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Breaky Bitcoin Blues

Slideways

I was having the porridge this morning with a few colleagues, and the chat came around to cryptocurrency. Turns out they all got roasted buying bitcoin, Ethereum and other coins during the bubble in November and December of last year. Two of the lads are going to sell their remaining coins this week, and put the whole thing down to getting greedy and falling for a classic pyramid scheme. One other lad (a hard-living Scot) was threatening to track down an ex-colleague of ours and ‘put the slipphery wee kunt in a grave’ for talking the group into buying these coins in the first place.

One of them was worth almost 900k Aussie dollars at the height of the bubble. He was boasting back in December about buying a yacht, moving to Puerto Rico, and shacking up with some local bird with his epic crypto gains. His investment is now worth less than 3k.That’s shocking stuff. You’d hear very little these days about the space in the papers, or on the telly. Did anyone here lose the arse of their trousers gambling on these coins, and did you learn a lesson? Has it any future at all? Was it greed, stupidity, or a mixture of both that caused young lads to throw their savings into this stuff? You’d have to stroke your chin and wonder what they were thinking.

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StolenKrone

Keep selling, I'm buying!

Arrival

ITT people who don't even understand cryptocurrencies talking about them as if they're experts. Everyone has an opinion when money is involved of course. You'll all go silent whenever it does happen to recover and then come back out with your "ha! told you so" retort again when it inevitably goes through yet another dip or crash. Bitcoin could go to zero, it could go to $1MM. This is all cyclical and nobody knows when or if the whole thing will permanently crash, so shut the **** up talking as if you know the future.

To the people who bought in and are panic selling now at a huge loss; you're idiots. You should never have put in more than you can afford to lose, if anything you should be in a position to buy more during a time like this.

Ipso

bri007 wrote: »

Bitcoin down over €14,500 from this time last year madness!

Value to be had, fill yer boots, smart and ballsy, bitcoin comes to South Dublin etc

Capt'n Midnight

Alun wrote: »

Anyone want to buy any tulip bulbs? I hear they're the next "big thing".

The tragedy of the tulips was that the exquisite colouration of the most valuable bulbs was caused by a virus and wasn't inheritable.

So they were intrinsically worthless.

Stark

So will John McAfee go through with eating his own dick do people think?

Capt'n Midnight

https://www.bbc.com/news/technology-46263998

Bitcoin Cash split off from Bitcoin last year after a dispute about its direction and split again a few days ago in another so-called hard fork.

Its value has dropped by almost 50% over the last week. It's confusing but think of the People's Front of Judea versus the Judean People's Front and you will get the picture.

JohnnyFlash

Arrival wrote: »

ITT people who don't even understand cryptocurrencies talking about them as if they're experts. Everyone has an opinion when money is involved of course. You'll all go silent whenever it does happen to recover and then come back out with your "ha! told you so" retort again when it inevitably goes through yet another dip or crash. Bitcoin could go to zero, it could go to $1MM. This is all cyclical and nobody knows when or if the whole thing will permanently crash, so shut the **** up talking as if you know the future.

SEC investigations into ICOs and Tether. Centralised mining. The ecological impact of mining. The scams, the manipulation, the lack of liquidity, the shady characters involved. It’s a complete mess, and it takes about 10 minutes of research to come to the same conclusion. Pretty much the only people predicting a future for it are bag holders. All the smart money is leaving the system. Magic bean coins aren’t a sound investment.

Arrival

JohnnyFlash wrote: »

SEC investigations into ICOs and Tether. Centralised mining. The ecological impact of mining. The scams, the manipulation, the lack of liquidity, the shady characters involved. It’s a complete mess, and it takes about 10 minutes of research to come to the same conclusion. Pretty much the only people predicting a future for it are bag holders. All the smart money is leaving the system. Magic bean coins aren’t a sound investment.

