>you missed out on getting rich off bitcoin Feels so fucking

Who can say whether or not it's a good investment, but it certainly isn't a good currency. It isn't more stable than national currencies. It isn't anything close to stable. Just look at that graph you posted. That is not a reliable or secure store of value which means it fails in one of the basic requirements of being a currency. This huge swings in prices aren't being driven by the things that usually move the value of a currency.

No one can predict what the value of any asset will do. But I think your best bet at understanding bitcoin isn't to think of it like a currency. Think of it like an asset more akin to gold to try to understand what drives the price and where it may go.

everytime i read one of these threads it reminds me how bitcoin is not yet ready for the mainstream. too much ignorance about what it is going around.

It's like trying to watch someone explain the internet in 1994.

Said it before, will say it again.

I believe it's inevitable that bitcoin will go to $0 because there are too many flaws with it. I'm unwilling to join the bandwagon trying to time when I leave the market perfectly so I end up rich while others end up poor. It's a rigged game and I'll lose against those hoarding bitcoins and the people that make money converting from/to bitcoins.

>>33824209
Would you care to enlighten us lowly retards? Or just make vague and meaningless statements.

Bitcoin is retarded, you won't be able to cash out.

>>33823986
This is worse than a currency because individuals are the only factor. There's no government control. The only question here is whether meme magic will make it skyrocket (doubt it) or whether pessimistfags and normies will bring it down because of the "after a rise there's always a fall" meme

i have about $100 in BTC

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Investing in cryptocurrency is just glorified gambling.

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dont worry i use to buy these by the 1000$ when they were 400$ a piece dont worry the price is always fluctuating but it might just keep going up desu

>tfw quit 5 months ago

>>33824446

Not even gambling, there's no option to safely cash out your "bitcoin".

Can't exactly walk into a bank with your bitcoin wallet and ask for an exchange.

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>>33824365
>there are too many flaws with it.
>>33824209
>bitcoin is not yet ready for the mainstream
Please explain (to make me feel better about being a nocoiner)

Also, will it ever be an issue that the energy required to mine and exchange btcoins exceeds the value of the bitcoins? I mean, the blockchain can't just grow to infinity without such consequences.

Bitcoin ain't legit and legal until it's backed by banks.

>>33824407
>you won't be able to cash out.
There's a literal bitcoin ATM at a mall near me, and coinbase.

>>33824533
https://en.wikipedia.org/wiki/Legality_of_bitcoin_by_country

>>33824543
Not to mention paypal might be implementing it soon even more so now that thier CEO is on good terms with the Trump administration

Once they get bitcoin its a wrap.

>>33824543
>>33824573

Ok. There's no way I'm getting into it now though, I used to think bitcoins at 1 dollar was too much.

I had an opportunity to sink around 5k USD into bitcoin when they were around 20 cents each. I think about it and regret it every night.

>>33824505
I'm saying that trying to decide on the value of an investment by the fact it's gone up and down in price is rediculous.

What makes an investment good is people believing it's a good investment. It faces ever persistant issues with legality, which could limit peoples ability to withdraw, potentially causing a panic as BTC has a market cap of 16 billion. The valuation of BTC is a bit bullshit as nobody is actually going to spend 16 billion to get every BTC in existence and be left with a worthless currency nobody uses. There are environmental issues. It's inherantly deflationary. It's designed to be a form of currency, but its rapidly fluctuating value makes it a poor currency, and it behaves more like an investment than a currency.

Maybe bitcoin will last a decade. Maybe two. But eventually its flaws will catch up to it and it will drop to $0, and if you agree with me on that logic, than investing in bitcoin is essentially gambling with trying to time the market, when other people have already rigged the game.

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What about Trumpcoin?

>>33824398
Ok, so unlike OP said, as of today bitcoin operates less as a currency and more as a capital flight/safe haven vehicle for individuals in nations with capital controls or hyperinflation. 90% of the trade volume is in China where people are experiencing currency devaluation with strict capital controls. Bitcoin is an option for people who need to hedge against their devaluing currency and are unable to legally exchange that currency for a more stable one. Venezuela/India are also slowly starting to see bitcoin as a viable option.

This use case here is an important thing to remember when trying to valuate the bitcoin ecosystem as it currently stands. When looking at bitcoin investments in the western, which only make up less than 1% of global bitcoin trade volume, you are seeing mainly speculative investors. This is because, as it currently stands, there are not many use cases of bitcoin for individuals in first world countries. Those of us in the first world enjoy a vast centralized infrastructure of financial services that billions of people in the developing world do not have. The current infrastructure of the bitcoin ecosystem is too crude to attract first world individuals for use as a currency.

