The Bitcoin Thread or, How The Fed Is Going To Fuck You

[Speaker to Animals]

Banks would completely own this market if they choose to get into it. Bitcoin sucks ass as a currency precisely because it's so volatile. It's being used as a speculative investment vehicle, not a currency. Banks could actually manage the supply so that you don't have that kind of volatility and the crypto-currency becomes stable.

I hate to point out the obvious here, but the huge price increase in bitcoin is evidence that it fails as a currency. If bitcoin were a real currency, running an entire economy, that economy would be in hyperdeflation right now.

Fiat currencies of any form require rather sophisticated management to keep them stable. If you want a stable but unmanaged money supply, you need something that has intrinsic value (like precious metals).

You're a dumbass if that is what you believe. You obviously don't understand how bitcoin functions.

1. There will only ever be a certain number of bitcoins in existence.
2. It is decentralized.
3. You don't have to hold it to use it. You can simply buy as much or as little as you need to complete a transaction.

I don't have time to hand hold you or anyone else through this. Do you own real research. Oh and full disclosure I don't own any Bitcoin currently. I sold what I had off at this level. I may buy some again if it dips down to the $4,000.00, which I think it will within the next 4 months.

What number bullet point on your list addresses the fact that bitcoin can no longer be used as a currency due to hyperdeflation?

The bankers would mop the floor with you bozos. Fuck fiat currency of all kinds.

A bitcoin is worth 16,000 dollars right now genius. What kind of legitimate currency fluctuates like that?

[Speaker to Animals]

How many bitcoins is a gallon of milk and a dozen eggs. Puzzle me how to solve that conundrum with your fiat cryptocurrency.

[Fife]

Bitcoin is fools' gold. Shiny today, fo shizzle.

You all are downstream from the dam. Come on back up here; it's a bit of a hike, but we have dynamite, booze, and bacon up here. :goteam: :drunk:

https://www.amazon.com/dp/B002N0ADQG

Pipe dreams.

Go tell it to Paul Ryan and Chuck Schumer, loser.

[KerningChameleon]

If Bitcoin is the currency of the future, then you should obviously be able to take out, say, $500 worth of it that you put in, right here, right now. Go ahead, I'll wait, I hear these transactions take forever to happen.

What's that, you can't? Reason is why if you're holding BTC these days, you're most likely using an exchange, and while they'll let you pour money in, try to take out much more than $20 and suddenly they stonewall you. All sorts of reasons for that, mostly due to not wanting the feds to investigate them for money laundering activity and such, but the big reason is you can't crash a bubble if you can't ever take your money out. They're pulling a China on you, and you're falling for it.

I mean, if it's so robust, why did Steam decide to not accept your BTC for vidja games anymore? Why do these exchanges keep getting "hacked" for these tens of millions of dollars worth of BTC nobody ever sees again? (hint: they're not getting hacked, the bigwigs in charge of the exchanges are choosing that moment to cut-and-run. It's a classic pump-and-dump scheme)

[SuburbanFarmer]

The founder of Litecoin cashed out yesterday. Smart guy.

[ssu]

Bitcoin is the perfect example of a speculative bubble in quite in the same level as the Dutch Tulip Mania.

Of course the technology is great and likely will have very good use, but that doesn't make it not to be a bubble. Well, new payment systems are useful. But that's all it is.

Just like when we had the IT bubble, all of the tech and the services have come to age now, but then nearly 20 years ago it was a bubble.

[SilverEagle]

Bitcoin is the perfect example of a speculative bubble in quite in the same level as the Dutch Tulip Mania.

Of course the technology is great and likely will have very good use, but that doesn't make it not to be a bubble. Well, new payment systems are useful. But that's all it is.

Just like when we had the IT bubble, all of the tech and the services have come to age now, but then nearly 20 years ago it was a bubble.

Bitcoin and the Dutch Tulip Mania. Very short sighted on your part.

[SilverEagle]

Banks would completely own this market if they choose to get into it. Bitcoin sucks ass as a currency precisely because it's so volatile. It's being used as a speculative investment vehicle, not a currency. Banks could actually manage the supply so that you don't have that kind of volatility and the crypto-currency becomes stable.

I hate to point out the obvious here, but the huge price increase in bitcoin is evidence that it fails as a currency. If bitcoin were a real currency, running an entire economy, that economy would be in hyperdeflation right now.

Fiat currencies of any form require rather sophisticated management to keep them stable. If you want a stable but unmanaged money supply, you need something that has intrinsic value (like precious metals).

You're a dumbass if that is what you believe. You obviously don't understand how bitcoin functions.

1. There will only ever be a certain number of bitcoins in existence.
2. It is decentralized.
3. You don't have to hold it to use it. You can simply buy as much or as little as you need to complete a transaction.

I don't have time to hand hold you or anyone else through this. Do you own real research. Oh and full disclosure I don't own any Bitcoin currently. I sold what I had off at this level. I may buy some again if it dips down to the $4,000.00, which I think it will within the next 4 months.

What number bullet point on your list addresses the fact that bitcoin can no longer be used as a currency due to hyperdeflation?

The bankers would mop the floor with you bozos. Fuck fiat currency of all kinds.

A bitcoin is worth 16,000 dollars right now genius. What kind of legitimate currency fluctuates like that?

By this last comment I can tell that your understanding of financial matters are extremely superficial and I don't have the time or will to explain it to you because you'll never get it anyways. BTW if other parties exchange goods and services for a currency it then is a legitimate currency. Good day dumbass.

[Speaker to Animals]

You're a dumbass if that is what you believe. You obviously don't understand how bitcoin functions.

1. There will only ever be a certain number of bitcoins in existence.
2. It is decentralized.
3. You don't have to hold it to use it. You can simply buy as much or as little as you need to complete a transaction.

I don't have time to hand hold you or anyone else through this. Do you own real research. Oh and full disclosure I don't own any Bitcoin currently. I sold what I had off at this level. I may buy some again if it dips down to the $4,000.00, which I think it will within the next 4 months.

What number bullet point on your list addresses the fact that bitcoin can no longer be used as a currency due to hyperdeflation?

The bankers would mop the floor with you bozos. Fuck fiat currency of all kinds.

A bitcoin is worth 16,000 dollars right now genius. What kind of legitimate currency fluctuates like that?

By this last comment I can tell that your understanding of financial matters are extremely superficial and I don't have the time or will to explain it to you because you'll never get it anyways. BTW if other parties exchange goods and services for a currency it then is a legitimate currency. Good day dumbass.

So I want to pay for eggs and milk with bitcoin. How do I buy a dozen eggs and a gallon of milk? Let's just estimate the cost plus taxes to around $6.00 USD, so what is that in BTC and how does one go about paying for it in BTC.

[SilverEagle]

What number bullet point on your list addresses the fact that bitcoin can no longer be used as a currency due to hyperdeflation?

The bankers would mop the floor with you bozos. Fuck fiat currency of all kinds.

A bitcoin is worth 16,000 dollars right now genius. What kind of legitimate currency fluctuates like that?

By this last comment I can tell that your understanding of financial matters are extremely superficial and I don't have the time or will to explain it to you because you'll never get it anyways. BTW if other parties exchange goods and services for a currency it then is a legitimate currency. Good day dumbass.

So I want to pay for eggs and milk with bitcoin. How do I buy a dozen eggs and a gallon of milk? Let's just estimate the cost plus taxes to around $6.00 USD, so what is that in BTC and how does one go about paying for it in BTC.

You are under the assumption that you have to use 1 whole bitcoin per transaction. That right there tells the entire message board that you don't know your ass from a hole in the ground when it comes to Bitcoin and blockchain tech.