/biz/ - Business & Finance

>>7385712
> Why is /biz/ so retarded?
Better question
> Why are is the new /biz/ so retarded?

>>7385712
>backed by nothing

kys yourself nigger

if its backed by nothing then produce one out of thin air for me please

It has made me quite a bit of money what can I say.

>>7385712
Clueless boomer nocoiner alert.

>>7385712
Didnt you listed?
Bitcoin is used to transport 66trillion soybeans you huge fucking faggot

>>7385712
Why are you asking retards if they're retarded? Are you retarded?

>>7385712
It's backed by the expended electricity used to generate it's tokens.

>>7385712
Like the dollar you mean?

>>7385712
>Lets invest in something backed by absolutely nothing

>>7385712
>he can only conceptualize value when it's either a legal fiction or a commodity banking scheme
>he doesn't understand bitcoin is backed by a 24/7/365 hashing competition with more dedicated computing power than the rest of the world's supercomputers combined
>he will die poor and alone after missing the biggest transfer of wealth in history

>>7385886
It's backed up with oil and guns(military).
Hence gadafi and sadam.

>>7385886
The US Government has got your back. Now bend over.

Sure it's dumb, but it made me money.

>>7385955
not like the US Gov is a huge ponzi sheme right?

>>7385787
>backed by pointless mathematical busywork of no value that only wastes electricity

literally worse than nothing because it's wasting actual valuable resources in its creation

you can almost feel the denial and frustation in these fucking neet coiners

You can get some free bitcoins here:

http://www.temporary-url.com/M841GE

I will send 0.005 BTC to the first three people who sign up with my ref link and click the CLAIM button. I will continue to send bitcoins to active users!

And if you're also interested in dogecoin check this:

http://www.temporary-url.com/PYTJ40

>>7385712
it gets funnier

>new tokens/coins added every day (most are just cheap copies)
>infinite crypto

its worse than fiat

>>7385940
>he will die poor and alone after missing the biggest transfer of wealth in history
we are talking about people who forgot to sell a month ago right? and will HODL these coins to 0?

>>7385940
>bitcoin is backed by a 24/7/365 hashing competition with more dedicated computing power than the rest of the world's supercomputers combined

Diligently being put to use on computations of zero utility.

Might as well be backed by a car exhaust. Same thing.

>>7385712
ok let me clear this up for you

it's not backed anything

dow jones is backed by the us gov't

but why does it need to be backed by anything? because the country of which it resides on is protecting it. therefore protecting it from dying completely from some unknown force.

bitcoin isn't backed by anything and it doesn't need to be because it's invincible to any and all attacks and it cannot be attacked by conventional means, there you have it.

>>7386436
>bitcoin isn't backed by anything and it doesn't need to be because it's invincible to any and all attacks and it cannot be attacked by conventional means, there you have it.

>>7386406
they have utility, they secure the transaction history. prior to bitcoin's invention this was only capable with the involvement of a trusted third party leading to localized states of corruption and rent seeking. by disintermediating the third parties while still enabling the transaction, value is unlocked. stay poor.

>>7385712
Its backed by memes tho.

The same metaphysical stuff that catapulted a washed out reality tv host into the presidency of the most important country in the planet

>>7385947
If BTC doesent need those, how is it worse?

>>7385712

>Go to computer science 101 class
>Code first program, a simple decrypter
>Code so poorly that it literally breaks GPU and mobo
>Professor laughs and says nobody will ever use anything I code and I should just quit
>Tell people on reddit that i'll give them "bitcoins" if they use my program
>Everyone suddenly using my program to decrypt some stupid shit massive line of text I encrypted for literally no reason.
>People giving me real life money to get these bitcoins for literally no reason, it doesn't even make sense.
>People going out and buying stronger mobo and multi boxing GPU because my program still keeps breaking them
>Men in china dedicate their entire lives to using my program for these bitcoins
>It's literally impossible to convert the bitcoins into any real currency ever without scamming some retard to buy it directly from you since nobody respects it's value because it has none.
>Tell people that it's merely because their sell orders are encoded and they need to decrpyt that too but first they have to tip me or I won't feel like doing it fast.
>They actually pay me and I still dont give them the money.
>10000 usd per fake coin
>one day everyone just decides that it's worthless as arbitrarily as it began.
>Everyone looks to me, but im already leaving with my suitcase full of their usd laughing.

Top ten pranks that went way too far.

>>7386846
>claim your currency and stock markets are backed by the power of your military which makes them worth investing in
>somehow a free market economy developed around true inherent value is manipulated

>>7385712

I made about 20k from it so I dont care.

