Look at all these idiots investing in a literal ponzi scheme...

Look at all these idiots investing in a literal ponzi scheme. I'm so fucking glad I haven't put any money in this Jewish scam

youve obviously not performed due dilligence as it pertains to bitcoin.

Can someone explain to me why the bitcoin is worth so much and what's it's used for or why it exists? I really don't get it, please explain it to me like I'm mentally handicapped. Pic related, it's me.

Does anyone but criminals and Zimbabwe level hyperinflation stricken countries actually use it?

It's called speculative finance. You artificially create demand by nabbing supply and inflate the worth of something that has no worth to begin with. When there are enough dumb people to bet on one thing with absolutely zero intrinsic value, suddently it gets taken seriously by an equally dumb amount of people who want in on the bandwagon. Then the first few take action (in this case independently) depending on whether they think it will garner even more attention or it reached its critical mass.

bitcoins aren't useless, u can buy drugs on silkroad.

FREE ROSS

Sounds like your describing fiat

it is worth so much because conspiracy tards believe it's THE FUTURE OF MONEY.
They believe the value of bitcoin will extrapolate into infinity and they will be the masters of tomorrow.

It was created as an experiment - answering the question "can you have some kind of currency in anarchy?"

>muh fiat

Bitcoin is neat but I'm only interested in bullion for my non fiat needs

Hmmm is this reverse, reverse psychology shill?

Yeah I bet you're really glad you haven't made hundreds of thousands of dollars just by buying this shit a few years ago because you didn't realize it was more useful than just buying drugs and CP on tor.

Would you guys stop obsessing over this? Stop worrying about missed gains. It's a mindset for brainlets.

Buttcoin is like 10 years old now, its not a ponzi as many people who live under unstable currencies view it as value, it act more like a commodity then a currency though

t. asspained brainlet

Bitcoin gains will be killed by the futures market. Sell while you can because the ride is coming to a halt soon.

It isnt artificially created though, it higher value is because centeral banks have raped their currencies into the ground

ponzis can go on for decades, this proves nothing

the fact that it has any value makes it a ponzi

So a supposed ponzi scheme has given me a rate of return of 109%?
Ok.

who here /waiting patiently for the next crash/?

really?

maybe look into what a ponzi scheme is

...

No criminal in his right mind uses Bitcoin for illegal activities. Everything is stored on the blockchain. Might as well write a fucking check

It's literally considered a commodity by the SEC

use proxies and wash the money

By the most technical terms any investment is a ponzi scheme. This was just an incredibly great investment whether the price corrects or not.

I learned a couple of days ago that you can short bitcoin. Waiting for a bull trap up ahead.

By your definitions of what "ponzi scheme" is than most global currencies can be potential ponzi schemes. I'd rather use a decentralized one.

in ponzis your returns are the investments of other participants directly

as it is in bitcoin

I can literally take my bitcoin wallet QR code to a bitcoin atm in my town and trade for cash at market value. how is thid a ponzi scheme?

Except our fiat currency, dollars, are backed by the the US government. AKA - military force. No intrinsic value, but has value because big daddy USA says it does.
Bitcoin is backed by nothing.

Who the fuck do you sell it to?
Has anyone even seen or know anybody that has made money from selling their bitcoins?
On your Microsoft account, the billing and payment page has a section for Bitcoin. Not sure at all what that means.

US government has taxing authority and has hundreds of billions in assets it can sell.

okay. what does that have to do with anything? Yes, the USG has a shitload of physical assets. The dollar is still fiat currency.

>buy shit for 1 dollar
>retards cause it to inflate to 11,000 dollars
>"HURR BET YOU FEEL SILLY"

Not really since I'm not one of the fucktards who bought bitcoin for 11,000 dollars.

And when its 20k you'll regret not buying in at 11k

Explain how this is different than fiat currency

it can only go up
better buy today

bitcoin is backed by nothing, it may even be outlawed / trading with it investigated and scrutinized

>Jewish

It was developed by Japan you fucking retarded

maybe?

you can give yourself any nick on the internet

There is no central issuing authority.
Our current system:
Treasury issues bonds
Fed purchases bonds, issues money according to price of bond
Bond accrues interest
More bonds must be issued to pay off interest
Repeat.
If the us govt were to stop spending completely at tax everyone 100% on income and assets and repatriate every USD from overseas until they had every dollar issued they would be able to pay the principle on the debt to exactly zero.
To pay off the interest they would have to issue more bonds.
Our current monetary system is a literal pyramid ponzi scheme

>bitcoin is backed by nothing,
Like every other currency today.

Hell, just like the human concept of money in general.

Crash would be the best thing that could happen, if you actually believed in the reason BTC claimed to be created for. BTC is worthless as a currency when 99% + of the people who have BTC treat it as an "investment" or "get rich quick" scam

This has to be a Jewish scam. Why would someone dump this much money into something that isn't tangable? What if some major government just bans it tomorrow? This is an insane investment. Might be worse than tesla.

>Like every other currency today.
nope

bitcoin = liberty dollars, so, pretty much monopoly money

dollar or euro actually do have backing of actual countries

Japan is 60% estimated of bitcoin market and buy and sell goods in btc frequently as the Japanese government has declared there is a 0% consumer tax on btc purchases

the returns of other investments are based on increased production of something tangible, in ponzi schemes there is no underlying production of value

Except that no one even buys shit with it on a widespread basis, Bitcoin's value come entirely because people keep buying Bitcoin from other people who own Bitcoin

I agree. Fiat=ponzi

>fiat currency is based on nothing
spotted the retard. The value of fiat currencies is based on the the trade balance you have with other currencies

>so, pretty much monopoly money
Like every currency mankind has ever created.

