# Feb 1st



## CrunkLord420 (Feb 1, 2018)

You know the drill. See subtitle. If you're trading right now you get to in the true crypto ballers clubs.


----------



## Skeletor (Feb 1, 2018)

I like the idea of a crypto tard honeypot thread, but this is too obvious.


----------



## Skeletor (Feb 1, 2018)

It's under 9000!!!


----------



## lindsayfan (Feb 1, 2018)

I pulled the trigger on a significant fiat -> BTC buy late yesterday, thinking it had stabilized. Guess not, lmao

LINDSAYFAN BTFO


----------



## tehpope (Feb 1, 2018)

My litecoin lost 50% of value. Ethereum seems to be doing ok. Still have my investment.


----------



## Unsuspecting Koala Bear (Feb 2, 2018)

me rn


----------



## millais (Feb 2, 2018)

Skeealator said:


> It's under 9000!!!


----------



## neger psykolog (Feb 4, 2018)

I gained 10 times what I put in, then 5 times that amount (so 50 times what I put in) then I gained double that amount (100 times what I put in)

Then it fell so now I only have an entire 50 dollars for every dollar I invested! The world is over I tell you!

(spoiler alert: this is why I keep a separate account at my bank with cash in it)


----------



## Uncle Warren (Feb 5, 2018)

I have no fucking idea what the fuss is abo-
*$7.6K




*


----------



## Skeletor (Feb 5, 2018)

Sort of surprised it's taking this long to deflate. Bitcoin delusion is stronger than I expected.


----------



## Ass eating cunt (Feb 5, 2018)

I mean what can you even buy with bitcoin? Can you purchase gunpla with it?


----------



## CrunkLord420 (Feb 5, 2018)

Ass eating cunt said:


> I mean what can you even buy with bitcoin? Can you purchase gunpla with it?


You can buy Monero with BTC and then send Monero to sites like xmr.to to send back to BTC wallets to buy drugs with.


----------



## Ass eating cunt (Feb 5, 2018)

CrunkLord420 said:


> You can buy Monero with BTC and then send Monero to sites like xmr.to to send back to BTC wallets to buy drugs with.


But can you buy this with bitcoin?


----------



## CrunkLord420 (Feb 5, 2018)

Ass eating cunt said:


> But can you buy this with bitcoin?


Not unless they're used to smuggle drugs.


----------



## Ass eating cunt (Feb 5, 2018)

CrunkLord420 said:


> Not unless they're used to smuggle drugs.


Then bitcoin is pretty much useless to me


----------



## CrunkLord420 (Feb 5, 2018)

Ass eating cunt said:


> Then bitcoin is pretty much useless to me


in 202X they'll gunpla illegal to fight the Japanese NEET epidemic then you'll be begging for crypto.


----------



## Ass eating cunt (Feb 5, 2018)

CrunkLord420 said:


> in 202X they'll gunpla illegal to fight the Japanese NEET epidemic then you'll be begging for crypto.


Word you sentences better you crypto imbecile


----------



## CrunkLord420 (Feb 5, 2018)

Ass eating cunt said:


> Word you sentences better you crypto imbecile


sorry I got caught up on the word gunpla being retarded


----------



## Ass eating cunt (Feb 5, 2018)

CrunkLord420 said:


> sorry I got caught up on the word gunpla being exceptional


Just say gundam then


----------



## Tranhuviya (Feb 5, 2018)

*REMOVE KIRA* remove Kira you are worst coordinator. you are the coordinator idiot you are the coordinator smell.


----------



## neger psykolog (Feb 5, 2018)

Ass eating cunt said:


> I mean what can you even buy with bitcoin? Can you purchase gunpla with it?



It isn't really used to "buy" stuff beyond shit like hosting and servers. It is however a store of value (not the most ideal or convenient, but it still keeps value).

What you do is cash out what you need for living expenses (into either cash or a bank transfer) either through a service that does that or a market like localbitcoins.

There are also some debit cards that let you keep a floating balance of bitcoin which auto transfers every time you use the card, but MasterCard/Visa decided to be the true shekel overlords and clamp down on that, which meant that a whole bunch of people who had been living off those debit cards ended up stranded in various countries because they never had a backup plan.

But yeah, depending on what you have to pay you can also talk people into accepting BTC. I've paid rent in BTC in the past.


----------



## OB 946 (Feb 5, 2018)

neger psykolog said:


> but it still keeps value



I've got some bad news, amigo...


