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/biz/ - Business & Finance

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5491486 No.5491486 [Reply] [Original]

bitcoin hate thread?
bitcoin hate thread.

I literally heard about bitcoin in 2009 and mined 50 bitcoins with no effort before I gave away a few, forgot about it and sold the remaining 48 for a little over $5000 in 2013 laughing at the retards that bought it

>> No.5491487

>>5491486
>sold $1,000,000 for $5000
ayylmao

>> No.5491488
File: 63 KB, 633x758, 1494341208192.jpg [View same] [iqdb] [saucenao] [google]
5491488

>had 1000 bitcoins
>deleted my wallet since you couldn't buy anything with them anyway

>> No.5491489

>>5491488
>deleted $20,000,000
lmao

>> No.5491490

>>5491486
>mined 0.3 BTC for fun in 2012
>still have it

>> No.5491491

So the "hate" is just a code word for "i wish I didn't sell it like a retard"?

>> No.5491492
File: 12 KB, 220x229, NNNOOOOO.jpg [View same] [iqdb] [saucenao] [google]
5491492

>>5491491
This. Salty Nocoiners.

>> No.5491493

>>5491486
>OP makes thread because he's bitter about being a weak handed poorfag.

>> No.5491494

>>5491491
meh, it'll pop (like it already did) but bigger and better
dont think it'll actually be useful as it actually failed as a currency
if you're that kind of materialistic you can trade real stock or at least pick an altcoin

>> No.5491495

>>5491486
fuck off back to >>>/biz/

>> No.5491496

>>5491495
this is a /G/ discussion retard, blockchain technology is literally useless, it's a decentralised database that literally adds no value and it's overhyped by retards hurr durr this is the next interwebs durr. bitcoin is even more useless than blockchain, only criminals would like to get paid in bitcoin because of the volatility and its only a matter of time before crypto currency is banned worldwide

>> No.5491497

>>5491496
You can store shit on the blockchain. It's pretty obviously useful. Satoshi made mistakes -- https://medium.com/@homakov/satoshi-was-wrong-cd06d2877128 -- but the core idea is solid.

>> No.5491498

>>5491497
>open link
>"It made the currency deflationary by nature. Ask an economist, no one thinks it’s a good idea long term"
Fucking bullshit. Inflationists must be physically removed from society, or so to speak.

>> No.5491499

>want to donate $5 in BTC to my favorite open source project
>$50 transaction fee minimum
>2 weeks to get any confirmations

>> No.5491500

I sure hate the $150,000 in my bank account

>> No.5491501

>>5491499
LTC :D

>> No.5491502
File: 95 KB, 942x1000, 170320-david-rockefeller-mn-1130_2888baef058dbeedbf7064a67c618260.nbcnews-ux-2880-1000.jpg [View same] [iqdb] [saucenao] [google]
5491502

>>5491486
Buttcoin is a weird currency, it's drived up based on people thinking it's worth hoarding so the more they hoard and meme on the internet the more it will be worth since no one wants to cash it out.
It's like the old troll physics from /b/ but with money, it's worth trillions as long as you never use it, it's kinda poetic in it's own way.

I think it's a pretty cool concept when looking at it from a third party standpoint, I would never invest in it even if the ROI is supposedly to be the highest thing right now in the planet.
I don't want to start shit with biz anons but if this thing was solid and perfect you all would have to be competing against the big wigs.
pic related but instead it feels like this whole thing is an experiment and crypto miners are the guinea pigs.

>> No.5491503

>>5491501
BCH is cheaper and more secure.

>> No.5491504

>>5491498
How would loans work in a society with deflationary currency? How would investment if you can just sit on your cash instead and get richer?

>> No.5491505

>>5491503
Does it have a future as an actual currency? I just want buy coffee with cypherpunk money, damn it. Is it too much to ask?

>> No.5491506

>>5491504
As if people would actually invest if loans weren't so cheap thanks to amerifat free federal money.

>> No.5491507
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5491507

>>5491503

>> No.5491508

Cope harder.

>> No.5491509
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5491509

My doki doki couldn't take it.

t. no coiner

>> No.5491510

>>5491504
Almost like people would stop spending or "investing" in stupid crap if it doesn't actually earn any valuation over time. ACTUAL value by the way, not nominal.

>>5491505
Nah, normalfags just see it all as an "investment" and not something to use so it won't happen until the bubble pops like the dotcom bubble and garbage like pets.com is purged.

>>5491507
https://bitinfocharts.com/comparison/median_transaction_fee-bch-ltc.html

>> No.5491511

>>5491486
Should I consider Bitcoin mining with rpis?
Low investment, low power requirement.
It should pay for itself quickly, shouldn't it?
I'd be happy for it just to return the invested money.

>> No.5491512

>>5491510
BTC to 25K
LTC to $500
ETH $1000
BCH = garbage can

>> No.5491513

>>5491510
>normalfags just see it all as an "investment" and not something to use
Then there isn't much incentive to not exchange it for BTC and hope for another fork, eh?

>> No.5491514

>>5491496
> doesn't understand blockchain works
> "its useless"
this is a tech board, gtfo nogger

>> No.5491515

>>5491513
Yep. Especially when most trading volume is in BTC pairs.

