Tell me about bitcoin, /pol

Tell me about bitcoin, /pol.

No banks involved, lack of regulations, currently not subjected to taxes

Other urls found in this thread:

m.youtube.com/watch?v=ukjDCeuNK3Y
en.wikipedia.org/wiki/Bitcoin
bitcoin.tax/faq
youtube.com/watch?v=j-9Js7aaeJo
twitter.com/NSFWRedditImage

I'm sure you're not in here starting another shill thread are ya malaysia? What do you want to know?

Everything, give me the knowledge of everything about bitcoin, broeder

>no banks involved
What is fiat
>lack or regs/taxes
Not for long. At least for America. Gvmt wants you to report owning crypto currency soon if not you get audited.

>two things are certain in life, taxes and death

Checked

C'mon /pol, enough about transfaggots, pedos, trumps, marx and all that shit.

This is about money, how about for once we'll talk about making money for once, can ya /pol?

I PUSH MY FINGERS INTO MY
BAAAAAAGGGGSSSS
IT'S THE ONLY THING THAT SLOWLY STOPS THE LOSS
BUT IT'S MADE OF ALL THE COINS I HAVE TO
SEEEELLLLL
JESUS IT NEVER ENDS, IT GOES ALL THE WAY DOWN
IF THE DUMP GOES ON
I'M NOT GONNA MAKE IT


YOU TOLD ME CRYPTOCURRENCY
IS BETTER THAN FIAT
BUT I HAVE LEARNT THE HARD WAY
AAAAAAAAAAHHHHHHHHH

>>/biz/

Its fucking dead. Literally buy any other crypto currency before you "invest" money in this clusterfuck of a currency.

I mean, have you look the exchange rates for bitcoin to dollars?

I don't believe it at first, but I wanna ride that wave and surf back to the beach with shitload of cash in my pocket

>I wanna ride that wave

The wave is already gone. We went from 19900k to fucking 13k.... ITS LITERALLY OVER.

Well in that case you are almost certainly a speculator. Bitcoin is a technomagical construction of *something* that is supposed to be hard to create and impossible to destroy etc. Basically you have two groups of people trading the stuff, maybe three, similar to gold and silver. Some believe it will become a new currency (and be infinitely valuable compared to dollars, cause the latter would start dying out). Some want to speculate on people believing that it will be a currency (that would be you). And then there are those that intend to buy now and sell later, but only to offset inflation and not to ride a hype.

Since you're one of the guys who knows beforehand that he wants to sell back for normal currency, what you're interested in is anything that bumps/drops the belief of OTHERS that bitcoin will retain its value. Right now everything is kind of in flux because almost no businesses use bitcoin, and no government accepts it as legal tender. Those insane prices you see bandied around are part of the bubble hype made by speculators AND true believers. You can think of those prices as appraised values, since you can't sell a bitcoin for millions unless you find a buyer. Right now there are some exchanges back to ordinary currency but they all take (huge) fees and have limits of conversion.

Btw, your "making money" plan by intending to sell after the price has gone up is at best joining a bubble, at worst joining a pyramid scheme. If you personally don't believe crypto has a good chance of becoming truly valuable, then you're only in the business of taking money off others. This is a little less impressive when doing it with (useless) currency instead of ordinary financial instruments that actually have an underlying asset. Anyway nobody can tell you whether crypto will become a new currency, and its price depends mostly on people betting on this outcome.

like the sea, there's always another wave, the question is just the matter of time...

why not zoidbergcoin? one of hundreds of constantly dying coins, where DO the money go?

at the moment, it is in a bubble, waiting to burst, this will be likely soon. I've got to wait then before deciding to invest into it. This crytocurrency does have it's potential, but its self-limiting characteristic, precisely at 21 million bitcoins can be "mined".

This had me on the fence, it's a potential, but at the same time, waiting to collapse upon itself.