Aha, sure. All that yet there has never been more activity in the development side of things with companies like Ethereum and Omisego, you know, the stuff that's actually important for technology companies? Building a working, useful product. Disregard the value of the tokens and actually look at the companies behind each and what their goals are and how they're working towards achieving them instead of all that ****e you copy and pasted from some old man's FUD article. You're definitely the type of person who would shout "bUt wHaT dO tHeY dO? wHy iSnT iT uSeD eVeRyWhErE yEt?" even though some of the most skilled and intelligent developers in the world are employed in this industry and working away to actually follow through. As with all new technologies, it takes decades to actually become widely adopted.

Pintman Paddy Losty

Arrival wrote: »

Aha, sure. All that yet there has never been more activity in the development side of things with companies like Ethereum and Omisego, you know, the stuff that's actually important for technology companies? Building a working, useful product. Disregard the value of the tokens and actually look at the companies behind each and what their goals are and how they're working towards achieving them instead of all that ****e you copy and pasted from some old man's FUD article. You're definitely the type of person who would shout "bUt wHaT dO tHeY dO? wHy iSnT iT uSeD eVeRyWhErE yEt?" even though some of the most skilled and intelligent developers in the world are employed in this industry and working away to actually follow through. As with all new technologies, it takes decades to actually become widely adopted.

Spoken like a true believer.

Wake up and smell the coffee sunshine. Bitcoin has been around for around the same length of time as smartphones. Its not brand new tech.

It's a ****ty database that's a ecological catastrophe.

JohnnyFlash

Arrival wrote: »

Aha, sure. All that yet there has never been more activity in the development side of things with companies like Ethereum and Omisego, you know, the stuff that's actually important for technology companies? Building a working, useful product. Disregard the value of the tokens and actually look at the companies behind each and what their goals are and how they're working towards achieving them instead of all that ****e you copy and pasted from some old man's FUD article. You're definitely the type of person who would shout "bUt wHaT dO tHeY dO? wHy iSnT iT uSeD eVeRyWhErE yEt?" even though some of the most skilled and intelligent developers in the world are employed in this industry and working away to actually follow through. As with all new technologies, it takes decades to actually become widely adopted.

Ethereum is about as much use a chocolate teapot, amigo. It doesn’t scale, and any dapps built on it have no users. It’s only uses are as a way of launching scam coins, and allowing people to gamble wildly on its price while calling themselves investors.

Blockchain is a really slow and inefficient database. It has a small handful of niche uses, and most of them will be private blockchains. You certainly won’t find companies decide to build a new business model or process on some cryptocurrency coin that was probably created by some scam artist.

Arrival

JohnnyFlash wrote: »

Ethereum is about as much use a chocolate teapot, amigo. It doesn’t scale, and any dapps built on it have no users. It’s only uses are as a way of launching scam coins, and allowing people to gamble wildly on its price while calling themselves investors.

Blockchain is a really slow and inefficient database. It has a small handful of niche uses, and most of them will be private blockchains. You certainly won’t find companies decide to build a new business model or process on some cryptocurrency coin that was probably created by some scam artist.

Lol! Says it all really

gctest50

JohnnyFlash wrote: »

Ethereum is about as much use a chocolate teapot, amigo. It doesn’t scale, and any dapps built on it have no users. It’s only uses are as a way of launching scam coins, and allowing people to gamble wildly on its price while calling themselves investors. .............

and this :

Researchers from RWTH Aachen University and Goethe University identified 1,600 files added to the Bitcoin blockchain, 59 of which include links to unlawful images of child exploitation

Would explain a few of the fanboys who seem almost rabid compared to the others

JustAYoungLad

I made 19k from ethereum in 2017. Bought 400 eu worth of it early in the year and sold when it was 380 a piece.

My only regret is not buying more and not holding when it was 1k a piece

JohnnyFlash

gctest50 wrote: »

and this :

Researchers from RWTH Aachen University and Goethe University identified 1,600 files added to the Bitcoin blockchain, 59 of which include links to unlawful images of child exploitation

Would explain a few of the fanboys who seem almost rabid compared to the others

Probably a different argument, but Buterin, the messiah of ethereum once posted this on Twitter.

