sooo whats /b/'s thoughts on bitcoin?
The stories and information posted here are artistic works of fiction and falsehood.
Only a fool would take anything posted here as fact.
Only a fool would take anything posted here as fact.
sooo whats /b/'s thoughts on bitcoin?
it think bitcoin is a pretty cool guy eh makes money obsolete and doesnt afraid of anything
arnt bitcoin going to crash in the next 12 months ?
isnt it like a pyramid scheme ?
good luck buying anything other than digital shit with them,
no backing by the gov
>>752262960
thinking about buying some to hold on to for awhile.
Of course if I do the whole thing will probably pull a bad luck brian and bottom out on me.
>>752264585
the fact that you don't understand it has no bearing on what it is and what it can do
>>752264585
the i-don't-understand-bitcoin starter pack
Isn't bitcoin going down? Cash is king afterall.
>>752264603
bitcoin is both a revolutionary technology and a speculative investment, if you only understand one part of it, you are very liable to get burned by it.
buy, then learn what it is and what it can do
>>752264776
let me know when, I'll buy the dip. why would you want cash that can't do anything special when you could have smart, trustless, peer-to-peer money?
>>752264585
>>752264776
people have been saying it wouldn't work and that it's going to crash for years now.
>Cash is king afterall
Only in the US, and even then credit card use is huge, the rest of the world is moving on to mobile payment and have been huge users of debit cards for years.
>>752264776
its gone from 5 cents a coin to nearly 10k a coin in under 10 years... people want to call it a bubble, but its actually a technology. when the automobile was invented people probably called it a bubble too, but since its a technology it just kept going and is now a large global technology used by 90% of the world. Bitcoin is similar, just in the baby stages of growth.
people called it a bubble which it was in 2013. then the bubble popped. now people keep calling it a bubble. it's already popped once it's not going to pop again ffs just look at the movement since '13, it's had chance after chance and constantly rebounded. this is legitimate movement
>>752264603
Brian from now on you shall be called Anon
Buy high, sell low. Only way to win anon.
>>752265469
Only prob is the cost of selling and buying is very expansive so you need big swings to make it worth it
>>752262960
Here: https://www.youtube.com/watch?v=QrLr7MdyyLg
>>752264203
Kek
>>752262960
I'm thinking of putting 5k in.
I see bitcoin is almost 1000% on the year and my simple IRA only brought in 9% this year.
I just dont want to lose all my money.
is there a way to get it out quickly and what about taxes?
bumping for interest
how could some basic anon start investing in bitcoin?
I only started reading about bitcoin like a month ago, and everyone was saying to buy some,
i went on ebay and found they are cheap as fuck per coin, so i bought 9 of these (pic related) how long do i need to hold onto them for until i can cash them in ?
do banks accept them and are they able to exchange them for proper money ?
i admit i jumped on the bandwagon after seeing heaps of post about them but am still pretty clueless how they work
>>752266517
go to one of the exchanges and sign up. I use coinbase for now. It has some higher fees than some of the other exchanges but it seems to be really easy to use.
>>752266412
>get it out quickly
bitcoin _is_ money, just FYI. if you want to sell on-command, you have to trust an exchange, which historically have had poor security.
>taxes
depends on your country, but if you sell you have to pay capital gains. If you spend and rebuy, you dont have to worry about taxes.
I am not an accountant, though, so don't cry to me if you get fucked by uncle sam
>>752266517
make coinbase acct, send some money to them, buy some bitcoin, send it to your phone with a wallet like Bitcoin Wallet for android or GreenAddress
play.google com/store/apps/details?id=de.schildbach.wallet
>>752266688
LUL nice digits and nice story
>>752262960
what i dont get is why would anybody want to support a system that only rewards early investors, i believe it has potential economic implications. Satoshi nakamoto would be the richest person in the world if bitcoin becomes the predominate currency soo. If there was a way to not have that i would feel better about but the government is still an issue because it is threatening to their power.
>tfw in college when Bitcoin was $300 and had no money to buy
I live in a constant state of fear and misery.
>>752267135
it doesn't only reward early investors, so long as people are willing to sell, you can exchange $100 for $100 of bitcoin and then do what you're meant to do, which is spend it.
It's a separate market/ecosystem from everything else, even if you start using it in 10 years it's just as useful, it'll just be more scarce.
>>752267158
you miss 100% of the shots you don't take. you would've sold it after it made just a little money anyway since you didn't/don't understand what it is anyway
If cash ain't gonna be king, I rekon ngr coin will be, even though proof of work will be lacking...
