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(Washington Post)   Now, maybe you don't care if your money periodically loses 20 percent of its value, but most people tend to. If bitcoin is the future, then progress is in the past   ( washingtonpost.com) divider line
    More: Interesting, bitcoin, Rube Goldberg, Value, Price, Rube Goldberg machine, newly created bitcoin, investment analyst Eddy, now-defunct bitcoin exchange  
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956 clicks; posted to Geek » on 11 Aug 2018 at 2:49 AM (17 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



40 Comments     (+0 »)
 
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2018-08-10 11:36:27 PM  
These swings are the birthing pains of the future. They merely tell us that digital cryptocurrency has started to go mainstream. They do not invalidate the concept. Quite the opposite: they tell us that the concept was important enough for institutional investors and speculators to take note and participate.

Bitcoin lacks a central bank. That's a feature, not a bug.

/First half of the headline I thought the TFA was going to be about Turkish lira
 
2018-08-10 11:46:58 PM  
scontent-atl3-1.xx.fbcdn.netView Full Size
 
2018-08-11 04:03:15 AM  

Sid_6.7: us that digital cryptocurrency has started to go mainstream. They do not invalidate the concept. Quite the opposite: they tell us that the concept was important enough for institutional investors and speculators to take note and participate.


So you just didn't read the article, is what you are saying.
 
2018-08-11 04:16:47 AM  
None of this makes sense unless you think of bitcoin as a particularly elaborate way to teach libertarians the economic value of trust.

/no additional comment necessary
 
2018-08-11 04:51:45 AM  

ModernLuddite: Sid_6.7: us that digital cryptocurrency has started to go mainstream. They do not invalidate the concept. Quite the opposite: they tell us that the concept was important enough for institutional investors and speculators to take note and participate.

So you just didn't read the article, is what you are saying.


You didn't get the joke, is what you're saying.

/that was a joke, right?
 
2018-08-11 05:45:54 AM  

mcmnky: ModernLuddite: Sid_6.7: us that digital cryptocurrency has started to go mainstream. They do not invalidate the concept. Quite the opposite: they tell us that the concept was important enough for institutional investors and speculators to take note and participate.

So you just didn't read the article, is what you are saying.

You didn't get the joke, is what you're saying.

/that was a joke, right?


I'd happily admit to not getting the joke if it was indeed one instead of someone just being an idiot.
 
2018-08-11 05:48:30 AM  
Obviously it's a hit piece from the people most invested in fiat.
 
2018-08-11 06:29:24 AM  
There's only two things that I invest in...Your mom's titties!
 
2018-08-11 06:42:07 AM  
It's a pyramid scheme, and it works as long as bigger fools keep coming along.
But when no more bitcoin numbers can be generated, the procession of bigger fools will abruptly end.
And then down comes the house of cards.
 
2018-08-11 06:44:27 AM  
I invested a couple hundred bucks into bitcoin back when it was 15k.  Look at me now?

Ah, the days when it took 17k bitcoins to buy a delivery pizza.  I wonder where that guy is now. Rich as hell, or digging through a plot of landfill space to find that hard drive or usb drive that failed a couple years later?
 
2018-08-11 06:49:33 AM  
Funny thing was, I was laughing like hell at the BTC guys when it was still at about 20-30 bucks, and when it crashed then. Thing is, as stupid as the concept was, I would've bought a few if I was not asking for cigarette money from my mom at that point in my life.Who wants to buy me a few shipping containers of smokes for me now?
 
2018-08-11 06:53:20 AM  
Oh wait, they probably lost it all during the MT.Gox incident.  I think that we have a few hackers driving Ferrari's now.
 
2018-08-11 07:02:00 AM  
No the crooked to the core banksters r a thing of the past.
They fear cryptocurrency bec it takes them out as the middlemen.
They wont be able to steal their portion.
Itll just be buyer and seller.
 
2018-08-11 07:59:54 AM  

Mitch Mitchell: There's only two things that I invest in...Your mom's titties!


Pretty garbage investment since the mastectomy...
 
