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Topic Starter Topic: Re: Bitcoin is tumbling

Cool #9
Cool #9
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PostPosted: 12-31-2017 12:12 AM           Profile   Send private message  E-mail  Edit post Reply with quote


You're arguing cryptocurrency's merit based on the fact that it allows you to do illegal things? Your whole idea of "freedom" sounds great, but jeez, that line of reasoning is just plain stupid.
You know that small time weed buyers such as yourself have little benefit of cryptocurrency and it really is the big time criminals that get the most out of it.

Right now there's only two reasons to own cryptocurrency: as an investment by speculating on the value or to do illegal things we, as society, dont really want happening. There really is no other practical benefit right now.




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Etile
Etile
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PostPosted: 12-31-2017 02:49 AM           Profile Send private message  E-mail  Edit post Reply with quote


at this point, if you speculate in bitcoin you're just making human traffickers richer you dumb fuck :dts:




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Cool #9
Cool #9
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PostPosted: 12-31-2017 05:44 AM           Profile   Send private message  E-mail  Edit post Reply with quote


There's a good chance your retirement fund is invested in arms dealers or the tobacco industry.




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Lead Pipe Mafia
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PostPosted: 12-31-2017 06:04 AM           Profile   Send private message  E-mail  Edit post Reply with quote


Eraser wrote:
You're arguing cryptocurrency's merit based on the fact that it allows you to do illegal things? Your whole idea of "freedom" sounds great, but jeez, that line of reasoning is just plain stupid.
You know that small time weed buyers such as yourself have little benefit of cryptocurrency and it really is the big time criminals that get the most out of it.

Right now there's only two reasons to own cryptocurrency: as an investment by speculating on the value or to do illegal things we, as society, dont really want happening. There really is no other practical benefit right now.



You're absolutely missing my point. It isn't the illicit activity that's important. It's the ability to use it freely that's important. It's a tool to thwart government control over its populace. All you're thinking is about a minority of people who use it for bad deeds. You're not thinking about how it's being used in places like Venezuela where their currency is incredibly hyperinflated and it's illegal to own another currency. These are the types of "illegal" things I'm talking about. Places where authoritarianism is imposing laws meant to enslave people through a national currency. Things that are illegal that shouldn't be. Bitcoin is a tool that can help in those situations. Not just buying weed or money laundering. Both of which can be done with todays fiat currency.




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Etile
Etile
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PostPosted: 12-31-2017 12:06 PM           Profile Send private message  E-mail  Edit post Reply with quote


Eraser wrote:
There's a good chance your retirement fund is invested in arms dealers or the tobacco industry.


lol, "ethical capitalism"




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Kempston Joy
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PostPosted: 01-16-2018 11:33 AM           Profile   Send private message  E-mail  Edit post Reply with quote


xer0s wrote:
But seremtan isn’t making any money with it, so he’s just gonna be sore about it...


How's it going with the coin? I'm thinking about getting some now it's relatively low.




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Just another Earthling
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PostPosted: 01-16-2018 12:25 PM           Profile Send private message  E-mail  Edit post Reply with quote


Doombrain wrote:
How's it going with the coin? I'm thinking about getting some now it's relatively low.


1 Bitcoin equals $11539.52 USD
1 Bitcoin equals $14495.03 AUD

The history of Bitcoin could be an interesting read for some :)

https://en.wikipedia.org/wiki/History_of_bitcoin



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Aneurysm
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PostPosted: 01-16-2018 01:38 PM           Profile   Send private message  E-mail  Edit post Reply with quote


anyone here use nicehash?




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Digital Nausea
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PostPosted: 01-16-2018 02:04 PM           Profile   Send private message  E-mail  Edit post Reply with quote


Doombrain wrote:
xer0s wrote:
But seremtan isn’t making any money with it, so he’s just gonna be sore about it...


How's it going with the coin? I'm thinking about getting some now it's relatively low.


Go for it. Nows the best time. :up:

Of course I’m hopeful and optimistic it’ll all bounce back. But if not, big deal. I didn’t invest anything I wasn’t willing to lose...




