BITCOIN DEATH PARTY

But what caused this downfall? Let's discuss, I want to hear (your) opinion.

I think India did something

The ponzi scheme ran out of schmucks.

House money cause he's in a home now

Good thinking, state can influence price of any currency, especially crypto, easily. According to express.co.uk/finance/city/913071/bitcoin-india-Arun-Jaitley-budget-BJP-Modi-cryptocurrencies
This was 2 days ago. Indian BTC holders *could* cause downfall by selling all they had.
Is there anything else?

It shocks me how despite all this libertarian bullshit about "basic economics" and "muh fiat" they still haven't fucking figured out that shitcoin only gets its value by the amount of money people pump into it, atleast 99% of bitcoins are simply exchanged into other currencies, they're not actually used to buy goods and services. These delusional retards believe Bitcoin will be worth 100k in a few months.

Nobody here is arguing that value of BTC is not much lower than it's price.
I was asking why it's price fell.

They are, but it's usually child porn and drugs.

user it's called speculation.

That's all the explanation you need though, bitcoin can only rise in price or even stay stable when people are pouring money into it. As soon as that stops the price will slip down and then panic selling will drive it lower.

I bet the leading currency in trading such stuff are still American dollars.

Why do you think people stopped pouring money into BTC? Why do you think so many decided to sell BTC?

Milk has a use though so its price can never freefall in this way, people will never stop buying milk. I'm guessing that the number of idiots trying to get something for nothing finally just ran out. Not sure what to say other than that. Maybe you're right that there was some trigger but that's not the root cause.

BTC has also a use value. But it is true that value of BTC might be just a few dollars while it's priced for several thousands of dollars.
It can. It's just very improbable because price of milk is regulated by many states in the world.
That might be also true.

Time to buy.

He should buy it,cause the last three years the same shit has been happening.
Dips at the same time and then it rises in price near the end of the year.
Even after all these dips BTC is still worth more than it did yesteryear.
Use it to get some money and actually enjoy this shitty system we have in place.

I know that, but actual purchase of goods and service account for less than 1% of bitcoin circulation. If bitcoin was actually used as a currency, it'd be a lot more stable.

I know it is, but it's not speculation as we know it with real goods. Bitcoin is overpriced by a factor of 100 or so, while typical speculation (for example: a housing market) is overpriced by a factor of 2 in worst case scenarios

rule34.xxx/index.php?page=post&s=view&id=1471753

It's part of a gallery

And now it's back up.

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That's still to much, we can't rest until bitcoin is worth nothing

That's about where it should be. Bitcoin will continue to grow linearly from here on out.

Government regulations and 🇬🇧🇬🇧🇬🇧socialism🇬🇧🇬🇧🇬🇧

can't be considered a "death" or "crash", you still made a profit if you bought bitcoin as late as dec 01

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I think crypto is crashing right now because it never made good on its promise to be a democratizing system for the people. With just white males (95% according to Thinkprogress) in the game, it's a surprise the house of cards hasn't collapsed before.

The point is we need to find ways to include more folks and this will benefit crypto and everyone with a stake in the game.

This page discusses several structural issues that lend to exclusion and we can do something about it.
lulz.com/women-people-color-minorities-excluded-crypto-currency-440/

libs are a fucking joke

is this bait?

How would it be bait? Is anyone genuinely disagreeing with me?

Crypto stands to be the currency of the future, free of bankers and control, but we must include everyone to make that happen.

You need to go back to whatever liberal sewer you crawled out of.

WTF kind of issue do you take with it?

your not slick fam

What kind of argument is that? It's not my fault they used a 10 year old meme for their blog.

your absolutely right!
how can I contend the validity of a journalism site that produces such almond activating pieces as
lulz.com/antifa-activist-demolishes-my-little-pony-invading-nazis-in-emotional-video-431/
or how about the famed
lulz.com/gringo11-trump-russia-twitter-kremlin-424/
truly the Walter Cronkites of our internet age

So structures that prevent crypto from reaching beyond white males should be kept in place because a person who made an argument to the contrary was published on a site that also has a fiction piece about Trump being a time traveling robot?

Your absolutely right! How could I have been so blind to the 🇬🇧🇬🇧🇬🇧inter-sectional🇬🇧🇬🇧🇬🇧 truth!
An article lie this deserves to be upboated and shared with all our grandmothers on facebook!

