cnet.com
Why has this happened? I remember buying BTC for 10 dollars in 2012, should have held on to them. What is their use besides money laundering or buying illegal things? Are people just hoarding them? Are the Chinese buying a lot of them, I thought they had been banned for use in china?
it's going to crash
They are, theoretically, limited in supply. Once all the bitcoins are mined there will be no more.
There will still be an existing supply, just no more new ones so presumably the price of them is supposed to increase in general after that? Not sure how the economics work on that one.
>I thought they had been banned for use in china?
The opposite, the Chinese government is encouraging it for unknown reasons. Might be because they want to get away from the dollar.
Winklevoss twins are most likely are going to get bitcoin on stock exchanges within the month and if they succeed the price will explode.
The internet is more valuble than gold
Thats whats backing it
And by the internet, the blackmarkst and pedos
>What is their use besides money laundering or buying illegal things?
Money laundering are the big ones, from what I understand.. And the ability to transfer it without any traces. You can literally carry BT around on a USB stick.
>Are people just hoarding them? Are the Chinese buying a lot of them, I thought they had been banned for use in china?
China did restrict trade, but I'm pretty sure they're still the biggest hoarders as well as miners.
The supply isn't limited because btc is infinitely divisible. BTC will only ever be effected by demand.
Gold and Silver prices are manipulated to hell and back by big banks. The price today do not reflect any thing but the fact that fiat currency is a ponzi scheme.
usdebtclock.org says a gold oz is 7.7k, silver oz. 851
Bitcoin is therefore valuable because fiat is a fucking disaster. Get both.
We need KEK-COIN Sup Forums needs its own currency
You can buy drugs and guns with bitcoin making it valuable.
That's pretty nifty. I am amazed that nobody has figured out who created the bitcoin system. Any guesses?
Iirc, every transaction has an adjustable 'fee' that's used as reward for miners.
It really isn't a matter of minting more Bitcoin, but redistributing it.
Of course, those are factors that effect demand. Supply plays a part as well, in that mining has become more expensive, so less new coins are entering the market.
Digits confirm.
they found the guy who made it in australia a few months ago
SAUCE?
>once all of a nonexistent thing are depleted
what the fuck am i reading
There is an unlimited amount of ripoffs like Litecoin, so cryptocurrency is in no way limited.
Cryptocurrency is only as valuable as the electricity wasted to produce it. When a glorious era of cheap abundand energy like a nuclear renaissance arrives they will be worthless.
what the FUCK is a Bitcoin? Seriously. Is it just a term, or is it something physical?
they're like shiny pokemon or something
they """""exist""""" but only digitally
reuters.com
I did not look too deep into it, but i remember seeing this all over my newsfeed awhile ago
>An arbitrary unit of bitcoin is worth more than an arbitrary unit of gold.
This means nothing.
Imagine an autist retard baby making a complicated pattern on a piece of paper crayons.
Then the internet says this is valuable because it's limited (in this case even unique) and a lot of work was needed to produce it (the autist retard baby spent hours on drawing this).
Now people who didn't get the joke are paying 1000$ for it.
Not true. The supp,y will only get smaller and smaller. In one instance people lost their passwords or such to their accounts with btc on them, the btc can't be retrieved
What exactly do you think a currency is?
Bitcoin is fraud-proof currency
All the bitcoin in the world exist on the blockchain(online public ledger)
its extremely complicated but the blockchain is what you want to look into, its truly revolutionary.
- Universally accepted and not only by a few neckbeards.
- Easily created without wasting huge amounts of precious energy.
- Actually regulated so you cant make your own little money laundering "exchange" and "lose" millions of dollar worth of "bitcoins".
>I remember buying BTC for 10 dollars in 2012, should have held on to them
You would have sold them at 50, or even less.
Anybody who has this type of regret, come on my dudes, nobody could have foreseen how insane the turn on investment would have been from a few cents to a few thousand bucks.
Another Australian shitposting scheme that went too far.
