This is how Bitcoin dies

File: 18 KB, 760x400, btcbubble.jpg [View same] [iqdb] [saucenao] [google]

This is how Bitcoin dies Anonymous Sat Jan 20 03:15:09 2018 No.6725815 [Reply] [Original]

I've decided to make a thread dedicated to this because I've noticed this board is comprised of 5 core groups: (Full disclosure, I am NOT a nocoiner)

1) Shills
2) Crypto Purists
3) The Willfully Ignorant
4) Objective Investors
5) Noobs

1 and 2 will FUD the shit out of this. 3 will be skeptical. 4 and 5 will be keen to listen because what I'm about to tell you is undeniable truth: Bitcoin is treading on very thin ice. I will explain.

As of a few days ago it cost ~$6,200 to mine one bitcoin and the mining power is now rivaling the power consumption of the entire country of Argentina. (This is the 20th largest country by GDP in the world, just so we're clear we're not talking about some African shithole). This cost is only getting higher.

Upwards of 80% of the hashpower of bitcoin is centered in China. For all you noobs & basement dwellers i want to stress something: China is a COMMUNIST nation. Capitalism does not apply. They can shut down bitcoin mining for any number of reasons: namely excessive power consumption - which they have already started (http://www.scmp.com/business/banking-finance/article/2126776/china-plans-curb-electricity-usage-drive-cryptocurrency))

Why does this matter? I'll tell you. If the current hashpower suddenly falls below 50% Bitcoin will enter what is called "chain death spiral". The remaining miners will not have enough hashpower to reach the next difficulty adjustment and this will create a domino effect - bitcoin miners will continue to drop off as bitcoin becomes unprofitable to mine, making the difficulty adjustment all that harder to obtain. It is a fatal flaw in bitcoin... the blockchain will grind to a halt. It won't matter if you have $100 million in BTC - you won't be able to move it.

1/2

Anonymous Sat Jan 20 03:15:41 2018 No.6725834

>>6725815

2/2

If you think it can't happen, I refer you to this very board in mid Nov 2017 when BCASH nearly stole the show due the fact it was more profitable to mine. Biz was awash in wojaks and purists losing their fucking minds because BTC was nearly destroyed. Check the archives, and the hashpower graph here: https://cointelegraph.com/news/how-close-did-bitcoin-get-to-disastrous-chain-death-spiral . BTC was only saved by BCH's own difficulty readjustment. This went to show that miners only cared about the profit, not the tech.

Finally - a big chunk of that profit bitcoin miner make? It's from the transaction fees. The "lightning network" will not save bitcoin because it only subtracts from the miner's profits. Think about it - who are you paying those fees to? The fucking miners! If you take that source of revenue away, it makes them that much more likely to jump ship. Lightning is not the savior of bitcoin, it is the death knell.

Now watch the REEEEEEEEE's that follow this post. They'll call it bullshit, FUD, etc. But it remains an immutable truth. Invest wisely anons.

>>	whalebrah !!ajRQp/l9RA6 Sat Jan 20 03:15:44 2018 No.6725836 >>6725815 whale here, buy BNT it's pumping today

>>	Anonymous Sat Jan 20 03:18:14 2018 No.6725924 And people will move on to ETH, and it's like nothing ever happened. Market dominance of BTC has been steadily declining anyway. Won t take long now

>>	Anonymous Sat Jan 20 03:20:34 2018 No.6725987 >>6725924 I don't disagree with this.

>>	Anonymous Sat Jan 20 03:22:58 2018 No.6726047 >>6725815 “potential” scenario but not likely. I don’t think thats gonna happen for a multitude of reasona im not gonna explain in detail. t. experienced guy

>>	Anonymous Sat Jan 20 03:25:27 2018 No.6726105 >>6725815 I don't hold any BTC but this epic death spiral thing is literal FUD. Miners just increase fees if block rewards reduce. https://www.reddit.com/r/Bitcoin/comments/7fah9w/reasons_the_btc_deathspiral_is_nothing_but_fud/

>>	Anonymous Sat Jan 20 03:25:28 2018 No.6726106 >>6725815 >>6725834 Nice just sold 100k , someone quickly comeback with a counter fud to buy back

>>	Anonymous Sat Jan 20 03:26:17 2018 No.6726127 >>6726047 well, mr "experienced guy", you're wrong. antiquated and unprofitable tech does not stand the test of time. never has, never will.

>>	Anonymous Sat Jan 20 03:27:06 2018 No.6726149 >OP is fake and gay

>>	Anonymous Sat Jan 20 03:27:17 2018 No.6726154 >>6726106 These dubs confirm op is full of shit. 50k by end of the year

>>	Anonymous Sat Jan 20 03:27:54 2018 No.6726176 >>6725815 OP is obviously new and i don't feel like wasting hours talking to a brick wall with massive Dunning Kruger effect going on. basically, op is a faggot.

>>	Anonymous Sat Jan 20 03:27:59 2018 No.6726179 >>6726105 >miners increase fees >which means even less people are incentivized to use it Are you stupid or what?

>>	Anonymous Sat Jan 20 03:28:10 2018 No.6726183 >>6725815 So my ETH will flip with BTC? That would be fucking great I am holding 40 ETH as a hedge and can't wait to retire soon

>>	Anonymous Sat Jan 20 03:29:18 2018 No.6726215 >>6726149 >>6726154 >>6726176 Called it. Keep this in mind objective investors. No legitimate counterarguments or evidence, just "OP is a faggot".

>>	Anonymous Sat Jan 20 03:29:24 2018 No.6726218 >>6726154 >no dubs Try harded i really wanna buy back

>>	Anonymous Sat Jan 20 03:29:48 2018 No.6726230 >>6726179 It hasn't mattered so far. My point is it's not gonna cause a sudden sell pressure, BTC will rather just keep bleeding.

>>	Anonymous Sat Jan 20 03:30:23 2018 No.6726252 File: 317 KB, 1920x1080, ripple.jpg [View same] [iqdb] [saucenao] [google] I've been saying this for ages: BCH with 32MB blocks is X32 more energy efficient.

>>	Anonymous Sat Jan 20 03:30:39 2018 No.6726256 >>6725815 Oh look another guy on /biz/ thinks hes a prophet again. Move on nothing to see

>>	Anonymous Sat Jan 20 03:31:04 2018 No.6726268 >>6726215 listen faggot, this shit is not new and has been beaten to death for years... you are a literal faggot.

>>	Anonymous Sat Jan 20 03:31:48 2018 No.6726289 >>6725815 Difficulty of hash is adjusted according to network's computing power.

>>	Anonymous Sat Jan 20 03:33:18 2018 No.6726331 >>6726289 No shit sherlock. Try reading the post again.

