So now that cryptocurrency is dead, can we all agree that this board is no longer needed?

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Anonymous Sun Apr 27 16:22:00 2014 No.304903 [DELETED]

So now that cryptocurrency is dead, can we all agree that this board is no longer needed?

K128kevin Sun Apr 27 16:24:30 2014 No.304909

It's dead? I'm pretty sure a single bitcoin is worth like $450... seems very alive and well to me. ATMs popping up everywhere, bitcoins starting to become accepted by many major retailers... I don't think cryptocurrencies have ever been thriving nearly as much as they are now.

>>	Anonymous Sun Apr 27 16:26:20 2014 No.304911 >>304909 >implying anyone on /biz/ knows what fundamentals are >implying they all don't base their opinions on prices You have way too much confidence in this board

>>	Anonymous Sun Apr 27 16:31:00 2014 No.304917 Board is also an outlet for anarchists from /pol/ and NEETs trying to day trade.

>>	Anonymous Sun Apr 27 16:33:01 2014 No.304922 >>304911 >Growth: Negative >Health: Declining >Fundamentals Let me guess, you're invested financially and emotionally in this NEET venture.

>>	Anonymous Sun Apr 27 16:33:39 2014 No.304923 >>304917 >NEETs trying to day trade You mean NEETs trying to win the MarketWatch game?

>>	Anonymous Sun Apr 27 16:35:16 2014 No.304926 >>304922 I have half the board filtered from the NEET discussions about sell me this pen, penny stocks, and other nonsense. I guess filtering coin wasn't enough to get rid of all the cryptocurrency threads.

Anonymous Sun Apr 27 17:24:49 2014 No.305020

Why all the hate surrounding cryptos? I would expect enthusiasm from the internet but instead you get shills who know little about math based currencies and seniors who still think the petro dollar is the cats ass.

Time will tell the whole story but I wouldn't bet against a young technological evolution. If it's one thing I know it's that nothing lasts forever and this current system is primed for change.

>>	Anonymous Sun Apr 27 17:27:38 2014 No.305023 >>305020 it's all an epic master ruse to b8 you into wasting time justifying it. you don't need to say anything, because it's not going anywhere.

>>	Anonymous Sun Apr 27 17:30:02 2014 No.305025 >>305020 >shills Backwards. The people buying into Cryptos and trying to get others to do the same are the shills. People saying that they're nonsense don't have anything to gain by saying so.

Anonymous Sun Apr 27 17:32:18 2014 No.305031

>>305020

>They're shilled to hell and back by the coin creators
>NEETs and Ron Paultards thinking it's going to replace the USD within the next five to ten years.
>Majority of people buying the coins are just riding the roller coaster to the top and then cashing out before it crashes, just to repeat the process again.
>The alt shitcoins are all pump and dumps
>Extreme volatility
>Nothing backing up the currency and claiming the USD fiat is the same is just asinine.
>Very few places you can actually directly buy things with the coins instead of converting it to USD and then purchasing.

I am not against cryptocurrency and would very much like one to become a reality, but I seriously doubt bitcoin and all the shitcoin alts are that. They way they're being shilled and the retarded userbase is what myself and many others hate, not the concept of the coins themselves

Anonymous Sun Apr 27 17:38:06 2014 No.305035
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>>305020

I personally don't hate cryptocurrencies, I just really dislike the whole cult that has been created around them and how pathetic and delusional are some of the people who are spiritually invested into cryptos

- "It will be global currency someday"
- "Just holding to 1 bitcoin will make you one of the wealthiest people on earth"
- "It will end the evil fed and gubmint"

Crytocurrencies are the new dotcom bubble, just ride it and get out of it at the right time.

>>	Anonymous Sun Apr 27 17:38:13 2014 No.305036 >>305031 Why should that affect its potential success? Bitcoin has done pretty damn well for its self and the VC money flowing in 2014 is ridiculous

>>	Anonymous Sun Apr 27 17:53:43 2014 No.305071 >>304903 no because this board is now about the stock market, financial advice, business news and entrepreneurial ideas

>>	Anonymous Sun Apr 27 17:56:07 2014 No.305074 File: 755 KB, 603x672, we'll take the dog.png [View same] [iqdb] [saucenao] [google] So now that OP has no clue what's going on, can we all agree that this thread is no longer needed?

>>	Anonymous Sun Apr 27 18:15:15 2014 No.305103 >>305035 The whole idea that some idiots have that holding just a few bitcoins will make them the billionaires of tomorrow is laughable. No one needs to trade in bitcoin, therefore the only demand is from speculation.

>>	Anonymous Sun Apr 27 18:19:17 2014 No.305109 >>305036 VC money flows into a lot of bad ideas just before they burst. Not saying that this particular idea will burst anytime soon, just saying that plentiful VC money does not provide any proof of a sustainable market segment.

>>	Anonymous Sun Apr 27 18:20:42 2014 No.305114 >>305036 >VC money So, a bunch of people who make losing investments 90% of the time are investing heavily in Bitcoin? Shiggy.

Anonymous Sun Apr 27 19:25:19 2014 No.305244

>>305103
>darkmarket

As long as bitcoin has an unsavory use as a currency even in dark markets then it will command a market price.

As far as the price goes I think the current price is heavily propped up by speculators.

What would happen if Walmart announced bitcoin accetance tomorrow?

What would happen if the US made bitcoin illegal tomorrow?

Which is more likely?

Anonymous Sun Apr 27 19:32:43 2014 No.305252

>>305244
I agree about the dark market thing. There is a need for untraceable currency when you are buying anything shady or illegal. So as long as there are markets where you can do that easily, then that should support btc. I think the shutdown of silkroad destroyed a lot of that demand.

What's more likely in those 2 scenarios? the govt shutting it down. Walmart shoppers can barely into credit cards let alone bitcoin.

>>	Anonymous Sun Apr 27 19:32:46 2014 No.305253 >>305020 >Crypto shills are now so are deep into their investments that they're calling anyone who doesn't invest in their fad a shill Haha, oh wow. This is just getting sad now.

Anonymous Sun Apr 27 19:42:01 2014 No.305267

>>305252

Large businesses will never trade their product for some super volatile crap.

I'm thinking of accepting bitcoins, litecoins, dogecoins for my tiny business just to be hip and just get rid of them the same day I get them. I don't see large companies doing something like that, they just can't manage their money like that and take risks so big.

>>	Anonymous Sun Apr 27 20:19:47 2014 No.305359 BTC getting raped, $439.50, down 10% in the last 5 days. On it's way to $200 eventually in a few months, and then maybe a big bounce.

>>	yes !!gKtdSxqLS2H Sun Apr 27 20:31:09 2014 No.305378 >>304926

>>	CALICO Sun Apr 27 20:37:32 2014 No.305391 btc is kill.

>>	Anonymous Sun Apr 27 20:53:08 2014 No.305412 >>305359 429 ;(

>>	Anonymous Sun Apr 27 21:20:38 2014 No.305453 File: 144 KB, 682x800, bitcoinconference.jpg [View same] [iqdb] [saucenao] [google] >>305074 >So now that OP has no clue what's going on, can we all agree that this thread is no longer needed? Yes. /thread

>>	Anonymous Sun Apr 27 21:38:55 2014 No.305468 so do you think btc will ever reach $1000 again? all I need is a yes or no

>>	King of Shitposting !HI80DECbKc Sun Apr 27 21:51:54 2014 No.305488 >>305468 Yes

>>	Anonymous Sun Apr 27 21:53:07 2014 No.305490 >>305468 No

>>	Anonymous Sun Apr 27 22:11:49 2014 No.305517 >>305453 Only if another country has a massive bitcoin hype like China or another huge thing happens.

>>	Anonymous Sun Apr 27 22:38:45 2014 No.305558 >>305517 You do know Dark Wallet is coming out sometime this year, right? It will restore people's faith that Bitcoin is anonymous or has even a little bit of privacy. There are also a lot of good horses in the race for a truly anonymous crypto.

>>	Anonymous Sun Apr 27 22:40:18 2014 No.305561 >>305558 Most people don't actually care about anonymity.

>>	Anonymous Sun Apr 27 22:43:08 2014 No.305570 >>305558 Yeah that's not a huge thing, just another bitcoin related service nobody will care about besides the people already interested in bitcoin.

Anonymous Sun Apr 27 23:39:37 2014 No.305663

>>305558
Ahaha, you're so deluded
>implying people other than nerds care about anonymity

Oh, wait, better yet
>implying cryptos other than bitcoin are anything else besides a pump n dump

Ahaha, wait, wait, I have one better
>implying bitcoin will ever reach 1000$ again instead continually falling down until it reaches 1$

>>	Anonymous Sun Apr 27 23:45:01 2014 No.305675 Price has been mostly down out of Chinese constant "ban" fear-mongering. Unfortunately, despite all the official "bannings" the chinese still move quite a bit of volume, so all that FUD tends to put a dent on the price.

Anonymous Sun Apr 27 23:48:20 2014 No.305680

>>305031
yeah, the bitcoin/blockchain technology is revolutionary but we are still in a stage of infancy and unfortunately populated by fucking weirdos, anarcho nerds, retards, scammers, and everything else.

however, the internet was the same way at the beginning. give it time

Anonymous Sun Apr 27 23:51:24 2014 No.305686

>>305558
1. most people don't actually give a fuck about being anonymous. the few that do already have the means to do it with Bitcoin.

2. Bitcoin can easily adopt anything successful. In fact, there was a BIP (Bitcoin Improvement Proposal) in the works for ages which does the same thing Darkcoin does

Anonymous Sun Apr 27 23:59:17 2014 No.305702

>>305675
>I'm going to parrot the excuses my shitcoin masters fed me

I think the worst part about these poor NEET fucks who invest in bitcoin is they delude even themselves with this wishful thinking bullshit and try to convince everyone they're part of some movement that will change the world.

Get a job.

>>	Anonymous Mon Apr 28 00:10:24 2014 No.305730 >>305488 Yes

>>	Anonymous Mon Apr 28 01:07:05 2014 No.305821 >>305468 Maybe

>>	Anonymous Mon Apr 28 01:09:14 2014 No.305822 File: 10 KB, 301x29, Capture.jpg [View same] [iqdb] [saucenao] [google]

Anonymous Mon Apr 28 04:01:15 2014 No.306026

For all the people who don't understand anonymity.

It's not about shrouding ne'erdowells in shadow it's about now HAVING to prove your identity.

Example: I couldn't give a fuck if people knew what I was doing, I just don't want to Have to prove who I am first.

There are billions of people who don't have necessary government documentation to participate in today's online financial system.

>>	Anonymous Mon Apr 28 04:22:12 2014 No.306037 >>306026 >There are billions of people who don't have necessary government documentation to participate in today's online financial system. I want to see a source on this mantra repeated over and over again by the bitcoin cultists.

>>	Anonymous Mon Apr 28 07:07:40 2014 No.306117 >>306026 You have to be a total pleb to not have identification.

>>	Anonymous Mon Apr 28 08:00:37 2014 No.306138 >>305020 Not hate, they are and always were a trick to get people into buying rigs and a way for people to pump and dump.

>>	Canaduhfag. Mon Apr 28 08:16:16 2014 No.306148 >>304903 I still have some money in Doge. I bought 20$ of it on a whim a few months ago. Don't know what the price even is anymore.

>>	Anonymous Mon Apr 28 08:24:44 2014 No.306152 >>304903 a dead instrument has zero volume, Bitcoin has plenty even though price is in a downtrend

>>	Anonymous Mon Apr 28 13:16:31 2014 No.306391 >>306152 Defending cryptocurrency with technicalities isn't going to save it, anon. The hype is gone It can't be trusted It's not accepted by mainstream society It's only application is drug deals and pump and dump It's dead

Anonymous Mon Apr 28 14:04:39 2014 No.306472

Bitcoin is not dead.