Bitcoin will allow developing nations to leapfrog over decades of financial services innovations, catching billions of individuals up to speed and putting them on a level playing field with the rest of the world. A good example of this happening in the past is the rise of cellular networks in developing nations which hardly even had a landline infrastructure. Many people in the west see these growing use cases for bitcoin, which is what is fueling speculative investment. It's volatility is seen as a necessary evil in order to grow the market cap to a level that will allow global usage. We won't see widespread currency style usage in the west until the infrastructure competes with traditional financial services.

>>33824762
what about it? Sounds like a shittly branded bitcoin copy trying to piggy back of the recent rise of donald trump.

fuck digital "currency", there's a couple programmers out there that write the code for these coins, push it as the next hot thing and watches silently as people buy it and do their work for them (getting rich).

any programmer can come up with a digital currency and claim it has value, and it does as long as idiots keep buying into it.

same principals as the stock markets.

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>>33824679
>when they were around 20 cents each
when was this?

>>33824741
Just like how back in 2005 MySpace was the king of social networks, and now no one remembers if ti still even exists, I would expect that one day BitCoin will fall out of favor and another will replace it as the king of Cryotocurrencies. So now, what I want to research is how to determine which it will be. Obvious qualities what would make another virtual currency preferable over BTC would be tighter security, more easily exchangeable, and lower computing energy required for mining.

>>33824813
well, maybe he'll love it and take it really Big League in 2020

>>33824788
>>33824741
Good explanations.I have a $100 that i am thinking of using to purchase some bitcoin on coinbase.Should i?

I have a feeling its not crashing soon and the 1BTC = $10,000 by 2018 speculation some investors were entertaining doesnt sound too unrealistic anymore

>bought almost $75 worth when it was around ~600
>after regaining access to computer accounts month almost three months later, see price has jumped up to ~780 and sell for $92
>flash forward one month could have made at least 115 from that same amount, dad urged me to buy more a week ago and I told him it had to go back down soon and the price has jumped some $80 since

>>33824865
what about blockchain security and mining difficulty?

What about scarcity, efficiency, and network effect?

What about the hundreds of copycoins that are worthless?

i spent like 13 btc on shit on the deep web when it was just taking off. i think you could get them for like 30 bucks per btc back then. got like a couple hundred bucks of dope for all of it.

>>33824944

theoretically, a guy can create a program to buy and trade between his bots and bank accounts, creating the illusion of $1000 "value" of a bitcoin.

>>33824788
Also, you just have generally uninformed opinions about a really technical topic that get spread around in these threads.

Some examples:
>>33824493
>>33824533
>>33824407


>>33824505
>Please explain
See my previous post. But let me also say that it not being mainstream doesn't mean that people who hold bitcoin today are somehow making a mistake. Bitcoin as it is today is in it's investment phase. That means that long term holders stand to potentially make great profits if they hold bitcoin long term as an investment (and as with all things, nothing is guaranteed). This is the most important thing to remember, that before bitcoin becomes a mainstream "currency" it must undergo rapid growth, followed by moderate retraces. Those holding bitcoin today are the investors and the early adopters. Those holding bitcoin in 15 years won't be seeing wild profits, rather they will be using it for everyday transactions.

>Also, will it ever be an issue that the energy required to mine and exchange btcoins exceeds the value of the bitcoins?
While it's technically possible, its unlikely given what we know about markets. If bitcoin's price couldn't keep a miner solvent, they would eventually go out of business, decreasing the overall power of the network. The protocol is designed to adjust the difficulty of mining (computational power required) based on the total network power, so it is designed to adjust accordingly. There was a lot of discussion about this earlier in the summer during the "halvening" where the reward for mining a block decreased from 25BTC to 12.5BTC. Some were worried about the current price of bitcoin not being able to sustain such a reduction in income for miners. 6 months later the price is up over 60%

what would u coinfags do if the US government decided to program its own digital currency, and have it backed under the law?

>>33824879
>>33824913
If you believe bitcoin has a future because of posts like what this guy says >>33824788, then investing in it makes sense. Maybe no alternative will arise to bitcoin, and people will stick to bitcoin while figuring out other solutions to its problems, and authorities will be unable to crack down on BTC as a store of value.

I think one thing people have to keep in mind though is that it is inherantly very easy to trace everybody involved in exchanging BTC. It is totally possible, prehaps not to shut down bitcoin completely, but to harass people trying to cash out BTC to the point people are scared out of investing in it. This is what ultimately scares me, countries are still perfectly capable of grinding BTC into dust. People investing in BTC, overwhelmingly, hope to convert BTC into another currency, they don't actually want to use BTC itself as a currency, no more than people that invest in gold expect to pay for goods and services by handing out gold coins. If countries make it hard to exchange BTC for other currency, it's gonna be grim for the future of BTC as an investment.

