Bitcoin discussion and news
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The Fornicator
Active Member
Ugh. The internet brings out the worst in some people. Today, I'm at 4 x my initial stake.
This is wrong. I was asked what was in it for Wall Street (or something). And it is easy money when you effect some control of the market place with algorithms - that was the conversation.
hipipol
Peckham Wry
That's the "Joke" mate
Do try and keep up
The Fornicator
Active Member
Sure, lets all be so 2018 and blunder on about 'bubbles', tulips, pyramids, etc.
1927
Funnier than he thinks he is.
You mean lets not put our heads in the sand and talk facts.
Oh, it's still a Ponzi scheme. Don't worry on that score.
camouflage
gaslit at scale.
Less than 1% crimeshare according to this:
Bitcoin Laundering: An Analysis of Illicit Flows into Digital Currency Services
mutters something about use-value.
Bitcoin Laundering: An Analysis of Illicit Flows into Digital Currency Services
mutters something about use-value.
The Fornicator
Active Member
You started off with a bubble, then you spent some time describing the Madoff pyramid because you'd contradicted yourself with the bubble, and now you have another descriptor. This one, the Ponzi, requires criminal fraud so at least it's spicier than the bubble.
Who has committed fraud against me, perhaps I ought to inform the police?
The Madoff scandal WAS a Ponzi scheme — “a fraudulent investment operation where the operator generates returns for older investors through revenue paid by new investors”.
And it was also an example of an investment bubble — “trade in an asset at a price or price range that strongly exceeds the asset's intrinsic value.”
You might think you’re making yourself look clever by drawing a contrast, but you’re actually doing the opposite.
Bitcoin is also an example of both these concepts except, I will grant you, that I doubt anybody is committing fraud, since it is transparent in the fact that returns for older investors are generated through revenue paid by new investors. That hardly seems like a triumphant loophole for you to find in the description, however. I’m quite happy still calling it a Ponzi scheme in spite of this technicality.
And it was also an example of an investment bubble — “trade in an asset at a price or price range that strongly exceeds the asset's intrinsic value.”
You might think you’re making yourself look clever by drawing a contrast, but you’re actually doing the opposite.
Bitcoin is also an example of both these concepts except, I will grant you, that I doubt anybody is committing fraud, since it is transparent in the fact that returns for older investors are generated through revenue paid by new investors. That hardly seems like a triumphant loophole for you to find in the description, however. I’m quite happy still calling it a Ponzi scheme in spite of this technicality.
The Fornicator
Active Member
The only con going on here is Mr Madoff wanting people to think he isn't endlessly chasing his own tail on this subject.
Still he's going to "grant me" this "technicality", but he's still "happy" so I guess all is well with the middle class high horse..
phillm
Trolling through Life (TM)
Below 10k now - 9965.00 US Dollar. Starting to look like a clever IT experiment that went 'rogue'. A bit like Napster it was way ahead of it's time and a pioneer but totally unsuitable for the expectations piled upon it. Fully expect it to go down to zero in the end as mainstream cryptos backed by governments / banks etc occupy the space and are more fit for purpose. Time for the fornicator to stop fucking about and take the profit whilst there is still time. 
NoXion
Craicy the Squirrel
You've got money to waste on this kind of investmenty-type crap, I've been having trouble making rent recently. So this pathetic attempt of yours to dismiss cryptocurrency criticism as being the sole province of middle class squares, just won't wash. You're only fooling yourself!
littlebabyjesus
one of Maxwell's demons
Looking that up, it's also halved in value over the last few weeks. Crypto appears to be struggling generally. There is only so much dark web usage needed after all. Only so many people wanting to buy drugs.
I'm very optimistic about the prospects of a generalised crash.
Unsurprisingly, given that bitcoin is literally alt-right philosophy turned into a medium of exchange.
Jonti
what the dormouse said
I'm pretty certain of it myself. Bitcoin is open source. The source code to Bitcoin has been published so anyone with the education and motivation can study the code and produce their own version of a crypto currency. How many crypto currencies can the market support, given that there could be new ones created indefinitely?Looking that up, it's also halved in value over the last few weeks. Crypto appears to be struggling generally. There is only so much dark web usage needed after all. Only so many people wanting to buy drugs.
I'm very optimistic about the prospects of a generalised crash.
Fez909
toilet expert
Monero is truly untraceable (as far as we know), whereas Bitcoin's transactions are not. So better for your shady dealings.
It's also not silly money per coin, with lower fees and faster transactions. Makes sense it'll become the 'dark web' currency of choice.
NoXion
Craicy the Squirrel
Nah, it's not explicitly racist enough. Although it's certainly a perfect crystallisation of certain strands of libertarianism.
cybershot
Well-Known Member
littlebabyjesus
one of Maxwell's demons
I find it extraordinary that you mock the correct usage of terms like use value, exchange value, commodity or fictitious capital. This is Marxism 101, and it's entirely valid here. As are terms such as pyramid scheme and bubble, plus there are the reasons why crypto is commodity, not money, and terms such as inflation are not valid descriptors of it. All of these points have been explained to you at length, and you have not refuted a single one of the claims.
As a side note, it was people using this kind of analysis - looking at the real-world situation and comparing it to the financial situation - who correctly predicted the 2008 credit crunch: not just that it would happen, but exactly how it would happen. They were also widely ignored by those with a stake in the system.
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camouflage
gaslit at scale.
A clear insight into your prejudice. whatever I say you will over-write with your presumption of me as some sort of spotty arrogant libertarian Roosh-watching MRA type man-boy. It doesn't really bother me what you think is going on here except it does rather get in the way of a decent discussion. I "muttered something about use-value" because I thought the less than 1% crimeshare in the bitcoin economy merited a discussion on where it's use-value must be... rather than the usual boring repetitive slagging match that this thread amounts to, repeating the same words and counter words over and over again page after page. Go make your snarkuments at someone else, I'm bored of it.
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littlebabyjesus
one of Maxwell's demons
No. You make long posts of absolute drivel. I will make arguments at you, thanks, as long as you persist with posting drivel. It's an attempt to keep this thread on track, not just for you but for everyone. And in that spirit, I'll mention climate change again. Can't be mentioned often enough. It is the reason all of us have a stake in this shit whether we like it or not.
And linking to something that can't be read freely online, then 'muttering something about use-value' isn't a discussion.
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You're right -- I was referring to the libertarian element of alt-right and not the racist, sexist part.
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