/biz/ - Business & Finance

[Anonymous No.17723249]

So now that the dust has settled. Is bitcoin a failure? It is not suppose to be tied to the global market like this. It has been kiked.

[Anonymous No.17723269]

>>17723249
1 BTC = 1 BTC

[Anonymous No.17723299]

>>17723249
Pretty much a failure.
1 MB blocksize puts a cap on its ability to be used as currency. Lightning is a dud. Liquid was a still born. What the fuck does bitcoin have going for it besides brand recognition? Almost everyone is disillusioned at this point.

[Anonymous No.17723318]

>>17723299
We still have usdt

[Anonymous No.17723380]

>>17723299
Lightning is not a dud, anon-kun. People are treating btc like gold and hodling, there's currently no use for trading some satoshis with your frens for some coffee. I'd say anything on lnd nodes will see a huge rise in popularity with more nodes opening up after this chaos, especially ltc. hodl, anon, hodl

[Anonymous No.17723420]

>>17723380
Lightning is too insecure to even trade coffee with it. It was created exclusively for tipping.

[Anonymous No.17723430]

>>17723299
bsv

[Anonymous No.17723434]

>>17723249
Bitcoin isn't a failure at all, it's working just as intended
BTC on the other hand has been known to be a dysfunctional shitcoin for years by anyone with half a brain

[Anonymous No.17723441]

>>17723380
>BTC is gold cope

No one buys that anymore. Kek. Very delusional.

[Anonymous No.17723442]

[Anonymous No.17723451]

>>17723441
>digital gold
>loses 25% of value in a few weeks
delusional cope indeed

[Anonymous No.17723466]

>>17723451
And if you do research you'll find 80% of gold is purchased because of either industrial purposes or jewelry. Bitcoin as Gold is propaganda repeated ad nauseam to cover up bitcoin's failure as money.

[Anonymous No.17723498]

>>17723249
Anon, Bitcoin is literally the most riskiest asset class that exists today.

Everyone who has ever taken 1 day of macro economics knows that during recessions the riskiest assets get sold off first.

Bitcoin as a hedge against equities is always a meme. Equities get sold off into bonds and treasuries, not an asset that has a propensity to lose 30-40% at any given moment.

Not trying to be mean, but there is a reason you're not wealthy.

[Anonymous No.17723499]

>>17723249
I was in a caravan park and there was this guy with a ute. We went around to his camp and played poker and had a few drinks. He would not stop talking about bit coin, he said he was mining bitcoin. He said that's why he was in the caravan park because of the price of electricity. I didnt know what he was talking about, this was about a 1.5 years ago. He opened up the back of his ute and he had these two huge computers hooked up to a massive flat screen. He was full time mining by coin. He ended up being kicked out of the park once they found out what he was doing.

[Anonymous No.17723507]

>>17723441
>>17723451
>>17723466
I meant not literally. It sure isn't, but most people treat it like it is. People are just dumb and panicking right now, it will all work out frens

[Anonymous No.17723510]

>Is bitcoin a failure?

No, digital money and public ledgers are an awesome way to take power away from central banks which hoard it and use it to control society

Bitcoin follows the sentiment of the consumers, which is a great thing because it gives people the power to manipulate their money. So the market manipulation that a few years ago was only available to big brokers at Goldman Sachs is now something you can do from the comfort of your toilet

Decentralized speculation is a step forward

[Anonymous No.17723512]

>>17723420
It's more secure than visa

[Anonymous No.17723527]

>>17723507
>It sure isn't, but most people treat it like it is

Most people treat bitcoin as a speculative asset. No different from a penny stock. Without USDT it would be trading around $1000

[Anonymous No.17723664]

>>17723498
Guarantee i have more money than you
But ok

[Anonymous No.17723709]

Traded mine for ammunition. See you on the field Boys.

[Anonymous No.17723717]

The main proponents of bitcoin itself claim its main use is that of a store of value. Look how well it's holding up in that regard. It's a fucking joke.

[Anonymous No.17723757]

It's not too late, OP.
L I B E R T Y

[Anonymous No.17723765]

>>17723664
I guarantee you don't anon.

[Anonymous No.17723781]

>>17723249
It's over 7,000X up. SEVEN THOUSAND TIMES. Not percent. TIMES.

What other thing in this world has done that? Nothing.

That said, Cruzbit is the next BTC. Buy some or kys.

[Anonymous No.17723798]

[Anonymous No.17723853]

>>17723507
it will all work out alright for me, since I don't own a single satoshi of the dysfunctional shitcoin that is BTC

[Anonymous No.17723869]

>>17723664
>>17723765
both post your portfolios nao

[Anonymous No.17723923]

>>17723853
It's ok anon, the technology will prove it's worth in the coming weeks or months. If you see btc going sideways for some time in the recession, remember, it's not to late for you to make it.