I can't help but notice the lack of arguments, piggy.

>lulz.com/gringo11-trump-russia-twitter-kremlin-424/
That's a big thing from #resist twitter with thousands of retweets. You're just ignorant.

Why? we both agree after all! POC and Waymen have been opressed by large words for too long, this insightful article as opened my eyes to the truth, that cypto wasn't a pyramid scheme from the start, It just was exclusionary to the everyone who wasn't privileged

And an insightful peace it is
lets go back to >>>/r/nu_pol
and blog about this, it's time to raise the treu
inter-sectional ==Risitance== against dese darn huwites

Still no arguments, just stale memes and sarcasm. You know what is said about sarcasm.

That it's too complex for niggers (read: Holla Forums) to understand, so it must be oppressive?

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You've been saying this for months

It's time to stop

You really are an inhospitable dumbass.

t. not that user, I politely just wish to inform you that you need to stop posting.

user was a troll m8
If your sensibility get hurt by a little funposting
then I recommend going to >>>/facebook/
It might be more your speed
your should also probably stop false flagging

I just woke up.I am very tired. I apologize.

it's cool :^)

A FUCKING TANK

Belarus legalized bitcoin and made it tax free
-shrug-

tankies have weird ways of compensating for their shit-tier countries

I also like to take every chance I get to shit on tanks but if you read the next fucking sentence he states the use value might just be a few dollars.

That was the joke.

You are criticizing me for not reading, but I guarantee you have never read a book in your life if you think Bitcoin has use value; that is typical of anarchist really.

It's been growing linearly for years. That's what it is designed to do.

I'm not sure if you are trying to BTFO me on semantics, but if bitcoin has no use value, no currency does.

BITCONEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEECT!

Really? Why did they do that?
Giving up control of currency and encouraging high risk speculation seems an odd choice for a authoritarian regime with a struggling economy.

You really need to brush up on your theory, user

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Most exchanges have pretty high buy-ins nowadays ($10,000 and higher usually.) These people aren't proles.

what does that mean? You can purchase any amount you want?

I don't know what you're talking I was only working with around $50 worth of crypto and I transferred between many of them for free using zero fee altcoins like GAS. Anyways, doctors and lawyers are proles too.

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I mean Doctors are proles and over here are pretty class consciousness.

Outside of America most doctors are prole.

What about inside America? It's not like amount of dosh they get paid mean they are suddenly not selling their labour?

Historically speaking most doctors in the US are heinously petite bourgeoisie. That is changing though. HMOs are driving a lot of small practices out of business (this is a good thing.)

Yes because currencies fulfill no utility or consumption. This is literally kapital chapter 1.

A lot of Doctors are tied with insurance companies and it is common to find doctors being shareholders in hospitals they work in. As such, quite a few are petty-booj. Nurses everywhere tend to be proletarian af tho.

It might be cultural differences, but where I'm from most doctors and lawyers buy their way into their practice/firm when they are around 40 and from thereon are shareholders or "partners".
It is a system in which the senior doctors/lawyers exploit their juniors and nurses/legal staff/etc (and to a lesser degree themselves), because they get paid partially in the profit their firm makes.

Well in the UK it is literally impossible for doctors to do that since you know, NHS.

Better hold on to it then mate.

Believe me, we're trying, but, not too easy with it being privatised by the back door. If they'll sell Royal Mail nothing is sacred.

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Fuck me Boris is going to be the next PM isn't he?

Unless the Corbynistas step up their game.

Nah Boris can still sneak into the role before any election.

the problem is crypto isn't used for anything other than deepweb and like donating to people online primarily, but Mark Cuban (NBA owner) said he was going to allow people to use BTC to buy tickets to Dallas Mavericks games so that might lead to some development and mainstream usage of crypto. i don't think it'll hit it's max again anytime soon but it'll definitely go up at least a couple more times. i haven't really dabbled much with this, i have about $50-100 set aside for investment just to check it out.

Good. He's exactly what we need for Britain to be pushed into revolutionary militancy. the only better alternative would be if the deluded Mogg-memers actually got their way.

I dunno man, JRM scares me, people want to LARP as Downton Abbey residents.

Take me down to pink Wojak city where the graphs are red and the coins are shitty

Doctors have MBAs now. Got scammed out of thousands of dollars by these fucks.

acutepaintherapies.com/our-providers/

7.9k now. What are you invested in?

