What does Holla Forums think of cryptocurrency and Bitcoin in general...

What does Holla Forums think of cryptocurrency and Bitcoin in general? And what impact if any will it have on the financial system? Bitcoin whizzed past through $10,000 yesterday and is now $11,300. We could potentially reach $20,000 per Bitcoin by the end of the year.

First think which comes to my mind is memory how happy was I when I bought bunch of them for 20 and sold for 40.

But price of something do not determine it's usefulness. Bitcoin is not designed in a way it could handle transactions of any country alone, it's just speculation pyramid scheme which will make bunch of people rich, and much more poor.

Spot on. That's exactly how I feel.

Why the hell does all this sound like we're on the verge of another crack like the one in 29?

LMAO

What am I looking at?

Soon the bubble will pop and everyone's money will disappear. I'm going to say around 2018/19.

I like cryptocurrencies as they can provide pure capitalism, that is much more likely to evolve into socialism than current crony capitalism.

Now, you've gotta ask yourself, what happens when literally everyone is able to produce Bitcoins. Can inflation occur with cryptos?

extreme case of financial pyramid
interesting to watch
it went from 3 grand in september to more than 10 now
it is obvious that bitcoin is a speculative asset, not a currency

even whole psychology around it is pyramid like
"hurry buy these bonds, tomorrow they will cost twice as much! don't lose on this opportunity!"
faith that bitcoin will regain after every major downfall keeps people from cashing out, but someday some straw will break this camel's back

I have some bitcoins, but I've bought them so that I can try and ride the tide so to speak
as in any kind of financial pyramid, you can gain massively if you can cash out in time
if I miss this timing it will be a pity, but nothing serious

it looks like price changed by -1000 USD in short period of time. You are looking at instability of bitcoins, or maybe cryptos in general.

you don't understand bitcoins. yes, inflation can occur, but there is limited amount of bitcoins which can be created, which should revert into deflation and then crashing economy. But it's not like bitcoin is serious currency, they can't even take over whole black market, not to mention all other markets.

IT'S NOT REAAAAAAAAAAAL CAPITALISM

That's fucking worse.

It's just fake computer "money"

wrong
anyone can create a bitcoin clone
which is equivalent to a printing press

wtf is that? BTC-backed crypto?

dogecoin

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Is there any point to bitcoins unless you're buying drugs?

No taxes or bank fees

Well given that Bitcoin is now whizzing past $9,000 in the opposite direction… well that kinda says it all doesn't it.

All money is fake dumbass
There all don't have value, if there's no economy.

The future of money. Crypto will take us all to lamboland.

That will change pretty quickly.

Just another tulip mania that will eventually pop and ruined the dumbest motherfuckers.

i had 2 whole bitcoins that i traded for a 200 dollar tv 4 years ago

please kill me

Bitcoin or: Why Hayek was wrong

Pyramid scheme masquerading as a service.

It's also a political pipe dream because it doesn't magically make people financially independent from government regulation.

Unless you're an ancap, I don't understand the purpose of Bitcoin. It's useless in socialist or communist societies and inferior to fiat currency used today. USD are stable and insured when in a bank account. BTC is neither of these things and fails at certain features meant to be an advantage.
For example, BTC is not truly anonymous. Since all transactions are recorded in the block chain you can see the flow of money between wallets. All you need to do is know the addresses of some BTC exchanges, have access to some private wallets and be able to access people's bank statements. You can fill in the blanks from there.
BTC is also not truly decentralized. Since ASICs came on the market it have given rich people and organizations the ability to own large portions of processing power required mine BTC. Since it has become impossible to set up an extra computer as a BTC miner and actually get anything the problem only gets worse as people stop mining at home.
You also can't do anything with BTC by its self. All of the "success" stories are about how someone bought low and sold high. They always have to exchange it back for USD in order to actually use it. How is a currency useful if it must always be converted to USD in order to be spent?
I've been wondering too, isn't mining supposed to be an incentive for people to keep computing the block chain? What will be the incentive once the last BTC is mined?

Maybe there really is a God.

I like you at least. You're willing to see the experiment to it's epic conclusion, one way or another. Most socialists I know just want to ban it outright (implying such a thing is even possible, lol)

I think the idea is that there will always be minable bitcoins, but the rewards will be lower and lower so that the total number of bitcoins should stabilize to around 21 million IIRC. They imagine it will remain desiderable to mine because the value of the currency will always increase and so justify the mining despite the smaller reward. (S)Fortunately none engaging with crypto currency seems to understand the concept of falling rate of profits.