[Anonymous No.17723930]

>>17723869
Im a trust fund baby

[Anonymous No.17723948]

>>17723781
>p-price is everything

how many times will i have to post the bitconnect chart for you to understand that "trust" is the worst measure of value

Bitcoin is based on trust, like any other currency. Sure it is less centralized than the dollar or the euro, but it is ABSOLUTELY THE SAME KIND OF SHIT

[Anonymous No.17723971]

The fair price of bitcoin is like a hundreds bucks
i mean its nit worth nothing but its not worth 7k

[Anonymous No.17724048]

>>17723930
>based aristocrat anon
>pic related

[Anonymous No.17724118]

>>17723434

stop pretending a retard that runs around trademarking things is a mastermind with his nowwithDRAGON shit coin.

real bitcoin is valuable because limited supply and basically no one has attempted to exit scam like EVERY SINGLE NUFAG COIN

you're fucking delusion if you think Crag is in it for anything more than his ego and to drop his bag supply on everyone whenever the price pleases him

[Anonymous No.17724998]

>>17723923
BTC is going to plummet to zero
I'm going to make it no matter what because I'm not a stupid moron, like people holding a dysfunctional shitcoin like BTC

[Anonymous No.17725010]

>>17724118
>real bitcoin is valuable because limited supply
imagine being so clueless about basic economics that you actually believe this

[Anonymous No.17725089]

>>17725010
We are going back to seashell currency

[Anonymous No.17725106]

>>17723380
people are absolutely not treating btc like gold and hodling. it's literally dumping right now, worse than traditional markets, because of fucking corona bullshit

[Anonymous No.17725123]

>>17723781
>yfw you realize that the capital stock of every public company was once $0.01 to $0.0001 per share on the date of formation, purchasable at that amount by its original founders

[Anonymous No.17725144]

Bitcoin is just completely outdated.
It lives off of brand recognition alone.
It should have been replaced long ago by a technically superior coin.
Mining in it's current form is retarded.

[Anonymous No.17725171]

>>17723948
>an actual ponzi scheme
>promised returns of 40%
Greed is a hell of a thing.

[Anonymous No.17725198]

>>17725106
BTC is dumping because it's shit, the virus scare is just something for the elites to blame the financial turmoil which has been inevitable for decades on
>>17725144
BTC is dysfunctional shit; Bitcoin isn't outdated at all, Bitcoin works just as intended, is already a technically superior coin, and its mining reward model works just as intended, just like Satoshi outlined
https://bitcointalk.org/index.php?topic=48#msg329
>In a few decades when the reward gets too small, the transaction fee will become the main compensation for [mining] nodes. I’m sure that in 20 years there will either be very large transaction volume or no volume.
>—Satoshi
never conflate the dysfunctional shitcoin that is BTC with the fully operational, stable, and secure one that is Bitcoin

[Anonymous No.17725221]

>>17723948
wrong, Bitcoin is revolutionary precisely because it removes the need for trust
you can't compare it to Bitconnect, which was a literally Ponzi scheme, and did not employ mining with proof of work, which is the mechanism ensuring Byzantine fault tolerance in Bitcoin, and thus removing the need for trust

[Anonymous No.17725229]

>>17723249
Says who? Satoshi never said this was supposed to pump forever ignoring world news

[Anonymous No.17725285]

>>17725198
>shitcoin mining requires as much electricity as Argentina p.a.
It's outdated alright

[Anonymous No.17725327]

>>17725285
it requires precisely the amount of electricity which still yield miners a margin, it's essentially the most cost-effective use of electricity possible
remember that the economic cost of generating partially inverted hashes, which includes electricity costs as well as equipment, maintenance, operations, etc., is precisely what secures the network via proof of work to begin with, and what makes it Byzantine fault tolerant

[Anonymous No.17725382]

>>17723869
Thissss

War of the nufag whales

[Anonymous No.17725389]

>>17725285
https://nakamotoinstitute.org/mempool/the-proof-of-work-concept/
>When a person upgrades their mining computer, they mine at a faster rate and therefore earn more bitcoins. However, when everyone upgrades, the mining does not become more efficient as a whole. There is only supposed to be one new block every ten minutes regardless of how hard the network is working. Instead, the network updates the difficulty to require more stringent conditions for future blocks. All miners may work harder, but none is better off. It is rather like a forest, in which every tree tries to grow as tall as possible so as to capture more light than its fellows, with the end result that most of the solar energy is used to grow long, dead trunks.

