Author Topic: Cryptocurrency Master Thread  (Read 27221 times)

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Offline Fake Sugar Dick (WARNING, NOT THE REAL SUGAR DICK!)

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Re: Cryptocurrency Master Thread
« Reply #1300 on: May 06, 2018, 07:37:47 PM »
Pretty apt explanation of why the simple-minded are confused:

Quote
Should we all ‘invest’ in BitCoin?

We’ll start with the answer: No, you should not invest in Bitcoin. The reason is that it’s not an investment. Just like gold, tulip bulbs, Beanie Babies, 1999 dotcoms without any hope of a product plan, “pre-construction pricing” Toronto condominiums you have no intent to occupy or rent out, and rare baseball cards are not investments.

These are all things that people have bought in the past, and driven to completely irrational prices, not because they did anything useful or produced any money and value to society, but solely because they thought they would be able to sell them to someone else for more in the future.

When you make this kind of purchase, which you should never do, you are speculating, which is not a useful activity. You’re playing a psychological, win-lose battle against other humans with money as the only objective. Even if you win some money through dumb luck, you have lost some time and life energy, which means you have lost.


Noticed this ad on the corner of a website recently … because we ALL need daily updates on an obscure piece of niche software technology!

Investing means buying an asset that actually creates products and services and cashflow for an extended period of time. Like a piece of a profitable business or a rentable piece of real estate. An investment is something that has intrinsic value – that is, it would be worth owning from a financial perspective, even if you could never sell it.

Now, with that moral sermon out of the way, we might as well talk about why Bitcoin has become such a big thing, so we can separate the usefulness of the underlying technology called “Blockchain”, from the mania about how people have turned Bitcoin it into a big dumb lottery.

This separation is important because the usefulness of Blockchain is the primary justification people use for the big dumb Bitcoin lottery.

Once you make this separation in your mind, you can see that Blockchain is a simply a nifty new software invention (which is open-source and free for anyone to use), whereas Bitcoin is just one well-known way to use it.

Blockchain is just a computer protocol, which allows two people (or machines) to do transactions even if they don’t trust each other or the network between them. It can have applications in the monetary system, contracts, and even as a component in higher level protocols like sharing files. But it’s not some spectacular Instant Trillionaire piece of magic.

As a real world comparison, I quote this nifty piece from a reader named The Unassuming Banker:

… imagine that someone had found a cure for cancer and posted the step-by-step instructions on how to make it on-line, freely available for anyone to use.
Now imagine that the same person also created a product called Cancer-Pill using their own instructions, trade marked it, and started selling it to the highest bidders.

I think we can all agree a cure for cancer is immensely valuable to society (blockchain may or may not be, we still have to see), however, how much is a Cancer-Pill worth?

 

Our Banker friend goes on to explain that the first Cancer-Pill might initially see some great sales. Prices would rise, especially if the supply of these pills was limited (just as an artificial supply limit is built right into the Bitcoin algorithm.)

But since the formula is open and free, other companies would quickly come out with their own cancer pills. Cancer-Away, CancerBgone, CancEthereum, and any other number of competitors would spring up. Anybody can make a pill, and it costs only a few cents per dose.

And yet imagine everybody started bidding up Cancer-Pills, to the point that they cost $17,000 each and fluctuate widely in price, seemingly for no reason. Because of this, newspapers start reporting on prices daily, triggering so many tales of instant riches that you notice even your barber and your massage therapist are offering tips on how to invest in this new “asset class”.

But instead of seeing how ridiculous this is, even more people start piling in and bidding up every new variety of pills (cryptocurrency), over and over and on and on, until they are some of the most “valuable” things on the planet.

NO, right?

And yet this is exactly what’s happening with Bitcoin. And if you haven’t been digging into the cryptocurrency world much, it gets way weirder than this. Take a look at this shot from the website coinmarketcap.com, and observe the preposterous herd behavior in real life:


Fig.1: Various cryptocurrencies, ranked by how many people have been fooled.

“Holy crap!” is the only reasonable reaction. You’ve got Bitcoin with a market value of $234 Billion Dollars, then Ripple at $92 billion with Ethereum right behind at $85,792,800,592.

