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(Axios)   Have you invested in Bitcoin recently? If so, we have one very technical word to describe you: "Sucker"   ( axios.com) divider line
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1858 clicks; posted to Business » on 16 Sep 2017 at 10:38 AM (18 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2017-09-16 09:05:29 AM  
Bitcoin. Is. A. Scam.
 
2017-09-16 09:23:12 AM  

Voiceofreason01: Bitcoin. Is. A. Scam.


The technology behind it is incredibly valuable. That's the only part of it with value.
 
2017-09-16 09:26:32 AM  
i.pinimg.comView Full Size

 
2017-09-16 09:32:38 AM  
ilarge.lisimg.comView Full Size
 
2017-09-16 09:36:26 AM  
Wait, you're saying imaginary play money not backed by shiny minerals or the full faith and credit of a standing government is risky? Who knew monetarying was so hard?
 
2017-09-16 09:48:10 AM  
I read recently(probably fark)that Best Korea was using bitcoin for imports to get around sanctions.  Wonder if it's true.  It could put some countries or companies in a bind.
 
2017-09-16 09:51:34 AM  
Obvious tag too busy cashing out?
 
2017-09-16 10:41:25 AM  
A currency is not an investment.  Just stop already.
 
2017-09-16 10:43:28 AM  

oldernell: I read recently(probably fark)that Best Korea was using bitcoin for imports to get around sanctions.  Wonder if it's true.  It could put some countries or companies in a bind.


N. Korea has been involved in drugs and money laundering for years. It wouldn't be surprising if the were big Bitcoin miners too.
 
2017-09-16 10:47:50 AM  

oldernell: I read recently(probably fark)that Best Korea was using bitcoin for imports to get around sanctions.  Wonder if it's true.  It could put some countries or companies in a bind.


if that is  true, then Holee Fuk.
 
2017-09-16 10:56:49 AM  
I still have no idea what Bitcoin is, what it does, or why it exists. Fark taught me I can buy weapons and drugs with it, and pay ransoms, but I can do that with the money I make from my job. I refuse to learn about Bitcoin either.
Plus, Bitcoin is on the internet. 4chan is on the internet. Too close of a relationship for me to trust it.
 
2017-09-16 11:00:03 AM  
howtodoge.comView Full Size
 
2017-09-16 11:05:02 AM  
I am kicking myself for not mining some Bitcoin for the hell of it back when I first heard of it. Back then you could run your computer overnight and get hundreds of BTC.
 
2017-09-16 11:06:05 AM  
img.fark.netView Full Size

Thanks for tripling the price of video cards, farking miners.
 
2017-09-16 11:21:17 AM  

Mad_Radhu: I am kicking myself for not mining some Bitcoin for the hell of it back when I first heard of it. Back then you could run your computer overnight and get hundreds of BTC.


That's kind of the point. The people who started it up and the ones who got in early are really the only folks who made money.

Mine the easy blockchains, cash out, and that's it. Everyone else is spending all this actual money to build mining machines and getting screwed.
 
2017-09-16 11:24:58 AM  
...J.P. Morgan boss Jamie Dimon, who called it a "fraud"...

Jamie's just jealous.
 
2017-09-16 11:28:48 AM  

Gubbo: Voiceofreason01: Bitcoin. Is. A. Scam.

The concept technology behind it is incredibly valuable. That's the only part of it with value.


FTFY.  Bitcoin's approach to blockchain is actually quite clunky.  Bitcoin's average block time is about 10 minutes, while Ethereum's is measured in seconds.

And there is still no real reason why BitCoin is seen as seen as an investment, or a store of value of any kind.  It's ultimately based on the Greater Fool's Theory - people are buying and mining BitCoin because they think some other sucker is going to come in behind them and pay them more for it.
 
2017-09-16 11:37:53 AM  

valkore: Gubbo: Voiceofreason01: Bitcoin. Is. A. Scam.

The concept technology behind it is incredibly valuable. That's the only part of it with value.

FTFY.  Bitcoin's approach to blockchain is actually quite clunky.  Bitcoin's average block time is about 10 minutes, while Ethereum's is measured in seconds.