This is a good time to buy. Buy the fucking dip.
< reee capitalism

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if you have enough money for bitcoin, you have enough money for smarter investments.

wow It just keeps fucking dropping,its could be heading back down to 6k if this is a bad drop.

$200 when?

I was literally on the verge of being a millionaire. I was going to be porky. I'm so fucking mad right now.

You should have sold at 20k

I hope you learned to not to buy into ponzi schemes and gamble.

You deserve this

I really wish it would go to $1000 just so i could see mass suicides.

Hold up
You can hack cryptopesos?

I genuinely don't understand how people wouldn't know when to sell. You'd either have to have no knowledge of how bubbles and markets work, or be so bamboozled by greed that you didn't care.

Yeah, that's about half of investors.
Oh hey there's the other half.

True enough I guess. I'm just surprised anyone who presumably has an interest in political economy wouldn't look into what Bitcoin's death-spiral would look like.

I want this to go faster. I want the petit-bourg aspirations of gullible cucks to vanish in thin air.

it's play money which only derives value from speculation

cnbc.com/2018/02/05/bitcoin-price-drops-below-8000-over-60-billion-wiped-off-cryptocurrencies.html

hapskorea.com/college-student-commits-suicide-mounting-cryptocurrency-loses/

Okay, fuck anybody who laughs at this. He was a naive kid who fell for a grift.

Wonder what the death count will look like after this is over.

it's literally going to breach 6k in a couple hours.

No fucking stop it.

/biz/ mass suicide when?

/biz/ is in a fucking state right now

ahaha, god, finally

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I need pics.

Considering that a majority of lawyers are involved in settling disputes offer property rights they aren't necessarily wrong.

uk.reuters.com/article/uk-lloyds-bank-uk-bitcoin/banks-in-britain-and-us-ban-bitcoin-buying-with-credit-cards-idUKKBN1FO0UM
could be one reason, certainly the most hilarious.

also this makes me wonder about the possibility of hypothetically buying loads of bitcoin with credit money, say 51% of all bitcoin, giving you a dominant network position, then declaring bankruptcy because you didn't actually have the credit behind the transaction, or some similar thing. It's a highly outlandish proposal, but since bitcoin transactions can't be reversed…

as socialists and social democrats our concern should be bringing things under democratic control.
bitcoin (or any other crypto) does not achieve this, and any thinking which can pretend it does is neoliberal "market democracy" wrapped up in fluffy terms and technological woo.

bitcoin exchanges have all the downsides of bankers, currency speculators and so on, with absolutely none of the upsides that come with the path-dependency of banking.

if the only "use value" of something is to exchange it for something else, it has no use value at all, it's all exchange value.

you can technically blow your nose with paper money
not that new plastic stuff though, that's just icky.

they deserve it. (also they're not trying to escape capitalism, they're trying to advance within capitalism.)
to quote a high ranking civil servant
If you're going to do this damn silly thing, don't do it in this damn silly way

the utility i would gain from the money earned if the value of bitcoin were to hypothetically quintuple after i bought the dip with my life's savings would be a fraction of the utility i gain knowing that by not buying, i prevented others from cashing out when the value went through the floor.

got what you deserved

you'd expect some variation but it conforms so perfectly to the FUCKING TEXTBOOK EXAMPLE ahahaha

doctors often have their own practices and employ others so i would say, yes, those are PETTY BOOJ

same with lawyers

At what point during this crash and burn do GPU prices go back to normal?

Buy an AMD, I heard minors don't like those

Miners make a profit crash or not
Your own fault for not investing in the shovels during the gold rush

And now it's below 6400.

even those seem to be sparse and the ones that are in stock are marked up a little. I think my best bet is to try to get a higher end card from like 2 generations ago.

maybe I'm wrong but once this crash scares off the masses of normies who were invested, won't there be less transactions to be calculated and make the mining market over-saturated and thus unprofitable?
Also I was invested for a bit and was tried trading alts for a bit but cut my losses and I sold before the big boom. I try not to think about it too much.

This is fine.

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ooooooooooooooooooooooooooooof

if anyone still cares bitcoin breached 5k

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it's over

Stocks are recovering. Bitcoin will recover too right? Right guys?

proles aren't magical mystical kitten babies who can do no wrong, they are an aggregate entity, a class. if an individual proletarian puts his hand on a hot stove despite knowing, or having ought to have known that doing so would cause pain and injury, he can't abrogate responsibility for his own damn stupid actions just because of his relationship to the means of production.

