I find it highly suspicious, personally. I think it's well intended enough, I don't get the impression it's a Jewish trick or anything, in fact I think it's intended to be the opposite. However, I don't think it's a stable currency overall. It's backed by literally nothing other than speculation about its worth, transaction fees make it impractical for daily use at least right now, and if you lose your "wallet" or if the value suddenly plummets all your wealth could be gone instantly.
I'll admit I kind of wish I'd had the foresight to buy a few back when they were only a buck or so apiece though.
It's an interesting development in economics, and it will be interesting to see where it goes. Government regulations have not really gotten to it yet, which makes it set for growth. So long as the faith in cryptocurrency holds, the boom before the bust will not occur.
All currencies are in the end backed by nothing but faith. Even gold is backed by faith, as those that own gold has faith that there is value in gold. You are right about the market fluctuations though. Cryptocurrency is still too new to guess how it will go. It is very possible that all of the value could disappear overnight. However, so long as the drug dealers, AnCaps, and Libertarians keep clapping their hands and believing, the currency will have some value.
>>92192>It's backed by literally nothing other than speculation about its worth
Welcome to currency. Its just online but I understand why you'd be corned about the market price. If you think you should have gotten in "early" I'd personally think it still is rather early overall for all crypto. I still buy ETH and a few other alt coins here and there when they hit a low hoping to emulate bitcoin's success.
It ruined /biz/.
Business is related to economics. Economics is related to politics. Would more general business discussions be allowed on /mlpol/?
I don't see why not.
It's something to put your money in, that's it. As a currency; no; you're investing into it to make a profit. It's not as Jew-y as it seems, but it's about as yuppie as living hell.>>92193
There already have been boom and busts if you look at the history. It has seen some sharp market corrections. Bitcoin is an asset bubble that will burst someday, but the fall of that and cryptocurrency is unpredictable as more competitors go into the market. Bitcoin is only at a finite supply, so eventually the profits will turn stiff, it's no longer a profit to mine, added with psychological fear, and everything crashes. Already has it become less profitable to invest and more so to mine in some cases. However, Bitcoin can just expand the money at the risk of devaluation. In which case, fear saturation of the market then.
There's also already a regulatory framework for cryptocurrencies (they're taxed as property), and it's only getting better. If this makes you scared because you think something like "tax evasion is a noble cause", then remember that people have committed bitcoin fraud, used it for laundering, and generally using ill gotten currency to commit ill intent deeds. Most cryptocurrencies are hardly cryptic anyways. The untraceable ones are few in comparison.>>92192
You are right that cryptocurrencies are highly unstable. This is the result of too many cooks, and as I said, people using it as a way to make profit instead of a currency. Quite the volatile trade.>>92199
Money is in fact credit. In many ways, this in fact like gold, especially when you add silver into the analogy. It's a mined resource with value built on supply and is traded like a commodity. Which also means governments are going to make use of it. Instead of going against the flow, nations like China can adopt them as valid. Essentially creating a recognised competitor that could easily dominate like electronic transactions first did.>>92212
/biz/ circle jerks around a lot of things, but cryptocurrency has had the biggest staying power.
The distinction between /pol/ and /biz/ is basically that the former focuses on the macroeconomy and the latter focuses on the microeconomy. People tend to know less about microeconomy more than they understand of macroeconomy, so you see why one of them is more niche..
The funny thing about /biz/ is its mostly /pol/acks and /g/entlemen who make up the board itself. But the problem with /biz/ is the amount of poos that browse it is insane and they shill for coins like its no one's shit.
Have both the CPU and GPU churning in winter and you get free heating as well.
I wish I had bought in a few years ago so I could cash out now, but generally the bubble will pop even if the fed and shit wasn't cracking down on it. It was a good investment to make money but it's a poor choice to store wealth
It is highly interesting from a more scientific perspective.
Really makes you think about how the whole system works. Also it is not centralized.
I can't help but suspect that one would have difficulty cashing out of bitcoin at that scale.
Bitcoin is a cashcow, but you still have competitors like etherum to cash out. Don't be so narrow, diversify your assets.
As an AMD fan, Stock owner, and PC builder I will be blunt.
