StoneToss (allegedly, formerly Red Panels)

[KateHikes14]

I do want to know the answer to those questions, but usually asking them get very aggresive accusations rather than actual answers. The crux of my question is whether bitcoin is protected from strong economical bodies who might want to sabotage the coin's value like, for example, flooding the market and causing its price to massively drop (since in the end, Bitcoin's worth only holds if investors has belief in it). Logically this can only happen if the coin is distributed unequally among the userbase, which seems to me to be unverifiable since a big part in bitcoin is the annonymity it provides (unless I'm mistaken and there is a requirement for things like personal identification which can be globally tracked). ie, what would happen if Amazon owns 90% of mined coins and decide to sell them all at once?
Plus I have to say that having an obvious and glaring flaw didn't stop a good chunk of causes for economic disasters.

You feel you are getting treated poorly because your not as smart you think you are and when you are asking basic questions you are getting curt answers because you either didn't do any research or insufficient research.
A more realistic problem and attack vector is present in a scam coin like ripple, people have bitcoin or other established coins that can be traded for a retarded, worthless coin minted and wholly controlled by establishment companies.
The ledger is public, we may not know exactly who controls every significant wallet but we do know more or less based on their behaviour who a good portion of them are.
As far as 90% control or whatever bitcoin is as at risk to those attacks as Apple, the only company I can think of with a total capacity that size.

 

[Thomas Talus]

The crux of my question is whether bitcoin is protected from strong economical bodies who might want to sabotage the coin's value like, for example, flooding the market and causing its price to massively drop (since in the end, Bitcoin's worth only holds if investors has belief in it).

As I understand it, a "mined" bitcoin is a solution to a mathematical problem of high complexity, arrived at by number-crunching at massive scale (hence why people bought out supplies of high-end video cards to make computational arrays). There are probably some solutions that haven't been found yet, but they're increasingly hard to find over time and you can't just change the basic field axioms to create them where they wouldn't have existed otherwise. That creates a natural scarcity that resists seigniorage. Amazon could try to mine bitcoins, but it would be incredibly expensive and take a long time to mine enough solutions to cut the value of a given unit of the currency even in half.

 

[atleast3letterslong]

Technophile
View attachment 2027422

Description: Get owned, Reddit
Mouseover: Silicon Valley? More like Lolicon Valley, amirite?
http://stonetoss.com/comic/technophile/

Broken clock is right twice a day.

 

[wtfNeedSignUp]

As I understand it, a "mined" bitcoin is a solution to a mathematical problem of high complexity, arrived at by number-crunching at massive scale (hence why people bought out supplies of high-end video cards to make computational arrays). There are probably some solutions that haven't been found yet, but they're increasingly hard to find over time and you can't just change the basic field axioms to create them where they wouldn't have existed otherwise. That creates a natural scarcity that resists seigniorage. Amazon could try to mine bitcoins, but it would be incredibly expensive and take a long time to mine enough solutions to cut the value of a given unit of the currency even in half.

Yeah I know the theory behind the Bitcoin, but imposing diminishing gains on something doesn't make sure its price will increase. The only real factor is the price people will attach to the product, and with anything, a sudden inflow of the product universally lowers its value.
There is no way that corporations, especially tech and economic corporations, don't dabble heavily into bitcoin. There is too much hype and money in this market for them to ignore it. The weird thing is that people seem to willingly ignore it, like with the Gamestop where it was "we the people against the corporations" when plenty of firms jumped on the bandwagon got tons of cash.

 

[Rekkington]

Yeah I know the theory behind the Bitcoin, but imposing diminishing gains on something doesn't make sure its price will increase. The only real factor is the price people will attach to the product, and with anything, a sudden inflow of the product universally lowers its value.
There is no way that corporations, especially tech and economic corporations, don't dabble heavily into bitcoin. There is too much hype and money in this market for them to ignore it. The weird thing is that people seem to willingly ignore it, like with the Gamestop where it was "we the people against the corporations" when plenty of firms jumped on the bandwagon got tons of cash.

He's right guys, imagine if everyone in America used dollars, they'd be worth nothing!

 

[wtfNeedSignUp]

He's right guys, imagine if everyone in America used dollars, they'd be worth nothing!

It increasingly does though.

 

[Rekkington]

It increasingly does though.

What you're thinking about is inflation, and its unrelated to what we are discussing.
See, here's what you're doing, just based on what I've read: you don't know what Bitcoin is or how it works, you seem to have a very flimsy understanding of what money is and how it works, and this is because you haven't been paying attention. But rather than actually do any research, you're in here trying to act like you not paying attention to something important means it's not important.
Remember how this started, with you saying it's a pyramid scheme, which is wrong in multiple ways. And now you've ended up with just some assumption that corporations secretly own all the Bitcoin, you're just reaching wildly for objections to this thing as multiple people keep explaining it to you at length and now I think people are just baffled that you just refuse to even open up Google and do like 15 minutes of reading. If all the Bitcoin is owned by a few corporations, Bitcoin has no value because then it's not trading, it's not being used, it is literally just a digital hoard with no function. There is no reason for Amazon to swoop in and own 90% of Bitcoin, because then people wouldn't use it, and it dies. Banks and corporations are trying to get into crypto, that's why they're starting their own coins and their own infrastructures. But if your takeaway is how this reminds you of Gamestop somehow, you're not outsmarting any system by just repeatedly claiming you don't get it.

