49

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QuarkJets posted:

Instead of buying bitcoins I bought Boeing stock. I'm up 300% for the year and I didn't have to give all of my personal information to exchanges so shady that they can't acquire banking partners, nor did I have to worry about the exchange getting "hacked" and wiping out everything I had

Now be sure to HODL onto that Boeing stock no matter what. It's going up up up!! (because they make airplanes)

# ¿ Dec 11, 2017 02:35

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Uranium 235 posted:

this one looks like a success story to me https://www.reddit.com/r/Bitcoin/comments/7iw10q/just_paid_for_my_sons_college/

this sounds good too https://www.reddit.com/r/Bitcoin/comments/7iuqwk/3rd_best_day_of_my_life_ama/

this guy got some free heelys https://www.reddit.com/r/Bitcoin/comments/7ivy7v/i_put_100_in_bitcoin_when_it_was_at_5000_and_sold/

anyway i've seen people post about cashing out, they come up every now and then. they're sprinkled throughout the crypto subs on reddit, not just on r/bitcoin

So what? Good for them. People win the lottery all the time too; just not many of 'em

# ¿ Dec 11, 2017 02:44

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# ¿ May 14, 2024 15:30

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

PromethiumX posted:

this has probably been touched on before but why the hell do they all refer to holding as HODL or HODLING?

Some dude long ago typo'd it and it became a meme. They have made "not selling a computer pog" into a great moral virtue, because of course they did.

# ¿ Dec 11, 2017 04:07

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