Anonymous Sat Jan 20 03:33:57 2018 No.6726350

>>6726215
Hear me out you peace of shit you are not an special snowflake everyone has gone through those thoughts we have discussed it 8880292382 times on biz in the meanwhile btc keeps growing and and nobody really gives a shit anymore that is 2014 fud tier , what are you going to say next quantum computer will be the end of cryptos ? Because we've through that too

Pd you are a FAGGOT

>>	Anonymous Sat Jan 20 03:35:12 2018 No.6726378 >>6726350 >keeps growing >34% dominance tell me more

Sage Sat Jan 20 03:35:43 2018 No.6726389
File: 59 KB, 480x480, 49ADE898-D120-484B-AAA0-86E54CCD42F7.jpg [View same] [iqdb] [saucenao] [google]

Boomer detected tldr where’s the shill op where’s the FUD if you’re gonnna shitpost better have meme images not PowerPoint slides you stole from Stacy’s presentation on buttcorn

>>	Anonymous Sat Jan 20 03:36:42 2018 No.6726416 I think this board is filled with average IQ 15 year olds. Crypto used to be filled with smart guys interested in the math and the tech. Now it's a get rich quick scheme, that's why they don't like any criticism

>>	Sage Sat Jan 20 03:37:19 2018 No.6726431 >>6726215 Guess what markets don’t operate according to blocks of text but they do operate to shitty ms paint photoshops of the CEO’s head plastered onto Eminem with accompanying badly revised song lyrics

>>	Anonymous Sat Jan 20 03:38:16 2018 No.6726452 The purists are filling up this thread, exactly as predicted. Those of you who are objective, take heed.

>>	Anonymous Sat Jan 20 03:39:11 2018 No.6726480 >>6725815 Then we really should ask core if we can softfork to a POS algorithm without miner ;) and every problem is solved

>>	Anonymous Sat Jan 20 03:39:38 2018 No.6726495 >>6726183 BCH, anon

>>	Sage Sat Jan 20 03:39:59 2018 No.6726512 >>6726452 The faggots OP, not the purists. Learn the edgy cool kid le 4chan culture lingo or to Reddit you return

>>	Anonymous Sat Jan 20 03:41:19 2018 No.6726550 >>6725834 Then we really should ask core if we can softfork to a POS algorithm without miner ;) and every problem is solved

>>	Anonymous Sat Jan 20 03:42:11 2018 No.6726564 Coin that is staked, has no bottom ! Coin that is mined, has a bottom !

>>	Anonymous Sat Jan 20 03:42:39 2018 No.6726572 When is this expected to happen and does it make more sense to go ETH, BCH or USD?

>>	Anonymous Sat Jan 20 03:42:42 2018 No.6726574 >>6726047 >t. millennial

>>	Anonymous Sat Jan 20 03:43:13 2018 No.6726586 File: 7 KB, 250x250, 1478552017456.jpg [View same] [iqdb] [saucenao] [google] >>6725834 BULL SHIT FUDDER REEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE

>>	Anonymous Sat Jan 20 03:43:56 2018 No.6726610 >>6726495 LTC anon, if BTC fails ETH will be #1 XRP #2 and LTC #3 BCH is slowly dien already, value didnt moved since October - during the biggest pumps we have seen since 2years

>>	Anonymous Sat Jan 20 03:44:24 2018 No.6726626 >>6726452 No true Scotsman. Kind of lame OP. I think you should take into account that processing power speed and power doubles every two years.

>>	Anonymous Sat Jan 20 03:44:30 2018 No.6726629 The normies will leave when world governments band together and shut down all exchanges and make crypto trading "illegal". This will cause a market crash of epic proportions. Maybe we will still rise from the ashes

>>	Anonymous Sat Jan 20 03:44:31 2018 No.6726630 >>6726572 It's not. Chink miners have already started to leave the country.

Anonymous Sat Jan 20 03:46:04 2018 No.6726672

>>6726572

>what is expected to happen

Bitcoin will die. BCH is just a "smarter" version of BTC. It will still suffer the same issues of BTC in the future. As will ETH.

POW has no future. The power requirements become absolutely enormous and unprofitable. It's end-game for all POW coins.

>>	Anonymous Sat Jan 20 03:46:14 2018 No.6726680 >>6726630 This...they've already set up in Norway, Netherlands, Greenland. Places where energy is way cheap compared to the rest of the world. But OP has a point. Miners are going to mine whatever coin is most profitable for them.

>>	Anonymous Sat Jan 20 03:48:01 2018 No.6726730 >china >communist Lol stopped reading there.

>>	Anonymous Sat Jan 20 03:48:50 2018 No.6726754 >>6726672 you can softfork every pow coin to like a POS coin. so no pow coin will die otherwise we just change the algo and thats it.

>>	black ⭐™ !!XpuggtXZDQP Sat Jan 20 03:49:06 2018 No.6726764 >>6726629 They won't make it illegal. Too much money to be had and (((they))) already have started investing in it. https://www.zazzle.com/dragonchain It will be regulated to hell and the barrier to entry made almost impossible.

>>	Anonymous Sat Jan 20 03:49:14 2018 No.6726768 >>6725815 At worst this scenario is intriguing and at best you just gave me another reason to feel great about the future of ETH OP . muchas gracias

Anonymous Sat Jan 20 03:49:25 2018 No.6726773

>>6726680
>>6726630

Energy is excessively cheap in China. Google it. Moving to another country only INCREASES cost. Which means the value of BTC must held higher to remain profitable.

But you all seem to forget - it's Wall St's game now. You wanted institutional money? You got it. Bitcoin is now another plaything for them.

>>	Anonymous Sat Jan 20 03:50:45 2018 No.6726810 >>6726768 At the very least ETH has a better shot at being the long run top dog than BTC does.

>>	Anonymous Sat Jan 20 03:52:20 2018 No.6726842 >>6725815 >in the news today world's dumbest cunt posts on 4chan

Anonymous Sat Jan 20 03:52:25 2018 No.6726845

>>6726215
>>6726452
I see you conveniently skipped this >>6726230

If people gave a shit about slow or expensive transactions, BTC would have been dead for at least half a year. Instead of a sudden sell-off, slow&expensive transactions will just cause more people to go "fuck this shit" and move to other coins and fiat, and some new dumb fucks will come and replace them, but at a decreasing rate. This results in slow bleed, not some sudden epic crash.

>>	Anonymous Sat Jan 20 03:52:25 2018 No.6726846 You've talked about ETH and BTC. What do you think of Ripple?

Anonymous Sat Jan 20 03:52:39 2018 No.6726854

>>6725815
I consider this a possibility. I've thought about it a lot, and I keep doubting my stance no matter what it is.

At the moment, I lean towards this being unlikely.
I don't believe that the miners would execute this flippening (even though they can, and may even be planning to do so). I don't think they will do it because at this time, if they do that, bitcoins death will mean the death of crypto markets in general in the short term. In a few years, as cryptos become decoupled, and much more widely accepted, this becomes more likely I think.

I'd say Bitcoin is defintely as safe as any crypto currency this year, just not as profitable.

GLTA

>>	Anonymous Sat Jan 20 03:53:28 2018 No.6726882 >>6726179 It will hit an equalibrium my dude

>>	Anonymous Sat Jan 20 03:53:50 2018 No.6726891 >>6726846 I meant BCH instead of BTC

>>	Anonymous Sat Jan 20 03:53:58 2018 No.6726897 >>6725815 how could china "shut down" bitcoin mining? how can it be policed?

>>	Anonymous Sat Jan 20 03:54:11 2018 No.6726905 So what I read is "Go long on ETH" Gotcha.

>>	Anonymous Sat Jan 20 03:54:33 2018 No.6726915 >>6726846 Please tell me you're joking.

>>	Anonymous Sat Jan 20 03:54:45 2018 No.6726923 >>6726105 >r/bitcoin

Anonymous Sat Jan 20 03:55:01 2018 No.6726930

>>6725834
>>6725815
5 here am I misunderstanding how mining works? I was under the impression that Bitcoin automatically adjusted the difficulty of mining to match the networks mining power.

