Bitcoin: no angel investors, only Faustian bargains

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

Bardeh: Dec 2, 2004; Fun Shoe

gently caress the ROW posted:

No one can cash it out, OP. So its worth maybe 0

I mean, Bitcoin is dumb and the price growth is dumb, but it's easy as hell to sell. Maybe not if you've got like all your life savings in it and wanna cash it all out at once, but if you wanna sell like, 1 coin or something, you can cash out in minutes (and then wait like 2 hours for the Blockchain to actually process the transaction lol)

# ¿ Oct 24, 2017 12:00

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# ¿ May 15, 2024 00:38

Bardeh: Dec 2, 2004; Fun Shoe

Generic Monk posted:

i think he got heatstroke from all the mining rigs in his basement. maybe. if this hasn't actually happened it will at some point

yeah i think he had some ridiculous setup in his bedroom and was also sitting in there on his pc. it got so hot from all of the graphics cards doing mining that he passed out with heatstroke and ended up with minor but irreparable brain damage lmao

E: here it is

quote:

�Hi, I�m the person who posted that message. I originally posted it on 4chan�s technology board (/g/), though apparently someone took a screenshot and it�s been reposted quite a lot on other sites. I don�t feel like doing an interview, but here are some more details in case you�re wondering: I started Bitcoin mining quite a while ago. I already had a decent build with 2 5850s in crossfire that I used for gaming. After mining for a while, I earned enough money to buy more mining hardware from Newegg and Amazon. In the end, I had a total of 4 PCs with 2 5850s in each of them, except for 1 of them, which had 3 5850s. I won�t bother listing all the specs, since they�re nothing special aside from the 5850s. I overclocked the core clocks of the 5850s to squeeze a little more performance out of them, and underclocked the video ram in order to reduce heat. I had them running at 100% fan speed to try and cool them off a little better, but they still got pretty hot anyway. I�m a freshman in college and unfortunately still live with my parents (living in a dorm is too expensive), so I don�t really have any other place to put my PCs except in my own room. So I kept all 4 machines in my bedroom, which is not very big. So they were pretty close to my bed.My parents� house doesn�t have central heating/AC, but instead we have window AC units that we install in the summer, and space heaters for the winter.

However, I procrastinated and didn�t install the AC unit in my room because it wasn�t too hot yet. They are big, bulky, and heavy, so I didn�t want to do it until I absolutely had to. But, being the summer, it did eventually get hotter. Faster than I had anticipated.One day, when I was sleeping (yes, I sometimes sleep in the day due to being up very late at night/early in the morning), it got very hot. And I still didn�t have the AC unit installed in my room, and my 4 mining rigs were still mining bitcoins (I left them on 24/7), generating lots of heat. It was extremely hot. I eventually woke up due to the heat, but it was already too late. I had a terrible heat stroke, and it was quite frightening and disorienting. I not only felt physically terrible, having trouble breathing and terrible nausea, but I was also mentally and emotionally confused and saw all sorts of unpleasant hallucinations (but after doing some googling, apparently that�s normal for people who have heat strokes).

I eventually staggered out of my room, which took quite a lot of effort, and my parents saw that I wasn�t doing too well and then realized I needed medical attention. They rushed me to the ER, and at this point I was barely conscious so I don�t remember everything, but they put bags of ice on me and made me drink tons of liquids. I have no idea how long it lasted, because every second felt like an hour. It was terrible. After I was in a stable condition, they did some general check-up stuff to make sure that I didn�t have any organ damage or something, and I told them that my head felt awful, so they did either a CT scan or MRI scan (I forget which is which, but it was some scan or another of my head), and said I basically had minor brain damage (they used a fancier term for it, but I forgot exactly what it was� but it was basically just minor permanent brain damage). I don�t notice much of a difference in my ability to think� it�s not as if I�m mentally retarded or anything now, but even so, no brain damage is good.

Bardeh fucked around with this message at 13:56 on Oct 24, 2017

# ¿ Oct 24, 2017 13:54

Bardeh: Dec 2, 2004; Fun Shoe

divabot posted:

https://twitter.com/ButtCoin/status/930297347506130945

I wonder how much this is gonna tank the price of ETH

# ¿ Nov 14, 2017 12:39

Bardeh: Dec 2, 2004; Fun Shoe

https://www.reddit.com/r/Bitcoin/comments/7gi55s/dont_invest_recklessly/

A surprisingly self-aware and sensible post on r/Bitcoin!