If you are trying to invest in bitcoin despite not actually having faith in bitcoin, you are a retard trying to time a rigged market.

>>33824905
Like Auroracoin and Iceland? Trading at like 10 cents a coin lol.

Why would trump align with something he has nothing to do with? If all you have is hope that the guy might mention it, it's not going to be successful.

For kicks what algorithm is trump coin sha-256? What's the block reward rate? What's the history? Who are the developers? Why makes it better than the hundreds of other coins out there?

>>33824913
If investing that $100 isn't going to hurt you financially, sure why not? As with any investment, don't invest more than you are willing to lose. And I HIGHLY suggest anyone choosing to invest research the technology behind Bitcoin and come to an understanding of what it is they are really investing in. Trying to jump on over a fear of missing out without really understanding what you are getting into is never really a good idea.

for all you know, some nerd could be running a couple computers in his attic "exchanging" us dollars and bitcoins between his own accounts, and giving the appearance of a $1000 usd value per bit coin.

>>33824788
We are on the same page about the current state of bitcoin, what you're saying is basically what I was getting at by suggesting that OP think of it in the same way that gold is thought of.

But I disagree with the conclusion that bitcoin is particularly attractive to developing nations. In practice the "leapfrogging" argument hasn't really worked to jumpstart the third world in the way that many people had hoped for. The reasons for that are myriad, but lets ignore that for now and allow that the underlying logic of leapfrogging is sound. Bitcoin still doesn't, to me at least, represent a very attractive opportunity to people in the third world. It still isn't a stable store of value or a reliable or predictable medium of exchange. Currencies in the third world may be unstable, but I'm not seeing bitcoin as a better alternative.

The bigger problem is that your analysis misunderstands the problems with existing third world currencies. Bitcoin is designed to be deflationary (we would begin seeing this at the point that it began to be used as an actual currency) which means that investing with bitcoin will almost certainly entail real interest rates that are higher than traditional fiat currency. That immediately makes it of little use to third world countries with very little capital. High interest rates are one of the chief problems with existing third world currencies. The extraordinary exchange rates make it not very good for third world consumers either. Countries with monetary problems currently turn to dollars for safety and stability. This creates shortages of dollars in the country and black markets for dollars. Imagine what would happen if dollars were replaced with an asset that was 1000x more expensive.

>>33825001
You are forgetting about something called liquidity.

>>33825031
>reward for mining a block decreased from .... 12.5BTC.

Fascinating... but there's probably no way I can do this on my regular PC... or is there?

Bitcoin has been swooping up and down for years now, it'll crash and then rise again.

bitcoins get harder and harder to mine new coin, and while that is happening, some dudes are running a program that exchanges dollars for their own bit coins giving the illusion of value per coin.

it's quite genius, however it doesn't mean that its worth anything.

Bitcoin is solid in the 2nd world why is that?

>>33825081
This is literally what I hope will happen with TrumpCoin

>>33825001
There's billions of dollars and many people all trading 24/7. It's a free market. If you start a coin and create scarcity and marketing for it like ZEC, its value drops like a rock.

>>33825197

it crashes when the idiot piggy bank is full and someone wholesale dumps their coin collections to cash out.

>>33825247

i didn't say that it was unsuccessful, its very much successful as people are easily swayed by hype.

that doesn't mean i'm wrong.

>>33823986
Dude , honestly it's not a big deal. It's like saying you feel bad for not having invested on mcdonalds way back in the day. It happens , other opportunities will present themselves , just hope it's during your lifetime , and that you try fiddle a bit with them.

>>33825195
You need application specific integrated circuits to mine, ASIC miners, to even think about breaking even. They are loud and hot. Next best thing is a GPU miner for alt-coins 4 r9 280/290 gpus strapped together.

I WAS GOING TO BUY 1,200 DOLLARS WORTH WHEN IT WAS LESS THAN 1 DOLLAR PER BTC BUT MY MUM AND SISTER SAID IT WAS ILLEGAL AND WOULDN'T LET ME BUY.

I tell them that I could have made more than 1 million dollars if I could have bought at the time I found out, sometimes I tell them that if I ever make riches I will not be sharing.

>>33825285

https://en.wikipedia.org/wiki/Mt._Gox

read this. coinbase can file for bankruptcy when their idiot piggy bank is full, and everybody would lose all their money and coins and couldn't do anything about it lmao.

>>33825206
Who cares if people only think it has value when you can exchange them for money and goods?

>>33825352
>BUT MY MUM AND SISTER SAID IT WAS ILLEGAL AND WOULDN'T LET ME BUY
Lmao, I bet your mum and sister also think that skipping tv ads with TIVO is illegal

>>33824131
He is probably comparing the early days of bitcoin with its current state. Even if it's as unstable as nihonium ,had he acquired bitcoins from the start , he'd have a lot of money by now. Having acquired them after the popularization however, does indeed not make any sense for the reasons you stated.

