Real Talk: Bitcoin

[Anonymous No.1717854]

Okay, are cryptocurrencies a fad or just ahead of their time? What are your thoughts?

[Anonymous No.1717866]

>>1717854
Self bump

[Anonymous No.1717871]

Ask yourself this

If you bought bitcoin right now, which of the following would you do with it?

1) Buy necessities or pay you bills
2) Hoard it until it goes up in price and then sell it

Blockchain technology may be useful at some point, but bitcoin and all these other shitcoins are just pump and dumps that will eventually be worth nothing.

China can crash bitcoin to under $100 right now if they wanted.

[Anonymous No.1717887]

>>1717871
Since I have some disposable income, (I'm 17 and still in high school), I bought some bitcoin and some of the top altcoins just for kicks.

[Anonymous No.1718022]

>>1717871
They will always be worth something because they are a convenient vehicle for black market and grey market transactions and various other under the radar purposes.

So long as you can still buy meth on the deepweb or whatever and the authorities can't effectively stop it.

[Anonymous No.1718030]

>>1717871

> that feel
> when you pay your auto loan
> WITH BITCOINS

You know there are these things called "debit cards". Sware you nocoiners are stuck in 2013.

[Anonymous No.1718063]

>>1717854

Ahead of it's time. Here's why:

>Deflationary

People don't spend their Bitcoin because it's worth more every day. (Only 21 million Bitcoin will ever exist)

This means:
>Bitcoin will become incredibly valuable for those who hold it
>Those who don't hold it will be poor and without a job due to the crisis
>The crisis is due to people not spending their Bitcoin
>People who can't afford Bitcoin because their jobs are dead due to recession become homeless or worse
>Rich people that own Bitcoin set up food help for the poor
>Literally the whole world become an Africanized shithole except for people who own Bitcoin
>The Bitcoin people live in their ivory towers living large while the rest of the world turns to shit
>The Bitcoiners establish a sovereign country, basically it's the 1% from all Earth's countries
>They wall it and get a military to defend the wall
>Rest of the budget goes to their lavish lifestyle and spacetravel
>They start rounding up the poor and shooting them into space to work in space strip mines to sustain life on Earth
>The poor people who didn't get Bitcoin are destined to a life of space slavery

Basically not owning Bitcoin will fuck you up

[Anonymous No.1718082]

I think its the future,i dont think bitcoin will become a national currency or anything but its going to keep growing until its unstoppable,we are early adopters ,one day owning 1 bitcoin will be like trying to get a million dollars.

[Anonymous No.1718211]

>>1718063
I saw that movie!
So you're saying that owning Bitcoin is the ticket to Elysium?
I have 0.17 BTC, will you guys let me in?

[Anonymous No.1718247]

>>1717871
this.

crypto coins are a commodity first and currency second. it's just super inconvenient to pay with. i'm still waiting on the killer app. crypto can take off, but has to find a USP that makes customers shift away from bank transfer, credit card, paypal or whatever they're using right now.

the anonymity is a weak proposition. haven't seen a scalable coin with actual privacy, plus whatever you buy with a crypto coin still has to arrive at your physical location so no transaction will ever be truly anonymous.
and i'm not convinced about the whole "inflation proof" story. the whole concept is strange, since it assumes crypto will fail to become the global currency. because once the loop is closed there would be no benefit since your income and your expenses are both in crypto and exchange rates wouldn't matter.

it's not fast, it's not safe, it's not preserving value (as of now at least), it's not easy (yet). why should the average user switch? fixing all the inherent problems with crypto also kills a lot of its appeal since we'd be back to huge hubs (aka banks) controlling everything.

[Anonymous No.1718256]

>>1718063
only an utter moron would want a deflationary currency. it would fucking kill the economy as we know it.

[Anonymous No.1718260]

>>1717871
>China can crash bitcoin to under $100 right now if they wanted.
And why should they want it to crash below $100 right now if they own most of the network?

[Anonymous No.1718276]

They're fucking stupid.

