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Obviously you cannot go into a bank with a bitcoin flashdrive and walk out with a cashiers check. So you actually have to find someone to do a trade. It boggles my mind someone would actually hand someone $140,000 cash for 14 bitcoins on a flashdrive. It's happening, I get it, it just is way above my thought process. I just cannot fathom how a sequence of numbers is so lucrative. I'll admit, I don't get it.Quote:
What is your opinion on art and diamonds? How about an autographed baseball card? Is that above your thought process?Quote:
Originally Posted by tgull
Obviously you cannot go into a bank with a bitcoin flashdrive and walk out with a cashiers check. So you actually have to find someone to do a trade. It boggles my mind someone would actually hand someone $140,000 cash for 14 bitcoins on a flashdrive. It's happening, I get it, it just is way above my thought process. I just cannot fathom how a sequence of numbers is so lucrative. I'll admit, I don't get it.Quote:
what if AI are gas lighting us into mining their own currency?
https://i.imgflip.com/1qfgti.jpg
Diamonds have tremendous intrinsic value, in that women love them and there are 3B women on the planet. It's called engagement rings, necklaces, etc...Quote:
Originally Posted by snake_in_the_assWhat is your opinion on art and diamonds? How about an autographed baseball card? Is that above your thought process?Quote:
Originally Posted by tgull
Baseball cards, unless incredibly rare have no value anymore due to EBAY. A Honus Wagner and Bade Ruth, even a Mickey Mantle can fetch a good price, not much beyond that. A market limited to maybe a couple thousand people nation wide who love baseball.
That leaves Art. Art you can hang on a wall and talk about, admire, argue about, and the painter is likely dead so no more paintings.
I just don't get a sequence of numbers being valuable to anyone. Bitcoin is already being dismissed as a viable currency, so its an asset. An asset to who, that is what I am trying to understand.
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Originally Posted by tgullDiamonds have tremendous intrinsic value, in that women love them and there are 3B women on the planet. It's called engagement rings, necklaces, etc...Quote:
Originally Posted by snake_in_the_ass
Baseball cards, unless incredibly rare have no value anymore due to EBAY. A Honus Wagner and Bade Ruth, even a Mickey Mantle can fetch a good price, not much beyond that. A market limited to maybe a couple thousand people nation wide who love baseball.
That leaves Art. Art you can hang on a wall and talk about, admire, argue about, and the painter is likely dead so no more paintings.
I just don't get a sequence of numbers being valuable to anyone. Bitcoin is already being dismissed as a viable currency, so its an asset. An asset to who, that is what I am trying to understand.
Its an interesting perspective; the interpretation of the output of a mathematically complex equation as art. Thats very, very interesting honestly, that resonates.
I mean clearly thats not the reality at bar for most people involved, but no need to go there, we know what we know about most people.
Huh....
They are an asset to young people who have never been raped by an imploding bubble. If you notice, most young people are into crypto. They never got crushed by the dot com bubble or housing bubble.Quote:
Originally Posted by tgullDiamonds have tremendous intrinsic value, in that women love them and there are 3B women on the planet. It's called engagement rings, necklaces, etc...Quote:
Originally Posted by snake_in_the_ass
Baseball cards, unless incredibly rare have no value anymore due to EBAY. A Honus Wagner and Bade Ruth, even a Mickey Mantle can fetch a good price, not much beyond that. A market limited to maybe a couple thousand people nation wide who love baseball.
That leaves Art. Art you can hang on a wall and talk about, admire, argue about, and the painter is likely dead so no more paintings.
I just don't get a sequence of numbers being valuable to anyone. Bitcoin is already being dismissed as a viable currency, so its an asset. An asset to who, that is what I am trying to understand.
Now look at someone like Sonatine. He got his ass raped being long CMGI during the dot com bubble. So he vowed to never get raped again, so he stood on the sidelines watching crypto go up everyday for a decade because it was just another bubble. It is killing him inside that he missed the biggest bull market in history so he posts negative things about Bitcoin daily in this thread. He wants those folks in crypto to experience the pain he did during the dot com bust. It will happen but who knows when.
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Originally Posted by snake_in_the_ass
I had like 30 shares, youre terrible at this.
You get my point though. Most people in the crypto game are in their early 20's. They never got burned before.Quote:
Originally Posted by sonatineQuote:
Originally Posted by snake_in_the_ass
I had like 30 shares, youre terrible at this.
1999: I had 100 shares in an Internet Fund, I cannot even remember the name of it, but it had like 50 stocks that went out of business in 2002. The fund collapsed. Crazy time. I remember clear as day when a music sharing stock, I think it was called TUNE, went from $5 to $100 in a day in 1998 or so. I freaked out and dumped like 50% into this Interent fund along with picking individual stocks. There was a stock called Rare Medium, which was a very cool name. I got like a 20% bump in a week after I bought it. That was not enough though, and I watched it go to 50 cents after hitting $19. Unreal.Quote:
Originally Posted by sonatineQuote:
Originally Posted by snake_in_the_ass
I had like 30 shares, youre terrible at this.
yuk
Now this is real panic selling. Curious to see where it ends up when I wake up in 6 hours.
I realize the UK's Daily Express is garbage, but this article claims that the initial bitcoin run-up of late 2013 was a result of fake trades on MtGox, meant to appear that there was heavy trade volume going on:
https://www.express.co.uk/finance/ci...stock-exchange
I wouldn't even be shocked if that were true.
The article claims that fraudulent/suspicious bitcoin transactions (such as ones involving stolen bitcoin) occurred on days where bitcoin rose in value, and that bitcoin lost value on days when such transactions were not seen.
The article doesn't specifically mention this, but I'm guessing these fake trades were also occurring at increasing prices, thus making everyone believe the value of bitcoin was going up, and this made people enter a buying frenzy and rapidly increasing prices.
There is some suspicion that something similar happened to cause the latest massive run-up of 2017.
+220 someone at google unleashed their neural net AI on this at some point to inflate the market as a weird demo of how vulnerable the exchanges are and things just kinda got out of hand.
Ticking north a bit
I used to love that kermit drinking tea meme
Unfettered capitalism is great! Every 20 years or so, a new generation of suckers with the disposible income/savings to propel an outsized asset price bubble or two come online financially.Quote:
Originally Posted by snake_in_the_assYou get my point though. Most people in the crypto game are in their early 20's. They never got burned before.Quote:
Originally Posted by sonatine
The same bots were pushing the price down and inducing panic selling the week Mt Gox went belly up.Quote:
Originally Posted by Dan Druff
My theory was they were buying the last of the legitimate coins stuck on Mt Gox.
They were doing this in such an unsophisticated manner it was clearly obvious.
finally a mumbles shit post that sonatine can agree withQuote:
Originally Posted by MumblesBadlyUnfettered capitalism is great! Every 20 years or so, a new generation of suckers with the disposible income/savings to propel an outsized asset price bubble or two come online financially.Quote:
Originally Posted by snake_in_the_ass
Btw mumbles it's disposable income not disposible income ya douchebag
Breached 12k again.
This has happened before in crashes in our post-15k bitcoin world, but never below 11k.
If it crashes below 11, then we're in unchartered territory.
There might be some resistance at the below-10k mark, as I imagine people will be buying at that point, seeing the first opportunity to get sub-10k bitcoin in awhile.
The altcoins are also crashing.
This is why people thinking, "I know bitcoin will crash, but I've moved to altcoins, so my money is safe" is so fallacious.
Altcoins always crash when bitcoin does. Bitcoin sneezes and altcoins have a heart attack.Quote:
Originally Posted by Dan Druff