You can't send cash over the net, you have to go through a third party.
i traded 3 runescape party hats for a rune chain mail back in 2003
>What is their use besides money laundering or buying illegal things?
That is a big market my friend
bitcoin will show you how strong your currency is.
anyone btfd? or do we go to 1175?
a criminal scam backed by violence and military force?
You can't validate bitcoin transactions without a third party either.
From what I gather the ones who really got rich off Bitcoin are those who mined it, forgot about it on their hard drive for a few years, then saw the price on the news one day and were like "HOLY SHIT!"
youtube.com
more or less
Sgt report has a video on this, but I don't get how that stuff works
Yeah pretty much.
I really do feel bad for the guy(s) who tossed hard drives with BTC on them.
>What is their use besides money laundering or buying illegal things?
Uh, nothing?
That's kind of the entire idea, nothing. They are used for buying drugs and the whole currency will explode soon since it's artificially inflating.
How the fuck would the supply of bitcoins decrease? Sounds ridiculous, is is just people losing passwords to accounts with bitcoins on them?
Bitcoins are not mined anymore because it's very unprofitable unless you live in China or have cheap water power (Norway, Austria).
you can use bitcoins on various sites as payment. iirc, amazon and steam accept bitcoins.
That makes more sense, it would just be unprofitable instead of impossible. Sounded like some virtual mine was being depleted.
Its betting against the internet
From what I remember there's a limited supply of bitcoins, something like 64 million, and that'll be all that's ever ever produced.
However, the closer you get to the 64 million, the less reward you get out of mining it. I'm sure some people crazy enough will still do it.
Wouldn't take it from me though. Not even really sure how bitcoin works. I had like $24 of bitcoin in my wallet like a month ago and it's somehow $29 now. I'm wondering how idiotic it would be to just chuck in like $1000 and let it sit and let money generate itself.
>for years people thought he was japanese
>turns out to be australian living alone
pretty much an australian anime poster.
So why can't we monitize rare Pepes then?
Who says you can't? Would have to digitally sign and number them, though.
Someone already did
Nevermind that one was old, try this one
The Jew is hip to bitcoin. That is why it has value.
Rich people have fewer and fewer places to put their money. Just another hedge for Schlomo.
Like the value of the us dollar is backed by our word and stability
Bitcoin is backed by the internet
Because Who wants to destroy the internet?
Chinese own 99% of bitcoin production you silly niggers. It's a chinese scam and you are buying it.
I have no idea what I'm looking at, but digits confirm.
bought at the top of the bubble in 2011
have 60, average cost 26$
>twf I'm going to be rich Sup Forums
Only reason I own bitcoins is that I'll turn them into real money once the price is high enough.
It's a joke currency.
Memes are our currency. That and rare Pepes. I'd share one but I'm a Jew.
It's opaque internet cash. It's essential to privacy and therefore extremely valuable, user.
yep a lot of people are going to lose their shirt. its a big scam.
I looked into BTC a bit when investing in it. I believe it will not scale for the following reasons: 1) In order to calculate how much money someone currently has, you must look back through the history of every transaction, because their balance is the result of all the debits and credits. There is no "balance" stored anywhere. 2) Confirmation time is too long. It averages about 10 minutes for a transaction to go through.
>can touch gold
>cant touch bitcoins
hmm...
get out now
>banned for use in china
good luck proving anyone ever sent or received a single bitcoin in exchange for anything or for whatever reason.
It's not anonymous (at least in orwellian countries like Germany or the US). Cash and gold are, that's why (((they))) want to get rid of it and make you fall for the digital jew.
People been saying this shit for 8 years yet it keeps going up and up, peeps are just pissed their 1% CDs aren't returning shit and need to hate on other's successes.
Bitcoin is only valuable if you have real money and assets to back it up and get other people to dumb their real money assets in return for more bitcoin. Sure some low level autists might have made a decent profit back in the day but it was all intended for the larger purpose it is being use for now to manipulate the global economy as a whole or in small pockets as needed. This also allows certain governments to attempt to make digital currency "normal" thus creating a new avenue to exploit the populace with since most don't comprehend it at all...