Communist countries obviously hate a libertarian wet dream like crypto but even if China knocks the processing power to 1/5th of what it was can't the formula just ease the difficulty of finding blocks accordingly because if they can that makes Bitcoin mining significantly more profitable for all remaining miners since the same number of transactions will still be needed. Also if the difficulty can't be lowered then why would this lower the profits for remaining miners don't the rate they add to the blockchain remains the same and their blocks are now in higher demand meaning their fees can be raised if anything shouldn't they make more money?

I can see how transactions could be slowed by the death of Chinese mining and maybe that causes less people to use Bitcoin causing a death spiral but in short term wouldn't it be more profitable for the remaining miners?

>>	Anonymous Sat Jan 20 03:55:10 2018 No.6726934 Join Discord server rD6XdKq

gekko Sat Jan 20 03:55:26 2018 No.6726941
File: 569 KB, 800x450, btc.png [View same] [iqdb] [saucenao] [google]

>>6725815
Objective stock market vet here.
Confirmation bias is the no1 enemy of investors.
I made money on WS with braindead normie investors for years, mr market isn't even half as smart as many people think.
Newer to crypto but can't be that different, probably worse.
btc is a meme and you are right. I think it will trend back to 15k (if at all) again just to be shortsold again.
It is poised to fall, it has less of a future each day.
The more people understand about bitcoin the more they must see it's a meme if they are not category 1/2/3/5:
>decentralized
Who is Satoshi? Is he compromised, is he the chinese government in the end?
>Ebbil banks don't hold btc, we people do
Wrong. Drug dealers, human traffickers, weapon traffickers and the old elites evading taxes + China which bought into this many moons ago because stock markets had an investment crisis and people didn't know where to put all that cheap QE liquidity.
>btc will heal the world
btc is an ecological mess (see power consumption). If it was actually used by everybody it would probably consume 5x the power the earth can create just to ping pong some bits over the internet for horrendous fees via a congested network.

Reality is: If btc doesn't get cheaper it has no chance to survive.
Even digibyte is more effective in moving money from exchange to exchange.

>>	Anonymous Sat Jan 20 03:55:30 2018 No.6726943 >>6726854 Alt/Btc couplings are dying. As this market goes more mainstream we will soon see the crypto world re-valuated in USD and other major fiats. People are sick of being tied to something as volatile as BTC.

Anonymous Sat Jan 20 03:56:04 2018 No.6726965

>>6725815
>This is how Bitcoin dies
Coordinated attack on the entirety of the internet architecture. Entire global network goes down for a few months.

Trans-oceanic cables are cut as an act of war or sabotage.

Tyrone breaks into the building that happens to house a central server for an exchange to try and steal the bitcoins and ends up slamming it against the floor trying to get the coins out.

>>	Anonymous Sat Jan 20 03:56:28 2018 No.6726974 >>6725815 >China is a COMMUNIST nation. Capitalism does not apply. It's not communist. And capitalism doesn't apply to USA and let alone EU either. All of them are mixed economies and nobody is hiding that.

>>	Anonymous Sat Jan 20 03:57:18 2018 No.6727000 >>6725815 Stopped reading after part one, cause if you can't get to the point in one post, then fuck you. Especially if you're bringing anything but the same old FUD.

>>	Anonymous Sat Jan 20 03:57:55 2018 No.6727006 >>6726923 The place where it's posted doesn't matter as long as it's the logical truth, brainlet. I literally just googled it

>>	Anonymous Sat Jan 20 03:58:17 2018 No.6727016 >>6726941 People like you are cancer. You very clearly don't know what you are talking about, but you go on like you do

>>	Anonymous Sat Jan 20 03:59:36 2018 No.6727052 >>6727016 why don't you tell us where he's wrong then, and why

>>	Anonymous Sat Jan 20 04:00:31 2018 No.6727068 >>6726943 slowly, but were not even close to being there yet. Binance is the n1 exchange and its mostly btc pairings. WIll take atleast a year or 2 I think.

>>	Anonymous Sat Jan 20 04:00:50 2018 No.6727072 >>6727016 Agreed...you haven't contributed anything to the thread except for personal attacks.

>>	Anonymous Sat Jan 20 04:00:53 2018 No.6727074 >>6726941 I think you're a little too old to be here.

>>	Anonymous Sat Jan 20 04:00:59 2018 No.6727079 >>6726930 i need an answer to this also

>>	gekko Sat Jan 20 04:01:02 2018 No.6727082 >>6727016 You may like me or not but as he said: Why not refute what I just said?

Anonymous Sat Jan 20 04:01:44 2018 No.6727102

>>6726930

>I was under the impression that Bitcoin automatically adjusted the difficulty of mining to match the networks mining power.

It is. But you see, a particular block has to be met BEFORE that difficulty adjusts. Currently it's a 2 week time period on BTC. If the mining power falls by half in the first week you'll never reach the readjustment.

>>	Anonymous Sat Jan 20 04:01:57 2018 No.6727109 >>6725815 So, buy bch and eth?

>>	Anonymous Sat Jan 20 04:03:36 2018 No.6727141 >>6726974 >China isn't communist Get out you fucking idiot. Yes, I'm serious, You're an absolute moron who doesn't know his ass from a hole in the ground. You're going to lose everything and you deserve it for being a massive fucking dumb shit.

>>	gekko Sat Jan 20 04:04:02 2018 No.6727153 >>6727074 kek probably this.So easy to spot? I'm no dumb boomer investor though, I'm 35 and taught everything about stock market to myself for 4 long hard and paindful years. Then I milked dumb boomers.

>>	Anonymous Sat Jan 20 04:04:14 2018 No.6727160 OP is 100% correct. 2018 will be the death of BTC and the end of the second era of crypto. From the ashes we'll see the real long term giants arise in 2019 that will change the world for decades.

>>	Anonymous Sat Jan 20 04:05:24 2018 No.6727198 >>6727052 >>6727072 >>6727082 you faggots say shit like 2+2=64 like a million other retards, and expect people to not be ass holes and waste their fucking time explaining why you're wrong, well guess what - fuck you

>>	Anonymous Sat Jan 20 04:06:05 2018 No.6727218 what about litecoin? could it possibly suffer the same fate?

>>	Anonymous Sat Jan 20 04:06:29 2018 No.6727237 >>6726941 smart anon is smart.

gekko Sat Jan 20 04:08:50 2018 No.6727310

>>6727198
>t. triggered faggot who bought btc for 20k
What is wrong? Who owns most of the btc?
How much power will it consume once everybody uses it?
What is it's advantage towards other shitcoins except being there in the first place?
btc has a nice retroflair going, but that's about it.
You don't understand what happened, do you?
BTC is now controlled by the same elites and derivative pressure from fiat.
Why do you think BTC jumped up just to take a head-on dive after it could easily be shorted via futures?
This is the next big short, just keep hodling dumbo.

>>	Anonymous Sat Jan 20 04:09:06 2018 No.6727316 >>6727218 Litecoin is simply "bitcoin lite". It has the same flaws. In the short term out will probably outlast bitcoin, in the long term it will die the same death.

Anonymous Sat Jan 20 04:09:35 2018 No.6727333

>>6727141
But it isn't a communist country. There is a Party that is named the Communist party but their ideology and motives are not. They are more of an Authoritarian Capitalist country now...you should dig a little deeper.

t. lived in Beijing for 5 years as a business liaison for the Swiss government.

