Hmm i need money

>hmm i need money
>i know, i'll just make my own

>it works

how the fuck does this happen

Other urls found in this thread:

mises.org/library/bitcoin-money-myth
mises.org/library/bitcoin-money-future-or-old-fashioned-bubble
mises.org/library/money-ness-bitcoins
mises.org/library/gold-money
bitcoin.com/bitcoin.pdf
twitter.com/NSFWRedditGif

fucking magnet fiat, how does it work?

Good luck turning it into cash.

It's super easy you just sell it to someone, retard

It's value is determined by how popular it is, and cryptos in general is only going to become more popular

Wish i'd gotten on this when i was considering it four years ago...

It's like diamonds all over again.

>he actually thinks you can sell it

>I didn't drop $100 when it was cents on the dollar while I was shitposting with you fags on >>>/new/

FUCK

I'll never understand how someone could've just invented more money in the modern day and get rich off of it.

You'd think people would just laugh at the concept.

It's very easy.
10k investment last Christmas, also got some ethereum, cashed out 70k and have 50k of crypto.
Word of advice - lots of scams going about so be careful with alt coins.
Bitcoin is due a correction too.

I sold some when I needed cash, so I know that you can.

Crypto is volatile. For every person who cashes out there's a larger number of people who got fucked and lost everything. It's a game of chicken

what reasons do you see for a correction?

What hoops did you have to go through to cash out?

Considering the fed print 100bil a month which is the market cap of all crypto, it's still pretty small.
Best approach is 10pc of your net worth, assuming you have a few months salary cash in the bank to try it out.
I predict in 6 months bitcoin will be significantly higher than now, but also think you can expect a correction to take place in the meantime.
Best approach
- dollar cost average a small amount every week

>questioning a jew on monetary matters

Youd think people would laugh at the concept of placing value on something the government prints any fucking time it wants, that is no longer tied to anything of physical value(gold-standard gone), and is manipulated by a private corporation because they think the economy is moving to fast or slow...

load up and fuck it...what else are you doing that will likely make you mega rich in this lifetime?

Depends on how much you want to cash out.
You can either sell for cash on local bitcoins, which might end up being seen as tax avoidance by US
Or
Register with some exchanges (limited regulation and some lose your money from time to time so you need to research). If you want to withdraw larger amounts they need to validate identity and comply with kyc

Volatile? sure...

but hold long enough...this shit is only going up. Even if you buy in at $2k....its going up eventually.

Research what crypto-currency is before you sink in thousands. Lose. Then cry like a bitch.

Get yourself on an exchange. Exchange. Refer to CoinMarketCap for total Market Capitalization.
>Make money.
>Be Happy
>Trade more.

...

none you fucking idiot.

coinbase lets you literally buy with a debit card and transfer straight back to your bank account.

Fiat is definately going to be worth less than it is in a year.
Crypto is a good high risk investment for the pc of your stack that you might put into high risk stocks. Will prob do better imo

>last Christmas

spoilt trust fund kiddy detected

Aren't the inventors of bitcoin a private party and not a government? I wouldn't compare it to stuff like USD.

>It's value is determined by how popular it is
hmm. are roads popular?

This. March of this year there was only $29 Billion in total market capitalization. Now, it's about $109 billion. Crypto is the Future.

Are you retarded? Have you ever even bought crypto before?

inb4 old pic. I know. I was retarded to sell that much before it hit 300.

fiat currency is valuable precisely because the government prints it and keeps it stable
crypto is nearly worthless as currency because the prices varies every week

Bling
l
i
n
G

>implying bitcoin wasn't written and implemented by the NSA

er... yes they are. What's your point?
I was talking only about crypto currencies

>invent money
>Cuz yeah that's what happened

Where does the processing power go. What purpose does it support? What is the value based on?

>tfw none of you can answer this simple question.
>wtf

if you don't understand how bitcoin works, then you don't understand how money works

I found a guy on the Internet(LocalBitcoins I think) and met him in a mall with my laptop, gave him cash and he sent me the BTC.
There's also a Bitcoin embassy in Tel Aviv where people just hang out and drink coffee, you can find buyers and sellers there as well, that's how I got my initial investment.

>you fucking idiot
Stop throwing out insults like some edgy child.

Nobody actually knows who the inventor of the blockchain is. Satoshi Nakamoto. But who is he? Nobody knows.
>Not a government?
Correct. Every miner has a copy of the entire blockchain on their hard drives.
>Wouldn't compare it to USD.
Correct. No politician can manipulate the currency, inflate, or devalue it. It's an excellent hedge for the long term.

Or you could just pay the taxes, kike

Dollar is tied to military technology and oil at nation level.

