WTF? Bitcoin breaks $1,000 level, highest in more than 3 years.

>>>/biz/

i had a few bitcoins a long time ago when it blew up, sold when it was around 400

something rubs me the wrong way about them... seems like a ponzi scheme. Kinda bugs me to see they broke 1000 on jan 1 because I had this sudden urge to invest my xmas bonus into bitcoin but decided it was too gambly

of course, it was too gambly but i would have won :(

>>58286782
>something rubs me the wrong way about them... seems like a ponzi scheme, he said as Bitcoin has been stable at over 600USD for years now

You are so fucking dumb dude

>>58286782
>something rubs me the wrong way about them... seems like a ponzi scheme
because it is
lolbertarians and ancaps larpers will tell you that bitcoin is the future, anybody with a sense knows this is tulipmania of the XXI century
Now I'm not saying that cryptocurrency isn't the future because it is I'm just saying bitcoin isn't

It's tulips, over and over again.

>>58286800
>he said as bitcoin has been stable
>he said as bitcoin ballooned to over $1000
>he said before it's going to crash again

>>58286782
the main use of bitcoin is tax avoidance. any transaction involving bitcoin involve no taxes. and you can apply this to even currency exchange!

>>58286782
>>58286824
>>58286833
Still waiting on this ponzi scheme to fuck me over

Any idea when it will?

>>58286845
during the next crash, assuming you buy it now.
if you bought when it was $5 I guess it will never fuck you over since it's not going to drop that low any time soon

>>58286877
Where's the ponzi scheme then?

>>58286845
If I could see into the future I'd have made lots of money. The point of bitcoin is that you can't tell when it's going to crash, only that it will.
It'll probably crash back to $500 or so within a year. It won't crash that hard since everyone will be expecting it to bounce back up.

>>58286886
Oh I see, I thought you were actually asking a question, didn't realize you were that other guy that is still butthurt because everybody is not part of tulipmania

>>58286688
In 2010 2 out of every 3 /g/ threads were about buttcoins.

>>58286688
Because even core bitcoin devs know it will go to shit in the end. There was a bunch more that left recently.

Crypto currency is just something used by druggies and thirdworlders.

>>58286915
I must have bought all those Steam games in a dream then

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>>58286905
and i couldn't even cash in 1 buttcoin ;_;
>tfw forever poor

>>58286688
>yet i never seen anyone /g/ talk about it.
The first time the bitcoin reached $1000, a huge cryptocurrency rush followed and half of /g/ was populated with *coin threads, "should I get *coin?", and advertising.
Those threads were mainly about business rather than technology and therefore it was decided that all those threads should go in >>/biz/ instead of /g/.

>>58286688

OP I have 3 close friends running an app called lawnmower. More and more banks are picking them up and they're pretty optimistic about the future of it.

Knowing this, I'm still not convinced. Until a crypto comes around that's basic enough for normies to get involved with I'm not buying any of that bs.

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When I first saw Bitcoin on /g/ it was way less than a dollar for one.
I think it was something like $0.10 for one?
I used to lurk almost 24/7 at the time so the first time Bitcoin was mentioned on /g/, I saw it.

I even farmed a few coins with my HD4850 at the time, it wasn't actually that hard.

But I thought it's a scam and gave up.
Fuck.

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>>58287003
imagine, how different your life would be today..

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>Mfw every Bitcoin thread filled with jellymads who didn't get in early enough

>>58287003

The dirty little secret no one wants to mention is that Bitcoin is "worth" $1000 the same way a destroyed EVE Online ship is "worth" $1000: it actually isn't. You can't turn the fake currency (bitcoin or ISK) into real currency without losing 90%+ of it to the thirdworlders you're selling the fake currency to.

>>58287078
>You can't turn the fake currency (bitcoin or ISK) into real currency without losing 90%+ of it to the thirdworlders you're selling the fake currency to.

Weeeeeeeeeew

>>58287092

Feel free to show me where I can get a thousand US dollars sitting on my desk in return for my one bitcoin.

>>58287109
Right before you show us where you're losing 90%+ for selling

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Made about 15k from this ride with the initial investment of 200€
Got in during the first hype period at around 150$

It was fun, but damn exhausting.
If I didn't sell them during the last high, I'd have something along the lines of 100k now.
I don't regret one bit though, if anything I'm happy that I'm out of this game.
The coin is too damn volatile to store your funds in and requires nearly constant attention.