Anonymous Sat Jan 20 04:09:46 2018 No.6727342

>>6727102
This answers nothing, if 80% of the worlds strawberry producers suddenly stop producing the remaining 20% stand to profit even with no change to the rate at which strawberries can be produced because there is now far more demand for their product. The market may suffer as a whole but the remaining producers don't leave now that their primary competition is gone that's retarded, even if the price of strawberries was arbitrarily locked in place - which it isn't in this situation they would make the same amount of money.

The Bitcoin miners aren't paid equal to the production of the entire market they're paid equal to their own production right? So their production is still the exact same and in significantly higher demand I don't see why they would leave the market after a Chinese ban if anything it would make more sense to double down knowing that you're already making more money off higher transaction fees and once you reach the next block you'll have massively increased profits as well.

If i'm wrong about this please explain why instead of ignoring the actual issue in my comment.

>>	Anonymous Sat Jan 20 04:09:54 2018 No.6727347 >>6726629 the smart exchanges such as Binance are keen to work with the government or spread their infrastructure in different countries incl. crypto friendly ones like Japan. The chances of all govs banning crypto exchanges are NULL.

>>	Anonymous Sat Jan 20 04:09:55 2018 No.6727348 why can't they just fork it with a new consensus algorithm?

>>	Anonymous Sat Jan 20 04:11:41 2018 No.6727411 >>6727310 >sees his first bit-coin pump and dump and thinks the world is over You're so stupid I actually thought you were the OP kek. If you think _this_ is what the elites have just done, then you might want to get the rope for next December oh boy

>>	Anonymous Sat Jan 20 04:12:32 2018 No.6727437 >>6727310 I bought at $200 but whatever fucking gekko lmfao. Why don't you google it faggot. Do you think you're really the first fucking guy to think of that?

Anonymous Sat Jan 20 04:12:56 2018 No.6727446

We need bitcoin to die. It serves ZERO purpose other than something to value alts against. But OP you do have a great point, chain death is a possible, yet unlikely thing to happen. Grandpa needs to die a slow, painless death. He needs to watch his kids grow and pass on with a smile on his face. We’ll always remember him and his legacy will live on. No more suffering for grandpa, he’ll be in a better place with VHS, ask Jeeves, MySpace, and girls gone wild infomercials.

>>	Anonymous Sat Jan 20 04:15:19 2018 No.6727509 >>6725815 >another faggot who sold at the bottom and wants another crash really bad

Anonymous Sat Jan 20 04:15:43 2018 No.6727521

>>6727333

>But it isn't a communist country

Ok, we're done. Absolutely 100% fucking done. There is no reasoning with idiots like you. I will not even bother to read the rest of your bullshit. If you are too stupid to realize that China is a communist nation you are literally not even worth the bandwidth it takes to type this text.

>>6727342

You literally don't understand how a blockchain works, do you? No, idiot, the rest of the miners do not become more profitable. If the difficulty never readjusts it becomes ever more difficult to mine.

Let me put it it simply: There are 4 trucks, each with a prerequisite destination and a 20,000 lb load.

3 trucks quit. Now 1 truck has to pull 80,000 lbs - which it is not capable of doing.

Do you get it yet?

Anonymous Sat Jan 20 04:16:20 2018 No.6727540

>>6727446
It's funny when people like OP actually think that there are others that think BTC will stay around forever. I'm more pro-btc than most, but even I'm not that delusional.

MAYBE it somehow survives as a top10 coin or something like the legacy you're talking about, but it can't stay #1, there's just no reason for it.

gekko Sat Jan 20 04:16:33 2018 No.6727547
File: 43 KB, 857x98, prediction biz.png [View same] [iqdb] [saucenao] [google]

>>6727437
here is my prediction from 24th of december.
Didi it for fun to prove I'm correct.
As a category 4 investor I know many people are smarter than me, probably not you though.

>>	gekko Sat Jan 20 04:17:38 2018 No.6727572 >>6727446 exactly this. In the best case it will slowly die off and alts will react less and less to it's decline.

Anonymous Sat Jan 20 04:18:13 2018 No.6727583

>>6727521
>3 trucks quit. Now 1 truck has to pull 80,000 lbs - which it is not capable of doing.
Lol that's literally not how it works. If the hash rate halves, it will take twice the time to mine a block. It's not analogous to your example where it's impossible for the remaining truck to do anything.

>>	Anonymous Sat Jan 20 04:18:28 2018 No.6727586 File: 66 KB, 236x164, chrome_2018-01-20_01-18-04.png [View same] [iqdb] [saucenao] [google] >>6727016 >>6727198 So far, you're not worth listening to.

>>	Anonymous Sat Jan 20 04:18:48 2018 No.6727596 >>6727348 answer my question pajeets

>>	Anonymous Sat Jan 20 04:18:49 2018 No.6727597 >>6727521 Hi OP, just wanted to offer that your thread sucks. Ok see ya!

>>	Anonymous Sat Jan 20 04:19:18 2018 No.6727612 >>6727521 But it isn't communist you fucking tard. Do your own research.

Anonymous Sat Jan 20 04:20:05 2018 No.6727631
File: 811 KB, 1042x678, GeneticGrain.png [View same] [iqdb] [saucenao] [google]

>now rivaling the power consumption of the entire country of Argentina.
In comparison the power consumption of you and the rest of America leaving their TV plugged in and turned OFF 17 hours a day consumes the power of 12 Argentinas.

>>	Anonymous Sat Jan 20 04:20:58 2018 No.6727654 >>6727583 That is EXACTLY how it works until you hit the next difficulty block. Holy mother of christ do you have ANY idea what you're actually invested in or do you just place your money on what shills tell you?

>>	Anonymous Sat Jan 20 04:21:06 2018 No.6727659 >>6727586 fuck off back to redit

gekko Sat Jan 20 04:21:30 2018 No.6727670

>>6727411
No I think it's a perfectly fine correction if you look at the graph. It will get interesting at 8k or 5k some day.
I do believe that since bitcoin was put into a derivative fiat corset things changed.
Also I believe this:
People say btc will moon to millions.
It basically did, with how many cents did it start again?
The moment everybody talked about it and it was all over media and all hype was priced in..that was the point where it just couldn't get higher.
This is a normal thing on the stock market, it's called sell on good news.

>>	Anonymous Sat Jan 20 04:22:19 2018 No.6727685 Can't we just eliminate Argentina so there is more energy for mining?

Anonymous Sat Jan 20 04:22:28 2018 No.6727689

>>6727540
True. There are many exchanges and things in the work to basically get around the btc pairing. XLM is doing some interesting things with fairx that will bypass the need for bitcoin to buy and sell cryptos. It is great point though that the more people learn about blockchain and cryptos, the more they see that btc is either unnecessary or old news. It won’t crash to zero overnight. We’re only two weeks into 2018 it feels like it’s been two months.

>>	Anonymous Sat Jan 20 04:22:59 2018 No.6727702 >>6725815 >China is communist This is when you know somebody is retarded. China is authoritarian capitalist. Opinion discarded.

Anonymous Sat Jan 20 04:23:01 2018 No.6727705
File: 108 KB, 1450x519, chinacom.png [View same] [iqdb] [saucenao] [google]

>>6727612

How the fuck is it, when we live in an age where people have the wealth of human knowledge available in the palm of your FUCKING HAND, that you can be this fucking ignorant?