Maybe? but who cares. Bitcoin is a bit dated at this point but it has a limited supply. They cant just print more.

Once the bitcoin is bought up...it will hold a value and self-adjust for inflation. The biggest step will be all these small countries and large funds realizing they can get out from under the thumb of the SEC and US banking system.

How much will BTC be worth when 20% of the worlds currency is in it? 200k? 300k?

They used Austrian Economic principles of money to create it.

buy lunar bonds. the one thing they can't make more of is lunar surface area!

>tfw have a script that continuously applies for lunar mineral rights at obscure municipalities

Don't Fret. What you are seeing is only the beginning of the use of Crypto-Currency. Right now is not too late.

processing power goes to cracking the encryption of the blockchain. to overly simplify it, the blockchain is basically the entire supply of bitcoin, but as more people take part in it it gets more and more divisible. solving some blockchain is 'proof of work', and that is broadcasted to all the other miners and you get some bitcoin as a reward

4 minutes on coinbase.
a bit more work with less fees on localbitcoin
nocoin faggot

only bc it is treated like an asset rather than a form of payment.

Once it hits wide spread adoption as a payment method for everyday items it'll cool off

Greed;
Bitcoin has some scaling issues right now - basically it has reached the limit of transactions the current network can support.
A cap had been introduced to the block size (supported number of transactions every 10 mins to be 3 tx per second.)
This made sense when the network was small because it made it expensive for someone to spam (ddos) the network with free transactions.
For the last two years, although the technical fix was very simple, 2 alternative groups have emerged each with their own way of solving the scaling issue.
A consensus has apparently been reached to move some of the transactions into side chains (a bastardisation of the original design with the benefit of faster adoption)
i expect two things:-
High net worth bitcoin holders may attempt to "sell the news" once the fix is in and flood the market with coins, surpressing price
The side that doesn't get their solution may attempt to "fork" the network into two coins or cause disruption in other ways. This is a real possibility and will reduce value due to uncertainty caused.

Its treated as and consider by the government as a stock.

bitcoin value is so high because so many rich chinks bought in at one point, since chinese gov can't tax bitcoins and it's impossible to trace them

it's actually a smart way of storing money you can afford to lose because politicians are never going to catch up to this in the next 10-20 years, and when they do it won't matter anymore


i can imagine many divorced husbands pouring all they got into bitcoin , now that would be a great fuck you to the wife lol

im insulted by how little effort you have put in to answer your own question.

well some countries might start their own crypto

>They used Austrian Economic principles of money to create it

Hmmmmm...

mises.org/library/bitcoin-money-myth
mises.org/library/bitcoin-money-future-or-old-fashioned-bubble
mises.org/library/money-ness-bitcoins

This. You are correct, user.

you you you
are trying really hard

I sold it many times lol...
it's how I pay my rent and everything else
Stop meming

The processing power goes to trying to find a working hash for a transaction being written to the block. Supports making sure hashers have skin in the game, and nothing gives it value except the value of 10 minute transfer of non inflating currency.

makes my eyes bleed

but i understand you

I'm just telling you what I did, what am I trying to do exactly

Nice one pedro. It's been a while.

Check 390... 480 in Korea
You prob had a great roi in any case sir

>Being this retarded
Cryptos are a billion dollar market user. OP is still wrong though, mining bitcoin isn't profitable anymore.

>well thought out post
>zero responses
I appreciate you user

No foreskin: no discussion.

Thanks a lot for the info, getting back into Bitcoin after I lost a bit in the MTGOX fuckery.

What are your thoughts on NiceHash? Been using it a while to stock back up on BTC.

Specious post.
Bitcoin is profitable if you have enough hashpower, it's not for normies anymore. If it were not profitable it wouldn't be mined
Many altcoins are profitable (why is there a global shortage on gpus)
Market cap of bitcoin is 40billion and all crypto is 100bn

REMINDER TO EVERYONE IN THIS THREAD:

The supposed 'new' bitcoin that's been flying recently, Ethereum (ETH) flash crashed from 370$ to .10$ (yes, 10 cents) this week after possible 'manipulation'. People lost thousands because their stop losses were triggered (which you need to have) and shit that they bought for over 300$ was sold at 10 fucking cents.

It did go back to it's normal value but this shit isn't at regulated as the real market, remember this shit is all fake money. I've seen lots of people get out of the crypto market for good after losing at ton of money on what happened this week.

basically your computer does math for money.

And it was a get

>nobody can manipulate the currency
>ETH -- which is the same type of currency as bitcoin -- dropped from 350$ to 10 cents this week

yep, totally immune to manipulation

I have a foreskin, My family is not Jewish

Disagree with you user. DO NOT use Stop loss. When you use the STOP LOSS function, you only have yourself to blame for your own liquidation.

wew lad that's a lot higher than I though. I thought it was just a couple 10 billion.