I agree with what you say aid I would add that the very anti-inflationary nature of crypto currency makes them impossible to use in place of normal fiat currency as they are not versatile enough to serve the need of a real economy (to put this as simply as I can you cannot do the groceries if you and the cashier only have $500 bills in hand). Plus the constant inflating value of the currency encourages accumulation over investment, slowing down the growth of the real economy in favor of speculative and unproductive maneuvers.

None here cares enough to ban it, ancap friend. We just think it is another sign of the state of decay the current system finds itself in.

lolberts that think bitcoin is their saving grace from state tyranny are beyond delusional

Yeah, I sure wish my salary was paid in a resource that changes its value every hour.

So what happens when energy prices spike during the next crisis?

what happens when mining becomes unprofitable due to rising energy costs and diminishing returns?
who would validate new transactions?

Are you actually retarded?
Bitcoin is one cryptocurrency. Making another cryptocurrency (like dogecoin) is not going to change inherit facts about another cryptocurrency. Bitcoin has a cap on how many of bitcoins can be mined (something like 16 million). Making another cryptocurrency doesn't change that.

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Does BTC charge if you let your wallet sit?
I could have sworn I had like 3 bucks left in it before the jump and now I have like 1. I find it hard to believe that at some point I had less, and if I did it seems like that would imply that it shot really low at some point.

oh look its fuckin MSNBC investment advice shut the fuck up nigger weve already had 30 bubbles and there are more to come, OGs barely blink an eye at this shit, plebs always buy high, money is a fuckin illusion son, doesnt matter if fiat or cryptoshekels it has almost nothing to do with value, its all a scam, all the coin ive wasted on drugs and video games id be rich nigga and i dont give a fuck cause i can see with my third eyemy asshole What I care about is being effective, btc at this moment in time is a force multiplier thats all that matters, its a tool and a useful one at that, fuck western union I can help out my fam all over the world for pennies you dogmatic cocksucker

ive spent more coin than you have muchacho, granted most of it on the road when it was at like 4 dorra. Still feels good, at least I have a few left ima sit on them like a hen see how all this plays oot, maybe it will help humanity and maybe its some kind of long con deep state psyop mindfuck, either way its time to hustle and smash nihihigaaa.if you really have 3digit coin stash id sell a little bit, gettinn fluid is not as easy as it seems specially if you wanna do it off the grid, its not impossible but you would be wise to diversify a wee bit, buy some land nigga goddamn and be careful on them locals son niggas is always schemin

there are already hundreds of alts retard, some of them have some kind of "merit", most of em dont. Doesnt change the fact that BTC blockchain is the biggest collective computer project ever and its basically impossible to erase at this point, alts willprobablyalways be second place no matter what happens

no it doesnt, and its never been this high so you obviously fucked up somewhere

also cap will never be reached, its like a half-life, 16 million coins are oot and there will never be more than 21million, this thread is rife with people that havent even bothered to watch a fuckin 5 minute video on the basics, makes me wonder how many of you mongs that bang on about garl ever even read the longwinded fucker(dont get me wrong i like some of his shit)

weeeeew

I think he's trying to communicate, but I don't recognize this foreign language.

Nihga plz its called amerikan do you speak it or u a tacoman or some kinda gay snail, step the fuck off son I only spit knowlydge real recognyze real its called the economy of respect sucka

these fishlipped nigs talkin bout jewchains I talk about blockchains bitch ass nihhhhga you wish you had these bits son butcha dont what would you do with 1 C-Shek at 12k burgerbux right fawkin now ya fackin lame tell me

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A bunch of rich fuckers invested in Bitcoin and become filthy stinking rich, hoarding it all to themselves to raise the price to astronomical levels. Now, shittons of normies are going to go gobble it up using all of their savings, and then the rich are just going to crash it to the ground.

It's a method of stealing from the common public, nothing more. Just wait and see for the inevitable bursting of the bubble. If you had any fucking sense at all, you would have sold out when it hit 10K.

they're digital mudpies. the only thing you can think of them is absolutely nothing.
maybe you can try to make a profit, that's about it. there's nothing particularly unique in constant capital that has no use-value.

Has this author ever heard of margins?

im not rich you fuckin rat, you didnt have to be on a fuckin guest list to buy btc you just had to be paying attention, shit nigga you didnt even have to buy, member faucets, I fuckin member when they were shitting out whole coins.

