Hold, Spartans! Where were you when Bitcoin died?

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Anonymous Sat Jan 3 19:52:01 2015 No.600933 [Reply] [Original]

Hold, Spartans!
Where were you when Bitcoin died?

>>	Anonymous Sat Jan 3 20:03:22 2015 No.600943 I'll be in Minneapolis next week, so Minneapolis.

>>	Anonymous Sat Jan 3 20:04:53 2015 No.600945 >>600933 >thinks it died >is a new fag Do you remember the 2013 Silkroad bust crash?

>>	Anonymous Sat Jan 3 20:08:19 2015 No.600948 >>600933 At Bitfinex shorting it :P

>>	Anonymous Sat Jan 3 20:09:36 2015 No.600951 apology for poor finance when were u wen bitcoin dies? i was sat at stock mall drinking cryptofluid wen fred rang: "ponzi scheme" -no and u??????

>>	Anonymous Sat Jan 3 20:59:40 2015 No.600988 >>600951 Lol

Anonymous Sat Jan 3 21:58:14 2015 No.601036

>>600933
Bitcoin came into 2013 worth $10.

They hit a bubble and were worth over $1000 in November 2013.

They have been falling ever since. Down below $300.

Around the time of the one-time bubble I looked into Bitcoin more. I never understood why they were WORTH anything. So I read up on it, the Bitcoin FAQ etc. The Bitcoin FAQ explained why these hashes were worth something. And it was complete gobbledygook. It basically said "it's worth something because it's worth something". That's like MLM/Madoff/Ponzi/bubble talk. I mean, even some of the overpriced real estate from the 2008 bubble had SOME value. Bitcoins have NO value. Yet Bitcoins have a $3.8 billion market cap even after this crash. That's $3.8 billion worth of hot air.

For Bitcoins to be worth money PEOPLE WILL HAVE TO PAY CASH FOR EACH NEW BITCOIN GENERATED. Even at its current price, if people don't spend $50,000 every hour, every day to buy the new Bitcoins being generated, the price will drop even more.

They're running out of suckers. The people who created this scam bailed out back when Bitcoin was over $1000 back in November 2013. People say "but that means they left money on the table". So what? The tens (if not hundreds) of millions they made on this scam was payback enough for the work involved.

>>	Anonymous Sat Jan 3 22:11:16 2015 No.601059 >>600933 At home reviewing my travel expenses for submission.

>>	Anonymous Sun Jan 4 14:28:08 2015 No.601777 you retards do realize that all the spartans at thermopylae died, right?

Anonymous Sun Jan 4 14:36:31 2015 No.601780

>>601036
This is not right. Real estate has no inherent value, that's why we see houses for sale for $1 right now in Liverpool, in Sicily, in Detroit, in well-known places in the first world. Nothing "has value" in itself. Stocks, real estate, bitcoin, dollars, gold, collectibles, everything is based on the hot air of human trust and demand. Thus people do pay cash for each new bitcoin generated, indeed.

Disclaimer: I'm not shilling bitcoin and I don't (nor didn't) own any cryptocurrency because they're mostly retarded, but shills have a fair point here.

>>	Anonymous Sun Jan 4 14:46:53 2015 No.601791 >>601036 Dunning Kruger effect in full force. Also spreading disinformation. >PEOPLE WILL HAVE TO PAY CASH FOR EACH NEW BITCOIN GENERATED Yes, and there is a cost with minting new bitcoin.

>>	Anonymous Sun Jan 4 15:22:59 2015 No.601824 http://m.youtube.com/watch?v=Nn-GbTijoDs

>>	Anonymous Sun Jan 4 15:41:47 2015 No.601855 https://www.youtube.com/watch?v=A7TuFy0fcuw

>>	Anonymous Sun Jan 4 15:47:18 2015 No.601861 I'll always remember the date Mt. Gox erupted.

>>	Anonymous Sun Jan 4 15:54:56 2015 No.601871 >what's a bear trap? >panic sell? why would I want you to do that?

>>	Anonymous Sun Jan 4 15:56:53 2015 No.601872 >>601780 >Real estate has no inherent value Yes it does you utter fuckwit, you can live in it and it will provide you shelter from the elements. You can't live in a cryptographic hash.

