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87008 No.87008[DELETED]  [Reply] [Original]

Convince me why Bitcoin won't end up like the Dot Com Bubble.

>> No.87010

who cares, the smart people realize it's a bubble and cash out at the top

>> No.87020

Bitcoin isn't the currency of the future. It is the first stepping stone towards a perfect crypto currency.

The whole world will be using Cryptos in 20 years. What sort, we don't know yet.

Bitcoin has its problems, but there will be a lot of coins that will hold value for a long time, including bitcoin.

>> No.87025

ITT: Speculation without evidence
ITboard: Speculation without evidence
Conclusion: Cya back at /sci/ faggots, hopefully actual business fags will get here some time in the future

>> No.87026
File: 39 KB, 792x280, bit assholes.jpg [View same] [iqdb] [saucenao] [google]
87026

It's already dead

>> No.87028

>>87020
Why do we NEED a crypto-currency?

>> No.87032

>>87028

Take back power from govt

>> No.87038

>>87025
see
>>87026

>> No.87043

>>87032
Which governments?
All of them?
What is this power that you speak of?

>> No.87061

>>87028
We don't need them. They are simply superior. Learn about them and you will know why.

>>87043
>>87032
It is possible, and most probable that Governments will institute National crypto currnencies which they will endorse and monitor.

>> No.87085

I work for the department of the CFO at Facebook. I can tell you that Facebook are going to be releasing their own Crypto Coin though the name hasn't been finalized by marketing.

Crypto currencies are going to happen, but you might not like how the mainstream winds up adopting them.

>> No.87101

I don't understand how people can rail so hard against fiat currencies, but be so in support of cryptos

>> No.87105

How can I steal some rich guys bitcoins, do i break into their house open their wallet and send all the coins to my address?

>> No.87121

>>87105
No, you just find a way to break the encryption. Cyber-security, along with all other types of security, is inherently reactive. You can't plan for a weakness unless you know it exists, and you won't know it exists until somebody finds it.
Unfortunately, unlike most security situations, the block chain only needs to be compromised once to fuck the whole system.

>> No.87122

>>87105
No, you break into their house, hold a gun to their head and order them to transmit the bitcoins.

>> No.87152
File: 26 KB, 448x274, security.png [View same] [iqdb] [saucenao] [google]
87152

>>87105

>> No.87164

>>87152
>>87122
Ok ill do this, now i need to find out where the richest bitcoiners live
>>87121 your method is too difficult and inefficient

>> No.87171

>>87008
The whole crypto-currency market probably will.

Just as with the dotcom bubble, the best ones will survive, and they are all that really matters.

Bitcoin will probably survive but slowly fade into obscrity just as myspace eventually did.
Nobody knows which coin will replace it, but you can be sure some crypto-currency will, eventually.

>> No.87479

>>87032
>Take back power from govt
Why the govt?
You do realize that EVERY transaction you make with your cryptocoin address gets saved FOREVER. It's a good way to track people's money...

>> No.87494

https://www.youtube.com/watch?v=IIzMOMjwsK4

Jason Unruhe (Big Youtube Commie) makes the argument that it is likely the Government is going to try take regulatory measures against Bitcoin with new laws being pushed through.

>> No.87574
File: 120 KB, 640x668, bitcoincomicbankfee.gif [View same] [iqdb] [saucenao] [google]
87574

>>87028
>Why do we NEED the internet/computers/cars/airplanes...

Fuck, you people are just horrible. It's like you have absolutely no idea where value comes from or how it is developed. Twenty years ago you would be questioning the importance of a world wide web of information available to all of mankind, and now you are questioning the importance of a world wide web of money that is available for all to all of mankind.

These idiots on here couldn't see a train headlight going through a dark tunnel, and they won't see any future to bitcoin until their bank slaps the logo on all of their ATMs and brochures. How did you even figure out to breathe and swallow, let alone use 4chan?

Have fun being poor in the future because you supported obsolete and infinitely printed war money from Uncle Sam.

>> No.87594

>>87479

This holy shit I don't even use my card but withdraw cash that I use whenever I buy stuff. It's more of a principle of privacy when it comes to my economics more than something that will have an effect, but still.

>> No.87625

>>87479
So you them watching what we spend our money on will give them more power than the ability to print exactly how much money they want whenever they like? Something tells me that printing a trillion extra dollars a year would be more rewarding for the elites than to know a little bit more about where our money is going. This doesn't even factor into the equation the dark wallet software in development and Darkcoin. So you keep your savings in bitcoin and you keep a little on the side in darkcoin to buy things on the black market.