>>33825382

not really. you just wanna believe it does.

>>33825285
So what's your point?

You said it could be a nerd preforming fake trades. That was easily refuted. Now you're saying your not wrong.

Obviously anyone in trade knows there is manipulation with pump/dump cycles.

Do you think there is value in bitcoin/blockchain technology or not?

>>33825415
I just want to believe it does what? I don't care about the theoretical side of it. You can exchange it for physical objects or money. That concrete is all the matters. Discussions of whether it "really" has value are stupid.

>>33825475

right now, all of it is technically illegal and its on thin ice.

the digital currency that gets backed by the US dollar/banks will be the main digital currency, if that ever happens.

until then, people are going to do whatever it takes to grow the bitcoin piggy bank as much as they can, until that point where they'll just disappear with it like thieves in the night.

it's entirely possible that you can profit before they decide to collapse on it.

all in all, very risky.

>>33825164
Your argument makes sense from the standpoint of a closed and centralized third world economy, but the decentralized, and most importantly global nature of bitcoin will allow capital to flow into stagnating sectors of developing nations. A person in a country that is experiencing hyperinflation who moves their savings into bitcoin will immediately experience more purchasing power than holding their own national currency. They will be able to make transactions globally, and use their wealth in places that were not possible beforehand. The ability to access capital from any part of the globe, including first world nations without any friction is a powerful change. The amount of capital needed make a difference in a poor country is much less than what is required to make a difference in a developed nation. The bureaucracy and friction of traditional financial services prevents that capital from making it's way to these places. With bitcoin, a first world investor with a modest amount of capital and a taste for risk is now open to many new investment options. One use-case I am excited for are decentralized peer-to-peer lending platforms. When a farmer in kenya can seek a few hundred dollars in capital from a guy in seattle, with no intermediaries, exciting things are going to take place.

>>33825364
But why would you wan't somebody else to hold your money? The point of bitcoin is that you are your own bank. You don't need anyone to hold it for you. People leaving money on an exchange and losing it is a symptom of old habits dying hard.

>>33825535

sure man, lemme take my bitcoin usb drive down to my grocery store to buy food.

hmm wait i can't do that.

>>33825081

literally nobody would use it, what benefit would it offer over just plain old USD?

people use bitcoin because it is outside of government control, that is the entire appeal of the currency.

>>33825587

>old symptoms

lmao. mtgox and coinbase are companies, not banks.

they can just file for a bankruptcy, a reorganization, and all that money in the piggy bank will disappear into private, undisclosed accounts and bitcoins will crash to .000001 cent per coin.

I was interested in Bitcoin way back when but it involved needing a good GPU which my Walmart-bought HP desktop barely even came with 256 MB of RAM, much less a graphics card.

So I kinda just missed out on my desire to mine a whole bunch back in 2011.

>>33825081
>A digital US backed currency
Like the US dollar? Which is like 97% digital at this point or something like that? Accepted as legal tender for all debts public and private?

>>33825592
>>33825588
You are correct, but your viewpoint is first world centric. There are billions of people on this planet who don't even have bank accounts, let alone the advanced financial services we enjoy.

>>33825588
I seen a chinese restaurant accepting bitcoin.The change is coming dude just accelt it

>>33825625
I don't think you read or understood my post.

>>33825649

quit trying to scam robots out of their 1k, 500, or 100 usd savings with your cheap glass marbles.

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YOU CAN'T CASH OUT :DDDD
EVERYBODY WHO TRIED WAS JUST SCAMMED :DDD

>>33825649

so how would a government backed digital currency be of any more use for them than a private one?

>>33825649
Second point is alluding to bitcoin not being accepted as legitimate currency, which is true and will likely always be true because you don't have to accept bitcoin as legitimate payments for debts and you can't pay your taxes with bitcoins.

Nobody with a gun forces you to use bitcoins. There are men with guns that force you to use national currencies.

>>33825681
Not trying to scam anyone, just trying to educate people on a really obscure topic. You shouldn't invest in bitcoin unless you absolutely know what you are getting yourself into.

>>33825553
These are all features that are already inherent to the dollar. The bitcoin offers nothing new. It is just wildly more expensive than the dollar, requires existing capital to own or use, is much less stable, is much less widely accepted as a medium of exchange, and is more expensive to borrow.

i'd rather pay $5 on soj's for diablo 2 closed battle.net than bitcoins or any other crypto coin.