>>58287078
>ou can't turn the fake currency (bitcoin or ISK) into real currency without losing 90%+ of it to the thirdworlders you're selling the fake currency to.
Really? Why is that?

I never held onto any of them so I never researched how you actually sell them.

I still don't understand how bitcoin is considered a currency.
Can't something only have a value if your local government recognizes it at such? How do you turn it into real money?

>>58287168
nothing has value, only IF humans desire it, for example Gold has no value but it's shiney

>>58287168
same as real currency, The goverment just states it is worth 1$. The fact that it is worth 1$ is backed up by the goverment.
BitCoin is just people saying this is worth 1$ and everyone who wants to buy them says yes here is 1 dollar, because it is harder to get new bitcoins today they get more rare so there wont be endless stream of bitcoins which helps with there growing price because people want 1 but there are not "enough" for everybody. Same with lets say rare post stamps they are only so much worth because they are limited in supplies and everyone is saying they are worth 1$.

You could literally crash the whole market if that guy who first started with bitcoins would start selling his off.

>>58287109
Okay. Coinbase.

>>58287132
No, not really. You can sell the shit on a market right now and get paid. The market will take a cut, but it's like 2% or some shit.

>>58287168
>Can't something only have a value if your local government recognizes it at such?
Common misconception. The reality is that you should replace "your local government" with "the entity you're making a transaction with"

It's dependent on who you're transacting with to accept Bitcoin or not. And yes, the number of people/companies/retailers who accept bitcoin directly is actually relatively low right now, but they do exist.

A good way to think about it is, generally in the U.S. pretty much anyone is going to accept the U.S. Dollar, but you may have trouble getting a local momNpop shop to accept your American Express card.

For example, turns out Steam accepts bitcoin directly for games, and anything on their store really.

Want to buy fancy electrogizmonics? Newegg accepts bitcoin directly.

There's also third-party companies that act as middlemen for larger retailers. For example Purse (dot io) acts as a front-end for Amazon. You give Purse an item link, and the Bitcoin-value for that item, Purse will buy it on Amazon and ship it to you. (Cont'd)

you made $15,000 with 200 dollar investment? i call bullshit

>>58287297
meant for
>>58287129

>>58287168
>Can't something only have a value if your local government recognizes it at such? How do you turn it into real money?
How does anything have value? Does the government assign value to precious metals and gems? Do they assign value to things like confederate bank notes that are not considered legal tender?
No, they don't. People agree to pay other forms of currency in exchange for these things. It works the same way with Bitcoin.

>yeah b-but gold is like useful or something
Don't give me that shit. Nobody is buying cut diamonds so they can smash them up and use them to make drill bits.

>>58287297
Depends on when he got in. It's totally possible if he bought BTC like 5 years ago. People used to give Bitcoin away on /g/ when they were $0.15 each.

>>58286688
>yet i never seen anyone /g/ talk about it.
It got old and we tried to make Dogecoin a thing but it flopped.

>>58287215
It's shiny and it's a good conductor, plus it never deteriorates, if it was useless then why would a sector like NASA spend billions on gold in the Aerospace doohickeys?

>>58287347
What about Gold 6000 years ago, was it used to build the pyramids? think before you write ffs

Ok so you can buy stuff with bitcoins but can you actually convert them directly into dollars anywhere? Is there a bitcoin exchange of some sort? Or do you have to just find people willing to buy them off you?

>>58287376
there is a exchange which is basically people wanting to buy them

>>58287376
>Is there a bitcoin exchange of some sort?
There is, but they do this for a fee of course. And generally, you don't want to do this because then you lose the benefit of having an anonymous digital currency.

>>58287292 (me)
>>58287168

Continued

There are also companies that essentially function as Bitcoin banks, though they're not 100% liked by the Bitcoin enthusiast community, mostly because a whole lot of people view Bitcoin as a way to escape the banking system.

They will issue you a Visa card and hold Bitcoins for you. In this way you can spend Bitcoin anywhere Visa is accepted.

So yes, right now it's _mostly_ a whole bunch of end-arounds and middle men where you can kind of get people to accept your bitcoin.

As per your other question:
>How do you turn it into real money?
There are several means by which you can exchange national fiat for bitcoin. Some easier than others, some give more freedom than others.