2018-08-11 08:06:44 AM  

Linux_Yes: No the crooked to the core banksters r a thing of the past.
They fear cryptocurrency bec it takes them out as the middlemen.
They wont be able to steal their portion.
Itll just be buyer and seller.


Worst haiku ever
 
2018-08-11 08:18:09 AM  
img.fark.netView Full Size
img.fark.netView Full Size


I, for one, welcome our new 'Ha Ha Guy' overlords.
 
2018-08-11 08:36:02 AM  

jso2897: It's a pyramid scheme, and it works as long as bigger fools keep coming along.
But when no more bitcoin numbers can be generated, the procession of bigger fools will abruptly end.
And then down comes the house of cards.


Well no, then it becomes a collector's card market.

And you will get to see all of the reasons why mankind ditched the Gold standard. With finite quantities of the stuff in circulation, you get hoarders which fark up the flow of capital and then profit from that disruption, begetting more hoarding and disruption. And pretty soon you are back to a fiat currency because you get promissory notes made against promissory notes that supposedly trace back do a quantity of the fixed market material, but you will find that same stuff has actually been promised several times to several different institutions.
 
2018-08-11 08:36:58 AM  

Plissken: Linux_Yes: No the crooked to the core banksters r a thing of the past.
They fear cryptocurrency bec it takes them out as the middlemen.
They wont be able to steal their portion.
Itll just be buyer and seller.

Worst haiku ever


Haiku? More like Hack You. Amirite?
 
2018-08-11 08:58:39 AM  
I'm ok. Bitcoin is still trading like Enron stock.
 
2018-08-11 09:24:04 AM  
Step 1: Cryotocurrency's value skyrocket. Banks see this as a threat, get involved, steal underpants
Step 2: ?????
Step 3: Cryptocurrency's value plummet

I guess the banks have figured out step 2. It probably involved putting thousands of nodes on a coins network, giving them the control and power to fork coin code for major currencies, driving people to other coins and fracturing the market.
 
2018-08-11 09:29:05 AM  

Wine Sipping Elitist: Step 1: Cryotocurrency's value skyrocket. Banks see this as a threat, get involved, steal underpants
Step 2: ?????
Step 3: Cryptocurrency's value plummet

I guess the banks have figured out step 2. It probably involved putting thousands of nodes on a coins network, giving them the control and power to fork coin code for major currencies, driving people to other coins and fracturing the market.


Step 2 is easy

"Bail out before everything goes to shiat"
 
2018-08-11 09:31:24 AM  

Linux_Yes: No the crooked to the core banksters r a thing of the past.
They fear cryptocurrency bec it takes them out as the middlemen.
They wont be able to steal their portion.
Itll just be buyer and seller.


Sadly, you're wrong. Banks are here to stay. There are a lot of people, worldwide, who live very simple lives and save their wealth. They might not even have an internet connection. Cryptocurrency is useless to them.
 
2018-08-11 09:49:42 AM  

Wine Sipping Elitist: Sadly, you're wrong. Banks are here to stay. There are a lot of people, worldwide, who live very simple lives and save their wealth. They might not even have an internet connection. Cryptocurrency is useless to them.


i.pinimg.comView Full Size
 
2018-08-11 09:53:29 AM  
files.explosm.netView Full Size

files.explosm.netView Full Size

/really?  I'm first?
 
2018-08-11 09:58:37 AM  

Vlad_the_Inaner: [files.explosm.net image 820x700]
[files.explosm.net image 701x303]
/really?  I'm first?


I've seen them before... but now I feel compelled to print them out and stick them to my wall at the office.
 
2018-08-11 09:59:49 AM  

qorkfiend: Wine Sipping Elitist: Step 1: Cryotocurrency's value skyrocket. Banks see this as a threat, get involved, steal underpants
Step 2: ?????
Step 3: Cryptocurrency's value plummet

I guess the banks have figured out step 2. It probably involved putting thousands of nodes on a coins network, giving them the control and power to fork coin code for major currencies, driving people to other coins and fracturing the market.

