Can someone give me a quick rundown of this pls

B+$

what do you want to know?

>>128047329
fpbp

Next

This is gold standard u have money for gold standard buy into gold if not money for gold perhaps silver will be worth something because gold is ?????

its basicly a long list of transactions spread out over a p2p network so that nobody can alter the list. It can be used for currency, but also for contracts and proving in the future that you did something in the present.

>>128047109
Controlled currency to make good slave goyim

>>128047109
Using the block chain, work with prime number factorization pays people with buttcoins. There are limited number that will generate. They are not backed by anything but their scarcity and the work they require.

>>128047109
It's only worth becuse you can convert it to US dollars.

More than 3/4 of it has been mined. Not worth invensting in anymore.

>>128047109

good for diversification and buy and hold until it really crashes because everyone goes to ethereum or another coin + blockchain which is better

>>128047109
scaling issues
miners want to centralize

>>128047109
its a scam anymore.

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>>128047109
Useful as fuck for cheap drugs

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>>128048351
>until it really crashes because everyone goes to ethereum
lol

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Its a tool to transfer wealth free of government and banking. Its inherently private and inexpensive to transfer or transport. It can be encrypted and totally secure from nations currency devaluations.
Its also being propped up by the states currently with legalized marijuana.
Until the fed legalises profits from weed bitcoin will be worth lots

>>128047109
whether you think bitcoin will go anywhere or not is irrelevant. every /pol/tard should be milking these bull runs to the tits. its free money.

also its probably the end of the divorce industry when you can hide your wealth in crypto

why did the value soar recently?

>>128051067
See>>128050381

>>128051245
but y only recently? hasnt it been around for years now?

>>128051405
normies are hearing about it

bilzerian blew the lid on it and told his 22m insta followers to buy bitcoin

>>128047109
Used for money laundering and illegal sales.

does anyone know about its value? say i bought like ten bucks last year. how much would tht be worth now?

>>128051732
Link
>>128051897
Like 100ish

>>128047109
buy now and hold or be poor forever

>>128052276
isnt it alrdy too pricey to start?

>>128047109
in a broad and simple version, alternative virtual currency through your smartphone

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>>128052375
Nope, hodl
Tbh, there's a lot of different crytocurrencies, study and chose the ones you like

>>128051732
Plus that worldwide wannacry shit with bitcoin ransom. Plus India shutting down cash.

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>>128051405
Billions in weed profit no way to legally get it out of Colorado
Something had to give
Let the bitcoins hit the ceiling

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>>128047109

It's a pyramid scheme for Libertarians and alt-right nutjobs who shout out autistic things like "Audit the Fed!" and like to use the term "Fiat Currency" without knowing what it really means.

>>128052116
https://www.cryptocoinsnews.com/instagrammer-dan-bilzerian-tells-22-million-followers-boug/

>>128052375
no, the price is gonna keep raising
asia is going full bitcoin in the next few years, if not months!
also there are other cryptocurrencies that the jews are trying to control, which will increase its value and adoption worldwide

http://www.cnbc.com/2017/05/31/bitcoin-price-forecast-hit-100000-in-10-years.html

https://www.cryptocoinsnews.com/bitcoin-will-hit-1-million-5-10-years-says-paypal-director/

>>128052276

I sold 4BTC at $1700 but im not mad theyre at 2400 now because at 1700, they'd hit their all-time high and I held for a year. It's all luck

>>128053173
Yes we get it its volatile
Think of it as gambling and the coins are chips you can buy guns and drugs and foreign currency with oh and drinks at one bar in Vancouver

>>128053385

It's impossible for the average citizen to adapt/use. I find it hard enough to manage the gift-cards or trust bitpay entirely. I sold my BTC and don't expect to get back into it until an instant analogue method of exchanging BTC is established. Not happening with central banks

>>128047109
Banks and forces under their control supposed to attack anything that can threat their dominance, yet i dont remember anyone banning it or CIA removing bitcoin users. Everything as planned goy, move ahead.