You're too late
You're not going to get rich quick
Go ahead and dump all your money into something you don't understand anyway, I don't give a fuck about what you do

All money is a bubble though. You can not really wait for the bubble to pop since bitcoin, unlike gold, really has no value other than as medium of exchange/savings. What you have to decide is whether you're someone who believes in the potential of bitcoin, or only want to join the speculator wave and make a profit. There will be no point at which bitcoin completely collapses on itself, not even if all governments abandon it, because there will still be some people that believe in the potential. There is no way to know that some price is certain to go up no matter what everyone on /biz/ says, so this is just another speculating risk for you to take. If you have some faith in the stuff itself, then the risk is smaller because you might not have to sell. Whether bitcoin is undervalued or overvalued depends mostly on these speculators.

This.

Ripple will kill crypto this year.
But you won’t make money from it, bankers will.
If you ‘invest’ in ripple KYS

So, you gotta.... believe to achieve ?

ripple is actually useful beyond larping as a millionaire anarchist

>4/pol
This is an unironic reddit thing.

Useful yes, but it doesn’t change its nature, and it’s effectively a token not a crypto

You want to speculate on a currency without any government backing or history of stability. What I'm trying to tell is that the value of bitcoin right now is a complex result of speculation. Considering what they can be used for, other currencies available, the utter SHITTINESS of bitcoin exchanges, etcetc, it still comes down to speculators placing their bets on future faith in the stuff. You can choose to believe in crypto but it won't matter for the price. It will matter for your investment strategy though, because if the price doesn't go up or takes a dip at some point, you won't feel as inclined to sell because you have faith. There is no blog or article you can read that explains why bitcoin really IS worth such and such, making it an easy investment and easy profit. This impression of bitcoin as easy money by doing an in-out of the market is promoted everywhere, and such people are often shills that only want to make money. Everybody can bid up the price of bitcoin but unless people start cashing out nobody will have made a profit, and when that starts happening more people will lose profit, etcetc, and we'll get to see how committed and faithful those speculators really are.

yep, it doesn't require a bunch of starry eyed lobotomies constantly trading to exist

how is bitcoin not a scam?

>bitcoin, unlike gold, really has no value other than as medium of exchange/savings.
but isnt gold valuable because,like btc, we (or some people) said there's value to it?

Damn, broeder, that's why the Nederlands was the first capitalist nation, you are damnably reasonable and well-informed in this matter.

The key is; diversification, I can't rely on just one crypto-currency, I have divide my investments to get wealth...

rare, fundamental, dense, shiny, value is, well should be, commonly agreed true but theres a lot factored in, crypto is cheap fiat just waiting for the internationalists to seize control don't give me that "muh 128kbps mp3" shit

Freedom in it's purest form.

Basically humanity's last hope before we go 100% 1984.

>not subjected to taxes
Unless you cash out

Imagine a metal with a magical property.

You can't really use it in construction or jewelry like gold, but the property it possesses is that you can transport it over a communications channel

Gold is different from bitcoin for several reasons, the most important of which are that it's useful material and has a long history of being used as money. Gold traders today speculate on gold prices not to make a quick buck like with bitcoin, but mostly to STORE wealth. The strange thing about currencies (storing wealth) is that gold can be profitable if the dollar goes down in value for whatever reason too, so those inflation-dodgers seem to be making a profit even though they never ever sell their gold. Bitcoin on the other hand is all about getting in hot and getting out fast. One could run an economy on bitcoin (criminals do it) but other than that it doesn't have the same history as gold or silver. Why the latter are eternally valuable (according to some) is a long story of money theory, can't post here.

I understand that you want to invest in order to get wealth, and to that I should say that I don't know bitcoin to be a particularly smart investment. You might be able to ride the wave and make a profit but that's classic bubble speculation (no underlying asset) and not really sound investing advice. People who promote this fast-and-loose daytrading style are usually either trying to drive up some price or they are daytraders themselves. Dividing your investments is a good idea, but bitcoin is not really an 'investment' in this sense, because it's a currency and not a financial instrument. Does that make any sense? You can buy pokemon cards but their value is entirely dependent on the pokemon buyers market. There is very little 'underlying' logic to its price, unlike with stock/bonds/debt/etc. What makes gold different in this respect is purely its stability.