Anonymity for electronic cash is important, and again it's not about secrecy, it's for people who are unable to prove who they are.

You don't need to prove who you are to exchange a $20 bill on the street, and you don't need to p[rove who you are to download multibit and begin accepting bitcoin.

Fore the people who don't think this is important or fail to see why you shouldn't have to prove who you are to participate in payments.

http://www.microfinancegateway.org/gm/document-1.9.40671/25.pdf

This is why bitcoin won't die.

>>	Anonymous Mon Apr 28 14:19:54 2014 No.306496 >>306472 > it's for people who are unable to prove who they are I.E Nobody Why would anyone choose Bitcoin over a credit/debit card which has fraud protection and allows you to chargeback in case the seller fucks you over?

>>	Anonymous Mon Apr 28 14:23:56 2014 No.306502 >>306496 ie. 2.5 billion ADULTS are UNABLE to prove who they are according to the research article posted. There are many more people who are ABLE to prove who they are but don't want to. It's for these reasons bitcoin will continue to be adopted.

>>	Anonymous Mon Apr 28 14:33:22 2014 No.306519 Just because the bubble pops doesn't mean something is dead. It just simply means price is returning to it's mean value to be set up for another random walk from it, even though price is never randomly set.

Anonymous Mon Apr 28 14:36:21 2014 No.306526

>>306502
From the same article, you're talking about a majority of people who only make $5 USD a day who live in poverty in third world countries.

These people can't even afford a computer, let alone electricity. These people need food before they need to bank.

I knew cryptocurrency shills were retarded, but this is just a whole new level.

>>	Anonymous Mon Apr 28 14:38:49 2014 No.306531 >>306391 >It can't be trusted Source on that? Bitcoin has never, to my knowledge, been cracked, otherwise it really would be dead and cryptos would be over.

Anonymous Mon Apr 28 14:45:01 2014 No.306541

>>306526
There are people in Africa whose only technological belongings are a smartphone and a solar panel to charge it. A lot of these are small farmers who use their phones to correct information asymmetries to ensure they don't get screwed when they take their crops to market.

There are less "wealthy" people who only have a smartphone and elect to walk or bike tens of miles every couple of days to pay someone with electricity to charge it for them.

Third-world poverty isn't a serial reenactment of the industrial revolution. Information processing and data exchange are so cheap today, and so valuable to individuals, that their proliferation is outpacing basic infrastructure. Ethnocentrism and paternalism are rarely profitable in the long term.

Anonymous Mon Apr 28 14:46:42 2014 No.306545

>>306526

I agree these people are poor and they do need food.

You were mistaken in the belief that everyone is able to use credit/debit cards, I found that article to correct you. Have you heard of M-Pesa in Kenya? http://en.wikipedia.org/wiki/M-Pesa

Just because people are poor and living in africa doesn't mean they will be unable to participate in bitcoin. It seems they are less likely to use traditional online banking than they are to use bitcoin when they are ready.

Anonymous Mon Apr 28 15:04:31 2014 No.306580

>>306531
http://motherboard.vice.com/blog/what-do-the-latest-nsa-leaks-mean-for-bitcoin Regarding encryption.

But it's not just that; you can't trust the people you're sending it to over the internet, having no recourse or protection and having a digital wallet that must be peered opens it up to even more security risks, making it even less secure than cash. Not to mention, you can't trust it's worth as it's extremely volatile.

Anonymous Mon Apr 28 15:18:00 2014 No.306603

>>306580
>http://motherboard.vice.com/blog/what-do-the-latest-nsa-leaks-mean-for-bitcoin

That seems to amount to, "The NSA tries to crack encryption, so what if they have cracked SHA-256?"
They point out in the article that there is no evidence that the NSA has done so.
It's worthwhile to think about, but if we can't trust open-source encryption software, then we cannot trust any communication or commerce on the Internet.

The other possibility is that Bitcoin has flaws in its implementation, similar to what OpenSSL screwed up. This is more likely, but there is still a huge financial incentive to finding such an exploit. It's telling that even the hordes of copycat shitcoins have not seen a wallet or protocol exploit sufficient to upset the network.

>But it's not just that; you can't trust the people you're sending it to over the internet, having no recourse or protection

This is a problem hampering adoption, but it amounts to using cash. There is nothing stopping someone from building a Bitcoin-based payment processor or escrow service with consumer protections built in, though this necessarily negates some other features of the coin.

What Bitcoin excels at, though, is transferring value instantaneously to anywhere in the world. It doesn't need to be accepted by vendors or have a high valuation to do this, so long as it has any value at all in the local currency.

>>	Anonymous Mon Apr 28 15:23:40 2014 No.306610 >>306603 Only use give your money to trusted individuals/organizations (as you would IRL) and use an escrow service whenever you're setting up a sketchy p2p trade with someone.

>>	Anonymous Mon Apr 28 15:26:40 2014 No.306615 >>306603 The NSA designed SHA-2

>>	Anonymous Mon Apr 28 15:30:01 2014 No.306619 >>306615 What's your point? Are you implying that the SHA-256 is compromised?

>>	Anonymous Mon Apr 28 15:31:21 2014 No.306623 >>306615 >NSA designed SHA-2 >not Scrypt >Dogecoin confirmed for superior

>>	Anonymous Mon Apr 28 15:32:36 2014 No.306625 >>306619 Well, one of the selling points of cryptocurrency is bypassing government and privacy. You're using a tool developed by the government to bypass the government. Wouldn't hurt to be a little skeptical, would it?

>>	Anonymous Mon Apr 28 15:36:53 2014 No.306632 >>306625 Oh yeah, no, let's open ourselves up to conspiracy theories. Fucking idiots. I bet you watch Ancient Aliens.

>>	Anonymous Mon Apr 28 15:40:10 2014 No.306640 >>306632 Should be easy to disprove then?

Anonymous Mon Apr 28 15:43:48 2014 No.306649

>>306640
You can't disprove something that can't be proven.

"Should be easy to disprove god then"

Anecdotal evidence and speculation is not proof, just fuck off. The government could be mind controlling us and our leaders could be reptilian aliens, RIGHT?

Anonymous Mon Apr 28 15:47:48 2014 No.306656

>>306649
You're right, but it is still prudent to view anything the NSA has its hand in with suspicion.
Right now there is no indication that they intentionally introduced backdoors into SHA-2, but it is a very real possibility.

Actually, if you want to have fun making up conspiracy theories, you could make a cyberpunk novel's worth of a case that the NSA is Satoshi Nakamoto, and Bitcoin was developed primarily to asses other states' ability to detect NSA-introduced backdoors.

>>	Anonymous Mon Apr 28 15:48:22 2014 No.306657 >>306649 Quantum computer?

>>	Anonymous Mon Apr 28 16:00:18 2014 No.306666 >>306632 Yeah man, those Snowden leaks were just a bunch of fluff.

>>	Anonymous Mon Apr 28 16:07:49 2014 No.306677 >>306666 Oh you're one of those guys. Yeah they listen to all our phone calls

>>	Anonymous Mon Apr 28 16:12:34 2014 No.306689 >>306677 I knew NEET neckbeards were detached from reality but this takes the cake.

>>	Anonymous Mon Apr 28 16:15:01 2014 No.306693 >>306689 Yeah yeah chem trails

>>	Anonymous Mon Apr 28 16:21:17 2014 No.306699 >>306693 You need to lay off the Alex Jones, kiddo.

>>	Anonymous Mon Apr 28 16:22:32 2014 No.306701 >>306699 >>306689 I don't think you understand I'm joking. >NSA >Ancient Aliens ;^)

Anonymous Mon Apr 28 16:32:55 2014 No.306709

>>306603
>What Bitcoin excels at, though, is transferring value instantaneously to anywhere in the world.

As long as sites like Coinbase continue to be in business Bitcoin will always be relevant, no matter how niche that relevance is.

The ability to instantly send any amount of money to anyone anywhere in the world for like $0.005 cannot be beat by any other service, period.

Anonymous Mon Apr 28 16:47:33 2014 No.306721
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>>306709

Let's forget that the money you got yesterday could be worth a lot less today because of how volatile is bitcoin. I know you NEET cultists don't care about it because you're in it just for speculation. But for people selling things, just losing cents can be a ton of money when you sell large volumes of things and even if you're selling 1 thing, if you sold something at $100 and now you only have $90 you're losing money.

This is basic stuff that any adults can easily understand, except for people like you who have their heads so up their asses with this stupid delusional cult.

Anonymous Mon Apr 28 16:50:07 2014 No.306728

>>306709
>send any amount of money to anyone anywhere in the world
Except you're not really sending money you're sending Bitcoin. The person that receives it has to sell it in order to get the value from it. If they delay in selling it, they run the risk of the BTC losing value.

With a bank transfer I can do the exact same thing but not have to worry about dealing with a commodity that I have to resell. I can send USD to anyone that uses the same bank (just like you can send BTC to anyone who uses the same wallet) and they can receive the USD instantly and be able to use it instantly (without the extra process of blockchain verification). Sending money instantly isn't a new concept.

>>	Anonymous Mon Apr 28 16:54:12 2014 No.306736 >>305680 Pretty much this.

>>	Anonymous Mon Apr 28 16:56:33 2014 No.306740 >>306496 Bitcoin is by far safer than credit if handled properly. Escrow and dispute resolution prevent scams very well.

>>	Anonymous Mon Apr 28 16:57:40 2014 No.306743 File: 49 KB, 683x631, 1320517862007.jpg [View same] [iqdb] [saucenao] [google] >>306740

Anonymous Mon Apr 28 17:02:23 2014 No.306752

>>306721
So don't hold Bitcoin, sell it.
Services like Coinbase and Bitpay already do this.
The only reason to hold Bitcoin is if you're speculating, or if you do a lot of business in it.
The value is not going to fluctuate tremendously in the couple minutes it takes to transact Bitcoin between any two parties anywhere on the planet. Compare that to a bank transfer, which could take weeks and add fees.

Add to that people who don't have bank accounts, or their banks don't transfer easily to each other. If this situation didn't exist, then I wouldn't see Western Union advertizing their special system for sending money to the Philippines whenever I go to the grocery store.

>>	Anonymous Mon Apr 28 17:04:42 2014 No.306755 File: 51 KB, 455x451, 1368390658001.png [View same] [iqdb] [saucenao] [google] >>306740 >Escrow and dispute resolution prevent scams very well.

>>	Anonymous Mon Apr 28 17:06:22 2014 No.306760 File: 971 KB, 1920x1082, thedude.jpg [View same] [iqdb] [saucenao] [google] >>306740 Wahahahahah

>>	Anonymous Mon Apr 28 17:09:49 2014 No.306764 File: 17 KB, 403x403, 1398552948444.jpg [View same] [iqdb] [saucenao] [google] >>306740 Good point but >safer than credit

Anonymous Mon Apr 28 17:15:50 2014 No.306771
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>>306752

Exactly, that's the only way to prevent losing money. Why would any big business bother to do any of that? Sure if I have a tiny business I could bother to sell the bitcoins I got from one of your kind instantly.

>Add to that people who don't have bank accounts, or their banks don't transfer easily to each other.

So how are poor niggers in africa and other third world countries that bitcoin cultists care so much about going to cash out their bitcoins if they have no bank accounts and there isnt going to be any bitcoin exchange affiliated with visa or mastercard ever? Your vision only works in a world where bitcoin is the de facto currency, accepted everywhere and there's bitcoins atms in every corner.

