If you can read this, either the style sheet didn't load or you have an older browser that doesn't support style sheets. Try clearing your browser cache and refreshing the page.

(Twitter)   #shiatcoin   ( twitter.com) divider line
    More: PSA, Copy link, Like, Twitter, Tweet, The Conversation, Nouriel Roubini, Nouriel, reply  
•       •       •

2875 clicks; posted to Business » on 06 Feb 2018 at 1:35 PM (23 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



95 Comments     (+0 »)
 
View Voting Results: Smartest and Funniest


Oldest | « | 1 | 2 | » | Newest | Show all

 
2018-02-06 12:18:46 PM  
Original Tweet:

 
2018-02-06 12:35:17 PM  

Original: Original Tweet:


Funny how only one or two months ago I was *then* inundated with "buy Bitcoin" spam.  People drum up excitement, get people into the market, then dump and run.  Bitcoin is nothing new in that regard.
 
2018-02-06 12:37:32 PM  
xanadian:
Funny how only one or two months ago I was *then* inundated with "buy Bitcoin" spam.  People drum up excitement, get people into the market, then dump and run.  Bitcoin is nothing new in that regard.

It's just like the penny stock "tip" spam.  Same con, different angle.
 
2018-02-06 12:39:15 PM  
Beanie Babies, but with math.
 
2018-02-06 01:01:45 PM  
So, hands up who here said that this would happen. And that the fall would be ruinous. And who here laughed at us.

Sorry you all lost so much money. And in probably some cases, sorry you lost your house.
 
2018-02-06 01:10:17 PM  

xanadian: Original: Original Tweet:

Funny how only one or two months ago I was *then* inundated with "buy Bitcoin" spam.  People drum up excitement, get people into the market, then dump and run.  Bitcoin is nothing new in that regard.


img.fark.netView Full Size
 
2018-02-06 01:12:14 PM  

Gubbo: So, hands up who here said that this would happen. And that the fall would be ruinous. And who here laughed at us.

Sorry you all lost so much money. And in probably some cases, sorry you lost your house.


Don't be too sorry. Most of them would have lost it some way or another. I feel bad for any dependents or spouses, though.

I'm not perfect.. I just lose my money in the traditional ways: booze and sex.
 
2018-02-06 01:13:06 PM  

nekom: xanadian:
Funny how only one or two months ago I was *then* inundated with "buy Bitcoin" spam.  People drum up excitement, get people into the market, then dump and run.  Bitcoin is nothing new in that regard.

It's just like the penny stock "tip" spam.  Same con, different angle.


It's called "pump and dump."
 
2018-02-06 01:13:25 PM  
Dunning Krugerands
 
2018-02-06 01:15:42 PM  
#buttcoin
 
2018-02-06 01:24:43 PM  

Tr0mBoNe: Gubbo: So, hands up who here said that this would happen. And that the fall would be ruinous. And who here laughed at us.

Sorry you all lost so much money. And in probably some cases, sorry you lost your house.

Don't be too sorry. Most of them would have lost it some way or another. I feel bad for any dependents or spouses, though.

I'm not perfect.. I just lose my money in the traditional ways: booze and sex.


I'm obviously more sophisticated. I lose mine on booze and games of chance (often played while heavily under the influence of booze).
 
2018-02-06 01:33:04 PM  

Gubbo: So, hands up who here said that this would happen. And that the fall would be ruinous. And who here laughed at us.

Sorry you all lost so much money. And in probably some cases, sorry you lost your house.


Bitcoin will probably stabilize in the $5k-$7k range.

Probably.

/for a little while anyway
 
2018-02-06 01:38:52 PM  
Buy the dip?
 
2018-02-06 01:42:37 PM  
Here's the last 365 days of BTC price:
img.fark.netView Full Size


Let's see how that compares with a standard "bubble" chart:
img.fark.netView Full Size

Oh. Oh dear....
 