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source?

It dipped under 6k briefly before shooting back to 6.5k, nikkie is also doing a bit of a bounce back. Probably a contrarian wave for bitcoin and stabilizing the frenzy for the Japanese market

Coindesk.com

That seems to happen whenever a psychologically significant barrier is approached. Probably some financial wizardry with futures or buy orders or whatever.

We live and learn user. Hopefully you will too.

bitcoin is a spook

Sweet sweet petty bourg tears.

On the plus side though you will soon be able to get cheap video cards again.

its called buying pressure and contrarians. Some of the contrarians will decide to drop ship as they sense bitcoin breaching the 6K barrier and that will make bitcoin go under 6K

Below 6k now. Wow this shit is crashing fast

That's all folks, the 5K sell off has started!

1) bitcoin fell because govts want to bash it with regulations and because its a threat to actual national currencies, and because the wallstreet fags wanted to pull a rothschild on the value

2) the only reason people on here hate bitcoin is because they didnt join in on the thing soon enough and didnt profit from it. so they just branded it capitalist and bad by deafult

It's at 6500 right now.
Any idea what is happening and what will happen?

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seems like a bull run, it will hit 7K and probably plumet while holders sell off to lessen their losses

oh no, the evil ((rothschilds)) are imposing pointless regulations like "no you can't buy digital tulips on credit"

Tbf this is true, the most recent crash was caused by the South Koreans.

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noooo down down down.
daddy needs a new gpu.

source:bloomberg.com/gadfly/articles/2018-02-06/bitcoin-crash-sees-miners-fried-in-this-game-of-chicken

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I'm a sucker for that screaming old man.

It's back up because the SEC is going to pretend to regulate it but really won't do shit.

Only if btc takes altcoins down with it (which it has so far).

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One of the funny things is that crashes could happen due to glitches or even just bad timing in the network. Miners are needed in order to authenticate transactions, and transactions are needed in order for mining to be possible. A shortage of any of the two caused by any reason, – from a bug to a blackout in whatever country has the most mining rigs – can fuck the coin's value up. Hell, just trying to do a transaction or mine at a time of the day when there are too few of your counterpart online means you can do diddly squat but wait.

hahahahaha oh wow

Assuming you're serious: how did they do this? Because this crash seems to have come out of nowhere.

bought at 6666 with all my USDT gonna try to x100 leverage a long on bitmex if i get liquidated its over $120K gone for me…. i just need to get off this ride

This is pure fucking art.

Whoever made this is a ledge

Bitcoin Traders Are Relieved at CFTC and SEC Cryptocurrency Senate Hearing Testimony
archive.is/FdyAq
Congress held a hearing to bail out their failsons and daughters who had probably invested their trust funds in crypto and were holding until a pump.

Since mid-December or so we've had:

It was inevitable. I still lost over 100,000 dollars, though, because I didn't tether soon enough. Oh well! Still up a healthy amount on my initial investment. Can't believe you guys aren't in on this shit, it's fucking hilarious watching yourself gain/lose 5 figures in a day.

It's interesting that the bourg seem to like this and only want to regulate ICOs (if that congressional hearing was any indication.) I feel like they will eventually crash the market somehow by by doing this.

By the way, now is as good a time as any to stop being a nocoiner and hop on the shitcoin rollercoaster. There's still a long way to go with this bubble, as the nominal marketcap far overestimates the amount of money in the cryptoasset market.

Nah, it will just slow Bitcoin's growth. BTC is still more-or-less growing how one would expect if you assume the S-shaped adoption curve model is true, which would give us a price projection of ~25k by 2019.

Yes, it turns out the average NEET on /biz/ is not much worse than the average venture capitalist genius when we're in a tech bubble. I mean, these people gave us Juicero and Theranos, among others.

Normally, only Registered Investors with net worth at least 1m have access to these kind of investments, you see. There are a lot of scam ICOs out there, though. Many of them just dump when they hit exchanges, so it's pointless to invest in them nowadays. It won't crash the market, since most of them have no reason to exist or are scams.