Where do I even begin?

> "Hurr durr, sometimes currencies deflate and Bitcoin only increases in value!"

This is said in complete sincerity when a bitcoins value is more volatile than a woman's emotions.

> "If you're stuck in a third world country with a shitty economy you need bitcoins because your currency is worthless!"

Because people starving obviously give a shit about some numbers on a computer. Someone wanna link me to some pictures of people in Venezuela driving around in Lamborghini's and shit because they bought some Bitcoin? Oh wait... Doesn't exist. If your countries economy is fucked you need local currency that food producers are going to accept, you need skills that are in demand or you need actual USEFUL PHYSICAL GOODS to trade with.

Yes, I'm sure you can buy some new computer gear off Amazon with Bitcoin but you're still gonna starve without the local currency.

> Bitcoin is better than real money because it's instant.

Yeah... It's called AMEX. Mastercard. Visa... Yeah, sometimes it takes a few days for a cheque to clear with your bank which can be annoying, but we don't need Bitcoin to solve this, it's something the banks can work out between them.

> "We need decentralised currency!"

You know what's awesome? Knowing my money is safe. If my card gets stolen I can ring up my bank and cancel my card. I can issue chargebacks if someone tries to rip me off. Oh, BTW, having my currency produced mostly by FUCKING CHINA isn't what I like to call "decentralised". Yeah. No thanks.

[Anonymous No.1718279]

>>1718276

> "The transfer fees on credit cards is too high!"

Oh no, the entire 1% or whatever for the convenience of not having to bring a horse and cart filled with gold!!! Oh teh noes! If you use your credit card like you should you'll earn points on what you spend which negates most of those extra fees and again, you get additional services from your credit card company like charge backs, theft protection, convenience, etc. Seems like a fair trade to me.

> *Insert crypto-coin here* is anonymous!"

You mean like cash?

> "Bitcoin is secure!"

Yeah, it's so secure that there's literally thousands of posts all around the internet of people talking about how they mined a whole bunch of Bitcoin which would be worth millions today but then their hard drive died or they forgot their password, etc, so now they can't access the money. Yup, real secure guys! Meanwhile, my entire house could get burned to the ground and I could suffer from amnesia but still be able to go to a bank, present ID and have access to my funds.

On top of all this, the crypto-currency community is so fucking vile and elitist. A bunch of bloggers with extremely close connections to certain crypto-currency developers and other obvious conflicts of interest.

Developers literally flaming each other in public on forums and a split in the community between bigger blockchains and segwit... whatever the fuck this even means? I have no idea.

A bunch of 16 year old edge lords sitting in their air conditioned homes sucking up their parents money through their mining rigs while they call everyone corporate shills when they've never done a second of manual labour in their lives.

[Anonymous No.1718281]

>>1718279

Yes. Many people got rich through Bitcoin. Some of these people were smart, believed in the technology and jumped on it early and others were just sheep that read about it on 4chan between their furry jerk off sessions and figured "why not?". But the same can be said about many new and exciting things in the past. A lot of people became millionaires overnight through the .com bubble. A lot of people lost money. Bitcoin isn't anything special in that regard.

It's useless as a currency because of how volatile it is. No one wants to use a currency that loses like 20% of its value in a fucking weekend. No one wants to use a currency that requires you to store it on USB drives or write down long passwords on paper otherwise you literally lose all your money FOREVER and there's nothing anyone can do about it. Half the population can't even remember their fucking email password and you expect them to feel comfortable locking their life savings behind the same sort of security? It's the complete opposite of user friendly.

99% of cryptocurrencies literally exist as a "get rich quick" pyramid scheme. The very few that actually serve a purpose could easily serve that same purpose without the ridiculous "storage of value" added to it.

For example, MaidSafe sounds really fucking cool. The SafeCoin though? Fucking useless. Why does it need to exist? If you want an incentive for people to host content how about paying them in their local currency or just use USD instead of forcing people to transfer it through 3-4 different currencies just so they can actually spend the fucking things?

