and right now is best used as a digital store of value
No, bitcoin is not "a store of value", no more than dogecoin or airline miles are a "store of value". At the end of the day, the only type of endgame anyone wants from a monetary instrument is to receive a physical good or service for it. This is why commodity currencies are the only real form of money, because they are not IOUs, and thus have no counterparty risk. Just like fiat paper, bitcoin is nothing more than a debt instrument or IOU because it cannot actually be used for anything. You are hoping to trick someone into giving you something of use for your something of no use. One could even argue bitcoin is worse than fiat since even if the value of paper money goes to zero, you can at least set it on fire to keep yourself warm. The bitcoin forum is plagued with people who have no understanding of money, and scammers who just flat out lie about what the difference in money and currency is. Bitcoin is not money. Although not debt issued like USD, it's just another debt instrument currency. Okay, everything you said is correct (except for that image) but you're moving the goalposts here by re-defining what "money" means. It is true that gold and silver have intrinsic value but it's also true that collective delusion creates "money". In your opinion it would be more accurately called an IOU but most people call it money because money is usually defined as the most efficient way to trade things without bartering. You certainly can't pay for a hamburger with silver but you might be able to buy lunch with Bitcoin or another crypto-currency soon. I already pay for my servers using Bitcoin. If it's not possible to buy a hamburger with silver, I wonder how people did exactly that for oh...thousands of years. Maybe you're right and it would be better in a hypothetical universe if we used silver or gold as a transactional unit. How would online purchases work in that case? Bitcoin is the only way to trade value using a decentralized network.
You're making a false comparison. It's not possible to create a decentralized cryptocurrency, so bitcoin was never an alternative to metals in the first place. Cryptocurrency either starts completely centralized from day one in the case of most proof of stake coins, or they just centralize more by the day in the case of proof of work. Anyone who has been around in bitcoin for years can see that. In the past people claimed "oh, commodification of ASICs will solve everything!", but that turned out to be completely wrong. Long ago, people always mentioned the talking point concerning miners: "Why would anyone sell a money printing machine?". The answer is, they wouldn't. Selling shovels in California to gold miners is not a money printing machine; they are printing with their arms, not the shovel. A bitcoin miner you just plug in. There is no incentive for commodification of ASICs to exist. The monopolization of ASIC production will generally always be a weapon used against the general public in some form or another. The only reason an ASIC monopoly man would want to sell you an ASIC for a reasonable price is if he cornered the bitcoin market first and wants you to help him create a better buffer for his pump and dump. But of course, once he starts to sell to realize some gains on his pump and dump, you're back to square one again of ASICs always being used as a weapon and holding the bag with an unprofitable ASIC. |
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Why this forum should be renamed to scamtalk.org: and right now is best used as a digital store of value
No, bitcoin is not "a store of value", no more than dogecoin or airline miles are a "store of value". At the end of the day, the only type of endgame anyone wants from a monetary instrument is to receive a physical good or service for it. This is why commodity currencies are the only real form of money, because they are not IOUs, and thus have no counterparty risk. Just like fiat paper, bitcoin is nothing more than a debt instrument or IOU because it cannot actually be used for anything. You are hoping to trick someone into giving you something of use for your something of no use. One could even argue bitcoin is worse than fiat since even if the value of paper money goes to zero, you can at least set it on fire to keep yourself warm. The bitcoin forum is plagued with people who have no understanding of money, and scammers who just flat out lie about what the difference in money and currency is. Bitcoin is not money. Although not debt issued like USD, it's just another debt instrument currency. Kind of hilarious the scammers are trying to pump bitcoin when this news just came out which should be making it crash instead: http://www.cryptocoinsnews.com/game-over-steam-no-longer-accepts-bitcoin-due-to-high-fees-and-volatility/What more of a sign do you need that bitcoin fails as a "peer to peer payment system" and only functions as a centralized settlement network like the banker scam networks such as SWIFT that already exist? And no, Lightning does not solve this issue. It's not possible to create a decentralized digital currency. Bitcoin is already centralized and Lightning makes it even more so. Bitcoin was released right at a time where the bankers knew debt based fiat was going into cascading deflationary collapse since in this fraudulent system debts are considered assets instead of liabilities. This is why the evil Jew sheklers running the system starting spamming the phrase "helicopter money" and "basic income" as an actual serious proposed solution. The system either collapses in deflation, or they print and....it collapses anyway, just a few days later from hyperinflation.