>>	Anonymous Mon Apr 28 17:19:54 2014 No.306780 >>306771 Why would a business bother to do that? More publicity and sales. Overstock accepts Bitcoin through Coinbase.

>>	Anonymous Mon Apr 28 17:37:58 2014 No.306810 Microtransactions aren't possible with credit/debit cards. Bitcoin can send fractions of cents via SMS, email and qr over time.

Anonymous Mon Apr 28 18:04:01 2014 No.306842

>>306780
>You have a sale between Mikey and Bobby. >Mikey is about to give Bobby $20 for his skateboard.
>Easy transaction.
>But wait! Here comes Jimmy.
>Jimmy says I have this great new thing called Bitcoin!
>Jimmy explains to Mikey that Mikey can give Jimmy the $20 and he will give him .0476 Bitcoins.
>Mikey says "But all I want to do is buy a skateboard. Can't I just give Bobby the $20?"
>"No!" Jimmy says. "You are getting screwed by the Fed. You need Bitcoin because your dollars are losing value!"
>"O-ok" says Mikey. He hands Jimmy the $20.
>Jimmy says "You now have .0473 Bitcoin. I took out the 0.5% transaction fee for you to transfer from fiat to Bitcoin. I can hold the Bitcoin for you on my Bitcoin Exchange."
>"So after the fee how much is my Bitcoin worth?", asks Mikey.
>"It would have been about $19.80", Jimmy says. "However, in the last 15 minutes bad news from China made the value drop 1% so it is worth about $19.60. Give me $.50 more cents and you will have your $20 give or take."
>"Ok fine. So now how do I buy the Skateboard with it?"
>Jimmy now turns to Bobby "Hey Bobby, Mikey wants to buy your skateboard with Bitcoin. Do you accept Bitcoin?"
>Bobby says "Hmm... I don't even know what that is"
>"It is a new innovative technology! It will allow you to make more sales! If you accept Bitcoin you can sell your skateboard to Mikey who only has Bitcoin now."
>"But I don't want Bitcoin? I just wanted the $20."
>"No worries", replies Jimmy. "All you have to do is accept the transaction and allow me to take his Bitcoin and then sell the Bitcoin to get dollars for you. I will do this for only a 1% fee."
>"I guess...." says Bobby.
>"Great!" replies Jimmy. "Here is your $19.80 Bobby. Mikey you can now take your skateboard."

>>	Anonymous Mon Apr 28 18:09:35 2014 No.306853 >>306842 This is irrelevant to a large business accepting Bitcoin. >Accept Bitcoin >Insta-converted to FIAT >Insta-sent to companies bank

>>	Anonymous Mon Apr 28 18:10:43 2014 No.306855 >>305702 >Get a job. >Be a slave, good go-gooiii-goouhh-guy! GUY! >I OBVIOUSLY MEANT TO SAY GUY!!!

>>	Anonymous Mon Apr 28 18:11:09 2014 No.306857 >>306842 Cheaper than Paypal

>>	Anonymous Mon Apr 28 18:12:30 2014 No.306859 >>305822 That's only 150btc, dumbass. lrn2read

>>	Anonymous Mon Apr 28 18:12:52 2014 No.306861 >>306855 >uses wageslave unironically Oh boy, here we go

>>	Anonymous Mon Apr 28 18:12:58 2014 No.306862 >>306842 What a waste of time that was to read well done you're a faggot. Clearly.

Anonymous Mon Apr 28 18:13:01 2014 No.306863
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>>306853
So you mean that fees aren't charged for buying Bitcoins through an exchange? So you mean that fees aren't charged by Coinbase or Bitpay who convert the Bitcoin to fiat? So you mean that by the time a consumer buys Bitcoin and actually uses it at a merchant there isn't a risk that Bitcoin has already lost value? So you mean that you can't escape all the extra fees and risks by using fiat?

Yea. Sure seems irrelevant to me.

>>	Anonymous Mon Apr 28 18:14:29 2014 No.306866 >>306862 Hey its not my problem if you have no reading comprehension. Maybe if you had a better education?

>>	Anonymous Mon Apr 28 18:15:47 2014 No.306868 >>306743 >this reaction image Go to bed Ben bernanke

>>	Anonymous Mon Apr 28 18:17:30 2014 No.306869 >>306866 Are you seriously defending that awful greentext??! You should get your head examined.

Anonymous Mon Apr 28 18:18:42 2014 No.306871

>>306863
The fees are still cheaper than any other option.

>So you mean that by the time a consumer buys Bitcoin and actually uses it at a merchant there isn't a risk that Bitcoin has already lost value?

This is irrelevant to a company accepting payment through Bitcoin.

>So you mean that you can't escape all the extra fees and risks by using fiat?

Sure if the company decides to sell their BTC

I don't think you understand the fact that a technology takes time to grow. Bitcoin is volatile and for the average technical idiot it can be VERY insecure. I totally agree with you that Bitcoin has a long way to go, but every day I see strides toward a faster, more widespread, and more secure Bitcoin.

>>	Anonymous Mon Apr 28 18:19:11 2014 No.306873 >>306863 You have the wrong idea. You have no idea in fact

>>	Anonymous Mon Apr 28 18:19:28 2014 No.306876 File: 1.97 MB, 290x268, 1388203610276.gif [View same] [iqdb] [saucenao] [google] >>306869 >I can't understand it! >It must be your fault! You must be crazy!

Anonymous Mon Apr 28 18:21:29 2014 No.306877

>>306871
>The fees are still cheaper than any other option.
The only reason there are a little higher fees with other services is because Paypal and credit cards offer consumer protection. Bitcoin doesn't. Which makes it impractical for average transactions.

>>	Anonymous Mon Apr 28 18:21:34 2014 No.306878 >>306876 Johnny does blah sells to jimmy then says to johnny blah blah. Ur retarded

>>	Anonymous Mon Apr 28 18:21:58 2014 No.306880 >>306771 You clearly haven't read the thread, these points have been addressed. >one of your kind >>>/pol/

>>	Anonymous Mon Apr 28 18:22:48 2014 No.306881 >>306877 This, again, is irrelevant to big businesses accepting Bitcoin. A big business is not going to scam you or fuck you over. I mean unless they like losing consumer support and money.

>>	Anonymous Mon Apr 28 18:23:00 2014 No.306882 >>306873 >You're wrong! >I have no idea why though!

>>	Anonymous Mon Apr 28 18:24:12 2014 No.306883 File: 85 KB, 300x254, silly you.jpg [View same] [iqdb] [saucenao] [google] >>306881 >A big business is not going to scam you or fuck you over.

>>	Anonymous Mon Apr 28 18:25:45 2014 No.306886 >>306883 >I mean unless they like losing consumer support and money.

>>	Anonymous Mon Apr 28 18:27:48 2014 No.306889 File: 903 KB, 300x200, 1387939663381.gif [View same] [iqdb] [saucenao] [google] >>306886

Anonymous Mon Apr 28 18:28:16 2014 No.306890

>>306881
> A big business is not going to scam you or fuck you over

What a crock of shit.

Try to convince the average consumer to give up cashback rewards, fraud protection and the ability to chargeback in exchange for a false sense of privacy for buying a pair of shoes online.

>>	Anonymous Mon Apr 28 18:29:52 2014 No.306894 >>306882 I'm not even arguing with your ideas. Just pointing out how your post was a failure

Anonymous Mon Apr 28 18:31:16 2014 No.306898

>>306890
>>306889
>>306883
>I don't think you understand the fact that a technology takes time to grow. Bitcoin is volatile and for the average technical idiot it can be VERY insecure. I totally agree with you that Bitcoin has a long way to go, but every day I see strides toward a faster, more widespread, and more secure Bitcoin.

Anonymous Mon Apr 28 18:35:28 2014 No.306910

>>306880

What exactly was adressed? Just crypto shills grasping at straws.

>>306894

I think he did a good job explaining to the 12 year old minds of crypt shills why accepting bitcoin is a pain in the ass for simple transactions. And same for businesses, just pay me with debit, credit or paypal shithead, nobody wants to get into extra trouble to get their money.

>hurr durr but what about the poor niggers in africa living with 2 dollars a day that will someday in my fantasies all use bitcoin to buy a shirt from your online store at prices that exceed what they make in a month.

Anonymous Mon Apr 28 18:36:41 2014 No.306914
File: 858 KB, 240x228, 1389045743963.gif [View same] [iqdb] [saucenao] [google]

>>306894
OK let me dumb it down for you then.
>You have a sale between Mikey and Bobby. >Mikey is about to give Bobby $20 for his skateboard.
>They complete the sale. The end.
See? Even dumbasses like you can understand how everything is simpler and cheaper without having to use Bitcoin.

>>	Anonymous Mon Apr 28 18:39:55 2014 No.306921 >>306914 Is this scenario an online store or? Cause the situation would be the same. I doubt kids would barter Bitcoin and skateboards

>>	Anonymous Mon Apr 28 18:40:26 2014 No.306924 >>306914 What if bobby is in Taiwan and mikey is in Poland?

>>	Anonymous Mon Apr 28 18:41:42 2014 No.306926 >>306914 Reaction image Wow So expressive

Anonymous Mon Apr 28 18:53:46 2014 No.306956

>>306924
Ok good question. Let us see how it would work with Bitcoin first.
>Mikey wants to buy a skateboard online
>Bobby is selling one but he lives in Taiwan
>Mikey likes the idea of Bitcoin. Like any smart boy he knows that the dollar is inflating out of control. He saw it on an infomercial for gold bullion.
>He decides to buy Bitcoin through a Bitcoin exchange for the transaction
>They need him to scan his ID, social security card, current address with utility bill and bank statement. Hmm... maybe he will have his mom do this for him...
>The verification process takes 2 weeks so he will have to wait
>2 weeks later he gives his mom $21 (to cover the extra fees) who transfers it from her bank. This will take about 3 days to clear.
>He finally gets his Bitcoin and decides to buy the skateboard from Taiwan
>Bobby says yes! We accept Bitcoin!
>Mikey transfers .0476 Bitcoin over to Bobby who then assures him that he will send the skateboard.
>1 day goes by and no word from Bobby. Mikey sends an email asking for a tracking number.
>2 days go by still no word
>1 week goes by
>2 weeks go by
>Did Mikey get scammed by Bobby? How does he get his Bitcoin back? Who does he call?
>Mikey realizes he does not like Bitcoin anymore.

>>	Anonymous Mon Apr 28 18:56:03 2014 No.306961 File: 19 KB, 213x212, 1363319024897.jpg [View same] [iqdb] [saucenao] [google] >>306956 >Who does he call?

Anonymous Mon Apr 28 19:03:40 2014 No.306978

>>306956
mikey is a faggot because he went to a shitty exchange that made him go through a bunch of unnecessary bullshit. Mikey should have went through coinbase, entered bank info and cc card info and get btc instantly. He should also learn about escrow so he won't get ripped off by shady niggers like bobby.

This same shit could happen with a newb on ebay, you just have to not be a complete fucking retard like Mikey and you will be fine

Anonymous Mon Apr 28 19:05:18 2014 No.306980

>>306956
Ok. Now here is how it works with Credit Card.
>Mikey wants to buy a skateboard online
>Bobby is selling one but he lives in Taiwan
>Mikey gives his mom $20 so she can buy it with her cc
>She buys it for $20 and Bobby sends the skateboard and provides a tracking number
>Bobby would never scam someone who pays with a credit card because he knows there is no point. If the skateboard doesn't show up Mikey's mom can do a chargeback and Bobby won't get any money anyways.
>Mikey gets his skateboard. He likes credit cards.