>>7386158
>Voting at polls is backed by pointless human shuffling of no value that only wastes calories
With all due respect, you're fucking retarded mate.

>>7386890
>Code so poorly that it literally breaks GPU and mobo
this is literally not possible

>>7386406
This makes me think how amazing a FOLDING@HOME style cryptocurrency would be, where every generated token brought us one step closer to curing cancer.

>>7387084
Then why is that literally ACTUALLY what happens?

>>7387126
It's literally not. Go read a book.

>>7385712

>he doesn’t understand that money is whatever people deem it is

You must me new. Have you heard of this shiny rock called gold? We’ve been using it for xx,xxx thousand years now to transact you 15 year old brainlet

>>7387163
Yes it does.

>>7385712
>implying fiat is backed by anything

>>7386158
what is gold backed by

just think about how fucking STUPID you are right now.

BUY BUY BUY BUY BUY BUY BUY BUY BUY

BITCOIN WILL BE >100k BY MAY, MARK MY WORDS, THIS WAS SIMPLY A TEST OF ITS STRENGTH AND RESOLVE, FROM HERE ON OUT IT WILL SKYROCKET! MARK MY WORDS IT WILL NOT DIP BELOW 7k EVER AGAIN, BUY NOW! BUY BUY BUY BUY BUY

>>7387210
The world is changing. The value of things is changing. Who the fuck cares about a yellow mineral?

>>7386158
lol aw its retarded

>>7387027
>>7387379
>>7387570
t. pic related

>>7385712
/biz was smart, neefags are retarded.
>no fundamentals
Precisely, and therefore indeterminant price. Easy to get it hyped up and find buyers at quadruple your initial buy-in, those days are over for now though. Ask anyone whose been in for a long time. They’ll confirm it was always a meme

>>7385712
Who will win.
>yellow mineral
>decentralized currency created by the smartest among us using magic sand that can process complex calculations.

>>7387027
>implying voting has a price

>>7387693
nice refutation faggot

what is gold backed by

tell me nigger

the intrinsic value of gold and silver is so fucking low compared to its actual utility value and scarcity

TELL ME

WHAT IS GOLD AND SILVER BACKED BY YOU STUPID NIGGER

TELL ME TELL ME TELL ME RIGHT NOW

BITCOIN IS NOT A SECURITY IN ANYWAY AT ALL, WHY ARE YOU TREATING IT LIKE ONE? ARE YOU REALLY THAT FUCKING STUPID? YOU THINK BITCOIN IS A STOCK

WHAT THE FUCK

>>7387806
>poll booths are free

>>7387893
t. pic related

>>7388089
NICE REFUTATION

I AM SO DONE WITH YOU NIGGERS DAY IN AND DAY OUT, HURR ITS NOT BACKED BY ANYTHING SO IT HAS NO VALUE

FUCK YOU AND YOUR NIGGER WAYS I AM SO FUCKING SICK OF THIS CONVERSATION, WORSE THAN THE NIGGER BUBBLE CHART WE'VE SEEN DURING EVERY DIP FOR 2 YEARS NOW

FUCK YOU FUCK FUCK FUCK

just climbed from $7200 to $7600 in 30 minutes

>>7388173
heh what an faggot
>t. pic related

>>7386484
He's right you know. Bitcoin is the most secure system in the world

I bought $5 worth of bitcoin. what do I do now?

>>7388794
SELL SELL SELL

>>7388859
why?

>>7386158

>>7387893
Gold is backed by the proof of work that it takes to mine, move and store it, and its appeal as a beautiful, simple, durable material gives it that extra "oomph." You can only have a lot of gold if you control a lot of people and valuable resources, this was especially true in ancient times. Bitcoin is analogous, except the work is done by what is now the most important source of labor (computing power) and its appeal comes from its simplicity and ridiculous simplicity and utility. All the fud about muh verification times is retarded - for high amounts, it is the most efficient, fast, and (debatably) secure medium to transact value in the history of the world.

>>7385931
>absolutely nothing
http://index.heritage.org/military/2017/assessments/us-military-power/

The US have more firepower than everyone else combined.

>>7389097
buy high, sell low.

>>7389584
>and ridiculous simplicity and utility.
What utility? No one uses it as a currency and even if you tried you're paying $50 transaction fees.

>>7389584
AND gold has unique physical properties that make it highly desirable in the production of high quality technology. People only care more about gold year after year, and that's a trend that will NEVER cease while we have a organized civilization.

>>7389676
buy high, sell overdosing

>>7385712
What, Shlomo, Soros doesn't want to buy shekels from you anymore?