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Kempston Joy
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PostPosted: 01-16-2018 02:50 PM           Profile   Send private message  E-mail  Edit post Reply with quote


I'm going to wait




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Digital Nausea
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PostPosted: 01-18-2018 06:56 AM           Profile   Send private message  E-mail  Edit post Reply with quote


That little dip didn’t last long. Onward and upward :up:




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Etile
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PostPosted: 01-18-2018 08:48 AM           Profile Send private message  E-mail  Edit post Reply with quote


this seems apropos




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Lead Pipe Mafia
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PostPosted: 01-18-2018 08:51 AM           Profile   Send private message  E-mail  Edit post Reply with quote


Kinda sounds like a guy talking out his ass on various subjects he has very little knowledge on.




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Digital Nausea
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PostPosted: 01-18-2018 09:07 AM           Profile   Send private message  E-mail  Edit post Reply with quote


Kinda like Warren Buffet saying Crypto will fail, then admits he knows nothing’s about it...




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Truffle Shuffle
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PostPosted: 01-18-2018 09:37 AM           Profile Send private message  E-mail  Edit post Reply with quote


Blyth is pretty good, started watching his shit a little while back.

Maybe you could explain where he's wrong ?, he's basically saying the price is over inflated due to a lack of supply to demand, demand is high due to people wanting to get on the gravy train with the majority of people jus sitting on their coins, which is nothing new. So it's a bubble that will collapse if people start trading, like when the price gets to the point that demand drops and people shift their coins. This sort of thing caused the banking crash :smirk:



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Cool #9
Cool #9
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PostPosted: 01-18-2018 09:53 AM           Profile   Send private message  E-mail  Edit post Reply with quote


Saw bitcoin drop $100 literally every 10 minutes yesterday.




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Truffle Shuffle
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PostPosted: 01-18-2018 09:55 AM           Profile Send private message  E-mail  Edit post Reply with quote


Aye, there's gotta be a market cap though.



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Digital Nausea
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PostPosted: 01-18-2018 10:22 AM           Profile   Send private message  E-mail  Edit post Reply with quote


I don’t deny Bitcoin is a bubble. Which is why I have my money in other crypto, where I can see the technology actually being used in the near future...




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Truffle Shuffle
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PostPosted: 01-18-2018 10:27 AM           Profile Send private message  E-mail  Edit post Reply with quote


Aye but bitcoin goes those other will fold too



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Digital Nausea
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PostPosted: 01-18-2018 10:32 AM           Profile   Send private message  E-mail  Edit post Reply with quote


Maybe at first. Until the value isn’t relied on Bitcoin anymore. Maybe we need Bitcoin to fail so the more reliable and usable technologies can rise to the top...




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Messatsu Ko Jy-ouu
Messatsu Ko Jy-ouu
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PostPosted: 01-18-2018 10:38 AM           Profile   Send private message  E-mail  Edit post Reply with quote


a helpful graph

Image




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Digital Nausea
Digital Nausea
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PostPosted: 01-18-2018 10:51 AM           Profile   Send private message  E-mail  Edit post Reply with quote


The value of something is worth whatever someone is willing to pay for it. Right now, people are willing to pay $11k for a Bitcoin...




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Truffle Shuffle
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PostPosted: 01-18-2018 10:56 AM           Profile Send private message  E-mail  Edit post Reply with quote


Thats not its real value tho, its over inflated. Most currency is tied to tangible assetts.



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Etile
Etile
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PostPosted: 01-18-2018 11:15 AM           Profile Send private message  E-mail  Edit post Reply with quote


it's not a currency




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Lead Pipe Mafia
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PostPosted: 01-18-2018 11:18 AM           Profile   Send private message  E-mail  Edit post Reply with quote


losCHUNK wrote:
Blyth is pretty good, started watching his shit a little while back.