Step 2 is easy

"Bail out before everything goes to shiat"


Well more like: "Bail out just as I launch a flare gun into gas tanks of the plane we are all flying on."
 
2018-08-11 10:31:38 AM  

jso2897: It's a pyramid scheme, and it works as long as bigger fools keep coming along.
But when no more bitcoin numbers can be generated, the procession of bigger fools will abruptly end.
And then down comes the house of cards.


That's a few decades from now.  No way it lasts anywhere near that long.
 
2018-08-11 11:57:47 AM  
I own $5000 worth of Bitcoin, and I think it's a reasonable investment in the future.

I'm not sure how much my $7000 worth of Bitcoin will be worth when I retire, but I'm sure it will be worth far more than the $3000 it's worth right now, so I'm going to hang on to it.
 
2018-08-11 12:11:09 PM  

2chris2: I own $5000 worth of Bitcoin, and I think it's a reasonable investment in the future.

I'm not sure how much my $7000 worth of Bitcoin will be worth when I retire, but I'm sure it will be worth far more than the $3000 it's worth right now, so I'm going to hang on to it.


That's the same thought process that I had. I invested 500 bucks of extra fun money that I had into coinbase, and I just logged in and saw that it was only 190 bucks now.  Whatevs, but I'll hold and see if there's another madhouse run like the last time.
 
2018-08-11 12:35:35 PM  
Buying stock in the mining rig manufactures is a significantly better investment than crypto currency
 
2018-08-11 01:16:24 PM  

DrunkenIrishOD: Buying stock in the mining rig manufactures is a significantly better investment than crypto currency


Clearly.  Nvidia stock is up 1070% over the last 3 years.  Yes, I know the cool kids are all using special ASICs now or whatever, but there are still tons of amateurs using graphics cards (and likewise for a lot of the other coins as well).  The point being that gaming video cards are still running a 50% price premium.
 
2018-08-11 01:24:51 PM  

DrunkenIrishOD: Buying stock in the mining rig manufactures is a significantly better investment than crypto currency


Picks & Shovels
 
2018-08-11 02:43:54 PM  

NewWorldDan: DrunkenIrishOD: Buying stock in the mining rig manufactures is a significantly better investment than crypto currency

Clearly.  Nvidia stock is up 1070% over the last 3 years.  Yes, I know the cool kids are all using special ASICs now or whatever, but there are still tons of amateurs using graphics cards (and likewise for a lot of the other coins as well).  The point being that gaming video cards are still running a 50% price premium.


Those remaining amateurs are tools, sure a young crypto currency has a positive ratio of return using GPUs vs power cost and initial capital to buy them...but anyone still doing the established ones with GPUs are either not paying for their own power usage in the first place or going to find out they net-lost when they eventually run the numbers.  A single GPU can consume 3-5KwH/day if its run ragged 24/7, that's not exactly small change if you have to face the bill.

/Anyone with any sense is letting Nvidia choke on their extra stock until the price falls way below the release ...and even then screw that, wait for the 11 series any ways, its very much due next month.
 
2018-08-11 03:23:18 PM  

Chabash: Mitch Mitchell: There's only two things that I invest in...Your mom's titties!

Pretty garbage investment since the mastectomy...


I hear the implants have lost value due to inflation.
 
2018-08-11 04:24:05 PM  
/incidental: I rigged up an app to grab the current value of my 3 cryptocurrencies, ecentually reducing in frequency to twice a day and graphing it for a rolling 2 weeks, keeping the graphs for 2 months
//still incidental: value has dropped from 39% of my purchase cost to 28% in the last couple of months
///aw ferk it: I coded the graphy thing when I had *enthusiasm* for it all, initially refreshing every hour or two

img.fark.netView Full Size
 
2018-08-11 08:50:57 PM  

Smoking GNU: mcmnky: ModernLuddite: Sid_6.7: us that digital cryptocurrency has started to go mainstream. They do not invalidate the concept. Quite the opposite: they tell us that the concept was important enough for institutional investors and speculators to take note and participate.

So you just didn't read the article, is what you are saying.

You didn't get the joke, is what you're saying.