>>33825536
Do you understand why bitcoin is what it is? It is designed to get away from countries controlling money supply. You have no control over how many dollars are printed or typed into existence each year. Some countries are failing due to poor monetary like Venezuela, Greece, and India. USA has poor monetary policy with actions like quantitative easing.

This is an opportunity to have a public monetary policy. For the first time people get to choose what economic system to be a part of. Bitcoin comes from the Austrian economic model, where most national currencies have the keynesian economic model. I don't know what the best is but surely with an open market the best is going to rise to the top.

>>33825730

anybody who buys into bitcoins at all after you increases your chances of getting wealthy/cashing out.

literal ponzi based on imaginary or faked value.

>>33825693
It wouldn't, it to me sounds insane for the government to allow a decentralised deflationary currency they have no control over to be used to a significant scale.

>>33825657
That is done for money laundering purposes.

>>33825758

i understand that they all have unique codes and get harder and harder to create yes.

however, the people who made it, use it, and back it have nothing to offer except their bitcoins for my valuable USD.

we can go in circles all night, but mtgox and coinbase are not banks, they are privately owned companies.

I've criticized bitcoin a lot as a currency and as a long term investment. I would, however, like to clarify that I'm not saying you can't still do very well investing in it. Just that it's risky and that I think you'll have a hard time predicting what its value will do if you think of it like a currency.

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>>33825717
>There are men with guns that force you to use national currencies

Fucking lol that explains its low liquidity right?Face it dude people want bitcoin and will continue to grow exponentially.The trump administration will make sure of that.

>>33825743
>The bitcoin offers nothing new.
If you really are interested in this, I think you should read more about the underlying technology behind bitcoin, its decentralized nature, open blockchains, smart contracts, etc.

>It is just wildly more expensive than the dollar
This is another misconception. The units used are completely arbitrary. Today we call the highest unit a bitcoin, but that might not be the case as the price rises. Think of 1 BTC as a 1000 dollar bill, and 1 mBTC (0.001btc) as a 1 dollar bill. Today the smallest unit of bitcoin is commonly referred to as a satoshi (0.00000001)

>>33825834
People being willing to use a currency that has flaws like low liquidity does indeed have much to do with the fact that if you don't use it to pay your taxes, men with guns will take you away.

>>33825843

one bitcoin is absolutely not a $1000 bill.

but thats what u want us to believe.

>>33825797
>That is done for money laundering purposes

Kek chinks love bitcoin i know a good portion of them use it to send money to thier families since the yuan is shit.Not to mention these fuckers are masters at expanding wealth and capital overseas look at Australia and Canadia

>>33825801
mtgox doesnt exist anymore for starters.

But anyways, these companies are exchanges. AKA places to switch from your national currency to BTC. They are not meant to be places for you to hold your bitcoins. Once you are finished making your exchange, it is your responsibility to move those bitcoins out of their hands and into yours. My original point was that the REASON people are not doing this is because they are choosing to view these companies in the same way they would view a bank, which is a mistake and a result of old habits dying hard.

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The federal reserve is a relatively new idea that has been siphoning money from the American public through inflation. Before this considered normal currencies actually had competition, and it wasn't illegal. Benjamin Franklin even printed some of the money himself.

>>33825865
You might not believe so, I'm just going by the current going rate. Who knows, next year 1 BTC might be viewed as a $100 bill, or a $10,000 bill.

>>33825882

yep mtgox disappeared with $450 million usd, and woops can't do anything about it because it was le "hacked".

what makes you think coinbase won't do the exact same thing? its completely legal.

>>33825801
You don't understand anything are are ignorant.

>>33825905

no, one btc will never be any bill, until the US government officially recognizes it as an a currency.

it's much the same idea as recognizing a black lotus being worth $30,000 usd because somebody will pay for it.

>>33825907
It's not legal. The owner of mt.gox is facing a long jail sentence.

>>33825922

you're just upset i won't praise bitcoin and help you snare more 'tards to feed that coinbase piggy bank.

coinbase can file for bankruptcy at any time, and all the money its holding will disappear.

>>33825797
I live in BC, where there is a 15% tax on foreign investment in our real estate.

The chinks are fucking money laundering world champions though holy shit. Nothing will stop them from owning the entirety of British Columbia. The entire reason they're here in the first place is largely because they don't want their money to get taken by Xi Jinpings corruption crackdown, they want it offshore, and BC has a large Chinese expat population.

Pointing out that BC has become complicit with international criminals to the detriment of China AND Canada is racist though.

>>33825941
People have been doing the same scheme Mt. Gox did for a long time, really since the start of the US. Up until about a century ago a bank pulling this shit and going under was a regular occurance.

>>33825941

no he's not, not that i can see. he's asking tokyo courts to liquidate mtgox, and hes gonna get away with a small fortune, thanks to the suckers that bought into the bit coin hype.