Maybe you could explain where he's wrong ?, he's basically saying the price is over inflated due to a lack of supply to demand, demand is high due to people wanting to get on the gravy train with the majority of people jus sitting on their coins, which is nothing new. So it's a bubble that will collapse if people start trading, like when the price gets to the point that demand drops and people shift their coins. This sort of thing caused the banking crash :smirk:



Pretty much every single point he made is incorrect. Just because it's complicated doesn't mean it isn't money, is it a store of value? Well yes, you buy bitcoin which has value if you sell bitcoin. It's volatility doesn't dismiss that fact and if we're really talking about how volatile it is then how about mentioning how it's steadily been increasing in value since its inception. Sure it's volatile, in the best possible way for early adopters. It's used to buy goods and services and the technology behind it is thus far fairly robust and hasn't been cracked which is really the key here.

As far as everyone hording coins, sure, people are doing that which just drives the price up which is a good thing. The higher the price of bitcoin the better off it'll be as it'll get harder and harder to manipulate by buying large amounts with fiat currency. However, assuming everyone does that is erroneous. Many people exchange bitcoins for goods and services. Some of the main hurdles are introducing it into the mainstream as a currency, right now, there's millions of people, mostly nerdy types, that deal with bitcoin and look at what its worth. Imagine the explosion in value once this is easy for anyone to use like an interact card is today. Back when interact started, people thought it was stupid, who wants to use a plastic card when you can use cold hard cash? It's the same ignorant attitude with a different new concept, almost like people don't like change... until they do.

Then there's his idiotic quip about the technology being useless when it's obviously not. He's fucking clueless when it comes to bitcoin. If anything, he's just pandering to idiots listening to his show.

EDIT: Also, a lot of people saying bitcoin isn't a currency are rich fucks that don't want it to be because it's a threat to their fortunes. Think about that.




Last edited by Κracus on 01-18-2018 11:21 AM, edited 1 time in total.

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Truffle Shuffle
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PostPosted: 01-18-2018 11:19 AM           Profile Send private message  E-mail  Edit post Reply with quote


Which is the issue. The investment has no value @ semen, ill be back for you krack



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Kempston Joy
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PostPosted: 01-18-2018 12:17 PM           Profile   Send private message  E-mail  Edit post Reply with quote


seremtan wrote:
it's not a currency


It is if you want to buy guns




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Kempston Joy
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PostPosted: 01-18-2018 12:19 PM           Profile   Send private message  E-mail  Edit post Reply with quote


Κracus wrote:
losCHUNK wrote:

EDIT: Also, a lot of people saying bitcoin isn't a currency are rich fucks that don't want it to be because it's a threat to their fortunes. Think about that.


Just one small point, bitcoin is exchanged for real money. its only value is real money, so what the fuck are you on about?




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Lead Pipe Mafia
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PostPosted: 01-18-2018 12:19 PM           Profile   Send private message  E-mail  Edit post Reply with quote


Or anything.




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Lead Pipe Mafia
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PostPosted: 01-18-2018 12:23 PM           Profile   Send private message  E-mail  Edit post Reply with quote


Doombrain wrote:

Just one small point, bitcoin is exchanged for real money. its only value is real money, so what the fuck are you on about?


It's more than just that. The best comparison I could make is the greenback. Back when that was introduced, it had a finite supply not susceptible to inflation and the federal reserve was basically created to kill it. Bitcoin, is basically the greenback except it's backed by technology. A finite money supply is worth more to a populace as a currency because its fair wheras money, like what's pumped out by the federal reserve is basically debt and a way to create a system of slavery through debt. It's a pretty long and complex topic, I'd recommend researching the greenback and how the federal reserve got created to get an idea of why rich people might feel threatened by bitcoin.




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Truffle Shuffle
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PostPosted: 01-18-2018 12:52 PM           Profile Send private message  E-mail  Edit post Reply with quote


Doombrain wrote:

Just one small point, bitcoin is exchanged for real money. its only value is real money, so what the fuck are you on about?


If I sold you a mouldy fish finger for 50 quid would that give it value ?, thats the problem, Bitcoin isnt a currency, its an assett that is determined by demand and speculation. Assets can be traded for other assetts, which is what is happening when you buy guns.