2018-02-06 01:43:19 PM  
The comments, Ray.
 
2018-02-06 01:48:27 PM  

sirrerun: The comments, Ray.


I like this one.

If bitcoin goes to zero i am buying all 21 million of it !
 
2018-02-06 01:48:48 PM  
Is it too late for me to change my company name to "Blockchain Brummies?"
 
2018-02-06 01:52:02 PM  

BKITU: Here's the last 365 days of BTC price:
[img.fark.net image 850x288]

Let's see how that compares with a standard "bubble" chart:
[img.fark.net image 850x570]
Oh. Oh dear....


I honest to god had to double check the second one to make sure it wasn't actually just the curve for bitcoin. That is incredible.

/I wonder how that teenage bitcoin millionaire is doing now?
//I wonder how the farker who was bragging that he quit his job and bought a go pro is doing?
///I think soon will be an excellent time to buy a house.
 
2018-02-06 01:53:07 PM  
I can't wait until the next time I see my brother in law to see how his bitcoin empire is doing.  Not that my stocks are doing great... really, I'm looking to build a new computer this summer and I'll hopefully be able to buy a video card and RAM without breaking the bank.
 
2018-02-06 01:57:53 PM  

Gubbo: So, hands up who here said that this would happen. And that the fall would be ruinous. And who here laughed at us.

Sorry you all lost so much money. And in probably some cases, sorry you lost your house.


I'm guessing most people on Fark who got into crypto probably got into more than 3 months ago so are probably doing fine. Bitcoin is equal to about 3 months ago. Ethereum is still double, Ripple is quadruple, and Iota is more than double then what they were three months ago.

Going from sub 1000 to about 20,000 in 12 months was never sustainable. I posted before how I got spooked before Christmas and ending up taking a good amount of profit at about 15K. I then took a bunch more out at around 11K range.

I'm more interested in seeing if Bitcoin finds a foothold around the 5000 level. If it slips substantially below that than I'm not sure if it could recover in the foreseeable future.
 
2018-02-06 02:01:11 PM  

Dokstarr: Gubbo: So, hands up who here said that this would happen. And that the fall would be ruinous. And who here laughed at us.

Sorry you all lost so much money. And in probably some cases, sorry you lost your house.

I'm guessing most people on Fark who got into crypto probably got into more than 3 months ago so are probably doing fine. Bitcoin is equal to about 3 months ago. Ethereum is still double, Ripple is quadruple, and Iota is more than double then what they were three months ago.

Going from sub 1000 to about 20,000 in 12 months was never sustainable. I posted before how I got spooked before Christmas and ending up taking a good amount of profit at about 15K. I then took a bunch more out at around 11K range.

I'm more interested in seeing if Bitcoin finds a foothold around the 5000 level. If it slips substantially below that than I'm not sure if it could recover in the foreseeable future.


I disagree. I would imagine most regular people got into at at around the 12k level when it was really starting to make the news. And ok, some of them might have gotten out at the top of the market. But I'm sure most of them have lost 60%/70% of their investment.
 
2018-02-06 02:05:41 PM  
Meh, sold some a few months ago.  Still up 1000% on the remaining ones.  The SEC news today has been pretty positive overall, and BTC is back up 5%.  Better than the dow today by far.

You can apply that valuation chart to the current stock market too, and the gains aren't nearly as large in most cases.

Its a volitile investment, you get in early and you roll with it....
 
2018-02-06 02:08:12 PM  

Lord Bear: Meh, sold some a few months ago.  Still up 1000% on the remaining ones.  The SEC news today has been pretty positive overall, and BTC is back up 5%.  Better than the dow today by far.

You can apply that valuation chart to the current stock market too, and the gains aren't nearly as large in most cases.

Its a volitile investment, you get in early and you roll with it....


So, still up 1000%. But entirely unphased by a reduction in value of 2/3rds.... Ok. Seems legit.
 