>>752267307
Did you even read my post? Everything you just said is either a wild assumption or has absolutely no relevance to anything being discussed. Why are you trying to act like an internet tough guy just because you know the basic concept of Bitcoin?
its just a fucking bubble
You will all lose your money in a few months when everyone gets greedy and decides to pull out their money
>>752268435
it's a lot like Jenga
someone's going to fuck everyone, and they're going to cackle like a madman while they do it.
but that's not necessarily when the tower falls, remember
>>752268435
>>752269777
incorrect
>>752267307
It DOES reward early investors if you had 10 dollars and held it for 100 years it would be worth less but if you hold on to bitcoin from the start it will appreciate in value tremendously
>>752269890
Oh you mean like literally every high risk investment in the history of the world
>>752269890
which is the opposite of every other nation's currency. literally as you hold a dollar, it becomes worth less and less
>>752270534
>>752270273
yeah and im not sure that so good for a currency to do
>>752271298
>im not sure
>must be a scam
hmmmmm
Finishing what globalization started. Get comfy newfags.
>>752262960
>>752271298
>>752271468
to give you a real reply, bitcoin is very new territory, it's very unusual in a lot of respects and the fact it's a deflationary currency is definitely a crazy concept, but the fact that it's infinitely divisible means .... does that really matter if there's a limited supply? as more gets lost, the value of all the other coins will go up, but they will always be divisible enough to be usable
>>752262960
cryptoSHEKELS are better
>>752272301
is it open source?
>>752266688
Underrated dubs
>>752271622
> infinitely divisible
> what is a satoshi
>>752273975
there's no technical reason why a satoshi couldn't be subdivided
yes it'd be a soft fork but everyone on the network would obviously agree to it
in this way, we can say it's infinitely divisible, even though right now it's technically not.
now, a fork to adjust the total bitcoin supply would be way different
>>752269890
Ok you brought 10 bitcoins when they were $11, when would you sell them?
At 30? 100? 200? 1000? 2000?
seems unlikely as someone with as little capital as you would have kept them this long.
I'am all in for block chain.
Not so sure for Bitcoin
That's a great idea newfag. Short with leverage until oldfag shows up....
>>752274947
satoshi has and everybody investing in bitcoin is just making him richer, whoever he is.
>>752275985
I think, given satoshi's ideas and beliefs, he will never trade bitcoin for dollars, and very likely would destroy his original 1 million bitcoin in the event bitcoin needed to be even scarcer than it currently is. Some people think his coins are lost, but no one knows for sure; if he sent them to an unspendable address, everyone would all of a sudden know for sure that instead of 21 million, it'll only ever be 20. imagine what would happen.
>>752266688
lul
>>752274947
Well for my example I bought 400 at 1.26 and sold a lot.
I only have 2 left and I'm not rich.
>>752265412
It's going to pop again, all markets do it's just gonna rise back up higher again ad infinitum
>>752262960
Perfect time for you to buy so I can unload my Euphoria state over 9000 bags! I'll even be nice and rebuy your tears when they dip to 6700 and sell them back to you at a higher price.
>>752267158
Nïgger you still could have bought $30 of Bitcoin and you'd have about $900 now. Smh
I think its still worthwhile purchasing bitcoin. Remember many people still havent even heard of it and will still likely buy in. So theres money to made. Not massive gains, but selling before it drops will make you a profit
Secret is to get in on one before they go live. For anyone who has missed out but want in on a crypto currency.
JSEcoin has recently launched. If you open an account, confirm email and they will automatically start you off with a deposit of 0.12 JSEcoin.
No bullshit, no spam, you can just sit on it and forget about it. You don't even have to purchase any. Follow the link it'll take you to their page, if you opt in you will be one of the initial investors for this crypto. It won't start trading until the new year.
https://platform.jsecoin.com/?register=1&utm_source=referral&utm_campaign=aff26121&utm_content=
>>752277844
gtfo advertisement
>>752264203
good old days
cryptocurrency is incredibly useful but the infrastructure isn't there to support it yet
same thing will happen as the dot.com boom.... it'll crash then make a resurgence in a few years once more adoption and infrastructure is built out to support it
>>752264976
its a pretty safe bet that it will crash as it's already done so once. it's value is growing at an unsustainable rate and it's use is extremely limited.
what happens when you try to actually cash out 100 bitcoins you got in the early days that are now $10,000/ piece? if even a fraction of bitcoin holders attempt to realize their bitcoins into actual money the market will crash as the bitcoin banks cant pay out which will create a panic and a bitcoin firesale will occur
>>752267158
tfw it was 20cents in college....
>>752279291
Same with my mom
>>752279004
maybe but in the long run it's going to be worth 40K each.
the point is people WON"T be cashing out of it, they believe in it and it works as a currency all on it's own.