 

[Mother puss bucket]

The pyramid scheme makes sense because it works the same way for the average Joe. Pyramid schemes say buy X amount of cosmetics, sell those to your friends and then get your friends to sell and take some of their profit. Bitcoin people who bought in first make a profit off of all the lower tier people buying in at an increased rate often with the lowest tier making very little profit the same way the bottom of the pyramid does. Being able to buy more low profit coins/cosmetics doesn't stop it being scaled the same way a pyramid is. The people at the top get immensely more value from each coin mined than the ones at the bottom do.

Are people forgetting last year when multiple (((banks))) bought up a ton of bitcoin? Amazon might not be able to farm it all up but there's large company investments propping up the industry. It's very telling that the current Nigerian Princes are selling bitcoin instead of shares in their spam.

 

[KateHikes14]

The pyramid scheme makes sense because it works the same way for the average Joe. Pyramid schemes say buy X amount of cosmetics, sell those to your friends and then get your friends to sell and take some of their profit. Bitcoin people who bought in first make a profit off of all the lower tier people buying in at an increased rate often with the lowest tier making very little profit the same way the bottom of the pyramid does. Being able to buy more low profit coins/cosmetics doesn't stop it being scaled the same way a pyramid is. The people at the top get immensely more value from each coin mined than the ones at the bottom do.

Are people forgetting last year when multiple (((banks))) bought up a ton of bitcoin? Amazon might not be able to farm it all up but there's large company investments propping up the industry. It's very telling that the current Nigerian Princes are selling bitcoin instead of shares in their spam.

You're a retard, early adopters receiving more value doesn't make it a pyramid scheme, it just makes it like every other investment. Anyone who listens to people who clearly don't understand what they are talking about deserves everything they get.

 

[Mother puss bucket]

You're a retard, early adopters receiving more value doesn't make it a pyramid scheme, it just makes it like every other investment. Anyone who listens to people who clearly don't understand what they are talking about deserves everything they get.

Other investments don't scale the same way bitcoin does. That's the point.

 

[KateHikes14]

Other investments don't scale the same way bitcoin does. That's the point.

Please explain in as much detail as you can what you mean, look it up for once if need be. You might even reallize why people who understand crypto ITT are mocking people who come in and say it's a pyramid scheme.

 

[Mother puss bucket]

Please explain in as much detail as you can what you mean, look it up for once if need be. You might even reallize why people who understand crypto ITT are mocking people who come in and say it's a pyramid scheme.

Do you not grasp how the difficulty in mining bitcoin now and when it started creates a huge difference in the amount of returns people get for the same work?

People inside pyramid schemes never see it from inside. They're the biggest defends of them.

 

[KateHikes14]

Do you not grasp how the difficulty in mining bitcoin now and when it started creates a huge difference in the amount of returns people get for the same work?

People inside pyramid schemes never see it from inside. They're the biggest defends of them.

Diminishing returns alone don't make it a pyramid scheme. Do you understand anything you are saying or do you exist as a parrot in a man-suit?

 

[Mother puss bucket]

The difficulty in mining it is directly relational to its popularity to prevent the market by being flooded. A pyramid scheme is a specific organizational structure, a pyramid scheme is not someone getting into something early and staying with it until it becomes popular and increases in value. That would mean literally all investing is a pyramid scheme, which it isn't.

And there are people sitting at the top with huge amounts of bitcoin stashed away they can flood the market with any time they want and tank it for everyone else. Are we going to ignore Satoshi and his mystery wallet of fuck you money sitting there?

 

[KateHikes14]

And there are people sitting at the top with huge amounts of bitcoin stashed away they can flood the market with any time they want and tank it for everyone else. Are we going to ignore Satoshi and his mystery wallet of fuck you money sitting there?

1 they would hurt themselves more since they are a major holder, 2 that's not something that is distinct to only cryptocurrency, so at least you are consistent with your lack of understanding investments.

 

[The escape....?]

New comic

Satanic Panic​

 

[Poop Fartious]

I've never really understood this style of comics he sometimes does where no matter what point it's trying to make he comes out a hypocrite.

 

[0 0]

I've never really understood this style of comics he sometimes does where no matter what point it's trying to make he comes out a hypocrite.

What's an example?

 

[Poop Fartious]

What's an example?

Well, what is this one saying? Is it pro-satan, or anti-Trump? Going by the logic presented here either both of them should be okay or neither, either way it would be contradicting one or multiple things he's said in past comics.

 

[Krystal]

Well, what is this one saying? Is it pro-satan, or anti-Trump? Going by the logic presented here either both of them should be okay or neither, either way it would be contradicting one or multiple things he's said in past comics.

It's playing off both generations of what they fight/fought against. The parent is based off the 70s-90s waves against art, videogames, etc. for being too satanic and will have kids worship witchcraft. The kid is modern millenials and zoomers trying to tell him that it won't happen. Then with Trump, it's playing off how they think he's the second coming of Hitler and how he creates Nazis. He's not giving his opinion on Satan or Trump, just poking at how similar both the parent and child are in terms of thinking.