>>	Anonymous Sun Jan 4 16:00:43 2015 No.601876 >>601872 >You can't live in a cryptographic hash. so deep

Anonymous Sun Jan 4 16:09:03 2015 No.601892

>>600933
Here's my theory. That was GAW dumping all its BTC, triggering a panic sell. They have sold thousands of btc of paycoin, certainly enough to trigger enough panic to cause a big sell off

Why would they do this? Either because they decided the gig is up and want to cash out for USD to lawyer up/run

or more likely, they want to crash BTC (so far working) to either pump XPY before the miami expo next week (therefore making them look good at the Q&A rather than as it stands now being publically disgraced or driven out by torch and pitchfork bitcoiners).

>>	Anonymous Sun Jan 4 16:12:25 2015 No.601898 >>601036 Out of curiosity how did you derive the 50k per hour number. The market cap? I want to see how much money pnd and doge need daily to maintain fraction of a cent value

>>	Anonymous Sun Jan 4 16:22:55 2015 No.601915 >>601777 Which ones? the ones in the film? Or do you mean the historical 300 performing a rearguard action for the other 900 - 15,600 spartans who were at the Battle of Thermopylae?

Anonymous Sun Jan 4 16:23:34 2015 No.601919

>>601898

One block per ten minutes means six blocks per hour. Each block gives a 50 BTC reward, so that's a total of 300 BTC in new bitcoins created per minutes. At a current price of $275-ish, then that means the market needs inflows of $80,000/hour to prop up the price.

Anonymous Sun Jan 4 16:30:02 2015 No.601927

>>601919
The mining rewards were halved from 50 at the end of 2012, they will be halved again in 2017 and again approximately every four years until the final satoshi is mined around 2140. Maybe you should learn more about the currency until you dismiss it.

https://en.bitcoin.it/wiki/Controlled_supply

>>	Anonymous Sun Jan 4 16:31:32 2015 No.601929 >>601919 ~3600 BTC per day is the statistical number. How did you get 300 BTC/minute you retard? No wonder youre into BTC.

>>	Anonymous Sun Jan 4 16:32:04 2015 No.601931 >>601927 s/until/before/

>>	Anonymous Sun Jan 4 16:32:32 2015 No.601932 File: 31 KB, 500x413, 1411421772962.jpg [View same] [iqdb] [saucenao] [google] >>600951 underrate boast :DD

Anonymous Sun Jan 4 16:33:54 2015 No.601933

>>601927
Okay, my mistake, forgot about the reward halving. Halved block rewards mean that each block gives a 25 BTC reward every 10 minutes, so that means 150 BTC in new bitcoin per hour, for required inflows of $40,000.

The point still stands. Maybe you should learn why a currency experience 0% nominal interest rate and 10% inflation isn't expected to appreciate against a currency with a 0% interest rate and 1% inflation before you shill for it?

Anonymous Sun Jan 4 16:45:04 2015 No.601944
File: 585 KB, 1600x1188, Ignorance-is-Bliss-1-quarter.jpg [View same] [iqdb] [saucenao] [google]

>mfw was going to sell my BTC last week for $320-$315
>mfw bought at $330 before the last bump
>mfw it took several days to transfer it to a fund I could sell it for
>mfw this price drop

>>	Anonymous Sun Jan 4 17:40:52 2015 No.601989 Bought a dvi to hdmi cable with bitcoin yesterday. It was great.

>>	Anonymous Sun Jan 4 17:53:28 2015 No.602002 File: 58 KB, 807x810, 1412451173962.jpg [View same] [iqdb] [saucenao] [google] >>600933 >inb4 Bitcoin rises to $50k, DOGE to $1 this year and all the /g/ and /biz/ faggots do an hero for having missed the boat for the third time.

Anonymous Sun Jan 4 17:57:42 2015 No.602006
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>>601872
>>601876
>You can't live in a cryptographic hash.
The world might be a simulation after all.

The inherent value of crypto currencies is ultra fast & cheap cross-national money transfer without any of the banking jew government regulation bullshit.

>>	Anonymous Sun Jan 4 18:19:08 2015 No.602032 >>601892 PAY is up 20% while every over top crypto is down, I wouldn't be supised if this was a factor.

>>	Anonymous Sun Jan 4 18:21:26 2015 No.602033 >>602002 Oh you delusional fool. You guys have been saying this since last January. When are you going to shut the fuck up already? If you think its a good investment then keep it to your damn self. Everyone else is tired of your bullshit.