You might ask yourself: given all these super rich smart gold traders, why aren't they selling all their gold for bitcoin?

Heck, just watch this. You'll understand.

m.youtube.com/watch?v=ukjDCeuNK3Y

i put all my money in bitcoin, now i'm losing my house.

you lied to me!!! you said i'd be rich!

Gold is something tangible, regulated, and established method of trading. It is wise for one to keep gold to oneself and the excess for trading.

On the other side, it is bitcoin; volatile, unregulated, unpredictable. A liability one would say.

A very good rhetorical question, dear broeder.

designed to aid Human traffiking, Illegal Firearms sales and hiring hitmen from the dark web. I have been saying to anyone who boast about their bit coin in public. It is funny to see them try and explain to normies that BTC is the future but also admit people use BTC mainly for activities mentioned.

which crypto bag is pol holding right now? I picked up some tron and there is no recovery in sight

>the absolute state of Malaysian education
Here you go! en.wikipedia.org/wiki/Bitcoin

bitcoin is shit, takes too much energy. time will tell which blockchain/coin will make it.

Whatever your answer, it must involve them being unwilling to sell gold. Either they think bitcoin's profits are too unreliable (after all, they could use the profit to buy more gold), or they are not looking to gamble on anything and are mostly using gold to store wealth. This is always a good idea cause inflation tanks everyone's savings reliably, meaning you'd have to borrow money at interest to put this wealth to good use. Don't have to do anything with gold though.

sorry for jumping into this convo, but essentially youre saying that bitcoin's value depends on how many people have faith in it, and how many people want to make quick money from buying and selling bitcoin (depending on its value, which is determined by them).

the best way to make money from bitcoin is via joining a bubble (where market price>intrinsic value) than a pyramid scheme (people recruiting more ppl to make money)

speculators (ppl who just want to make quick money) determines value of btc, not ppl who believe in btc

anyone can raise btc value, but there will be no profit off it until ppl sell btc; when people sell btc its value goes down & ppl lose profit

gold is different from btc because it's long recognized as money, & is best for storing wealth

making a quick buck from "riding the profit wave" of btc MIGHT work but not reliable


did i catch everything you said? I'm not informed on this subject at all; i hope i got everything you said

Great in concept, would've literally been a death blow to the Jewish Banking system.
Subversion process started in 2015 when (((Blockstream))) infiltrated development and slowly started ousting old devs left in charge by Satoshi before he disappeared.
Initial aim was to prevent adoption by keeping the blocksize capped at 1MB which equates to roughly 3-7 transactions per second.
After adoption kept increasing anyway, Lightning Network was used as a "dangling carrot" of sorts. This was initially meant to be ready early 2016. It was also touted as being heavily decentralized, but it looks like this will not be the case and hubs will likely be required to abide by KYC regulations. The expected date for completion of this always seems to be 18 months from whatever the current date is.
Most old-school Bitcoiners have moved over to Bitcoin Cash which is an attempt to restore Bitcoin as it was intended (scalable with cheap fees).
At the moment, BTC's median fee is around $20USD/transaction.

BUY HIGH, SELL LOW!

fuck you beat me to it

Banks are involved. Major markets are involved. And it is taxed in its biggest market nations.

It's going to create a new stock market crash towards the middle-end of 2018.

This is now officially a pink wojak thread

and no one is interest in the bitcoin as a store of value or currency. all people want is dollars or other fiat, when the speculation stops the coin will die off and we'll move on to the next. there is still a lot of time to make money on crypto but you also need to learn to trade and understand the fucking market

The problem with this analysis is that if you want to keep driving the price up, your bubble will need more and more buyers. A clique of owners can not bid the price to infinity among themselves only. This way any time a bubble is promoted (or shilled) it will start to act like a pyramid scheme. Since bitcoin is supposed to be currency without physical asset (unless you count 0/1's), it has a bubble nature built into it, and so it also looks like a pyramid scheme.