----------



## neger psykolog (Feb 5, 2018)

Crippled Eagle said:


> I've got some bad news, amigo...



If people bought at the all time high price, which was like 10x what it was 3 months earlier then they're exceptional.

It keeps value on a long term scale not "I bought bitcoin 2 days ago and now the price is down 0.6136234% what do I do!!!!!!!"


----------



## OB 946 (Feb 5, 2018)

neger psykolog said:


> If people bought at the all time high price, which was like 10x what it was 3 months earlier then they're exceptional.
> 
> It keeps value on a long term scale not "I bought bitcoin 2 days ago and now the price is down 0.6136234% what do I do!!!!!!!"



Down like 20% just today.




Edit: added actual footage of crypto memers


----------



## Null (Feb 5, 2018)

Crippled Eagle said:


> Down like 20% just today.


It boggles the mind even $6000 is low to people. The world moves so fast. I was trading BTC at $200 when I lived in the Philippines, and that was after the $1000 dip.


----------



## OB 946 (Feb 5, 2018)

Null said:


> It boggles the mind even $6000 is low to people. The world moves so fast. I was trading BTC at $200 when I lived in the Philippines, and that was after the $1000 dip.



It isn't low, it's just low compared to what it was at, and people that bought in yesterday are down like 25% as of right now. That is a pretty huge loss.


----------



## Null (Feb 5, 2018)

Crippled Eagle said:


> It isn't low, it's just low compared to what it was at, and people that bought in yesterday are down like 25% as of right now. That is a pretty huge loss.


Shit happens. I tell people interested in crypto that it's like going into a casino. Whatever money you have in your hand you must be prepared to lose entirely.


----------



## Skeletor (Feb 5, 2018)

neger psykolog said:


> If people bought at the all time high price, which was like 10x what it was 3 months earlier then they're exceptional.
> 
> It keeps value on a long term scale not "I bought bitcoin 2 days ago and now the price is down 0.6136234% what do I do!!!!!!!"



Long-term scale? Crypto's only been in existence for nine years, and at no point has it ever been stable.


----------



## Null (Feb 6, 2018)

Like... tears... in the rain.


----------



## Joan Nyan (Feb 6, 2018)

I'm glad I never bought into the blockjew meme.


----------



## millais (Feb 6, 2018)

That 12.5% annual return on Neopoints is looking pretty good right about now


----------



## Joan Nyan (Feb 6, 2018)

I've been sitting and refreshing BTC value for the past hour and been laughing my ass off.


----------



## Sexy Potoo (Feb 6, 2018)

Jon-Kacho said:


> I've been sitting and refreshing BTC value for the past hour and been laughing my ass off.








(The gif only seems to load for me when I am editing the post so here is the link: 

https://media.giphy.com/media/l4pT0zWeLLdT5TeX6/giphy.gif )


----------



## neger psykolog (Feb 6, 2018)

Skeealator said:


> Long-term scale? Crypto's only been in existence for nine years, and at no point has it ever been stable.



Long term scale means a period of at least 6-12 months.

People whining that the price went from ~5000 to ~20000 to ~6000 in the span of four months most likely bought a shit ton when it was higher.

My family etc have been asking me if it was a good time to buy when it was 8000 and I said the same thing "the price has never been this high before, so if you're going to buy just buy a small regularly and not all at once".

And no, its never been particularly stable if you're looking at the USD price (I get that that is the current point behind bitcoin, but many poeple have an aim to purely accumulate as much BTC as possible right now and aren't too interested in the USD price)


----------



## de_DEVIL_tails (Feb 6, 2018)

neger psykolog said:


> And no, its never been particularly stable if you're looking at the USD price (I get that that is the current point behind bitcoin, but many poeple have an aim to purely accumulate as much BTC as possible right now and aren't too interested in the USD price)



People collecting useless shit based on speculation? Oh gee i wonder if they have a name for this in buisness 101 and if so would it be called tulip fever?


----------



## neger psykolog (Feb 6, 2018)

de_DEVIL_tails said:


> People collecting useless shit based on speculation? Oh gee i wonder if they have a name for this in buisness 101 and if so would it be called tulip fever?



Tulip mania is an interesting point in history, and for sure has some interesting lessons that still apply today but it isn't a very apt comparison to the investment fever behind cryptocurrency because it has hard or at least preknown economic limits which makes it unlike money, gold or anything else that has really existed before.