>>752279349
so you're 10?
>>752279494
You're mom's 10
>>752278575
>cryptocurrency is incredibly useful
Name one legal thing you can do with it that isn't more easily done with a central server.
>>752279440
assuming another cryptocurrency doesn't leap it
>>752279440
it can be worth $1,000,000/piece but it means nothing if it can't be turned into real world currency. if people do then it crashes. it's just another fiat currency backed by little more than hopes and dreams.
It's in a boom period. If you got on earlier this year, good on you. Waiting pariently for crash and build back
>>752279706
buy not yet illegal drugs
Also, tons of other things no I'm not going to list them because I don't give a fuck about you faggot
>>752262960
How tf do I invest my money in this shit?
>>752279706
>>752280015
that wasn't me >>752278575 but i agree with his sentiment
>>752280015
>>752280125
>buy not yet illegal drugs
If it's legal, just pay with your credit card.
>tons of other things no I'm not going to list them
I asked for one.
>>752266688
underrated post
>>752271622
Not sure how it works when there is no more coinbase though, wouldn’t the fees just skyrocket to keep up a viable transaction system? Or would all the big hodlers just run full nodes to maintain the value of their assets?
The only way Bitcoin is worth anything is if OTHER people think it's worth something. The only way to drive up the price when 98% of it is owned by just a few Whales is to promote it as being "better" than cash or gold - in the hope others will buy into it. Because without the base users it's utterly worthleess unless you're a slave-raping-drug abuser who wants anonymity. Look at Bitcoin right now! It's worthless to try and buy a meal with it because the price for transaction fees is sky high.
This is why we have people stamping actual money (committing a crime by defacing it) to try and drive up demand.
>>752280326
Transfer large sums of value across borders, hide from bullshit taxation, etc.
>>752281461
>legal
>>752281233
You could securely transfer millions of dollars worth of assets without the government or any bank involvement.
>>752281629
Transfer large sums of money between state lines without the government taking it because they think it is drug money with no other proof.
>>752281629
I don’t know what the legal basis is for the government to try to pull every penny out of every single trade, it makes literally no fucking sense, I’m not earning income I’m risking my own earnings, complete fucking bullshit.
But will the bell ring so the angel can get its wings!?
>>tfw silkroad is no more and your sitting on fucktons of bitcoin
i feel sorry for those arseholes
>>752282009
Legal doesn't mean moral.
Whether you like it or not, if you're trying to dodge taxes, the government will come after you.
If cryptocurrency is used for illegal activities on a large enough scale, they will just it down. There are ways.
>>752281856
>Transfer large sums of money between state lines without the government taking it because they think it is drug money with no other proof.
Stupid Fucker, aren't you? New Laws this year are about to be passed that will put an end this. The penalty for not declaring your Bitcoins will be total forfeiture.
http://bitcoinist.com/aml-us-rules-force-declaration-crypto-borders/
>>752262960
Long running ponzi scheme
>>752282423
They can fuck right off, what are they going to do search my usb drive for my private keys? They can suck my dick.
>>752282542
It's a speculative bubble, but it was probably not intentionally set up for this purpose.
>>752282423
>While it is unclear how those arriving in the US would be screened for digital currency holdings
they dont even know how to screen ppl for crypto. If someone asks just say no.
>>752282732
I find it funny because the current infrastructure can't handle all the transactions if they just quit speculation buying and actually do something with it.
Satoshi still has about 1 million uncirculated Bitcoin if he does something with it and didn't lose his keys lol.
Get BCH, Ripple or ETH as they're all better.
>>752282647
>They can fuck right off, what are they going to do search my usb drive for my private keys?
They are going to be looking though your Phone for a Cryptowallet and they are going to be looking for any information written down. Then they'll force you to disclose what you have.
Not only are Customs agents and Border forces being empowered to do this, but they are going to be givel plenty of slack because Bitcoin is the currency of Blackmailers, Terrorists, Slave Traders and Child P0rnographer/Traffickers. Did I mention arms dealers and drug transactions?
So yeah.
And Australia just made Bitcoin profits a "Taxable Income" and a taxable like any other business. Fail to pay your taxes and they make an example of you.
Vietnam just made it a US$9,000 fine per offense for ANY transaction using Bitcoin.
Buying bitcoin is investing in blockchain technology that has the potential to change the world. Cryptocurrencies and the "coins" themselves are fucking worthless imo.
>>752283181
You're just gambling. You could lose everything at any time. Small probability, big loss.