>Wow, this is too complicated and must all be a bubble of nerd dreams.

Yep, cryptos are doomed just like Apple in 1996. Seriously, do you think you will get more enjoyment out of trolling people on 4chan than you would get from making a million on crypto?

>> No.87664

Ethereum looks promising as a future crypto.

http://www.ethereum.org/

>> No.87767

>>87008
but it will

>> No.87810

>>87625

>oh no, the government is printing money
>let's print our own money and use that instead!

Oh, libertarians.

>> No.87827

>>87810
>oh no, the government is printing money, adjusting the rules as they want
>let's print our own money in a predictable fasion nobody can alter. In fact, the money printing will cease after a few years of initial emission.

>> No.88131

>>87827
>oh no, the government is printing money, adjusting the rules as they want
>let's print our own money in a predictable fasion nobody can alter. In fact, the money printing will cease after a few years of initial emission.
>let's cover up our inability to manage our own supermoney by refusing any and all withdrawals from our system and tell our clientele it's due to a "bug"

>> No.88171

>>87010
You'd be better off saying that in the past tense.

>> No.88189

>>87085
Please warn those faggots about the dangers of premine.

>> No.88207

>>87008

It will. The mania will fade, many cryptocurrencies will fail, and then it will reach full penetration and everyone will use it, and early investors in surviving cryptos will be filthy rich.

Lots of internet companies survived the dot com bubble, as you may recall.

>> No.88222

>>87026

>An exchange failed therefore the currency that was traded there is worthless.

You are profoundly retarded.

>> No.88270

>>88131

>Not knowing the difference between a currency and an exchange

No-one tell this guy that the same thing happened with MF Global and, well, every commodity, and dollars.

>> No.88286

because bitcoins are a commodity not a group of stocks on the stock exchange

>> No.88315

>>87008
yeah the entire dot com thing was such a complete bubble. "the internet", whoever thought a retarded thing like that would catch on? HAHA

just because something is overvalued and experiencing a bubble doesn't mean it is useless and will completely disappear once the public opinion will adjust/the bubble will burst.

i dunno about bitcoin though

>> No.88319

>>88270
I'm sorry but when every exchange has their price dip as the direct result of one exchange's shitty practices/the weed dealer getting nicked by the cops/etc. etc.

Your currency a shit.

>> No.88359

Shitcoin is just a trial run for a future digital monetary control grid incorporating microchips and RFID. The irony is supporters of crypto-currency are all about 'muh freedoms' and We're taking the fed reserve down!'

>> No.88466

>>87574
I like the concept of a cryptocurrency.
What I don't like is the proof-of-work system... why should a bunch of ultraniggers sitting in their basements with ASIC devices and AMD GPUs get all the value of a cryptocoin?

>> No.88492

>>87025
Do you want evidence?
Bitcoin will be killed by the blockchain size. If the client is modified to keep only a part of it, this will kill its distributed nature.

>> No.88521

>>87008
The dotcom bubble gave us a load of cheap communications infrastructure afterwards.

The bitcoin bubble will only leave us with obselete GPUs and useless ASICs.

>> No.88572

>>88315
You have no idea what the dot com bubble is do you

>> No.88586

I think the value of Bitcoin will end up really showing up in future cryptos. The only thing Bitcoin itself will prove useful for is watching what idiots were too dumb to cash out when they could because they seriously think it is the currency of the future

>> No.89593

>>87008
Because mtgox isn't Bitcoin
/thread

>> No.90438

/biz/ was a terrible idea

Bitcoin will be rooted by some gook and it will be hilarious.

You really think the global elite bankers will lose out to neckbeards with 5 GPUs?

>> No.90490

>>88359
>Shitcoin is just a trial run for a future digital monetary control grid incorporating microchips and RFID.
You don't have chips and RFID in your credit and debit cards? What thirdworld slum hole did you crawl out from?

inb4 USA

>> No.91918
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91918

>>87664
I would like to like Ethereum, I really would, but it does have large investors behind it which means it is yet another example of a centrally controlled currency like XRP or NXT. I would only use them as pump and dumps to try and debase them and profit from helping to shut down the controlling elite.

Fuck, choosing a crypto that is backed by Google or Goldman Sachs is like switching from BoA to Chase Bank. You aren't really fighting very hard for the future there, are ya buck-O!

>> No.91959

>>87810
>printing money is like mining for a 100% predictable resource
>elites changing the rules on production of money whenever/however they like is just as fair as a fixed set of rules that is the same for everybody

God damn you are horrible at economics. Go read a few books, holy shit.