The usual go-to, if you're talking in terms of the US Dollar, is a banking company called Coinbase. They allow you to link your bank account directly (especially easy if you bank with a big national brand like Bank of America) and can "sell" your bitcoins automatically for you, and transfer to your bank account.

>>58287347
Do you think gold would be worth as much as it is if people only cared about the shininess or it's industrial uses? People pay out the ass for real gold and gems even though imitations can be made that are aesthetically identical to everyone who isn't an experienced jeweler. People pay for rarity and the value that was assigned to certain substances by society as a whole.
Think about it. A girl would be upset if her husband got her a wedding ring set with a zircon, but she'd never know the difference between her ring and a real diamond ring unless someone told her.

>>58286688
>>>/biz/
Your thread is against the rules.

>>58287297

Day trading these coins is piss easy.
The market is, or was, full of extremely skiddish people who react the most predictable way possible.
>Price is 510, if it hits 499 I'm going to sell everything!
So people sell, it's just a matter of guessing where the bottom is and I got damn good at it.
I kept on doing that, messed with LTC and other coins, got in on some good climbs and that's about it.
Many people made similar climbs from these, even more than I did. But many of them lost it too.
The difference is that I kept my feet on the ground and played things relatively safe.
I never thought that this was going to climb from 1k upwards and it didn't. It was mostly riding on hot air and China rumors and there was some clear manipulation going on.
As you can see from those sells, I never tried to chase the maximum highest profit.
Slowly sold on the way up and then washed my hands from it when it started coming down.
I got rid of my last remaining coin around 400 when I thought that the damn thing was dead for good and was clearly falling to the 200 region.
It was fun but god damn tiring.
Wouldn't do it again even if I could.

>>58287336
I mentioned I got in around 150$, that's when /g/ was hyping the fuck out of it.

>>58287403
No it isn't, you cock smoker. There's nothing in the rules that says cryptocurrency threads are not allowed on /g/.

>>58287376
>Is there a bitcoin exchange of some sort?
Since there's a fixed amount of bitcoins, the exchange happens when people want to buy bitcoins.

>>58287297
There was a Norwegian dude that turned 150 NOK (~18 USD) into 5,000,000 NOK (~578,000 USD)

https://www.nrk.no/kultur/bitcoin-historien-gar-verden-rundt-1.11327798

http://www.aftenposten.no/norge/Fra-150-kroner-til-fem-millioner-103080b.html

>>58286905
Yes, until they we're banned after the dogecoin craze.
/biz/ was created as a result.

>>58287390

>They allow you to link your bank account directly

This is going to be great for the feds trying to reclaim their lost tax dollars and it's also going to be great for the Russians that end up buying the database after this site collapses like MTGOX did.

>>>/biz/ was created to keep this shit off /g/.

>>58286937
Nope, it started getting the hype at around $100, along with 9gag and the like.
Which made it gain value and burst in the end.
Pajeets did all kind of crazy stuff for literally cents.

>>58287464
Unfortunately they have to do it to be able to operate in the US. The FBI's dick is long and hard. They shut down the only offshore exchanges that were taking US customers.

fuck, i knew i should have stocked up on Buttcoins in October.

*sigh* no more drugs til the next crash.

>>58287472
Go cry about it in /ptg/ or /chinkshit/ thread #8234925 or something.

>>58287003
>thinking it was a scam
And how would they scam you?
I swear, tech illiterates like you are the worst.

>>58287506
Wasting power on an imaginary ponzi scheme.

At the time it cost more to run your GPU than what you made from bitcoins

>>58287109
But coke. You would make at least 2x as much selling it.>>58287127

>>58287525
Which is why nobody mines BTC anymore unless they're part of a botnet.

>>58287547
>>58287525
What about miners implemented in FPGAs? Do they also use more power than it's worth now?

>>58287297
People made millions during the initial Bitcoin frenzy.

>>58287556
for years, even the first ASIC generations are outdated by now

>all these etatists shilling against bitcoin
Toplel, gb2 reddit, where you belong.

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>>58287582
you don't have to keep reminding me what could of been!

Bitcoin is poop. Ethereum is the future.

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>>58287651
Don't worry, I hurt myself just as much in making that post.

Lmao, bitcoins are not even real.

>>58286688
what's the next fad/scam, /g/?

Anonymous ## Mod 2017-01-02 05:29:52 Post No.58287861
[Report]

Anonymous ## Mod 2017-01-02 05:29:52 Post No.58287861 [Report]

This thread was moved to >>>/biz/1701953