crypto currency is fake, a bag full of air
how can something that is fake reach so much value ?
currency is fake, a bag full of paper
how can something that is fake reach so much value ?
>>1301255
Whats up with all these parody posts?
>>1301266
indeed
how can defacto currency be anything worth
How could we even leave the gold standard
>>1301255
You are correct, however there is one cryptocurrency that IS real and that is Ethereum.
>>1301288
>>1301288
>its a bubble
What if it becomes the biggest bubble ever experienced in the world?
Do you want to miss out? If bitcoin went todays equivalent of full tulip that would mean each bitcoin going for the price of a country estate in holland (millions of dollars) the tulip bubble lasted several years, bitcoins could last several decades to a century given the difference in scale in the economy between present day world and 16th century holland.
The south sea bubble led to the creation of the east india company and the british empire. The bitcoin bubble could be many many times bigger.
It's also fucking ruined biz so I am furious at coin
QUICK. NEED PRO ADVICE
WOULD YOU INVEST IN BITCOIN? OR WILL THE PRICE DROP?
>>1301299
>nt todays equivalent of full tulip that would mean each bitcoin going for the price of a country estate in holland (millions of dollars)
At that point, bitcoin would have surpassed the market cap of gold. That is simply impossible.
>>1301255
cash and crypto are both just representations of value
however governments print as much cash as they want while crypto algorithms are known
>>1301359
>At that point, bitcoin would have surpassed the market cap of gold. That is simply impossible.
Is it?
With countries like greek and venezuela collapsing they seek stores of value that can't be confiscated so lots of money floods into bitcoin.
When the economies of larger countries go through similar problems, we could see an even more exaggerated effect.
>>1301370
By the time bitcoin reaches that price, network difficulty would need to be incredibly high, payout would need to be incredibly low, transaction fees would be nutty, and literally anyone could simply trade an asset which represents gold or even physical gold, and it would be cheaper than bitcoin.
>>1301371
sounds like a bunch of buzzwords and hyperbole desu
>>1301255
It's a bubble. Just like beanie babies and tulips before them. The collapse is inevitable.
http://fortune.com/2015/03/11/beanie-babies-failure-lessons/
https://en.wikipedia.org/wiki/Tulip_mania
>>1301383
sounds like you've got no clue how any of it works
>>1301389
sounds like you have no coins :^)
>>1301392
No, I'm just no so deluded as to think those prices are possible.
>>1301394
You know nothing of what you're talking about. You have no coins. Stay away
>>1301396
then quote me and refute the statements and give me an opportunity to prove you wrong
>>1301255
Trumpcoiner here. Sometimes I think bitcoiners make these fake nocoiner posts because there arent really any nocoiners here to argue with. You can tell because the posts are always exaggerated. Oh yea, and buy trumpcoin.
>>1301407
>trumpcoin
That coin is being dumped so fast right now.
The JPEG you just posted isn't even tangible, it barely exists. Everything online is just information.
>>1301410
>not buying the dip
>>1301426
>it's just a dip!
It isn't a bubble because it has real useful value. It solves a problem that really exists (the existing banking and settlement systems are antiquated. In a world of instant global communication it takes days to transfer money overseas. That same system is also insecure hacked to the tune of 80 mil.) Bit coin is unhackable it's cash. It solves a problem and it's value is derived from the transactional efficiency it creates.
nobody trusts gold, its too shiny.. I prefer my money to be 1's and 0's on a hard drive
>>1301426
having trouble finding buy orders for your ponzi scheme?
hey thanks for the profit though :)))
>>1301540
>2016
>he doesnt invest in ponzis
Topkek. Its like you enjoy being poor.
>>1301548
I did invest in it!!
Just took your money before you left me holding the bag
Made a decent buck too!! LOL
>>1301549
b-b-but trumpcoin is going to da moon!
>>1301549
>your money
>implying I didnt sell and then buy the dip
Kek. Dont feel bad, anon. You can still buy the dip too.
>>1301577
I'll be sure to get right on that as soon as this BTC train dies
Oh wait, it'll never die
>>1301601
No, thats k. I dont want you to buy Trump anymore lol. You deserve to stay poor.