If you want to make payments just use paypal :^)
>>752283426
Fees would destroy you and the bubble looks like it's about to burst.
>>752283426
Begging is not allowed even on /b/
>>752283693
I already multiplied my money in Cryptos and it wasn't Bitcoin for the most part, no longer gambling but you could originally say I was I suppose.
>>752262960
I think bitcoin will finally hit the normies in the upcoming months which will finally make it peak and begin its upcoming crash. The fact that people on /b are talking about it is evidence of the begining of the fall
>>752283887
It's all over news, radio, social media so it's already known and if you look at the past week buying volume is at an all time high.
I don't think you'll have to wait months for it.
>>752279613
LOL what a dumbedass it's your*
>>752284177
nice dubs friend :^)
You guys seem to be referring to the Bitcoin bubble bursting. What do you think will happen exactly?
>>752281690
no you dont because there is no way to actually turn millions of dollars worth of bitcoin back into real world money. no one can cash out your 100 million in bitcoin. this is why bitcoin is fundamentally flawed. it's value has skyrocketed but its a currency without material backing
>>752279494
nah, his mom costs 20c
>>752284418
basically what happens when every currency without material backing (i.e. gold). if there is a panic and too many people try and cash their bitcoins in the bitcoin banks will not be able to pay. if they can't pay then the currency is worth nothing as it can't be turned into actual money.
cryptocurrency and blockchain in general are the future of technology and payment. Governments and financial institutions are trading cryptos and its impossible to stop.
>>752273960
that's full-house already
BITCOIN = TULIP MANIA?
https://en.wikipedia.org/wiki/Tulip_mania
WIKIPEDIA: Tulip mania, tulipmania, or tulipomania (Dutch names include: tulpenmanie, tulpomanie, tulpenwoede, tulpengekte and bollengekte) was a period in the Dutch Golden Age during which contract prices for some bulbs of the recently introduced and fashionable tulip reached extraordinarily high levels and then dramatically collapsed in February 1637.[2] It is generally considered the first recorded speculative bubble (or economic bubble).... In many ways, the tulip mania was more of a hitherto unknown socio-economic phenomenon than a significant economic crisis (or financial crisis). The term "tulip mania" is now often used metaphorically to refer to any large economic bubble when asset prices deviate from intrinsic values.[5]
Things in Common Between Tulip and Bitcoin:
a. Neither tulip nor Bitcoin have a universal value in use.
b. The prices of both soared suddenly.
c. Both have a lot of participants and discussion in the media.
d. Neither of them is a product compulsorily made by governments.
http://www.cryptonews.biz/tulip-mania-vs-bitcoin/
>>752285087
Tulip mania never happened. look it up.
>>752285477
Neither did the holocaust, but it's still an important story to tell our kids as a warning.
>>752284762
None of the major currencies are convertible into metal anymore. The thing that creates demand for actual money is the requirement to pay taxes, fines, and fees, and governments only accept their own money. This creates a de facto requirement to keep accounts in real money, since you need to be able to report wages and profits in units of real money.
Also, a bitcoin crash wouldn't look like a bank run, which is a crisis of convertibility: a deposit is a loan to a bank, and they don't keep enough cash on hand to repay all deposits at all times. Bitcoin is traded like stocks, in double-auction exchanges that connect buyers to sellers (hence the job "stockbroker"). But if people in general become more interested in selling than buying, the price will drop, and if the price drops enough then nearly everyone will want to sell, which means the small number of buyers will have total control over the price, and of course buyers always want to buy for less.
So that's what a crash looks like.
>>752285991
>None of the major currencies are convertible into metal anymore
are you seriously suggesting i can't buy gold?
>But if people in general become more interested in selling than buying, the price will drop, and if the price drops enough then nearly everyone will want to sell, which means the small number of buyers will have total control over the price, and of course buyers always want to buy for less.
So that's what a crash looks like.
that perfectly describes a bank run.
same effect.
>>752286785
A bank run means that a bank has pretended to have more gold/money than it actually has. Not the case here with bitcoin.
>>752286785
You can buy gold with bitcoin if you want to anon
"According to Katsunori Sago, the fair value of bitcoin should be around $US100 — nearly 99 per cent below its current level. “During the information technology bubble, we saw a rally in dotcom company shares,” he told Reuters.
“But at least at that time, there were people using Yahoo or [Japanese internet firm] Rakuten — people were using their services.
AMP Capital chief economist Shane Oliver described the figure of $US100 as “arbitrary”, but agreed the current bitcoin boom was like the dotcom bubble. “Every so often something like this comes along, every generation gets sucked in,” he said.
