The Everything Bearish Thread

[ahpku]

Russian Bear Fed Up With Bitcoin Bullshit

Russia's Ministry of Finance has developed a new version of its proposed law that would seek to both outlaw and apply criminal penalties for activities involving digital currencies, according to a report by Russian news source Interfax.

Citing sources from within the Russian government, Interfax reports that acquiring, selling and distributing cryptocurrencies would be punishable with fines of 300,000 rubles ($4,574) or through up to 360 hours of correctional labor under the new bill.

Should such infractions be committed by an agency or group, the fines for such activities would increase to 500,000 rubles ($7,623).

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[AbEQ5e]

Any one with brain can see the end of bitcoin ponzi incoming after seeing the failure of Coinbase, OTC Penny stock, ETN, Gemini, ETF etc..

[ahpku]

Australia to Bitcoin Business: Enough! Now GTFO!

"To the best of our knowledge all, or nearly all digital currency business have received letters from their bank, or in many cases banks, advising of the closure of their accounts. This includes at least 17, with 13 of these closed permanently."- Ronald Tucker, chairman at the Australian Digital Currency & Commerce Association (ADCCA)

[ahpku]

Bitcoin's Best-Funded Startup Unveils $399.99 Raspberry Pi; Laughter Ensues

Vitalik Buterin, inventor of the blockchain-based decentralized application platform Ethereum, opines:

"So you're paying $399 upfront and getting $0.105 per day or $38.3 per year, and this is before taking into account network difficulty increases, the upcoming block halving (yay, your profit goes down to $0.03 per day!) and, of course, the near-100% likelihood that you won’t be able to keep that device on absolutely all of the time. I seriously hope they have multiple mining chips inside of their device and forgot to mention it; otherwise you can outcompete this offering pretty easily by just preloading a raspberry pi with $200 of your favourite cryptotokens."

[ahpku]

BitPay's Timeline of Lel

December 2014
BitPay’s chief financial officer, Bryan Krohn, tricked into sending $1.8 million to a hacker.

December 2014, days later
BitPay files a claim for the losses with Massachusetts Bay Insurance Company

June 8, 2015
Lol no. Claim denied.

September 15, 2015
BitPay files suit against Massachusetts Bay Insurance Company, alleges breach of contract; seeks damages & court fees in addition to the initial $950,000 claim.

September 24, 2015
BitPay terminates its 'Free, Unlimited, Forever' plan.

... we wanted to make you aware of the changes to our Free Plan.
On October 1st, all Free Plan accounts will be migrated to the Starter Plan, which offers free, instant conversion for 30 transactions per month. If you process more than 30 transactions, a 1% settlement fee will be applied to the additional transactions.

September 25, 2015
BitPay lays off 'upwards of 20 full-time employees in an effort to "reduce costs" and "better align with the pace of growth" in the industry,' emails a few words of advice to the freshly-unemployed:

"I urge everyone to be professional and considerate and not allow the emotion of the day to get the better of you. It saddens me to have to deliver this news as it has been an honor to get to know each and every one of you and my privilege to work with you. And I know [executive chairman] Tony [Gallippi] feels the same way."

[AbEQ5e]

BitPay is blacklisting certain bitcoins & rejecting customers

Email from BitPay to merchant (paraphrased):

"Your customer's coins are coming directly or indirectly from dubious sources. Please discontinue serving this customer."

https://www.reddit.com/r/Bitcoin/comments/3mea6b/bitpay_is_blacklisting_certain_bitcoins_rejecting/

[toinew]

very informative, i'm not kidding. please keep this thread up to date so new comers can see both sides of the situation 

[ahpku]

Circle Granted BitLicense, Immediately Upgrades To USD
With Circle licensed to handle money, Bitcoin's relegated to back-end chores.

"You can enjoy the benefits of Bitcoin without ever holding or buying bitcoin yourself, and without being exposed to bitcoin price volatility."

[talks_cheep]

No wonder that btc price keeps stagnating. If you've been on the forum awhile, you begin the think that btc is some kind of wonder investment which will certainly bring $$$$$$$$$$MILLIONS to you tomorrow. Nothing can be farther from the truth. I'm glad there are people who post gems like this to keep the noobs from investing their life's savings to buy into this non-sense. I hear someone sold his house for btc a few years ago, lost so much money and had to commit suicide.

[Afrikoin]

very informative, i'm not kidding. please keep this thread up to date so new comers can see both sides of the situation 

+1

Keep it clean and quality. This is as important as all the bullish speculation.

Watching

[AbEQ5e]

Bitcointalk-User after he learned the 21 Bitcoin RPi2 will never ROI.

Good thing he didn't pay with bit[Suspicious link removed]d for him, now he can go the bank and lie about the transaction to be refund.

Unfortunate for 21inc, they don't take bitcoin payment :

21 has not done a good job in showing a good example for this system. They allude to using it to sell digital works, like a screenplay or a business plan or rent time on a 3d printer. It's like a screwdriver manufacturer telling you can use it to build a bicycle or fix a sign at an ice cream store and make quite a bit of money.

I know it's too soon to pass judgement without having one in hand and experimenting with it. However, I think they need to have a good working example of the intended use case. They're kind of saying it's a miner that won't mine very well, but hey, you can use it for all sorts of "cool" things.