And there is still no real reason why BitCoin is seen as seen as an investment, or a store of value of any kind.  It's ultimately based on the Greater Fool's Theory - people are buying and mining BitCoin because they think some other sucker is going to come in behind them and pay them more for it.


So, you're saying it's the internet version of currency Amway?
 
2017-09-16 11:56:00 AM  
It's not good when this guy's money is more valuable than yours...
img.fark.netView Full Size
 
2017-09-16 11:57:18 AM  

oldernell: I read recently(probably fark)that Best Korea was using bitcoin for imports to get around sanctions.  Wonder if it's true.  It could put some countries or companies in a bind.


Probably one of the reasons why China stopped Bitcoin trading...that's what set off this panic in the first place...
 
2017-09-16 12:01:51 PM  

DubyaHater: I still have no idea what Bitcoin is, what it does, or why it exists. Fark taught me I can buy weapons and drugs with it, and pay ransoms, but I can do that with the money I make from my job. I refuse to learn about Bitcoin either.
Plus, Bitcoin is on the internet. 4chan is on the internet. Too close of a relationship for me to trust it.


I give it about five years before Bitcoin replaces food as the primary source of nourishment.

I'm not saying this in order to perpetuate the Ponzi scheme, either.  Everyone here knows that when I tell you something, I tell you because I want you to be happy.  That's all I want.  I really do.
 
2017-09-16 12:03:49 PM  

Tax Boy: [img.fark.net image 850x477]
Thanks for tripling the price of video cards, farking miners.


Implying that the people who identify as the PC Gaming Master Race have ever owned a video card or knows what it looks like.
 
2017-09-16 12:09:29 PM  

pxlboy: Mad_Radhu: I am kicking myself for not mining some Bitcoin for the hell of it back when I first heard of it. Back then you could run your computer overnight and get hundreds of BTC.

That's kind of the point. The people who started it up and the ones who got in early are really the only folks who made money.

Mine the easy blockchains, cash out, and that's it. Everyone else is spending all this actual money to build mining machines and getting screwed.


Not even that.  I knew people that mined in the early days, and they spent it all never thinking it'd become much more than a fad.   You never know even if you're in a bubble how big the bubble will get -- or when it will crash.  Lots were glad to get anything at all for their bitcoins in the beginning.

It's the people who purchased ASICS and mined a thousand times faster than anyone else that really made the money.  Same thing is happening now w/ Etherium and graphics cards, to a degree.   There are a lot of people who bought special hardware w/ riser cards and have a server room full of graphics cards just to mine, and they make enough to pay off their over-priced graphics cards and overall hardware and electricity investment and then some.

I'm just glad the house of cards is collapsing.  It's China that really kicked off the big bubble for bitcoin, and with them now closing the exchanges, everyone's taking their profits and the prices are dropping like a rock.  I'm sure it'll stabilize until the next big bubble burst.

People really got on the bitcoin bandwagon when they thought it was untraceable -- great digital currency for black market goods.  Now, they're figuring out the blockchain tracks transactions and government agencies are tracking wallets, purchases, etc... looking for money laundering and tax evasion.   As they tighten the screws, bitcoin will lose more of its "value."
 
2017-09-16 12:20:07 PM  
meh, I pulled 200% profit in two weeks last month, can't complain
 
2017-09-16 12:23:15 PM  

KingRamze: pxlboy: Mad_Radhu: I am kicking myself for not mining some Bitcoin for the hell of it back when I first heard of it. Back then you could run your computer overnight and get hundreds of BTC.

That's kind of the point. The people who started it up and the ones who got in early are really the only folks who made money.

Mine the easy blockchains, cash out, and that's it. Everyone else is spending all this actual money to build mining machines and getting screwed.

Not even that.  I knew people that mined in the early days, and they spent it all never thinking it'd become much more than a fad.   You never know even if you're in a bubble how big the bubble will get -- or when it will crash.  Lots were glad to get anything at all for their bitcoins in the beginning.

