Bitcoin Worth More Than Gold

>>115221058
it's going to crash

>>115221058
They are, theoretically, limited in supply. Once all the bitcoins are mined there will be no more.

>>115221534
There will still be an existing supply, just no more new ones so presumably the price of them is supposed to increase in general after that? Not sure how the economics work on that one.

>>115221058
>I thought they had been banned for use in china?
The opposite, the Chinese government is encouraging it for unknown reasons. Might be because they want to get away from the dollar.

Winklevoss twins are most likely are going to get bitcoin on stock exchanges within the month and if they succeed the price will explode.

>>115221058

The internet is more valuble than gold

Thats whats backing it

And by the internet, the blackmarkst and pedos

>>115221058
>What is their use besides money laundering or buying illegal things?
Money laundering are the big ones, from what I understand.. And the ability to transfer it without any traces. You can literally carry BT around on a USB stick.
>Are people just hoarding them? Are the Chinese buying a lot of them, I thought they had been banned for use in china?
China did restrict trade, but I'm pretty sure they're still the biggest hoarders as well as miners.

>>115221813

The supply isn't limited because btc is infinitely divisible. BTC will only ever be effected by demand.

Gold and Silver prices are manipulated to hell and back by big banks. The price today do not reflect any thing but the fact that fiat currency is a ponzi scheme.

usdebtclock.org says a gold oz is 7.7k, silver oz. 851

Bitcoin is therefore valuable because fiat is a fucking disaster. Get both.

We need KEK-COIN 4chan needs its own currency

>>115222779
You can buy drugs and guns with bitcoin making it valuable.

>>115222779
That's pretty nifty. I am amazed that nobody has figured out who created the bitcoin system. Any guesses?

>>115221534
Iirc, every transaction has an adjustable 'fee' that's used as reward for miners.
It really isn't a matter of minting more Bitcoin, but redistributing it.

>>115223105

Of course, those are factors that effect demand. Supply plays a part as well, in that mining has become more expensive, so less new coins are entering the market.

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>>115222999
Digits confirm.

>>115223126
they found the guy who made it in australia a few months ago

>>115223671
SAUCE?

>>115221534
>once all of a nonexistent thing are depleted
what the fuck am i reading

>>115221534
There is an unlimited amount of ripoffs like Litecoin, so cryptocurrency is in no way limited.

>>115222854
Cryptocurrency is only as valuable as the electricity wasted to produce it. When a glorious era of cheap abundand energy like a nuclear renaissance arrives they will be worthless.

>>115221058
what the FUCK is a Bitcoin? Seriously. Is it just a term, or is it something physical?

>>115224559
they're like shiny pokemon or something
they """""exist""""" but only digitally

>>115224096
http://www.reuters.com/article/us-australia-bitcoin-exclusive-idUSKBN0TS0AB20151209

I did not look too deep into it, but i remember seeing this all over my newsfeed awhile ago

>>115221058
>An arbitrary unit of bitcoin is worth more than an arbitrary unit of gold.

This means nothing.

>>115224559
Imagine an autist retard baby making a complicated pattern on a piece of paper crayons.
Then the internet says this is valuable because it's limited (in this case even unique) and a lot of work was needed to produce it (the autist retard baby spent hours on drawing this).
Now people who didn't get the joke are paying 1000$ for it.

>>115222779
Not true. The supp,y will only get smaller and smaller. In one instance people lost their passwords or such to their accounts with btc on them, the btc can't be retrieved

>>115224974
What exactly do you think a currency is?

>>115224559
Bitcoin is fraud-proof currency
All the bitcoin in the world exist on the blockchain(online public ledger)

its extremely complicated but the blockchain is what you want to look into, its truly revolutionary.

>>115225541
- Universally accepted and not only by a few neckbeards.
- Easily created without wasting huge amounts of precious energy.
- Actually regulated so you cant make your own little money laundering "exchange" and "lose" millions of dollar worth of "bitcoins".

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>I remember buying BTC for 10 dollars in 2012, should have held on to them

You would have sold them at 50, or even less.

Anybody who has this type of regret, come on my dudes, nobody could have foreseen how insane the turn on investment would have been from a few cents to a few thousand bucks.

>>115223671
>>115224096
>>115224769
Another Australian shitposting scheme that went too far.

>>115225802
You can't send cash over the net, you have to go through a third party.

>>115226019
i traded 3 runescape party hats for a rune chain mail back in 2003

>>115221058

>What is their use besides money laundering or buying illegal things?

That is a big market my friend

>>115221171
bitcoin will show you how strong your currency is.

anyone btfd? or do we go to 1175?

>>115225541
a criminal scam backed by violence and military force?

>>115226248
You can't validate bitcoin transactions without a third party either.