Anonymous Sun Jan 4 18:37:27 2015 No.602040
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>>602033
Why don't you keep it to you, if you think cryptocoins are a bad investment??

For the last five years people have predicted the downfall of Bitcoin.
>In one week it will go to zero again.
>It will fade out after two weeks
>In three months nobody will care anymore

>>	Anonymous Sun Jan 4 19:03:15 2015 No.602060 >>602033 I see no tangible fundamental explaining price either way... 10 why not, 10.000 why not...

Anonymous Sun Jan 4 19:08:55 2015 No.602065

>>602040
>Why don't you keep it to you, if you think cryptocoins are a bad investment??
Because 9/10 of these threads are started by you faggots. You know why I know you can't shut the fuck up about Bitcoin? It is because you need fresh blood to buy into it for you to make any money. It works exactly like an MLM scam. You guys have to constantly shill your bullshit on the hope people buy or else your precious coins lose value.

If it really was a solid investment that could survive on its own merits? You wouldnt need to tell a soul. Its sad as shit with all the shilling you guys do that it is still losing value at monumental rates.

>>	Anonymous Sun Jan 4 19:17:28 2015 No.602074 >>600933 I was in cabin in wood with Sergei. Bears everywhere. Phone ring. Is Grizzly bear. roar roar (translation Bitcoin is kill) "no" Sergei. No my God.

>>	Anonymous Sun Jan 4 19:21:27 2015 No.602077 >>601872 >HURRRR VALUE IS DERIVED FROM UTILITY We're not in 1815 anymore, Jean-Baptiste Say is dead, the man who owns many rolls of toilet paper is not the richest in the world (b-b-but toilet paper is useful...???)

>>	Anonymous Sun Jan 4 19:32:23 2015 No.602098 >>602077 What is the value of BTC derived from?

>>	Anonymous Sun Jan 4 19:34:22 2015 No.602100 >>602033 you know, even though i think you're right, if you're wrong you're going to have to explain to your son that the reason you can't pay for his college is because you didn't invest $250 20 years ago

Anonymous Sun Jan 4 19:47:00 2015 No.602113

>>602077
are you some kind of stupid fuk?
srsly can you even be that stupid.

Lets assume this guy hypothetically have all the toilet paper in the world and this is a world where toilet paper holds utility, he can damn well be the richest person in the world if there is even a semblance of trade going on.

please go hang yourself.

>>	Anonymous Sun Jan 4 19:49:07 2015 No.602120 and all your bitcoin fags are dumbfuks, in the back of your mind you all know it is going to zero but you are all to afraid to admit it. that sunk cost fallacy working overtime.

>>	Anonymous Sun Jan 4 19:50:44 2015 No.602122 >>602098 >>602098 Someone please respond

>>	Anonymous Sun Jan 4 19:54:22 2015 No.602126 >>602122 the failed dreams and aspiration of wannabe investor and get rich quick shitheads

Anonymous Sun Jan 4 20:06:16 2015 No.602139

>>601780
>Real estate has no inherent value, that's why we see houses for sale for $1 right now in Liverpool
Bullshit! If you pull the copper and other shit out of the walls it would be worth more than $1. Therefor there is some value in owning real estate even if no-one will buy it.

You can't pull the copper out of an internet monopoly money. GG BTC

>>	Anonymous Sun Jan 4 20:17:05 2015 No.602146 >>602100 >Implying any son of mine would ever be that stupid to need an explanation for that >Hindsight

>>	Anonymous Sun Jan 4 20:22:15 2015 No.602149 >>602122 supply and demand

>>	Anonymous Sun Jan 4 20:38:00 2015 No.602162 >>601780 You licked windows for fun as a child. I can tell. Real estate is one of the most valuable assets on the planet. Land is important for businesses and expansion.

Anonymous Sun Jan 4 21:00:11 2015 No.602191

>>602077
Toilet paper is useful, but (aside from a few communist dictatorships) it is also plentiful. Bitcoin (more specifically the blockchain) is very useful and due to the nature of its programming has a defined scarcity. Alternate crypto-currencies don't matter in the same way that the newest Facebook clone doesn't matter except for some novelty value. Bitcoin has cornered the market and due to its open source nature it can adopt any changes that a new crypto-currency comes up with. Usability plus scarcity, plus network effect is what gives bitcoin its value.