You should red-pill yourself as to why that happened... A single entity sold $30 million which ate up all the buy orders, thus dropping the price.

ETH recovered within minutes.

i swear every btc thread some fucking brainlet says this.
turn into btc
transfer to localbitcoins acc
slowy structure into you bank to avoid capital gains tax
ez pz

That was not the fault of ethereum - it was the exchanges fault - someone dumped a shitload of ether on gdax as a market sell when ethereum had lost a lot of price.
Many people were margin trading and were "long" on ether
When the price of ether dropped significantly there was effectively a margin call (people's borrowed Ethereum went down in value to the extent they were immediately liquidated)
It bounced back immediately.
It was market manipulation user, and the people that were gambling with borrowed money deserved it.

You're a fucking retard lmao

Nice bagz

>mises.org/library/gold-money

"What qualities have made gold (and silver) the winners of the monetary competition in centuries past? The qualities most often cited by monetary historians are durability, divisibility, recognizability, portability, scarcity (the difficulty of producing more of it), and a value-to-weight ratio that is neither too high nor too low. Too low a ratio would make it hard to carry enough for spending, while too high a ratio would make small transactions difficult and prevent the commodity from being sufficiently widely owned in the prior barter economy. Gold still has these qualities today. While fiat money has some of them, it fails the scarcity test: it is too easy to create more of it."

Similar qualities that make gold valuable are those which make bitcoin valuable. While it's a fiat currency, since bitcoin is not a commodity apart from its use as money, subjective value theory (Austrian) suggests that we can value anything as money, so it fits the mold. They literally "mine" bitcoins, just like gold, in order to manifest itself. There is a limited supply, which after the initial mine is finished will always diminish, playing into diminishing marginal utility (Austrian), thereby ensuring that the value will continue to rise, instead of fall through inflation (Austrian business cycle theory). Items bought with it can be bought with less and less of the currency itself rather than counterfeited and creating boom and bust cycles.

THIS. Exactly. So NOOBS, stop talking about the flash crash. It was a simple exchange issue. If the morons would have NOT had their STOP LOSS function on, they wouldn't have liquidated themselves. Then I wouldn't have to chuckle about how stupid they were to use it.

Litecoin $100 soon
It's going straight to the moon friends. Go all in.

thanks. Any good source to read up on it?

thx
all started with a 5k loan 6 months ago
i do have a good feeling about ans/neo in then next coming months if eth keeps dicking around

maybe on one exchange.
every other exchange the price didnt even flinch

however both btc and eth have not gained in the past month

Google. Start understanding what all crypto currencies are. That's the first thing.

It worked because it was the first viable implementation of decentralized cryptographic money. This was literally impossible before.

says the muslim

Exchange allowed this manipulation user. Forex markets have collars on them to stop this type of misbehaviour

Not questioning the jews on monetary matters is what got us where we are.

Lol this isn't biz pahjeet ;-)

the point is it still crashed and fucked over thousands of people for thousands of dollars.

You'd be an idiot not to set a limit sell/stop loss on something so volatile, it's hard to get around it.
You could either use a market and be taken out at market price or limit sell and possibly have your shit being missed and you bagholding losing money, either way it was going to fuck you.

only people who didn't get fucked by it were -- ironically enough -- the dumb people who never had any of those set.

It was not manipulation. It was one entity selling a huge position. We are in the early stages of these markets, so these markets do react this way when huge sellers flood the market with sell orders. As I said before, the market recovered within minutes.

That's what I was getting out, the fact that it's not regulated enough so you have these cases of manipulation that can cost people thousands.

You have to have a stop/limit sell placed, only an idiot wouldn't in the case of a huge drop in value.

Ok then. If you choose to use Stop Loss, this is your own risk and don't whine to Sup Forums when you liquidate yourself.

Am I the idiot or the people who used Stop loss? I was also in an Ethereum position during the crash. And lost nothing.

Poorfag here, what is the minimum one could put into this and it still be worth even doing?

Required reading
bitcoin.com/bitcoin.pdf

(Note bitcoin.org have republished this but with some significant (((edits))) )

Then you need to look at the following:-
what is segwit
What is Bitcoin classic
What is emergent consensus / bitcoin unlimited
Bitcoin scaling debate
Then swing over to two reddit groups - r btc and r bitcoin.

Cash out your initial stake, then it's free money :-)

low interest rates on loans since 2008 to buy coinz and gear. Will crash to around 75 leaf dollar once rates go slightly up. and might go up, after FIAT and gld market crashed.

Poorfag...
>Don't go out drinking for one weekend.
>Put your $150 into BTC, ETH, LTC, etc.
>Enjoy