[Anonymous No.17725440]

>>17723299
Based and redpilled.
Bitcoin had a golden opportunity to be adopted in 2017-2018 and it missed the window.
All the retarded btc maxis will kys in 10 years with hindsight.
Ver was right and too pure for this world.

[Anonymous No.17725456]

>>17723249
this is the first bear stocks market for BTC kek, why no one every thought about that? btc was created after the 2008 crisis, so we never had btc in a bear stocks market.

[Anonymous No.17725778]

>>17723318
>We still have usdt
if you meant that usdt is on bitcoin, it's almost completely gone to ethereum now. Daily omni transactions have dropped from ~120k daily (yes) to ~10k, it's dying fast

[Anonymous No.17725856]

>>17723249
ultimately a complete failure awt what it was intended to do but it was a good v1 experiment. maybe someone will find a use for blockchain but it really seems pointless when you look at the amount oof useless data it contains, same with ethereum. it's a terrible design but was kinda fun for a while

[Anonymous No.17725898]

>>17723318
So did bitfinex get in big trouble with the us government yet? I'm out of the loop.

[Anonymous No.17725942]

>>17723249
buy the dip this is a shakeout

[Anonymous No.17725959]

>>17723441
btc is not gold it outperforms the shit metals insanely even stocks do but btc dabs on stocks also.

[Anonymous No.17725977]

>>17725198
>BTC is dysfunctional shit
you are retarded sorry. only btc serves the function bitcoin was made for. the shitforks are a joke.

[Anonymous No.17725990]

>>17723249
No, right now all the speculation/normie money is flowing out. Bitcoin was never intended to be a speculative asset so it makes sense that all that money flows out first. As long as the bear market continues btc will fall until only the people that believe in it as a currency/store of value are left. I'd say that threshold is about 3k-2k as seen after the drop and stabilization post 2017.

[Anonymous No.17726040]

>>17725990
>Bitcoin was never intended to be a speculative asset
supply begs to differ. there is no way for a hard capped asset to behave any other way as bitcoin does. economically impossible.

[Anonymous No.17726078]

>>17725990
>threshold is about 3k-2k as seen after the drop and stabilization post 2017
you forget two things before the last rally miner breakeven was around $5k on average and above $7k for s9 miners. this has grown with the hashpower added to the network basically doubled. and the breakeven will also double from current levels in june. so anyone saying $3k is absolutely retarded and unaware of the fundamentals. either bitcoin stays above $8-9k or goes triple digits after june. middle ground is not really possible we either have mass miner capitulation or not. i'm betting on the miners knowing what they are doing.

[Anonymous No.17726340]

>>17726078
>June
Corona (and most measures against it) will be gone by then and unless you think the economy keeps on crashing after that, well then you are right. But I'd like to think that once all countries go on full production again the impulse of that should be enough to kickstart the economy. The only other concern atm is the oil price, which plays into the hands of miners as oil is cheap meaning electricity is cheap.
>>17726040
That is quite the leap of logic: if something is hard capped then it is a volatile asset. This neglects a lot of context sourrounding an asset i.e. emotions and usage. Gold and Phosphor are also hard capped but quite stable.The issue is more that due to the small volume (+few owners) of crypto whales can crash and pump markets at will almost.

[Anonymous No.17726394]

>>17726078
"mass miner capitulation" has been fud since forever. major mining is in the hands of big players, they dont die the moment btc price goes to some "break even" level

[Anonymous No.17726636]

>>17726394
FUD since forever, reality now; this halvening will be carnage for BTC, impossible for miners to keep mining it at a profit

[Anonymous No.17727617]

bump

[Anonymous No.17727646]

>>17723269
also this. fiat isnt real
>>17723299
scarcity is one of the only hard economic advantages. gentle reminder that there's only 21 million

[Anonymous No.17727700]

>>17723466
the utilization of gold is ... not for the average person. silver is in everyone's phones already. the elites are asking you to decide what's actually important. make a decision.

[Anonymous No.17727733]

Tracy Mayer is like "those cunts wanna make fun of Mimble Wimble Coin (MWC), imma fucking dump this BTC shitcoin to sub 3.7k and buy it all back up and ride it until infinity MWUAHAHAHAHAHAHAHAH

Or he realises all his friend who bought in put in more money into it than him, and they said to tracy "Look young fag, we are gonna destroy this market" and they decided to collapse it

[Anonymous No.17727735]

>>17723498
to be fair, crypto also has the unique property of being the only asset to transverse hundreds or thousands of %. bonds and stocks are moving in slow motion in comparison

[Anonymous No.17727912]

>>17726636
that's good news. owning a scare asset appeals to everyone. miners and the hash rate can plummet and it will still be worth fiat.