[Boards: 3 / a / aco / adv / an / asp / b / bant / biz / c / can / cgl / ck / cm / co / cock / d / diy / e / fa / fap / fit / fitlit / g / gd / gif / h / hc / his / hm / hr / i / ic / int / jp / k / lgbt / lit / m / mlp / mlpol / mo / mtv / mu / n / news / o / out / outsoc / p / po / pol / qa / qst / r / r9k / s / s4s / sci / soc / sp / spa / t / tg / toy / trash / trv / tv / u / v / vg / vint / vip / vp / vr / w / wg / wsg / wsr / x / y ] [Search | | Home]

Can we discuss all the reasons why Buttcoin is shit, and should

This is a blue board which means that it's for everybody (Safe For Work content only). If you see any adult content, please report it.

Thread replies: 45
Thread images: 7

File: buttcoin.jpg (102KB, 600x549px) Image search: [iqdb] [SauceNao] [Google]
buttcoin.jpg
102KB, 600x549px
The ONLY reason to "invest" in Bitcoin is short term gains, ONLY if you are good at reading markets, and exiting at the right times.

>Merchants won't take it (and those "bitcoin debit cards" don't count; the exchange is taking your bitcoin plus a fee and giving the merchant dollars, which they of course happily accept).
It's slow (10 minute confirmation times).

>It doesn't scale (block size limitations are already a problem even though nobody's actually using bitcoin for anything except for illegal transactions and speculation).

>The markets are unregulated (which is a very bad thing; there's all kinds of ways an exchange can dick you over if there aren't any rules, as experience shows).
It's ridiculously complicated to secure and you can lose everything through a fairly simple mistake or security lapse (just search for "SFYL").

>It's based on shitty economics (not understanding that small and predictable inflation is a good thing for an economy, and that deflation through having a currency increase in value over time, which is what they all expect, is terrible because it encourages hoarding).

>Its fan club is generally a bunch of stupid nerds who don't understand finance or economics and expect to get rich by buying some "financial asset" that produces absolutely nothing (at least shares of stock represent an ownership share in a company that actually creates something and produces earnings).

>Bitcoin trading is a zero-sum game: The amount of money speculators make is exactly equivalent to the amounts others lose (again, there are no dividends because nothing of economic value is created). All you're buying is the hope of selling your stake to someone else for more (actual) money, and the person that buys from you is buying the same thing. How could such a thing be sustainable?

>Even its ideological appeal of being decentralized is wrong because an oligarchy of Chinese mining pools is swallowing up more and more of the mining market share

Anything to add?
>>
>>1717430
its retarded to say that when bitcoin is falling. Just look at the past, bitcoin raises and fall every fucking time. just make a position, or dont. right now this is the bitcoin song: https://www.youtube.com/watch?v=u5UqJWRV55E
>>
>>1717430
Its a ponzi scheme. Why do you think "coiners" try and bash "nocoiners" to buy so much? They want you to buy their bag. No one bashes a "noamazoner
>>
Isn't Bitcoin just a digital ponzi scheme?
>>
File: 1479922367936.gif (405KB, 359x371px) Image search: [iqdb] [SauceNao] [Google]
1479922367936.gif
405KB, 359x371px
>Deflationary

People don't spend their Bitcoin because it's worth more every day. (Only 21 million Bitcoin will ever exist)

This means:
>Bitcoin will become incredibly valuable for those who hold it
>Those who don't hold it will be poor and without a job due to the crisis
>The crisis is due to people not spending their Bitcoin
>People who can't afford Bitcoin because their jobs are dead due to recession become homeless or worse
>Rich people that own Bitcoin set up food help for the poor
>Literally the whole world become an Africanized shithole except for people who own Bitcoin
>The Bitcoin people live in their ivory towers living large while the rest of the world turns to shit
>The Bitcoiners establish a sovereign country, basically it's the 1% from all Earth's countries
>They wall it and get a military to defend the wall
>Rest of the budget goes to their lavish lifestyle and spacetravel
>They start rounding up the poor and shooting them into space to work in space strip mines to sustain life on Earth
>The poor people who didn't get Bitcoin are destined to a life of space slavery

Basically not owning Bitcoin will fuck you up
>>
>>1717520
implying that there are computers in the post apocalyptic shithole we are about to face soon after Hilary gets elect
>>
Part 2

Can't be seized

This means
>A new 2008 happens
>The threat of yet more bailouts grows
>Initially, Gold prices skyrocket because people aren't retarded and know damn well the gov will use their pensions for bailouts.
>Unexpectedly governments around the globe announce that they are seizing gold for bailouts
>Large but mostly peaceful protests happen in big cities
>Word gets out of Bitcoin hitting new highs, smart money already knew Bitcoin can't be seized
>It is too late for most of the duped people, what money they have left buys meager amounts of Bitcoin 0.000001 is now roughly equivalent to $10
>In a black swan event governments around the world announce that they are switching to Bitcoin as the reserve currency
>Thanks to already built infrastructure many companies also make a complete switch
>Within a month the world is recovering thanks to a last ditch effort switch to the now stable (thanks to the huge market capitalization Bitcoin now has) currency Bitcoin
>people their salaries are paid in Bitcoin
>fortune 500 companies have new owners due to being bought/bailed out in Bitcoin
>crisis averted