/that was a joke, right?

I'd happily admit to not getting the joke if it was indeed one instead of someone just being an idiot.


I'm not an idiot, I was just drunk and trying to sound profound. I feel my point remains that this is the beginning of something new, and people that can't understand that don't know what's going on.

The point isn't how valuable any given cryptocurrency is, it's that they exist, and that they've started to be increasingly accepted.
 
2018-08-11 11:19:53 PM  

Wizzbang: 2chris2: I own $5000 worth of Bitcoin, and I think it's a reasonable investment in the future.

I'm not sure how much my $7000 worth of Bitcoin will be worth when I retire, but I'm sure it will be worth far more than the $3000 it's worth right now, so I'm going to hang on to it.

That's the same thought process that I had. I invested 500 bucks of extra fun money that I had into coinbase, and I just logged in and saw that it was only 190 bucks now.  Whatevs, but I'll hold and see if there's another madhouse run like the last time.


And as long as I don't sell my Beanie babies haven't taken a loss.  I'll just hold until the market recovers.
 
2018-08-12 05:55:25 AM  

Sid_6.7: Smoking GNU: mcmnky: ModernLuddite: Sid_6.7: us that digital cryptocurrency has started to go mainstream. They do not invalidate the concept. Quite the opposite: they tell us that the concept was important enough for institutional investors and speculators to take note and participate.

So you just didn't read the article, is what you are saying.

You didn't get the joke, is what you're saying.

/that was a joke, right?

I'd happily admit to not getting the joke if it was indeed one instead of someone just being an idiot.

I'm not an idiot, I was just drunk and trying to sound profound. I feel my point remains that this is the beginning of something new, and people that can't understand that don't know what's going on.

The point isn't how valuable any given cryptocurrency is, it's that they exist, and that they've started to be increasingly accepted.


(1) It's not at all anything new. People have been using specific, finite quantities of a specific object for commerce for a very, very long time.

(2) The value of cryptocurrency *is* the point. It is volatile and makes using it as a means of exchange a pain in the ass.

(3) Existence does not imply value, and an increase in acceptance only means that the number of places in which you can use cryptocurrency has increased. My city has a coffee shop that started accepting it. Acceptance has increased. It's still useless everywhere that is not that specific coffee shop.
 
2018-08-12 01:28:04 PM  

2chris2: I own $5000 worth of Bitcoin, and I think it's a reasonable investment in the future.

I'm not sure how much my $7000 worth of Bitcoin will be worth when I retire, but I'm sure it will be worth far more than the $3000 it's worth right now, so I'm going to hang on to it.


>seriously using crypto as investment vehicle

The self-fulfilling prophecy fulfills itself.

/only half kidding, the entirety of my retirement consists of twenty bucks of monero and a few thousand rounds of ammunition
 
2018-08-12 02:41:56 PM  

ModernLuddite: Sid_6.7: Smoking GNU: mcmnky: ModernLuddite: Sid_6.7: us that digital cryptocurrency has started to go mainstream. They do not invalidate the concept. Quite the opposite: they tell us that the concept was important enough for institutional investors and speculators to take note and participate.

So you just didn't read the article, is what you are saying.

You didn't get the joke, is what you're saying.

/that was a joke, right?

I'd happily admit to not getting the joke if it was indeed one instead of someone just being an idiot.

I'm not an idiot, I was just drunk and trying to sound profound. I feel my point remains that this is the beginning of something new, and people that can't understand that don't know what's going on.

The point isn't how valuable any given cryptocurrency is, it's that they exist, and that they've started to be increasingly accepted.

(1) It's not at all anything new. People have been using specific, finite quantities of a specific object for commerce for a very, very long time.

(2) The value of cryptocurrency *is* the point. It is volatile and makes using it as a means of exchange a pain in the ass.

(3) Existence does not imply value, and an increase in acceptance only means that the number of places in which you can use cryptocurrency has increased. My city has a coffee shop that started accepting it. Acceptance has increased. It's still useless everywhere that is not that specific coffee shop.


Username checks out.
 
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