>>115226019

From what I gather the ones who really got rich off Bitcoin are those who mined it, forgot about it on their hard drive for a few years, then saw the price on the news one day and were like "HOLY SHIT!"

>>115221058

https://www.youtube.com/watch?v=K8kua5B5K3I

more or less

>>115221058
Sgt report has a video on this, but I don't get how that stuff works

>>115226580
Yeah pretty much.

I really do feel bad for the guy(s) who tossed hard drives with BTC on them.

>>115221058
>What is their use besides money laundering or buying illegal things?
Uh, nothing?
That's kind of the entire idea, nothing. They are used for buying drugs and the whole currency will explode soon since it's artificially inflating.

How the fuck would the supply of bitcoins decrease? Sounds ridiculous, is is just people losing passwords to accounts with bitcoins on them?

>>115226955
Bitcoins are not mined anymore because it's very unprofitable unless you live in China or have cheap water power (Norway, Austria).

>>115221058

you can use bitcoins on various sites as payment. iirc, amazon and steam accept bitcoins.

>>115227178
That makes more sense, it would just be unprofitable instead of impossible. Sounded like some virtual mine was being depleted.

>>115221058

Its betting against the internet

>>115227796
From what I remember there's a limited supply of bitcoins, something like 64 million, and that'll be all that's ever ever produced.

However, the closer you get to the 64 million, the less reward you get out of mining it. I'm sure some people crazy enough will still do it.

Wouldn't take it from me though. Not even really sure how bitcoin works. I had like $24 of bitcoin in my wallet like a month ago and it's somehow $29 now. I'm wondering how idiotic it would be to just chuck in like $1000 and let it sit and let money generate itself.

>>115226116
>for years people thought he was japanese
>turns out to be australian living alone

pretty much an australian anime poster.

>>115224974
So why can't we monitize rare Pepes then?

>>115228365
Who says you can't? Would have to digitally sign and number them, though.

>>115228365

Someone already did

https://bitcointalk.org/index.php?topic=1023925.0

>>115228581

Nevermind that one was old, try this one

https://bitcointalk.org/index.php?topic=1391598.0

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>>115226826
The Jew is hip to bitcoin. That is why it has value.

Rich people have fewer and fewer places to put their money. Just another hedge for Schlomo.

>>115228116

Like the value of the us dollar is backed by our word and stability

Bitcoin is backed by the internet

Because Who wants to destroy the internet?

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>>115221058
Chinese own 99% of bitcoin production you silly niggers. It's a chinese scam and you are buying it.

>>115228644
I have no idea what I'm looking at, but digits confirm.

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>>115221058
bought at the top of the bubble in 2011
have 60, average cost 26$

>twf I'm going to be rich /pol/

>>115221058

Only reason I own bitcoins is that I'll turn them into real money once the price is high enough.

It's a joke currency.

>>115222999
Memes are our currency. That and rare Pepes. I'd share one but I'm a Jew.

>>115221058
It's opaque internet cash. It's essential to privacy and therefore extremely valuable, anon.

>>115221171
yep a lot of people are going to lose their shirt. its a big scam.

I looked into BTC a bit when investing in it. I believe it will not scale for the following reasons: 1) In order to calculate how much money someone currently has, you must look back through the history of every transaction, because their balance is the result of all the debits and credits. There is no "balance" stored anywhere. 2) Confirmation time is too long. It averages about 10 minutes for a transaction to go through.

>>115221058
>can touch gold
>cant touch bitcoins

hmm...

>>115228806
get out now

>>115221058
>banned for use in china

good luck proving anyone ever sent or received a single bitcoin in exchange for anything or for whatever reason.

>>115228969
It's not anonymous (at least in orwellian countries like Germany or the US). Cash and gold are, that's why (((they))) want to get rid of it and make you fall for the digital jew.

>>115229007

People been saying this shit for 8 years yet it keeps going up and up, peeps are just pissed their 1% CDs aren't returning shit and need to hate on other's successes.

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Bitcoin is only valuable if you have real money and assets to back it up and get other people to dumb their real money assets in return for more bitcoin. Sure some low level autists might have made a decent profit back in the day but it was all intended for the larger purpose it is being use for now to manipulate the global economy as a whole or in small pockets as needed. This also allows certain governments to attempt to make digital currency "normal" thus creating a new avenue to exploit the populace with since most don't comprehend it at all...

>>115223126
>nobody has figured out who created the bitcoin system

satoshi nakamoto

>>115229282
everyone screaming sell. this thing is going to rocket short squeeze to 1500-1800

>>115226580
I have ~100 bitcoins sitting on my old laptop's harddrive from like 2010-11. How much is that worth today?