Anonymous Sat Jan 20 04:23:21 2018 No.6727710

>>6727521
Also if you hate BTC so much, stop posting this kinda retarded threads when you have no idea what you're talking about. Just let the BTC situation resolve itself organically instead of trying to crash it and the rest of the market in one fell swoop.

>>6727654
No it's fucking not, you brainlet. If a weight is too heavy you can't lift it, but if your hash rate requirement is too high you can still solve it, it just takes time. This is analogous to moving something vertically, not lifting.

>>	Anonymous Sat Jan 20 04:24:03 2018 No.6727727 >>6727702 See >>6727705 you fucking MORON.

>>	Anonymous Sat Jan 20 04:24:10 2018 No.6727730 >>6727705 Pretty sure you believe the Democratic People's Republic of Korea is a democratic republic as well?

Anonymous Sat Jan 20 04:24:40 2018 No.6727744

>>6727521
Holy shit I thought you had an idea what you were talking about. I've typed this twice now and you've totally failed to acknowledge it either time this will be the third and I feel like an idiot for talking to you about this.

The miners are paid for the rate at which they mine.

These miners are continuing to mine at the same rate, they are paid for their contribution which remains the same.

Let me put it simply: There are 4 trucks each one carries a 20 lb load.

3 trucks crash, the remaining truck which only profits from the 20 lb load it is carrying still makes as much money of it's 20 lb load as it did before. It carries this load to it's destination where people now want what it carries far more because there is far less on the market.

Each truck is not paid for the total load carried by all the trucks, they are paid for their own ability to carry weight, your contribution of 1 lb does not make more money in a market where other trucks are carrying 100 lbs each. You make money off of your own contribution, you don't get paid more money when there are more trucks driving product that's insane.

Your point that a collapse in Chinese mining could damage the market is sound, the idea that miners would stand to make less of a profit off less competition is ignorance of basic economics.

>>	Anonymous Sat Jan 20 04:24:42 2018 No.6727745 >>6727685 I like where your head is at. This kid is going places.

Anonymous Sat Jan 20 04:25:07 2018 No.6727754

>>6727710
>vertically
horizontally

For instance sliding a heavy box on the ground. You can do it by yourself, but it's gonna take longer than with more people. You can't do something yourself if it requires a minimum barrier of power, but solving hashes doesn't.

>>	Anonymous Sat Jan 20 04:25:42 2018 No.6727761 >>6727744 this

Anonymous Sat Jan 20 04:25:56 2018 No.6727767

>>6727705
And North Korea calls themselves a democratic republic. Are they? No.

It’s time to go back to school anon. The Chinese ruling party calls themselves communist because of historical precedent.

We have the wealth of human knowledge yet it cannot help your pea-sized brain. I feel sorry for you.

>>	Anonymous Sat Jan 20 04:27:01 2018 No.6727795 Seriously, every time I scroll past this thread I'm like UGGGHHH I DONT WANT TO SEE THAT. GOD. GET THAT OFF MY SCREEN. It looks like shit piled on top of shit. I can't see any redeeming qualities.

>>	Anonymous Sat Jan 20 04:27:08 2018 No.6727797 >>6727348 They can, but they don't want to.

Anonymous Sat Jan 20 04:27:08 2018 No.6727798
File: 6 KB, 150x144, 1414306195824.jpg [View same] [iqdb] [saucenao] [google]

>>6725815
Go LARP somewhere else ETH fag. Also don't forget to make a SC about it so all the other fags hipsters like you can read it and participate in your gay alt coin circle jerk when submitting at least 25 Gwei lol.

Anonymous Sat Jan 20 04:27:13 2018 No.6727800

>>6727710
>>6727727

Refresher to the noobs and objective investors: These are the kinds of dumbasses that will tell you "everything is fine" while you're being skinned alive.

Look at this - the delusion it takes to deny that China is a communist country. These are your purists, right fucking here.

>>	Anonymous Sat Jan 20 04:27:34 2018 No.6727808 >>6727727 Retard alert. I bet you think the Holy Roman Empire was actually holy, and Roman, and an Empire since we’re judging everything on normative statements and labels. Are people really this retarded?

Anonymous Sat Jan 20 04:27:48 2018 No.6727813
File: 185 KB, 735x530, AreTheyGay.png [View same] [iqdb] [saucenao] [google]

>If the current hashpower suddenly falls below 50% Bitcoin will enter what is called "chain death spiral

You have zero idea what hashpower even means
Nor do you understand how entropy works
and how the curve of power consumption vs speed of possessing even works.
You cut 50% of power consumption of miners you only lose a few percent of the hashing power.
the line is NOT linear retard.

>>	Anonymous Sat Jan 20 04:27:59 2018 No.6727819 File: 47 KB, 500x500, 1516199336449.jpg [View same] [iqdb] [saucenao] [google] >>6726047 >im not gonna explain in detail

>>	Anonymous Sat Jan 20 04:29:01 2018 No.6727844 >>6727800 I think everybody with a working brain has already deduced who ITT is the delusional person and who are capable of being objective and rational.

>>	Anonymous Sat Jan 20 04:30:17 2018 No.6727876 File: 1.67 MB, 1216x1134, 1516043150690.png [View same] [iqdb] [saucenao] [google] >>6726730 >real communism has not be tied yet

>>	Anonymous Sat Jan 20 04:31:19 2018 No.6727898 >>6727813 >Hashpower isn't correlated with power consumption Lmao, where the fuck do you think hashpower comes from? Your ass?

>>	Anonymous Sat Jan 20 04:31:22 2018 No.6727900 Can someone please educate this psedo intellectual

>>	Anonymous Sat Jan 20 04:33:50 2018 No.6727959 >>6726773 How is it a wall street's game now? Because they own some bitcoin? Please.

Anonymous Sat Jan 20 04:34:09 2018 No.6727963

Protip: Every single dumb shit who posts in this thread trying to claim China isn't communist is a millennial fucking retard not worth addressing from this point forward.

They also likely thought Bernie had a snowballs chance in hell of becoming president.

Notice they don't challenge the tech or it's limitations, they throw out ad hominem bullshit. It's all they're capable of.

>>	Anonymous Sat Jan 20 04:35:05 2018 No.6727977 >>6727705 The truth is out there. But so are lies.

>>	Anonymous Sat Jan 20 04:35:54 2018 No.6727994 >>6725815 Go shill your alt bags somewhere else

>>	Anonymous Sat Jan 20 04:35:55 2018 No.6727996 >>6727959 >Some You ignorant fuck. You have no idea what went on the past few weeks with CMOE futures and contracts, do ya?

>>	Anonymous Sat Jan 20 04:38:34 2018 No.6728049 >>6725815 >>6725834 Wonderful, so in any event where hashpower is lost BCH wins. Good thread 10/10 just bought 100k BCASH

>>	Anonymous Sat Jan 20 04:38:51 2018 No.6728058 >>6727705 I'm going to name my dog Cat. It's a Cat now.

>>	Anonymous Sat Jan 20 04:38:58 2018 No.6728063 >>6727963 I'm gonna help you cause I'm feeling good. Read the last sentence in the third paragraph of the image you posted. Nothing is in black and white. This should be already clear to you as someone who dabbles in crypto.