If you could "know" that the amount of tulips from tulip mines would reduce by 50% every 4 years then it'd be a better example, but its not.

A lot of the "business 101" and "economics 101" with all of their reading and listening intently to their university professors fail to understand one thing about the current system of "money"--the vast majority of it simply doesn't exist.

Bullshit you might say?

https://en.wikipedia.org/wiki/Capital_requirement

That's right, most banks are only required to actually have 5-15% at most in capital of what money they actually "hold" because the money doesn't actually exist. Every time you deposit cash into your bank its written on a little IOU note that flies around in a computer system. If you transfer money across the world or withdraw money from your ATM then you cash in one of those IOU notes.

Now some might argue that banks know what they're doing, and that governments do a great job of making sure they are "true & honest"

But when you look into it a bit deeper you see stuff like this:
http://www.zdnet.com/article/moneytaker-apt-steals-millions-from-us-uk-russian-banks/
https://en.wikipedia.org/wiki/Carbanak

That's right, hackers have been inside banks computers, manipulating those little virtual IOU notes for years. Not only banks and other "financial institutions" but also SWIFT (which is used by almost every bank that allows international transfers).

So the computer system that backs the entire world's transfer of money? Hacked.

The issue with these little "virtual IOU notes" is that they are highly flawed.
The problem is called the "Byzantine Generals Problem" and its been around for decades:
https://en.wikipedia.org/wiki/Byzantine_fault_tolerance#Byzantine_Generals'_Problem

Bitcoin is simply a program that provides one solution to the Byzantine Generals Problem. If people don't understand that element, or how banks work (which few people bother to read into) then they will probably never understand why exactly Bitcoin is what it is.

So lets recap:

Cash: Hacked (forged bank notes aren't exactly a new problem)
Credit cards: Hacked
Your bank: Hacked
Your bank's bank: Hacked
Your ATM: Hacked
Mastercard: Hacked
Visa: Hacked
SWIFT: Hacked
The companies that keep track of people's credit and make all those other systems work (i.e. Equifax): Hacked


Bitcoin: Not hacked yet
There is no real comparison to it when people bring up Tulips because Tulips never provided a solution to a known problem with communications and computers, they're just flowers.

People are free to call it "useless shit" too, there's no requirement for people to divvy their life savings into investing into it, its just a computer program.

The only way to look at it is a multiplayer version of Microsoft Excel with a so-far unbeaten anticheat. That's it. If anyone looks at it as anything other than that, then they're exceptional. If anyone takes a computer program that solves computer problems and uses "human problems" (i.e. getting hacked, taking out loans or printing non existent money like Tether) then they're exceptional.


----------



## de_DEVIL_tails (Feb 6, 2018)

neger psykolog said:


> Tulip mania is an interesting point in history, and for sure has some interesting lessons that still apply today but it isn't a very apt comparison to the investment fever behind cryptocurrency because it has hard or at least preknown economic limits which makes it unlike money, gold or anything else that has really existed before



Well i mean at its height you could of traded one of those fancy rare tulips for a thousand pounds of cheese. Which is a lot for the 1600's. A month ago you could of traded one bitcoin for 20k usd. Thats the comparison i was trying to make...that wild mass speculation drastically overinflated the thing that was being traded.



neger psykolog said:


> If you could "know" that the amount of tulips from tulip mines would reduce by 50% every 4 years then it'd be a better example, but its not.



Yea and if i had a crystal ball that could "know" the future id have a hundred foot yacht filled with whores and cocaine. But since i dont i have to make do with the data at hand, like everyone else. Point still stands that bitcoin was being traded fir way more than it  was actually worth. By a large margin as the market is showing.



neger psykolog said:


> A lot of the "business 101" and "economics 101" with all of their reading and listening intently to their university professors fail to understand one thing about the current system of "money"--the vast majority of it simply doesn't exist.
> 
> Bullshit you might say?
> 
> ...



Yes its called fiat currency, i wholeheartedly agree with you there...but if you have to explain that to someone who is thinking of buying crypto it shows how uneducated the investor pool is for crypto and the market in general.



neger psykolog said:


> Now some might argue that banks know what they're doing, and that governments do a great job of making sure they are "true & honest"
> 
> But when you look into it a bit deeper you see stuff like this:
> http://www.zdnet.com/article/moneytaker-apt-steals-millions-from-us-uk-russian-banks/
> ...