>> No.91950

It is the Dot Com Bubble

>> No.92003
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92003

>>88131
>blaming all of bitcoin for Gox's incompetence

That is exactly like blaming gold, yes blaming gold itself, for the government confiscating you bullion, all of it, right before they announce WW3 is about to start since they have finally printed enough dollars to pay their baby-killing army.

>> No.92041

>>88466
>why do some lazy fucks sitting in a basement get all the coins?

They don't. Go look up the cost of bitcoin and scrypt mining today. Then do more research on cryptocurrency and come to a realistic conclusion.

>> No.92055

Nobody can see a bubble if they bought in to it.

>> No.92066

>>88521
>bitcoin will not leave us with a cheap worldwide network of encrypted information that can be used to trade anything from currency to commodities to stocks to contracts to living wills et cetera

It's like you don't understand technology. You think bitcoin is just another file on a P2P network and that is all.

>> No.92073

>>92041
>cointard can't make a cogent argument
sage because this thread is horrible and you should feel horrible

>> No.92085

>>88586
>I think the adoption of hyper-text transfer protocol will end up really showing up in future internet protocols. The only thing that HTTP itself will prove useful for is watching what idiots were dumb enough to program on it when they could seriously be coding the protocol of the future

FTFY

>> No.92125

>>88466
Cause they spent the money to do exactly that?

>> No.92130

>>90438
>You really think the global elite bankers will lose out to neckbeards with 5 GPUs?

You really think the mighty dinosaurs are just going to let some cute furry mammals take over the surface of the earth?

When the environment changes, the dinosaurs die. Bitcoin changes every single aspect of the internet as we know it. If you can't see this, then have fun sleeping with the dinos. How fast can you send money to Antarctica? I bet I can do it much faster and cheaper.

You just don't get the worldwide impact of things. Like if I told you about the internet and how I could send a letter to Antarctica within seconds for free via email your exact response would be "Well that sounds fucking useless because I never need to send letters to Antarctica." Are you really this dumb or just 0/10 trolling?

>> No.92221

>>92130
>Bitcoin changes every single aspect of the internet as we know it.
You might be getting a bit TOO bullish

>> No.92227

>>87479
>all transactions recorded
>just like the stopck market

So you think you can tell me who just bought 5000 shares of X, Y and Z stock?

I mean....since all transactions are public and all....should be easy right?

>> No.92270

>>87025

>/sci/

True. This board is for people who aren't funded by the taxpayer.

>> No.92277

>>92073
You said neckbeards in a basement are mining all the cryptocoins. That is false. No need for any sort of logical conclusion. You are trying to argue that the sky is not blue right now, and you are such a shitty arguer that you think I need logic to prove the sky is blue. Here, I'll explain it in a way you might have the capacity to understand.

>mining for profit is now requires large amounts of heat exhaustion
>mining for profit is now a full-time job that requires professionalism way above the level of the basement-dwelling neckbeards
>therefore, the miners making profit on cryptocurrency right now are neither neckbeards or dwelling in a basement

You will still have the odd neckbeard getting free electricity from his parents and breaking the videocard they bought for him, but any inspection of the landscape will show them to be the vast minority of mining activity now, even for Litecoin.

>> No.92288

>>92130
What's your obsession with Antarctica? Unless your magic money or letters help me with selling fridges to these Eskimos, it's useless. Get me Arctic solutions.

>> No.92313
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92313

>>92221
>too bullish on bitcoin protocol

>> No.92323

bitcoin currently in a crash sell sell sell

>> No.92342

>>92323
"Buy on the way down, not up." - W. Buffet

>> No.92386

But the dot com bubble was just an instance if too much investment too early...

Look at the Internet now you fucking dumbass

>> No.92401

>>92386
/thread

>> No.92436

>>92342
Sell, sell sell, this man is a liar.

>> No.92471

>>92130
>this is a bitcoin psycho

>> No.92516

>>92436
>taking advice from anon 4chan user
>to not take advice from Warren B.

lel

>> No.92529

>>92516
This kid is full of shit. Sell! The end is here!

>> No.92587

>>92529
>>92436
>>92323
samefag trying to buy all the cheap bitcoin.

I see you ;^)

>> No.92619

>>92587
;^)

>> No.92638

>>87043
The power of a sovereign nation to mint its' own currency, as enshrined in the US constitution, and illegally transferred to the federal reserve by the federal reserve act of 1917.

