Bitcoin discussion and news

[NoXion]

You can almost smell that middle class entitlement.

Could you possibly be any more fucking backwards? There's nothing inherently middle class about being critical of a massively polluting non-industry built entirely on speculation.

Suckers like you have (or at least had) money to waste on this exercise. I do not. Tell us Einstein, which one of us is more likely to be middle class on that basis?

 

[kabbes]

The personal status of each of us is irrelevant in any case. Yes, owing to the ludicrousness of how how society rewards people who work in the financial industries, I am indeed not just middle class but in the wealthier bracket thereof. This makes not one ounce of difference to (a) the analysis of the valuation of bitcoin (except, if you want to get personal, in that I do actually have a professional understanding of the finance sector), or (b) the environmental Armageddon that widespread transactions of bitcoin causes.

The Fornicator (and of course, that's not a self-selected name of entitlement) is just seeking to distract from the problems he doesn’t like about his pet hobbyhorse by lashing aimlessly at the personal characteristics of those pointing out the problems. Let him, he’s not impressed anybody with this approach. I’m sure other supporters of bitcoin would be downright embarrassed by it, in fact.

 

[mwgdrwg]

This thread is crashing and burning as fast as Bitcoin!

 

[The Fornicator]

The personal status of each of us is irrelevant in any case. .

Thanks for deciding on everyone's behalf. Again. Seems to come naturally to you.

I had enough of your "how's that going for you" manner, which together with all the other little digs, read across the internet so much like David Cameron braying with his chums while they fed at the econ-friendly trough.

You can't help braying. It's in your cultural dna.

 

[kabbes]

Thanks for deciding on everyone's behalf. Again. Seems to come naturally to you.

I had enough of your "how's that going for you" manner, which together with all the other little digs, read across the internet so much like David Cameron braying with his chums while they fed at the econ-friendly trough.

You can't help braying. It's in your cultural dna.

I’m laughing at you because you set yourself up so perfectly to be laughed at with your absolute insistence that the rest of us are idiots for not understanding the brave new bitcoin future, and that this is just the beginning of unlimited bitcoin profits.

 

[cupid_stunt]

Lloyds Banking Group has banned credit card customers from buying bitcoin amid fears it could be left in debt as the cryptocurrency’s value deflates.

The banking giant, which includes Halifax, MBNA and Bank of Scotland, is thought to be the first in the UK to ban credit card customers from borrowing to buy the cyptocurrency, which has more than halved in value in recent months.

Bitcoin’s slide has led to concerns that people who borrow money to purchase it will be left with large debts if the virtual currency continues to depreciate.

Significant numbers of people in Britain are thought to have bought bitcoin as it surged in value, peaking at nearly $20,000 (£14,465) in December. As news of Lloyds’s ban emerged on Sunday the value was about $8,000 (£5,700).

A spokeswoman for the banking group said: “Across Lloyds Bank, Bank of Scotland, Halifax and MBNA, we do not accept credit card transactions involving the purchase of cryptocurrencies.”

The move follows warnings by regulators in the US, South Korea, China, Russia and India. Germany’s Bundesbank has also called for global regulation of bitcoin and France’s finance minister wants tougher rules for cryptocurrencies.

Lloyds Bank bans customers from buying bitcoins using credit cards

 

[gosub]

surfed this up this evening:




what a bunch of cunts. yes the banks are acting to protect their own interests BUT its protecting the little guy by doing so - betting with borrowed money is not a smart move.

LLoyds don't let you buy lottery tickets with their credit cards either.

 

[bimble]

^ did she say 'thanks for watching this responsibly' at the end?

 

[littlebabyjesus]

They're scared! By the fact it's dropped in value to one third its peak. Oooo trembling.

Deluded. Or worse, they know what they're doing.

 

[littlebabyjesus]

^ did she say 'thanks for watching this responsibly' at the end?

'risk responsibly'

 

[bimble]

I think its something you're obliged to say by law (here in uk) when you are operating a gambling business?

 

[gosub]

They're scared! By the fact it's dropped in value to one third its peak. Oooo trembling.

Deluded. Or worse, they know what they're doing.

More got the feeling she was trying to knit herself a parachute.

 

[bimble]

Bitcoin evangelist boy (whose enthusiasm got me to buy into this in the first place) haven't heard from him at all in a couple of months. He invested his parents' pensions into btc for them he told me, i wonder how that's all going.

 

[littlebabyjesus]

It just fell by 100 quid in the last five minutes.

Thing is, even if the banks were cynically trying to kill off btc (and this just looks like simple self-interest here, not anything more conspiratorial), the fact that it is well within their power to accelerate the crash gives the lie to half the bitcoin propaganda. You need fiat money to buy btc because people's wages are paid in fiat money. It never was the thing it was claimed to be, and this simply accentuates that.

 

[gosub]

Bitcoin evangelist boy (whose enthusiasm got me to buy into this in the first place) haven't heard from him at all in a couple of months. He invested his parents' pensions into btc for them he told me, i wonder how that's all going.

thats why this shit is horrible

 

[littlebabyjesus]

thats why this shit is horrible

It's why the sooner and faster the crash, the less the damage there will be overall.

Hopefully there won't be that many people who bought at the high with money they could ill afford to lose. Most of the 'value' of btc at its peak was simply fictitious capital - coins were revalued upwards without real money actually changing hands. Hopefully the fall-out will not be too harsh.

 

[bimble]

thats why this shit is horrible

Yep. There'll be all kinds of relationships messed up over it even if the people who went in on the 'advice' of a friend / son manage to get out without losing everything.

 

[littlebabyjesus]

Yep. There'll be all kinds of relationships messed up over it even if the people who went in on the 'advice' of a friend / son manage to get out without losing everything.