2018-02-06 02:08:46 PM  

standardeviation: I honest to god had to double check the second one to make sure it wasn't actually just the curve for bitcoin. That is incredible.


When I went to search for the BTC price, it's the exact shape I expected to find. It's a nearly immutable law of the universe.
 
2018-02-06 02:11:03 PM  

BKITU: Here's the last 365 days of BTC price:
[img.fark.net image 850x288]

Let's see how that compares with a standard "bubble" chart:
[img.fark.net image 850x570]
Oh. Oh dear....


According to your charts, the price of BTC should be around 7-9K, so what you are saying is buy?
 
2018-02-06 02:13:06 PM  
No bubble, no bubble. You're the bubble.

img.fark.netView Full Size
 
2018-02-06 02:13:26 PM  
Joke all you want about the """""crash""""" of Bitcoin, I'm about to announce the end of your pathetic species.  I have finished the Cryptoarmor.

Each plate of armor is a Geforce 1080 TI Founder's Edition, powered by Cooler Master's latest liquid cooling technology, networked to an industrial-grade VR display all controlled by the Xbox One game controller.  Each graphics card is then connected to a central hub that networks with my brain, pumping Ethereum and Litecoins directly into my body.

Once I have mastered the techniques listed
 in the Geforce instruction manual, I will be invincible, as I turn the raw essence of the crypto coarsing through my body into a weapon to render all other weapons obsolete.  Ripple, to shatter time and space.  Tether, to shoot the tentacles.  Scamcoin, to commit substantial amounts of fraud over eBay.

I estimate that it will take me anywhere from two to four hours to put on the Cryptoarmor, but once I have done this, I will conquer your stupid planet, assuming I don't just destroy it.

Mother yelled at me for investing in Bitcoin when it was close to seventeen-thousand dollars.  Now I will yell at her, with the Bitcoin Cash, as the shrapnel flays her entire body to the bone.  And once I'm done with her, you're next.

I will be live-streaming this on Facebook, if anyone is interested.
 
2018-02-06 02:15:30 PM  

Mike_LowELL: Joke all you want about the """""crash""""" of Bitcoin, I'm about to announce the end of your pathetic species.  I have finished the Cryptoarmor.

Each plate of armor is a Geforce 1080 TI Founder's Edition, powered by Cooler Master's latest liquid cooling technology, networked to an industrial-grade VR display all controlled by the Xbox One game controller.  Each graphics card is then connected to a central hub that networks with my brain, pumping Ethereum and Litecoins directly into my body.

Once I have mastered the techniques listed
 in the Geforce instruction manual, I will be invincible, as I turn the raw essence of the crypto coarsing through my body into a weapon to render all other weapons obsolete.  Ripple, to shatter time and space.  Tether, to shoot the tentacles.  Scamcoin, to commit substantial amounts of fraud over eBay.

I estimate that it will take me anywhere from two to four hours to put on the Cryptoarmor, but once I have done this, I will conquer your stupid planet, assuming I don't just destroy it.

Mother yelled at me for investing in Bitcoin when it was close to seventeen-thousand dollars.  Now I will yell at her, with the Bitcoin Cash, as the shrapnel flays her entire body to the bone.  And once I'm done with her, you're next.

I will be live-streaming this on Facebook, if anyone is interested.


Can I purchase my survival for 3 easy payments of $79.99?
 
2018-02-06 02:17:05 PM  

Dokstarr: Gubbo: So, hands up who here said that this would happen. And that the fall would be ruinous. And who here laughed at us.

Sorry you all lost so much money. And in probably some cases, sorry you lost your house.

I'm guessing most people on Fark who got into crypto probably got into more than 3 months ago so are probably doing fine. Bitcoin is equal to about 3 months ago. Ethereum is still double, Ripple is quadruple, and Iota is more than double then what they were three months ago.

