/biz/ - Business & Finance

Is this a trick question? It's not.

Well? Why is it?

>>627431

It's not going to the moon. It's going to 0.

It's not anonymous enough for what most people actually use it for (aside from speculating).

>>627431
Cool story bro

>>627431
>Why is bitcoin going straight to the moon?
Because it's the best form of money ever made?

This makes kikes, banks, nocoiners, and retards upset.

Lots of FUD on Bitcoin lately. Expect a lot of hatred from fat nocoiners while the price goes back to four digits

>>627431

It's not. It's a dead cat bounce. This happens all the time. Bitcoin's price follows no logic, just market manipulation. The price is con after con after con.

>>627714
>Because it's the best form of money ever made?
That's wrong though.

Why would 'kikes' and banks be upset? They can profit off of Bitcoin.

>>627435
>>627701
>>627712
>>627715
>>627716

>Current bitcoin market cap:
>$ 4,146,003,775

>>627719
>>627725
Is there some point here?

>>627728

Ignore that guy, he is just some asshole trying to get other people to buy bitcoin so he can dump his dogshit on someone who thinks it will increase in value before they will dump it on someone else

>>627728
retards who can't figure out the tech have been QQing about bitcoin since 2010

>>627731
There are also people who understand the tech just fine who realize why it's fundamentally unsound as a currency.

You could also link people posting with their $10k / coin projections and constant bullishness despite declining values.

>>627729
https://www.cryptocoinsnews.com/bitcoin-price-skyrocketing-back-old-glorious-days/
>The bitcoin price has skyrocketed this weekend, starting from the low 220s and ending up on the high 290s!
it's $304 now.

>>627719

g-guys bitcoin exploded in popularity one time when everyone was getting rich and people thought it was magic. I'm sure it'll happen again now that everyone sees that the emperor has no clothes!!!

Honestly, what is the bitcoin shill explanation for why prices have tanked so much?

>>627734
>There are also people who understand the tech just fine who realize why it's fundamentally unsound as a currency.
No, YOU misunderstand it.

Gresham's Law, bitch. If you release a currency with inflation, someone else is going to make a coin with no end-state inflation, that coin will win.

You can cry all you want about deflationary spirals and how it will mean doom, but it doesn't fucking matter. Keynesianism stopped working with Japan in 1987, inflationary economics doesn't work and we're all turning into Japan.

The end-state of bitcoin is it will rise and overshoot, at that point, deflation is done. You can't have it both ways, you can't say
>deflation will go on forever
and
>the currency will be worthless as a result
by definition.

Anyway, MV=PQ, bitcoin has some information theoretic moore's law aspect to it in the medium-term. Velocity increases over time (think HFT), which will accommodate a static money supply.

Again, the above points don't fucking matter due to Gresham's Law, look at the technology first. You can hold bitcoin in your brain without a custodian, you can't do that with any other currency.

>>627738
>Honestly, what is the bitcoin shill explanation for why prices have tanked so much?
efficient market hypothesis (with regard to information) doesn't exist. that and regulatory risk. the coinbase news relates to changing market conditions on the latter.

>>627739
Adorable. I could tell you why you're obscenely wrong, but it's been done so many times already that it's become a waste of time.

Stop hanging around /r/bitcoin, it's bad for you.

>>627745
ayyyy

I honestly can't wait to trade you fags my .0001 Bitcoin for huge amounts because your crappy paper currency and paper assets are all worthless.

>>627714

>implying volatility is good for a currency
>implying actual organic users will get it to four figures

Bitcoin will never succeed because of the sheer incompetence of its fans

>tfw yesterday bought XRP when 1 btc was worth 15000 XRP, now it's 18000.
Should've waiting just a day more...

Wasn't their a mathematical formula that pegs bitcoin at like $10, even if it's market cap was the size of the USD and flowing at maximum velocity? Not that this is a bad thing. Drive the fuckhead getrich speculators from the currency, and maybe the shit would work in the way they pretend to want it to: Ideologically.

>>627835
* there

bought into bitcoins at $780

:^)

>>627835
Dude, what? The market cap of USD, bitcoin would be worth 1 kajillion dollars

I was pretty sure Bitcoin would do well for at least a few years, but didn't get on anyway. I just like I'd be getting a ton money without earning it, at the expense of other miners who I for some reason imagined as deserving it more. Pretty sure that's a dumb thing of me to do, since even if I really ended up with more money than I wanted for myself, I could at least dump it on some charity. But I still want to find a way to earn cryptocoins with my own effort before get them any other way. Either an unrelated business where I accept them as payment, or looking into data visualization and to make a program that allows me to mine with the power of my own brain.

