No.Isn't that like saying that dolphins are far too splashy to be expected to live in water
Maybe you meant this-
Bitcoin discussion and news
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camouflage
gaslit at scale.
Tell you what that Tennis lark is a joke, too many balls being bashed about to enjoy the game, nah'meen?
gosub
~#
Upthread:Well over 90% of all bit coin are held by only 4% of 2million wallets...
What the fuck are you talking about.
If you are going to transact with an asset, you need that asset to have a stable value. Otherwise you can't price in it. How can I say something will cost 0.2 bitcoins when I don't know what the purchasing power of 0.2 bitcoins will be in 2 hours, let alone 2 weeks? Remember that bitcoin is not money -- it is not the unit of account for anything. That means all its value is based on how it pegs against things that are used as the unit of account. And that value is all over the fucking shop. No wonder every man and his dog with a website is removing the option of paying by bitcoin.
camouflage
gaslit at scale.
Doesn't sound right, considering the distributed nature of bitcoin production.... I know Satoshi has a million or two but... unless these are the wallets of major exchanges. Massive pool of honey for the black-hats anyway.
It was the statistic (4% own 90% of bitcoin) quoted by Radio 4's More or Less a few weeks back. That doesn't make it true, but their whole raison d'être is to look into the stats behind the news, which makes them more reliable than most.
camouflage
gaslit at scale.
Every transaction shifts value across the asset, with fiat we have central banks to hold the wobbly rope-bridge between buyers and sellers steady, with bitcoin the rope bridge just wobbles and wobbles with no steadying hand, just the trampling of the traffic. So you should be pretty brave to run across that. It's the fact there's no governance with bitcoin you think is a laugh, just pure free-floating transactivity. I'm not saying you're wrong to find that unacceptable for a currency (you're not forced to use it, why even take an interest actually) just that I reckon you may have stated the issue back to front.
8ball
Decolonise colons!
Well, in any case, I don't think that necessarily means all of those people think it is a viable currency - they may just be hoping to sell it on for more before the bubble pops.
I don't think anything with bitcoin is a laugh. But the fact there is no governance is neither here nor there. The fact that a few weeks ago it was worth $20,000 per coin, earlier today it was worth near $10,000 per coin and now it is worth $12,000 per coin is what makes it impossible to use as the basis of a transaction.
And the reason I take an interest is because bitcoin is killing the planet, remember. I'm looking forward to the day the whole pyramid scheme collapses.
And the reason I take an interest is because bitcoin is killing the planet, remember. I'm looking forward to the day the whole pyramid scheme collapses.
gosub
~#
I'd go further... How to cash out without bursting the bubble?
camouflage
gaslit at scale.
If it's a bubble, how do you know it's not popping now? A large drop in the past few days, 25 or 30% or something... if it's a bubble than surely this is the burst.
On the other hand, if you've resented those smug bastards with their bitcoin ripping off the working man in the street with their fancy libertarian tech-bollocks that the ordinary working class bloke in the street never stood a chance of avin any of and besides it's all them blinged up m iners in china init so unfair... well now's your chance to fill your boots, pick up some cheep. Maybe wait a bit more and reassign some of that 90% to yerself.
Or say "fuck that, not interested in this bollocks mate" and then come back in a few months time (if bitcoin is still around) to have another moan at all them greedy fucking insiders stiffing the working man with their fancy techy libretardian bollocks where only 0.5% of wallets hold over 99.99% of all the bitcoins because China.
Eat the cake, ave it too, why not.
camouflage
gaslit at scale.
It's legally considered a commodity isn't it, which makes sense considering the way it moves. Call it a currency or call it fried chicken, people buy and sell it, with considerable vigour as we're seeing now. Bitcoins are the transaction.
Bitoin is not killing the planet (yet). Some connected-up chancers in China using their coal-fired power-stations surplus output to make some money on the side does not define the entire sector or where it's headed.
camouflage
gaslit at scale.
By the way, Pyramid Scheme- you start at the bottom and pay your money to join, you can't get your money or your profits until you've climbed up the pyramid by bringing more people in. Those at the top of the pyramid control when you get to take your 'earnings'.
With bitcoin, anyone can buy or sell their coin at any time, early adopters have no more power to decide when to sell than does the bloke that brought some that morning, nobody controls what or when you do with your bitcoin. Therefore I think you've misunderstood what a Pyramid Scheme is.
Ponzi Scheme would be the better accusation, obviously people who see value in bitcoin or other crypto would still disagree but at least you'd be comparing a donkey to a horse (similar forms but different values if that makes sense).
With bitcoin, anyone can buy or sell their coin at any time, early adopters have no more power to decide when to sell than does the bloke that brought some that morning, nobody controls what or when you do with your bitcoin. Therefore I think you've misunderstood what a Pyramid Scheme is.