Going from sub 1000 to about 20,000 in 12 months was never sustainable. I posted before how I got spooked before Christmas and ending up taking a good amount of profit at about 15K. I then took a bunch more out at around 11K range.

I'm more interested in seeing if Bitcoin finds a foothold around the 5000 level. If it slips substantially below that than I'm not sure if it could recover in the foreseeable future.


As a currency, it would be useful if it just stopped moving 15% a day.  A currency that fluctuates that much isn't useful.
 
2018-02-06 02:20:12 PM  

Bowen: Can I purchase my survival for 3 easy payments of $79.99?


Save your money.  I'll be outlining the future of your doomed planet in my upcoming Initial Coin Offering.
 
2018-02-06 02:23:07 PM  

Lord Bear: BKITU: Here's the last 365 days of BTC price:
[img.fark.net image 850x288]

Let's see how that compares with a standard "bubble" chart:
[img.fark.net image 850x570]
Oh. Oh dear....

According to your charts, the price of BTC should be around 7-9K, so what you are saying is buy?


Well, the chart started around $2k, it predicts settling around $3k, and further predicts a "Despair" dip below $2k so... sure. Buy at $8242. Have fun.
 
2018-02-06 02:23:37 PM  
Speaking of cryptocurrencies, just how long and how much electricity is used to mine a single bitcoin?

I upgraded my husband and I's computers this weekend and we have an extra PC lying around as a result, would it bust my electric bill? I just want some extra cash
 
2018-02-06 02:24:33 PM  

Gubbo: Lord Bear: Meh, sold some a few months ago.  Still up 1000% on the remaining ones.  The SEC news today has been pretty positive overall, and BTC is back up 5%.  Better than the dow today by far.

You can apply that valuation chart to the current stock market too, and the gains aren't nearly as large in most cases.

Its a volitile investment, you get in early and you roll with it....

So, still up 1000%. But entirely unphased by a reduction in value of 2/3rds.... Ok. Seems legit.


Not totally unphased, but 10x gains in a little over a year is still great in perspective.  I will be the first to admit that 25x gains were better.
 
2018-02-06 02:27:26 PM  

shortymac: Speaking of cryptocurrencies, just how long and how much electricity is used to mine a single bitcoin?

I upgraded my husband and I's computers this weekend and we have an extra PC lying around as a result, would it bust my electric bill? I just want some extra cash


Average amount of electricity per transaction is enough to power a house for nine days. A single block contains thousands (or millions?) of transactions, so multiply by lots to hash a block. Assuming you succeed, you then get 12.5 bitcoins.

If you use a PC, you're going to lose money. The only efficient miners at this point are dedicated ASICs.
 
2018-02-06 02:29:15 PM  

shortymac: Speaking of cryptocurrencies, just how long and how much electricity is used to mine a single bitcoin?

I upgraded my husband and I's computers this weekend and we have an extra PC lying around as a result, would it bust my electric bill? I just want some extra cash


CPU isn't really as useful as GPU for mining. Your bang for the buck is a lot lower than the Chinese billionaires with their endless GPU server farms.
 
2018-02-06 02:30:02 PM  

BKITU: Lord Bear: BKITU: Here's the last 365 days of BTC price:
[img.fark.net image 850x288]

Let's see how that compares with a standard "bubble" chart:
[img.fark.net image 850x570]
Oh. Oh dear....

According to your charts, the price of BTC should be around 7-9K, so what you are saying is buy?

Well, the chart started around $2k, it predicts settling around $3k, and further predicts a "Despair" dip below $2k so... sure. Buy at $8242. Have fun.


According to my straitedge, the 'dispair' dip would be around 5K, which it has hit and bounced off of, and the 'normal' would be 8.

shortymac: Speaking of cryptocurrencies, just how long and how much electricity is used to mine a single bitcoin?