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>>128053173

Forget BTC.

ETH is the way to go.

>>128053926
And how exactly would they ban it?

>>128053917
I think it is possible, there are some struggles but all it takes is a little of education around it.

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Bitcoin = Freedom. Research the rest.

>>128053926
they won't ban shit. my theory is that by the time the jews saw the potential around it they started mining for themselves. just like china did from the beginning.

>>128047109
Should be called squabble coin

>>128048110
Or when the Canadian dollar is worth more than the American dollar Or any currency in the world including gold

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ponzi scheme

the creators of every coin have like millions of coins billions of dollars worth and its still not worth anything in reality

its no better than runescape gold

>>128047109
You should have gotten some in 2009-2013...

Then you would have had your very own swizz bank account... only a million times better.

Nowadays... not so much (you can get tracked, because you have to use your bank account to buy some).

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>>128047109
buy it
and ETH
and XRP

queen kike of the IMF wants LTC to win so we should prolly avoid it, or cash in on the inevitable pump and dump scheme they are working on.

>>128057750

Also, why the fuck didn't I buy some in early 2013 when I really considered it... just kill myself.


Back in the day one guy bought 2 pizzas for 10,000 bitcoins... Now 10,000 bitcoins are worth 25,000,000 USD

>>128047109
I'd say BUY BUY BUY if i had bought 10,000 for 10 cent or whatever.
Since I don't own any I yell PONZI SCHEME, FAGGOTS

>>128057623
>and its still not worth anything in reality

Neither is any currency...
Bitcoin is probably worth WAY MORE than USD (because USD is not backed in gold)

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>>128058363
actually USD is worth something because it has the united states forcing 350 million people to use it

thats what gives it value

bitcoin is LITERALLY not worth anything more than runescape currency in reality

>>128058532
>forcing 350 million people to use it

Bitcoin might surpass that soon enough... and bitcoin doesn't need to be pegged to gold... it IS the new gold.

>and its still not worth anything in reality

Neither is FIAT money (doesn't matter how many people use it)... the USD is literally just worth the paper it's written on (in reality).

...but I don't even want to talk about this. My stupidity of not buying some is too great.

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>>128059038
no im not talking about the amount of people who use it

im saying the government actually enforces the use of USD and actually could shut you down if youre dealing with other currencies . they dont allow competing currencies its against the law

thats the only reason usd is worth something

bitcoin could drop by 90% tomorrow

>>128059899
>and actually could shut you down if youre dealing with other currencies

This is why bitcoin will win... as no one can shut anyone down.
It cannot be banned... like piracy of movies cannot be banned. It will exists as long as the internet exists.

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>>128060532
no bitcoin will lose because its not worth anything theres a billion other crypto currencies that will be made

its all just ponzi schemes over and over for the creators of them

sure you can make money tagging along on the ponzi scheme

and getting in before the dump

>>128060980
Bitcoin was the first, which is why it will be the only one that survives.

It's not a ponzi scheme. It's a new breakthrough that will change the world just as much as the internet did... and TV... and radio etc.
It's the biggest invention for decades.

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Do it milkylickers.

>>128061504
ur hope that it being the first is enough to keep it alive is unfounded

If I were to max out my gtx 1080 and let this run for 2 weeks straight how much shekels will I make

>>128063612
like 5$
your like 5-7 years late

>>128059899
u from /kpg/ or something?

what is a good way to generate this money?

>>128057839
going to need a sauce on that LTC claim

>>128053385
Ridiculous forecasts. Bitcoin is in itself nothing special, anyone can replicate a blockchain with minimal coding experience and this is what we're seeing

Tl;dr
BTC might be scarce but alts are not, therefor it will never reach 1T

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>>128050381
I have 200 ethereum and a few bitcoins.
>implying cryptos won't open up for the biggest centralization and regulation we have ever seen.

ONE WORLD CURRENCY

>>128063612
Depending on your electricity prices you might loose money...

Only large companies with asic miners (way more effective than cpu and gpu) make money today...

isnt the fbi the biggest single owner of bitcoin?