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Etile
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PostPosted: 01-18-2018 02:16 PM           Profile Send private message  E-mail  Edit post Reply with quote


lol @ krackass contradicting the economist on the matter of what currency is

bong rip 'wisdom' at its finest :|




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Kempston Joy
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PostPosted: 01-18-2018 03:05 PM           Profile   Send private message  E-mail  Edit post Reply with quote


losCHUNK wrote:
Doombrain wrote:

Just one small point, bitcoin is exchanged for real money. its only value is real money, so what the fuck are you on about?


If I sold you a mouldy fish finger for 50 quid would that give it value ?, thats the problem, Bitcoin isnt a currency, its an assett that is determined by demand and speculation. Assets can be traded for other assetts, which is what is happening when you buy guns.


But I can't exchange mouldy fish for drugs over the net.




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Truffle Shuffle
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PostPosted: 01-18-2018 03:18 PM           Profile Send private message  E-mail  Edit post Reply with quote


Cos demand for mouldy fish isnt that high.



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Truffle Shuffle
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PostPosted: 01-18-2018 08:21 PM           Profile Send private message  E-mail  Edit post Reply with quote


Κracus wrote:
losCHUNK wrote:
Blyth is pretty good, started watching his shit a little while back.

Maybe you could explain where he's wrong ?, he's basically saying the price is over inflated due to a lack of supply to demand, demand is high due to people wanting to get on the gravy train with the majority of people jus sitting on their coins, which is nothing new. So it's a bubble that will collapse if people start trading, like when the price gets to the point that demand drops and people shift their coins. This sort of thing caused the banking crash :smirk:



Pretty much every single point he made is incorrect. Just because it's complicated doesn't mean it isn't money, is it a store of value? Well yes, you buy bitcoin which has value if you sell bitcoin. It's volatility doesn't dismiss that fact and if we're really talking about how volatile it is then how about mentioning how it's steadily been increasing in value since its inception. Sure it's volatile, in the best possible way for early adopters. It's used to buy goods and services and the technology behind it is thus far fairly robust and hasn't been cracked which is really the key here.

As far as everyone hording coins, sure, people are doing that which just drives the price up which is a good thing. The higher the price of bitcoin the better off it'll be as it'll get harder and harder to manipulate by buying large amounts with fiat currency. However, assuming everyone does that is erroneous. Many people exchange bitcoins for goods and services. Some of the main hurdles are introducing it into the mainstream as a currency, right now, there's millions of people, mostly nerdy types, that deal with bitcoin and look at what its worth. Imagine the explosion in value once this is easy for anyone to use like an interact card is today. Back when interact started, people thought it was stupid, who wants to use a plastic card when you can use cold hard cash? It's the same ignorant attitude with a different new concept, almost like people don't like change... until they do.

Then there's his idiotic quip about the technology being useless when it's obviously not. He's fucking clueless when it comes to bitcoin. If anything, he's just pandering to idiots listening to his show.

EDIT: Also, a lot of people saying bitcoin isn't a currency are rich fucks that don't want it to be because it's a threat to their fortunes. Think about that.


He didn't say it was complicated so it isn't currency, he was basically saying if someone explains why they should accept this form of payment it becomes difficult to trade, especially without the facilities or ease. The volatility also makes it non currency, you can't trade with an unstable 'currency', people won't touch something that can change by 50% (up or down) of its value in 1 month because no one can predict it especially if there isn't a legal tender that it can be traded for (in a world of only Bitcoin), something that's £1 today could be £2 tomorrow and fuck knows how I'd keep track of my wages (without getting into exposure and hedging). If they're using it for storage its for investment. Hoarding in large volumes is also bad as if the 'goods' started moving demand for it would drop. All those things makes Bitcoin non liquid. When he was talking about the techno quip I assume you are referring to blockchain ?, which I assumed he was talking about its verification process.

It doesn't really matter if its getting moved around by nerds or drug dealers, or if it's secure, it's like trading stock bonds. An investment.

fiat will be backed by banks and government, being regulated by the economic environment. Other currencies (like gold) is backed by intrinsic value, Bitcoin doesn't have that, it has an assigned cost by the market without any value.

Rich fucks are in the position to capitilise on Bitcoin too.



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