>>	Anonymous Mon Apr 28 19:09:33 2014 No.306987 >>306980 re: Escrow

Anonymous Mon Apr 28 19:09:41 2014 No.306988

>>306978
Escrow was really only meant for large purchases. It is pretty terrible for smaller everyday transactions. Also, escrow services charge fees. Why would consumers do that when it is so much easier with credit cards? Why would merchants prefer that when it takes so long to get the payment with escrow?

Anonymous Mon Apr 28 19:10:16 2014 No.306991

>>306978
>unnecessary bullshit
>Mikey should have went through coinbase, entered bank info and cc card info and get btc instantly

Or better yet, since Mikey already has a Credit Card, he can just use that and his purchase will be refundable in the event the seller doesn't honor the purchase, he might get some cash back and if his credit card information is stolen, he'll be protected from any unauthorized use.

Wow, that was easy!

>>	Anonymous Mon Apr 28 19:10:23 2014 No.306992 >>304903 >cryptocurrencies >dead That's news to me. I just sold about 2.3 million dogecoins over the last 2 or so days at 25% markup.

Anonymous Mon Apr 28 19:23:59 2014 No.307008

>>306991
well no shit it would be easier to buy with a credit card. You're missing the entire point. First of all who in the fuck would be like..." I want to buy a skateboard from some kid overseas, but I only want to buy bitcoins even though I dont have any and have never bought any before" if someone wants to buy shit with bitcoins you have to assume they already have or knows how to get them easily.

the point the earlier poster was trying to make is that btc is a long drawn out process where you have to pay fees and do all of this other gay shit and wait for weeks to receive it, which is complete bullshit.

the other point was that if you do use bitcoins you have, there is a good chance you will get ripped off and there is not a way to prevent it, which is also bullshit. Use escrow

Your point about the safety of credit cards is complete bullshit too, anyone can easily get scammed when using a credit card, it happens to thousands of people everyday.

Anonymous Mon Apr 28 19:32:21 2014 No.307020

>>307008
>Use escrow
Again, escrow is not great for small businesses because it does not allow for fast payments and large businesses would not want to touch BTC, they would want a service like Bitpay to convert it to fiat for them. So if it starts off as fiat from before the consumer bought Bitcoin and it ends up as fiat in the hands of the business, and you have to go through a middleman that charges fees (escrow), what is the point in using Bitcoin for transactions again? It seems pointless.

Anonymous Mon Apr 28 19:33:28 2014 No.307024

>>307008
>Your point about the safety of credit cards is complete bullshit too, anyone can easily get scammed when using a credit card, it happens to thousands of people everyday.

You sound very young.

I suggest reading up on credit cards, FDIC law and ask your parents if you can read their credit card terms.

Anonymous Mon Apr 28 19:52:15 2014 No.307057

The anonymous nature of bitcoin and innovations built on the blockchain like darkmarket for example will keep bitcoin alive and well. The credit card shills ITT forget how much credit card fraud happens everyday to the tune of $190bn per year.- from Forbes and also how many people aren't able to get credit/debit cards. 2.5 billion adults - from microfinancegateway.

Much of this credit card fraud is born from consumer protections. It's people taking advantage of the law and scamming the companies for money.

Credit/Debit cards leave a person vulnerable every time they are used. It's an old outdated system which will be replaced and the best candidate will win.

Once a person has bitcoin it's nearly a frictionless system if you don't bother converting to legal tender. I am not saying the world's reserve currency has to be in bitcoin but it's not outside the realm of possibility.

>>	Anonymous Mon Apr 28 20:01:30 2014 No.307078 >>306657 They have been trying to crack encryption with DWave, but thus far real quantum computing is total fiction.

Anonymous Mon Apr 28 20:07:22 2014 No.307086

>>307057
>how much credit card fraud happens everyday to the tune of $190bn per year.
Of course fraud happens. People fraud. How much liability out of that $190 billion do you think the credit card companies shoulder and how much do you think the consumer shoulders? Protip: Credit card company 100%, consumer 0%. That doesn't really matter though because credit card companies make a lot of money on people that rack up debt and can cover the costs.

Consumer protection is a good thing, even though I know you think it is not. Some people will abuse the system, sure, but overall it works. Any technology that has bad consumer protection is not going to be used for average transactions. It is just not practical.

>world's reserve currency has to be in bitcoin but it's not outside the realm of possibility.
It is absolutely outside the realm of possibility. I can explain to you why if you want but I think you already know.

>>	Anonymous Mon Apr 28 20:10:34 2014 No.307095 >>307057 >Forbes and also how many people aren't able to get credit/debit cards. 2.5 billion adults Also anyone can get a prepaid debit or credit card. Anyone.

>>	Anonymous Mon Apr 28 20:14:02 2014 No.307097 >>307095 You can't conduct micro transactions with credit card. Credit cards have taken us as far as they can, and I am grateful, but now we need something better.

>>	Anonymous Mon Apr 28 20:15:43 2014 No.307099 >>307097 >You can't conduct micro transactions with credit card. Only plebs care about micro transactions, and no one cares about plebs.

>>	Anonymous Mon Apr 28 20:17:39 2014 No.307102 >>307097 Fractions of a cent? Where is this used... anywhere? Give me an example how this is even meaningful in the real world.

>>	Anonymous Mon Apr 28 20:18:57 2014 No.307103 >>307102 Purchasing an online article.

>>	Anonymous Mon Apr 28 20:20:34 2014 No.307104 >>307103 For less than one penny?

>>	Anonymous Mon Apr 28 20:23:53 2014 No.307108 >>307104 nah make it 5 cents, have fun trying to use a credit card. This is why journals charge subscriptions instead of allowing people to pick and choose articles.

Anonymous Mon Apr 28 20:31:49 2014 No.307113

>>307108
If micro-transactions were such a big deal to people wouldn't credit cards already have instituted a charging structure that allows for it? If it is viable for Bitcoin there is no reason it shouldn't be viable for other payment processor models.

Anonymous Mon Apr 28 21:13:49 2014 No.307153

>>307108

Yeah dude, billions of people are frustrated everyday because they can't spend pennies in the millions of options out there

Cryptotards will grab to any straw, every single argument you come up with is more retarded than the last one. Get a job loser

Anonymous Mon Apr 28 22:00:32 2014 No.307247

>>307153
>Yeah dude, billions of people are frustrated everyday because they can't spend pennies in the millions of options out there

Is this supposed to mean something?

>>307113
You asked me to provide an example and I have, then you responded with opinion.

>If it is viable for Bitcoin there is no reason it shouldn't be viable for other payment processor models

Look it up. I don't feel like spoon feeding today.

Anonymous Tue Apr 29 00:57:24 2014 No.307505

>>307247
>Look it up. I don't feel like spoon feeding today
Sorry the question was rhetorical, I really wasn't asking you anything. The answer is: Yes. There is nothing proprietary about being able to handle micro-transactions. If people really considered them useful then Credit Cards would already be offering a charging structure for them. I was just trying to get you to connect the dots and you didn't.

Anonymous Tue Apr 29 01:15:54 2014 No.307532

>>307505
They charge fees for merchants to offset that 190bn/year fraud for consumer protection that makes it uneconomical to charge anything less than the fees. The way around this is in closed loop systems like iTunes or by paying a subscription or by using an intermediary like your phone service provider. Today payments under 1 USD online is rare and almost invariably require some kind of prepayment.

http://www.coindesk.com/bitcoins-role-future-micropayments/

>"PayPal, for example, sets its fees higher when payments are below $12, which it considers a microtransaction. Paypal’s normal rate is 2.9% + $0.30, while there is a higher 5% + $0.05 micropayments rate."

Anonymous Tue Apr 29 01:24:15 2014 No.307545

>>307153
Yup, it's pretty fuckin' sad.

It's like trying to explain to someone who's deep into MML what a pyramid scheme is and why it's a bad idea.

They're financially and emotionally invested and will try to justify it any way they can.

You gotta admit though, it's pretty entertaining to see what these kids can come up with.

>>	Anonymous Tue Apr 29 01:43:10 2014 No.307556 File: 2 KB, 280x121, monies.png [View same] [iqdb] [saucenao] [google] >>307545 Like 30k last month

Anonymous Tue Apr 29 01:54:25 2014 No.307568

>>307532
>They charge fees for merchants to offset that 190bn/year fraud for consumer protection
All businesses that offer products have to offset the costs of fraud and theft. Car insurance charges higher premiums because of insurance fraud. Walmart charges higher prices because of petty theft. Credit card companies charge higher fees because of credit card fraud. These are all big companies that have to account for people scamming the system but have every incentive to crack down on fraud and theft because they need to stay competitive in a free market and keep fees reasonable. People will always try to scam or fraud the system, there is no way around that. Normally there are tons of criminal prosecutions because criminals can't hide behind shrouds of anonymity and law enforcement officials can find them. With Bitcoin however, the fraud is bound to happen more frequently because there is no big company to scam it is all individuals directly scamming other individuals and the identity of the scammer is protected. There is no way to track someone down and no way to prevent individuals, entities, companies, escrow services, crytpo-currency exchanges, the government, a shady black market, or anyone else from screwing the hell out of you. In fact this has already happened in a large enough scale to almost fully discredit the entire Bitcoin technology entirely.

>PayPal, for example, sets its fees higher when payments are below $12
You just confirmed my point. Paypal does micro-payments they just scale the fees down. If they had any "real" competition (i.e. another payment processor that actually rivals their service and is used widely) I am sure they might lower their fees even more to compete with the other payment processor. They are in no serious danger of that and won't be until someone develops a system akin to their own, and not one with absolutely zero consumer protection (Bitcoin).

>>	Anonymous Tue Apr 29 02:18:12 2014 No.307592 File: 24 KB, 1094x437, chart.png [View same] [iqdb] [saucenao] [google]

Anonymous Tue Apr 29 02:38:22 2014 No.307613

>>307568
>"Paypal’s normal rate is 2.9% + $0.30, while there is a higher 5% + $0.05 micropayments rate."

The minimum fee is $0.35, you cannot spend less than this or the merchant loses money. This is important because 35 cents could be a donation to charity, a news article or an in game item. Traditional payment systems are expensive to run and making payments that are less than 1 USD is difficult if not impossible because of how the fees are structured. The solution to this problem is solved with bitcoin.

>>	Anonymous Tue Apr 29 02:45:23 2014 No.307624 >>305359 I've been saying it since the peak, $200 looks like the real equilibrium

Anonymous Tue Apr 29 02:51:40 2014 No.307634

>>307613
>Traditional payment systems are expensive to run
Just because payment systems have overhead costs doesn't mean they can't scale a payment system to allow for micro-transactions. They just haven't needed to because there hasn't been a huge call for this type of service.
>The minimum fee is $0.35
Paypal minimum fee with a micro-payment would actually be about $.06 or 6 cents
> $.01 + 5% = $.0105 or $.01 rounded to the nearest cent. $.01 + $.05 = $.06
Essentially they are charging 5 cents to most micro-payments up to 10 cents for every dollar. I wouldn't say these are excessive fees by any means, especially when they are the only current payment processor that deals with micro-payments.

>>	Anonymous Tue Apr 29 03:14:21 2014 No.307663 >>307634 Right, but with bitcoin there aren't any fees unless you tip the miners and now micro payments are feasible. This has major potential in crowd sourcing or in subscription based business models.

