/biz/ - Business & Finance

>>8420007
Bitcoin is kill. It was a typical 2017 thing. Normies are sick of it. It's not coming back. The end.

Nothing. The bullrun starts today and bizfags will deny this

>>8420034
We can't let Trump get the nuclear codes.

>>8420007
shitcoin bubble popped, normies leaving since their shitcoins are bleeding to death, BTC getting hurt by normies leaving the space

The price was almost entirely based on speculators. The amount of things you can buy/sell with bitcoin is so small, there isn't a real market backing it up.

Once the price of all coins started to fall, the small pool of investors were wiped out or forced to bag hold, which means they have no more money to speculate with.

As the number of transactions begin to drop, miners will no longer afford to do business, and bagholders will also see the prices just drop and drop.

All bubbles pop. That is a fact of nature. As this bubble pops, anyone who stays in crypto will see their entire holdings wiped out.

>>8420131
This. Invest in technology not in hype you fucking morons. You deserved this.

Normal people don't need bitcoin, especially when the design by nature prevents it from ever being reasonably used on the day to day retail space. Who's going to buy even, say, a $200 meal in bitcoin when the transaction fee is at least $15?

Then you have the government at large not liking crypto and doing what they can do kill it. Look how they're calling crypto property so that all of your transactions are supposed to be taxed under capital gains.

Cross this with the inherent lack of regulation and you have a recipe for failure.

>>8420173
>>8420213
stupid as fuck

>>8420130
this is the only reason

don't blame BTC for why your vaporware shitcoins, copy pasted clones, and literal scams are dying

speculation bubbles
also, the slow shit technology became less impressive the more people learn about it

>>8420244
BTC has tons of inherent issues practically as a currency, its only advantage was first to market.

Other coins work better technically, if crypto on the whole was viable bitcoin wouldn't be suffering like this.

Most of the recent dumping comes from ether and its shitcoin tokens. ICOs dumping millions worth of eth for USD is taking Bitcoin with it.

>>8420213

This is especially true since there already exists a system that works well, does not have wild fluctuation in value, has protection for buyers and sellers against fraud, and is readily usable in millions of locations around the world.

The mentality of the average coiner has their downfall baked into it:

> mad that some people have money when they don't.
> create a system with no regulation
> try to fight 6000 years of financial history with the power of hope.

>>8420302
bitcoin isn't a currency, never will be. It will always be used as an easy to use commodity that holds value

name one other coin that works better technically. I'll wait. If you mention any retarded DAG or any retarded centralized piece of shit I'm not going to even bother responding

>>8420329
>>8420302
>>8420213
>>8420131

(((nice)))
hey guys, how do i open a chequing account?
fuck off.

>>8420533
How much money did you have in crypto, anon?

Show us on the doll where the bubble touched you.

>>8420313
>dumping eth takes bitcoin with it
how the fuck does that work fag

>>8420007

BITCOINERS!

PREPARE FOR GREATNESS!

>>8420007
>what went wrong?

>>8420553
if you don't understand how that works you're stupid as shit

>>8420551
yikes, pretty quick jump to a child sex abuse reference. did that come naturally or did you have to think about it?
not enough in crypto to be worried, enjoying the carnage and buying once it bottoms. but retard, "if crypto on a whole was viable bitcoin wouldn't be suffering like this" is pure brain diarrhea. reddit spacing too, lel.
how much are you getting paid, cutie pie? or are you here on your own free will for some (((discussion)))?

>>8420516
why does it have value if it's not a currency?

commodities need to have a value, what gives bitcoin it's value? people don't need it, why should they want it?

Can I makeup something that has a 21 million total limit, make it hard to get and it suddenly has value?

>>8420533
>Telling me my Bitcoin is useless as an investment or store of value? Must be DA JEWZ

Why don't you tell us all about all of the many real-world uses of Bitcoin and set us straight then? It's too volatile to use as a store of value and too cumbersome to use as a medium of exchange. At least my checking account lets me pay for shit and have my transaction confirmed in milliseconds.

>>8420668
so much reddit spacing here.
what's going on guise

>>8420682
>reddit spacing
are you guys from reddit or the bank

>>8420668
If people want it, it has value. Simple dummy

>>8420698
I just come in here to make fun of people for "investing" in crypto by mentioning the most basic economic concepts and watching them squirm and writhe when they have no real answers.

>reddit spacing
Looks like someone's safe space has been invaded. Triggered much?

>>8420668
back to plebbit you low iq subhuman

>>8420698
>>8420683
>Why arent you spacing your posts how we want you to? /biz/ etiquette is serious business and you're really not fitting in with the in-crowd here

>>8420747
>more reddit spacing
you need to go back, babe

7k is extremely high price. This is still the second best time ever to sell in the history of crypto. The price was higher one time, for less than a month.