I CAN NOT WAIT FOR THIS FUCKING BUBBLE TO BURST! I fucking hate bitcoin miners as a system builder they have fucked over the market for everyone it is nearly impossible to find a card at MSRP literally FUCK GPU miners
>>92339>I can't help but suspect that one would have difficulty cashing out of bitcoin at that scale.
If you have that much money in stocks would you want to cash out? Gold would you want to cash out? Bonds cash out?
If you put that much money in the bank your retarded. >>92354
Sorry mate but we're headed to the moon.
>>92355>If you have that much money in stocks would you want to cash out? Gold would you want to cash out? Bonds cash out?
None of those are highly volatile and as at risk of potentially being worth nothing tomorrow as Crypto-currencies.
>>92358>None of those are highly volatile and as at risk of potentially being worth nothing tomorrow as Crypto-currencies.>highly volatile >Crypto-currencies
Going up a lot doesn't make it volatile anon.
The larger Bitcoin grows the greater the chance the Deep State will crack down on it. Bad time to invest now.
Well, Bitcoin is right now at it's highest value in the history of the coin, a lot of people are inflating this shit to the moon and there are so much transactions going on it takes about 30 minutes to process a payment.
Plus, the government is looking for a way to tax the bitcoins, the Jews have created the jewcoin (kosher) and Venezuela is launching an oil-backed bitcoin.
Also, bitcoin is the equivalent of the gold standard between crypto right now.
I say, it is not wise to plan a long-term investment right now, no one knows when this shit is going to crash not how high it will get, this is the perfect moment to cash out a lot of Bitcoin at once and stick to small transactions.
Bitcoin will probably fall when a more stable crypto currency gets enough attention so, it's good to watch out.
Also I'm pretty sure Bitcoin it's a pump&dump scheme, theres just too many people defending it.and pushing people inside the Bitcoin market all of a sudden, just look back at 2015, little people cared about Bitcoin.
needles to say it's a great way to become rich quick, just wait for the drop and bandwagon on
Sure, it goes up in the longterm and returns are good, but you have to acknowledge this. Volatility is the variance of price levels within a given time. It isn't a bad thing, but it does show risk. You don't want to fuck up and sell lower than you should. Bitcoin especially has big highs and sharp drops.
Heh. Those cryptokitties are slowing down the fuck of the blockchain. Out of all things, I see trading become a kid accessible thing. It's almost as worst micro-transaction gambling in terms of wracking my head, but at least it doesn't fuck over the kids as much.
Looks like Nicehash got themselves hacked and their wallets were emptied.
Time to point and laugh I guess.
I'm this guy BTW incase my id has changed (phone posting) :>>92242
My earnings so far are safe since they were paid out to a separate wallet that I control, however I am out the ~$70 of unpaid bitcoin that was scheduled to be paid out to me later this month.
"It's backed by literally nothing"
No, that's almost every other currency on earth.
Most crypto currencies are only created through actual work.
They can't be magically created out of thin air, they have to be "earned".
They actually have better backing than almost any other form of currency.>>92199
Gold isn't backed by faith. Gold has uses other than just looking pretty, anon. Gold is backed by the fact that people need it for shit.
The current value of bitcoin is a bit silly, I'd say. But the theory behind it is more solid than any fiat currency.
>>92897>Gold isn't backed by faith. Gold has uses other than just looking pretty, anon.
Objectively wrong. Then why don't we trade in wheat or water since both are very useful. Gold is worth a lot because its shinny and rare, but silver is too, and so are other rare metals. But why not trade in copper? Its even more useful then gold as a conductor? Why not tungsten or platinum? Its because we have faith in gold, the only reason its worth anything now a days is because people have historically had more faith in it then anything else.
Uh, no, it's because gold is a rare metal with very special proprieties, it stays shiny and doesn't rust as fast as any other metal, making it not only incredibly useful but also highly valued for jewels.
If gold wasn't a rare metal it would be incredibly cheap, like Cooper, because prices increase based on supply and demand.
The only useless thing we have faith on are diamonds.
You can use it either on jewels or blades yet outside of that its pretty much an useless shiny rock.
fun fact, did you know that there are ways of manufacturing diamonds for use on drill bits and similar things that involve absurd amounts of explosives?