If used as a dollar substitute, bitcoin for all intents and purposes IS helicopter money (bitcoin currently is a dollar derivative and not substitute). So they probably released this bullshit as part of that plan. It's just that the market was completely cornered due to ASIC manufacturers right after it was released, making distribution terrible, rendering the entire exercise pointless and not "helicopter money" anymore since the so called money only goes to a couple people. It appears they continued with their pointless plan anyway and tried to raise the bitcoin price. After this move completely fails to raise money velocity or do anything for the economy, there will be some type of implosion and they will do real helicopter money or basic income into people's bank accounts.
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and right now is best used as a digital store of value
No, bitcoin is not "a store of value", no more than dogecoin or airline miles are a "store of value". At the end of the day, the only type of endgame anyone wants from a monetary instrument is to receive a physical good or service for it. This is why commodity currencies are the only real form of money, because they are not IOUs, and thus have no counterparty risk. Just like fiat paper, bitcoin is nothing more than a debt instrument or IOU because it cannot actually be used for anything. You are hoping to trick someone into giving you something of use for your something of no use. One could even argue bitcoin is worse than fiat since even if the value of paper money goes to zero, you can at least set it on fire to keep yourself warm. The bitcoin forum is plagued with people who have no understanding of money, and scammers who just flat out lie about what the difference in money and currency is. Bitcoin is not money. Although not debt issued like USD, it's just another debt instrument currency.  |
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Kind of hilarious the scammers are trying to pump bitcoin when this news just came out which should be making it crash instead: http://www.cryptocoinsnews.com/game-over-steam-no-longer-accepts-bitcoin-due-to-high-fees-and-volatility/What more of a sign do you need that bitcoin fails as a "peer to peer payment system" and only functions as a centralized settlement network like the banker scam networks such as SWIFT that already exist? And no, Lightning does not solve this issue. It's not possible to create a decentralized digital currency. Bitcoin is already centralized and Lightning makes it even more so. |
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Bitcoin was released right at a time where the bankers knew debt based fiat was going into cascading deflationary collapse since in this fraudulent system debts are considered assets instead of liabilities. This is why the evil Jew sheklers running the system starting spamming the phrase "helicopter money" and "basic income" as an actual serious proposed solution. The system either collapses in deflation, or they print and....it collapses anyway, just a few days later from hyperinflation.
If used as a dollar substitute, bitcoin for all intents and purposes IS helicopter money (bitcoin currently is a dollar derivative and not substitute). So they probably released this bullshit as part of that plan. It's just that the market was completely cornered due to ASIC manufacturers right after it was released, making distribution terrible, rendering the entire exercise pointless and not "helicopter money" anymore since the so called money only goes to a couple people. It appears they continued with their pointless plan anyway and tried to raise the bitcoin price. After this move completely fails to raise money velocity or do anything for the economy, there will be some type of implosion and they will do real helicopter money or basic income into people's bank accounts.
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Lol, what a fucking scam. The price is $15k on bitstamp yet you see some mysterious marginal buyer on coinbase buy 30 coins at $17.5k, and then it will happen again a minute later. Nobody who is trying to make money does such idiotic bullshit. When you see marginal buyers who do not care at all whether they make or lose money, or what the price is at all, while the same people simultaneously naked short metals when they're already at cost of production (so there is no money to be made by doing so, only money to lose), the market is basically an Enron fraud about to blow up.
It's called arbitrage. Uh no, that would be called reverse arbitrage, aka setting money on fire on purpose. This is why Coinbase added their leverage instruments for so called "institutional clients", so the bankers can come in and manipulate price, and it's clear they're doing it because they're putting in orders at the margin where they do not care about making or losing money, only moving the price to a target they desire. |
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Lol, what a fucking scam. The price is $15k on bitstamp yet you see some mysterious marginal buyer on coinbase buy 30 coins at $17.5k, and then it will happen again a minute later. Nobody who is trying to make money does such idiotic bullshit. When you see marginal buyers who do not care at all whether they make or lose money, or what the price is at all, while the same people simultaneously naked short metals when they're already at cost of production (so there is no money to be made by doing so, only money to lose), the market is basically an Enron fraud about to blow up.