It's the people who purchased ASICS and mined a thousand times faster than anyone else that really made the money.  Same thing is happening now w/ Etherium and graphics cards, to a degree.   There are a lot of people who bought special hardware w/ riser cards and have a server room full of graphics cards just to mine, and they make enough to pay off their over-priced graphics cards and overall hardware and electricity investment and then some.

I'm just glad the house of cards is collapsing.  It's China that really kicked off the big bubble for bitcoin, and with them now closing the exchanges, everyone's taking their profits and the prices are dropping like a rock.  I'm sure it'll stabilize until the next big bubble burst.

People really got on the bitcoin bandwagon when they thought it was untraceable -- great digital currency for black market goods.  Now, they're figuring out the blockchain tracks transactions and government agencies are tracking wallets, purchases, etc... looking for money laundering and tax evasion.   As they tighten the screws, bitcoin will lose more of its "value."


Good read. Thanks for the info.

/one of the reasons I love Fark
 
2017-09-16 12:44:24 PM  

oldernell: I read recently(probably fark)that Best Korea was using bitcoin for imports to get around sanctions.  Wonder if it's true.  It could put some countries or companies in a bind.


I don't see why since governments insist that it's not real money.
 
2017-09-16 12:57:35 PM  

mrlewish: oldernell: I read recently(probably fark)that Best Korea was using bitcoin for imports to get around sanctions. Wonder if it's true. It could put some countries or companies in a bind.

I don't see why since governments insist that it's not real money.


It's not real money. Too volatile and deflationary to be a useful currency. It's a commodity, a speculative asset, a stock. But it's not real money.
 
2017-09-16 12:58:35 PM  
Define "recently."

I put in a small amount late last year, certain that my purchase alone (yes, it's all about me) would pop the bubble and make certain people I know STFU.

$5K in gains later I'm tempted to cash out, but I know that if I do the price will continue to grow.

So right now I'm staying put, waiting to see how unstoppable force vs. immovable object plays out.
 
2017-09-16 01:00:56 PM  

Gubbo: Voiceofreason01: Bitcoin. Is. A. Scam.

The technology behind it is incredibly valuable. That's the only part of it with value.


It's actually a lot like Tesla stock. The tech is legitimate and here to stay. Whether this entity will dominate the future however is questionable, especially relative to the current valuation.
 
2017-09-16 01:05:17 PM  

Marcus Aurelius: A currency is not an investment.  Just stop already.


They r holding on too hard to their bankster friends. Change can be scary for the ignorant.
 
2017-09-16 01:06:26 PM  

Nastinka: ...J.P. Morgan boss Jamie Dimon, who called it a "fraud"...

Jamie's just jealous.


Not yet.....
 
2017-09-16 01:09:34 PM  

IlGreven: oldernell: I read recently(probably fark)that Best Korea was using bitcoin for imports to get around sanctions.  Wonder if it's true.  It could put some countries or companies in a bind.

Probably one of the reasons why China stopped Bitcoin trading...that's what set off this panic in the first place...


Bec communist china is owned/controlled by wealthy communist party members. They, along with wealthy capitalists, want to protect their exploitive system of currency.
Duh
 
2017-09-16 01:13:25 PM  

Mike_LowELL: DubyaHater: I still have no idea what Bitcoin is, what it does, or why it exists. Fark taught me I can buy weapons and drugs with it, and pay ransoms, but I can do that with the money I make from my job. I refuse to learn about Bitcoin either.
Plus, Bitcoin is on the internet. 4chan is on the internet. Too close of a relationship for me to trust it.

I give it about five years before Bitcoin replaces food as the primary source of nourishment.

I'm not saying this in order to perpetuate the Ponzi scheme, either.  Everyone here knows that when I tell you something, I tell you because I want you to be happy.  That's all I want.  I really do.


The real ponzi scheme is global banksters. Welcome to the open source decentralized democratic future of the blockchain and crypto currency.
The genie is out of the bottle....
 
2017-09-16 01:15:29 PM  

Yankees Team Gynecologist: Define "recently."

I put in a small amount late last year, certain that my purchase alone (yes, it's all about me) would pop the bubble and make certain people I know STFU.

$5K in gains later I'm tempted to cash out, but I know that if I do the price will continue to grow.