These are preposterous numbers. The imaginary value of these valueless bits of computer data represents enough money to change the course of the entire human race, for example eliminating all poverty or replacing the entire world’s 800 gigawatts of coal power plants with solar generation. Why? WHY???
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Re: Cryptocurrency Master Thread
« Reply #1301 on: May 06, 2018, 07:44:49 PM »
:lol: rubes like FSD who don’t understand that nothing is stopping this train.

https://99bitcoins.com/bitcoinobituaries/

Maybe you didn’t see this but you are an idiot so you probably forgot about it. Your mind is like play doh, changing shape daily by manipulative hands forming weak minds.

Offline Fake Sugar Dick (WARNING, NOT THE REAL SUGAR DICK!)

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Re: Cryptocurrency Master Thread
« Reply #1302 on: May 06, 2018, 08:43:13 PM »
Just don't spend more than you can afford to lose, pal.
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Offline stunted

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Re: Cryptocurrency Master Thread
« Reply #1303 on: May 06, 2018, 11:08:57 PM »
tbt's defensiveness makes me want to sell all my bitcoin

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Re: Cryptocurrency Master Thread
« Reply #1304 on: May 07, 2018, 07:29:57 AM »

The Big Train

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Re: Cryptocurrency Master Thread
« Reply #1305 on: May 07, 2018, 07:34:54 AM »

The Big Train

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Re: Cryptocurrency Master Thread
« Reply #1306 on: May 07, 2018, 07:35:41 AM »

The Big Train

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Re: Cryptocurrency Master Thread
« Reply #1307 on: May 07, 2018, 07:36:18 AM »

Offline Brock Landers

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Re: Cryptocurrency Master Thread
« Reply #1308 on: May 07, 2018, 09:37:36 AM »

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Re: Cryptocurrency Master Thread
« Reply #1309 on: May 08, 2018, 10:13:44 AM »
Pretty apt explanation of why the simple-minded are confused:

Quote
Should we all ‘invest’ in BitCoin?

We’ll start with the answer: No, you should not invest in Bitcoin. The reason is that it’s not an investment. Just like gold, tulip bulbs, Beanie Babies, 1999 dotcoms without any hope of a product plan, “pre-construction pricing” Toronto condominiums you have no intent to occupy or rent out, and rare baseball cards are not investments.

These are all things that people have bought in the past, and driven to completely irrational prices, not because they did anything useful or produced any money and value to society, but solely because they thought they would be able to sell them to someone else for more in the future.

When you make this kind of purchase, which you should never do, you are speculating, which is not a useful activity. You’re playing a psychological, win-lose battle against other humans with money as the only objective. Even if you win some money through dumb luck, you have lost some time and life energy, which means you have lost.


Noticed this ad on the corner of a website recently … because we ALL need daily updates on an obscure piece of niche software technology!

Investing means buying an asset that actually creates products and services and cashflow for an extended period of time. Like a piece of a profitable business or a rentable piece of real estate. An investment is something that has intrinsic value – that is, it would be worth owning from a financial perspective, even if you could never sell it.

Now, with that moral sermon out of the way, we might as well talk about why Bitcoin has become such a big thing, so we can separate the usefulness of the underlying technology called “Blockchain”, from the mania about how people have turned Bitcoin it into a big dumb lottery.

This separation is important because the usefulness of Blockchain is the primary justification people use for the big dumb Bitcoin lottery.

Once you make this separation in your mind, you can see that Blockchain is a simply a nifty new software invention (which is open-source and free for anyone to use), whereas Bitcoin is just one well-known way to use it.

Blockchain is just a computer protocol, which allows two people (or machines) to do transactions even if they don’t trust each other or the network between them. It can have applications in the monetary system, contracts, and even as a component in higher level protocols like sharing files. But it’s not some spectacular Instant Trillionaire piece of magic.

As a real world comparison, I quote this nifty piece from a reader named The Unassuming Banker:

… imagine that someone had found a cure for cancer and posted the step-by-step instructions on how to make it on-line, freely available for anyone to use.
Now imagine that the same person also created a product called Cancer-Pill using their own instructions, trade marked it, and started selling it to the highest bidders.

I think we can all agree a cure for cancer is immensely valuable to society (blockchain may or may not be, we still have to see), however, how much is a Cancer-Pill worth?

 

Our Banker friend goes on to explain that the first Cancer-Pill might initially see some great sales. Prices would rise, especially if the supply of these pills was limited (just as an artificial supply limit is built right into the Bitcoin algorithm.)

But since the formula is open and free, other companies would quickly come out with their own cancer pills. Cancer-Away, CancerBgone, CancEthereum, and any other number of competitors would spring up. Anybody can make a pill, and it costs only a few cents per dose.

