Bitcoin is dying...permanently

[OleOle]

Subject: Bitcoin is dying...permanently


Yeah, I wish it would hurry up and die so I can clear these miners off my desk.

It's a real hassle those coins popping up in my wallet, converting them to fiat and buying things with them. I hit ROI ages ago so all this free money can be problematic and annoying. You know, I could put a fish tank or a few plants or even a lamp in the space where those pesky miners are...

 

[socal]

"Beware the Doomsayers that seek to exploit the fears of the simple minded for their own profit.............that is all..."

P.S.     That was my fortune from Lady Shazam 

Lady Shazam speaks to you to? Ah, we are blessed aren't we, such guidance.

Very much so, now if you all will excuse me I need to go make my daily offering to the great chicken god

[activecoin]

Subject: Bitcoin is dying...permanently


Yeah, I wish it would hurry up and die so I can clear these miners off my desk.

It's a real hassle those coins popping up in my wallet, converting them to fiat and buying things with them. I hit ROI ages ago so all this free money can be problematic and annoying. You know, I could put a fish tank or a few plants or even a lamp in the space where those pesky miners are...

 

Maybe replace those miners with some type of flowering plant, in remembrance ya know? or you could go with another plant that could possibly make just as much money as the miners did.

If Bitcoin does die can I have all your worthless coins?

[OleOle]

If Bitcoin does die can I have all your worthless coins?

If you take another read of what I wrote you'll see that I convert all my coins into fiat.

I personally have no use for bitcoins, it's been fun, but they're fundamentally worthless to me as I prefer what used to be called real money. I've made ROI and then some on my miners and will continue to mine with them as long as its profitable. I sure as hell am not going to be buying any more miners and I don't care if bitcoin dies today, tomorrow or whenever.

If it continues, well, that's fine but bitcoin is in broad terms a relatively unattractive commodity to me, it's hopeless as a currency and virtually all infrastructure associated with bitcoin is riddled with scammers, thieves and charlatans. Speaking of which, it's been a while since the last major scam, con, swindle, hack or business failure took place in bitcoinland, any ideas who's going to get hurt? Oh that's right, it's always the little guy that gets their coins stolen, isn't it?

 

[activecoin]

If Bitcoin does die can I have all your worthless coins?

If you take another read of what I wrote you'll see that I convert all my coins into fiat.

I personally have no use for bitcoins, it's been fun, but they're fundamentally worthless to me as I prefer what used to be called real money. I've made ROI and then some on my miners and will continue to mine with them as long as its profitable. I sure as hell am not going to be buying any more miners and I don't care if bitcoin dies today, tomorrow or whenever.

If it continues, well, that's fine but bitcoin is in broad terms a relatively unattractive commodity to me, it's hopeless as a currency and virtually all infrastructure associated with bitcoin is riddled with scammers, thieves and charlatans. Speaking of which, it's been a while since the last major scam, con, swindle, hack or business failure took place in bitcoinland, any ideas who's going to get hurt? Oh that's right, it's always the little guy that gets their coins stolen, isn't it?

 

I think its far from being a popular currency, but it is still a great commodity imo, well we will see, I am waiting for the software to appear that transfers bitcoin in a second, that will make it a viable currency and pull it back out of being a commodity, scammers are everywhere, in every business, I have no doubt there are hard working honest individuals involved with its progress.
Man never forget its still new, all the kinks have yet to be worked out.

[Divinespark]

I should hope not, what hope for us if the oracle is right?

[OleOle]

I think its far from being a popular currency, but it is still a great commodity imo, well we will see, I am waiting for the software to appear that transfers bitcoin in a second, that will make it a viable currency and pull it back out of being a commodity, scammers are everywhere, in every business, I have no doubt there are hard working honest individuals involved with its progress.
Man never forget its still new, all the kinks have yet to be worked out.

You make a good point, it is still new and it will develop in time I imagine. I'm certainly not anti-bitcoin, far from it, otherwise I wouldn't have become a miner in the first place. I suppose it was inevitable but it's been rather disappointing how quickly bitcoin became corporatised and the idea of mining is even more appropriate now as larger sums of capital are required to get any significant level of return from the activity.