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>when your bitcoins double in value and you can buy twice as many drugs

>>115229072
>>115229282
haha, shill

after those 10 minutes, let's say 60 minutes to be sure, that btc is YOURS

unlinke your paypalls & banks that revoke your shit three weeks after your deposit

>>115226542
Yeah, but there is a lot of redtape sending cash over the net compared to bitcoin

>>115229580

1 bitcoin is about 1200 dollarydoos today

>>115229635
https://www.youtube.com/watch?v=Maa0K4ycASo

>>115229337
If you are on public wifi and using a VPN that you purchased with a Walmart giftcard that you bought using cash, and sign up for a new encrypted email on said public wifi, sell another walmart giftcard that you bought with cash in exchange for bitcoins, then use the bitcoins with the new email on the same public wifi and buy some shit and send it to a fraudulently set of post box, then it's as close as you can get. Unless a cop is chilling at the UPS, you'll likely not get caught.

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>>115221058

Any time there's a financial crisis or financial fuckery on a national level citizens dump their cash into Bitcoin to hedge against it. That's why it initially started taking off after the 2014 cash was Chinese whales tossing their cash into BTC to avoid the Chinese government. Then as each country's financial systems collapse around the world, their citizen hedge into BTC as well.

It's also the most practical form of internet money that can be used for just about anything.

There's also literally hundreds of other cryptocurrencies aside from BTC.

>t. literal BTC millionaire

>>115229580
125,500$

>>115229580
100*1300 = 130000

>>115229487
That's a pseudonym, not an actual person.

>>115221058
i dont give a fuck what it's worth like everyone else i buy it and give it to someone else who sells it again all within 10 minutes.

It's being artificially inflated by chinks it will die out soon then the Ancaps will kill themselves

>>115229780
Ezpz eh?

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>>115229780

Why would you be on a VPN and a public wifi at the same time?

Why would you launder in such a faggoty way?

>>115229808
>>115229813
lol what?

The fuck can I do with them besides buy electronics and other stupid shit? Can I buy real estate?

>>115221058
in like 2008 i bought something like 25 buttcoins while drunk one night and have them on an old external hard drive in my alcoholic uncle's storage unit or his house and i can't go get it because we got into a fight when he tried to hit on my wife and now we're in fight when you see each other terms FUCK

>>115229746
you must understand, I said I bought at the top of the bubble

> in 2011

that instantly happened BACK THEN

bitcoin bubbles happen all the time, this one is just starting

am I going to sell

no

this is a lottery ticket

yes I can afford to lose it

>>115230021
you can buy money if you want - and anything people are willing to offer, which right now is pretty much anything

>>115229780
Public wifi is illegal in Germany (or at least unfeasible, because the "provider" is liable). In Austria no problem we even still have anonymous prepaid phone cards with LTE.
Buying bitcoin with cash is important though. I have never seen a place offering that here (there is allegedly a way with Austrian Paysafecards which you can buy anonymous at Hofer or Lidl, but it's ridiciously expensive, at least twice the exchange rate).

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>>115229487

There's some cuck right now trying to get patents on BTC claiming to be Satoshi. We'll probably never know.

>>115229580
Congratulations anon, you've got some nice money there.

Call it stupid or crazy, but they *are* worth a pretty penny.

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>>115221058
>this ponzi scheme is still around
Oy vey.

>>115230021
yes

https://www.bitpremier.com/

>>115224193
someone doesnt know how computers work

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>tfw you ignored all the buy bitcoin threads

>>115230208
But I am Satoshi Davidson.

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To the person with 100 BTC on an old computer. Just sit on them for another five years, you'll have around 50-100 million dollars.

>>115221058
Most BTC exchanges are outside the U.S. and outside of U.S. control. That's it. Real price discovery is allowed to happen in BTC.

Massive amounts of faggotry surround the gold and silver "markets", and most of the price setting is done on the COMEX and it's all driven by algo naked shorting.

Basically, the price for small amounts of physical is kept artificially low and volatile. But try to acquire physical in size and you'll quickly discover the real price for gold is way higher than the faggot price is.

>>115230021

Go to coinbase and sell them for US dollars

It amazes me Bitcoin is so techy yet there are so many computer nerds who know nothing about it, I guess it needs a stupid Apple, Window or Robot stamped on it to get their attention.

>>115221058
You gonna get Jewed worse than ever before.

>just cashed out a couple weeks ago

Could've probably held onto them longer, but I was able to sell them for over 1k USD each

>>115230312
well at least you never had any
i bought at 3.50 and had to sell at 7 because i didn't have any money for rent. no money to buy back in since and now im stuck with barely 1 BTC despite being a believer from the start. i made 100% profit in a matter of months, but fuck that, i hate the fact i missed out big

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>>115230388

Dumb question.

Why wouldn't I just buy 100 American Eagle coins and then go for mass quantity price?

Why is it kept artificially low when that goes against the entire point of economics?

