"...Every single fiat you throw away in exchange for a bitcoin is a small punch on tyranny's face..." (np.reddit.com)
SubredditDrama
159 ups - 39 downs = 120 votes
147 comments submitted at 11:21:11 on Apr 11, 2014 by sirboozebum
"...Every single fiat you throw away in exchange for a bitcoin is a small punch on tyranny's face..." (np.reddit.com)
SubredditDrama
159 ups - 39 downs = 120 votes
147 comments submitted at 11:21:11 on Apr 11, 2014 by sirboozebum
I threw away 10k on Bitcoin last year; only looking at a %1600 ROI thus far.
FML.
-edit-
gotta love the echo-chamber of anti-crypto hate. You're all worse than the teenagers of /r/Bitcoin you all quote and act intellectually superior to.
Imma call bullshit on that
http://www.icanhasinternets.com/wp-content/uploads/2010/08/dwZ10.jpg
Ha! Jokes on you, nothing I do is cool.
You're not very good at this are you
Congrats. Still can't take Bitcoin seriously as a currency since people are mainly using it as a form of investment.
If you're looking at Bitcoin purely as a currency you shouldn't be making such proclamations as that obviously demonstrates a limited understanding on what cryptocurrency is. And besides, if Bitcoin is going to be used as a medium of exchange the market capitalization is going to have to grow substantially to be able to facilitate the movement of capital; in that sense the investment into the underlying asset makes sense.
While that's true, the perception of Bitcoin has yet to move away from being a form of investment. Until the vast majority stop seeing it as a method to make or lose money on, it won't ever be used as a currency on a large scale.
What perception? The idea that you and everyone else here has of teenagers and idealists on /r/bitcoin? Who gives a shit about them?
Literally hundreds of millions of dollars has been pumped into Bitcoin start ups by professional venture capital firms, you have hedge funds moving into the arena (Fortress, Pantera,) individuals from Visa, SWIFT, JPmorgan, Facebook and other such companies moving into the space and creating companies to facilitate the network. Hell, the New York state regulator is promoting Bitcoin on CNBC an Bloomberg to name but a few recent developments...
Mock all you want; Bitcoin is growing substantially and it has absolutely nothing to do with the people you all quote in here. Just as you all made fun of Bitcoin a year ago despite it having grown massively you'll make fun of it again now... And be proven wrong again and again. The meaning of ignorance and idiocy is alive and well here.
I think you are directing this at the wrong person. I don't care if Bitcoin makes or breaks it, but when the most of the discourse about Bitcoin seems to be on how much money people have made or lost by investing too early or too late, then it hardly creates an environment where people will then treat it as just a currency and start actively spending and accepting it.
Additionally, hedge funds pumping (can be another word for investing getting ready for a dump) money into Bitcoins doesn't inherently validate it. Unless you know the actual intent behind those firms pumping large amounts of money into the Bitcoin, you can't talk as if they are actually going to help stabilize it so it can function as a currency because it's just as likely (or arguably more likely) that they are just hoping to make a quick cash in later on.
> but when the most of the discourse about Bitcoin seems to be on how much money people have made or lost by investing too early or too late, then it hardly creates an environment where people will then treat it as just a currency and start actively spending and accepting it.
It's called speculation. And it never ends well.
Well, yes, but I was trying to show how ambiguous the intentions are. It truly is blatant speculation. However, I disagree that speculation never ends well. Speculation is a neutral process and there are many cases where innocuous investments are based on speculation of how well something will do in the future.
Of course, in the case of Bitcoin, the speculation is preventing the it from settling and it doesn't seem to be settling anytime soon.
Tip toe, through the meadow
By the window, thats where I'll be
Come tip toe, through the tulips
With me...
Most of us don't give a crap if bitcoin fails or not. We LOVE the drama it generates and the zealous weirdos it can attract.
If bitcoin is so great...why does Dogecoin have a nascar team? And don't they have an Olympic team?
Where is the bitcoin stuff? I would get into bitcoin, if it was like easier to trade my playing cards with it. I'm really into stuff like Yu-Gi-Oh. Man...if you guys could make like an online exchange...where I could trade my cash for bitcoins...and then take the bitcoins and get Yugi cards, that would be tits! Also, do the same in reverse. So I could buy and sell the cards.
Can that be done?
I'm all about DOGE, got a few million.
Still, to insinuate that it challenges Bitcoin to anyone with half a clue makes you look like an idiot. The fact that you're getting upvoted stands testament to the level of intellect around here.
Look for yourself - http://www.cryptocoincharts.info/v2/coins/info - sort by market capitalization
Okay...
My supposition is that bitcoin could facilitate to markets not currently served by tradition banking means. Let's be honest, any cost savings using bitcoin is wiped out by the fraud and security concerns.
So that leads two markets in my mind, illicit ones (drugs, gun running, money laundering, tax evasion, etc) and micro-finance (see the work of Muhammad Yunus in Bangladesh). Obviously, the bitcoin community wants to downplay the first option to prevent governments from cracking down. But the second also has severe limitations. As someone who has worked in Bangladesh, I can attest to the difficulty in getting access to electricity, let lone the internet, computers, hard drives, and even paper. Having a paper wallet is a recipe for disaster in a low lying country during the monsoon season. I don't exactly understand how its suppose to serve folks in the 3rd world in realistic terms.