This is another reason why you should never own Bitcoin
>>
Part 3

It doesn't scale

>Blocksize limits are constantly hit
>The Bitcoin community takes notice and sets out to remedy this
>Multiple different solutions are offered
>It takes a long time to come to a consensus
>Eventually a change is agreed upon
>It is fixed

Part 4

There are just 21 million Bitcoin

>Bitcoin increases in value
>It is predicted that soon goods will become worth less than 1 satoshi
>Multiple people offer a solution
>Such as making Bitcoin more divideable or creating a Bitcoin backed fiat currency
>A consensus is reached
>The problem is fixed
>>
File: bit-coin.jpg (91KB, 583x416px) Image search: [iqdb] [SauceNao] [Google]
bit-coin.jpg
91KB, 583x416px
>>1717430
>>
Agreed coinbase is defiantly doing some illegal shit
>>
Part 5

It doesn't produce earnings and is a ponzi.

>Someone decides to convert his fiat currency to currency such as Bitcoin
>Someone else decides to convert his fiat currencyto currency such as Bitcoin
>More people start to like the properties of the Bitcoin currency more than the properties of the fiat currency
>Because more people like the properties of Bitcoin the price goes up
>People suddenly realize Bitcoin is not a stock but a currency. Nobody is shocked that their Bitcoin doesn't produce earnings because their fiat currency also didn't produce earnings.

This is why you should never buy Bitcoin. It is a ponzi scam.
>>
>>1717430
t. textbook nocoin coper
>>
>>1717551
Even north korea has better delusions and propaganda
>>
Some more reasons why Bitcoin sucks

It's a bunch of hot air
>It is hot air
>People decided to buy so much of it that it's now the most valuable currency in the world

Retards I tell you.

Normal money is better because
>If people are poor we can just make more of it and nobody will be poor ever again

It is government approved
>Only bad guys use Bitcoin

Central banks issued warnings against Bitcoin
>it is volatile

No companies accept Bitcoin
>Except Steam, Newegg, Overstock, Tigerdirect
>These companies are jokes anyways fuck them

You can't touch Bitcoin because it's not real
>You cannot touch Bitcoin so it doesn't exist. It is shit.

People buy drugs with them online
>If you aren't careful with Bitcoin you can order drugs by accident and then die

DONT BUY BITCOIN
>>
>>1717520
Implying a new, superior coin(s) will not be made
>>
>>1717520
Is this for real? Cause imma need to stack up
>>
>>1717430
ANYONE can make a digital "coin". There are HUNDREDS of crypto currencies and they share 1 thing in common: you cannot do shit with them.
>>
>>1717572

Very real. Even OP agrees that Bitcoin is deflationary. Bitcoin doesn't have healthy inflation.
There will only ever be 21 million Bitcoin. It is written in the Bitcoin source code.

Don't fall for it. Don't buy Bitcoin.

Look at all these statistics http://www.bitcoinblockhalf.com/
>>
I love how Shitcoiners say it will replace fiat, as they describe its value in fiat, and then exchange it for fiat at peaks.

Eventually China will dump it and it lose the only value it has.

The "success" of this coin was pure coincidence.

I wouldn't care if they just admitted to it being a speculative commodity instead of creating these ridiculous post apocalypse scenarios where the USD fails and btc replaced it, even though the majority of the coins are already being held by a handful.

Had it not been for the Cyprus bank fiasco, it would have never gotten this high and just be another of the thousands of cryptos
>>
>>1717520
But how will the rich pay for the wall, lavish lifestyles and space travel if none of them are willing to spend their bitcoin?
>>
>>1717589
>Don't buy Bitcoin.
You just said nocoiners will literally become space slaves
>>
>>1717620

Well yes, but if nobody buys Bitcoin just the regular poor people will become space slaves.

If nobody buys Bitcoin there will be no new Bitcoin financial elite, just the old financial elite.

If nobody buys Bitcoin the government can still seize all your money when it needs it for a bailout.

If nobody buys Bitcoin Africa won't engulf the world.

Much better this way. Just have faith that nobody will buy Bitcoin to become the new super wealthy elite firing people into space to work in ultrafactories and space mines.
>>
>>1717618

The 1% will ofcourse spend 1% of their ridiculously valuable Bitcoin holdings. Not everyone will lose their jobs.

