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koods
Ribbit



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Re: This crypto stuff is CRAZY- Perhaps even criminal [Re: budmanman]
#27775042 - 05/13/22 03:39 AM (1 year, 8 months ago) |
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Quote:
budmanman said: Oh shit I can go see a movie in the movie theater with bitcoin.
https://www.theverge.com/2021/11/12/22779137/amc-theaters-movie-tickets-cryptocurrency-bitcoin-cash-ethereum-litecoin
Oh shit I can buy a new computer from newegg with bitcoin.
https://promotions.newegg.com/nepro/16-6277/index.html
I can go buy a tesla right now with Dogecoin
The funny dog meme money.
https://www.bbc.com/news/business-60001144#:~:text=Mr%20Musk%2C%20who%20also%20counts,only%20digital%20currency%20Tesla%20accepts.
As of 2021
15,174 businesses worldwide accept bitcoin.
https://www.fundera.com/resources/how-many-businesses-accept-bitcoin
That number was nearly 0 just a couple years ago.
How much does a ticket cost in bitcoins? How is the amount you pay on BTC determined?
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NotSheekle said “if I believed she was 16 I would become unattracted to her”
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budmanman
OTD Masterbater



Registered: 02/07/07
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Re: This crypto stuff is CRAZY- Perhaps even criminal [Re: budmanman]
#27775043 - 05/13/22 03:39 AM (1 year, 8 months ago) |
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Russia as a whole at its current price, has 100 billion dollars in bitcoin.
The USA has confiscated a lot of bitcoin, billions worth when it was just at 1000 dollars.
Had they not immediately sold it at auction as fast as possible, the USA would have Trillions worth, we're shit with money and as you are proving, resistant to change.
Which would explain the hate of Electric vehicles people just hate modernization and change they really really hate that shit.
-------------------- Everything I have ever said is total bogus bs I am full of crud therefore everything I say should never be taken literal. And I am mentally unstable.
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budmanman
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Registered: 02/07/07
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Re: This crypto stuff is CRAZY- Perhaps even criminal [Re: koods]
#27775045 - 05/13/22 03:40 AM (1 year, 8 months ago) |
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Quote:
koods said:
Quote:
budmanman said: Oh shit I can go see a movie in the movie theater with bitcoin.
https://www.theverge.com/2021/11/12/22779137/amc-theaters-movie-tickets-cryptocurrency-bitcoin-cash-ethereum-litecoin
Oh shit I can buy a new computer from newegg with bitcoin.
https://promotions.newegg.com/nepro/16-6277/index.html
I can go buy a tesla right now with Dogecoin
The funny dog meme money.
https://www.bbc.com/news/business-60001144#:~:text=Mr%20Musk%2C%20who%20also%20counts,only%20digital%20currency%20Tesla%20accepts.
As of 2021
15,174 businesses worldwide accept bitcoin.
https://www.fundera.com/resources/how-many-businesses-accept-bitcoin
That number was nearly 0 just a couple years ago.
How much does a ticket cost in bitcoins? How is the amount you pay on BTC determined?
The same way international prices are determined, through exchange rates, for fiat currencies it is called Forex.
-------------------- Everything I have ever said is total bogus bs I am full of crud therefore everything I say should never be taken literal. And I am mentally unstable.
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budmanman
OTD Masterbater



Registered: 02/07/07
Posts: 17,974
Loc: PNW
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Re: This crypto stuff is CRAZY- Perhaps even criminal [Re: budmanman]
#27775050 - 05/13/22 03:43 AM (1 year, 8 months ago) |
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Bitcoin log chart.

You wouldn't even know where the mt gox crash was by just looking at it lol
-------------------- Everything I have ever said is total bogus bs I am full of crud therefore everything I say should never be taken literal. And I am mentally unstable.
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koods
Ribbit



Registered: 05/26/11
Posts: 106,045
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Last seen: 16 minutes, 18 seconds
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Re: This crypto stuff is CRAZY- Perhaps even criminal [Re: koods]
#27775051 - 05/13/22 03:43 AM (1 year, 8 months ago) |
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Look I get that cryptos have a lot of utility, but they are never going to replace real currencies. There may be underground economies that operate only using crypto but in the end, the average consumer is going to end up converting their crypto to real money to live in the real world
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NotSheekle said “if I believed she was 16 I would become unattracted to her”
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koods
Ribbit