It reminds me a lot of those offers on cracker jack boxes for mail-away devices,etc, that for some reason, always came from Denver, Co(?)....

https://www.reddit.com/r/Bitcoin/comments/3mhgmj/bitcointalkuser_after_he_learned_the_21_bitcoin/

[AbEQ5e]

Another liars excuse: Jeff Garzik: "I don't speculate on the price. I don't calculate on the price. I just try to focus on the technology."

Pretty sure this one line can be applied to any aspect of life and used as great advice.
"I don't speculate on my wages. I don't calculate my wages. I just try to focus on doing the job."

This is wageslave logic at it's worst. If you're not calculating your wages, you're not checking to make sure your employer isn't ripping you off (spoiler: even when they're not ripping you off, they're still ripping you off, that's called profit margin).

Any self-respecting capitalist is always thinking about his/her cut and how to get a bigger slice of the pie. Top talent are often fighting tooth and nail for better salaries, there's a reason such negotiations are so often dramatic and ugly. Only those languishing at the bottom of the pyramid have the mentality of accepting whatever they can get.

https://www.reddit.com/r/Bitcoin/comments/3miw1l/jeff_garzik_i_dont_speculate_on_the_price_i_dont/

[kwukduck]

Well we knew right from the start that government and banks would crack down on bit coin to get rid of it once and for all. It seems it's happening rather fast now.
Price is also extremely bearish with a 4 week expectation of a whopping -40%.
Panic and fear is growing so fast. It makes me sad but these are the end times of an are maxing project that we all enjoyed for the past few years.

[ahpku]

Blockchain: Magic That Works!

Mijin, a Permissioned Blockchain Platform, Plans to Reduce the Cost of the Banking System by up to 1,000% by the End of 2018

[Paashaas]

This thread is pure horseschit, it has it all; trolls, fudsters and idiots.

btw the Bullish version outweight this one by far.

[ahpku]

This thread is pure horseschit, it has it all; trolls, fudsters and idiots.

btw the Bullish version outweight this one by far.

For those incapable of finding positive articles in bitcoin publications and/or preferring to read such articles in .png format, the thread you mention is invaluable.
It's ideal for those who prefer to live in an echo chamber, abhor critical thinking, enjoy herd mentality, adore censorship, and seethe with hatred at dissenting opinions.

There's enough room in this forum for both threads. Vive la difference. Different strokes, as they say.

[knight22]

This thread is pure horseschit, it has it all; trolls, fudsters and idiots.

btw the Bullish version outweight this one by far.

Unfortunately bitcoin doesn't scale and gives no signs to get resolved. This is a bearish fact that outweight any possible bullish news IMO.

[OSCA]

This thread is pure horseschit, it has it all; trolls, fudsters and idiots.

No wonder you're so angry...  

Hello all,

I never invested money in a company ore something else, untill today.. ... i just bought 3 BTC for around 1900 Euro witch i believe it is still a good price for a early adopter.

If i lose that money its hurting me a little bit of my own savings, i grinded that money by working in a fish company. No, i didn't went to a master economics school but my energy was exploding when i knew what BTC contains. I invested in BTC because it is really good for humanity in general.  (i really hate banks)
...

You're not angry at the right people tho.  You should be angry at the bitcoin pimps -- the ones who convinced you that buying their tokens at the height of the Bitcoin fad was a super good idea. 

[Mickeyb]

Russian Bear Fed Up With Bitcoin Bullshit

Russia's Ministry of Finance has developed a new version of its proposed law that would seek to both outlaw and apply criminal penalties for activities involving digital currencies, according to a report by Russian news source Interfax.

Citing sources from within the Russian government, Interfax reports that acquiring, selling and distributing cryptocurrencies would be punishable with fines of 300,000 rubles ($4,574) or through up to 360 hours of correctional labor under the new bill.

Should such infractions be committed by an agency or group, the fines for such activities would increase to 500,000 rubles ($7,623).

What could we expect more from the nation where financial freedom doesn't exist. Where everything regarding finances is strictly controlled and where in order to move freely your money, you need to be a member of the rich oligarchy and then, after you pay to somebody surely, you are free to move your money out of the Russia and buy real-estate in London and Cote d'Azur.

[ahpku]

...
What could we expect more from the nation where financial freedom doesn't exist. Where everything regarding finances is strictly controlled and where in order to move freely your money, you need to be a member of the rich oligarchy and then, after you pay to somebody surely, you are free to move your money out of the Russia and buy real-estate in London and Cote d'Azur.

Are you suggesting that the Russian proles lack sufficient 'financial freedom' for moving their money offshore? Were I to point out that said poor and downtrodden have no such money to move, due to being poor and downtrodden... no, that's beneath me.
Or are you bemoaning the plight of Russian upper crust, those who've accumulated sufficient sums to afford a modest 50-footer and a shanty on the French Riviera, but find their efforts repeatedly (and unjustly!) thwarted?

Regardless, a ban on bitcoin by a major power seems to fall squarely into the 'bearish news' category.
Oh wait... 'this is actually really good for bitcoin^TM"?