>>	Anonymous Tue Apr 29 03:15:41 2014 No.307666 File: 16 KB, 210x214, 300.png [View same] [iqdb] [saucenao] [google] y'all niggas posting in a troll thread

>>	Anonymous Tue Apr 29 03:24:28 2014 No.307677 File: 103 KB, 482x636, image.jpg [View same] [iqdb] [saucenao] [google] ITT nocoins

Anonymous Tue Apr 29 03:28:55 2014 No.307679

>>307663
I don't think this in of itself will generate much more of a userbase, I could be wrong.
>Large scale investment, artificial pumping and manipulation of a speculatory commodity - yes.
>Medium scale use in average everyday transactions and purchases - impractical and unlikely.
>Small scale use in micro-transactions - maybe but not without competition.

>>	Anonymous Tue Apr 29 03:32:21 2014 No.307681 >>307679 >Medium scale use in average everyday transactions and purchases - impractical and unlikely. I'm living proof that this is not the case. Where is your god now nocoins?

Anonymous Tue Apr 29 03:34:12 2014 No.307684

The worlds greatest ponzi scheme.

Just look at the alternate coins holy fuck, runescape market was better than this shit, everyone has "their" coin and they are so emotionally invested in their ONE coin they will fight to the death for it even when all signs point to death.

THERE CANT BE 500 LITECOIN CURRENCIES.

>>	Anonymous Tue Apr 29 03:36:29 2014 No.307685 >>307684 Altcoins will die I agree. Bitcoin already has the scale though. Many places accept it.

>>	Anonymous Tue Apr 29 03:36:38 2014 No.307686 >>307681 The exception to the rule is not the rule. Also, I don't believe you use Bitcoin for any of your everyday purchases (i.e food, rent, car insurance, phone)

>>	Anonymous Tue Apr 29 07:41:16 2014 No.307862 File: 41 KB, 800x600, btc.png [View same] [iqdb] [saucenao] [google] Well I don't think bitcoin will die out, as already mentioned above, all the alt coins will die instead. Bitcoin is the only coin able to keep it up.

Anonymous Tue Apr 29 12:39:07 2014 No.308115

>>307684
This.

Nobody cares about Bitcoin besides NEET investors and drug addicts.

Once the value tanks (which it's already doing since the hype is gone) and the value normalizes at around $1 a coin, what are people going to do with it? Why would anyone go through the hassle of using this terrible 'currency' for any kind of purchase that isn't illegal?

Hm, well I kind of want to order a pizza. I better go to coinbase and buy 20BTC with my bank account so Obama doesn't know I like Papa Johns.

It's dead.

Anonymous Tue Apr 29 15:16:29 2014 No.308290

>>308115

You've missed the point of anonymity for e-cash. Have you realized that paper money is more likely to end up at it's intrinsic value of zero thanks to government policy and expansion of the money supply ad infinitum. If you don't understand why people hedge against governments then bitcoin won't seem as attractive.

>>	Anonymous Tue Apr 29 15:47:59 2014 No.308326 >>308290 Oh boy, here we go with the doomsday rhetoric. If BTC is going to replace USD, then why on earth are you giving away BTC for USD? You need to get a job, kid.

>>	Anonymous Tue Apr 29 15:54:19 2014 No.308332 >>308326 >why on earth are you giving away BTC for USD? Volatility

>>	Anonymous Tue Apr 29 16:10:25 2014 No.308351 >>305035 not really. dot com was just a gloss on existing thech, eg had been around since late 80's. btc, solves a problem, no one had solved before, which does away with alot of the banking system, and gov

Anonymous Tue Apr 29 16:24:31 2014 No.308370

>>308290
>hedge against governments

Meanwhile in reality, one of people's favorite uses for the government is a hedge against volatile private assets through T-bills. Nobody "hedges" against governments for the same reason nobody buys CDS's on Treasuries- because there's nobody on the planet who can pay you if governments go tits-up.

>>	Anonymous Tue Apr 29 16:43:41 2014 No.308408 >>308370 >"one of people's favorite uses for the government is a hedge against volatile private assets through T-bills" -Citation needed.

>>	Anonymous Tue Apr 29 16:45:04 2014 No.308414 >>308370 This guy bet against the US economy. https://www.youtube.com/watch?v=LFN5-6cYN2k Why aren't you bad ass like him?

>>	Anonymous Tue Apr 29 16:54:23 2014 No.308442 >>308414 According to the video the hedge fund made $6bn in 2008

Anonymous Tue Apr 29 17:00:42 2014 No.308462

>>308115

>Bitcoin goes to $1
>Start international remittance business
>Capture exponentially increasing share of remittance market as all other centrally organised financial companies cannot compete with decentralised efficiency
>Third party companies layer on top of your company to allow people to move their money internationally through Bitcoin without having to convert it to Bitcoin
>All remittance market moves to Bitcoin system due to incumbent's forced competition
>Bitcoin goes to $40000

This is why you are not rich - because you would rather go "hurf durf i cant buy a pizza dur" and cannot go beyond basic nigger knowledge to understand why other people apart from you might have a use for such an innovative tool.

>>	Anonymous Tue Apr 29 17:01:44 2014 No.308463 >>308442 No it didn't. She said she didn't know for sure, but most likely he didn't make a large amount of money during the 2008 crash since it was started in 2007, and its current valuation is 6 billion.

>>	Anonymous Tue Apr 29 17:02:54 2014 No.308465 >>308351 Bitcoin can't replace banking system as you can't do loans with Bitcoin, this limits Bitcoin's scope a fair amount but it has plenty of other uses.

>>	Anonymous Tue Apr 29 17:03:13 2014 No.308467 >>308414 >>308442 >spends $6bn buying 40% OTM puts on the S&P 500 Okay, that's a pretty ballsy bet to be making right now, but I can see- >Uploaded on Jun 17, 2011 AHAHAHAHAHAHAHAHAHAHA FAGGOT

>>	Anonymous Tue Apr 29 17:16:51 2014 No.308493 >>308414 Black Swan events are not only about doomsday scenario. They can be opposite too.

Anonymous Tue Apr 29 17:19:36 2014 No.308500

>>308462
Wow, you're a genius!

Oh wait, just kidding, you forgot about all the red tape, ya dumb nigger.

http://www.coindesk.com/why-the-future-of-bitcoin-remittance-businesses-isnt-certain/

Maybe next time you should research topics and businesses you know nothing about before spouting memes and buzzwords like an uneducated nigger.

This is why you aren't rich, kiddo.

>>	Anonymous Tue Apr 29 17:20:59 2014 No.308504 >>308462 Better hope these services and merchants don't accept other digital currencies

>>	Anonymous Tue Apr 29 17:48:28 2014 No.308564 >mfw people still havent invested in PandaCoin (PND) aka 4chancoin Its like you all like being poor

Anonymous Tue Apr 29 17:51:38 2014 No.308579

To recap:

Bitcoin is superior in that it offers pseudonymity, can facilitate micro-transactions on the order of <$0.05 which is near impossible with traditional systems, it also offers a global remittance system with low fees and little restrictions on cross border payments.

Anonymous Tue Apr 29 17:57:48 2014 No.308600

>>308579
>offers pseudonymity
Which nobody cares about.
>can facilitate micro-transactions on the order of <$0.05
Which nobody uses.
>offers a global remittance system with low fees
Which will be swallowed up by red tape and compliance with legislation. This also means you have to deal with Bitcoin which is a volatile commodity that you have to try to resell on the other end to get any real value out of it.

So in essence Bitcoin is superior to... nothing really. Good recap.

>>	Anonymous Tue Apr 29 18:00:15 2014 No.308613 >>308600 >pseudonymity 2.5 billion adults will benefit, hardly nobody. >micro-payments Crowd sourcing and donations >global remittance $500 bn per year.

Anonymous Tue Apr 29 18:12:38 2014 No.308651

>>308613
>2.5 billion adults will benefit, hardly nobody.
Those 2.5 billion could use pre-paid debit and credit cards if they needed to (right now they probably use something akin to Western Union where they can send cash). I think the people that can't even get government IDs are not going to usually even have smart phones or constant access to the internet let alone want to use some volatile commodity. Not to mention most exchanges want IDs, proof of address, bank statements. Yes, this is definitely going to be useful for poor illegals...

>Crowd sourcing and donations
Incredibly limited use. Again, nobody cares about micro-transactions, If they did there would be a bigger market for it.

>$500 bn per year.
MoneyGram reported great first quarter growth for 2014. Bitcoin has not affected them at all because Bitcoin is not used for what people say it is used for.

Anonymous Tue Apr 29 18:23:31 2014 No.308673

>>308651
opinions, opinions everywhere and forgetting that most of this was not possible in the past.

What's more likely, a developing nation jumps on board with traditional banking services or adopts bitcoin? ie. M-Pesa

Micro-transactions online were not possible in the past due to fee structuring, not because there was no demand. There is no way to tell how big this market is yet because it hasn't existed before.

Anonymous Tue Apr 29 18:36:00 2014 No.308689

>>308673
There is a difference. Your opinion is based on you owning Bitcoin. Of course you are biased. I have no dog in the fight.

Also, you even need a national ID card or passport with M-Pesa. It is a banking service, although you don't need to go to a specific branch to carry out transactions. Your example is really terrible because it affirms that most developing nations will opt for traditional banking services rather than a speculatory commodity. Limited bank involvement =/= no bank involvement.

>Micro-transactions online were not possible in the past due to fee structuring
Like we discussed earlier Paypal structured their fees to allow for micro-transactions. You're like a broken record you reiterate the same bad arguments over and over hoping that if you word it differently it will somehow ring true. It does not.

Anonymous Tue Apr 29 18:44:00 2014 No.308701

>>308689
>There is a difference. Your opinion is based on you owning Bitcoin. Of course you are biased. I have no dog in the fight.

You're emotionally invested in your opinion. Your anger either stems from your strong belief in fiat, or cognitive dissonance, since you missed your only chance to make a ludicrous amount of money in your life time.

>Like we discussed earlier Paypal structured their fees to allow for micro-transactions.

Fees are enormous. I also recall free to play games raking in millions from their in game economies. Most products are 1-5$.

You can't dismiss a fledgling market, it's being held back by fees.

About Bitcoin in general. I'm not an investor, but I see a huge potential in the digitization of money.

Bitcoin is volatile and for many, insecure. But Bitcoin is also young and like the internet before it, it will evolve and grow.

Should you buy/use Bitcoin? No. You shouldn't, unless you're interested in the potential monetary benefit of taking such a risk. Will Bitcoin make you rich? No, but it opens the doors to many to types of businesses and that's exciting.

>>	Anonymous Tue Apr 29 18:45:07 2014 No.308705 >>308689 i'll jump in here and say you seem to be retarded and have forgotten you can own a flip phone for almost nothing these days, and m-pesa's ease of use just makes it more sensible for microtransactions or whatever.

Anonymous Tue Apr 29 18:56:05 2014 No.308728

>>308701
>Your anger either stems from your strong belief in fiat
What anger? Refuting all of your points makes me angry? One of the arguments that people who own Bitcoin have is that everyone else is just angry at them because "they missed the boat". This is a huge stretch and you know it.

>Fees are enormous
I wouldn't say that charging a $.35 fee on a $5 transaction is enormous. If there were other competitors that entered into the space then those fees would probably shrink and be more competitive. Obviously Paypal does not consider Bitcoin a threat.

>I'm not an investor
I really don't believe you. I feel the emotion oozing out of your text and it shows.

>No, but it opens the doors to many to types of businesses and that's exciting.
This is why you are shilling it? Because you are excited by all the businesses it will spawn? Come on, maaaaan. Let's be real here.

>>	Anonymous Tue Apr 29 18:57:44 2014 No.308732 >>308705 I didn't say flip phone. I said smart phone. Also, I had no argument against M-Pesa. I just said it was part of the banking system.

>>	Anonymous Tue Apr 29 18:58:19 2014 No.308733 >>308732 boy you love hearing yourself talk. are you a paid shill?