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Re: This crypto stuff is CRAZY- Perhaps even criminal [Re: koods]
#27775053 - 05/13/22 03:45 AM (1 year, 8 months ago) |
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Quote:
Russia as a whole at its current price, has 100 billion dollars in bitcoin.
So two weeks ago they had $150 billion in Bitcoin. $50 billion USD just evaporated from their reserves. Not a good strategy, especially for that to happen now
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NotSheekle said “if I believed she was 16 I would become unattracted to her”
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budmanman
OTD Masterbater



Registered: 02/07/07
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Loc: PNW
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Re: This crypto stuff is CRAZY- Perhaps even criminal [Re: koods]
#27775056 - 05/13/22 03:51 AM (1 year, 8 months ago) |
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Well most of the bitcoin they have was accrued at over the last several years. They got it all at a really cheap price.
So basically for them its oh no the 5 billion that we invested is only worth 50 billion god damn we are so stupid for getting involved.
And this is why it grows,
Cause people say ahhahahaha bitcoin crashed from 60k to 30k wahahah good thing I listened to Warren Buffet and didn't buy into that shit show at 100 dollars.
You see everyone sits there knowing that had they just not listened to everyone, everyone being like you as most people think crypto is stupid, and most people are wrong about 99% of their thoughts, cause if they weren't they would all be more successful people in general but everyone alive is aware that had they just put 100 dollars on a bitcoin 6 years ago they would have 30,000 dollars right now.
These are people who most of which, can't save up even 1000 dollars cash for an emergency.
But they have all had 100 dollars before.
And thus leads to the slow, mass voluntary conversion to a new economic system.
-------------------- Everything I have ever said is total bogus bs I am full of crud therefore everything I say should never be taken literal. And I am mentally unstable.
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budmanman
OTD Masterbater



Registered: 02/07/07
Posts: 17,974
Loc: PNW
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Re: This crypto stuff is CRAZY- Perhaps even criminal [Re: budmanman]
#27775060 - 05/13/22 03:55 AM (1 year, 8 months ago) |
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This is the first time in history where mass banking actually has competition, they're being forced to modernize to snuff this movement out.
Its 2022 and a digital card transaction still takes 3-5 days to clear lol.
For fast paced business this is way to slow, wayyy to slow. In fact its bitcoins speed that is causing a lot of corporations to use it and other cryptos.
A lot of AI services are so fast pace that it only works with cryptocurrency and bitcoins too slow even for them. Business and the world are changing, either banks modernize, which they're trying theyre making cryptos now lol
Or they get left in the dust.
-------------------- Everything I have ever said is total bogus bs I am full of crud therefore everything I say should never be taken literal. And I am mentally unstable.
Edited by budmanman (05/13/22 03:56 AM)
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koods
Ribbit



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Re: This crypto stuff is CRAZY- Perhaps even criminal [Re: budmanman]
#27775061 - 05/13/22 03:58 AM (1 year, 8 months ago) |
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Quote:
budmanman said: Well most of the bitcoin they have was accrued at over the last several years. They got it all at a really cheap price.
So basically for them its oh no the 5 billion that we invested is only worth 50 billion god damn we are so stupid for getting involved.
And this is why it grows,
Cause people say ahhahahaha bitcoin crashed from 60k to 30k wahahah good thing I listened to Warren Buffet and didn't buy into that shit show at 100 dollars.
You see everyone sits there knowing that had they just not listened to everyone, everyone being like you as most people think crypto is stupid, and most people are wrong about 99% of their thoughts, cause if they weren't they would all be more successful people in general but everyone alive is aware that had they just put 100 dollars on a bitcoin 6 years ago they would have 30,000 dollars right now.
These are people who most of which, can't save up even 1000 dollars cash for an emergency.
But they have all had 100 dollars before.
And thus leads to the slow, mass voluntary conversion to a new economic system.
It’s still $50 billion lost in the past two weeks
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NotSheekle said “if I believed she was 16 I would become unattracted to her”
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budmanman
OTD Masterbater



Registered: 02/07/07
Posts: 17,974
Loc: PNW
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Re: This crypto stuff is CRAZY- Perhaps even criminal [Re: koods]
#27775070 - 05/13/22 04:11 AM (1 year, 8 months ago) |
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And 1 Trillion dollars gained in the next 10 years.
-------------------- Everything I have ever said is total bogus bs I am full of crud therefore everything I say should never be taken literal. And I am mentally unstable.
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budmanman
OTD Masterbater