>> No.5491516

>>5491511
Not anymore

>> No.5491517

>>5491510
>secure
https://cash.coin.dance/nodes

>> No.5491518

>>5491511
>Bitcoin mining with rpis?
No way. That never worked.

>> No.5491519

>>5491517
Number of nodes makes no difference so you've just revealed you have no idea what you are talking about. Miners are what makes it secure not nodes.

>> No.5491520

>>5491506
Okay, so no new businesses or morgages. Why wouldn't consumption also vanish if you were so strongly incentivized to hold currency, taking the economy with it? Bitcoin has all the problems of gold, but further exacerbated.

>> No.5491521

I only hate bitcoin because a guy I hate bought a lot of bitcoins at $1,000 and now he's fucking rich. A lot of people I know made a lot more but I can't stand that guy and his grin whenever bitcoin goes up.

>> No.5491522

>>5491521
>now he's fucking rich.
Has be cashed out yet? Because if he hasn't, he isn't rich quite yet.

>> No.5491523
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5491523

>>5491503

>> No.5491524

>>5491520
i'm not the guy who was claiming inflationists should get hanged, what i meant is that it's not inflation what really drives investment, it's cheap loans.
Even with inflation if banks didn't get free money, most people would just deposit their money cause banks would have to pay the common man more for it or they'd just put it on land/real state/govt bonds like they already do to evade inflation. Some people put it in company bonds which helps investment but only when ROI beats inflation by a long run.

>> No.5491525

Can someone explain to me why investing in Bitcoin is a good idea? You can't use that shit for anything. And what guarantees that they will keep their worth?

>> No.5491526

>>5491525
>You can't use that shit for anything.
Wrong. You can buy drugs.

>> No.5491527

not much compared to others here, but i made a purchase order in 2011 for 50

i had my CC ready but they wanted me to leave the house and go to a bank, and i dont like people

so yeah thats why im not rich

>> No.5491528

>>5491526
Not anymore really, with the huge mempool and tx fees. Most vendors no longer accept bitcoin.

>> No.5491529
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5491529

>>5491525
>Can someone explain to me why investing in Bitcoin is a good idea?
cause you make mad moneyz
>And what guarantees that they will keep their worth?
that other people keep investing in it

>> No.5491530

The problem is volatility. Nobody has a fucking clue what the actual mean value is. So since I don't sit at home watching and waiting to catch individual bubbles at their crest to re-buy later, I'd rather use gold as a store of value.

>> No.5491531
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5491531

>>5491486
It's a pump and dump ponzi scheme scam

The only people who like it are scum devoid of morals who prey on new users who buy coins and drug traffickers/shady people

>> No.5491532

>>5491502
>people thinking it's worth hoarding so the more they hoard and meme on the internet the more it will be worth since no one wants to cash it out.
The so-called bitcoin deflation problem

>> No.5491533

>>5491502
>feels like this whole thing is an experiment and crypto miners are the guinea pigs.
But it's literally that. Ponzi scheme for the 21st century neckbeard

>> No.5491534

Think i heard one can cash bitcoin in for %50 or so.

>> No.5491535

>>5491486
Dogecoin bagholder here ur missing out

>> No.5491536

>it's a retard concept
>but there are plenty of retards in the world
>so why not cash in

pretty comfy senpai. 150x my savings and now im safe and secure. no more taking shit from my boss because he knows i can quit at anytime.

I cashed out as soon as i had enough to live comfortably. no more checking price every hour for me.

>> No.5491537

>>5491533
So it's like social security. What's the problem?

>> No.5491538

this conversation would be better with some input from daytraders and not neckbears

>> No.5491539

Trying to get out. Every time I sell a few hundred, the market shits itself because there’s too many hodlers and not enough coins circulating, so It’s not stable enough to do large-ish transactions. Fees are stupid so I can’t do small transactions either.

As vaguely interesting as the block chain is, I can’t believe people though a currency based on the scarcity of CPU cycles was a good idea. Reminds me of how the Golgafrinchans adopted the leaf as their currency, then burned down all the forests to maintain value. Or Venezuela. Whatever.

>> No.5491540

>>5491529
Wait, that face looks familiar.

>> No.5491587

>>5491486
48*5000 is still pretty nice

>> No.5491636

>>5491587
Probably $5000 total, since it was 2013.

>> No.5491697

>>5491486
Heard about bitcoins when they were around 80 cents for one. On a sidenote - I got told by a guy, who is a junkie, now he is shooting up H and I am still poor. I guess even broken clock will be right twice a day.

>> No.5491730

>>5491531
https://www.youtube.com/watch?v=mO1_dAAu-p0

>> No.5491756

>>5491533
It's worse. Think of the Gpu manufacturers that upped production and can loose bigly if crypto gets fucked.

>> No.5491789

>>5491496
obviously you've never had to fight a chargeback before

>> No.5491874

>>5491502
>I don't want to start shit with biz anons but if this thing was solid and perfect you all would have to be competing against the big wigs.
We already do, they are about to move in in earnest. Morgan Stanley, Goldman Sachs, they are already coming, and things might get either really ugly or really boring soon. But right now, the normie influx and lack of regulation, together with autists owning large stocks, might keep them from totally controlling the market for some time.

>> No.5491914

>>5491789
Have you never needed to make a chargeback? Having arbitration on credit is really nice.

>>5491874
More likely really boring since people will want to extract the easy value available in alt-coins.