>>8420761
dear faggot: it's not etiquette, it's a tell

>>8420668
bitcoin's value is derived from its immutability ie the blockchain it runs on, and the agreed value people give it, just like gold.

Gold does not have a use, its traded 10x more than its actual use case so circuitry is irrelevant as fuck. Bitcoin is advantageous over gold as it is

1. easier/cheaper to transfer
2. does not have a liquidity problem
3. can be more easily off shored / escape banking

A decentralized commodity that can be exchanged cheaply, quickly and easily, is always immutable and fungible, without dealing with third parties, notably banks, is almost invaluable. It kicks the shit out of gold.

and yes, you can as long as that thing you make is immutable, fungible, and other people also see value in it. That random piece of shit you "make" is not going to be as good as bitcoin though, BTC is on a whole other league

As of right now BTC is going through price discovery and won't be a true store of value for a long while, but as the world gets more "digitized", as stupid as that sounds, it will eventually replace gold. It could be 10 years or 50 years. Either that or something else will. But nothing currently poses any overwhelming advantage, especially stupid fucking shitcoins and turing complete shitcoins that are just asking you to lose money to a bug

>>8420683
>Unironically saying reddit spacing
Newfag detected

>>8420773
So if I just hit enter on every response

I can keep upsetting you

without even mentioning how your garbage fake money is proof that you Dunning-Kruegered your way out of what little financial security you could have had?

>>8420653
I'm here to revel in your misfortune, dumbass weeb.

Also,

>Calling it reddit spacing

>Muttposting

Hey retard, reddit at large are the fags defending crypto, with the same sort of delusional fervor with which they defended Bernie Sanders.

>>8420007
too much success

>>8420814
don't bother, boomer fucks can't understand technology. apparently this guy doesn't understand supply and demand either.

>>8420007
it's a shitcoin.

>>8420889
>>8420886
you two are adorable ^_______^

>>8420721
people wont want it unless it has value my friendo

Blockstream and Bitcoin Core are staking everything on Lightning Network. Go on social media right now and you’ll see nothing but Lightning strikes on profiles everywhere. People believe this is the one true solution to Bitcoin’s scaling problem. What happens when they find out that this couldn’t be further from the truth? What’s the alternative? People will have to accept the fact that it can’t scale with its current implementation.

https://medium.com/@cryptomeds/how-segwit-murdered-bitcoin-bitcoin-can-never-scale-25777b103c56

>>8420780
Crazy that this is true

>>8420721
Does it have value because people want it?
Or do people want it because it has value?

One is an actual commodity. The other is a ponzi scheme

>>8420814
Gold has history of use, bitcoin doesn't. Gold has been used for thousands of years, bitcoin doesn't.

Yes blockchain is useful, bitcoin isn't blockchain. blockchain is just a data structure. What you said is true though, bitcoin probably won't be the greatest use we see of it, it's so preliminary. It was used as way to launder money and sell illegal shit online, and that stil lmakes up the bulk up it's use.

It won't go to 0 but people who think it deserves to be 100k+ are delusional and their only argument is 'MUH BLOCKCHAIN'

>>8421088
guess what stupid nigger? Bitcoin is about to earn its history of use. Nice job simplifying my argument to nothing though.

>>8420930
you're using the same old bullshit argument all the bagholders were using from 15k and below

>YOU JUST DONT UNDERSTAND THE BLOCKCHAIN BRO IT'LL CHANGE THE WORLD

>>8421072
It's some of both. Which also shows why it's continuing to dive. It grew way too fast for its actual value

>>8421100
Have you ever used bitcoin for anything besides getting real money?

>>8421146
have you ever used gold for anything besides real money? The fuck are you trying to say? At least when bitcoins gets a higher marketcap and becomes a more stable market you will be able to use it as an actual currency and buy shit, unlike gold which will and can never have the same capability.

>>8421146
>"real" money
kek

>>8421215
thanks just printed 100k

>>8420007
>what went wrong?
blockstream

Bitcoin/Crypto....

... design a system that requires a massive amount of electricity just to buy a pizza.

... immutable ledger, because 5 years from now I may need to prove I bought the pizza.

... transactions verified by people I've never met, because nothing says trustless like a bunch of albanians approving my pizza purchase.

... everyone is going to use it; except that no one is using it for anything but speculation.

>>8420886
reddit nigger

>>8421267
you are stupid as shit shut the fuck up and go read a book nigger

>>8421222
implying roger "insider trading is ok" ver is better

>>8421365

Found the bagholder

>>8421399
im actually mostly tethered since 12k you stupid faggot, you faggot shitcoiners popped the bubble preemptively and now we have to wait years for the next bullrun

>>8421407
>tethered

Then why are they not answering their phone or proving they have real money ($) backing up their shitcoin?