You keep makin excuses for your foolishness, this probably IS a bubble, one of many, but as long as you arent some kind of fucking day trader its just variance, there are gonna be plenty more spikes and dips but long term its always gonna go up because it was designed to be deflationary. eventually the rollercoaster will even out and it will probably be more stable than the petroviolencedollar. You go ahead and stick with your fiat sionista blood money, or you know buy 20 fucking dollars of coin and thank me in a few years. I bet most of you faggots dont even give shekels to hobos

shut the fuck up nigger, retards like you have said that shit at 20 dorra, 50 dorra, 100 dorra, thousand dorra, bla bla bla. almost everyone in this thread has not bothered with even the most basic research

Ive cashed out plenty of fuckin coin and ive given away plenty as well, its at like $12k right now, it went up like 600€ today, fawkin ridiculous

wat are you even, oh im sorry cocaine and mdma isnt a real thing my bad

are games on le steamyjew a real thing? bought plenty of those fuckers. How about a plane ticket, or how about sending my uncle 2 grand in fiat thats also totally not fuckin real innit

what else, 3 gpus, a fuckin bicycle, coffee, lotsa weed, alpaca socks, some other bullshit electronics for a friend, its like 2 extra steps to buy something with coin from literally anywhere

I hope you have some yugo, first nigga to hit me up here and make an account on SWCpoker.eu ill ship him 10 bucks of coin no strings attached, you dont even need an email

Listen dear visiting Holla Forumsyp none fucking cares that you managed to get your dick wet with this incredible modern invention. The fact is that cryptocurrency are a gigantic waste of resources that will only accelerate the collapse of capitalism.

They are not a currency, they are a speculative asset, one that is not even useful to society, but actively harmful. They do not produce anything, they do not promote investment in any useful activity, they do not provide any kind of security. They are literally digital mudpies. They are a game, one that may be very lucrative for now, but a game nonetheless.

shut the fuck up you mook, you arent the voice of reason youre an indocrinated idiot and a financially illiterate retard that is trying to act educated and wise. Ive been here longer than you bitch

you hippy dippy eco cocksucker, are you gonna start banging on about peak oil? maybe quote some Malthus? scarcity is a lie, there is an entire universe out there, we should be mining helium 3 on the moon at this point but here you are banging on about what exactly, anthropogenic climate change? overpopulation? do us all a favor, stop being a hypocrite and throw yourself off a fucking building if you believe that bullshit.

You wanna know what wasteful is? The fucking anglo-empire slaughtering well over 60 million human beings since the end of ww2, but no im sure you want to talk about fucking fracking and my carbon footprint

and yet I can buy things with it and send value all over the world with absolutely no chance of counterfeit or interference whatsoever outside of some kind of really dumb mistake on my end, I dont even have to wait 3 to 5 business days

people speculate on all kinds of shit including crypto, the chiners f.e love to gamble, none of them "believe" in btc they are in it for gains. Completely irrelevant argument from a nofunds pleb that doesnt know how to hustle, the world is a den of gambling thieves, derivatives are worth a thousand fold of the entire global realökonomie, well over 2 QUADRILLION but here you are talking about how bitcoin is nothing more than a bunch of degenerate gamblers. what next faggot, are you gonna babble about how bitcoin is funding terrorism? !ACTIVELY HARMFUL! lagarde, is that you? Suck my dick?

DO NOT PROVIDE SECURITY

bwahahaha im sorry dude and its actually you the fucking mudpie guy, you shoulda gone with tulips bruh

you dont need a fucking bank account for btc, you need a phone nigga, thats it. Do you have any idea what that fucking means? its a genius fucking flanking maneuver, if this shit even half works out its probably the only case of truly successfuly nonviolent revolution, it outplays the biggest fucking players in this sick fucking weare all trapped in, google microloans bitch, look at developing nations still under the yoke of the IMF, this shit opens up an entire world to people that are fucking dirt poor even in its present highly volatile, unstable state. People especially in india are using it to literally grab some sliver of "means of production" for themselves and their communities. Im not even gonna argue with you on this because what you said is so monumentally stupid, you dont know ANYTHING about this shit, you probably read one op-ed from some fucking autistic pseudo-marxist fud and are just rolling with it

no security is probably the fucking pinnacle of your stupidity, goddamn son im gonna be giggling about that one for the rest of the night

watch fucking antonopolous mah bitch, hes kind of a dogmatic evangelist but hes been trying to explain this shit for about 5 years now, its not easy. There are legitimate criticisms of crypto but you have absolutely none of them because you dont understand this shit at all. Alone how fucking shook the bankster class is over this shit already tells you so much, they are desperately trying to hide it but they have horrible poker faces, theyre the fucking house after all

NO

SECURITY

plz..stahp

This is some next level pointless bullshittery.