Factom? Wow, the Gates Foundation is using it so third world countries have access to patients medical history... Except what the fuck is the point of the Factom coin? What is my incentive to own it? Can't I just invest in the COMPANY instead of their shitty cyrpto-currency?

[Anonymous No.1718286]

>>1718211

Yes, that will become a fortune.

>>1718256

Yes

[Anonymous No.1718288]

>>1718281


The use of crypto-currencies currently isn't great enough to warrant the existence of hundreds of Bitcoin clones (apart from perhaps A SINGLE anonymous one, not dozens).

TL;DR.

It's fucking stupid. But don't let that stop you from investing because obviously Bitcoin has done quite well in the past and people seem to be making money trading cyrpto-currencies which is just sad, but do what you gotta do I guess. Just don't get greedy and realise this shit could literally be worth less than the bits of hard drive storage you currently keep it on almost overnight.

I bought $200 AUD of Bitcoin recently just because I wouldn't miss the money and I regretted not buying some earlier when I first heard of it. I'll let it sit for a few years and see what happens. It might be worth $2000 or it might be worth so little I don't even bother withdrawing it. I'm not expecting a miracle like some other delusional idiots thinking it's going to be worth literally MILLIONS for a single BTC in a year and I'm pretty sure everyone that didn't get BTC when it could be mined on your GPU missed out on the chance to become a lucky millionaire.

It seems the only real value from Bitcoin comes from it's speculative value. It servers hardly any practical purpose apart from the gimmick. I'm going to laugh very hard at all the "hodl" idiots if they could have sold for millions and instead end up settling for a few bucks in a few years.

[Anonymous No.1718301]

>>1718288
>The use of crypto-currencies currently isn't great enough to warrant the existence of hundreds of Bitcoin clones (apart from perhaps A SINGLE anonymous one, not dozens).

thank god i already bought in on monero

[Anonymous No.1718302]

>>1718022

Or they can just setup a sting operation and arrest you when you try to pick up the meth from the drop off point...

This literally happens all the time already. Whether you're paying in cash, crypto, mastercard or blowjobs, it hardly matters.

[Anonymous No.1718315]

>>1718247
> why should the average user switch?

It's not ready yet ,like you say it needs a killer app.

The technology is there it just needs to be wrapped up and presented for mass market appeal so that any dumbo can use it.

[Anonymous No.1718317]

BItcoin is a two pump chump (2013 / now).

Came in with a trojan on and laid wrath on the minds.

It will be in its final resting place soon...

[Anonymous No.1718383]

>>1718315

They would need a pretty fucking amazing "killer app" to compare with already existing credit cards.

Lets see.

Bitcoin vs Mastercard

Mastercard:

+ Theft protection is card is stolen or lost.
+ No complicated passwords to remember.
+ Tiny card that can sit in your wallet.
+ You can use your phone to pay.
+ You can pay just by tapping your card against a reader.
+ Support if anything goes wrong.
+ Proven reliability over decades.
+ Can pay for stuff pretty much instantly.
+ Can pay for stuff in different currencies with a small currency switching fee.
+++ Can pay for shit in advanced, allowing you to pay later (Can be a blessing and a curse, but usually only bad for people that suck with finances)

Bitcoin:

- Has issues with scaling.
- Most people are just hording their bitcoins hoping for a huge payout.
- Only community support is available.
- If you lose your private keys you could literally lose your life savings in an instant.
- No theft protection.
- No charge backs.
- Currently too complicated to use.
- Too volatile
- Decimals are too confusing. I want to buy a new video game for $80 AUD, not 0.00043 BTC. Or is that 0.000043 BTC? See? Fucking stupid.

Can anyone name a SINGLE thing Bitcoin can do that a credit card can't do?

Even if Bitcoin was accepted EVERYWHERE tomorrow, why would you want to use it? It doesn't make sense to use it since the currency is increasing overtime (based on previous data). It makes more sense to just invest in Bitcoin and horde it until the next big bubble and then sell it for a profit. If you're actually USING your bitcoins you're just losing the potential value of them, just like that guy that paid for pizza using bitcoins which today would be worth like $10M.