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Good lord, as if you couldn't tell bitcoin is a govt backed jew scam due to people like Larry Summers and Ben Bernanke promoting it, all the same sheklers were claiming after bitcoin went up during the halving that it appeared bitcoin was becoming an "uncorrelated asset" just like gold and silver, meaning they should move together. Currently jews are doing the most obvious metal manipulation ever seen in the last 100 years with $2-4 billion naked shorts every other day on metals while trying to pump bitcoin at the same time. So these so called "uncorrelated assets" that are supposed to both move in the same direction are moving in complete opposite directions, and it's not due to any type of free market forces. The banking/govt industrial complex is attempting to paint the tape on metals down and paint the tape on bitcoin up.
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MA is trying to figure out the relationship of the crypto bubble to gold. I’m very interested/curious to read his theory about any such relationship.
Anyone who claims there's a free market for metals is a complete fraud/shill. There's $2-4 billion naked short smashes literally every other day now. That's how you can tell things are in the end game, they don't even attempt to hide their actions anymore, operating completely banana republic style. I'm also 99% sure Fort Knox is empty. The trajectory for gold holdings of the US was on a clear extreme downtrend when it was in the 4000-8000 ton area decades ago. The absolute best case scenario they could still have is something like 2000 tons, but in reality, the number is going to be much closer to 0 than 2000. It's possible they rigged the metals market and JP Morgan acted as an agent of the US govt to purchase a horde of silver instead so they have something to fall back on for plan B,C,D,E,F when their original plan to force everyone onto a digital only slave currency fails as current debt based fiats implode. |
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How is it trash? The article mirrors the majority of people in this thread perfectly. People like Jimbo and Jay Juan Gee don't have the comprehension or even care if bitcoin is decentralized or not, they just buy them anyway and pray their get rich quick scheme dice roll works. |
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Looks like a good time to buy bitcoin??
You can scrape some more gains out of this rally but only if you can manage sell before the drop to $3K. What happens when the common rubes on the street figure out it's not possible to create a decentralized digital currency so they have no value at all? And when people figure out the only possible value prospect they could've had in the first place is determined by transaction flow, not stock. Meaning value is determined entirely by scalability to facilitate mass commerce, not pretending a bitcoin which is no different than a dogcoin or 1000 other coins is somehow "digital gold". The future of bitcoin is just a couple corporations controlling a centralized payment network and lying to everyone claiming it's "decentralized". It's been a centralized corporation coin ever since the first day ASICS were created, so YEARS now. The only question is how long can the lie of decentralization last. Information in the real world is entirely asymmetric. Mining hardware production is mostly a derivative of this information allocation and the far right side of the bell curve, along with requiring enormous amounts of capital hoarding. The thing is basically designed from the ground up to be controlled by corporations since nobody else can leverage that much capital + skills required to make them year after year. If the centralized bitcoin network doesn't die, it's inevitable it will turn into "Googlecoin". |
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Hiya Roach, missing a few beats? Long time without a reference to rent-seeking usury schemes.
Those are covered in the manual  |
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About theymos advice: I still don't get it. Why does he care? and what does he know about the fact that
Probably figured out no matter how much time you spend working on them, it's not actually possible to create a decentralized digital currency, rendering every single cryptocurrency released as having zero fundamentals, and thus having no value. So all we're dealing with here are pump and dumps of inherently valueless, toxic assets. The Jew bankers and overlords like Ben Bernanke and Larry Summers only promote them to try and trick people into adopting their cashless society slave grid and to try and prevent people from buying metals where the market is already stretched to the breaking point. |
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The CME group are going to sell nothing. They wont matter.