>>33825928

The bill analogy was used to compare value. I'm not saying the US will recognize it as currency.

Developed nations will be the last ones on board with Bitcoin. The developing nations that fully embrace it will stand the most to gain, as all of the innovation will flow to places that allow it to flourish. Developed nations will suffer in their efforts to maintain the status quo. The traditional banking industry won't die in developed nations. Innovation will.

Meant to quote
>>33825878

To alert them to >>33825989

>>33825843
I've read a fair bit about it, though I'm always open to reading more. I think we should separate things like smart contracts from the currency per se. Those aren't really a feature of the currency in my mind and are comparable to various financial assets in traditional money. The value of the dollar to the developing world isn't just in its stability or value in purchasing, but the banking system and dollar denominated assets that go with it. I agree with you the bitcoin offers different, but analogous, features.

I do not agree with the argument on denominations. This is analogous to Zimbabwe printing one trillion dollar notes a decade ago and claiming that inflation wasn't a problem. A currency needs to be a stable store of value. I will never enter into an investment that promises me a fixed payoff in the future if I'm not reasonably confident in the future value of that payoff. I don't know anyone who would want anything to do with an asset whose value could unexpectedly fluctuate by orders of magnitude. Those aren't just nominal changes in denomination. They are real changes in wealth for borrowers, savers, investors, lenders, people on fixed incomes, etc.

>>33825865
>I don't understand how currency works

>>33826045

>implying bitcoin is a currency

don't ever greentext to me again.

>old drug dealer "friend" recently found out he was a millionaire from his btc
>mfw he probably only found out about btc from Silk Road

>>33826053
>l'm compIeteIy retarded

>>33826045
>Bitcoin
>Currency

>>33826006
i fail to see what this has to do with bitcoin the actual protocol. The protocol itself wasn't hacked, just a bunch of retards who gave their bitcoins to some shady entity to hold.

They fell for the "mt.gox" meme, not the bitcoin meme.

And you're totally right about coinbase. They could do the exact same thing (although I have a suspicion the US govt won't be as kind). And if it happens, it will be because a bunch of retards thought they could retrofit an outdated financial system (centralized control) to a completely new way to exchange value (decentralized blockchains). At the end of the day, centralization is the problem, which is the opposite of bitcoin.

>>33826053
US dollars are currency you idiot

It's a pyramid scheme at it's core. Anyone who invests in shitcoin over traditional investing is a retard.

>>33825928
Its an analogy my man lol

>>33826098
I'm one of the people arguing against bitcoin as a currency or a predictable long term investment, but this is just an extraordinarily stupid statement.

Look at OPs graph. There are people for whom bitcoin was obviously anything but a bad investment.

>>33826082

yeah okay the code itself is fine sure, but because its not legitimate as a currency and doesn't have a bank to support it, it doesn't have real value.

you can't just call a unique blockchain a "coin" and tell people its money.

well you can, but it doesn't make it money but yeah somebody out there is making a killing off fools.

>>33825989
Isnt lw weed man getting exposed for this shit?its fucking disgusting seeing them get away with this shit

Laughing at all of you poor retards ITT who missed out on the btc meme and are going to stay poor forever.

Let's face it. Us robots would have been one of those fools who would have lost their millions because they stored their money in online wallets which later allegedly got hacked. (The owners of those sites totally didn't stage it.) Or you would have been one of those losers who bought bitcoins for 10 cents and sold all of them for a dollar thinking he made the deal of his life. Either way. None of those things happened to you so you don't have to hate yourself for the rest of your life because of bitcoins.

you're not getting my savings,

>>33826041
Yeah, this goes back to what I was saying for about the current state of bitcoin being an investor phase. We won't see the currency style features of bitcoin until bitcoin is stable, but we won't see a stable bitcoin until we undergo an extremely volatile investor phase. For the bitcoin ecosystem to represent the market capitilzation of the US dollar for example, it would need to be priced at multiple millions of dollars per btc.

Here is a speculative assessment of the "investment phase" of bitcoin if you are interested:

https://medium.com/@mcasey0827/speculative-bitcoin-adoption-price-theory-2eed48ecf7da#.nkbcmq4gb

>>33826163

but i wasn't part of the people who lost their money on it either.

tons more lost money for those select few to take off with the entire pot.

>>33826147
Its funny because I share the exact same sentiments you expressed in your post, but towards the current banking system, not bitcoin.

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>>33826150
[comment too low in content{]
Still not original

>>33826149
Yes. Yes he is getting exposed for this. Our politicians have been crying "muh racism" for awhile at multiple levels of government to obscufate the fact they've been bought out by corrupt foreigners, but people really don't care anymore about being called racists for saying the truth.