This shift as the difficulty level has increased makes it less and less worthwhile for individual miners and that in itself has tended to cancel out many of the egalitarian benefits that were associated with the rise of bitcoin in the early years. Until the currency becomes regulated and properly accepted by legal, financial and tax bodies around the world, any appeal and value it has to me is far outweighed by the hassle of tax and capital gain reporting requirements. It's not going to be fun attempting to put a price valuation on every piece of dust I have mined, when I mined it... and value it again when I spent it but in theory that's what I'll need to do to enclose it in my tax return - that's the impact of it not being regarded as a currency here in Australia (similarly to the US I believe).

Who the hell wants to work out capital gain implications of buying a cup of coffee?

 

[bitlyme]

Now I know why this thread in on the off topic.
Those who are holding lots of BTC will be terrified with this.

I think Bitcoin will not just die with its current price cause that can cause havoc. They will do things to avoid this thing and make it just balance in the market.

[Acidyo]

Lady Shazam was just a little fucked in the head after I fucked her in the head.

Excuse her.

This makes sense.

[activecoin]

I think its far from being a popular currency, but it is still a great commodity imo, well we will see, I am waiting for the software to appear that transfers bitcoin in a second, that will make it a viable currency and pull it back out of being a commodity, scammers are everywhere, in every business, I have no doubt there are hard working honest individuals involved with its progress.
Man never forget its still new, all the kinks have yet to be worked out.

You make a good point, it is still new and it will develop in time I imagine. I'm certainly not anti-bitcoin, far from it, otherwise I wouldn't have become a miner in the first place. I suppose it was inevitable but it's been rather disappointing how quickly bitcoin became corporatised and the idea of mining is even more appropriate now as larger sums of capital are required to get any significant level of return from the activity.

This shift as the difficulty level has increased makes it less and less worthwhile for individual miners and that in itself has tended to cancel out many of the egalitarian benefits that were associated with the rise of bitcoin in the early years. Until the currency becomes regulated and properly accepted by legal, financial and tax bodies around the world, any appeal and value it has to me is far outweighed by the hassle of tax and capital gain reporting requirements. It's not going to be fun attempting to put a price valuation on every piece of dust I have mined, when I mined it... and value it again when I spent it but in theory that's what I'll need to do to enclose it in my tax return - that's the impact of it not being regarded as a currency here in Australia (similarly to the US I believe).

Who the hell wants to work out capital gain implications of buying a cup of coffee?

 

Now you do know that as soon as Bitcoin took a strong hold in the world every government kind of needed to defend its own currency, right? See if there was no regulation then why would we need USD and AUD? Take away the daily proverbial cup of coffee from someone until they agree to hold an amount of central currency and your currency is safer then it was cause its got a bright future in wallets, for the cup of coffee 
Obviously some new program to do all the tracking involved with our tax obligations needs to come to light.

[OleOle]

Now you do know that as soon as Bitcoin took a strong hold in the world every government kind of needed to defend its own currency, right? See if there was no regulation then why would we need USD and AUD? Take away the daily proverbial cup of coffee from someone until they agree to hold an amount of central currency and your currency is safer then it was cause its got a bright future in wallets, for the cup of coffee  
Obviously some new program to do all the tracking involved with our tax obligations needs to come to light.

You're dreaming. Bitcoin hasn't taken a strong hold in the world, only a strong hold in the mind of nerds and counter-culturists.

Anyone associated with bitcoin won't be taking the cup of coffee away from anyone, least of all central bankers as bitcoiners don't have the coercive power or any material ability to do anything - quite the opposite, who do you think has the laws, guns and money? It's not a few arseholes with bitcoins, that much is clear. Hell they cannot even get the unit recognised as a legitimate currency.

Bitcoin does not make any fiat currency more "safe", that is some type of spurious argument based on an unproven notion that we need a world currency. If anything the European experience in the aftermath of the global financial crisis has shown us that there are strong reasons why specific economic areas should have their own currency unit. It would have been far better if Greece, Spain and Italy had their own independent currencies rather than being part of the Eurozone as those countries exchange rates would have dropped verses the Euro and the USD making it easier to attract foreign capital, stabalising their economies quicker and not confining a generation of young people to the unemployment queues.