>>	Anonymous Tue Apr 29 19:02:01 2014 No.308740 >>308733 Shill for who? The government? The NSA? The FBI? The secret service? JP Morgan? The Fed? Which one?

>>	Anonymous Tue Apr 29 19:02:56 2014 No.308742 >>308740 anyone who hires sperglords

>>	Anonymous Tue Apr 29 19:04:43 2014 No.308747 >>308742 Yes. I am also a shill for Coca Cola and Hooters (for the chicken of course).

>>	Anonymous Tue Apr 29 21:27:01 2014 No.308958 The blockchain is revolutionary and bitcoin will thrive in the future.

>>	Anonymous Tue Apr 29 21:32:35 2014 No.308964 >>308958 Stop bumping this thread you fucknugget. Very few people care about Bitcoin anymore.

>>	Anonymous Tue Apr 29 21:34:02 2014 No.308968 >>308964 i hope you saged :^)

>>	Anonymous Wed Apr 30 13:53:32 2014 No.309944 >>308958 I'm convinced this poster is just a bot who repeats bitcoinisms over and over since there is no actual argument, logic or thought in its posts.

Anonymous Wed Apr 30 15:22:48 2014 No.310057

>>309944
From a video about the flash crash of may 2010 and HFT.

https://www.youtube.com/watch?v=aq1Ln1UCoEU

At 47:50 the guy says:

>"I don't have a dollar in the stock market, but it interests me and I am happy when it goes down. It irritates me when it goes up. Why do these people make money without doing any work."

Sour grapes bro.

>>	Anonymous Wed Apr 30 15:46:17 2014 No.310076 I bought 3 bitcoins today.

>>	Anonymous Wed Apr 30 15:53:15 2014 No.310086 >>310076 Did you read this too? http://www.bloomberg.com/now/2014-04-30/bitcoin-now-bloomberg/

>>	Anonymous Wed Apr 30 16:29:46 2014 No.310167 File: 13 KB, 125x125, 1355507851659.gif [View same] [iqdb] [saucenao] [google] >>308747 >Coca Cola and Hooters (for the chicken of course) They serve BUFFALO WINGS you fucknugget, not chicken.

>>	Anonymous Wed Apr 30 16:36:52 2014 No.310192 >>310167 ahahaha Touche!

Anonymous Wed Apr 30 16:43:27 2014 No.310210

>>310086
These are my favorite quotes from the article:
>or a fad whose crash will be as precipitous as its meteoric rise
>And while Bitcoin has thus far survived intense media scrutiny, scandal and wild price swings, there certainly is no guarantee that Bitcoin will persevere.
They had to put a few disclaimers in there so it didn't appear they were endorsing Bitcoin.

>>	Anonymous Wed Apr 30 16:50:17 2014 No.310222 >>310210 Of course those are your favorite. You're sour grapes and delusional.

>>	Anonymous Wed Apr 30 17:04:08 2014 No.310253 File: 13 KB, 230x333, sour-grapes.jpg [View same] [iqdb] [saucenao] [google] >>310222 This should be the new BTC shilling campaign slogan. >Bitcoin! Anything else is just sour grapes!

>>	Anonymous Wed Apr 30 17:11:57 2014 No.310276 File: 1.27 MB, 520x375, 1370213417002.gif [View same] [iqdb] [saucenao] [google] >>310222 Why do you cryptotards take criticism and attacks against your shitty coin as something personal? This whole Bitcoin crap really is like a cult.

>>	Anonymous Wed Apr 30 17:22:15 2014 No.310300 >>310276 Because they're blinded by greed and crippled by autism.

>>	Anonymous Wed Apr 30 17:23:42 2014 No.310304 >>307153 >>310276 >Calls bitcoin supporter "cryptotard" >Claims "every argument is retarded" >Says "get a job loser" Why take arguments against bitcoin so personally? But why you so mad though?

>>	Anonymous Wed Apr 30 19:09:43 2014 No.310503 File: 649 KB, 1200x627, xapo_debit_card_05.png [View same] [iqdb] [saucenao] [google] what are you gonna use your Xapo for /biz/?

>>	Anonymous Wed Apr 30 19:23:27 2014 No.310520 >>310503 And that's accepted... where, exactly?

>>	Anonymous Wed Apr 30 19:35:37 2014 No.310541 File: 48 KB, 350x350, 1379031726363.jpg [View same] [iqdb] [saucenao] [google] >>310520 it's a Mastercard

>>	Anonymous Wed Apr 30 19:54:05 2014 No.310571 >>310541 Mastercard has publicly denied knowing anything about it, you idiot. It's just another desperate last-ditch attempt to pump-and-dump Bitcoin.

Anonymous Wed Apr 30 19:54:41 2014 No.310574

>>310222
The phases of shitcoin cultist:

Recruitment - Advertise and talk about your investment as much as possible to other people and convince them that they too can make money off of Bitcoin.

Damage Control - When faced with criticism, argue the merit of cryptocurrency even if you have to grasp as straws and use examples that aren't used in the real world or hypothetical applications where redundancy is spun into something that's magically more convenient.

Tantrum - When people realize your arguments don't hold any water, drop your idealistic facade and launch an assault on your opposition by reminding them that you were in it for the investment all along and they're just jealous and missed the train.

>>	Anonymous Wed Apr 30 19:55:33 2014 No.310576 >>310571 like they need to know? why do you think they are lobbying about bitcoin soon?

Anonymous Wed Apr 30 20:48:02 2014 No.310657

>>310503
I personally think Xapo is a great step in the right direction for Bitcoin.

Lets discuss:
>Bitcoin: Anonymous and no ID needed
>Xapo: Requires identification and for you to divulge your personal information

>Bitcoin: Secure. Uses the same cryptographic technology that governments use to protect information
>Xapo: Uses a 4 digit pin lol

>Bitcoin: No fees to use protocol
>Xapo: Fees range from 1.15%-3.05% for transactions and a vault storage fee. Also costs $15 dollars for each card

Bitcoin: Does not report transactions to the IRS
Xapo: Will be required to report all your finances and transactions to the IRS and FinCEN

Wow the Bitcoin protocol is sure resembling our current financial system more and more as time goes on! Kudos Bitcoin!

>>	Anonymous Wed Apr 30 20:55:12 2014 No.310669 >>310657 bitcoin was never going to be anonymous, lmfao. leave anonymity to altcoins. fees and security can change.

>>	Anonymous Wed Apr 30 21:02:59 2014 No.310700 >>310669 Anonymity isn't about a shroud of secrecy, it's about not having to prove who you are to participate.

>>	Anonymous Wed Apr 30 21:05:19 2014 No.310705 cryptos are fucking pointless if you use them you are gay

>>	Anonymous Wed Apr 30 21:05:46 2014 No.310706 >>310700 I guess that means you're not going to be using the Xapo card then?

>>	Anonymous Wed Apr 30 21:13:11 2014 No.310725 bumping a shill thread

>>	Anonymous Wed Apr 30 21:49:15 2014 No.310785 >Bitcoin has risen 9000% in the last year. >Lol, it was higher before, so it's dead. You fucking retard.

>>	Anonymous Wed Apr 30 21:51:42 2014 No.310789 >>310785 It's truly shocking. >Bitcoin 266 to 60 in a day IT'S DEAD >Bitcoin 1100 to 450 in a couple months IT'S DEAD

>>	Anonymous Wed Apr 30 21:52:03 2014 No.310790 >>310785 >bitcoin has risen 9000% in the last year >It's gone up before, so it will keep going! You fucking retard.

Anonymous Wed Apr 30 22:00:50 2014 No.310808
File: 33 KB, 917x357, btc.png [View same] [iqdb] [saucenao] [google]

>>310790
Explain why it won't continue to rise in the next 5-10 years please.

VC money is rising, businesses are growing, Bitcoin jobs are a thing now, new decentralized marketplaces in the works, etc.

Stop being a nigger, I don't even hold Bitcoin.

Anonymous Wed Apr 30 22:03:27 2014 No.310812

>>310790
I never said it would continue to rise. I'm just saying, it's not dead. People were saying when it dropped from 250 to 50 it was dead. But then, there was that meteoric rise to 1200.
I'm just saying, it's worth 9000% more than it was a year and a bit ago. I don't call that dead.

Anonymous Wed Apr 30 22:20:14 2014 No.310822
File: 11 KB, 299x168, lmao.jpg [View same] [iqdb] [saucenao] [google]

>>310808
>[Bitcoin will] continue to rise in the next 5-10 years
>I don't even hold Bitcoin
>VC money is rising, businesses are growing, Bitcoin jobs are a thing now, new decentralized marketplaces in the works, etc
>I don't even hold Bitcoin
>You guys are dumb if you don't think holding Bitcoin is going to make you rich!
>I don't even hold Bitcoin
>I don't even hold Bitcoin

You are ridiculous lol

>>	Anonymous Wed Apr 30 22:21:52 2014 No.310827 >>310808 see >>306391

>>	Anonymous Wed Apr 30 22:24:06 2014 No.310834 >>310827 But those are just opinions.

>>	Anonymous Wed Apr 30 22:27:22 2014 No.310840 >>310834 Every counter-argument in this thread has been thoroughly debunked. You're welcome to come up with a new argument.

Anonymous Wed Apr 30 22:31:17 2014 No.310846

>>310840
>The hype is gone
VC money has doubled this year
Wallets on Blockchain are rising
Lots of Bitcoin news

>No mainstream penetration
Dogecoin made cryptocurrencies a mainstream phenomenon.
Bloomberg trading terminals list Bitcoin prices
Bitcoin business are growing

>It's only application is drug deals/speculation
Over 60k online and physical stores accept Bitcoin in some way

>It can't be trusted
Bitcoin is decentralized, there is no entity to trust or not. Maybe you can't trust scammers, but that goes for any currency.

>>	Anonymous Wed Apr 30 22:34:30 2014 No.310851 >>310846 Your arguments have already been debunked in this thread. Please re-read and come up with an original argument.

>>	Anonymous Wed Apr 30 22:36:01 2014 No.310855 >>310851 I have provided number based information, you can't debunk it, I am not a speculator.

>>	Anonymous Wed Apr 30 22:37:38 2014 No.310857 >>310855 >I am not a speculator 0/10

>>	Anonymous Wed Apr 30 22:37:50 2014 No.310858 >>310808 >Explain why it won't continue to rise in the next 5-10 years please. It might. It might not. Either way, judging just based off of the past is asking to lose money.

>>	Anonymous Wed Apr 30 22:38:39 2014 No.310860 >>310857 >>I am not a speculator >0/10 0/10

Anonymous Wed Apr 30 22:47:14 2014 No.310878

>>310846
>VC money has doubled this year
VC throws money at everything hoping that the 10% of investments that succeed will make up for the 90% of investments that fail. If you throw enough mud at a wall some of it will stick. Investing in BTC startups is a huge gamble and they know it.
>Wallets on Blockchain are rising
This means nothing since one person can have multiple wallets.
>Lots of Bitcoin news
Most of it has been bad. This isn't like the age old adage that all news is good news. All of the bad press has been really damaging to the Bitcoin protocol in the last few months and the falling value reflects that.
>Dogecoin made cryptocurrencies a mainstream phenomenon.
No. They made crypto-currencies a fad.
>Bloomberg trading terminals list Bitcoin prices
They even state the main reason for this is transparency, which isn't really great for BTC since the value has been falling and price charts show that. Investors still cannot trade Bitcoin or other digital currencies on Bloomberg because they don't endorse them at all.
>Over 60k online and physical stores accept Bitcoin in some way
Very few stores actually accept Bitcoin. They accept fiat and use a middle man like Bitpay who charges fees to convert the Bitcoin into fiat for them. Wasn't the point of Bitcoin to erase the middleman?
>Bitcoin is decentralized, there is no entity to trust or not
Except that current lack of legislation allows an entity like MtGox (or any other intermediary) to scam a bunch of people out of money.