Anonymous Sun Jan 4 21:01:32 2015 No.602194

>>602098
>the utility of being able to easily and cheaply exchange money somewhat anonymously
>the limited supply vs the demand of people buying into it (either to keep it in a "wallet" to use for exchanges or to keep it as an investment)

>>602077
http://www.huffingtonpost.com/2013/05/31/venezuela-toilet-paper-bust-police-seize-2500-rolls_n_3363620.html

>>	Anonymous Sun Jan 4 22:30:32 2015 No.602302 Bitcoin will never go over 300 again :^)

>>	Anonymous Sun Jan 4 22:32:37 2015 No.602306 >>602302 What will you say to your offspring in 2025 when they ask why you didn't invest in Bitcoin when it was below $300?

>>	Anonymous Sun Jan 4 22:35:27 2015 No.602309 >>602306 "sweetie, i'm not a fucking retard. also i told you to stay off of reddit"

>>	Anonymous Sun Jan 4 22:36:55 2015 No.602313 >>602306 If my offsprings (implying I will ever have one) will ever hear about bitcoin, it will be a laughingstock, a technical failure, the remnant of a crazy era Luckily, nobody cares about bitcoins now, let alone in 10 years

>>	Anonymous Sun Jan 4 22:38:12 2015 No.602315 >>602306 Because I spent my time and effort on worthwhile ventures rather than get-rich-quick scams.

>>	Anonymous Sun Jan 4 22:43:17 2015 No.602322 >>602306 i thought a 50% attack was likely to happen sooner or later? wasn't there some mining pool that had >50% before they backed down voluntarily?

>>	Anonymous Sun Jan 4 22:44:56 2015 No.602325 >>602306 >>602322 also inb4 bitcoin is outlawed by most countries and large banks (that you can't really compete with) make their own legalized, taxed and controlled cryptocurrencies

Anonymous Sun Jan 4 22:58:11 2015 No.602336

>>602325
Right, because prohibiting something always makes it go away.

>>602322
Yes, but that's mostly a problem with centralized mining pools. Nearly all of the problems with Bitcoin have come from users centralizing what is supposed to be decentralized.

https://en.bitcoin.it/wiki/P2Pool

>>	Anonymous Sun Jan 4 22:59:34 2015 No.602339 File: 103 KB, 576x1024, 8aWS157.jpg [View same] [iqdb] [saucenao] [google] Hold onto your butts. Shit's about to go down.

>>	Anonymous Sun Jan 4 23:02:28 2015 No.602341 >>602313 >Luckily, nobody cares about bitcoins now, let alone in 10 years >https://en.bitcoin.it/wiki/Trade

>>	Anonymous Sun Jan 4 23:27:43 2015 No.602358 >>602339 gg, im out

>>	Anonymous Sun Jan 4 23:43:31 2015 No.602363 Thread theme: https://www.youtube.com/watch?v=bUFWXpYJKaI

Anonymous Mon Jan 5 00:09:21 2015 No.602394
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>>602339
http://www.reddit.com/r/Bitcoin/comments/2rd2xe/bitstamp_is_apparently_broken_or_hacked_i_suggest/
The Goxxening 2.0!
I guess this is why the price of Bitcoin has been falling; a bunch of people figured out what's about to happen to Bitstamp and are cashing out.

>>	Anonymous Mon Jan 5 00:10:36 2015 No.602397 File: 113 KB, 1996x826, HzKuWQN.png [View same] [iqdb] [saucenao] [google] FUCKING LOL

>>	Anonymous Mon Jan 5 00:28:42 2015 No.602419 >>602397 Crashing this currency, with no survivors!

>>	Anonymous Mon Jan 5 01:03:40 2015 No.602471 File: 696 KB, 480x270, tipseuphorically.webm [View same] [iqdb] [saucenao] [google] >>601780 >Real estate has no inherent value

>>	Anonymous Mon Jan 5 01:21:22 2015 No.602492 File: 33 KB, 400x236, thread sucks.jpg [View same] [iqdb] [saucenao] [google]

>>	Anonymous Mon Jan 5 01:57:14 2015 No.602520 The bitcoin experiment and subsequent failure will be analyzed for years to come. Its was a genius experiment. Thanks for beta testing goyim!