There's so much garbage spoken by proponents of bitcoins that is completely decoupled from any economic and political reality that it's embarrassing to read and it doesn't help bitcoin in any way.

And that "new program" to do "all the tracking involved with our tax obligations" already exists, it's called Prism

Think about it.

And remember the old adage, 'It's better to remain silent and appear a fool rather than open your mouth and confirm it.'

[activecoin]

Now you do know that as soon as Bitcoin took a strong hold in the world every government kind of needed to defend its own currency, right? See if there was no regulation then why would we need USD and AUD? Take away the daily proverbial cup of coffee from someone until they agree to hold an amount of central currency and your currency is safer then it was cause its got a bright future in wallets, for the cup of coffee  
Obviously some new program to do all the tracking involved with our tax obligations needs to come to light.

You're dreaming. Bitcoin hasn't taken a strong hold in the world, only a strong hold in the mind of nerds and counter-culturists.

Anyone associated with bitcoin won't be taking the cup of coffee away from anyone, least of all central bankers as bitcoiners don't have the coercive power or any material ability to do anything - quite the opposite, who do you think has the laws, guns and money? It's not a few arseholes with bitcoins, that much is clear. Hell they cannot even get the unit recognised as a legitimate currency.

Bitcoin does not make any fiat currency more "safe", that is some type of spurious argument based on an unproven notion that we need a world currency. If anything the European experience in the aftermath of the global financial crisis has shown us that there are strong reasons why specific economic areas should have their own currency unit. It would have been far better if Greece, Spain and Italy had their own independent currencies rather than being part of the Eurozone as those countries exchange rates would have dropped verses the Euro and the USD making it easier to attract foreign capital, stabalising their economies quicker and not confining a generation of young people to the unemployment queues.

There's so much garbage spoken by proponents of bitcoins that is completely decoupled from any economic and political reality that it's embarrassing to read and it doesn't help bitcoin in any way.

And that "new program" to do "all the tracking involved with our tax obligations" already exists, it's called Prism

Think about it.

And remember the old adage, 'It's better to remain silent and appear a fool rather than open your mouth and confirm it.'

Let me be clear as to what I meant,
1. Bitcoin has a very healthy community of supporters that want to see it succeed, it is not going to disappear over night and will change and adapt before it fades away if it ever does, which imo is a strong hold in the world even if its not a big hold.
2. When I said "take someones cup of coffee away" I was making reference to governments taking away the privilege of using Bitcoin easily while remaining lawful.
3. When Bitcoin emerged into the media it was very apparent to me that it appeared as a threat to central banking, although just a subtle threat, a threat nonetheless, if it would have remained without regulation it could have been one more thing attacking the value of the USD as people start to hold it instead of USD, USD remains safe from Bitcoin's threat as long as people prefer it over Bitcoin and continue to keep USD fiat in their wallet.

Not sure how you got me mixed up, this is just my own perspective and opinion, and I find no value in basing anything on dreams of possibility's.

I for one am not for a global currency,  mix a few cultures together with one currency and you get the eurozone    I think your right on point with Greece Spain and Italy,
proponent's of Bitcoin say what they think will help it and it took them saying something to get it this far.
There seems to be an old adage for every situation, 'It is better to speak and be heard rather than being viewed as dumb'  maybe thats something everyone does not agree with, in any case, opinions form quite differently through perspective, take a survey on Bitcoin and ask people to put in words what they think it is and what their opinion about its use and history is, I laughed so hard several times when I did this, and it did not help them having me try to explain it to them as I try to put my version of it in a nutshell while half choked on the humor of the situation.

Thanks for bringing prism into the light 

[eatingtic]

I think its safe to say its here to stay.

[lapah]

If you think its dying, I`ll be glad to take it off your hands.

Let me know 

[toga]

I met with my other oracle today, Lady Shazam, and she told me as soon as I stepped into her hut, that bitcoin is dying.

I was stunned, but realized she is right. Bitcoin is dying.

*If anyone here is named Bitcoin, I apologize for the confusion, I'm talking about the bitcoin cryptocurrency/protocol, not any person* Thanks

Very interesting, lol

[Polycoin]

I met with my other oracle today, Lady Shazam, and she told me as soon as I stepped into her hut, that bitcoin is dying.