For example: Would you want to spend 1BTC on a new phone today if that one BTC had the potential to buy a Ferrari in 5 years?

So again, Bitcoins are useless as a currency because a currency should actually encouraging spending.

[Anonymous No.1718413]

>>1717854
You are way behind if you are asking this.
>>1717887
You are going to lose your investment probably. Most alt coins die off. But go ahead and get cryptocurrency if you want to hold some and see what its like.

[Anonymous No.1718425]

>>1718383
Buttcoin neets thoroughly, irrevocably

B T F O
T T F O
F F F O
O O O O

[Anonymous No.1718558]

>>1718247
>whatever you buy with a crypto coin still has to arrive at your physical location so no transaction will ever be truly anonymous.

Not for physical goods, but there are a lot of things you can buy that aren't physical.

[Anonymous No.1718628]

>>1718413
>Most club coins die off

fixed

[Anonymous No.1718632]

>not one mention of decentralized applications
Ethereum is the future but most people don't understand the potential of the technology
Crypto"currencies" (aka shitcoins) that have no real use other then a store of value are fads and anyone holding them is going to get burned
Ether isn't a currency but a token that powers the blockchain running decentralized applications
It is currently the only turning complete chain and has good chance of being the go to blockchain and surpassing what bitcoin could ever do

[Anonymous No.1718644]

all is foooked

ETH is DETH

[Anonymous No.1718651]

>>1717854
a fad of course :/-[-[

[Anonymous No.1718656]

>>1717871

>1) Buy necessities or pay you bills

I do all my online transactions with bitcoin, don't even bother with bank accounts or paypal anymore. It's actually a lot more convenient this way because i get to avoid all the retarded security measures, fees and the government snooping in on how much money i'm making.

>Blockchain technology may be useful at some point, but bitcoin and all these other shitcoins are just pump and dumps that will eventually be worth nothing.

Been hearing the same bullshit on 4chan for 4 years now, yet the adoption and price continue to increase exponentially. But I do wonder how long will bitter nocoiners be able to maintain their cognitive biases and refuse to admit they were wrong. 4 more years, I suppose.

[Anonymous No.1718661]

>>1717871
Do they really not have to pay any fees and just get instant btc

[Anonymous No.1718685]

>>1718383
All of those benefits are not in the domain of USD but of the company offering you them. They make money by charging merchants for each swipe.

You cannot compare bitcoin to a credit card company or a bank because the exact same services could be offered in denominations of btc too.

I agree that without those services bitcoin is not very useful or likely to get mass adoption, which is why I don't own any. However, if someone starts offering those kinds of services, and if there's a buck to be made they will, btc would be superior to fiat currency in every way.

[Anonymous No.1718702]

>>1718656
Taxation is theft am i right?

[Anonymous No.1718716]

>>1718656
>yet the adoption and price continue to increase exponentially

What is it like getting all the coins in the beginning and trading amongst yourselves?

Have you even been redpilled on how those pumps work?

Exponential manipulation.

http://lunaticoutpost.com/thread-713227.html

[Anonymous No.1718717]

BTC is digital gold. It has no intrinsic value but is a pretty sweet way to exchange currencies. That's all it will ever be.

Alts like Ethereum at least have some sort of intrinsic value, you can execute some code on a computer for a certain amount of ETH. It may not be higher valued but it will have more use and smart contracts are in their infancy.

[Anonymous No.1718800]

>>1718717
Bitcoin has intrinsic value in the same way gold does. It takes effort to mine, is limited by mining, and is a fungible store of value.

[Anonymous No.1718971]

>>1718685
Name ONE example.

If credit card companies use Bitcoin instead of government controlled currency they're still going to charge you credit card fees...

Seriously, one day an anonymous stranger comes along and says "hey everyone, you can literally print your own money" and a bunch check of retards eat it up.