Banks getting hacked are only a real issue in developing countries. First world ones like where you or i live have the money insured. If you have stocks in a bank the stocks will suffer but your iou money in the chequing or savings account wont be taken by the banks to cover their losses, meanwhile i believe dodgecoin and other alt coins cant really say that. Red flags right there for an investor.

Look all im saying is what the market is showing - the bitcoin bubble burst and it is correcting itself. People bought into the hype that crypto was going to be the world currency in 202X but there are wayyy to many powerful players in the centralized currency market who wouldnt let that happen ever. Crypto represent a change in power to something unregulated. Who would ever want that?


----------



## Skeletor (Feb 6, 2018)

neger psykolog said:


> Tulip mania is an interesting point in history, and for sure has some interesting lessons that still apply today but it isn't a very apt comparison to the investment fever behind cryptocurrency because it has hard or at least preknown economic limits which makes it unlike money, gold or anything else that has really existed before.
> 
> If you could "know" that the amount of tulips from tulip mines would reduce by 50% every 4 years then it'd be a better example, but its not.
> 
> ...



My favorite part of this post is where you claim business 101 people are somehow unaware that fractional reserve banking is a thing.


----------



## neger psykolog (Feb 6, 2018)

Skeealator said:


> My favorite part of this post is where you claim business 101 people are somehow unaware that fractional reserve banking is a thing.



I'm sure they're aware that fractional reserve banking is a "thing" but what they never seem to appreciate is that isn't just an issue with debt/credit/money/reserves but its largely a computer and communication problem.

IOUs aren't such a bad thing _unless_ the banks all use different systems (which they do). The banks can't even efficiently keep track of the IOUs because of how poor their infrastructure is (which is why credit card networks are allowed to charge a fee and only pay out the money received by a store after a waiting period of anywhere from 7-30 days).

The issue is that banks don't have the ability to really talk to each other, which means the global economy is hinged together by a series of IT systems which are all completely different and largely incompatible. We're reliant on a system in which we have to rely on human beings in offices to count money (I'll concede that its largely automated, but the human presence is still a requirement).

Maybe 30 years ago when the internet was still in its infancy it wasn't such a big deal, but as the banks and financial institutions can't talk to each other, for all intents and purposes there are several "types" of money which is fucking dumb. It defies the point of "money" when you have to have several different kinds (and I'm not simply referring to different currencies).

It's like thinking that having a train system in a major city that arrives 3-5 minutes late/early every day isn't a big deal. It is, its fucking dumb. If there's a better solution then we should be using it if not investigating the possibility of using it.


----------



## Unsuspecting Koala Bear (Feb 6, 2018)

@Null Time... to die


----------



## AnOminous (Feb 6, 2018)

de_DEVIL_tails said:


> Well i mean at its height you could of traded one of those fancy rare tulips for a thousand pounds of cheese. Which is a lot for the 1600's. A month ago you could of traded one bitcoin for 20k usd. Thats the comparison i was trying to make...that wild mass speculation drastically overinflated the thing that was being traded.



Other than volatility, though, the analogy completely breaks.  Anyone who started an industrial scale farm pumping out tulip bulbs could have obliterated that market instantly.  There is no similar method to flood the market with a well designed cryptocurrency.  There's no central authority that can deflate its value by simply printing more of it.

It also lacks the vulnerability of commodities like gold or other material substances, because similarly, the market can't suddenly be flooded by a glut of it, and almost more importantly, it's "useless" so there is no alternative use, like an industrial use, that can suddenly compete for the limited supply and influence its value that way.

Its volatility and blockchain delays make it less than optimal as a currency for spending, though.  (Ironically, the meme shitcoin known as Dogecoin is a lot better for the kind of microtransactions and instant transactions than BTC because of the speed of its blockchain.)


----------



## Skeletor (Feb 7, 2018)

neger psykolog said:


> I'm sure they're aware that fractional reserve banking is a "thing" but what they never seem to appreciate is that isn't just an issue with debt/credit/money/reserves but its largely a computer and communication problem.



No offense, but this is word salad. Fractional reserve banking isn't a "computer problem," it's a fundamental part pf how banks have done business for the past 400 years. Literally anyone who wasn't stoned in hisotry class or who has watched It's a Wonderful Life knows that banks only keep a limited amount of your money on hand. It's not an "issue," it's the thing that allows them to provide mortgages and loans to small businesses.