I'm just starting to get into the gold world.

>>115221171
But doesn't it crash frequently?
I recall it crashing at least 3 times

>>115230291
no it is actually true... computers arent becoming exponentially faster anymore, because of lack of competition

>>115230661

It's been in a profit feedback loop since 2014 after a massive crash from about where it is now.

>>115221058
As to why the Chinese might be buying BTC - it's the only real way to get their hard earned Yuan past the border and outside China.

You can't really interdict BTC. Anywhere there's an internet connection to the BTC network, you have access to your money.

The Chinese gov't throttled the BTC exchanges and that sent the price down for about 2 weeks until they all switched over to using grey market dealers, and that shadow demand is being arb'd across all the other exchanges.

Good times.

BTC tech is slow, limited and beginning to strain now tho. I think another currency comes out and usurps it in the next three to five years. Maybe DASH?

>>115230657
By large amounts, I'm talking on the order of 1000s of ozs. 100oz is sorta still on the edge of being small, but you will find that filling even an order for 100oz of physical won't be problem free.

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>>115230843
the yaun lost 470% in value in 12years. rats fleeing a sinking ship.

>>115231065

Where does one go to cash in 1000 oz worth of gold? I have enough trouble when trying to cash in American eagle coins.

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BItcoin isn't worth the risk at all. Buy gold when it seems to hit the bottom over the next few weeks, and you'll soon see it climb in value over subsequent months. Gold isn't something to MAKE money with, but it's a great way of not LOSING the wealth you've made. When banks pay fuck all interest, everyone should save in metals.

This advice is especially applicable to anons in the Eurozone. The French elections may cause serious panic. Get gold now, or next week, while you still can. When things go to the shit, you can convert back and have a lot more Euros, or buy the restored old currencies in the long term with major benefit to yourself.

Try this, but make sure to get at least some of the gold physically delivered to you: Goldmoney.com/r/mdCA4w

See the dip in the diagram? It may drop a little more in the next few days, which is the time to stock up on gold.

>>115230657
As far as the faggotry surround the price of gold - just take a look at the charts of the USDJPY and GC - you will find that they are almost mirror images of each other. "gold" is just a synthetic Yen short.

And that's what they call price discovery. Yeah.

>>115221058
tfw realizing I had 72 BTC at one time. Oh well, I made close to $40K after my investment in the mining equipment, and the insane PG&E bills. KnCMiner was awesome, untill they fucked us over with their HUGE mining farm that was powered by geothermal energy and cooled by the climate (don't remember exactly where it was) The Sweeds were good for something. Good times, good times.

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>>115231624

>>115231287
What about US stocks? They have been going up massively with the EUR/USD going down.

>>115231963
Never mind, didn't see the affliate link and thought your post was serious, not an ad.

>>115231287
I dunno. If we really are looking at hyperinflation, some things will do better than others (like gold), but really anything that's not fiat will put you light years ahead of all the paper chasers.

Why do you think the stock market has gone up in the face of this shitty economy? The stock market isn't discounting good times ahead. It's discounting hyperinflation.

Also see: the Zimbabwe stock exchange

>>115221058
ALOT OF THINGS ARE WORTH MORE THAN GOLD

>>115230564
You could have just sheltered some refugees for a fee, rolf

>>115232232
too risky, I'd rather put all of my parents money on BTC right now

>>115229401
It went as low as $150 after it had reached $1100 last time. That's some extreme volatility and lends itself to being manipulated heavily. It's not a bad technology, we should have more alternative currencies but it's just not there as the vast majority of value is in speculation, it's too obtuse of a system to get into and out of.
It will crash again. Unless it is a serious currency it will continue on this cycle.

>>115231963
>What about US stocks?
To be honest, I never really managed to get my head around this sort of thing, so I avoid things I don't understand. In any case, stocks involve too much expenditure of time in following them, as it's all a question of keeping up with trends and responding at exactly the right time. Too much like a full time job if you want to do it right. But if you have a better head for such matters than myself (I'm a man of letters, not numbers), then go ahead.

>>115230371
Yeah but what if the computer stops working?

Counterparty XCP is the redpill in crypto. Bitcoin based asset protocol that takes financial monopolies away from them

>>115232592
I don't trade them actively, I just buy quarterly and never sell.
Been doing well with this strategy and it's pretty low maintenance.

>>115221058
idiocy. only high because the chinese that steal money from the CCP need a vehicle to send their cash to the developed world ie. Vancouver

>>115222999
fucking chekd.

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>>115230915
this always happen in the tech world. Something new comes along and then a copy cat many years later has runaway success. Look at how many social media sites came and went before facebook became the giant it is. How many search engines before google. How many personal computer companies before Apple. You get the idea.

>>115226274
Fuck dude....