>> No.92653

>>87479
Tracking money is the point. The government does far worse things with hidden transactions than you ever will be able to.

See: hidden bailouts invisibly inflating the economy

>> No.92660

>Convince me why Bitcoin won't end up like the Dot Com Bubble.

do you mean the upcoming dotcom bubble:

>>89612

>> No.92708
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92708

>>92130
>Bitcoin changes every single aspect of the internet as we know it.

>> No.92725

>>92342
"Don't quote me talking about fucking Bitcoins" - W. Buffett

>> No.92769

>>92725

"Fiat Now. Fiat Tomorrow. Fiat Forever!" - B. Obama

>> No.92810

>>92638
>The power of a sovereign nation to mint its' own currency
Why do you think this matters?

Scotland has three major sets of private notes on top of the bank of england ones. Do you really think the scottish are any better off for it?

>> No.92889

>>92810
>Implying the USA and Scotland have the same Constitution

>> No.93216

>>92471
>Not understanding and applying laws of evolution and nature to the commodities nature. Fibonacci sequence? Extinction of obsolete species? Proliferation of species filling a niche? What the hell does any of that have to do with investing?

You will never make big money by thinking small, said every rich man ever.

>> No.93257

>>92660
That's a facebook bubble. The Nasdaq would be outcompeteing the Dow by over 50% if it was another dot com bubble. Just dumb Zuckerberg fucking up another app. This is the deal where he finally loses out, big time.

>> No.93331

>>92810
Will Scotland adapt ScotCoin when they leave the UK?

>> No.93788
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93788

It will take years to recover from this cluster fuck.
We have all been Goxed
pic related

>> No.94028

>>92277
>this is what cointards actually believe

>> No.94161

>>87574
This.

Most people just can't see two steps away.

>> No.94211

>>94161
Cryptocurrencies and p2p currencies sound awesome... if the speed of transactions could be improved, that would be great.

But the truth is - it's all one huge piece of shit, and it all depends on people advertising their favorite cryptocurrency as the bees-knees, luring people in and pumping it. All while heating up their basement with tons of gfx cards. It's not how a currency should behave, sorry...

I'd rather see more payment gateways than this crap.

>> No.94412

>>94211
Ripple XRP improves on both of that. Almost instant transactions and pre-mined so no need to use up electricity or resources on mining rigs.

>> No.94441

>>94412
>Ripple
Seen it. Something like that I like... a cryptocurrency without people who talk like used car salesmen or MLM jerks is a good cryptocurrency.

>> No.94491

Going to zero, this is the end of buttcoin as we know it.

>> No.94505

>tfw i want to buy in low
>tfw everyone says its going to 1

What joo?

>> No.94557

>>87008
>bitcoin
I can't believe this is really a thing. Can you buy anything IRL with a bitcoin? I don't know of anyone that uses that shit.

>> No.94575

>>94557
>Can you buy anything IRL with a bitcoin?
Yes.

>> No.94579

>>94575
where do you go in real life to purchase something with a bitcoin

>> No.94588

>>94557
Drugs.

>> No.94591

>>94579
To an exchange to get it exchanged for local currency

OR

Overstock.com

>> No.94594

>>92810
Scottish banknotes aren't even legal tender, they're really just IOUs for Bank of England notes

>> No.94596

>>87008
Didn't the dot com bubble create something?

Geez I wonder where I saw that browsing the internet....

>> No.94609

>>94579
It makes most sense for online purchases, I have personally bought shirts, socks, games, tea and donated to a few charities. Or you can go to your local farmers market:

http://www.youtube.com/watch?v=t9Pp7bJcn74

>> No.94615

I'm not too confident in buttcoins but I am fascinated by the sha256 blockchain shit that goes on behind the scenes.

I bet theres a better application for that system that nobody's thought of yet than generating internet monopoly money.

>> No.94631

Bitcoin would be cool if people were actually using it as currency. People aren't though. They're just holding it thinking it is going to be more valuable later. This makes it a commodity but with no real world application, which means it's useless. Eventually people realize useless things are worthless.

http://en.wikipedia.org/wiki/Tulip_mania

>> No.94692

>>94609

Nice video.

>> No.94724
File: 54 KB, 1290x401, Untitled.png [View same] [iqdb] [saucenao] [google]
94724

>>87026
>MtGoy is dead
FTFY

>> No.94737

>>87152
I probably wouldn't be able to say my password while high.

>> No.94793

>>94591
you'd be better off with all your money spent on overstock.com giftcards

>> No.94836

>>94737
So all we need is a $5 wrench, thanks for the information citizen.