Bitcoin too off through sheer luck and stupidity and now it's too big too fail because too many people are invested in it.


Hmmm


I've heard this story before...

[Anonymous No.1719149]

>>1718558
>Not for physical goods, but there are a lot of things you can buy that aren't physical.

Sure, but there's hardly anything you can buy that doesn't require contact with your physical body in some way.

What would you buy that you can't hold, can't see, can't feel, can't experience? Sure, you can buy abstract rights, but that's just shifting numbers around. If you ultimately want to use your wealth for personal benefit it'll always have to tie back to your physical body in some way (even if it's just the IP address of your computer for the game you bought online so you can see it and interact with it).

But that was just a supplement for the main argument that crypto currencies are conceptually a lot less anonymous than cash. Crypto always leaves a paper trail, cash transactions only leave a trail if you're videotaped.

[Anonymous No.1720032]

>>1718971
Fuck off retard. You don't understand what you're arguing about.

[Anonymous No.1720034]

that was a very weak dead cat bounce maybe folks learned their lessons?

[Anonymous No.1720071]

Well BTC seems to have settled down at $895

I think it will fluctuate around this price for a while, maybe drop to $850

Then one day, for no reason, it will spike and shoot for the moon

[Anonymous No.1720586]

>>1720071

This price still feels surreal. It's so incredibly high. But can it be sustained? I don't think so, but we'll see.

[Anonymous No.1720605]

>>1717871

Was gonna say this.

"They" are very interested in the Blockchain, but they'll never let Bitcoin or any independent form of money gain a mainstream foothold.

[Anonymous No.1720618]

>>1718656

Grapes are poison to foxes.

[Anonymous No.1720620]

>>1717854
>Real talk

As opposed to?

I hate nigger speak

U r 2 dum 4 Bitcoin stick to the altcoins that the kikes in the press shill and faggots here shill

[Anonymous No.1720627]

>>1718063

This argument (Only 21 million will ever exist!!1!1one!!) is fucking retarded.

Every day (on average, depending on your water consumption, you fucking dehydrated NEET) you take a shit. After the age of 13 you're on average going to live maybe around 55-ish years (technically the average is more, but I'm assuming male, overweight, burger, NEET). 55 * 365 shits is 20,075 turds. Only 20 thousand of your dried turds will ever exist in the world. Does that make your shit 1000 times more valuable than Bitcoin?

Scarcity != value. Even if the blockchain technology gets adopted (spoilers: it won't, governments like to issue their currency and a small positive inflation rate is ideal), it'll be Americoin or Britcoin or Renmincoin or some state-supported fiat deal. Not Bitcoin.

[Anonymous No.1720632]

>>1718800

At least gold and silver have physical, tangible applications. Medicine, technology, etc.

What makes gold and silver viable as money is their scarcity and the fact that they can't be created easily. Bitcoin is similar in that regard and preferable to fiat in that regard, but it still doesn't exist beyond 1's and 0's.

If all banking ends up being done electronically with Blockchain technology, that means that commerce relies solely on the internet and electricity. If for some reason either or both of those fail for long spans of time, everyone is fucked.

[Anonymous No.1720655]

>>1718656
>"I do all my online transactions with bitcoin"

no you dont. thats a fucking lie and you know it. get off the internet you fuckign neckbeard

[Anonymous No.1720731]

>>1717854
both really
bitcoin is an incredible invention but it won't catch on til something similar but easier to use and probably state backed gets created

[Anonymous No.1720733]

>>1717871
but I do pay my landlord in BTC, he converts it to fiat immediatly after though

[Anonymous No.1721454]

>>1720733

So WTF is the point of bitcoin then you fucking retard?

You traded real money for monopoly money which you give to your landlord so he can trade it back into currency he can actually use...

You're literally just making life harder for everyone because you want to pretend you live in the Blade Runner universe or some shit.

[Anonymous No.1721466]

>>1720032

Nice argument, moron.

Bitcoin is nothing but a pyramid scheme.