>>630052
>or looking into data visualization and to make a program that allows me to mine with the power of my own brain

all of my wat.bat

>>627738

fucking this, the emperor is completely naked now, no more bubbles for you.

>>630316
Look at how Foldit outperforms Folding@home, there are problems humans are actually very good at compared to existing algorithms. But data visualization is needed to see if there's a way to present the blockchain in a way we can analyze intuitively.

>>627719
>that feel when you made about 3k from that exact price increase selling off all of your bit coins

I could have had a cool million

>>627431

Bit coin... I don't know what to do.

I work at a top 10 US bank. I was at a town hall meeting yesterday with the CIO where he said that agile was the way we should be going on technology projects - this was an about face from 5 years of previous talk of agile. he mentioned data lakes, private clouds, byod as things we were going to do in the next 2 to 3 years.

then he mentioned bitcoin.. in a very offhand way. as.. something "we probably need to get into the idea of accepting."

So.. I won't say which top 10 bank.. but we are not known for being trend setters. Most banks aren't. But the idea that we would start working with bitcoin... that was VERY VERY interesting and something I DID NOT expect.

And here is why.. bitcoin is not currency. Under federal and SEC law - it's just a commodity. You have to pay capital gains tax on it.

How the fuck is a big bank supposed to take bitcoin? Do we start issuing 1099 forms to every customer that we interacted with?

Then Warren Buffet said it really well. paraphrasing "bitcoin isn't money, it isn't even a commodity, it's a digital method of executing a transaction - anyone can spin up a new currency and anyone can start using that new currency to allow the execution of a transaction" Under this line of thinking, apple pay is bitcoin, and apple pay is probably far more valuable as a widely used secure digital transaction processing method. (spare me the details of how cool it is to make payments anonymously - that shit will only be legal till bitcoins are found on terrorists phones - and if you tink bitcoins accepted at top 10 banks will allow for anonymous capabilities - think again. a billion different regulations force banks to report all interest baring accounts and most transactions that are actually worth anything...

on one hand.. the ideas that big banks would get into it - and the establishing of an actual US exchange for it is HUGE.

on the other it seems worthless.

>>630491
>things that never happened.

>>630494
IT happened man. I'm telling you I heard it with my own ears, and saw it with my own eyes.

I'm still spinning from it. I contacted all my co workers who I thought would understand the implications, and we are all baffled.

I can only imagine that we would roll it out as some sort of niche product vehicle to individuals that already have brokerage accounts with us... or something like that...

or maybe our CEO is stupider than I thought and just doesn't get it... (that's actually a really strong possibility)

>>630499
>I heard it with my own ears, and saw it with my own eyes
You need to keep taking your meds or these hallucinations will keep coming back

>>630499
>>630499
Even if it's true, his boss is probably Mr. Buzzword in person and has no clue about what's really going on. I go to enough of these presentations and as soon as I hear things like "cloud" or "big data", I instantly know that person has no clue about IT at all.

To be fair I never heard any of those guys to speak about bitcoin, so this guy was at least a little bit innovative.

>>627735
lol

>>631268
>232 now
Dead cat bounces better than live cats!

>>630560

Yeah I work at a law firm specializing in tax and my boss talked about bitcoin for a bit when the tax rulings came out about digital currencies in Australia.

Of course, nothing was said since. I think he thought maybe there would be a few HNWI that might have significant stakes in bitcoin and we should try to find out... but apparently at least none of our clients do.

>>631295
>631295

Look at how this "news source" spins everything into a positive.

https://www.cryptocoinsnews.com/bitcoin-price-stabilizing-new-push/

Bitcoin being down means it is "stabilizing for a new push".

oh wait

>Disclaimer: The writer trades Bitcoin. Trade and Investment is risky. CCN accepts no liability for losses incurred as a result of anything written in this Bitcoin price analysis report.

Bitcoin shill up to his neck in losses making up any possible rationalization for how it's going to go back up.

>>627431
Bitcoin was hot because QE and all sorts of Fed's money printing. Now that's gone and USD has been gaining a ground(and I believe this trend should last a couple of years), Bitcoin will be a history.

Well, there are precious metals if USD depreciates against other major currencies.

>>630499
Fuck off you vulgar man

>>631335

A lot of the money that was in Gold/Silver during 2011 moved into Bitcoin once the precious metals started to go sour. Kind of a faddish thing,

That being said, if the technology isn't completely trashed by something else, I do think Bitcoin does have the ability to go higher again. For that to happen however, it needs to tank heavily down to $50 or so.

However you look at it, Bitcoin at $250, or whatever it is now, is still a very high price.