And yet imagine everybody started bidding up Cancer-Pills, to the point that they cost $17,000 each and fluctuate widely in price, seemingly for no reason. Because of this, newspapers start reporting on prices daily, triggering so many tales of instant riches that you notice even your barber and your massage therapist are offering tips on how to invest in this new “asset class”.

But instead of seeing how ridiculous this is, even more people start piling in and bidding up every new variety of pills (cryptocurrency), over and over and on and on, until they are some of the most “valuable” things on the planet.

NO, right?

And yet this is exactly what’s happening with Bitcoin. And if you haven’t been digging into the cryptocurrency world much, it gets way weirder than this. Take a look at this shot from the website coinmarketcap.com, and observe the preposterous herd behavior in real life:


Fig.1: Various cryptocurrencies, ranked by how many people have been fooled.

“Holy crap!” is the only reasonable reaction. You’ve got Bitcoin with a market value of $234 Billion Dollars, then Ripple at $92 billion with Ethereum right behind at $85,792,800,592.

These are preposterous numbers. The imaginary value of these valueless bits of computer data represents enough money to change the course of the entire human race, for example eliminating all poverty or replacing the entire world’s 800 gigawatts of coal power plants with solar generation. Why? WHY???

https://bitcoinira.com

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Re: Cryptocurrency Master Thread
« Reply #1310 on: May 11, 2018, 11:35:31 AM »

Lol

?s=19
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Re: Cryptocurrency Master Thread
« Reply #1311 on: May 13, 2018, 04:01:24 PM »
fsd got the last laugh

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Re: Cryptocurrency Master Thread
« Reply #1312 on: May 14, 2018, 06:05:41 PM »
https://techcrunch.com/2018/05/14/ripple-xpring/

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Re: Cryptocurrency Master Thread
« Reply #1313 on: May 19, 2018, 11:43:18 AM »
Quote
At 2 a.m. on Thursday, a crowd of people, mostly men, are lined up outside an exclusive burlesque nightclub, The Box, in downtown Manhattan.

"Who are all these people?" a dancer in spiky gold stilettos asks a security guard.

"There's some sort of cryptocurrency conference in town," he tells her.
...
The group in question had just come from a cruise ship, the Cornucopia Majesty, where a pair of Aston Martins were awarded to two guests through random selection
...
women in corseted lingerie deliver bottles of vodka and Champagne to tables of reclining men in suits amid a fanfare of sparklers. Onstage, two naked women simulate fellatio as the crowd roars in approval. At one point, one of the women eats something seemingly designed to look like feces from the other's rear. A half-naked man wearing an enormous bear head gyrates against a woman whose breasts are ensconced in two clear plastic Madonna-style triangles. Bags of cocaine are passed underhand.

"If I offer you coke, do you promise not to write about it?" a woman asks.
...
Around 3 a.m., a nerdcore rapper who goes by the name YTCracker takes the stage to perform two cryptocurrency-themed rap songs, "Bitcoin Baron" and "Crypto Illuminati." He flew into New York expressly to perform at this event.

He raps:

Told you to snap up a modest position
Of currency minted from factoring digits
Which of you listened?
Which of you listened?

In the red velvet booths below, his listeners raise glasses of Champagne.

http://www.businessinsider.com/consensus-crowd-celebrates-cryptocurrency-at-after-party-with-drugs-and-naked-dancers-2018-5

Offline Fake Sugar Dick (WARNING, NOT THE REAL SUGAR DICK!)

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Re: Cryptocurrency Master Thread
« Reply #1314 on: May 19, 2018, 12:00:14 PM »
I've already made $36k trading bacoin. My incremental cost of bacon is now $2.99 lb US

 :emawkid:
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Re: Cryptocurrency Master Thread
« Reply #1315 on: June 10, 2018, 06:30:32 PM »
tbt ok?



 :sdeek:

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Re: Cryptocurrency Master Thread
« Reply #1316 on: June 10, 2018, 07:57:42 PM »
Ouch


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Re: Cryptocurrency Master Thread
« Reply #1317 on: June 10, 2018, 09:29:54 PM »
Still up over 250% year over year :love:

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Re: Cryptocurrency Master Thread
« Reply #1318 on: June 13, 2018, 10:34:05 AM »
Is anyone talking about PotCoin in here? Is now the time to invest?

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Re: Cryptocurrency Master Thread
« Reply #1319 on: June 13, 2018, 11:27:13 AM »
Thinking about Rodman's potcoin.com shirt makes me IRL lol.