>nobody has figured out who created the bitcoin system
satoshi nakamoto
everyone screaming sell. this thing is going to rocket short squeeze to 1500-1800
I have ~100 bitcoins sitting on my old laptop's harddrive from like 2010-11. How much is that worth today?
>when your bitcoins double in value and you can buy twice as many drugs
haha, shill
after those 10 minutes, let's say 60 minutes to be sure, that btc is YOURS
unlinke your paypalls & banks that revoke your shit three weeks after your deposit
Yeah, but there is a lot of redtape sending cash over the net compared to bitcoin
1 bitcoin is about 1200 dollarydoos today
If you are on public wifi and using a VPN that you purchased with a Walmart giftcard that you bought using cash, and sign up for a new encrypted email on said public wifi, sell another walmart giftcard that you bought with cash in exchange for bitcoins, then use the bitcoins with the new email on the same public wifi and buy some shit and send it to a fraudulently set of post box, then it's as close as you can get. Unless a cop is chilling at the UPS, you'll likely not get caught.
Any time there's a financial crisis or financial fuckery on a national level citizens dump their cash into Bitcoin to hedge against it. That's why it initially started taking off after the 2014 cash was Chinese whales tossing their cash into BTC to avoid the Chinese government. Then as each country's financial systems collapse around the world, their citizen hedge into BTC as well.
It's also the most practical form of internet money that can be used for just about anything.
There's also literally hundreds of other cryptocurrencies aside from BTC.
>t. literal BTC millionaire
125,500$
100*1300 = 130000
That's a pseudonym, not an actual person.
i dont give a fuck what it's worth like everyone else i buy it and give it to someone else who sells it again all within 10 minutes.
It's being artificially inflated by chinks it will die out soon then the Ancaps will kill themselves
Ezpz eh?
Why would you be on a VPN and a public wifi at the same time?
Why would you launder in such a faggoty way?
lol what?
The fuck can I do with them besides buy electronics and other stupid shit? Can I buy real estate?
in like 2008 i bought something like 25 buttcoins while drunk one night and have them on an old external hard drive in my alcoholic uncle's storage unit or his house and i can't go get it because we got into a fight when he tried to hit on my wife and now we're in fight when you see each other terms FUCK
you must understand, I said I bought at the top of the bubble
> in 2011
that instantly happened BACK THEN
bitcoin bubbles happen all the time, this one is just starting
am I going to sell
no
this is a lottery ticket
yes I can afford to lose it
you can buy money if you want - and anything people are willing to offer, which right now is pretty much anything
Public wifi is illegal in Germany (or at least unfeasible, because the "provider" is liable). In Austria no problem we even still have anonymous prepaid phone cards with LTE.
Buying bitcoin with cash is important though. I have never seen a place offering that here (there is allegedly a way with Austrian Paysafecards which you can buy anonymous at Hofer or Lidl, but it's ridiciously expensive, at least twice the exchange rate).
There's some cuck right now trying to get patents on BTC claiming to be Satoshi. We'll probably never know.
Congratulations user, you've got some nice money there.
Call it stupid or crazy, but they *are* worth a pretty penny.
>this ponzi scheme is still around
Oy vey.
someone doesnt know how computers work
>tfw you ignored all the buy bitcoin threads
But I am Satoshi Davidson.
To the person with 100 BTC on an old computer. Just sit on them for another five years, you'll have around 50-100 million dollars.
Most BTC exchanges are outside the U.S. and outside of U.S. control. That's it. Real price discovery is allowed to happen in BTC.
Massive amounts of faggotry surround the gold and silver "markets", and most of the price setting is done on the COMEX and it's all driven by algo naked shorting.
Basically, the price for small amounts of physical is kept artificially low and volatile. But try to acquire physical in size and you'll quickly discover the real price for gold is way higher than the faggot price is.