So right now I'm staying put, waiting to see how unstoppable force vs. immovable object plays out.


Keep it. Dont sell.
 
2017-09-16 01:16:03 PM  

Ishkur: mrlewish: oldernell: I read recently(probably fark)that Best Korea was using bitcoin for imports to get around sanctions. Wonder if it's true. It could put some countries or companies in a bind.

I don't see why since governments insist that it's not real money.

It's not real money. Too volatile and deflationary to be a useful currency. It's a commodity, a speculative asset, a stock. But it's not real money.


Not yet
 
2017-09-16 01:17:05 PM  

mrlewish: oldernell: I read recently(probably fark)that Best Korea was using bitcoin for imports to get around sanctions.  Wonder if it's true.  It could put some countries or companies in a bind.

I don't see why since governments insist that it's not real money.


And, pray tell, who owns the gov?
The richest1%.
 
2017-09-16 01:17:18 PM  
img.fark.netView Full Size
 
2017-09-16 01:19:02 PM  

pxlboy: KingRamze: pxlboy: Mad_Radhu: I am kicking myself for not mining some Bitcoin for the hell of it back when I first heard of it. Back then you could run your computer overnight and get hundreds of BTC.

That's kind of the point. The people who started it up and the ones who got in early are really the only folks who made money.

Mine the easy blockchains, cash out, and that's it. Everyone else is spending all this actual money to build mining machines and getting screwed.

Not even that.  I knew people that mined in the early days, and they spent it all never thinking it'd become much more than a fad.   You never know even if you're in a bubble how big the bubble will get -- or when it will crash.  Lots were glad to get anything at all for their bitcoins in the beginning.

It's the people who purchased ASICS and mined a thousand times faster than anyone else that really made the money.  Same thing is happening now w/ Etherium and graphics cards, to a degree.   There are a lot of people who bought special hardware w/ riser cards and have a server room full of graphics cards just to mine, and they make enough to pay off their over-priced graphics cards and overall hardware and electricity investment and then some.

I'm just glad the house of cards is collapsing.  It's China that really kicked off the big bubble for bitcoin, and with them now closing the exchanges, everyone's taking their profits and the prices are dropping like a rock.  I'm sure it'll stabilize until the next big bubble burst.

People really got on the bitcoin bandwagon when they thought it was untraceable -- great digital currency for black market goods.  Now, they're figuring out the blockchain tracks transactions and government agencies are tracking wallets, purchases, etc... looking for money laundering and tax evasion.   As they tighten the screws, bitcoin will lose more of its "value."

Good read. Thanks for the info.

/one of the reasons I love Fark


Your bud is unaware of how many companies around the world take cryptocurrancy as payment.
 
2017-09-16 01:28:10 PM  
Seven straight ignored OCD replies by Linux_Yes
 
2017-09-16 01:32:11 PM  

Linux_Yes: Your bud is unaware of how many companies around the world take cryptocurrancy as payment.


You mean through a third party like Coinbase?  Most of these places won't touch Internet pogs with a ten-foot pole, but when someone shows up offering real money instead, they're not gonna say no.
 
2017-09-16 01:34:20 PM  

Travis_Bickle: Seven straight ignored OCD replies by Linux_Yes


All the words he said to me were in English.  The meaning escapes me.
 
2017-09-16 01:42:40 PM  

Travis_Bickle: Seven straight ignored OCD replies by Linux_Yes


Ignoring something doesnt make it go away. MS ignored Linux until they no longer could. Ever heard of windows subsystem for Linux?
 
2017-09-16 01:44:16 PM  

Marcus Aurelius: Travis_Bickle: Seven straight ignored OCD replies by Linux_Yes

All the words he said to me were in English.  The meaning escapes me.


Youre holding on too hard. Embrace the Future. Or be left behind.
 
2017-09-16 01:55:10 PM  

Mad_Radhu: I am kicking myself for not mining some Bitcoin for the hell of it back when I first heard of it. Back then you could run your computer overnight and get hundreds of BTC.


I don't know if you recall but Bitcoin had a huge surge and crash years ago with the Mt Gox fraud. A lot of people I know got out at that time because prices were at all time highs (almost $1000!!) and the crash caused Bitcoin to lose half its value.