>>128047109
>mining difficulty increases
>becomes too difficult to mine
>only companies can mine now
>currency becomes centralized to mining companies
Good job. Well designed. Wow.

>>128047109
It is NSA currency. They control all the doors.

>>128062548

It's already gotten a foothold that's why. It will be practically impossible for another copy cat coin to do the same...

I regret that I didn't buy some in 2013... I was literally planning to buy 100 bitcoins and just "leave them there"... then I left for work for 4-6 weeks... and?

FUCK MY DECISIONS (I literally new it was growing sky high)

Streaming will make dvd-discs obsolete. Bitcoin will make regular currencies obsolete.

>>128065827
There are no doors.
Literally every single transaction that have ever been made is IN the blockchange for everyone to see.

Is there a "door" when you are torrenting movies? It's illegal to download movies, but yet it still happens... because it's impossible to do anything about it as long as the internet exists.
Same with Bitcoin... sort of the same tech.

>>128066303
blockchain'

>>128066303
>base information for encryption is standardized by NSA
>the author of the main Bitcoin article is anonymous

No one really cares who sees the transactions bro. It is irrelevant.

>>128066408
Why are you shilling so hard? Be honest: how many Bitcoins do you own and at what price would you liquidate all of them?

>>128066006
>Bitcoin will make regular currencies obsolete.

Nope

>>128047109
why the hurry? you just saw this shit is going down the hill so you want to buy it?
dont miss the bigger picture man

>>128066954
>No one really cares who sees the transactions bro. It is irrelevant

Actually that COULD become a problem for Bitcoin... if companies start monitoring everything (with you name attached to every transaction). Not a problem for those who got in early though.

There is no 'back door' in the encryption. You would need all the world supercomputers working for 5 trillion years.

One problem however is the centralization of computing power in China. So China could come to control they entire thing and make changes with over 51% of the miners.

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itt nocoiners.
Keep coping

>be me
>bring up bitcoin in convo
>friend has 10
wat do?

>>128067838
Another problem is that bitcoin is struggling with the amount of transactions currently. Some people have to wait days and even weeks until their transaction becomes confirmed in the blockchain.

This could change if they implement 'SegWit' though... but as of now it only has a 25% approval rating in the network.

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>>128068227
oy vey
1 august. i told u guys already.

>>128068079
Steal his wallet

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Save your money for our Lord and saviour

DIGIBYTE

is this how no coiners cope?

oh well, i wont be seeing you on the moon any time soon

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>>128071991

>>128048057
True, Bitcoin is already under control by the jews. Pedophiles use this currency already to buy child-porn and infants.

If we need a global "digital" currency it has to be free from the shackles of the zionists.

>>128048686
What site is that?

>>128047109
>>>/biz/

>>128073070
Alphabay, duh

>>128057382
>Or when the Canadian dollar is worth more than the American dollar
Like anyone cares about moose dollars lmao

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>>128048749

>>128048057
bitcoin can't be controlled you stupid fucking faggot

>>128047109
i fictional currency based on the same value as our current money system (also fictional) however with a set consistent and natural growth in supply (unlike our currency) and isn't tied to politics or bullshit.

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>>128048749
thanks anon.

Even ignoring technical issues (attack surface, scaling) ETH is still very vulnerable. The price has gone nuts recently. Why? ICOs. Numerous projects have raised millions of dollars worth of ETH. These are basically unregulated securities (which I'm for BTW), many of which have little more than a whitepaper.

People aren't buying these ICO tokens because they believe in the associated project. They're buying these tokens because they think it will be worth more in the future. So let's give all of these ICOs the benefit of the doubt and assume that none of them are scams. Let's assume that all of them actually believe they are capable of doing what they set out to accomplish.

What do we know about entrepreneurs? We know that approximately 90% of entrepreneurial ventures end in failure.