See it as a pre-neolithic era group of hunter gatherers. At some point the group becomes too large to be sustained by whatever nature can offer. People get left behind or die because of famine.

This will also happen in modern day if Bitcoiners have their way. They see themselves as the chosen people and other people as dumb ''nocoiners''.

Don't fall for their lies. If nobody buys Bitcoin then nobody will become super rich. Their plan is to make 1 Bitcoin have a value of $1 Million Dollar, and they say that at that time you won't even need to exchange your Bitcoin for what they call ''fiat money'' (USD and EUR and the like) anymore.

Do not fall for this scam. If nobody buys 1 Bitcoin, then 1 Bitcoin will never be worth so much money. There are only 6 million coins left to be mined and ofcourse some will be bought and sold.

If only 21 million people can own 1 Bitcoin each it is not enough. The world population is 7.5 billion people. There just isn't enough to go around. So play it fair, don't buy Bitcoin and just stay in your system where you belong.

Not to mention that alot of Bitcoin is already owned so it won't even be 21 million people owning 1 bitcoin each. This is just UNFAIR. The world is just UNFAIR so don't buy Bitcoin because wealth would be unevenly distributed.

Just look at these statistics https://bitinfocharts.com/top-100-richest-bitcoin-addresses.html

Unfair. Don't buy Bitcoin. Even if they are worth so much money it's better to not be guilty of buying pyramid-schemecoin.
>>
The last week for me personally proved why bitcoin will likely never be sueful for the average person.

Within 3 days more then 5 billion got pumped into it then sold off. its pretty obvious that people with huge ammounts of money can drastically change the value , just over night. its also clear that the majority of bitcoin is held by a very small percentage of overall holders, and everyone else is just fighting for scraps basically
>>
>>1717675

Yeah just look at this vegan. He lost 113k on Bitcoin. https://www.youtube.com/watch?v=oYdMkZIVzjs

These things just don't happen with Gold because there is already alot of money in it (100 times more than Bitcoin) so if someone pumps 5 billion into it, it doesn't really matter.

But with Bitcoin, it's HUGE (don't buy Bitcoin). Because they can make the price rise and drop so easily.

If Bitcoin was like gold then nobody would notice 5 billion being pumped in and out.
>>
File: Douchebag.jpg (62KB, 1280x720px) Image search: [iqdb] [SauceNao] [Google]
Douchebag.jpg
62KB, 1280x720px
>>1717690
You got my hopes up when you said vegan
>>
>>1717430

> being this ignorant
> 2017
>>
>>1717566

These companies accept Bitcoin because they have an upper middle class tech savvy audience and they probably sell that shit instantly for fiat currency.

So what?

Great, you can buy a new graphics card. Now try buying some groceries. Better yet, how about you try buying food in a country with a fucked economy and see how far your Bitcoin gets you...

Everyone used to use Myspace. There's no guarantee Bitcoin will continue to see success, especially when there's so many alternatives being developed, some of which are far better than Bitcoin.
>>
BITCOIN = Ponzi fronm day zero

Looking for bagholders ever since 2009.

Preying that such bagholders don't buy precious metals instead.

Fed colluding with Ponzi offspring refusing to raise rates hoping the masses pile into ponzicoin.

It didn't work and nobody wants it.

Raise the rates and let the chaos from 2008 resume.
>>
>>1717531
>bitcoin can't be seized

the feds seized silkroad's bitcoin and sold them all off
>>
>>1717430
is the nickname buttcoin because i can literally sit on my ass and do nothing and make money off of it?
>>
>>1718733

> have to have password
> implying they just took it

He gave it to them to comply n' not be imprisoned for a longer period of time. It is called control n' fear. Which the government instills in everyone. Including you and everyone on this board. Which is why you pay taxes n' comply with the rules and regulations, in fear of going to jail. Now repeat to me "you are not free".
>>
>>1717672
You do know each coin is divisible to a hundred million pieces right?
>>
>>1717430
COPE HARDER NOCOINER

2000 BY END OF THIS WEEK
>>
>>1717566
>If you aren't careful with Bitcoin you can order drugs by accident and then die
kek
>>
File: 15237878.png (260KB, 461x357px) Image search: [iqdb] [SauceNao] [Google]
15237878.png
260KB, 461x357px
http://motherboard.vice.com/read/bitcoin-is-unsustainable

>a single Bitcoin transaction uses roughly enough electricity to power 1.57 American households for a day.
>>
>>1717569
I wont buy your coin u kike
>>
>>1718927
He talks about bitcoin mining and bitcoin transactions interchangeably; they aren't the same thing and their energy consumption isn't the same
>>
>>1718852