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

>>33826163
Silk road fags who didnt get van'ed made a killing though.There were select groups who only benefitted from this surge.

>>33826185
>We won't see the currency style features of bitcoin until bitcoin is stable,
If paypal manages to implement bitcoin like they mentioned then this will become a reality even sooner.Shit im seeing mom and pops accepting BTC

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>>33824533
slave mentality.

stay poor forever

>>33826185
Thank you for the essay.

The fundamentals here may be sound (the ForEx as huge fractals idea is pretty contentious and not something I really buy into), but I'd rather the author focus on the assumption that the entire essay is built on. Viz. the widespread adoption of bitcoin. It's that I'd be interested in ready a thorough defense of.

In any case an interesting read.

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>>33825352
never listen to women.

An expensive lesson for you

>>33825761
enjoy poverty

I used to be sad about not investing in bitcoins, but then I realized that it was a result of my general hesitancy of adapting new concepts in general, which calmed my soul.

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>>33826532
>I realized that it was a result of my general hesitancy of adapting new concepts in general, which calmed my soul.

this is how bitcoins work.

there are the people who mined with its release and kept mining, they have the most bitcoins, ie most of the pot.

every time someone buys a bitcoin, the pot grows bigger. the people with the most coin own most of the pot.

as long as people buy a bitcoin and hold onto it in hopes of profiting, the pot is stable and the most bitcoin holder controls the pot because you aren't cashing out.

as long as people don't cash out and hold onto, the bitcoin will appear stable.

you're not getting anything in return for your 1kgrand, just one full unique hash code that is supposedly 1k usd but nothing by itself unless its exchanged for usd in the distant future for more than you put into it.

so you get nothing in return basically.

>>33826601
>I dont know markets: the post

Holy shit you think gold and silver has an inherit value?People pay what they think its worth BTC is no different

>>33826640

if the Chinese bitcoin miners have most of the bitcoins in the world, then they own most of the USD that is in the total bitcoin money pool.

also at some point, bitcoins were 20 cents per coin.

because bitcoins are trading now at 1k grand usd, doesn't mean that they will all trade at 1k usd.

as long as people keep buying into the bitcoin pool, the people who hoard the most bitcoins will own majority of the wealth.

but yeah obviously the websites that acts as the transitioner between cash and bitcoin will receive and hold the money pool, naturally.

bumparooooooginal

>>33823986
What are you talking about? I bought BTC 4 years ago and held ever since. Didn't miss out a thing. Earned thousands of dollars.

Enjoy being a laggard pleb. haha

>>33825689
i've seen a few posts mocking the claim that it's not possible to "cash out". as in, move your dollar balance out of an exchange and into a bank account.

so it's doable? exchanges don't have cash withdrawal limits or other "problems"? bank won't freeze the account for money laundering or tax concerns?

>>33828150
>bank won't freeze the account for money laundering or tax concerns?
Of course it will, you have to do it illegally.

>>33828206
ok, so how does someone cash out "illegally", if a your bank isn't going to play the dollars-for-bitcoin game?

Bit coin will rise to 10grand, 100k grand.

Whenever it stops growing comes the crash of the system collapsing

>>33828150
coinbase has a 10BTC daily limit for standard accounts, so with current prices that's $10,000 a day. Are you planning on investing hundreds of thousands of dollars or something?

>>33823986
I remember russians trading this shit for tf2 items since 2011, i fucking spent 1000 hours trading in that game but never once tought its a good ideea to do it in btc, one of the biggest regrets of my life so far

>>33828150
No they won't freeze it but you'll have to pay taxes.

>>33823986
>put $100 into ETH before it exploded
>explodes, grow it trading MAID, Monero and some other literal who
>cashed out with 1.5 BTC
>BTC goes down even more
>lol what the fuck am I going to need this for? worthless shit
>blow everything on a DAW, VSTs and sample packs - all shit I could've just torrented for free
>mfw a few months later
Fuck me, at least it wasn't a massive amount lost.

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Bitcoin helps the state, its all transparent and linkable. You also missed out the first big Monero pump but it will still replace Bitcoin so you have time.

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Been telling the retards at /biz/ to get all in since january 2015 when it bottomed at 150 a coin, now at 1025+ and climbing.

Don't worry, you will finally kill yourself in 10 years when it's 10000+ per coin, pussy.

>>33830676

but who's to say this isn't some big bubble?

USD is still the biggest currency of the world, even moreso if GB finally leaves the EU.

bitcoin is a. unstable b. not easily accessible c. not easily usable.

when it comes to a point that i can pick up a coffee with BTC then i'll believe in the hype, but as of now it just looks like a bunch of tech guys artificially inflating the price.