I was stunned, but realized she is right. Bitcoin is dying.

*If anyone here is named Bitcoin, I apologize for the confusion, I'm talking about the bitcoin cryptocurrency/protocol, not any person* Thanks

Very interesting, lol

Yea, it's true that bitcoin is dying.

[hotsaucee]

I met with my other oracle today, Lady Shazam, and she told me as soon as I stepped into her hut, that bitcoin is dying.

I was stunned, but realized she is right. Bitcoin is dying.

*If anyone here is named Bitcoin, I apologize for the confusion, I'm talking about the bitcoin cryptocurrency/protocol, not any person* Thanks

Very interesting, lol

Yea, it's true that bitcoin is dying.

It is? I didnt even notice.. why would you say that though? Do you have any specific points?

[KIRAZ]

Take a look at the charts again.

[jodybay]

go hang yourself dude right now bitcoin is rising so it will survive for the next couple of years so stop spreading FUD

[OleOle]

I'm trying to work out exactly how much the electricity costs for my rig are and while I don't live in a jurisdiction that has cheap electricity, quite the opposite as electricity costs are rising pretty fast here, I'm thinking that it will only be another couple of months and I'll turn off the rig, sell whatever bitcoins I have left and then forget about them forever.

Bitcoins are absolutely irrelevant to me and with the difficulty rising so fast my rig will be more or less obsolete in a few months anyway. What many American-centric commentators on this forum forget because they are too busy, as my friend puts it, "sucking on the anti-government wang" is that the chronic self-hatred and self-loathing that many Americans have for their government, their institutions, their financial apparatus, their politicians and their fellow countrymen and women isn't translated in other parts of the world.

So while many Americans think that everyone else hates on their own respective countries and cultures and that bitcoin is some panacea to these ills, their combative attitudes don't even come close to translating to the rest of the world. In fact, it's gone the other way, where given the American preoccupation to play policeman and try to bring the hammer down on anyone who doesn't see eye-to-eye with whatever administration happens to be in power, it's actually most noticeable in financial services where in Europe particularly, many banks, fund managers, brokers and investment houses just refuse to deal with Americans as they're disinclined to put up with the arrogance, mock self-righteousness and legal extrapolations to satisfy the whims of 'American compliance'. Take a look at any European mutual fund provider or even an everyday bank, most of them explicitly exclude US persons from using their services, indeed, it's up front on their disclaimers and you have to tick the check box "I confirm that I am a non-US person" before being able to access the prospectus or product application form. You can be from Somalia, Mongolia or even the Moon as long as you're not American, you can access their products.

Time and time again people argue on this forum that bitcoin will somehow save individualism, restore capital to the people and wave a magic wand over so many other areas of supposed global concern which aren't global at all, in fact, we just hear this rhetoric from (marginalised?) Americans who try to extrapolate their insular hatred of authority to the rest of the world... and it's just not the case.

Far from bitcoin promoting individual liberty or libertarian agendas, it's actually the opposite - as individuals like me wonder about the cost efficiency of running their rigs and trying to figure out whether they should keep mining or maybe buy more hashing, it's pretty easy to come to the conclusion that individual miners will always be playing catch up spending more and more on miners and getting less and less by way of return due to rapidly increasing difficulty. How does the individual miner compete with corporate mining farms? - well, they don't, do they?

I've made ROI on my rig, probably made double or more than double what I paid for the rig and that's fine, no complaints here, but so what? Many stocks, options, futures and other far more accessible, liquid and flexible instruments have easily done the same for me. Bitcoin hasn't gained any regulatory traction, quite the opposite, it's being rejected as a currency in more jurisdictions than accept it and if the 'hammer boys' in the US aren't prepared to regulate and provide a free framework for the promotion of the unit, what's the incentive for other jurisdictions to promote it? They already deal with enough grief from Americans in the financial sphere so why would they bother to promote bitcoin and generate more antipathy?

Bitcoin may live, it may die... but either way I don't give a damn because it's absolutely irrelevant and intrinsically worthless [to me]. Give me a stock or a future on a regulated exchange any day. You might get a rough ride on the NYSE or CME, but whatever happens you've got enforceable rights, half a chance of making a profit and you never get Goxed.



*flips two cents and walks away*