Especially when the vast majority of coins are held and never moved. Ergo the actual value of the coins is unknown, and susceptible to wide fluctuations (which reminds of me of a time when I took a job in Mozambique and I could not pull my per diem out fast enough to not lose money every day due to the ongoing local government crisis at the time).
Besides...when ICP gets their coins going, the punk bitches of bitcoin is gonna take a hatchet to the necks or some shit. Shaggy 2 Dope and Fat Guy Extraordinaire for life FOO!!!
> Let's be honest, any cost savings using bitcoin is wiped out by the fraud and security concerns.
Must be why the former CEO of SWIFT & Visa security director joined CIRCLE recently and why tens of millions of VC money is being pumped into that company... Because the entire technology is useless and cannot be employed for anything.
I'm glad that you know more about payments technology than the former CEO of the largest payment network on the planet.
Dude, the price dropped with roughly 60% in a couple of months. Stop pretending "it is such a good investment". Someone making profits on a bubble does not imply the bubble is actually legit.
Bitcoin has been around for 5 years and you choose to judge it entirely on the performance of a two month time period? Genius. How about you add a few more months and give me a percentage?
By that amazing logic the tulip mania was completely legitimate, because you can just ignore the last months when the bubble exploded.
If you actually want to judge an asset you can't just conveniently ignore things. You guys want bitcoin to be a global currency yet it lost 60% of its values in a couple of months. In the world as seen by bitcoin, people would've lost 60% of their life savings right now and still you claim it's better than fiat.
Cue "volatility will decrease when more people adopt it" and "it's not a currency, it's an asset" excuses here
>By that amazing logic the tulip mania was completely legitimate, because you can just ignore the last months when the bubble exploded.
Please learn how to interpret and compare graphs. If you had we wouldn't be having this conversation as there is little relevancy.
Though sure, if Bitcoin heads to sub-100 by years end feel free to quote me and mock me. Until that time please stop harping on about tulips as you look just as idiotic as the people I mocked last year and the year before.
"I threw away 10k on Bitcoin last year; only looking at a %1600 ROI thus far"
Perhaps you can help me out on this. If they price is going down considerably how are you experiencing a 4 digit return on investment? Shouldn't your ROI be going down?
The price of Bitcoin has increased substantially since last year despite recent losses
I actively trade.
Perhaps I'm misreading these sources(known to happen). But the price of bitcoin on April 11th, 2013 at 7:30 am was $266.00 and the price of bitcoin as of today is $ 360.00 according to the BTC-E. Your numbers don't seem to add up to that 4 digit ROI. The only way possible I see to show those numbers is to have the kind of brilliance in trading that Warren Buffet would envy. But a 100 dollar increase in price is hardly going to give you that level of ROI.
Oh yeah? But do you know why kids like the taste of Cinnamon Toast Crunch?
So, you're not to consider bitcoin as a currency, you're to consider it an investment? What are you investing in? Bitcoin has no real utility as a currency, no intrinsic value, no utility in itself, so what value does it have?
You're "investing" in bitcoin because you expect the price to go up, right? Why does the price go up? The price goes up because every person who buys a bitcoin at a higher price expect that they will be able to sell it further down the line to someone else for an even higher price.
Is this expectation of future demand/rise in prices based on any change in the value/performance of the bitcoin? No, partly because bitcoin simply isn't capable of changing in intrinsic value, but more importantly because it has no value.
And what do we call this? It's called speculation... What happens to speculative bubbles?
Sure you can make money on a speculative bubble. Consider the housing bubble, tons of people made money off of the crazy speculation. If you stop there, it sounds great for all those people who threw everything they had and anything they could leverage into the market. But when you consider that most of those people lost everything and it helped catalyze perhaps one of the greatest economic crashes since the Great Depression, it doesn't sound so great.
The difference between speculation on bitcoin and speculation on housing is that housing has objective, intrinsic value and very real utility. You could expect the crash to bottom out and the market to recover because it was based on something with legitimate value. Bitcoin doesn't have that. When it goes, it's gone, and there's no recovery because there simply isn't anything to recover. You will lose everything.
Let me taste, and enjoy, those sweet, sweet, crypto-tears. Hold on whilst I apply those, salty, mined, tears to the shaft of my gherkin, and begin a crazy mining session of my own. Mining for baby gravy.
> anti-crypto
making fun of imaginary internet money and the people who put their life savings into it is anti-crypto?
> I threw away 10k on gambling last year; only looking at a %1600 ROI thus far.
have you sold yet? or are you still planning on it to make you a billionaire? Because until you sell, you haven't made any money.
Great. Now try cashing out. Oh... right.
You realize that hundreds of millions of dollars is exchanged daily on the exchanges right? Moving 6 figures isn't exactly difficult though I guess someone of your intellect might find it troubling.
Your personal insults have convinced me of your knowledge and intellect.
Eh... It's the only language these savages understand.
So you basically have nothing more than a collectible.
The only difference between Beanie Babies and BitCoins is that you can use BitCoins to pay for some things in really obscure and niche places.