>dollar or euro actually do have backing of actual countries

And bitcoin has the backing of cryptography. So all in all, its the same thing.

How are massive fluctuations of a "currency" on a daily basis productive for either the buyer or the seller? BTC is total shit.

if you hoard money to sell it later and make money out of nothing then yes, that's ponzi-like

actually though, you lose value by doing that

Yeah, no. The problem here is that all of you are penniless autists "investing" in BTC. Who the fuck is going to be buying it for 100,000 dollars exactly?

Wrong
>Fiat money is currency that a government has declared to be legal tender, but it is not backed by a physical commodity. The value of fiat money is derived from the relationship between supply and demand rather than the value of the material that the money is made of
This is nearly btc, it just lacks legal tender status

>knows nothing about the technology
>answers anyway
Anyone with a technical background need only read the Bitcoin whitepaper by Satoshi Nakamoto. It covers essentially all the topics at a high-level, enough for hopefully most with a B.S. in something tech related to understand.

>And bitcoin has the backing of cryptography.
what is this even supposed to mean?

there are tons of currencies using cryptography, dogecoin would be one of them

Bitcoin does not have a monopoly over cryptography

>Except that no one even buys shit with it on a widespread basis, Bitcoin's value come entirely because people keep buying Bitcoin from other people who own Bitcoin
And? Value is another shared delusion amongst groups.

And that trade balance had to start somehow in order to get their initial value, did it not?

Literally 5 years ago you would have said the same thing for $1000 $5000 or $10000
Guess well just have to wait and see

Financial traders do exactly this. Soros has ruined countries doing this

yeah it's more or less impossible to predict the untapped market of scams like this, some pyramids go way longer than expected, others dry up quickly

>it just lacks legal tender status
So, it lacks everything.
You have millions who signed up to die to keep the fiat petrodollar in power. What can you say about bitcoin?

>what is this even supposed to mean?
What does the backing of a nation even supposed to mean?

>there are tons of currencies using cryptography, dogecoin would be one of them
There are tons of currencies using nations, Pesos is one of them.

The dollar does not have a monopoly over nations.

So glad I sold at $30...... haha yea.......

How do you even get bitcoin now? Can it even be mined anymore?

>The dollar does not have a monopoly over nations.
laughinggirls.jpg

>What does the backing of a nation even supposed to mean?
It means an entire industry and a people is tied to the money, unless it becomes really bad for long times they will stick to it and will help to make it keep value

bitcoin is an investment instrument not a currency. Nobody uses bitcoin as a currency therefore its not a currency. Its an investment instrument that is based on nothing, you literally invest in nothingness. You can do the same thing by investing in a ton of other virtual investments like options

The whole point of btc is money without govt control. So far I'd say its doing just fine.
Who cares if its legal tender all that means is you can't be taxed on it nor pay taxes with it. Sounds like a win to me

can it be exchanged for actual money?

buttcoins and fluoride water for the goyim and everything's fine!

there are some shared resources pools in iceland where you can rent a mining rig and have it run on cheap electric bills, but most people complain that it didn't even recoup their costs, so no, unless you get free electricity or free cards you will have to spend money and make the bitcoin price go up, to get bitcoin

Where can you sell your bitcoins for money?

I bought at $10 and sold at $50 and thought I was a goddamned genius.

>literally the antithesis of Zionist central banks
>Jewish scam
Pick one

It is used quite often as a currency in certain areas there are many online marketplaces which accept it, amazon has been considering adopting it, it has been used as money since before silk road and is now becoming more mainstream

IRS already said it's subject to capital gains tax. So, you're fine if you never cash out. This would be fine if people ACTUALLY used it as a currency instead of 21st century prospecting.

Google it

I don't understand, what's the appeal of this. You literally can't cash out. Also, there are only so much places, where you can buy something with these coins. Man, I wonder how long till goverments start regulate this shit. A lot of shady dealings are made with these coins.

I have used Bitcoin as a currency. In about 2012-ish I spent 4 BTC to purchase a piece of hardware. Over several years I've used Bitcoin to purchase a software license for ISBoxer and Innerspace. So, you're objectively wrong.

I do use it as currency. Its easier to use some places such as Japan than others. As it becomes more mainstream you will see more merchants accepting it

Vegeta, what does the scanner say about Bitcoin's conversion value?

>using actual money to buy virtubux
This is literally worse than buying skins on CSGO

If I was a business owner and decided to accept BTC, i would need to immediately cash it out into a less volatile currency. Too much risk otherwise.
People accepting payments in BTC are ill-informed yuppies.

OVER 9000!?

That's perfectly OK, others would rather keep the bitcoin. Many hope to see it raise in value and prefer to sell for btc to spoeculate. No prob either way

no serious business would use bitcoin as a currency since it fluctuates a lot. You might as well use Argentinian pesos for currency

>holding onto the BTC for speculation
I think you've just made my argument for me. This is not how you want a currency to operate.

no prob if people "investing" tons of money into a then defunct "currency" isn't a problem

Because it's a small market cap. They only seem expensive because there aren't many full coins available.

>You literally can't cash out.
Coinbase?

what the fuck are you talking about "full" coins? BTC is infinitely divisible. Are you fucking high?

Bitcoin is the biggest crypto-currency right now, but what happens if Apple or Amazon or Google or some other major corporation decides to make their own crypto-currency? What next?

the price of bitcoin is actually irrelevant. Its how much it changes that makes the difference. For a currency you want very stable changes which bitcoin has not

make a profit, enjoy the ride, dont go negative when the bubble bursts

Then why don't you explain

Lesson 1: every single fiat currency in history has eventually dropped to zero value. 100% of the time.