Even now, only people who bought in the last two to three months lose out. Not sure how many people we're talking about here. Possibly not many.

 

[bimble]

Even now, only people who bought in the last two to three months lose out. Not sure how many people we're talking about here. Possibly not many.

Yes but (in my head at least) this guy is telling his anxious parents to trust him it'll all be fine their pension money should stay in bitcoin it'll be worth a million next year etc. Not everyone will cut their losses / withdraw their 'winnings' now because because it's plunging.

 

[littlebabyjesus]

Yes but (in my head at least) this guy is telling his anxious parents to trust him it'll all be fine their pension money should stay in bitcoin it'll be worth a million next year etc. Not everyone will cut their losses / withdraw their 'winnings' now because because it's plunging.

True. Anyone who bet their parents' pension on this shit is a fool, of course, and a greedy fool at that. Again, I can only hope there aren't too many of these greedy fools.

I would think that the mining operations would be likely to end up taking a big chunk of the overall hit - they're the ones who've very definitely invested real-world resources into this thing. How do they react when the value of btc drops below the cost of mining? I can't quite guess how smart they have been - maybe they're cashing out already?

It's just dropped another 150 quid. That's around 5% value in a few minutes.

 

[bimble]

Anyone who bet their parents' pension on this shit is a fool, of course, and a greedy fool at that. Again, I can only hope there aren't too many of these greedy fools.

Just on the basis of this one person, i think its useful to remember that there are such a thing as the True Believers, who got into this years ago and (however wrongheaded) are not entirely motivated by greed but instead by a vision of some alternative shiny happy future. The bubble is the result of all the other people, like me, and his parents, and the people who saw the adverts on the tube, buying in without sharing the Vision. I think that's why it went up so high and why it's a bubble, because the vast majority of current holders of btc don't really value it at all for what it is in itself, so will rush to sell when it doesn't look shiny anymore, unlike with gold for instance.

 

[littlebabyjesus]

I don't even count this as a crash yet, tbh. It's just gone back up to where it was an hour ago.

The decimal point still needs to move one place to the left for me to count this as a crash.

 

[Yossarian]

Even now, only people who bought in the last two to three months lose out. Not sure how many people we're talking about here. Possibly not many.

Hard to find statistics, but I thought there had been a big explosion in bitcoin buying over the last few months, when the price started going crazy and there were stories everywhere like "Little Johnny Invested the $20 His Grandma Gave Him for His 13th Birthday in Bitcoin. Now He Is Retiring Rich at 17" or "Here's 15 Reasons Why Bitcoin Will Grow Even FASTER in 2018."

 

[1927]

Take a look at this bollocks. Biggest Investment Ever Will Provide Thousands Of Online Jobs

 

[littlebabyjesus]

Hard to find statistics, but I thought there had been a big explosion in bitcoin buying over the last few months, when the price started going crazy and there were stories everywhere like "Little Johnny Invested the $20 His Grandma Gave Him for His 13th Birthday in Bitcoin. Now He Is Retiring Rich at 17" or "Here's 15 Reasons Why Bitcoin Will Grow Even FASTER in 2018."

This chart shows volume per 24 hours. Can't tell if that's number of btc changing hands or value in usd. If the former, then it is a massive explosion. If the latter, it's a more modest increase. Also, some of that will presumably be people buying in and cashing out immediately to make an exchange. Hard to make much sense of it, tbh.

I have seen other things saying that the vast majority of recent trading has taken place in China. Someone said earlier that the rise of btc may be partly attributable to Chinese money restrictions and Chinese capital seeking places to go. Hopefully that is mostly the case.

 

[mauvais]

Yes but (in my head at least) this guy is telling his anxious parents to trust him it'll all be fine their pension money should stay in bitcoin it'll be worth a million next year etc. Not everyone will cut their losses / withdraw their 'winnings' now because because it's plunging.

It's hard - though not impossible - to imagine a scenario where the parents who allow their pensions to be invested in bitcoin (how?) aren't largely responsible for the outcome - or indeed simply greedy.

 

[gosub]

True. Anyone who bet their parents' pension on this shit is a fool, of course, and a greedy fool at that. Again, I can only hope there aren't too many of these greedy fools.

I would think that the mining operations would be likely to end up taking a big chunk of the overall hit - they're the ones who've very definitely invested real-world resources into this thing. How do they react when the value of btc drops below the cost of mining? I can't quite guess how smart they have been - maybe they're cashing out already?

It's just dropped another 150 quid. That's around 5% value in a few minutes.

the underlying idea of block chain is looking like a keeper and the tools they've invested in will be good for that, but the actual individual emerging "currencies" its like the early days of the car and will need a Rockafeller to forge a standard....precisely what the early adopters don't want.

 

[gosub]

It's hard - though not impossible - to imagine a scenario where the parents who allow their pensions to be invested in bitcoin (how?) aren't largely responsible for the outcome - or indeed simply greedy.

Still, not a Xmas dinner I'd want to got to

 

[littlebabyjesus]

the underlying idea of block chain is looking like a keeper and the tools they've invested in will be good for that, but the actual individual emerging "currencies" its like the early days of the car and will need a Rockafeller to forge a standard....precisely what the early adopters don't want.

There is one difference. All those early car manufacturers who went bust were making usable cars. In this case, no crypto'currency' that uses the same proof of work mining model as bitcoin is sustainable. They've been making a dud from the start.

 

[gosub]

There is one difference. All those early car manufacturers who went bust were making usable cars. In this case, no crypto'currency' that uses the same proof of work mining model as bitcoin is sustainable. They've been making a dud from the start.

Not really without coal "petrol"stations you weren't going to go far...