You can watch this unfold over the coming years. The ICOs will slowly fail to materialize, the investors will start selling their tokens, the ICOs will start selling their ETH while the market is still hot. Sure, a few projects may succeed, but will it be enough to hold up the entire system?

The "killer app" of Ethereum is token issuance. Token issuance is a euphemism for separating the goy from their shekels.

And this is all ignoring the fact that Ethereum has already had a hard fork because of the DAO. The danger in not hard forking is that the it will put too much ETH in the hands of the attacker. when PoS goes live, this is an unacceptable risk. You see the catch? They had to hard fork because of the large attack surface, because if they didn't then it would make PoS too risky.

It's already been demonstrated that ETH transactions can be reversed. Just wait till it happens again.

Bitcoin's value relies on two things. 1) a misunderstanding of what gives money value. 2) People who don't understand computers.

Due to these 2 misunderstandings, bitcoin has become a commodity, not unlike beanie babies and pokemon cards, that have real value. The method in which they are bartered for services is quite sophisticated.
The underlying fundamental problem with bitcoin is the exact same problem that has plagued every currency that isn't backed by anything. During the Revolutionary war the US Continental Congress printed and issued "money", called continentals, without "monetizing" it. Monetization is the process of removing and equally valuable asset from the economy to "back" the issued currency. Because there was no asset backing the Continentals and the Continental Congress lacked the power to tax the states, the "money" was literally worthless. When the rest of the world found out the money was worthless, we had hyperinflation, the US dollars collapsed and the State Banks took their place.
Throughout history, all forms of unbacked money have gone through the same process, most recently in Venezuela.
The US backs its money with debt. Every dollar issued by the FRB is backed by and equal amount of US Bonds, gold, silver, platinum, foreign currency or other valuable paper.
When banks increase the money supply through loaning (fractional expansion) the additional money is backed by the mortgages or other debt instruments.
BitCoin is backed by nothing. You cannot take a bit coin to a bank and demand cash anymore than you can take a beanie baby into a bank and demand cash. It is NOT money. It is a valuable commodity for now. Lots of people have made lots of money trading this particular commodity, and it is being used for money laundering.

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QUICK: Predict when BTC will actually crash.

>>128077665
superb post anon, thank you!

It's going to 7000, faggots.

>>128072734
Nice source idiot

>>128078847
When gox coins return and flood the market.

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>>128078407
I thought this was going to be a good post cause the beginning looked something like a thesis, but it turns out you're just retarded anon.

bitcoin is valuable for the same reason that gold is valuable. and bitcoin is better.

>weightless
>instantly transferable to anybody in the world
>infinitely divisible
>clearly defined issuance

and you will never see inflation with bitcoin, let alone hyperinflation.

>BitCoin
kys

>>128078407
>The US backs its money with debt.
"The US backs its money with debt."
All money is debt on a society. I give you something tangible, like food, you give me money, because I already ate. The question is whether society honor the debt. What do you know about the society using Bitcoin?

>>128053917
You are using the internet and I am willing to bet you don't understand much about the underlying protocols that make it work. All bitcoin needs is an abstraction layer that makes it easier for normies to use. There are already plenty of ways to obfuscate the under the hood stuff of bitcoin to users and whoever makes a good interface for that will make a ton of money with patenting store integration tech or whatever.

>>128081356
The qualities that bitcoin has that make it difficult to use now aren't going to be resolved by some abstraction layer.

Bitcoin transactions are irreversible, and relatively difficult to store securely. You can't add consumer protection to bitcoin. You can't insure bitcoin from theft.

There is no service/wallet that will reimburse you if you're hacked due to your own stupidity. It will never happy. Why? because bitcoin transactions are irreversible.

For the average consumer one of the best case scenarios for easily using bitcoin is having an account on some centralized service which is authenticated via biometrics (or something). They will have LN connections open, and create transactions on your behalf whenever necessary.

The issue at this point is that if you're a high reward target, instead of someone hacking your computer and stealing your money, the attacker will literally kidnap you and physically force you to authenticate transactions. So, possible death + lose your money.

Please tell me why I'm wrong.