>>	Anonymous Sat Jan 20 04:39:35 2018 No.6728078 File: 629 KB, 508x599, 1516364509072.png [View same] [iqdb] [saucenao] [google] >>6727898 >hashpower

>>	Anonymous Sat Jan 20 04:40:46 2018 No.6728104 File: 416 KB, 1100x645, Detroit.png [View same] [iqdb] [saucenao] [google] >>6727705 Detroit looks like a wonderful place to live in!

Anonymous Sat Jan 20 04:41:11 2018 No.6728115
File: 1.67 MB, 1024x768, Beauty.png [View same] [iqdb] [saucenao] [google]

>>6727963
The logic behind your premise and analogies make no sense and you chose to ignore it because you have less understanding of how market supply and demand works than actual noobs.

Whether people want to call China communist or not is just a matter of labels hell people argue that "communism" has never been used in a government in the first place it's a stupid argument because you're not disagreeing over any specific aspect of Chinas existence just the word you're describing it with. While Bernies chance at being president wasn't great you're dumb as fuck if you think he had a "snowballs chance in hell."

Also I did challenge the reasoning behind your post and you ignored it repeatedly.

And now finally you say that everyone arguing with you has nothing but "ad hominem bullshit" when you literally just called all the people disagreeing with you millenial retards and berniefag supporters with no reason to bring either into the discussion.

Neck yourself enough time is wasted on this board already.

>>	Anonymous Sat Jan 20 04:43:25 2018 No.6728160 >>6726672 >unprofitable And yet miners are still in business. rly made me think, anon

Anonymous Sat Jan 20 04:44:13 2018 No.6728176

>>6728115

>Whether people want to call China communist or not

THEY RAN PEOPLE OVER WITH TANKS YOU FANTASTICALLY RETARDED CUNT.

Again, I read nothing past that. It is utterly shocking that people are this fucking stupid in 2018. Beyond mindboggling...

>>	Anonymous Sat Jan 20 04:44:38 2018 No.6728186 >>6725815 >China is a COMMUNIST nation Not surprised an American would think this. Anything or anyone left of nazi death squats is considered GAWD DAMN OBAMA SOCIALIST COMMIE TRAITOR SCUM!

Anonymous Sat Jan 20 04:45:26 2018 No.6728205

>>6727898
It doesn't scale linearly fuckwit. Most GPUs in the past decades all had roughly the same power intake - 100-200Watts - but are VASTLY different in hashrate.

If in 10 years BTC grows a thousandfold, it may very well consume LESS than now, rouhly the same.

>>	Anonymous Sat Jan 20 04:45:50 2018 No.6728210 >>6728176 I don't need you to confirm that you don't read other peoples posts that's been obvious for quite some time.

Anonymous Sat Jan 20 04:47:43 2018 No.6728251

>>6728210

anyone who posts here and tries to argue that China is not communist is literally not worth reading. You stupid millennial fucks have nary a clue how the real world operates, nor do you care to know, so it is not worth debating you in the slightest.

>>	Anonymous Sat Jan 20 04:49:18 2018 No.6728292 >>6728115 I don't know if you're pro-btc or fudding for op, and I don't even care, but this reply just BTFO'd the other boi. Gj

>>	Anonymous Sat Jan 20 04:49:38 2018 No.6728301 BHu6Z34 here ya go

Anonymous Sat Jan 20 04:49:45 2018 No.6728305

Bitcoins has been dead for some time now, the only btc shills are those who refuse to sell their bags.
Btc is trash and will be replaced by ETH, just pray ETH gets closer and closer before it finally shits the bed so we don’t end in a bear market for months if not years.

>>	Anonymous Sat Jan 20 04:51:01 2018 No.6728335 >>6725815 Lol, who gives a fuck about some dinosaur coin anyway? Get out of here grandpa

>>	Anonymous Sat Jan 20 04:51:02 2018 No.6728336 >>6725815 Youre 100% right although core will just hard fork in a DAA like BCH has

>>	Anonymous Sat Jan 20 04:51:46 2018 No.6728357 >>6728176 The US government literally burned children alive in Waco. Its almost as if governments are a bad thing in general.

>>	Anonymous Sat Jan 20 04:52:24 2018 No.6728372 >>6725815 >Bitcoin ded I know, I can't wait. Can't come soon enough

Anonymous Sat Jan 20 04:52:51 2018 No.6728384

>>6725815
>If China bans mining then it's over.
No it is not they will just relocate to even better places which will drive prices down. Say they move to Quebec which has enormous quantities of electricity for very cheap (aluminum industries are there for a good reasons) and cold weather most of the year.

>>	Anonymous Sat Jan 20 04:53:17 2018 No.6728398 >>6728357 And there was a veritable shitstorm afterwards. One of the blessings of a Republic. You don't get that kind of recourse in a communist nation. You bow and obey.

>>	Anonymous Sat Jan 20 04:59:33 2018 No.6728537 >>6725815 >China is Communist stopped reading here although I almost stopped when you mentioned electricity

Anonymous Sat Jan 20 04:59:54 2018 No.6728549

>>6728205
That anon wasn't talking about long term. (We're close to Moore's Law limit anyway.) He's talking about hashpower suddenly dropping 50%. Where the hell are you going to get GPUs/mining rigs that have double the hashingpower with the same power consumption when they don't even exist yet?

>>	Anonymous Sat Jan 20 05:03:18 2018 No.6728616 >>6728537 The dumbshittery continues.

>>	Anonymous Sat Jan 20 05:05:55 2018 No.6728680 >>6726897 they dont have rights anon

>>	Anonymous Sat Jan 20 05:07:12 2018 No.6728705 I'm going to point it out one last time. There are multiple people in this thread that are in absolute denial that China is a communist nation. These are the same people telling you that Bitcoin is a guaranteed investment. Keep that in mind.

>>	Anonymous Sat Jan 20 05:07:30 2018 No.6728709 XLM will be the dead of BTC. The king is dead, long live the king.

>>	Anonymous Sat Jan 20 05:08:21 2018 No.6728723 File: 191 KB, 644x440, europeinaustraliamap.jpg [View same] [iqdb] [saucenao] [google] >>6725815 >not knowing about the secret BTC mining farms in the middle of the outback ready to take over.

>>	Anonymous Sat Jan 20 05:09:20 2018 No.6728741 >>6726252 ...and RaiBlocks is x1000 more energy efficient than BCH

Anonymous Sat Jan 20 05:10:26 2018 No.6728757

>>6728705
who cares? If they ban bitcoin mining that would be GOOD for bitcoin decentralization, and get the majority hash rate out of a commie shithole like china. Bitmain is already setting up operations outside of china... It's literally not an argument.

Anonymous Sat Jan 20 05:11:00 2018 No.6728767

>>6725815

Thanks for the informative post OP. I knew that deep down, Bitcoin was a fundamentally flawed coin and that these hyper inflated prices (think back to 20K) were unsustainable.

I've got two questions:

1) When Bitcoin collapses (which it inevitably will), which coin do you honestly see overtaking it? My best bet right now is on ETH but I think XRP has a good chance as well.

2) You mentioned that you're not a noicoiner. Would you be willing to open up about your current portfolio?

Anonymous Sat Jan 20 05:16:56 2018 No.6728897

>>6728767

1) Any coin that has an actual real world use case has a very good shot at overtaking BTC. ETH and XRP are both likely candidates.