The Oort Cloud

This is great news. ADA Cardano down to nearly 4 cent, I have a lot of ADA so I was hoping the price would drop dramatically again so I can buy some more. The only time I used bitcoin was to be able to buy ADA Cardano. The thought of almost all coins tethered to Sh*tcoin and its huge drops is a put-off. I never liked bitcoin, it has no real value.

The beauty of all of this is that I never put real fiat money into cryptocurrency, I started off with free stellar lumens and brought the lumens up to 4,500 lumens and then made money selling high and buying low on the big dippers. Will wait till ADA hits 3 cent and will buy a load of them again and pop them in the long-term Daedalus wallet for the future.

Atoms for Peace

JohnnyFlash wrote: »

Probably a different argument, but Buterin, the messiah of ethereum once posted this on Twitter.

A lot of those tech heads seem to have a very individualistic and calous outlook to life.

JustAYoungLad

Atoms for Peace wrote: »

A lot of those tech heads seem to have a very individualistic and calous outlook to life.

I know the types. Admirable but really anti social. Just the way their brain works.

[Deleted User]

JohnnyFlash wrote: »

Blockchain is a really slow and inefficient database. It has a small handful of niche uses, and most of them will be private blockchains. You certainly won’t find companies decide to build a new business model or process on some cryptocurrency coin that was probably created by some scam artist.

Clueless...

Blockchain is big deal and lot of major companies are starting to implement it.

Laois_Man

Some big companies are investing in Blockchain but the vast majority of it is still of a very exploratory, proof of concept nature. As it's a highly disruptive technology, it involves extremely expensive transformation from batch based legacy systems and very few if anybody if gonna take that leap yet - besides, switching would take years for any large corporation.

Most who are using it are confining it to the launch of new offerings and even then, they typically also have some version of the legacy processes running in parallel with it.

There's still a hell of a lot of problems.

- It's not very green,

- by their nature, Blockchains result in a lot of data replication

- transactions can take a while to get onto the Blockchain,

- there's plenty of crooks trying to tap into the funding,

- more crocks like Ransomware attackers typically using cryptocurrencies as their instrument of payment,

- regulation (but that's not really a new problem),

- taxation

- Etherium's impending ice age and the new PoS network being deployed next year is already delayed

- and above all, the scalability of it is the biggest problem. Bitcoins throughput is something like 5 transactions per second. Visa does about 25,000 per second. That's not feasible. Something like BigchainDB, Braiding, Blockweave technologies etc will eventually solve it. But it ain't solved yet.

JustAYoungLad

Laois_Man wrote: »

Some big companies are investing in Blockchain but the vast majority of it is still of a very exploratory, proof of concept nature. As it's a highly disruptive technology, it involves extremely expensive transformation from batch based legacy systems and very few if anybody if gonna take that leap yet - besides, switching would take years for any large corporation.

Most who are using it are confining it to the launch of new offerings and even then, they typically also have some version of the legacy processes running in parallel with it.

There's still a hell of a lot of problems.

- It's not very green,

- by their nature, Blockchains result in a lot of data replication

- transactions can take a while to get onto the Blockchain,

- there's plenty of crooks trying to tap into the funding,

- more crocks like Ransomware attackers typically using cryptocurrencies as their instrument of payment,

- regulation (but that's not really a new problem),

- taxation

- Etherium's impending ice age and the new PoS network being deployed next year is already delayed

- and above all, the scalability of it is the biggest problem. Bitcoins throughput is something like 5 transactions per second. Visa does about 25,000 per second. That's not feasible. Something like BigchainDB, Braiding, Blockweave technologies etc will eventually solve it. But it ain't solved yet.

Imagine thinking not having to pay taxes is a bad thing.

Man statists really need to go

JohnnyFlash

JustAYoungLad wrote: »

Imagine thinking not having to pay taxes is a bad thing.

Man statists really need to go

Statists? Haha. I’ve this image of some spotty student going on about Ayn Rand and Libertarianism, and how the free market decides everything.

JustAYoungLad

JohnnyFlash wrote: »

Statists? Haha. I’ve this image of some spotty student going on about Ayn Rand and Libertarianism, and how the free market decides everything.

No. Ayn Rand is as bad of a philosopher as she is a writer.