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>>33830732
>unstable
bullshit, has been stable since day 1, now for 7+ solid years

>not easily accessible
what's so hard about clicking send you dumb cuck

>not easily usable
what

>muh coffee

If you think Bitcoin is all about getting average idiots like you buying coffee with it you are missing the point. Keep being mediocre.

You don't 'invest' in bitcoins, you buy drugs with it online. You get the coins and buy the drugs a few hours later.

>>33826601
>what is risk/reward
>implying you can't buy anything you want paying directly with bitcoins without having to convert them into Yellencoins

Fucking plebs. Keep coping.

>>33830784

$150 to $1000 in two years is NOT stable

$150 to $200 is stable

$950 to $1000 is stable

fuck, $1000 to $800 could still be stable

and correct me if i'm wrong, but the point of any currency is to be used for any and all transactions....kind of like how you can use a dollar to buy a candy bar, pussy, or even an acre of land

by buying into BTC what sort of economic system are we supporting? decentralized is nice and good if you're dealing in possibly immoral ways, but you're talking about opening up a whole new financial system in a world that really doesn't need it just yet and possibly never will. we can't even agree on global environmental regulations, much less how to deal with a currency aimed at equality for every man. so if the major countries of the world don't recognize it, and i can't even buy land with it, why would i look to buy into it when i can instead buy into a company or a government that actually produces something?

this is just like any stock or any commodity. it only has as much value as it has earned. a person can trade in manure too but it doesn't mean i'd want to keep it around the house.

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>>33830881
You are not the one that says what is or isn't stable, the market does.

Bitcoin's marketcap is still tiny, any of those random meme apps have bigger marketcaps. Considering Bitcoin's revolutionary features it is the most underrated asset on earth right now. 150 to 1000 is perfectly stable growth, it is still extremely cheap.

>we can't even agree on global environmental regulations, much less how to deal with a currency aimed at equality for every man.

We don't need governments or any institutions to tell us the price of bitcoin or what it does, that's one of the major keys

>so if the major countries of the world don't recognize it, and i can't even buy land with it,

You buy land in countries that accept it, and there will always be countries that accept it because there will always be countries that find profit it being bitcoin friendly. Switzerland comes to mind. Others will join, it's just game theory.

If you live in a cuck country that doesn't accept bitcoin directly to buy land then who fucking cares, convert it to your fiat memerrency or move.

>but you're talking about opening up a whole new financial system in a world that really doesn't need it just yet and possibly never will.

Oh boy it will, just wait until governments remove physical cash. The entire underground economy will run under bitcoin, since people will search for a cash replacement. That's a couple trillion dollars in potential marketcap alone.

Not to mention the 4 billion unbanked people on earth can potentially be their own bank with an SMS phone only.

>>33831028

they market is ramping up its price like crazy, that's not stable.

if someone's temper goes from 0-60 in a few seconds, they're obviously unstable.'

literally every part of your post relies on the USA removing its physical currency. physical currency is too convenient, and convience is King

>>33823986
The price is being manipulated to convince more idiots to buy in so all of the bag holders can get out.

The OP is a Bitcoin shill.

>>33831028
Nice try, shill.

You won't be getting rich off of this shit. Get a job.

Reminder that the 500 richest wallets hold almost 40% of the Bitcoins.

The market is easily manipulated, just like some shitty penny stock pump and dump scheme.

>>33831277
Where is the source of that information?

>>33824913
Do it! That's exactly what I did a couple months ago. like $25 every couple of weeks, It's just been going up and I'm using hashflare for cloudmining. I put about $50 in there a few months ago. It's usually a 6 month period to even out but it's gone up to projected $80 in 6 months. Everyone will advise against cloudmining services but hashflare and genisis mining seem to be doing well and I've been getting consistent payouts. There is abolutley a risk but you can't mine at home no mo and it's been fun so far

>>33831868
also I think of cloudmining as like online betting. I've used sites, I've won $2,000 on a $5 parlay, totally got the money. The people that have trouble getting their money are the big winners. Now that's not always the case but I'm sure some sites would rather just keep their $100,000 and get a bad review than payout.
SO I don't think I'd invest too much into cloudmining. Like people said, no more than your comfortable loosing. Just do your research, hope for the best and expect the worst

that's like saying you missed out on investing in google, amazon, etc. etc.

there was always a risk, you didn't take it, that's it

>>33831277
> Reminder that the 500 richest wallets hold a
this.
I was looking and dreaming for etherium but they fuck it big time with this mentally retarded DAO shit

I fell for the Ethereum meme and spent like 75$ on Ether at 20$ a coin. Only to have it fall to $8 right now.

I mean, granted it was a stupid decision entirely based on 4chan shills. I just don't think any cryptocurrency will beat bitcoin at this point.