Registered: 02/07/07
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Re: This crypto stuff is CRAZY- Perhaps even criminal [Re: budmanman] 1
#27775071 - 05/13/22 04:14 AM (1 year, 8 months ago) |
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This is what is happening.
-------------------- Everything I have ever said is total bogus bs I am full of crud therefore everything I say should never be taken literal. And I am mentally unstable.
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budmanman
OTD Masterbater



Registered: 02/07/07
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Re: This crypto stuff is CRAZY- Perhaps even criminal [Re: budmanman]
#27775073 - 05/13/22 04:19 AM (1 year, 8 months ago) |
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Everyone realizes their money is rapidly becoming not very useful for their day to day expenses.
I work at Boeing and workers here even when they first started use to be considered rich.
Now almost all my co workers live with their parents ever since the pandemic basically ended and we all got our jobs back.
Now even the max pay is like kinda eh but your still making more money than 90% of Americans at the max.
The money is shit people are getting over it.
-------------------- Everything I have ever said is total bogus bs I am full of crud therefore everything I say should never be taken literal. And I am mentally unstable.
Edited by budmanman (05/13/22 04:26 AM)
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koods
Ribbit



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Re: This crypto stuff is CRAZY- Perhaps even criminal [Re: budmanman]
#27775081 - 05/13/22 04:33 AM (1 year, 8 months ago) |
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Is that graphic supposed to be shocking? That how all currencies behave.
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NotSheekle said “if I believed she was 16 I would become unattracted to her”
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budmanman
OTD Masterbater



Registered: 02/07/07
Posts: 17,974
Loc: PNW
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Re: This crypto stuff is CRAZY- Perhaps even criminal [Re: koods]
#27775082 - 05/13/22 04:36 AM (1 year, 8 months ago) |
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It is how all Fiat currencies behave and why they fail with an average survival rate of 27 years. The USD has pushed the boundaries almost 4x the average survival rate, a black swan event is waiting just around the corner and a default on the national debt will catalyze horrors we as US citizens can't even fathom, of which is just regular daily life in most the world.
-------------------- Everything I have ever said is total bogus bs I am full of crud therefore everything I say should never be taken literal. And I am mentally unstable.
Edited by budmanman (05/13/22 04:38 AM)
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budmanman
OTD Masterbater



Registered: 02/07/07
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Re: This crypto stuff is CRAZY- Perhaps even criminal [Re: budmanman]
#27775087 - 05/13/22 04:40 AM (1 year, 8 months ago) |
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Refer to the log scale to see how newly developed none government controlled currencies behave.
-------------------- Everything I have ever said is total bogus bs I am full of crud therefore everything I say should never be taken literal. And I am mentally unstable.
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koods
Ribbit



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Re: This crypto stuff is CRAZY- Perhaps even criminal [Re: budmanman]
#27775092 - 05/13/22 04:49 AM (1 year, 8 months ago) |
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Quote:
budmanman said: It is how all Fiat currencies behave and why they fail with an average survival rate of 27 years. The USD has pushed the boundaries almost 4x the average survival rate, a black swan event is waiting just around the corner and a default on the national debt will catalyze horrors we as US citizens can't even fathom, of which is just regular daily life in most the world.
Since the 90s inflation has averaged around 2%, which is the sweet spot
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NotSheekle said “if I believed she was 16 I would become unattracted to her”
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christopera
Stranger