BTC has no use case because it's transaction speed is too low and it's fees are too high. consider it the model t of cryptos - it set the course, but nobody is driving one anymore.

2) My biggest holdings are XRP, ETH, ARK, MTL, XLM, and OMG. (I have others but these are my cores)

I don't want anyone to mistake this thread as to say cryptos aren't the future - they most certainly are. Bitcoin is not.

>>	Anonymous Sat Jan 20 05:18:40 2018 No.6728948 >Bitcoin Cash will prevail >just like Ronnie Moss predicted

>>	Anonymous Sat Jan 20 05:18:55 2018 No.6728953 File: 52 KB, 701x303, FF78B4CA-4138-47F1-86A1-D0F75FC3F85F.jpg [View same] [iqdb] [saucenao] [google] >>6725834 I agree with your pilpul fellow white person

>>	Anonymous Sat Jan 20 05:21:15 2018 No.6728996 File: 44 KB, 602x387, 45038692-c6e5-41e7-85c8-bd07ef62f3f1..jpg [View same] [iqdb] [saucenao] [google]

>>	Anonymous Sat Jan 20 05:21:56 2018 No.6729016 Bitcoin does not have a liquidity problem

>>	Anonymous Sat Jan 20 05:21:56 2018 No.6729018 >>6725815 If the current hashpower suddenly falls below 50% you'll just have to wait 4 weeks instead of 2 weeks for the adjustement.

>>	Anonymous Sat Jan 20 05:28:51 2018 No.6729171 >>6729018 And you're assuming the miners will just spend those extra 2 weeks mining at a loss, eh? Do you tards seriously not understand what profit is? This is the REAL WORLD, not bernieland.

>>	Anonymous Sat Jan 20 05:33:22 2018 No.6729281 >>6729171 When the remaining miners reach the next difficulty adjustment wouldn't they become 100% more profitable from that point forward?

>>	Anonymous Sat Jan 20 05:33:48 2018 No.6729294 >>6729171 They'll continue to mine, even at a loss, so that the btc they are already holding aren't written off as a complete loss. It's a miner's equivalent of hodling through the bad times.

>>	Anonymous Sat Jan 20 05:36:00 2018 No.6729354 >>6729294 hodling all the way to the grave

Anonymous Sat Jan 20 05:38:58 2018 No.6729408

>>6729281

No.

>>6729294

Fucking dreamland. Shutup you idiot. You have no idea what you're talking about.

Do you dumbshits seriously not understand how the computational power of a blockchain works? The remai ig miners will NEVER catch a new block as it will cost them an ever increasing amount of money to do it. They will give up LONG before that.

>>	Anonymous Sat Jan 20 05:38:58 2018 No.6729410 >>6729171 a certain group of chinks were mining btc when it wasnt profitable for most. look at them now.

>>	Anonymous Sat Jan 20 05:42:03 2018 No.6729489 >>6729408 >No. Why not?

>>	Anonymous Sat Jan 20 05:42:46 2018 No.6729509 >>6729408 I think that you need to read a bit more about block rewards and hash difficulty. I'm not entirely sure you fully understand this topic.

Anonymous Sat Jan 20 05:43:17 2018 No.6729526

>China is a COMMUNIST nation

Do people actually still believe this in the year 2018

>"b-b-but the dictator party calls itself the c-communist party"

Neck yourself brainlets communism was popular and this party rode in its coattails til it made it big

>>	Anonymous Sat Jan 20 05:48:32 2018 No.6729659 While I agree that bitcoin is not the future, I still think that OP is a huge faggot and would like to punch him in the head for acting like he knows shit.

>>	Anonymous Sat Jan 20 05:48:32 2018 No.6729660 >>6729408 >>6729354 You don't understand the "go for broke" mentality that this generation of Chinese have. Good luck with your investments...you seem to have everything figured out.

>>	Anonymous Sat Jan 20 05:50:22 2018 No.6729697 >>6729408 You’re incredibly stupid and arrogant, and believe you are more intelligent than most people. Let me tell you something, you are wrong. You have probably read about the dunning kruger effect, if not, do it.

>>	Anonymous Sat Jan 20 05:51:39 2018 No.6729726 >>6725987 Neither do i.

Anonymous Sat Jan 20 05:55:01 2018 No.6729811
File: 76 KB, 182x228, Stupid American_thumb[1].png [View same] [iqdb] [saucenao] [google]

>>6725815
Is everyone here a retarded burger? Do you seriously think 50% of miners can disappear in two weeks you stupid fucks? Even if China decides to put a stop to mining it will happen GRADUALLY. There is NO WAY for half of the hash power to disappear within two weeks, or even months, even if somehow they announced a complete ban, which they would never do, cause they're not stupid. Unlike this board which has gone to complete and utter shit

>>	Anonymous Sat Jan 20 06:17:54 2018 No.6730393 >>6728186 Anything left of marx is considered a nazi now too so...

>>	Anonymous Sat Jan 20 06:26:30 2018 No.6730599 >>6726941 >QE liquidity. This right here is something I totally forgot, we live in crazy times where liquidity is excessive. Fuck I'll sell when it reaches 15-16k and go into Ether

>>	Anonymous Sat Jan 20 06:32:25 2018 No.6730785 >>6727670 back to plebbit with that spacing

>>	Anonymous Sat Jan 20 06:40:29 2018 No.6730987 >>6725815 >>6725834 It's just very unlikely that big mining pools would let BTC die to avoid a short term loss, but destroying their business model. chain death LOL

>>	Anonymous Sat Jan 20 06:48:21 2018 No.6731209 File: 1.07 MB, 819x1024, Bitcoin Grandpa.png [View same] [iqdb] [saucenao] [google] >>6727446 >Grandpa needs to die a slow, painless death. Grandpa survived so much shit that he is here to stay

>>	Anonymous Sat Jan 20 06:54:04 2018 No.6731361 >>6725815 HOPE YOU DIDN'T BUY THE DIP YOU LACK COMMON SENSE AND BASIC ECONOMIC INTUITION

Anonymous Sat Jan 20 06:54:28 2018 No.6731369
File: 87 KB, 900x948, 1453556613859.jpg [View same] [iqdb] [saucenao] [google]

Serious moron question:

Why the fuck is "mining" necessary?

Why not make a system that does the same thing, but without the waste? Surely it's possible?

The sad thing with crypto is all that hashpower does nothing at all, it's not "solving" anything.

>>	Anonymous Sat Jan 20 06:55:25 2018 No.6731392 >>6725815 OP is 5)

>>	gekko Sat Jan 20 07:00:53 2018 No.6731509 >>6730599 This, thank me later.

>>	Anonymous Sat Jan 20 07:01:13 2018 No.6731514 >>6725815 Thats why bitmain is expanding to other countries.

>>	Anonymous Sat Jan 20 07:04:13 2018 No.6731591 >>6731369 >The sad thing with crypto is all that hashpower does nothing at all, it's not "solving" anything. Heh heh that’s what you think kiddo

>>	Anonymous Sat Jan 20 07:08:10 2018 No.6731672 >>6728176 It's not an entirely communist country. t. chink from china. OP is a fucking retard. Oh wow an ad hominem!