Lol? They sell fraudulent Jewish derivatives. #thegoyimknow  |
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Market is still bigger than anyone one person.. so it will end up using the most efficient cash system it can find and implement into society.. the drive towards ideal money never ended... gold wasnt ideal because its too heavy and it meant todays rich can benefit at expense of tomorrow. Central bank targeting is more efficient and ideal over gold backed inflation... and cryptocurrency with some baked in inflation metric is even more ideal because or its public auditable properties and claims of work that cannot be forged... so sooner or later gold will be shiny toy your grandma loves but just not worth much
You sound like me. Its all about sov moe uoa What a bunch of noobs. It's not possible to create a decentralized digital currency, thus no cryptocurrency has any fundamentals whatsoever, and the value of something with no fundamentals is zero. This means any craptocurrency is nothing more than a valueless pump and dump. Ethereum is the ultimate lesson for how much of a fraud these things are, when they created a bunch of coins out of thin air for free which have no value. Since the distribution is crap and all concentrated in a few guys hands, it's basically an illiquid/toxic asset. They then drag their toxic asset to the Poloniex exchange using a wheelbarrow and leverage the price higher to create....a higher priced toxic asset. Being able to create valueless assets out of thin air and then use those valueless assets as collateral to leverage them higher while trying to pawn them off onto idiots is about as big of a scam as you can get. There is no such thing as "virtual wealth". The only wealth that exists are real world physical objects, not objects in your imagination. |
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Apparently someone on the forum doesn't want the goyim to know about the Bitfinex and Tether scam:  |
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JewFinex double top. Tune in tomorrow to see if it's shekler manipulation to try and bait shorters to squeeze or if there's just nobody that exists on the face of the planet that wants to buy bitcoin at the peak of blowoff top.
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But there is a centralization effect happening with Bitcoin in the sense that big miners are forcing their smaller competitors out of the marketplace by constantly reinvesting in better infrastructure (mining gear) - which the average Joe can't keep up with and therefore his mining power keeps decreasing. So in the end there will be a few top dogs and a few "hobby miners" I guess.
You just described why bitcoin is 100% pointless and has no value because it's not possible to create a decentralized digital currency. It's designed to centralize and if you can't legitly outgrow all your opponents by just parlaying your investment into new miners, adversarial mining is another method to destroy the competition and is basically a free win to defeat them assuming your hash power is larger than theirs. It would be like if it was legal in the metals industry for Max Keiser to run over the hill and attack Mike Maloney with a shovel while he's trying to pan the river for gold to corner the market. Or as Luke Jr has said before, for every 1 miner you buy from Bitmain, it gives Bitmain 10 free miners of their own, making it completely pointless to buy anything from them (unless you pretend bitcoin is some type of infinite pump and dump that can only pump and never dump). Or as Anonymint also paraphrased the situation, economy of scale begets more economy of scale. |
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Another ATH...
Can't take it anymore, and I'm out of memes too.
Going out for a walk to breathe some fresh air. The atmosphere is so nice & clean after raining, with lots of negative ions...
I know, I can't believe it. I really should be stoned right now... Did you also happen to notice it's from the same Bitfinex market manipulation as always? A single entity on a single exchange controlling the price all the way from $200. It wouldn't be so bad if one guy was running the biggest pump and dump mankind has ever seen, but when it's one single entity operating on the most fraudulent bitcoin exchange that exists, it kind of sends alarm bells. Why is he not operating with such huge sums of money on a real exchange where his money would be safer? I think everyone knows the answer to that question. |
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Well well well. I see the blocksize/scaling gridlock is STILL ongoing. Dash is now running 2MB blocks. needless to say, I'm rotating out of cripplecoin into the crypto more faithful to Satoshi's vision. Thanks for buying all those coins I bought for $12, suckers. I literally have so many hundred dollar bills in my pocket that I don't know how many there are.
Look what the cat drug in!!!!  I would say that technically all cryptocurrency holders are dumb money:  More like house money. I already cashed out more than 20X my buy in, so any additional profits from here are just gravy. I can't possibly loose. Yeah.. great job. You got yourself $3,100 plus some $20s that you don't want to count. You made a "killing." That's just literally my pocket money. You know, just in case I wanna fly to Europe without going to the bank first. And yet you're still here. On a forum where you only have pocket money invested in?? Do you also go to chuck e cheese and troll others how it's all a sham? If it doesn't scale, it's for sale. It's all about market share. Dash is gaining because it scales. BTC is losing ground because it doesn't. If you think Dash scales without becoming centralized, you're nuts. It does. basically the nodes become miners and vice versa, kind of like the way the bitcoin client worked when I first got started, only with much beefier hardware. https://medium.com/@eduffield222/how-to-enabling-on-chain-scaling-2ffab5997f8bIt's not possible to create a decentralized digital currency. They're all either centralized from day one, or designed to centralize over time. This means they're all completely pointless and have no fundamentals behind them. The only thing that will survive in the end out of this space are federated chains run by corporations and govt designed to enslave you, which is why I'm now anti-blockchain and only promote physical metals as money. Bitcoin is a step backwards from physical metals such as gold and silver in every aspect. Metals have actual fundamentals, cryptocurrency doesn't. |
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