Brainlet here. Give me the marxist analysis of buttcoin. Why is it bad?

it's not 'bad' its just like any other commodity with a speculative market around it

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Bitcoin does have a use value, a use value in buying child porn, drugs, and if you live in Europe, illegal firearms.

Promoting/facilitating money laundering is good for the revolution.

get ready to buy the dip lads

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Nobody buys porn, especially not perverts who can get busted for it. I know crypto supposedly takes that risk away but if you can get it for free nobody is paying for it.

Holy shit this but unironically. I have an online buddy who's "a centrist against political violence for any reason" but supports the fucking proto-fascist paramilitaries on the other side of the 1918 uprising because "muh commies started it XD".
polite sage for completely offtopic

This nigger must’ve been pretty rich beforehand to make so much money off of it.

I just don't get the mindset behind doing this. If you made that much money off doing nothing but holding coins I'd say its a case of "easy come, easy go"

How do cryptofags remain so confident after what happened and not realize that crypto is fiat currency to the extreme.

If he made 200 million he’d still have 60 million by now. Seriously thats enough money for a family for ten generations. What did he need that much money for?

go to >>>/biz/ yourself

He could have been a miner since highschool. You are probably right though. That might have been why he killed himself. Pretty shitty to lose $200 million of your daddy's money.

I mean all currencies nowadays are fiat, and ironically quite a few cryptos are tied to solid resources.

Didn't the US federal government basically save bitcoin/crypto yesterday? Why the hostility?

Bitcoin is officially over. Post market close, it’s all in free fall.

if you bought BTC in early 2017 you're up 7x right now doing literally nothing even after a 65% loss of value. If you bought ETH in jan 2017 at 10 dollars you'd have 80xed your investment. If you bought antshares/NEO at a dollar you'd be up 100x. Easy to make millions in 2017.

you realize the best hedge fund managers at places like rentech or two sigma hope for a ~20% return on the year right?

that's 200m KRW. Only like 185k USD.

that's exchange value.

Bitcoin will lose all of it’s stock value and it will return back to it’s original proposes of buying child porn, drugs, illegal firearms, and funneling money to third world revolutions.

Fuck these petty-bourg lolberts will get free government money while this gets added onto the deficit and me and my children will get austerity in thirty years.

200 Million divided by 100 is still over one million

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They didn't give them any money. They just pushed out a bunch of speculative bullshit about the future value of crypto and floated the possibility of regulating ICOs. It helped to start a rally.

0.00092 US Dollar
Closer to dividing by 1000.

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BTC is acting sporadically, there are a couple major FUDs coming out this week that could sink it.

woah wtf? whats the news with that? of the few exchanges I used to use, binance used to be my favorite. they really had their shit together.
except for that one time they accidentally doubled everyones REQ deposits.

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Why is Bitcoin going up?

coindesk.com/price/

an injection of capital or something like that

Is this the bear trap?

Oh boy

Crypto is starting to tank heavily again

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i got 2 whole bitcoins for free like 9 years ago. sold them both for a 200 dollar tv 3-4 years ago

the crash is literally making my dick rock hard

So the reason cryptos will go up again is because depressed faggots killing themselves over losing money?

Not that user, but ETH has a thing called smart contracts. These are computer programs that manage transactions. If they happen to be buggy, shit hits the fan. For example: blog.goodaudience.com/how-800k-evaporated-from-the-powh-coin-ponzi-scheme-overnight-1b025c33b530

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#Resist

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no, however theres no predicting with bitcoin, but judging by the fact that it has no inherent value bitcoin is a pure bubble and were probably in the bull trap

If it can be smashed with some government regulations, it obviously is not much of a threat to actual national currencies. Ancap wishful thinking translating into real world impotence as per usual.

Loving this.

WHY

Because some really smart business men said that it was going to be 1bc=$180,000 by the end of the year.

It's the same kind of idiot/desperation/greed trap that causes people to buy lottery tickets, only this scam has the "legitimacy" of economics behind it.

$180,000 is kind of a conservative estimate if we're aiming for $1,000,000 at the end of 2020
twitter.com/officialmcafee/status/945711235940737024

yes

>>2391569 who unironically take all of these posts serious

any more of these

come on, it's not like anyone would bother looking at the username just for cheap laughs

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Just make it stop!

Meanwhile you faggots that aren't on Ethereum Classic are missing out.

Sorry I don't enjoy getting hacked.

lol

new nightwish has its moments