AnOminous said:


> Other than volatility, though, the analogy completely breaks.  Anyone who started an industrial scale farm pumping out tulip bulbs could have obliterated that market instantly.



No industrial farm could possibly keep up with the insane exponential demand. The whole point of these bubbles is that the price becomes unmoored from the actual supply/demand value. Look at the past 3 months of crypto: the underlying tech didn't change much, but the price skyrocketed wildly and then crashed. It's obvious that the market lost rationality.


----------



## neger psykolog (Feb 7, 2018)

Skeealator said:


> No offense, but this is word salad. Fractional reserve banking isn't a "computer problem," it's a fundamental part pf how banks have done business for the past 400 years. Literally anyone who wasn't stoned in hisotry class or who has watched It's a Wonderful Life knows that banks only keep a limited amount of your money on hand. It's not an "issue," it's the thing that allows them to provide mortgages and loans to small businesses.



It wasn't a "computer problem" until relatively recently in history (the invention of telex/ATM).

The reason its an "issue" comes down to trust. Because the banks cannot universally agree on things (they don't use a common ledger) it means that it takes a decent amount of time for transactions to occur. When I say "universally agree" I mean concensus, which is what the Byzantine General's Problem is:






If banks can't communicate properly it not only means that any transactions take days/weeks/months to settle but it also means the world's economy is largely unknown because everything is permanently in a state of balancing. imho, this is why fractional reserve banking is problematic, not the concept of it, but the idea that its largely impossible to know what actually exists and what doesn't.

People don't see it as a problem because they typically think of a bank in their city/state/country. Its a problem when you look at things on a global scale.


----------



## Tranhuviya (Feb 7, 2018)

This is all a bad joke right? It says BCC is at 30$ on CoinMarketCap. People on Telegram are telling me that BCC is not even 8$ worth now? If this is real, Im ruined. Like really fucking ruined. I have nothing left. I put everything I had into this, because I trusted them. Literally all of my familys savings are in BCC, because a friend told me the risk was worth it. Are you telling me I lost everything? 80,000$ gone like nothing? Im so angry right now. My wife doesnt know yet. She will come home soon. What am I going to fucking tell her. How am I suppossed to care for my family now? I have literally nothing right now. My wife has two sons and I am unemployed. How am I suppossed to take care of them now??? I hope someone pays for this mess. If not with money then with a sentence.


----------



## de_DEVIL_tails (Feb 7, 2018)

Tranhuviya said:


> This is all a bad joke right? It says BCC is at 30$ on CoinMarketCap. People on Telegram are telling me that BCC is not even 8$ worth now? If this is real, Im ruined. Like really fucking ruined. I have nothing left. I put everything I had into this, because I trusted them. Literally all of my familys savings are in BCC, because a friend told me the risk was worth it. Are you telling me I lost everything? 80,000$ gone like nothing? Im so angry right now. My wife doesnt know yet. She will come home soon. What am I going to fucking tell her. How am I suppossed to care for my family now? I have literally nothing right now. My wife has two sons and I am unemployed. How am I suppossed to take care of them now??? I hope someone pays for this mess. If not with money then with a sentence.




Did you really put 80k into meme dollars


----------



## Tranhuviya (Feb 7, 2018)

de_DEVIL_tails said:


> Did you really put 80k into meme dollars


Yup. My wife and my wife's sons have left me. It's over. I'm just waiting til I build up the will to end it.


----------



## AnOminous (Feb 7, 2018)

Skeealator said:


> No offense, but this is word salad. Fractional reserve banking isn't a "computer problem," it's a fundamental part pf how banks have done business for the past 400 years. Literally anyone who wasn't stoned in hisotry class or who has watched It's a Wonderful Life knows that banks only keep a limited amount of your money on hand. It's not an "issue," it's the thing that allows them to provide mortgages and loans to small businesses.



It's also a rather important issue that the very idea of cryptocurrency is antithetical to fractional reserve banking, not in terms of FRB existing somewhere in the world, but if it's FRB, it isn't crypto.

This isn't necessarily an ideological thing, but it is no coincidence that a lot of the people drawn to crypto are fanatically opposed to the very idea of FRB.

(I think it is, drawbacks or not, more or less necessary in a modern economy, but many crypto fanatics disagree.)



de_DEVIL_tails said:


> Did you really put 80k into meme dollars



Can you really not recognize copypasta?