The smart investor gets in early and sells during the mania, but its hard to tell when the enthusiasm has hit its peak. The smart ones who planned to sell all along probably got out years ago thinking it couldn't possibly get higher, and those who stuck with it have now bought into their own BS and feel a $10,000 valuation is on the horizon.

Short story, don't kick yourself too much. You wouldn't have made as much money as you think you would have.
 
2017-09-16 01:58:43 PM  

Linux_Yes: Marcus Aurelius: Travis_Bickle: Seven straight ignored OCD replies by Linux_Yes

All the words he said to me were in English.  The meaning escapes me.

Youre holding on too hard. Embrace the Future. Or be left behind.


Answer me this: are you for Bitcoin, or cryptocurrency in general?  If Bitcoin only, why?  What makes it better than any of the alternatives?  Difficulty: you can't use "it's been around longer" as the only reason.
 
2017-09-16 02:00:31 PM  

Marcus Aurelius: A currency is not an investment.  Just stop already.


You have obviously never worked in the financial industry. Currency trading is serious business. There's big money to be had in different currency valuations between multiple countries.
 
2017-09-16 02:22:24 PM  

Linux_Yes: Welcome to the open source decentralized democratic future of the blockchain and crypto currency.
The genie is out of the bottle....


Nothing says "decentralized and democratic" quite like Chinese-run mining farms.

coin miner Kun walks in between aisles of mining machines in Sichuan. (Liu Xingzhe/ChinaFile/EPA)
img.fark.netView Full Size

Chinese mining pools control more than 70% of the Bitcoin network's collective hashrate.

Meanwhile normal people can't use Bitcoin for everyday stuff because of the huge fees, and long confirmation times, both of which are expected to keep rising.
 
2017-09-16 02:24:54 PM  

Flogster: Mad_Radhu: I am kicking myself for not mining some Bitcoin for the hell of it back when I first heard of it. Back then you could run your computer overnight and get hundreds of BTC.

I don't know if you recall but Bitcoin had a huge surge and crash years ago with the Mt Gox fraud. A lot of people I know got out at that time because prices were at all time highs (almost $1000!!) and the crash caused Bitcoin to lose half its value.

The smart investor gets in early and sells during the mania, but its hard to tell when the enthusiasm has hit its peak. The smart ones who planned to sell all along probably got out years ago thinking it couldn't possibly get higher, and those who stuck with it have now bought into their own BS and feel a $10,000 valuation is on the horizon.

Short story, don't kick yourself too much. You wouldn't have made as much money as you think you would have.


The important thing to do with this kind of investment is to set a goal and sell when you hit that goal. You can even just sell everything but the capital if you really think it's going to keep going up. But the number one rule is, don't play with money you think you will need. That goes with stocks as well, every company is one critical report away from having trading halted and being liquidated. Granted, for the companies on NYSE and NASDAQ it would take an incredibly powerful negative report to trigger that, but it's still possible even for Fortune 500 companies. Some decent size companies can vanish overnight. I remember when Chi-Chi's salad killed someone. They never reopened a store following that.

Total losses are always a risk when you purchase one particular investment instead of an index fund. Since less than 50% of trading volume happens in public, we don't even have access to enough volume data to make an educated guess on how the numbers will go. On something completely opaque like Bitcoin there's absolutely nothing to base a rational decision on as an investment strategy. Although plfuture movement isn't completely independent of past movement, there's zero future guidance, no compliance reports, no annual or quarterly reports to analyze for risk profile.

The upside is always possible, but lock in gains as soon as you hit your numbers and be happy with them. It's basically found money from your perspective.
 
2017-09-16 02:26:36 PM  

Kirablue42: So, you're saying it's the internet version of currency Amway?


No, Amway actually sells things.
 
2017-09-16 02:31:09 PM  

neaorin: coin miner Kun walks in between aisles of mining machines in Sichuan. (Liu Xingzhe/ChinaFile/EPA)
[img.fark.net image 850x566]


WTF is a puddle doing on the floor of a server farm?
 
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