I share your suspicions of fiat currency, believe me, I'm just not sure bitcoin is a viable alternative. It's "value" fluctuates way too much and it's basically just data, it has no physical presence other than storage on a hard drive; if the data is lost the money is lost. Also, I'm not sure that building a PC and running a script to solve hashes counts as work exactly. On some level I like the idea of Bitcoin but I still don't trust it as a viable replacement for what we have.
This, about gold, is basically correct. A medium of exchange needs these qualities:
> Value common assets> Common and accessible> Constant utility> Low cost of preservation> Transportability> Divisibility> High market value in relation to volume and weight> Recognisability> Resistance to counterfeitinghttps://en.wikipedia.org/wiki/Medium_of_exchange#Definition
Gold has all these qualities. (Bitcoin does too but Bitcoin requires computers and a network and patience.) Aside from digital currencies, when you look at the periodic table of elements for something to act as a medium of exchange and you discount the volatile elements, the reactive elements, the radioactive, the gases, the poisons etc. you are left with 4 elements, the precious metals: gold, silver, platinum and palladium. It is the rareness and the stability that makes those elements valuable and usable as a medium of exchange along with the other points above. Gold then also has a distinct look separating it from the other three.
Yeah you can also use them for drills and semiconductors (explosives tho? What do you think we are drilling thought, sapphire blocks?)
Yet diamonds still have very few uses and the way their molecular structure works, if you cut it in an odd shape it loses its durable properties.
The entire basis of the bitcoin's value is a hash. A hash is inherently useless and is already spent energy. In order to do the computations to create a hash, an investment of a setup like this >>92242
along with the added fees of electricity cost, which the use of electricity is quite large; thus the sum of the money production is wasteful (despite being digital.) Unlike money, it does signifify energy potential, but rather spent energy (if this sounds odd, think of this in the frame of when you spend; thus creating energy.) If it did however mean potential energy (which it can), it could be used for exchange. Although, limited as it would be subjected to (and nonetheless is) to Moore's Law:https://en.m.wikipedia.org/wiki/Moore%27s_law
This is true as even bitcoin's money supply calculations lead to the last number of 21 million BTC, and as forks in hash computations arise. Remember, years ago you could mine on a cheap laptop.
Bitcoin is not truely liquid. In order to have the liquidity of a currency, bitcoin would have to be able to be quickly transacted at a stable price with the option of exiting the transaction without the market price being affected. Oh, and all in an orderly action. It is not. Bitcoin is much too voliatile due to a variance of factors, a lot relating to its to its recent conception. Could it be liquid? Yes. But, its scope is only within the short term. Something better will come. For now, it is a liquid asset (a storage of wealth); and is exactly treted like that. This entire framing is much like asking if stocks are money.
Considering this money meaning debate, it can be noted that /mlpol/ and the like are much against the neutral and easy money if you take it for their reasons in objecting against the FED. Bitcoin is just that, easy money. It's very much just fiat. Added that now it transcends national boundaries, thus meaning erodes sovereign control of credit and erodes of sovereignty as a whole. It's very internationalist.
Also, there's no legal tender. I wanted to include that, but I unintentionally skipped over this point. It might not be so relevant, but there's a reason why.
Obligatory "can i haz some bitcoin" post
I'll tell you what I think of Cryptocurrency…
I've got a whole 67 Dogecoin, which is worth 18 cents. It's not much, but it's something, I guess. I got it from http://freedoge.co.in/?r=847045
this game, a site that gives you free dogecoin every hour whether you play the actual Hi-Lo game or not. Seriously, there isn't even a "You must play at least one round per week of free dogecoin" check in place, who designed this? Someone who's going to pay me dogecoin, I guess.
I get bonus dogecoin for every person that signs up and plays the game, so it'd be cool if we made a fuckton of accounts. The refer function has an auto-"Share x amount of dogecoin with your referrals" button, which is pretty cool. We could probably make "SIGN UP TO THIS SITE AND I'LL GIVE YOU 100 FREE DOGECOIN TO START UP!" ads.
I agree with what a lot of people are saying. I think bitcoin is a closer step to what we need, but it's not what we need. The only reason bitcoin is worth as much as it is, is because it was first. It has the brand name and it was the first to push in this direction. Eventually it will either die or adapt through forks to become what we actually need.