>>	Anonymous Wed Apr 30 22:53:28 2014 No.310892 Anybody have any experience with backrupcy before? Mt Gox went bankrupt and I still have 350 dollars in my wallet there. So how does this work? Do I just not ever get my money or what? I'm an American citizen if that matters.

Anonymous Wed Apr 30 22:54:48 2014 No.310897

>>310878
>VC throws money at everything hoping that the 10% of investments that succeed will make up for the 90% of investments that fail. If you throw enough mud at a wall some of it will stick. Investing in BTC startups is a huge gamble and they know it.

I recall this being a discussion of HYPE and INTEREST

>This means nothing since one person can have multiple wallets.

Most people have multiple addresses, not wallets. Regardless, it's on the steady rise. People aren't doubling their wallets on the daily.

>Most of it has been bad. This isn't like the age old adage that all news is good news. All of the bad press has been really damaging to the Bitcoin protocol in the last few months and the falling value reflects that.

If we're discussing the majority of news, the only bad things have been China, Gox, and alcohol BTC ban in Ohio.

>No. They made crypto-currencies a fad.
An opinion, regardless the discussion was of hype, fad, and mainstream recognition

>Very few stores actually accept Bitcoin.

This doesn't matter. Increased ways to spend consequently leads to a higher value. Do you expect Bitcoin to be born a strong and stable currency? Things take time.

>Except that current lack of legislation allows an entity like MtGox (or any other intermediary) to scam a bunch of people out of money.

Growing pains. Failure necessitates success.

Anonymous Wed Apr 30 22:55:35 2014 No.310898

>>310892

In general, Mt. Gox will try to get together as much money as they can, and then pay of their creditors in order of seniority. As a depositor, you're probably pretty high on the chain, and they did find some Bitcoins hanging around, so you'll probably get fifty to a hundred dollars of your money in a year or so.

>>	Anonymous Wed Apr 30 22:57:35 2014 No.310902 >>310898 Yikes. So I wait a long time and get a fraction of it back? That's pretty terrible, but at least it's better than nothing I guess.

Anonymous Wed Apr 30 22:58:19 2014 No.310903
File: 156 KB, 499x500, 1351949950154.jpg [View same] [iqdb] [saucenao] [google]

>>310855
>Explain why it won't continue to rise in the next 5-10 years please.
>I am not a speculator

Listen everyone, trolling and OP's faggotry aside, BTC has amazing value as a fiat currency, but unless it gets widespread adoption, it's pointless to invest in and too risky to trade with.

Anonymous Wed Apr 30 23:01:05 2014 No.310910

>>310878
>Except that current lack of legislation allows an entity like MtGox (or any other intermediary) to scam a bunch of people out of money.
This same thing can be accomplished with Fiat. It's called "banking."
At any rate, to paraphrase Stefan Molyneux, if you took a 1980s computer magazine, and flipped through the back, you'd see a whole bunch of companies that you would never recognize today. People like Altair, ColecoVision, etc. You might run across a few you knew of, like Apple or Atari, or even Microsoft, but there would be nothing to distinguish them from the rest. MtGox going out of business isn't bad for Bitcoin, just like ColecoVision going out of business wasn't bad for the computer industry.

>>	Anonymous Wed Apr 30 23:02:08 2014 No.310913 >>310910 I apologize, ColecoVision was the machine that "coleco industries" sold.

>>	Anonymous Wed Apr 30 23:02:32 2014 No.310915 File: 4 KB, 280x121, monies.png [View same] [iqdb] [saucenao] [google] >>310903 Yeah I'm just fucking around lol. I've made about 35-40k since I joined this cryptocurrency venture about 3-5 months ago. Pic related, one of my wallets.

>>	Anonymous Wed Apr 30 23:03:23 2014 No.310919 >>310903 >BTC has amazing value as a fiat currency what?

Anonymous Wed Apr 30 23:10:41 2014 No.310930

.https://coinreport.net/people-dont-like-bitcoin-from-ex-haters-mouth/

>"Then it hit me. I didn’t hate Bitcoin, I hated that I didn’t know anything about it. I heard terms like mining, private keys, and cryptography, and became overwhelmed. Hoping that bitcoin would fail was a lot easier than learning about how it actually works. Ignorance was bliss for me."

Anonymous Wed Apr 30 23:14:19 2014 No.310938

>>310897
>I recall this being a discussion of HYPE and INTEREST
I will agree that Bitcoin was mostly hype. It looks like the peak of hype hit about 4 months ago when China showed interest and the world took notice. Now it has been on a steady decline as people are less interested and realizing that there is no money to be made anymore from buying BTC.
>Regardless, it's on the steady rise. People aren't doubling their wallets on the daily.
New wallets don't mean anything if the total trading volume has been on the decline. It was around $70m last December now it is down to an average of $12m. That is a large decline in interest.
>the only bad things have been China, Gox, and alcohol BTC ban in Ohio
There has been other bad news too but I will accede that this made up for the majority of it. That doesn't detract from the fact that this news has been really damaging to BTC value and interest though.
>An opinion, regardless the discussion was of hype, fad, and mainstream recognition
A fad, by definition is great enthusiasm for a brief period of time. This is totally antithetic to continued mainstream adoption.
>Do you expect Bitcoin to be born a strong and stable currency?
No I dont. I don't think it will achieve that with time either.
>Failure necessitates success.
Sometimes failure just necessitates more failure.

>>	Anonymous Wed Apr 30 23:16:42 2014 No.310945 >>310910 Except that technologies that operate with fiat are subject to legislation and laws. Bitcoins anonymous nature and lack of transparency allow it to skirt those boundaries which make companies more likely to abuse it.

>>	Anonymous Wed Apr 30 23:17:50 2014 No.310951 >>310945 >Bitcoins anonymous nature and lack of transparency Please learn how Bitcoin works. https://bitcoin.org/bitcoin.pdf

>>	Anonymous Wed Apr 30 23:20:22 2014 No.310960 >>310951 Maybe you should read it again. What about the term "lack of transparency" confuses you?

>>	Anonymous Wed Apr 30 23:20:51 2014 No.310962 >>310938 Welp in the worst case scenario I stop making a shitload of money within the next year.

>>	Anonymous Wed Apr 30 23:21:12 2014 No.310963 >>310960 Well, what exactly are you saying isn't transparent, because literally every single transaction that has ever been taken in Bitcoin is available to be scrutinized by the public.

Anonymous Wed Apr 30 23:21:50 2014 No.310966

>>310930
>Coinreport
>Hurr durr I TOO was a hater and then I made a million! --- and you can too!

The hype, which drove prices up, was a collection of uncertainty and blind enthusiasm for something people didn't understand.

Now that most people understand BTC, we're left with the dead 'currency'.

>>	Anonymous Wed Apr 30 23:21:52 2014 No.310967 >>310960 >transparency You can see every wallet and transaction in existence

>>	Anonymous Wed Apr 30 23:24:00 2014 No.310968 >>310966 Science is peer reviewed and open source. What are you afraid of?

>>	Anonymous Wed Apr 30 23:24:58 2014 No.310969 >>310962 If you aren't full of it and you really made money exploiting arbitrage, buying overpriced mining rigs, or selling it to dummies on Ebay at a huge markup then good for you. I don't even think you believe that Bitcoin has a huge future, however.

>>	Anonymous Wed Apr 30 23:25:28 2014 No.310972 >>310938 Trading volume is dependent on volatility. When BTC was declining from 700 to 350 territory the daily volume was 50-60 mill

>>	Anonymous Wed Apr 30 23:26:00 2014 No.310976 >>310963 Which means they should be able to track down the people that stole the Bitcoins from MtGox.... right?

>>	Anonymous Wed Apr 30 23:26:11 2014 No.310977 >>310963 >>310967 That's not transparency you stupid cryptotard. How does that help to detect scammers, money laundering, theft? Specially when there's many services for laundering bitcoins.

>>	Anonymous Wed Apr 30 23:27:06 2014 No.310981 >>310969 Honestly I do, simply because it's super convenient to get rolling. I literally carry a bank in my pocket, shit is awesome. I think Bitcoin will evolve into a beautiful internet currency. >>310977 Transparency =/= regulation

>>	Anonymous Wed Apr 30 23:27:26 2014 No.310982 >>310967 With no identifying information to go along side the wallet. What good is transparency with transactions if there is no transparency for individual users?

Anonymous Wed Apr 30 23:27:59 2014 No.310985

>>310976
>>310977
No, it's anonymous. But that's not the same thing as transparency. For instance, cash is anonymous, but it's more transparent than cash.
And, anyway, do you want people to be able to see every transaction you've made? That's too 1984 for my taste.

>>	Anonymous Wed Apr 30 23:29:07 2014 No.310986 >>310972 Trading volume is dependent on interest as well. There has to be someone buying the Bitcoins another person is selling.

>>	Anonymous Wed Apr 30 23:30:44 2014 No.310992 >>310986 Volume was at 50+ million like 2-4 weeks ago. But sure let's assume Bitcoin died in the last 2 weeks.

Anonymous Wed Apr 30 23:30:56 2014 No.310994

>>310982
I am red cross charity group.
Here is my wallet address for donations
Go to blockchain.info and see how much money is there
If they don't fulfill promise with donation amount organization is discredited in the future.

This is a simple case, but companies like "vault of satoshi" have introduced public transparency using the blockchain which is above and beyond any modern day audit system.
How is this hard to understand?

>>	Anonymous Wed Apr 30 23:32:26 2014 No.310998 >>310994 >How is this hard to understand? This is 4chan. Not exactly the brightest bunch.

Anonymous Wed Apr 30 23:33:00 2014 No.311001

>>310985
>do you want people to be able to see every transaction you've made? That's too 1984 for my taste.

>Hurr durr that evil gumbmint

I want law enforcement to be able to see and track some shithead who scammed me, robbed me or is stealing money from many people and every normal responsible adult who is not into some retarded libertarian cult wants it.

Anonymous Wed Apr 30 23:33:25 2014 No.311002

>>310992
Actually the volume hasn't been at $50 million since the beginning of March, and that was because of a one day peak. You are losing this argument. There is no way around the fact that the trading volume has been significantly declining on average for months.

>>	Anonymous Wed Apr 30 23:34:30 2014 No.311006 >>310994 The same thing is already accomplished without Bitcoins. You are grasping at straws lol

>>	Anonymous Wed Apr 30 23:34:56 2014 No.311007 >>311001 And this is why BTC will never be accepted as a mainstream currency. It just doesn't do anything better than what we've got now.

Anonymous Wed Apr 30 23:35:59 2014 No.311009

>>311001
>scammed me
Your own fault for being stupid.
>robbed me or is stealing money from many...
Hardly possible with Bitcoin, unless you're stupid enough to use a third-party wallet like CoinBase. If you're doing it right, they should have to get physical access to your computer to get your wallet.
and, anyway, if someone scams you out of cash, or steals your physical wallet, what the fuck are the police going to do about that?
People keep comparing Bitcoin to credit cards, but it's more accurate to compare it to cash.