Tranhuviya said:


> Yup. My wife and my wife's sons have left me. It's over. I'm just waiting til I build up the will to end it.



Do a 100 Tide Pod challenge.  And then a flip.



Skeealator said:


> No industrial farm could possibly keep up with the insane exponential demand. The whole point of these bubbles is that the price becomes unmoored from the actual supply/demand value. Look at the past 3 months of crypto: the underlying tech didn't change much, but the price skyrocketed wildly and then crashed. It's obvious that the market lost rationality.



I'm not disagreeing on the volatility or the evanescence of "price," which is an entirely separate thing from value.  The ability to generate unlimited amounts of fiat currency or tulip bulbs or whatever directly impacts actual value.  

A commodity that is inherently limited in supply has an attribute that fiat currency doesn't.  The reason the dollar has value isn't that it inherently has value.  It doesn't.  It's that the United States can be trusted, in the minds of most people who work for and spend and invest in and speculate on dollars, not to go utterly insane and just print out 50 trillion dollars tomorrow and turn it into some Zimbabwe currency.

Those people are actually reasonable to trust the U.S. not to do that.  It's not insane, although many crypto fanatics have paranoid beliefs otherwise and think the Fed is going to do this tomorrow just to initiate Armageddon or whatever.

However, whatever reason you have to distrust fiat currency (I have a few I won't go into now), it has the advantage that you don't need to trust anyone at all to use it.  You just have to trust math.  I trust math.


----------



## de_DEVIL_tails (Feb 7, 2018)

AnOminous said:


> Can you really not recognize copypasta?



Is this what trolling feels like? I dislike this feeling. Can i use your services to sue kiwifarms?


----------



## Skeletor (Feb 7, 2018)

AnOminous said:


> It's also a rather important issue that the very idea of cryptocurrency is antithetical to fractional reserve banking, not in terms of FRB existing somewhere in the world, but if it's FRB, it isn't crypto.
> 
> This isn't necessarily an ideological thing, but it is no coincidence that a lot of the people drawn to crypto are fanatically opposed to the very idea of FRB.



IMHO, the hardcore crypto guys who think dogecoin is going to tear down the entire banking system probably need to work out how crypto is going to provide the services fractional reserve systems provide. As shitty and corrupt as banks are, gl having an economy without consumer business loans.


----------



## lindsayfan (Feb 8, 2018)

Skeealator said:


> IMHO, the hardcore crypto lindsayfans who think Bancor is going to tear down the entire banking system probably need to work out how crypto is going to provide the services fractional reserve systems provide. As shitty and corrupt as banks are, gl having an economy without consumer business loans.


https://www.saltlending.com/


----------



## Skeletor (Feb 8, 2018)

lindsayfan said:


> https://www.saltlending.com/



"In the past, the difficulty and costs of liquidating, transferring, and storing assets has required lenders to focus on the creditworthiness of their borrower as well as the value of their borrower’s assets. This inefficiency results in limited accessibility to cash and higher interest rates for borrowers."

Sounds like a recipie for disaster. "We're going to hand out loans and not worry about how scuzzy and uncreditworthy the lenders are."


----------



## Leo Bonhart (Feb 8, 2018)

Skeealator said:


> "In the past, the difficulty and costs of liquidating, transferring, and storing assets has required lenders to focus on the creditworthiness of their borrower as well as the value of their borrower’s assets. This inefficiency results in limited accessibility to cash and higher interest rates for borrowers."
> 
> Sounds like a recipie for disaster. "We're going to hand out loans and not worry about how scuzzy and uncreditworthy the lenders are."




SALT Conference 2021
Plenary Speaker: Anonymous
Crypto-Kneecaps: Just How Easy Are They to Break?


----------



## Skeletor (Feb 8, 2018)

Wait, where does SALT's capital come from? Are they using investor capital to give out loans? Congrats, we've just re-invented fractional reserve banking!


----------



## neger psykolog (Feb 8, 2018)

Skeealator said:


> IMHO, the hardcore crypto guys who think dogecoin is going to tear down the entire banking system probably need to work out how crypto is going to provide the services fractional reserve systems provide. As shitty and corrupt as banks are, gl having an economy without consumer business loans.



"hardcore crypto guys" is a very relative thing (I'm not trying to mansplain it to you if you weren't aware of it already, but perhaps it'll be interesting reading for someone).