I upgraded my husband and I's computers this weekend and we have an extra PC lying around as a result, would it bust my electric bill? I just want some extra cash


You pretty much can't mine bitcoin with regular hardware.  You can mine ethereum and other cryptos.  I make about $50 a month mining ethereum with a nvidia 1060 video card part time.  It costs me around $5 in electricity and that is partially offset by the heating it gives my house in the cold winter.
 
2018-02-06 02:30:18 PM  

Dokstarr: Ethereum is still double


Eth is waaaaay more than Double. I got into it around March/April of last year at under $70 (DCA on my total wallet is around $125). Even with this correction I'm doing juuuuuuust fine. 

Bitcoin on the other hand, garbage tech with limited use/future. Blame their idiotic community and their allergy to changing any piece of satoshi's nonsense for that one. Once we get over the hump of BITCOIN = ALL CRYPTO!!! And start earnestly looking at blockchain technology, what powers it, and what we can do with it, things will likely rebound. Just need the technology differentiated from the "store of value" bullshiat people keep trying to apply to it all.
 
2018-02-06 02:36:18 PM  

Lord Bear: According to my straitedge, the 'dispair' dip would be around 5K, which it has hit and bounced off of, and the 'normal' would be 8.


Use whatever tools you want to justify what you're already doing. Have fun.
 
2018-02-06 02:37:31 PM  
I knew Bitcoin was well and truly hosed when Ameritrade had "now trading Bitcoin futures" listed on their Super Bowl commercial.
 
2018-02-06 02:41:05 PM  

Lord Bear: BKITU: Here's the last 365 days of BTC price:
[img.fark.net image 850x288]

Let's see how that compares with a standard "bubble" chart:
[img.fark.net image 850x570]
Oh. Oh dear....

According to your charts, the price of BTC should be around 7-9K, so what you are saying is buy?


No, wait until "despair" to buy
 
2018-02-06 02:42:10 PM  

Strategeryz0r: Dokstarr: Ethereum is still double

Eth is waaaaay more than Double. I got into it around March/April of last year at under $70 (DCA on my total wallet is around $125). Even with this correction I'm doing juuuuuuust fine. 

Bitcoin on the other hand, garbage tech with limited use/future. Blame their idiotic community and their allergy to changing any piece of satoshi's nonsense for that one. Once we get over the hump of BITCOIN = ALL CRYPTO!!! And start earnestly looking at blockchain technology, what powers it, and what we can do with it, things will likely rebound. Just need the technology differentiated from the "store of value" bullshiat people keep trying to apply to it all.


But Bitcoins are the only thing you can by with Eth....
 
2018-02-06 02:42:46 PM  
img.fark.netView Full Size
 
2018-02-06 02:49:30 PM  

mcreadyblue: Strategeryz0r: Dokstarr: Ethereum is still double

Eth is waaaaay more than Double. I got into it around March/April of last year at under $70 (DCA on my total wallet is around $125). Even with this correction I'm doing juuuuuuust fine. 

Bitcoin on the other hand, garbage tech with limited use/future. Blame their idiotic community and their allergy to changing any piece of satoshi's nonsense for that one. Once we get over the hump of BITCOIN = ALL CRYPTO!!! And start earnestly looking at blockchain technology, what powers it, and what we can do with it, things will likely rebound. Just need the technology differentiated from the "store of value" bullshiat people keep trying to apply to it all.

But Bitcoins are the only thing you can by with Eth....


So lets say you were up a million. You're now up 300k. You lost $700k.
 
2018-02-06 02:56:44 PM  

Gubbo: mcreadyblue: Strategeryz0r: Dokstarr: Ethereum is still double

Eth is waaaaay more than Double. I got into it around March/April of last year at under $70 (DCA on my total wallet is around $125). Even with this correction I'm doing juuuuuuust fine. 