The inventor of Bitcoin (anonymous btw) has setup his family and all his buddies for several lifetimes because a bunch of people were gullible enough to put value in useless code.

Would have been nice if he at least made it more energy efficient to mine or if it actually had a fucking purpose like protein folding, etc.

Nope. Waste of computer resources and energy so a bunch of lucky early adopters can live like kings while they convince others to invest in bitcoin right before its value plummets.

Wow. Great currency.

Also, have fun when the Chinese government decides to take over all the mining operations. You know, the same government that in recent history purged hundreds of thousands of people for no good reason and convinced their farmers to break down their tools into useless metal that was such poor quality it couldn't be used while thousands and thousands starved to death.

Nice "decentralised" currency.

[Anonymous No.1721709]

>>1721466
Everything is a fucking scheme to you.

You stupid luddite cunt.

[Anonymous No.1721712]

>>1717871
>but bitcoin and all these other shitcoins are just pump and dumps that will eventually be worth nothing
t. nocoiner

>China can crash bitcoin to under $100 right now if they wanted.
And the US could crash the dollar if they wanted.

[Anonymous No.1721724]

nocoiners, forever clueless

[Anonymous No.1721782]

>>1717871
Yeah, here I am buying bitcoins in US dollars and sending those bitcoins to my family across the world in a matter of minutes, so they can cash it for a different type of currency. All this with no banks or institutions controlling the money.

How useless is that?

[Anonymous No.1721817]

>>1721466
>he's talking about the great leap forward like it was 10 years ago

That's not the same government though, you're talking about Mao, modern China is much more of a capitalist state who plays along with the world (for the most part.)

[Anonymous No.1721901]

>>1720586

it wont at all. look at 1D or 3D charts and its really only close to a bear trap now if anything.

all those Yung Lo`s who lost big in the crash will desperately try to get back some gains over the coming days / weeks and then there`s gonna be another fairly big sell off crash, along the lines of another 20-30%.

the price / profit of bitcoin, currently, is solely down to how many Yung Lo`s pump their rice shop earnings into it. as soon as it hits a nice fat plump CNY number, theyre gonna cash out so they can buy that big pagoda on the hill. they dont give a SHIT about blockchain or any of the actual benefits of bitcoin. to them its a stock that goes low - high - low etc.

just check the volume charts and see that the trading done in china completely dwarfs everything else put together. `decentralized` my ass.

[Anonymous No.1721938]

I think bitcoin will be very useful as a protocol but it makes much more sense for the actual coins to be used on the backend servers of financial institutions. Normies need FDIC protection and ease of use...raw bitcoins are a nerd toy. I think in the long run 1btc= ~1usd and will only be an open-source financial web protocol.

[Anonymous No.1721941]

>>1721938
another possibility instead of 1btc = ~1usd is to tie the value of a bitcoin to its value in power-consumed. This would be more complex but makes more sense.

[Anonymous No.1721951]

>>1717854
A fad. It's extremely beneficial for the economy governments to be the ones issuing currencies, as much as this triggers the goldfags.
>>1717871
Also this. An enormous part of bitcoin right now is speculation and not from genuine demand.

[Anonymous No.1721963]

>>1718302
it matters since the payments you make won't reveal anything about the nature of the transaction.

[Anonymous No.1722660]

>>1717854
I just recently got into cryptocurrencies and have it all working but haven't decided on a strategy. Seems to me that nobody should be foolish enough to put all or even most of their funds into it but it's interesting enough to have a go - even if only buy and hold.

[Anonymous No.1722852]

>>1720605
>"They" are very interested in the Blockchain
Why? It's a horribly ineffienct way to store data revision proof. The only charming aspect is decentralisation and that's not remotely interesting for "them".

>>1720627
>Even if the blockchain technology gets adopted (spoilers: it won't, governments like to issue their currency
Oh god, don't give them dumb ideas. Adopting a blockchain would actively make fiat worse. A painfully slow centralised state-controlled ledger of all transactions ever conducted sounds like something straight out of 1984.