You like paying taxes? You might feel indebted to society but be honest.

Unless you genuinely do then you might be a masochist

seamus

JustAYoungLad wrote: »

You like paying taxes? You might feel indebted to society but be honest.

That's a different thing though. Nobody likes paying taxes, but people recognise that in the absence of taxation, society will collapse into an anarcho-capitalist mess.

In terms of the good of society and the future of humanity, a currency that's immune to taxation is not a good thing.

Elessar

I love this thread. “Bitcoin will go to 0”, get out now etc. Bitcoin has been hailed as dead 317 times as of this post.

https://99bitcoins.com/bitcoinobituaries/

Every time bitcoin has corrected, it has gone on to new highs. It is still €4K higher in price than it was at the start of last year. Everywhere you look there is bullish news. Fidelity investments are opening a crypto operation. The owner of the NYSE is opening bitcoin operations and custody service. Morgan Stanley, Citigroup and Goldman Sachs are about to offer bitcoin trading to clients. Morgan Stanley recently officially classed bitcoin has a new institutional investment class. The SEC in the US are expected to approve the first bitcoin ETF in February. The list goes on.

When hedge fund managers and pension funds can easily add even a tiny portion of bitcoin to their investments, only one thing will happen to the price. Will bitcoin die? Probably, someday. But I’m willing to bet that it will break records many more times before that happens. Crypto is here to stay.

JustAYoungLad

seamus wrote: »

That's a different thing though. Nobody likes paying taxes, but people recognise that in the absence of taxation, society will collapse into an anarcho-capitalist mess.

In terms of the good of society and the future of humanity, a currency that's immune to taxation is not a good thing.

‘Taxation is good for humanity’

Mate this is the mindset of slaves

seamus

I guess I'm just not as "woke" as you. Look at you there, making money doing nothing but investing and saving it all up for yourself. A real paragon of freedom.

So woke.

(In case you didn't get that sarcasm, anyone who believes that the accumulation of personal wealth is important, is a slave as far as I'm concerned).

JustAYoungLad

seamus wrote: »

I guess I'm just not as "woke" as you. Look at you there, making money doing nothing but investing and saving it all up for yourself. A real paragon of freedom.

So woke.

(In case you didn't get that sarcasm, anyone who believes that the accumulation of personal wealth is important, is a slave as far as I'm concerned).

You’re projecting. I can donate money to causes if i wanted to. Do i wanna pay for methadone clinics, social welfare and whatever else doesnt benefit me? Do you?

Mate you’re a slave. You’re so far deep into the slave mindset that you cant fathom a world where a person keeps whats theirs.

You’ve been living in a world full of economic scarcity where people fight for scraps that you dont see humanity having the ability to not be forcibly taken off their property and wealth.

Truly an NPC

‘PLEASE TAX ME’

Laois_Man

JustAYoungLad wrote: »

You’re projecting. I can donate money to causes if i wanted to. Do i wanna pay for methadone clinics, social welfare and whatever else doesnt benefit me? Do you?

Mate you’re a slave. You’re so far deep into the slave mindset that you cant fathom a world where a person keeps whats theirs.

You’ve been living in a world full of economic scarcity where people fight for scraps that you dont see humanity having the ability to not be forcibly taken off their property and wealth.

Truly an NPC

‘PLEASE TAX ME’

Good luck with building your roads, paying for your kids teachers, firemen, ambulance drivers, cops, prison officers, hospital nurses, running costs, water services etc etc etc yourself!

elefant

JustAYoungLad wrote: »

Do i wanna pay for methadone clinics, social welfare and whatever else doesnt benefit me? Do you?

Well, I certainly do.

You'd want to have a pretty warped idea of society if you think most people don't like paying taxes towards anything that doesn't directly benefit themselves.

JustAYoungLad

Laois_Man wrote: »

Good luck with building your roads, paying for your kids teachers, firemen, ambulance drivers, cops, prison officers, hospital nurses, running costs, water services etc etc etc yourself!

Loooooool m8 just wait for the crypto-ancap state to be realized. There’ll be no place for statists and federalists.