>>1301340
Fucking retard
>>1301540
Amazing people knowing buying turds.... /biz/ is so fucking stupid sometimes. When it collapses it won't touch the sides as it falls. There their is no way of knowing when that will happen, it's already in bubble territory, soo far away from fundamentals. It should collapse within the next few years.
>>1301631
Just relax and buy trump bro. Dont be a salty nocoiner.
>>1301646
Trump coin is the worst investment possible. There's no reason it should exist.
Side Note:
Being here makes me realise that markets are so incredibly inefficient to the point where they maybe fucked.
>>1301466
>the existing banking and settlement systems are antiquated. In a world of instant global communication it takes days to transfer money overseas. That same system is also insecure hacked to the tune of 80 mil.
well, how to put this so that you understand it... NO !!!
The banks have their own system for transactions being developed by R3 on the blockchain technology. it has nothing to do with bitcoin nor ethereum.
>>1301652
>2016
>being a nocoiner
Just lmao @ your life.
>>1301255
>ability to transmit wealth to anyone in the world with an Internet connection
>within an hour
>for ridiculously low fees
>24 hours a day, 7 days a week
Tell me why this should not have value
>>1301674
>Tell me why this should not have value
let's start with a few facts
1. apart from 'transmitting wealth' bitcoin is fucking useless. i can't use it to pay my rent or utilities, buy petrol, food, etc. yeah some places accept bitcoins, whatever. i can't live on bitcoins.
2. nobody is going to hold their wealth in volatile bitcoins just so they can avoid some fees if at some point in the future they need to send large sums of money to somebody else that just so happens to be comfortable using cryptos.
now, there are transaction fees when you buy coins, and there will be transaction fees for receiving end to convert it to usable currency. secondly, within the hour doesn't mean jack shit if it takes me over a week to get it in fiat after the transaction, all the while praying the exchange I've gone through isn't going to shaft me or get hacked. you undervalue the confidence business has in banks when it comes to handling money.
more fucking importantly, your point has nothing to do with bitcoins. it has to do with the blockchain. what is stopping the banks from creating their own blockchain system? absolutely fucking nothing, in fact they're already working on it. https://en.wikipedia.org/wiki/R3_(company)
the idea the that banks would bend over let bitcoin take a fraction of their market without a fight is so fucking dumb.
bitcoin has two uses
>drugs
>avoiding capital controls
that's it.
>>1301692
You forgot the third most important function is speculation. You're going about it wrong. They "asset" has no intrinsic value, it's cyber dog shit. Just buying and sell here. Even if people start to use it after it becomes less volatile it will still be over priced as too much speculation has already occurred. What's the transactional value? How does it operate as a store of value? Has money it's useless. It doesn't even preform the basic tasks that money is suppose to preform. People here need an intro to econ.
Also unlike USD, CAD,AUD, YEN, CHF, NZD, EUR ect. the money actually has an intrinsic value as it's backed by something the fed, BOC, RBA ect. Why would I hold my money in something that is backed by nothing, what value is there to this? Even if crypto held offered some transactional function what cryto do I buy? How do I know there won't be a better one tomorrow? Right now there are over 600 crypto currencies all competing, all backed by nothing and all preforming none of the functions of money.
Would love someone to explain why I would ever buy this crap.
>>1301656
the banks have been fucking people in the ass for decades
why would you use a bank blockchain where theyll control your shit and charge you fees when you can use bitcoin? Other than being a normie fuck who needs your hand held in every aspect of your life
>>1301692
>i can't use it to pay my rent or utilities, buy petrol, food, etc. yeah some places accept bitcoins, whatever. i can't live on bitcoins.
you actually can live on bitcoins, but this point is moot because its just an issue of adoption. people weren't using the internet en masse for years after it was created.
>2. nobody is going to hold their wealth in volatile bitcoins just so they can avoid some fees if at some point in the future they need to send large sums of money to somebody else that just so happens to be comfortable using cryptos.
bitcoin is a deflationary currency. would you rather hold your wealth in a depreciating currency (fiat) or an appreciating one?