>>8421463
they were already audited, not that it matters, the banks don't want to work with exchanges anyway so I don't blame them for making tether

>>8421407

Tether... backed up by nothing by the promise of someone who fired their auditor when people started asking too many questions.

Isn't the whole fucking point of a "store of value" that its price is relatively stable? What the fuck is wrong with BTC staying around 6-8k besides NEETs not getting their lambos?

>>8421501

No they weren't. They're dodging, and they have yet to prove they have ANY money backing their coin, let alone the BILLIONS of dollars they claim.

It's a scam. People will learn this sooner or later. Those who learn sooner may recover part of their investment. Those who learn later will wake up one morning with nothing when it collapses, as it most surely will.

https://hackernoon.com/why-tethers-latest-statement-about-its-auditor-is-complete-bs-42f41e9ade9d

>>8421526
That's not what dissolved means retard, it dissolved since it ended. Tether is shady as fuck but banks not working with exchanges is even shadier so fuck them. Tether is backed by offshore entities anyway so that shit isn't going down, its just e-gold 2.0

>>8420007
Like fiat, the price of BTC is determined by trust.
Nobody trust BTC anymore.

>>8421581
A good store of value doesn't have a 50% price fluctuation in two months.

you cant tell how happy i am this autistic shit has ended and all coinfags will finally leave /biz/

>>8421581

The problem is that there is no reason for it to be even $1.

Coiners are correct that they are simply agreeing on value like everyone did with gold, but gold as over 6000 years of this agreement.

A bunch of coders thinking they're going to just overturn 8000 years of financial history would be cute, if it weren't for all the morons who believe them and put their life savings into all these shitcoins.

>>8421651
and in 6000 years bitcoin will have history of agreement

Your argument is almost as weak as your soyboy body faggot

>>8421407
Tethered at 12k? Wow you're playing with fire. There is a nonzero chance that stupid coin run by fraudsters will eventually die before you break even again. I hope you're aware of that, anon.

>>8421634

So now you're trusting your $ to someone you don't know who has your money parked off shore?

To steal the line from Wall Street 2... it's a miracle that a fool and his money ever got together in the first place.

>>8421700
yeah there's a nonzero chance that anything on any exchange gets goxd. Where do you think we are? You're not suppose to have anything on these exchanges that you're willing to lose

>>8421700
>It's part of Anon's hopes and dreams.
Also Nice dubs

>>8421721
I know but some retards literally think tethering up means they're safe, I'm not even making this up.

>>8421100
wow you get defensive as fuck, I was trying to civil but apparently bitcoin faggots cannot be and just yell

>GUYS ITS GONNA MOON SOON JUST WAIT HURRRRRRRRRRRRRRRRRRR

>>8421682

Lol. you can't honestly believe that in 6000 years anyone will even know what bitcoin was.

It will be a footnote, if even that. Probably not even that since as far as scamming get-rich-quick schemes go, it's small fry

>>8420580
Wish you guys would stop posting my picture

>>8420131
>>8420213
>>8420244
>>8420302
>>8420329
>>8420516
>>8420551
>>8420556
>>8420668
>>8420682
>>8420747
>>8420814
>>8420886
>>8421072
>>8421088
>>8421119
>>8421267
>>8421399
>>8421463
>>8421613
>>8421651
>>8421682
>>8421716
>>8421754
>>8421760
way too much r*ddit spacing in this thread so it deserves to get saged and hidden by me. I'll just enjoy the fact that I'm rich since I sold at $16k, laughing at all these poor r*dditfag nocoiners

>>8420814
>Gold does not have a use

Gold has uses you moron. It's value is never going to do to zero because at the very least people use it for scientific research and medical equipment.

>>8421777

Don't blame us for the fact that your adderall and ritilan addiction has made you incapable of holding your attention for more than one paragraph.

>>8421760
>muh bitcoin is a pyramid
>>8421754
I think I confused you for someone else so I called you a nigger, kind of sperging right now anyway trying to prove people they're wrong on the internet. Not a moonboy, my buy targets are low as fuck right now and I don't think we're going to hit 20k for another 2-3 years
>>8421738
yeah its definitely not, when my targets are hit im getting my btc off the exchange and onto a wallet
>>8421777
gay and retarded

>>8421812
gold is traded more than 10x over its use cased, like I said if you could read you stupid faggot. Both gold and silver are highly speculative assets and nothing else. Same goes for realestate too. Can you fucking use your brain for like 5 minutes?

>>8421777
Cry

moar

faggot