Ponzi Scheme would be the better accusation, obviously people who see value in bitcoin or other crypto would still disagree but at least you'd be comparing a donkey to a horse (similar forms but different values if that makes sense).
OK, I was being a lot more colloquial in my usage. It actually has a lot in common with the Madoff scandal in my view, which was a type of Ponzi scheme.
Indeed, this was my point waaaaaay back in June 2011!
(I was wrong to say it wasn't a currency. What I should have said at the time, I have subsequently learnt, is that it isn't money. That was what I was getting at.)
I have no problem with that conception of bitcoin. But thinking that commodities (or, I think more accurately, stock) is something that can make the market for transactions is just pie in the sky. This has always been a key failure of the concept of bitcoin for me -- it doesn't actually achieve the things that was intended for it. If it's just another tradable stock, what's the point?
It's using more energy than Ireland to achieve nothing but speculative profits. That's real-world value-free planet-killing today.
planetgeli
There's no future in England's dreaming
I thought this was a decent article. Maybe someone here can tell me why it isn't.
So you're thinking about investing in bitcoin? Don't
So you're thinking about investing in bitcoin? Don't
A collective insanity has sprouted around the new field of ‘cryptocurrencies’, causing an irrational gold rush. I know you’re tempted, but don’t be a fool
Mr Money Mustache
Mr Money Mustache is a financial blogger. He retired at 30 by living frugally and consistently investing his paycheck
I’ve been watching this bitcoin situation for a few years, assuming it would just blow over.
But a collective insanity has sprouted around the new field of “cryptocurrencies”, causing an irrational gold rush worldwide. It has gotten to the point where a large number of financial stories – and questions in my inbox – ask whether or not to “invest” in BitCoin.
Let’s start with the answer: no. You should not invest in Bitcoin.
The reason why is that it’s not an investment; just as gold, tulip bulbs, Beanie Babies, and rare baseball cards are also not investments.
These are all things that people have bought in the past, driving them to absurd prices, not because they did anything useful or produced money or had social value, but solely because people thought they could sell them on to someone else for more money in the future.
(click link to continue reading)
So you're thinking about investing in bitcoin? Don't
So you're thinking about investing in bitcoin? Don't
A collective insanity has sprouted around the new field of ‘cryptocurrencies’, causing an irrational gold rush. I know you’re tempted, but don’t be a fool
Mr Money Mustache
Mr Money Mustache is a financial blogger. He retired at 30 by living frugally and consistently investing his paycheck
I’ve been watching this bitcoin situation for a few years, assuming it would just blow over.
But a collective insanity has sprouted around the new field of “cryptocurrencies”, causing an irrational gold rush worldwide. It has gotten to the point where a large number of financial stories – and questions in my inbox – ask whether or not to “invest” in BitCoin.
Let’s start with the answer: no. You should not invest in Bitcoin.
The reason why is that it’s not an investment; just as gold, tulip bulbs, Beanie Babies, and rare baseball cards are also not investments.
These are all things that people have bought in the past, driving them to absurd prices, not because they did anything useful or produced money or had social value, but solely because people thought they could sell them on to someone else for more money in the future.
(click link to continue reading)
cost me £750 for 3 x RX480's 
The Fornicator
Active Member
There isn't much worse in this world than the middle classes moralising to poorer people about what they should do with the little money they have.
Go buy a second home - I hear the Lakes are now popular, or a second holiday- how was the powder this year? or a third holiday - just a cheeky break, needed the sun. Or another car for the commute to school, it's a lot further than to mere 'local schools', of course. So worried about the planet, darling.
Ok, I don’t have a holiday home, I don’t have kids and I’ve gone to Wales for my last few holidays.
This misses the point though. In 10 transactions, you can use as much energy as I would use in a whole year with all those things and more besides. 10 transactions ffs — it’s fuck all. Multiply that up by millions or billions of transactions and we’d be utterly, totally fucked.
The Fornicator
Active Member
Possibly the most meaningless waste of energy in the UK today: now you're sounding like a politician trying to impress a tabloid audience.
ffsear
Well-Known Member
planetgeli
There's no future in England's dreaming
That’s weird because your posts are turning into dogmatic prejudiced cliched shit worthy of any politician.
The Fornicator
Active Member
Better still, share with us your understanding?
ffsear
Well-Known Member
Figure it out yourself then get back to us! Google is your friend
Yossarian
⏭️
Yep, that comes across in some of the discussions surrounding cryptocurrencies - women seem to be a little less susceptible to the prevailing wisdom that people who sell when the price goes down are beta cuck noobs who will end up crying in the gutter while men with bigger balls drive past in sports cars full of beautiful women.
8ball
Decolonise colons!
bimble
floofy
Its proper crashing today isn't it. I got a message today from the bloke whose enthusiasm got me into it in the first place, he mentioned ayahuasca and then said that during the next "bitcoin bull run" he'll be buying a flat. It is a matter of faith not reason.
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