Yes I was just memeing. Bitcoin fucking rules.
>>
File: IMG_4185.jpg (38KB, 489x499px) Image search: [iqdb] [SauceNao] [Google]
IMG_4185.jpg
38KB, 489x499px
Salty no-coiners
>>
File: 1453028969505.jpg (213KB, 540x703px) Image search: [iqdb] [SauceNao] [Google]
1453028969505.jpg
213KB, 540x703px
>>1717430
scalability issues (which the Lightning Network should fix if those faggots actually start writing code instead of documentation like the retards they are)

volatility

transaction speeds (see Lightning network above)

too complicated for the average retarded dindu to pick up and use

although I love bitcoin and how it revolutionised money as we know it to a replacement to fiat statist garbage, saves trees, just requires a computer of any kind and the software, I own BTC and I like it but of course there needs to be changes to Bitcoin Core (forks would fuck shit up badly) before it's truly ready to replace the USD or any other statist fiat shit out there, proposals and proposals but no code, idea guys are the worst kinds of cancer
>>
>>1718856
So you will have $50 in buttcoins?
>>
>>1719190
Saves trees that can easily be regrown. Meanwhile uses more electricity than developing nations. All that added pollution. Awesome.

That amount of computing power could be going towards research like curing cancer. Instead were using it to solve retarded algorithms to print money so we can make a handful of people rich.

How fucking stupid can people be?
>>
>>1717430

>The ONLY reason to "invest" in Bitcoin is short term gains

No, i really like the technology and i see future promise in it.. remember this is in its infancy. But ofcourse, wont hurt to make a few bucks from Alt PnD

>Merchants won't take it

some do, like steam, amazon, and a few others. But yeah, not a whole lot of adoption. This is right for the most part

>It doesn't scale (block size limitations are already a problem even though nobody's actually using bitcoin for anything except for illegal transactions and speculation).

Yeah this is true, but future updates might reduce the waiting time to an hour :p

>The markets are unregulated

this is true, plenty of exit scams out here "oh no, we got hacked".. Personally i risk a certain amount of my money on BTC because i like the technology.. if it gets hacked, so be it

>It's based on shitty economics (not understanding that small and predictable inflation

yeah like gold, has been the basis of economies for thousands of years.. Having digital gold isnt too far fetched

>Its fan club is generally a bunch of stupid nerds

Yeah the fanboys and shills in crypto are a world on their own. Personally, i find it fun

>Bitcoin trading is a zero-sum game
Just like trading stocks, or gold.. you have to be good at what you do

>Even its ideological appeal of being decentralized is wrong because an oligarchy of Chinese mining pools

this is true.. but there are some alts out there, that have fundamentals that are less centralized than BTC, Take BURST for example.. doesnt require alot of power to run it. .. perhaps they hold the key to the future of decentralized NEET currency
>>
>>1717503
>>1717512
It's affected by supply and demand the same way as every other currency.

A Ponzi scheme pays out old investors—usually meaning the guy's friends with whom he started the business—using the new investors' money. The entire premise is that the business is purposefully overvalued—the books are being "cooked" and there are no gains being made (not as many as stated, anyhow), simply a shuffling of funds.

Bitcoin would fall under a speculative bubble, or a "pump-and-dump." This isn't even necessarily true as Bitcoin is legitimately used as a medium of exchange, meaning it isn't just an investment for investment's sake.

>>1717566
>People buy drugs with them online

That's probably one of the biggest problems. Since many Bitcoin transactions are illegal, legislation could easily destroy the demand for Bitcoin overnight. The black market is really the only thing Bitcoin has exclusively going for it.

>No companies accept Bitcoin
>Except Steam, Newegg, Overstock, Tigerdirect

That's the gimmick part. Bitcoin is many times over more volatile than US dollars, meaning it isn't a safe store of value in comparison. There is really no reason for Bitcoin to exist other than illicit pseudonymous transactions.
Thread posts: 45
Thread images: 7


[Boards: 3 / a / aco / adv / an / asp / b / bant / biz / c / can / cgl / ck / cm / co / cock / d / diy / e / fa / fap / fit / fitlit / g / gd / gif / h / hc / his / hm / hr / i / ic / int / jp / k / lgbt / lit / m / mlp / mlpol / mo / mtv / mu / n / news / o / out / outsoc / p / po / pol / qa / qst / r / r9k / s / s4s / sci / soc / sp / spa / t / tg / toy / trash / trv / tv / u / v / vg / vint / vip / vp / vr / w / wg / wsg / wsr / x / y] [Search | Top | Home]
Please support this website by donating Bitcoins to 16mKtbZiwW52BLkibtCr8jUg2KVUMTxVQ5
If a post contains copyrighted or illegal content, please click on that post's [Report] button and fill out a post removal request
All trademarks and copyrights on this page are owned by their respective parties. Images uploaded are the responsibility of the Poster. Comments are owned by the Poster.
This is a 4chan archive - all of the content originated from that site. This means that 4Archive shows an archive of their content. If you need information for a Poster - contact them.