Bitcoin on the other hand, garbage tech with limited use/future. Blame their idiotic community and their allergy to changing any piece of satoshi's nonsense for that one. Once we get over the hump of BITCOIN = ALL CRYPTO!!! And start earnestly looking at blockchain technology, what powers it, and what we can do with it, things will likely rebound. Just need the technology differentiated from the "store of value" bullshiat people keep trying to apply to it all.

But Bitcoins are the only thing you can by with Eth....

So lets say you were up a million. You're now up 300k. You lost $700k.


IF you can cash out...
 
2018-02-06 03:05:05 PM  
Gubbo:
So lets say you were up a million. You're now up 300k. You lost $700k.

Its not a gain until its realized.   Its also not a loss until its realized.

The top 20% peak(s) of bitcoin lasted less than a day, so it would have been pretty hard to get out at the exact time to realize that.  I was up 550K at the peak,   Now I'm up about 300K (sold some early @13K).  Not bad off a 15K investment in 15 months.

Not many stocks have had that sort of return over the last year and a half.  Laugh all you want about the volitility and the price crash, but if you got in early enough you are still up more than pretty much any other investment.
 
2018-02-06 03:13:59 PM  

Lord Bear: Gubbo:
So lets say you were up a million. You're now up 300k. You lost $700k.

Its not a gain until its realized.   Its also not a loss until its realized.

The top 20% peak(s) of bitcoin lasted less than a day, so it would have been pretty hard to get out at the exact time to realize that.  I was up 550K at the peak,   Now I'm up about 300K (sold some early @13K).  Not bad off a 15K investment in 15 months.

Not many stocks have had that sort of return over the last year and a half.  Laugh all you want about the volitility and the price crash, but if you got in early enough you are still up more than pretty much any other investment.


It's an unrealized gain. Its the value that you used to have. And you better believe it counts.

When it drops another 2,000, or another 2,500. That just wipes out a whole other level of 'get in early enough' investors.

And if the investment philosophy is get in early enough and you make money, that's a ponzi scheme, not an investment.
 
2018-02-06 03:17:35 PM  
Well good. This doesn't affect me much other than memory and video card prices have skyrocketed because of crypto currency miners buying them into a severe shortage. Hopefully by the time I make a new system for a friend or family member, they'll have balanced back down again.
 
2018-02-06 03:20:29 PM  
I only use it for sports betting online so I want it to go down lower. I last bought in September (and bought a whopping $100 worth)
 
2018-02-06 03:22:59 PM  

BKITU: Here's the last 365 days of BTC price:
[img.fark.net image 850x288]

Let's see how that compares with a standard "bubble" chart:
[img.fark.net image 850x570]
Oh. Oh dear....


I predict it will be taught in business schools as a  real-world example of a bubble building and bursting with mathematical perfection.
 
2018-02-06 03:26:35 PM  

TheHighlandHowler: nekom: xanadian:
Funny how only one or two months ago I was *then* inundated with "buy Bitcoin" spam.  People drum up excitement, get people into the market, then dump and run.  Bitcoin is nothing new in that regard.

It's just like the penny stock "tip" spam.  Same con, different angle.

It's called "pump and dump."


In one of the other threads, I think from December, that the reason I knew it was coming down hard and soon is that my 70yo manager was asking me about it and about what it was - because it was being pumped on the Glenn Beck show and other conservative AM radio as the next great thing that has nowhere to go but UP!

/told him don't even think about it.  Unless he was an early adopter or is constantly churning your profits back out, it's going to be a good way to lose a lot of money.
//And here we are
 
Displayed 50 of 95 comments


Oldest | « | 1 | 2 | » | Newest | Show all


View Voting Results: Smartest and Funniest

This thread is closed to new comments.

Continue Farking

On Twitter





Top Commented
Javascript is required to view headlines in widget.
  1. Links are submitted by members of the Fark community.

  2. When community members submit a link, they also write a custom headline for the story.

  3. Other Farkers comment on the links. This is the number of comments. Click here to read them.

  4. Click here to submit a link.

Report