Dr Oliver said as with all bubbles, there was “some core of truth behind it, some fundamental innovation”. “The key innovation here is the blockchain technology, which is a snazzy way of making a currency or transfer system without having a central authority,” he said.
“There is a lot in it, but the trouble is it’s just another means of payment or an alternative currency. That has value, but not $US8000 worth. It generates no income. Then it’s a question of why a currency should be worth so much. Currency is usually seen as a medium of exchange or a store of value, but not an investment.
“I think what’s happened here is a lot of gullible people have concluded there is value in this, and I agree there is, but then they’ve extrapolated that to this as being the way of the future and saying therefore it’s going to keep going up in value.”
In September, JP Morgan boss Jamie Dimon weighed in, describing bitcoin as a “fraud” only fit for use by drug dealers, murderers and people living in places like North Korea. Mr Dimon told a New York conference he would fire “in a second” anyone at the investment bank trading in bitcoin."
>>752287197
>You can buy gold with bitcoin if you want to anon
Not if your favorite Bitcoin Exchange blocks your Bitcoin or limits purchases and withdrawals.
This week's NEWS on Crypto/Bitcoin is looking a little bit panicked.
>>752287197
if people were smart they would dump their bitcoin into gold. trade a hugely inflated and unpredictable currency for a rock steady one that is valued across the globe.
99% of bitcoin transactions are buying and selling BTC
nobody uses it to buy anything
>>752287632
>Having coins on exchange
Lul, do you treat bank IOU's to be decentralized too?
>>752287924
nothing of significance anyway. so what if you can buy a video game. let me know when you can use bitcoin to pay my mortgage.
>>752287632
if they're limiting movement of coins then they already know what is going to happen and have attempted to put in place system to stop a run.
not good.
>>752262960
3EmHTpAuo
A4DkJM4BctT1rfQr96m5JeuPG
I need 5 bitcoins. I want machines, materials, an electrified piece of land on the shore of the reservoir. To build floating and flying vehicles heavier than air, and also fly on them without registration with evidence. To create beautiful proofs, I need a SLR and an action camera. If they give me the bitcoins, I will make a blog and will report how I'm doing.
And I'm from Russia.
>>752279875
ive turned some into real currency
>>752288783
sure on a small scale the market is unaffected. the danger is that if the market gets spooked and people start cashing out it could start a panic which will spread and result in a run on the bitcoin trades, if everyone is trying to sell the price will plummet. bitcoin can only hold its value if the majority of people never attempt to convert it into real world currency.
>>752266922
noone is crying to you fgt ever
>>752287956
>>Having coins on exchange
>Lul, do you treat bank IOU's to be decentralized too?
If I have a problem with a bank, I can take it up with the bank staff, the branch manager, the manager, the police, the ombudsman etc.
If I have a problem with Crytpocurrency, there's NOBODY you can speak with or lodge a complaint with. You dun fucked.
i would rather invest in video game currency, at least it has a use besides being the worlds biggest pyramid scheme, ppl are like omg its not controlled by governments but it is controlled by whoever has the most bitcoin
it has already crashed once and ppl seemed to forget about that cuz of the recent advertising
>>752289193
>>752289476
>>752264976
Tru
>>752284527
>le can't cash out meme
good one anon
>>752288783
>ive turned some into real currency
Yeah, by trying to suck others into the Pyramid Scheme. Bitcoin demand others buy into it in order to increase its worth and perceived value. If nobody hoards it, nobody mines it.
If you made an honest buck instead of skating on the back of a trend and monopolizing it by suckering the public just to increase your hoard value, then you are a Parasite. In every sense of the word.
The mere fact that people are resorting to publicity stunts to push 'awareness' on BTC is proof that it will die soon. Because either people run out of money or they grow wise.
What about the guy who sold his house and moved his family into a caravan so he could invest all their capital into Bitcoin? He's going to hang on until he loses it all, isn't he?
>>752290006
Wait till normies try and cash out from coinbase in the future hahahahahah.
i'll stick to gold. proven for millennia.
>>752284527
>no you dont because there is no way to actually turn millions of dollars worth of bitcoin back into real world money. no one can cash out your 100 million in bitcoin. this is why bitcoin is fundamentally flawed. it's value has skyrocketed but its a currency without material backing
I'm a skeptic so don't think I don't sympathize. But some Bullion companies are allowing Bitcoin transactions to allow Cyrptocurrency users to buy actual bullion with it. That bullion has a nice, stable value.
see https://www.vaultoro.com/
>>752286785
>are you seriously suggesting i can't buy gold?
Are you seriously suggesting there is enough gold to back all of the fiat currency in existence today?
>>752291086
as long as there is enough for me.