>>7385712
I'm always questioning why something needs to be backed by something.

If a rotten apple is lying in my garden and a idiot is willing to pay 10 bucks for it then who am i to deny the value of that apple?

Value should be determined by the demand of the people.

>>7387379
gold has intrinsic value as a metal with many unique applications
and beyond that it has value as a decorative element in countless luxury items

>>7385712

No, I didn't invest in gold but thank you for asking.

>>7386406
that's called carbon tax and you pay it already

>>7387379
>>7387893
Gold is a very special element because it has a great balance between heaviness and stability. It can only be produced in reactions involving huge amounts of energy, such as supernova explosions, in which subatomic particles create a little bit of gold (among other stuff). Since these explosions are rare in the universe, gold is also scarce everywhere you go (in the universe, i.e. you can't find a planet made of gold). On top of that it requires work to be mined and worked, and it has many useful physical proprieties. You could go to any intelligent life form anywhere in the universe at any point in time, and they would recognize gold, and they'd consider it valuable, and they'd be willing to trade it for products and services. Gold is literally the universal money and you're basically fucking retarded. Time to kill yourself queer.

>>7385712
Everyone else was doing it.

>>7386158

Gold mining is even worse.

>>7387379
Gold is used in electronics, which are used to mine your coins

>>7390027
This, also gold is the most inert metal, reacts with hardly anything. That's why you can find thousands of years old egyptian mummies with the gold still intact and in pristine condition.

>>7385712
It's backed by the greatest resources that ever were or ever will be: hopes and dreams.

>>7386890

So salty

>>7390027
>Infinite supply
>Way overvalued because it's already been infiltrated by hoarders
>Can't actually be used in the face of economic collapse unless you want to carry heavy ass gold bars everywhere

I invest in below 50m marketcap coins on etherdelta. Get on my level scrub.

>>7385712
I have bad news for you anon.
You should burn all your bills.

>>7390243
That only means gold is worthless.

>>7387233

Poor /biz/

>>7385712
Dollar is also backed by nothing.

>>7385875
OK, that was fun.

>>7390027
>You could go to any intelligent life form anywhere in the universe at any point in time, and they would recognize gold, and they'd consider it valuable, and they'd be willing to trade it for products and services. Gold is literally the universal money and you're basically fucking retarded.

Kek

>>7389811
You don't understand the utility of an immutable ledger or triple entry accounting, and you don't understand that the current transactional "problems" with bitcoin are insignificant and completely solvable. In spite of its difficulties with low value transactions, it remains the most efficient, cost effective, easy method to transact with high value, and the people who understand that (people with a lot of money and resources) will see it as an advantage for them over traditional banking. Sorry you have such limited imagination, bro. You should really work on that.

>>7390198
underrated

>>7386158
you could run the entire blockchain on a single gpu, if it was the only gpu running the system, the difficulty would be laughably low
blockchain isnt wasting electricity, its just so profitable that mining has spread all over the world in an arm's race - and this only improves security

>>7390559
dollar is backed by the US government
it also has practical application as you can actually use it to trade for goods and services

>>7385712

wrong. its backed by the hodling power of neckbeards worldwide

>>7387126
every code eventually breaks gpus, they are consumer products and not designed to run 24/7 for multiple years
its actually a miracle that gpus work as good as they do, much is thanks to whiny gamers being internet fud terrorists if they cant play game because of X

>>7387379
this forces the normie brain to rewire

>>7385712
Once you invest in something, it becomes backed by YOU and YOUR MONEY, numbnuts. Bitcoin is backed by millions of people and their real-life money.

>>7390198
anyone who still uses gold in electronics is retarded or selling it to retards
>muh gold audio connectors

>>7391896
Gold is second best conductor and doesn't corrode, that's why it's used in CPU and most computer components. You are the retard.

>>7392006

>Gold is second best conductor and doesn't corrode

And it is not used because cheaper alternatives provide much better cost/performance ratio you dumb fuck.

>>7392006
audiophiles need to hang from trees

>>7385947
Usd is backed by people using it
America doesn't invade for oil, they invade because nations moving from usd as reserve currency
Its literally the biggest Ponzi ever, and when people pull out they get bombed

>>7385712
>>Let's invest in something backed by absolutely nothing

>Why is /biz/ so retarded?

Still thinks fiat is backed by anything.

>>7385712
please explain how scarcity isn't a form of backing.

>>7392132
Yet most phones have around 0.001 oz of gold.

>>7385712
Die Boomer scum.