Not as soon as we thought, apparently.
Supposedly it hit 19k on some markets.
There's this quote where you can never underestimate the market's capability of going higher than expected. You can still buy, but buy against bitcoin once you see the signs.
I had this mentality and its what made me sell when China made btc illegal. Don't do it, just buy and hodl till the end of time and make as much as you can off of it. Even a "crash" won't kill it because so many people want in and will keep the price at least above 7/8 of what it fell to. As normies start jumping on the ship its going to go even further up. Buy now before its impossible.
In my opinion this is a good sign to stop.
At this point you would need to invest literally thousands of dollars for any profit to be made off any increases.
Even if it goes up another 5k, if you only put a few hundred into it, then you're not really gaining anything.
And if it crashes, which it might once the normies think "Is this thing really worth 20k?" then you will literally lose everything.
In my opinion you're better off switching to buying in ETH or LTC now. Because you can actually easily get an entire coin, and if that jumps up then you've gotten mo-money.
If you invest enough into bitcoin to get an entire coin…. and it drops… say goodbye to at least 10k. If Eth crashes, and all you had was one coin, you've lost like $500 max.
To expand on this, say you have a DOGE you bought at 18 Satoshis, it goes up to 20 and you sell there.
That's basically the same as buying bitcoin at 18k and then selling it at 20k. But it's not uncommon for coins to drop/raise by that small number frequently. Bitcoin may or may not drop/raise by 2k, so the risk is so much higher.
Easier way of doing it, don't buy a full btc. Buy whatever you can afford to lose, whether that be 100 or even 10k. Then just watch as it increases and if it decreases in value it doesn't matter. Just buy and hodl, btc is a long run coin that I honestly can only see going up in the next 5 years. It almost reached 20k, and soon it'll nearly reach 50k, hell even 100k as more normies see it as a way to get easy money. The market right now is rather small for an international coin having less then 50mill wallets total, and there are easily more then 3billion people that can invest and likely 1billion that will. Get in while you can and as things start slowing down swap into alt coins like ltc, eth, ect.
Sorry, I should have been more clear, stop using bitcoin for shorting. (If anyone here even did?)
Short with the extremely low alt-coins and pull out profits whenever you can.
I feel like all it would take is the normies to start thinking "This isn't even real money, it isn't worth this much" for it to crash. Nobody is going to believe in the coin if it climbs to 80k over the next 5 years,
Only to crash to 20k in the span of 2 days.
I don't think the odds of it crashing at any moment are very high right now, but I think there is still the chance.
My portfolio atm is about 75% btc and 15% eth with the remanding in shitcoins trying to see where they go. I'd recommend most do the same, and just don't ever trade away your eth or btc while just throwing around shitcoins till something sticks.
I think btc will reach 100k in a bit over 5-6 months honestly, its growth rate is accelerating as of now and with futures coming up it could go either way. /biz/ is getting larger every day and as normies flood in with their willingness to pay as high as it is I don't see it crashing again unless another big country, say India or the US, limits or outright bans its sale or profitability.
Which mind you could happen, but I'm just skeptical of the regulations coming in within the next 2-4 years since I doubt the GOP will impose a lot of regulations on its market. Which is why I'd say its still not too late to jump on and hodl, but your right never short on btc or even eth for that matter. Any coin over 200 is not worthwhile to shit around with when entering or existing the market is time consuming and costly.
Yeah was I was getting at is, even if you have the 20k to buy 1 btc with, don't try to short it because there's no assurance that it will ever go back the direction you need, you'll just end up loosing out.
But if you can grab 1 BTC then hold for the next x months/years, go for it.
I know this looks like some shit spam post, but I have no idea how to not make it look like a shitty spam post. Any tips?
Also I now have 71 dogecoin. Jesus this game is fucking slow.
They are just jealous coz they do it for free and noone would give them a 0,00000000000001 of BTC.
I don't trust them. Too many of them are just pump and dumps and bitcoin has proven itself to be unstable time and time again.
$SANP released Q3s that add lots of legitimacy to them. I was skeptical but now it's basically free money