>>	Anonymous Wed Apr 30 23:36:21 2014 No.311011 File: 38 KB, 793x311, btc.png [View same] [iqdb] [saucenao] [google] >>311002 >The last time you predicted the death of Bitcoin

>>	Anonymous Wed Apr 30 23:37:22 2014 No.311013 >>311007 Seriously? Fundamentally you got >Easy global payments >No inflation >Low as shit fees >Decentralized

>>	Anonymous Wed Apr 30 23:37:32 2014 No.311014 >>311007 >It just doesn't do anything better than what we've got now. this is what nocoiners actually believe.

>>	Anonymous Wed Apr 30 23:38:20 2014 No.311015 >>311013 Red tape, kiddo. We've been over this.

>>	Anonymous Wed Apr 30 23:38:53 2014 No.311018 >>311015 >Red tape >Untraceable transactions >Decentralized Oh Kiddo

Anonymous Wed Apr 30 23:39:24 2014 No.311020
File: 244 KB, 1600x900, trading_volume.jpg [View same] [iqdb] [saucenao] [google]

>>311011
>>The last time you predicted the death of Bitcoin
Huh? When did I do that?

Can you at least bring up current trading volume charts? Interest is declining. There is no way around hard data.

>>	Anonymous Wed Apr 30 23:40:18 2014 No.311021 File: 28 KB, 295x311, 1315667924590.png [View same] [iqdb] [saucenao] [google] >>311018 >Untraceable transactions

>>	Anonymous Wed Apr 30 23:40:59 2014 No.311023 >>311021 Coin-mixing.

>>	Anonymous Wed Apr 30 23:43:18 2014 No.311027 File: 24 KB, 400x400, system.jpg [View same] [iqdb] [saucenao] [google] >>311023 Totally, man. Good luck with that anonymous remittance and exchange with 0 fees.

Anonymous Wed Apr 30 23:44:35 2014 No.311032

>>311020
http://puu dot sh/8ulof/31a7004530.png
>the hype is gone
>even the silkroad is gone
>no one even accepts bitcoin
http://puu dot sh/8ulru/f248995331.png
>woops

http://puu dot sh/8ulvj/bbda4d44ed.png
>the bubble popped
http://puu dot sh/8ulxe/d9530ae1fe.png
>woops

>>	Anonymous Wed Apr 30 23:45:40 2014 No.311036 >>311027 Coin-mixing.

>>	Anonymous Wed Apr 30 23:47:39 2014 No.311039 >>311036 This doesn't change anything at all.

Anonymous Wed Apr 30 23:48:29 2014 No.311041

>>311009
>Your own fault for being stupid.

And? Just because someone is stupid and weak people are supposed to let it go? Get real you massive dumbfuck, that's now how the real world works. Pretty much every crime is about taking advantage of someone who is weaker than you in some way. And the law is there to protect those who were not strong enough to beat up some criminal, be smarter than a con artist, etc.

>Hardly possible with Bitcoin

I'm not talking about the bitcoins itself, I'm talking about the products themselves, since you're in the bitcoin cult you should know about the hundreds of scams online about people accepting bitcoins and just dissapearing without delivering anything

>hurr durr escrow

A ton of escrow services are scams.

>>	Anonymous Wed Apr 30 23:49:02 2014 No.311042 >>311039 Untraceable transactions

>>	Anonymous Wed Apr 30 23:50:07 2014 No.311044 >>311041 >people hate bitcoin cause responsibility for money.

>>	Anonymous Wed Apr 30 23:50:08 2014 No.311045 >>311041 >A ton of escrow services are scams. Than escrow with trusted community members faggot

>>	Anonymous Wed Apr 30 23:50:10 2014 No.311046 >>311042 see >>311027

>>	Anonymous Wed Apr 30 23:53:08 2014 No.311051 >>311046 Doesn't realize the remittance is peer to peer.

>>	Anonymous Wed Apr 30 23:53:15 2014 No.311052 >>311046 >What is coin-mixing

Anonymous Wed Apr 30 23:53:21 2014 No.311053

>>311041
>Just because someone is stupid and weak...
you idiot, the protocol inherently protects them. I've already said, it's impossible to steal if you're doing it correctly, and someone can scam you out of paper cash just as easily. Frankly, if people didn't have the crutch of the big strong government coming in, every time they think they're getting a raw deal, we'd have maybe an ounce of personal responsibility in this world.

Anonymous Wed Apr 30 23:54:11 2014 No.311055
File: 17 KB, 370x370, 1383274394657.png [View same] [iqdb] [saucenao] [google]

>>311045
Yeah stupid fuck, why would I go to the trouble of reading reviews online, making research about them and going through a shitty bureaucratic process and paying someone a fee just to feel same doing a shitty payment?

I can just ask for a payment with paypal, credit, debit in a few seconds and the it's over. I get scammed? I just ask for a chargeback in a few minutes by phone, it's that simple.

>>	Anonymous Wed Apr 30 23:56:22 2014 No.311058 File: 11 KB, 571x270, btc.png [View same] [iqdb] [saucenao] [google] >>311055 No yeah, yeah.

Anonymous Wed Apr 30 23:58:16 2014 No.311061

>>311032
>>311032
Lmao pretty much. You're going to have to segment charts and not look at the entire picture over the last year in order to try to spin or circumvent the fact that people are losing interest and that Bitcoin has been losing value consistently after it reached the apex in December.

Everyone in the business world knows about Bitcoin now. Everyone who follows finance knows about Bitcoin. Damn it even my mom knows about Bitcoin lol (she is the least tech savvy person I know). There is nobody left to hype. The majority of people who wanted to invest in the speculation have already done so and now the numbers show that most the investors are pulling out. In order for Bitcoin to have another boom they are going to have to offer free eggrolls or some other lame marketing strategy to make it seem like Bitcoin isn't the same speculative commodity it always has been.

Anonymous Thu May 1 00:00:04 2014 No.311063

>>311053
>the protocol inherently protects them.

Really? Because I used to be heavily into TOR some years ago and it was nothing but people getting scammed and complaining about getting scammed everywhere with bitcoins.

What fucking protection are you talking about?

You probably don't even use bitcoin at all dude, you're just a stupid neet who believes that his bitcoins will be worth billions by the time you're 40. You obviously don't know shit about using bitcoin for it's intended purpose.

And that's the reality of the bitcoin community, it's nothing but cultists, drug addicts and criminals.

>>	Anonymous Thu May 1 00:01:03 2014 No.311067 >>311061 Ohh.. Everyone already knows about it, oh and everyone is done with it. Yeah, no, good try though. I bet you're poor.

>>	Anonymous Thu May 1 00:02:10 2014 No.311069 >>311063 You had me on a good run there for a bit. 9/10

>>	Anonymous Thu May 1 00:02:48 2014 No.311071 File: 1.11 MB, 305x239, 1389317511258.gif [View same] [iqdb] [saucenao] [google] >>311067 >I bet you're poor. Great counter-argument lmao

>>	Anonymous Thu May 1 00:04:17 2014 No.311076 >>310966 >most people

Anonymous Thu May 1 00:06:48 2014 No.311082
File: 2.37 MB, 200x160, 1373771917001.gif [View same] [iqdb] [saucenao] [google]

>>311069

Great argument there cryptotard.

>oh now, I'm running out of arguments
>hurr durr 9/10

You should have complemented your post with a "bait" picture and inserted the word trolling there.

Anonymous Thu May 1 00:13:18 2014 No.311089

>>311082
Alright, if you're being serious, I'll keep arguing.
It's just when I came across
>it's nothing but cultists, durg addicts and criminals
I ceased believing you were serious.

Look, fundamentally, I think that people need to be responsible for their own funds. If someone scams you, that's your fault for trusting them. If someone offers to sell you a Lamborghini for one Bitcoin, that's probably a scam. And I feel no sorrow towards you for falling for it.
Now, if you're talking about the lack of systems in place to ensure someone really has what they're selling, I agree with you. That is a problem, but not one that can or should be solved within the protocol itself. This is a problem that should be taken on by the people who offer markets for bitcoin merchants and patrons. Perhaps some sort of rating system.
Ultimately, these are things that will be implemented later on, when Bitcoin is more mature. I agree that it's not ready for mainstream adoption, wholeheartedly. However, that doesn't mean that these systems won't be built in in the future, because bitcoin is new, relatively speaking. It's not like we're ten years in, and just now thinking about these things. There are already solutions being proposed. And you can't expect it to emerge fully-formed as a complete medium of exchange.

>>	Anonymous Thu May 1 00:14:29 2014 No.311091 https://www.youtube.com/watch?v=ZP744XZrCeo&feature=youtu.be

>>	Anonymous Thu May 1 00:17:00 2014 No.311093 File: 125 KB, 500x500, 1381704796773.jpg [View same] [iqdb] [saucenao] [google] >>311089 So you're telling me that Bitcoin needs some kind of regulation?

Anonymous Thu May 1 00:18:53 2014 No.311099

>>311093
No. I just said, there's no reason these things should be built into the protocol itself. You can still use it however you'd like on your own terms, but these systems should be built into sites like eBay, or Amazon, or whatever the Bitcoin equivalent will be.

Anonymous Thu May 1 00:21:26 2014 No.311105

>>311091
Really? It took him 2 minutes to believe in Bitcoin from that? It took me 2 seconds to understand why I don't believe in Bitcoin. All of those values are in fiat. When people are buying and selling coins with fiat and realizing profits and losses in fiat, it will never be anything but a speculative commodity. Any dollar gained in profit by crypto-trading is a dollar lost by someone else.

>>	Anonymous Thu May 1 00:23:47 2014 No.311109 >>311105 >never been to blockchain.info >doesn't realize you can display transactions as different currency

>>	Anonymous Thu May 1 00:25:14 2014 No.311112 >>311109 >>doesn't realize you can display transactions as different currency You do understand that you actually reinforced my point..... right? Think about what you just typed for a second.

Anonymous Thu May 1 00:28:07 2014 No.311119

>>311099

It was already implemented in many huge websites on TOR and people still scammed users after gaining their trust for a while. It's actually a very common tactic among scammers and I don't see why it won't happen in those systems you talk about and since they can't be fully tracked, the scammer can just come back with a new face and repeat, it has happened before.

This is why I know you don't know shit about Bitcoins used as a currency like it was supposed to be.

Anonymous Thu May 1 00:35:25 2014 No.311132

>>311112
>It took me 2 seconds to understand why I don't believe in Bitcoin. All of those values are in fiat.

So based on some superficial setting of a user on blockchain.info and his subsequent video on youtube you can dismiss an entire technology and protocol?

Anonymous Thu May 1 00:48:41 2014 No.311144
File: 19 KB, 600x331, slj.jpg [View same] [iqdb] [saucenao] [google]

>>311132
Yes that must be it. All of the sudden right now I just realized why Bitcoin is not practical by watching a few seconds of a Youtube video. That was not me countering every single argument you had in this thread it, was someone else with my exact same user ID. Smart.

I think I am going to ignore you now unless you can come up with some original arguments that have not been debunked at least 3 times each in this thread by multiple people.

>>	Anonymous Thu May 1 00:53:44 2014 No.311150 how does this board not have a janitor

>>	Anonymous Thu May 1 00:58:42 2014 No.311163 >>310915 >3-5 months ago In other words, you have not made any money off of any sort of long term rise in Bitcoin's price?

>>	Anonymous Thu May 1 17:56:12 2014 No.312283 >>311150 it's a containment board for shitcoin shills

>>	Anonymous Thu May 1 17:57:13 2014 No.312287 >>311163 This guy has posted his doctored image before. Don't even bother.

Anonymous Thu May 1 23:48:32 2014 No.312660

Anyone here play on dark wallet yet? These are the types of innovative technologies that the bitcoin blockchain inspires. The people in the lobby chat tell me they plan on a seamless integration of dark wallet with "open bazaar." Walmart's days are numbered.

darkwallet.is

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