>>7388390
>every seventh bitcoin is stolen
n1 m8

>>7392132
Open your computer, take out your processor and tell me what's the colour of the pins. I won't be waiting.

>>7390198
>shitcoins

ftfy

You /biz/ idiots are as bad as /pol/. You will literally take the the lowest quality bait EVERY. FUCKING. TIME. No wonder everyone makes fun of this board, quit being bitches and ignore this shit.

>>7385712
>>Let's invest in something backed by absolutely nothing

>Why is /biz/ so retarded?

And so you have heard it once: the major argument against btc is that its deflationary, which, in case it gets widely adopted, might not play out as planned by some of it's proponents.

>>7392132
>it is not used
>t. brainlet

The moment regulations are made crypto currency will die

>>7385753
> why are is

That's probably the reason

>>7390198
the amount of gold used in electronics is laughable and absolutely irrelevant, fuck off with this nigger-tier argument

>>7392460
those pins are merely gold plated, a couple of microns of gold on top of nickel plating on top of copper pins
the bond wires used inside chips, however, are pure gold

>>7392648
9% isn't that bad

>>7385712
its backed by more than the dollar

>>7385712
>Let's invest in shiny rock that is backed by uhhhh shiny rock

Currency works because everyone agrees that it's worth something, dipshit.

>>7391507
>blockchain isn't wasting electricity
Considering the technology is only used for buying and selling illegal drugs, weapons and sex slaves and it uses more energy than all of NYC I would say it's wasting about 99.9% of the electricity it uses.

NO COINERS STAY MAD HAHAHAH FAGGOT BTC 20K BY MARCH

>>7392374
so literally nothing

gold's intrinsic value based on its use case is so much lower than what its actually traded for

gold is the original shitcoin retard

>>7392648
>not mining old mobos
>making it
pick one
https://www.youtube.com/watch?v=X_9A0jruXic

>>7392881
who's the one saying hello?
the phone or the hook?

>>7391010
If 99.999% of the people have no use for it's "utility" it's hardly a utility. No one uses it for your supposed utility anyways. Everyone just uses it as some sort of get rich quick scheme and are in denial about it. That's why you and others keep making up supposed uses for it. Sorry, your meme currency is so bad at being a currency it's not used as such.

>>7392433
>he thinks people getting scammed/exchanges getting hacked is equivalent to bitcoin security
Can you point to a single double spend?
Can you point to a single instance where a private key was deduced from a public key?
Can you point to a single instance where the someone changed the ledger maliciously?

>>7393483
Who gives?
You lose them anyway.
http://www.businessinsider.com/north-korea-allegedly-stole-bitcoin-from-south-korea-2017-4
North Korean hackers on steroids

>>7393025
But who is phone?

>>7385753
>new biz

>biz was created because of BTC

fuck off newfag

>muh gold is used for electrics
If that was the only value gold had, it would be worth $10 an ounce

>>7393767

>one case of $88K in btc being alegedly stolen over 2 years

>goes on to give an example of almost a billion in usd being stolen

are you this retarded?

>>7394402
Are you retarded?It's not an example of Bitcoin theft but of alleged North Korea criminal operations.

>>7392674
Of course it is only plated, you demented fuck.

>>7392744
>20k japanese yen

>>7393767
>stole from exchanges
Not bitcoin you dolt. Write your own wallet and store keys properly there is zero chance

>>7395957
>Not true communism
Are you this level of idiotic?
Someone stole a bank
>But he didn't stole the dollars! Store them properly and contract good security there is 0 chance.
You lose them all the same.

No one has ever stolen gold. All gold reserves are regularly audited. The price of gold has never been manipulate.

Get shiny objects, coinfags lol

>People use diamonds as dentist drill tools
>And as dust layer on high pressure tools
>Socially, as a decorative and a sign of prestige
>THIS MEANS DIAMONDS SHOULD BE JUST WORTH ABOUT 100 BUCKS

>>7396174
>communism
?
Both dollars and bitcoin are a medium of exchange. One has the ability to go directly through copper to miners who update a distributed ledger the other can be handed around and lost in many centralised banks.

You don't need the exchanges to exchange bitcoin or even most cryptocurrencies. And when decentralised exchanges happen properly the ecosystem will be complete.

Ill cum in your ass you faggot.

>>7397349
>ecosystem
Civilization has been the history of humanity trying to dissociate themselves to the tyranny of the ecosystem.
Implying an ecosystem is good.
>properly
That's the problem
Well that and that cryptocurrencies are a vehicle to tax fraud and moving crime money so they will get legislated or destroyed so losing their main appeal for the huge quantities of money that are the biggest users of crypto.