Anonymous Sat Jan 20 07:09:52 2018 No.6731704

>>6725815
>>6725834
This only works if you assume bitcoin and mining are a closed system. If China decided to shut down all mining, this would cause the price and transaction fees to skyrocket because fewer people would be finding fewer coins and pumping them into the market and fewer people would be handling the same amount of transactions. A rise in price and fees would incentivize people to jump into the market, which would correct the problem.

Anonymous Sat Jan 20 07:14:54 2018 No.6731824
File: 142 KB, 1221x1007, BFOIRbZ.gif [View same] [iqdb] [saucenao] [google]

>>6731369
>Why the fuck is "mining" necessary?
>The sad thing with crypto is all that hashpower does nothing at all, it's not "solving" anything.
it proves that you're an independent economic entity with a unique identity, brainlet

also,
>what is PoS?
lurk moar newfaggot

>>	Anonymous Sat Jan 20 07:16:20 2018 No.6731855 Bitch bch has been much more profitable for way longer yet nobody buys into that shit muh chain death spiral is a meme

>>	Anonymous Sat Jan 20 07:18:04 2018 No.6731886 So? It was inevitable that eco-friendly coins would surpass bitcoin

Anonymous Sat Jan 20 07:22:17 2018 No.6731977
File: 15 KB, 251x242, 6dBt2Oj.jpg [View same] [iqdb] [saucenao] [google]

>>6726965
>Tyrone breaks into the building that happens to house a central server for an exchange to try and steal the bitcoins and ends up slamming it against the floor trying to get the coins out.

Anonymous Sat Jan 20 07:23:32 2018 No.6731995
File: 2.98 MB, 368x656, thesubhumantorch.webm [View same] [iqdb] [saucenao] [google]

>>6726965
>Tyrone breaks into the building that happens to house a central server for an exchange to try and steal the bitcoins and ends up slamming it against the floor trying to get the coins out.

>>	Anonymous Sat Jan 20 07:27:07 2018 No.6732062 File: 251 KB, 1800x1200, b1-china-tank-gg.jpg [View same] [iqdb] [saucenao] [google] Let me clarify the Chinese communism debate for all the brainlets on /biz/ coming from Reddit and /pol/: China is a fascist country.

>>	Anonymous Sat Jan 20 07:29:10 2018 No.6732114 >>6732062 >makes a statement >gives no evidence China is actually an anarcho-capitalist country

>>	Anonymous Sat Jan 20 07:30:13 2018 No.6732142 >>6725815 >China is a COMMUNIST nation. Capitalism does not apply. you're fucking retarded

Anonymous Sat Jan 20 07:30:17 2018 No.6732146
File: 29 KB, 615x410, Kim-Jong-Un.jpg [View same] [iqdb] [saucenao] [google]

>>6731369
Its computing Kim's trajectories. Ever wonder why Bitcoin came around right when Satoshi was named heir apparent to North Korea's throne? When North Koreans pretend to be someone else, they pretend to be Japanese.

Anonymous Sat Jan 20 07:30:45 2018 No.6732161

>>6727540
>It's funny when people like OP actually think that there are others that think BTC will stay around forever. I'm more pro-btc than most, but even I'm not that delusional.
>MAYBE it somehow survives as a top10 coin or something like the legacy you're talking about, but it can't stay #1, there's just no reason for it.
Ford was #1 in car market share for a while but they got overtaken by competitors. But they're still around and valuable. Apple was #1 in smartphone market share for a while but the got overtaken by competitors. But they're still around and valuable.

>>	Anonymous Sat Jan 20 07:33:32 2018 No.6732232 >>6732142 This. The only worthwhile parts of China are capitalist. Hong Kong, Beijing, etc. They are called 'Special Economic Zones' or SEZ for short. Look it up.

>>	Anonymous Sat Jan 20 07:37:02 2018 No.6732323 >>6725815 >China is a COMMUNIST nation. Capitalism does not apply. Stopped reading here. Try again.

>>	Anonymous Sat Jan 20 07:38:42 2018 No.6732370 File: 102 KB, 476x598, D'après_Maurice_Quentin_de_La_Tour,_Portrait_de_Voltaire,_détail_du_visage_(château_de_Ferney).jpg [View same] [iqdb] [saucenao] [google] >>6727808 Doing a lot of implying there, son...

>>	Anonymous Sat Jan 20 07:42:04 2018 No.6732452 >China is communist >China isn't communist Stopped reading right there. China is yellow supremacists.

>>	Anonymous Sat Jan 20 07:42:48 2018 No.6732467 Hashgraph will kill everything as soon as it comes to market. Everything.

>>	Anonymous Sat Jan 20 07:48:03 2018 No.6732591 >>6728176 >THEY RAN PEOPLE OVER WITH TANKS >only communist governments use violence against opposition. Whew, i guess Pinochet and Franco were commies then. What a fucking retard.

>>	gekko Sat Jan 20 07:50:13 2018 No.6732628 >>6732161 >comparing actual companies earning dalla with each car they sell with a congested, useless retromeme tech-demo You guys..

Anonymous Sat Jan 20 07:59:03 2018 No.6732877
File: 39 KB, 640x640, acb.jpg [View same] [iqdb] [saucenao] [google]

>>6732114
When you own all the private property and pretend to be a communist government so you can force your citizens to mine bitcoin for free and blame it on your ideological opponents

>>	Anonymous Sat Jan 20 08:02:07 2018 No.6732968 >>6727800 >durr china communist fuck off

Anonymous Sat Jan 20 08:06:15 2018 No.6733048

>>6732628
The point is that first mover advantage fades in the wake of competition but that doesn't mean they go away the second they lose the top spot. For all its faults, bitcoin is a solid piece of tech that can be useful for any number of reasons. Ffs, if doge is still around even though it was a literal scamcoin and has not been updated in ages, there's no reason to assume bitcoin is going to disappear.

>>	Anonymous Sat Jan 20 08:17:25 2018 No.6733310 File: 35 KB, 225x350, 8558562E-CE81-442C-9A20-C36017E18F64.jpg [View same] [iqdb] [saucenao] [google] >>6726630 Chink miners will use their hardware for AI processing, because the CCP wants a surveillance state. Invest in $DBC

>>	Anonymous Sat Jan 20 08:27:43 2018 No.6733595 >>6731369 Why don't they make bitcoin miners try to cure cancer or something?

>>	Anonymous Sat Jan 20 08:30:44 2018 No.6733673 >>6725815 With thunderous applause.

>>	Anonymous Sat Jan 20 08:38:56 2018 No.6733911 Fees are based solely on demand vs capacity of the network. If LN is adopted demand for bitcoin will skyrocket, on chain transactions would likely have even larger fees.

Advanced search
Text to find
Subject [?]Search by post subject. Leave empty for any.
Username [?]Search for user name. Leave empty for any user name.
Tripcode [?]Search for tripcode. Leave empty for any.
Email [?]Search by email. Leave empty for any.
Filename [?]Search by image filename. Leave empty for any.
From Date [?]Enter what date to start searching from. Format is YYYY-MM-DD
To Date [?]Enter what date to start searching until. Format is YYYY-MM-DD
Image hash
Search in	All Posts OPs Only
Deleted posts	Show all posts Show only deleted posts Only show non-deleted posts
Internal posts	Show all posts Show only internal posts Show only archived posts
Order	New posts first Old posts first
Capcode	All Posts Only by Users Only by Mods Only by Admins Only by Developers
Results	Posts Threads
Action	[ Simple ]

/biz/ - Business & Finance