>the idea the that banks would bend over let bitcoin take a fraction of their market without a fight is so fucking dumb.
they can fight but trust in them is eroding and they are already technologically superfluous. they are just a legacy system at this point and eventually people will move on.
Why didn't you just buy some coins when we told you to?
>>1301781
>you actually can live on bitcoins
no i can't, i would get evicted because my rental agency don't take coins. i wouldn't be able to make it work because petrol stations don't take bitcoins. maybe if i was a neet....
>people weren't using the internet en masse for years after it was created.
the internet offered real value, bitcoin does not, apart from buying drugs and avoiding capital controls.
>would you rather hold your wealth in a depreciating currency (fiat) or an appreciating one?
i would rather put my wealth in an investment which had sound fundamentals. it's not a binary choice of stashing cash under a mattress or buying bitcoins.
>they can fight but trust in them is eroding and they are already technologically superfluous. they are just a legacy system at this point and eventually people will move on.
they're building their own block chains. bitcoin isn't needed.
>Why didn't you just buy some coins when we told you to?
i'm not against making money, and i sure as shit wish i jumped on the coin meme when it started. at it's current price, and with a new coin every week, i don't see any value. it's used to buy drugs and avoid capital controls, there is nothing else it is even remotely useful for.
>>1301340
Demand is still strong, even at $675
That being said, if anyone here could see the future, they'd be posting on a /g6/ and a /yacht/ board, not /biz/, so take any advice you get with a pound of salt.
>>1301881
What capital controls do you avoid with crypto?
>>1301776
I work for a bank. Whatever your opinion of them, they still serve a very valuable purpose; to be a storage vehicle of currency for poor and middle class normies.
The current crypto exchanges being set up by banks only really take advantage of the data in motion aspect of the online banking issue. Data at rest is still in usd/gbp/eur, and just as hackable as ever (as can be evidenced in the hush-hush recent hacks on the clearxchange platform prove).
Bottom line, the best way to secure transactions is asymmetric encryption for data in motion, and air-gapped symmetric encryption for data at rest. This is coming from someone who works in info sec full time, and dabbles in cryptography as a hobby. Fuck the financial industry, large scale banks are useful only because 1) your funds are insured, and 2) the convenience of using broadly accepted currencies. Their security is challenged by scale, and no large bank is an exception.
I'm a skeptic and don't even have & $ in cryptos but i personal believe they have value. The monetary currency exchange system is failing. Yes cryptos have no insurance, but in actuality you don't have any with paper currency. The difference is there's no strict regulations, and makes the free market actually a free market. "Cash" will be a meme in 30 years. >Credit cards, debit cards, phone paying apps
>>1301932
Even if it isn't a scam what cypto do you want to hold? Currencies are backed by governments balance sheets. They are pretty safe
>>1301903
>capital controls
I think he's talking about regulations regarding flow of capital, i.e. taxes, anti AML laws, etc.
If you only operate your business in crypto, AML is not an issue so long as you protect your storage wallet and don't send transactions without proxies in place, and taxes are just as superfluous so long as you take precautions when exchange your crypto for cash.
>>1301944
How do you not pay taxes on cypto? That's tax evasion.
>>1301275
ETH is pure speculation at this point.
BTC has actual use.
>>1301362
Dat scarcity.
>>1301692
You make some good points, but BTC sure as fuck is a better place to throw some cash that would otherwise be sitting in a bank. Bank interest doesn't even keep up with inflation and BTC is having a phenomenal year.
>>1301942
Clearly BTC is the way to go. If could go back I would've bought a bunch of ETH and dump it about now. Bitcoin is pretty much McDonald's. The other guys are mom& pop burger shops.
>>1301362
This
>>1301965
> doesn't understand tax law
>>1301982
Why would or should it logically go up. Past performance of a single asset is not a predictor of future performance. What you're doing is called naive extrapolation. It's why analyst rating suck ass, why growth equities underperform and why value overperform.
>>1302010
>> doesn't understand tax law
Good to find someone who does.
Can you explain how the capital gain produced from selling BTC is not taxable?
>>1301362
This is retarded. What you're talking about is supply and demand. Even if there's lots of Demand for dog shit one year does it really have an intrinsic value?
