Bitcoin is tumbling

[seremtan]

"Edgy humour is like Madeleine McCann; it never gets old"

[Transient]

On Tuesday, cryptocurrency expert Pavel Lerner was snatched by an armed gang wearing ski masks near his office in Ukraine. It was a kidnap-for-ransom scheme, but with a high-tech twist: instead of asking for easily traceable paper money, the kidnappers demanded to be paid $1 million worth of bitcoins. Turns out NY County District Attorney Cyrus Vance was right when he said we can expect cryptocurrency-related crimes (outside of cyber attacks) to be more common as its value surges. Vance made the statement after armed robbers held up a victim at gunpoint earlier this month to steal $1.8 million worth of virtual coins in New York.

https://www.engadget.com/2017/12/30/cry ... n-bitcoin/

[phantasmagoria]

Also ripple sounds like a scam.

Out of all the cryptocurrencies it seems to me like the one that is the most viable as far as stability and longevity is concerned. What makes you think it's a scam? Just the fact it's tied to a set of organisations?


I'm not trolling here btw, I'm genuinely interested

[Captain]

http://mashable.com/2017/12/29/ripple-c ... y-currency

Per a source at one of the major banks re XRP:
"I know of no banks that are a) using it, or b) would touch it in any way as it is controlled by a SV company and 20% of all XRP in existence were taken by the founders.

[Κracus]

Also ripple sounds like a scam.

Out of all the cryptocurrencies it seems to me like the one that is the most viable as far as stability and longevity is concerned. What makes you think it's a scam? Just the fact it's tied to a set of organisations?


I'm not trolling here btw, I'm genuinely interested

There's a variety of reasons. I was going to list a bunch of reasons why I don't like it but I think that really people in general need to understand its usefulness. Why do people need cryptocurrency in their lives?

We all basically know how money is useful for a society. That's great but we need to digitize our shit. Not for the lulz but because it's fucking useful and one problem some of us have with a digital currency is how traceable that shit is. Some of the reasons we don't like that is because we like doing illegal things as a species. Now, I know what some of you are thinking. Good, don't want those bastards doing illegal shit anyway! However, as an example, I buy weed. There really isn't a good reason for it to be illegal but it is. Well... for now, for Canadians not much longer. However that is the real crux of cryptocurrency. If it's done correctly it's not just a store of value it's also freedom of certain kinds of oppression. It's a litteral power. Money is power and I don't know about you but I don't want some specific individual or group in charge of my money's value.

So I don't think ripple is a good idea because of those ideologies and I want my cryptocurrency to also be a tool and have a social function. I see that in bitcoin because it's not traceable, it provides privacy if used correctly and it isn't centrally controlled.

I think the value in ripple is pure speculation. Bitcoin too at the moment and there will be a huge crash, sooner than later but even though bitcoin may drop dramatically I don't think it'll go back to 2015 prices wheras ripple might become worthless. Once the crash happens all the cryptocurrencies that are really just get rich quick scams are gonna turn to dust.

[Eraser]

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.

[seremtan]

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

[Eraser]

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

[Κracus]

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.

[seremtan]

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

lol, "ethical capitalism"

[Doombrain]

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.

[Whiskey 7]

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

[shaft]

anyone here use nicehash?

[xer0s]

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.

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...

[Doombrain]

I'm going to wait

[xer0s]

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

[seremtan]

this seems apropos

[youtube]HYEHHxFXJNU[/youtube]

[Κracus]

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

[xer0s]

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

[losCHUNK]

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

[Eraser]

Saw bitcoin drop $100 literally every 10 minutes yesterday.

[losCHUNK]

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

[xer0s]

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...

[losCHUNK]

Aye but bitcoin goes those other will fold too

[xer0s]

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...