E: I can't say as much about some of the comments though

Bardeh fucked around with this message at 17:49 on Nov 30, 2017

# ¿ Nov 30, 2017 17:44

Bardeh: Dec 2, 2004; Fun Shoe

This Cryptokitties thing is really cool and the first time I've ever actually seen an easy-to-understand example of how the Etherium network can actually be used in a practical way (even if it's just Crypto beanie babies)

I'm trying to buy a kittie on it but the cheapest ones sell out insanely fast and I don't wanna pay more than $20 to mess around with it

# ¿ Dec 4, 2017 06:37

Bardeh: Dec 2, 2004; Fun Shoe

I made $10 by buying a pretend cat and then immediately selling it

E: and now the prices are completely skyrocketing because everyone else wants to do the same, maybe i should've kept it

E2: this cryptokitties thing is like BTC in microcosm - prices are spiking right now because Forbes and Techcrunch posted articles about it, so everyone is jumping on board hoping to make a quick buck. I wonder how long until it crashes into the ground?

Bardeh fucked around with this message at 15:16 on Dec 4, 2017

# ¿ Dec 4, 2017 14:53

Bardeh: Dec 2, 2004; Fun Shoe

CassandraZara posted:

I'm gonna buy a kitty but not because of Bitcoin, because they're cute.

good luck to you, it seems like the network is completely overloaded by Kitty transactions and the fees are ridiculous compared to only a few hours ago

# ¿ Dec 4, 2017 17:37

Bardeh: Dec 2, 2004; Fun Shoe

5k price swing in the space of a half hour or so lmao

# ¿ Dec 7, 2017 18:10

Bardeh: Dec 2, 2004; Fun Shoe

I don't really know how futures work, but from a quick Google it seems like it's ripe for exploitation in Bitcoin where huge whales can manipulate the price relatively easily. Couldn't a hedge fund or something along those lines make ridiculous bank by pumping the price up artificially after buying a shitton of futures at a cheaper price?

# ¿ Dec 10, 2017 18:57

Bardeh: Dec 2, 2004; Fun Shoe

Litecoin is now going nuts, presumably because Bitcoin has been getting a lot of media attention, and you can easily trade Litecoin on Coinbase. It's up like $100 or more in a day so far. However, as far as I can tell, Litecoin actually does a much better job at being a currency than Bitcoin with fast and cheap transactions.

E: holy poo poo I have Gdax open and it's just a huge frenzy with the price swinging $30-40 up and down every few minutes.

Bardeh fucked around with this message at 13:34 on Dec 12, 2017

# ¿ Dec 12, 2017 13:27

Bardeh: Dec 2, 2004; Fun Shoe

I don't even know how you'd make reliable and informed trades right now, the price is spiking up and down 20-30 euros on a second by second basis.

# ¿ Dec 12, 2017 16:32

Bardeh: Dec 2, 2004; Fun Shoe

Isn't Bitcoin basically just a money-printing machine for people rich enough to be able to pump the price up like that? Wouldn't it be piss easy to manipulate the market at will if you had enough liquid cash to do it? There's no regulatory oversight or anything like that, or anything to stop billionaires from doing it over and over again and escaping with millions of dollars each and every time?

# ¿ Mar 17, 2018 01:10

Bardeh: Dec 2, 2004; Fun Shoe

now all I need is to get into the Slack groups where they organize this poo poo and I'll be rich!!!

# ¿ Mar 17, 2018 01:25

Bardeh: Dec 2, 2004; Fun Shoe

toiletbrush posted:

i understand Tether and how most of it's a scam, but I'm an idiot who doesn't really know much about the stock market. How do they use tethers to prop up the price of bitcoin?

presumably they print a shitload of new tethers and use it to buy Bitcoin when the price is falling.

E: the more i read about Tether the more retarded it all seems. it can't be anything other than a massive ponzi scheme

Bardeh fucked around with this message at 12:43 on Mar 31, 2018

# ¿ Mar 31, 2018 12:38

Bardeh: Dec 2, 2004; Fun Shoe

Can Bitcoin hurry up and really crash so I can actually upgrade my videocard without remortgaging my house please

# ¿ Jun 11, 2018 08:26

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# ¿ May 15, 2024 00:38

Bardeh: Dec 2, 2004; Fun Shoe

Ham Sandwiches posted:

hahahaha

Does it feel weird that you made those posts in October 2017 trying to make the signup process seem like some labyrinthine, impossible poo poo (playing to the audience) when in reality you couldn't navigate a simple set of forms for one of the most widely used crypto websites?

I still marvel at the way that you were implying they were going to steal your money and that the financial protection agency had your back

it takes Coinbase loving months to get anything done, and I had the exact same poo poo with the SEPA transfer where it cost me 10 euros to transfer 6, it hit my coinbase account in a few days, but they still never approved my account for withdrawals and took weeks to send useless, vague replies to my emails asking what the gently caress was going on.

# ¿ Jun 22, 2018 00:37

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