The precursor to Bitcoin is Proof of Work which dates back from at least 1993/1999:
https://en.wikipedia.org/wiki/Proof-of-work_system

Originally it was intended to add a "cost" to sending an email to cut down on the amount of penis enlargement spam in the 90s.

The "hardcore crypto guys" are not really the people who are involved with cryptocurrency but are rather known as "cypherpunks".
Cypherpunks is like cyberpunks except they believe in cryptography (not necessarily cryptocurrency). Very many of the cypherpunks either don't care about cryptocurrency (but do care about cryptography) in general or have doubted Bitcoin since it was first released.

If they were actually confident in Bitcoin then they'd all be millionaires right now but the vast majority of them had good reason to doubt Bitcoin, because it wasn't exactly the first attempt at the concept of cryptocurrency (https://themerkle.com/top-4-cryptocurrency-projects-created-ahead-of-bitcoin/)

Bitcoin was just an amalgamation of preexisting concepts/projects and its success was pretty much a completely unpredictable fluke even to the "hardcore crypto guys". For many it was just a "cool project" that they probably installed once and then forgot about.

The other thing is that the number of people who can actually create a project like Bitcoin (copying and pasting Bitcoin/Litecoin/whatever code and adapting a few things is not particularly amazing) or any other mildly innovative cryptocurrency is very low, so when people talk about the autists behind it all they usually don't realize its like 100-1000 people on the planet.

So when you see those "expert" or "hardcore" talking heads on imageboards and Twitter sperging about how cryptocurrency will achieve some amazing thing by a certain date they are pretty much guaranteed to be full of shit not only when it comes to economics/finance but also when it comes to the technology itself.


----------



## neger psykolog (Feb 12, 2018)

de_DEVIL_tails said:


> People collecting useless shit based on speculation? Oh gee i wonder if they have a name for this in buisness 101 and if so would it be called tulip fever?



turns out tulip mania was just a shitposting meme in 1600s holland:
https://kiwifarms.net/threads/tulip-mania-was-actually-a-dutch-shitposting-meme-of-the-1600s.39410/


----------



## de_DEVIL_tails (Feb 12, 2018)

neger psykolog said:


> turns out tulip mania was just a shitposting meme in 1600s holland:
> https://kiwifarms.net/threads/tulip-mania-was-actually-a-dutch-shitposting-meme-of-the-1600s.39410/




Oh maybe since it didnt happen with tulips maybe we can call it bitcoin fever or something


----------



## AnOminous (Feb 12, 2018)

neger psykolog said:


> So when you see those "expert" or "hardcore" talking heads on imageboards and Twitter sperging about how cryptocurrency will achieve some amazing thing by a certain date they are pretty much guaranteed to be full of shit not only when it comes to economics/finance but also when it comes to the technology itself.



This is more or less true about any new technology that shows promise.  It's worth cautious optimism but if someone starts spouting messianic bullshit about how some new gadget is going to set off Rapture just ignore them because they're idiots.


----------



## carltondanks (Feb 13, 2018)

Tranhuviya said:


> Yup. My wife and my wife's sons have left me. It's over. I'm just waiting til I build up the will to end it.


please tell me that this is elaborate trolling or something

edit: it's a copy pasta. thank god, i didn't want to see him get ruined like this


----------



## Tranhuviya (Feb 13, 2018)

carltondanks said:


> please tell me that this is elaborate trolling or something


"elaborate"


----------



## carltondanks (Feb 13, 2018)

Tranhuviya said:


> "elaborate"


hey

no u


----------



## CrunkLord420 (Feb 13, 2018)

We have achieved lolcow status.

Cryptocurrency has unique properties that make it superior to fiat in many facets, most importantly for regulatory arbitrage and anonymity  Just because plebs buy in it doesnt invalidate its intrinsic values.


----------



## Skeletor (Feb 14, 2018)

It's over 9000 again!


----------



## Leo Bonhart (Feb 14, 2018)

Skeealator said:


> It's over 9000 again!



There isn't much more gratifying than seeing all the people on /biz/ who decided to short BTC losing their shit. Gambling is degeneracy (as opposed to speculation. Heh)

For entertainment, a 13-second soundless video is attached as Kiwi Farms can't embed media from gfycat. Stop being so 2000 and Late, Null.

P.S. Litecoin stopped being a total faggot today, too.


----------