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Lack of argument you have
take my balls in your mouth you shall

I guess if you dont like it its a fuckin endorsement here? my nuts are bigger than that and so are my logs bitchhh

Proceeds to adhom.
Classy.

adhominems are severely underrated faggot, if you are a pathetic excuse for a human being then your opinion is far less valid than that of someone who is less of a sack of shit. I dont know who you fuckin are though, and that wasnt an ad-hom bitch, you just didnt fucking say anything

Are you still the mudpie guy? If you are then yes this is an ad-hom, you dont know what the fuck youre talking about and you know I would wreck your fawkin angus so youre being cagey on elaborating on your half-assed uninformed opinion on this shit

I got time nigga you go ahead and address anything I said or anything else that comes to mind about cryptoshekels and we can hash it out. just gonna roll with the yoda thing for now, you can only post so many mollycucks

No of course. It's evident the voice of reason here is you.

I don't know what to say, there's too much bullshit to go through and I can't be fucking bothered. it's evident you are a trump supporter tier idiot and I don't have the time or mental strength to deal with your bullshit right now. What I will say however is that they are a waste of resources because they keep a discreet part of the labour power of society tied down in an unproductive activity. This is what I meant with waste. They are "mudpies" because they do not serve to satisfy any need.

It's not a currency because to be used you need to convert it into normal money for 99% of the products on the market. And even those that do accept them do the same. It's not a currency because a constantly deflationary currency is useless in a real economy without another intermediary currency that is able to remain versatile enough to accomodate for economic growth and shrinkage. It's exactly what I said: a speculative asset.

Did you bash your head on the keyboard to write this paragraph?

No security because the system is not impregnable. In fact it was cracked by the US security agencies decades ago as Snowden demonstrated. There is no anonimity left in cryptocurrencies.It's also not secure because the value of bitcoins and equivalent is extremely volatile. You cannot build a business on such shaky grounds.without relying on external tools like normal currency or more stable assets.

Really you think they are scared? Cryptocurrency does not modify anything of relevance. They are manipulable as mucha s normal currency. Do you think space will be left for the little guy once the big players start investing in their own mining farms, in their own speculations? Who do you think will win between you and them? Who has the most cash to invest and succeed?

I understand the working of cryptocurrencies on a technical level better than you, most likely. I repeat none fucking cares that you got "crazy rich guys it's true", cryptocurrencies are nothing else than a new way to speculate on an already diseased system

what a snivelling passive-aggressive answer lemao

maybe you should eat some fucking kilocalories then you fuckin lame, why in the fuck are you bringing dahnald into this you pathetic partisan, please shut the fuck up about that shit stay on point this is gonna take long enough as it is

Youre a mental peasant is what you are, and an obedient one at that. Anyone that starts babbling about finite resources is a fucking malthusian anglo eugenicist shill that should be strung up by their left testicle. Next you are gonna start judging which humans are "unproductive", you arent in a fucking position to decide that you arrogant pansy

If there was even the smallest chance that btc could help free people from the fucking yoke of fractional reserve banking, nevermind literal genocidal war criminals like the IMF then we should be building nuclear power plants to help in this endeavor. the fact that you start babbling about scarcity is a MASSIVE tell, just fucking say carbon footprint and be done with it

Aright thats it im screencapping this shit, how can you be so fucking thick, youve literally never looked into this yet you have the fucking audacity to claim you know more about this shit than me. If I cant get a fucking bank account then this very much satisfies a fundamental need you downsie. If I dont have the 300+ bucks to get a fucking notary to say, save my dirt farm from some asshole, I can use the chain to do the same fucking thing for pennies. If I want to multisig something, If I want to leave some kind of dead mans switch to info or a will i can do that with the chain for PENNIES. The btc blockchain isnt "just" a fucking currency you pleb its a gigantic public ledger that is neigh incorruptible, there are so many fucking uses for this I cant even begin, nevermind all the fucking sharks that are not hippy about such a thing in the least. Its the most democratic invention since the internet, there are so many possibilites with this we are just at the beginning

oh please, yes slave a deflationary currency is a horrible idea how dare I not want the few fucking pesos ive managed to accrue to completely devalue within less than a generation, it almost sounds like youre making an argument for quantitative easing…Krugmann is that you? go back to your fucking playroom and hit the minecrafts

I love your rampant autism as well, what kind of a retarded scenario are you building here exactly, that there will be ONLY btc? there are like a thousand alts, the petrodollar isnt going anywhere, fiat in general isnt going anywhere, the "argument" that bitcoin isnt "versatile" enough to "accomodate economic growth and shrinkage" sounds like its coming from a fucking NYT economist, who the fuck are you boy-o? Are you even a fawkin commie? there are all kinds of ways to mitigate this especially if you have a functioning state with some modicum of control like even the most weaksauce mixed economy. If bitcoin actually develops into a significant portion of global "currency" you arent gonna be using it buy a fucking cup of coffee even if you can, there will be all kinds of "intermediary" solutions for that. There already are. Its gonna be a way to store and transfer wealth with NO fucking middle man. very simple. That scares a lot of people, especially the middlemen