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Re: This crypto stuff is CRAZY- Perhaps even criminal [Re: budmanman]
#27775096 - 05/13/22 04:55 AM (1 year, 8 months ago) |
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There are many issues with crypto, but there are a few main reasons why they won't be practical in the long run. The main reason being hash rate. Did you ever trade BTC when trades sometimes took days? You'd send $100 worth of BTC and it would cost you $20 and you had to wait 30 hours for it to send. That isn't going to work. Imagine pumping in 10,000% more users, the network would grind to a halt. Imagine a massive power outage and the network loses 5% hash rate. You know, because the network is propped on the back of amateurs and profiteers, not banking professionals with rules and regulations. Boom, the system is fucked. Modern banking systems have massive well organized systems for dealing with these types of things.
Who remembers MT Gox?
https://en.wikipedia.org/wiki/Mt._Gox
Quote:
Mt. Gox was a bitcoin exchange based in Shibuya, Tokyo, Japan.[1] Launched in 2010, it was handling over 70% of all bitcoin (BTC) transactions worldwide by early 2014, when it abruptly ceased operations amid revelations of its involvement in the loss/theft of hundreds of thousands of bitcoins, then worth hundreds of millions in US dollars.[2][3][4][5][6][7]
In February 2014, Mt. Gox suspended trading, closed its website and exchange service, and filed for bankruptcy protection from creditors.[8][9] In April 2014, the company began liquidation proceedings.[10] Although 200,000 bitcoins have since been "found", the reasons for the disappearance—theft, fraud, mismanagement, or a combination of these—were initially unclear. New evidence presented in April 2015 by Tokyo security company WizSec led them to conclude that "most or all of the missing bitcoins were stolen straight out of the Mt. Gox hot cryptocurrency wallet over time, beginning in late 2011.
How about BitConnect?
https://www.justice.gov/opa/pr/bitconnect-founder-indicted-global-24-billion-cryptocurrency-scheme
Quote:
According to court documents, Satish Kumbhani, 36, of Hemal, India, the founder of BitConnect, misled investors about BitConnect’s “Lending Program.” Under this program, Kumbhani and his co-conspirators touted BitConnect’s purported proprietary technology, known as the “BitConnect Trading Bot” and “Volatility Software,” as being able to generate substantial profits and guaranteed returns by using investors’ money to trade on the volatility of cryptocurrency exchange markets. As alleged in the indictment, however, BitConnect operated as a Ponzi scheme by paying earlier BitConnect investors with money from later investors. In total, Kumbhani and his co-conspirators obtained approximately $2.4 billion from investors.
There's the BitFinex hack and a long list of other things. Society will not put up with this kind of shit on any scale, because when it does, you end up with a lack of confidence in the banking system and chaos ensues. There is a reason why banks are all insured, every single one of them.
I bought my first BTC in 2010 and was mining large scale by 2011. I believe in the technology, but I am also pretty honest about how shitty it is. I think in the long term it will get used for things more legitimate.
-------------------- Enjoy the process of your search without succumbing to the pressure of the result. A Dorito is pizza, change my mind. Bank and Union with The Shroomery at the Zuul on The internet - now with %'s and things I’m sorry it had to be me.
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Asante
Mage


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Re: This crypto stuff is CRAZY- Perhaps even criminal [Re: koods]
#27775099 - 05/13/22 04:58 AM (1 year, 8 months ago) |
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Quote:
koods said: Look I get that cryptos have a lot of utility, but they are never going to replace real currencies.
The one fact you're missing: "real" currencies are no longer real. They are backed by nothing and printed out the wazoo producing inflation bigger than our skewed measuring shows.
See this IRL "debit card" ?

The 20gr of gold encased in this card has gone up 8% annually on average for the past 50 years.
What happened 50 years ago?
DOLLARS WERE DECOUPLED FROM PRECIOUS METALS.
Since that 20gr still is 20,000mg - that average annual 8% likely reflects ACTUAL inflation.
-------------------- Omnicyclion.org higher knowledge starts here
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christopera
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Re: This crypto stuff is CRAZY- Perhaps even criminal [Re: Asante]
#27775100 - 05/13/22 05:02 AM (1 year, 8 months ago) |
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They are backed by consumer confidence and relative system stability. Something not present in the crypto world.
Gold is one of the biggest money schemes in recent history. Have a look at all the gold bonds people buy. You don't even get gold. You get paper.
-------------------- Enjoy the process of your search without succumbing to the pressure of the result. A Dorito is pizza, change my mind. Bank and Union with The Shroomery at the Zuul on The internet - now with %'s and things I’m sorry it had to be me.
Edited by christopera (05/13/22 05:03 AM)
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LotKid
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Re: This crypto stuff is CRAZY- Perhaps even criminal [Re: Fiery]
#27775183 - 05/13/22 06:54 AM (1 year, 8 months ago) |
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Quote:
Fiery said: If you don't know what's going on, it's pure mayhem and bloodshed in the crypto world. Major ones like BItcoin are down more than 50% from highs, and even one called LUNA is down 100% to catastrophic losses. I even heard mention of people harming themselves because they lost it all.
THIS IS MADNESS!
Someone needs to be held accountable for this. This has GONE TOO FAR!
I mean everyone knows stocks and crypto are risky... but THIS SEEMS CRIMINAL!
I get it- blame the investor right? they knew it was a risk? I don't think so in this case.
There is going to be a witchhunt I'm sure for whoever is behind this LUNA stunt.. but how can they catch them?
I just saw some good people lose a lot of money over this and it pains me, and is an injustice I feel.
And I don't feel it's OK in this case to blame the investor for taking a risk when they knew they could lose it, this LUNA thing seems to go much deeper than just "a risk that investors took"
You need to educate yourself more.
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