Time to buy ethereum
>>1302031
if dog shit was rare, it would have value.. The fact that dinosaur shit is rare makes it valuable
Bitcoin is rare, thus valuable
>>1301255
Free free to send me some then :^)
1CBu9HMPqy7s9bJGJvN32zxGLcPuCdYiPD
>>1302507
it's not that bitcoin is rare it's more like it has higher demand than supply at the moment and thus goes up in price.
people thinking it can still go up refuse to sell contributing to the artificial shortage.
>>1302579
even if you eliminate hoarding mentality, its still pretty rare considering theres only 25mil coins tops.. and theres too many people who want the damn things
>>1301255
Lisk will reach 5$ mark by the end of the month, guaranteed.
You make ten fold your investment if you buy now, easy
>>1301266
with guns anon
crypto doesnt have these backing it
>>1301275
also its a platform not a currency.
why are you using it like a currency?
>>1301466
name one time ever youve been inconvenienced by the amount of time it takes to process a cc tx.
now times it by 1000x, because thats what bitcoin would be doing if it got ang sort of adoption.
its a meme
>>1301692
agreed, except that bitcoin fees will skyrocket due to a tragedy of commons.
it just cant handle more than a few laughable txs per second, so unless you want to wait days/weeks for your shit to be mined you need to pay infinitely increasing fees to get it through.
scam
>>1301756
there are over 5000 anon.
>>1301776
infinitely escalating fees due to tragedy of commons served by a limited block size that cant be changed unless accepted by over 50% of the mining power.
>not happening
>>1301781
because most people have better ways of getting rich than sitting on neetbux bouht with lunch money.
you cant pay rent because you wont be able to be able to pay rent on time. good luck getting your shit on on a planned day of the month when your tx jas to sit innline for days waiting to becashed. then you get to pay late fees.
stupid meme coiners
>>1301932
youll believe that until you spend month or two checking out the technical merits of the meme coins.
people need technology they can actually use
Are we still having the "bitcoin has no intrinsic value" discussion in 2016 when1 bitcoin nets you 700 bucks on the open market?
Top kek/cuck m8ies
>>1301756
>backed by nothing
It's actually backed by computer power. There's millions of dollars worth of electricity and computer chips being used everyday to secure the network.
>>1302821
Soo who's liable if this thing goes tits up? What are the applications for this commodity and why should I care? If people are actually using it as money, which there not. It doesn't preform as money's main function too act as money. it's not a store of value (too volatile) and the transactional value is almost zero as previously stated. The only reason the price has increased is irrational exuberance. it's in a fucking bubble filled with speculators. How do I know that it's at fair value? How do I value it? You can't because it has no intrinsic value. I won't speculate on it because I won't take the risk of holding the bag at the end and the end times are near.
>>1303025
>b-but bitcoin can only go up! It will go up forever!
>free money for everyone weeeeeee!
Bitcoin can only go up. If everyone just bought 1 bitcoin they would all become rich. It's literally free money. If people would wake up they could actually change something
>>1303025
i actually used it for money.. i sent some to a friend is south america.. much easier than western Jewnion
>>1303070
I see no flaw with this plan ;)
>>1303025
>If people are actually using it as money, which there not.
i use a bitcoin debit card for most of my weekly purchases. Stopped reading right there because it was obvious you didnt know what you were talking about. :^)
>>1303070
I've been on this board too long that I dont even know if youre trolling. There are bitcoiners that actually believe this.
>>1302649
ETH is the currency. Ethereum is the platform. It's really quite simple if you think about it m8
>>1301881
You really don't know what you're talking about and you haven't even taken the time to put a tiny bit of effort in,
>>1301255
there's a reason why it's mostly traded in the chinese yuan
>>1303179
are you another one of those >muh decentralisation fags?
>>1301255
Entertainment, real estate prices, consulting of any kind.
Whole sections of society and the economy are just about an idea picked up by enough people. Crypto is no different.
>>1302636
i believe so too, once the news comes out.
>>1301255
It is practically same as gambling. However, you can say exactly same things about the FX trading and the commodity trading.
I have made some money out of those trading, but it is fucking boring and lonely - sitting alone at home watching 3 monitors 12 hours.