>>	Anonymous Mon Jan 5 10:41:40 2015 No.602734 >>601780 >houses for sale for $1 right now in Liverpool, in Sicily, uh I would like to own property in the UK and Italy... how do I do it?

Anonymous Mon Jan 5 10:52:00 2015 No.602737

>>602734
anon has got it all wrong. those transactions are between banks, companies or whatever. $1 is the legal minimum for an entity to be considered to have made a purchase. it's not like they'd be giving houses away (in return for a token $1) to random people.

>>	Anonymous Mon Jan 5 11:18:07 2015 No.602750 I just completely pulled out of btc. Took my losses and ran. This shit is toxic. My criteria for investment was that it was going to become trendy to use. It hasn't thanks to neckbeard shills. No one needs to hold it and frankly the security sucks ass.

>>	Anonymous Mon Jan 5 11:20:37 2015 No.602753 >>602339 Damnit Bitcoin. Get it together you fucking amateurs. You are supposed to be MORE secure than banks. What a laughingstock.

Anonymous Mon Jan 5 12:17:41 2015 No.602784
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>>602753
Imagine if a bank started telling all their customers to stop making deposits into their accounts, because people have been stealing money from them and they need a few days to work out how to stop it happening...
Of course, this is Bitcoin we're talking about. Nothing unusual here. The whole fucking thing is plagued with scammers and fraudsters and thieves.

>>	Anonymous Mon Jan 5 12:55:11 2015 No.602819 Can you still earn a cup of coffee in bitcoin?

>>	Anonymous Mon Jan 5 13:12:46 2015 No.602836 >>602065 Underrated post

Anonymous Mon Jan 5 13:35:59 2015 No.602855

ITT people think bitcoin was hacked.

If you didn't learn anything from mt. Gox and continue to keep you bitcoins in an exchange wallet like bitstamp then you deserve to be robbed.

Truth is bitcoin, when managed properly is the most secure financial transaction system on the planet. The more bitcoin exchanges out of business the better in my opinion, we don't need fiat.

>>	Anonymous Mon Jan 5 14:06:59 2015 No.602895 >>602149 this is the best answer to>>602098

>>	Anonymous Mon Jan 5 18:55:33 2015 No.603241 >>600933 >tfw many of the bitcoin millionaires will never sell >they will get rich, and lose it all... >why?

>>	Anonymous Mon Jan 5 19:00:22 2015 No.603246 >>603241 because greed anon

>>	Anonymous Mon Jan 5 19:01:30 2015 No.603249 >>600933 At my job, not owning bitcoin

Anonymous Mon Jan 5 19:26:15 2015 No.603272

>>601036

And what's the $ worth? It's numbers on a screen. It's a piece of paper.

The $ is worth what it is due to the mass amount of people recognising it as such.

Though I must admit, and commend you, you are right on the money with regards to shitcoin.

>>	Anonymous Mon Jan 5 19:46:55 2015 No.603293 >>602419 top lel

>>	Anonymous Mon Jan 5 20:32:52 2015 No.603359 >>602855 Black budget sounds cool though can you really have cool ass James Bond in a world of no funny business BTC

Anonymous Mon Jan 5 20:41:11 2015 No.603367
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>>602194
Sadly every advantage buttcoin had failed at some point.

It is only used for online drug trade, and these late instabilities made it less reliable, a coin that jumped from $10, to $1000 and back $300 can't be taken seriously.

>>	Anonymous Mon Jan 5 20:45:47 2015 No.603370 File: 463 KB, 500x280, jake.gif [View same] [iqdb] [saucenao] [google] >>602753 >You are supposed to be MORE secure than banks Good one anon, that's hysterical.

>>	Anonymous Tue Jan 6 20:30:34 2015 No.604727 >holding bitcoins >2015

>>	Anonymous Tue Jan 6 20:40:39 2015 No.604730 File: 7 KB, 168x196, wtf.jpg [View same] [iqdb] [saucenao] [google] >>600951 XDDDD

>>	Anonymous Tue Jan 6 21:11:38 2015 No.604774 >>600933 i was busy shorting it and making a fortune

>>	Anonymous Tue Jan 6 21:40:59 2015 No.604804 >>604774 how the heck do you short bitcoin?

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