You seem to be a little confused about speculators being able to raise the price of bitcoin by themselves. The only way for someone with the intention of selling to make a profit off the wave is if he takes that money off some other buyer, who then 'enters' the market. In other words, if you or the OP decide to make a quick buck, then there need to be other people who believe in bitcoin a bit more strongly than you, to the point where it will either be a new currency or just go even higher. The danger of bubbles comes from people who view a bullish price tendency as a priori 'evidence' that the price is going up. They don't know why people are buying something except that they think it will increase in value, yet like you said you can't make a buck unless you sell. This is the "burying the corpse" problem of bidding up prices, and the reason why pure speculators can only make money off people who hold for longer.

Gold is different from bitcoin in that it has a different physical reality, industrial uses, and there aren't many precious metals (or materials at all) that are viable candidates for currency. It's good for storing wealth only if you believe its price to be stable with respect to whatever currency you usually deal in. Remember that gold price going up could be the result of inflation too, but it's mostly from speculators betting on whatever. The reason it's so stable is because gold holders are not looking to sell, so the speculators can yell all they want but they'll hold anyway.

>no banks involved
Which is why Goldman Sachs is into this shit now, right?
>lack of regulations
You mean existing money laundering laws aren’t going to become applicable via court rulings? This is already happening in many nations, most recently in Korea.
>not subject to taxes
Yeah until you actually want to cash out.

Buttcoins, gift cards, and other ersatz currency should not be competing with the US dollar, especially within our borders. These things are all Jewish attacks on our wealth.

Exactly, dump all your BTC, sell it all, unless for some reason you enjoy propping up the human sex trade cartels.

Absolutely based and will (hopefully) be the future of currency.
Bitcoin has already been compromised by the kikes, though, if you really value the privacy and security of cryptocurrency, go with Monero.

Bitcoin can be considered physically real, created in the dimensions of time and computation. You cannot use BTC as a reagent for some industrial process, or fashion jewelry out of it, so gold still has those qualities and they allow a higher intrinsic value.

It is way too small to trigger any collapse. It's not even half a trillion. Dot com bubble was 6-7 trillion dollars at the peak

You need electricity and lots of complicated tech in order to read or trader the stuff though. Technically I could mine bitcoins on paper but it would be practically impossible, so I think it's best to consider bitcoins physical too. I suppose in theory they're abstractions though.

>so I think it's best to consider bitcoins physical too
That's what I said. To differentiate from gold, then, the physical part doesn't matter. Just the rest of your listed uses.
>historically trusted store of value
>industrial reagent

I've heard about this Bcash thing. Apparently the CEO is a felon that fled the country and it is mined by one guy in China that has a mining monopoly.. it's all very centralized and apparently the CEO is hired by the NSA to damage the real Bitcoin.

I also heard that the larger blocks actually make the network less decentralised because it's harder for normal people to run nodes.

I have thought about it for a long time but the real Bitcoin seems to have a better future than the fake Chinese bootleg knockoff Bcash. There are a lot of people trying to convince dumb people to buy their Bcash bags.. it seems honestly like a scam coin.

This.
It’ll be barely a blip if it ever collapsed.
Residential mortgages and derivatives would have a far bigger effect on the greater economies of developed nations if they “crashed”

But you can transport Bitcoin over a communications channel. Can't do that with gold, or any other metal

Right, I was agreeing with you. But a bitcoin's true essence is not physical but mathematical, like a password. Since I can compute a bitcoin on paper as well as any computer, as well as copy them without affecting the ledger, it's hard to say what the physical part of it really is. But since we need computers and all the crazy fucking society infrastructure to even WITNESS a bitcoin, it might be better to call them physical. We shouldn't treat this lightly though because they require even more technology than digital fiat money.

Technically the way this transportation work is by manipulating electrons to physically alter some record. Electronics are still physical, but it's true that bitcoins can be abstracted. If someone could remember one it might be a platonic ideal!

Bitcoin is a conspiracy of judeo-reptiloids aimed to increase entropy by making goys run energy-consuming mining stations and hasten the thermodynamical death of the universe

You can transport metal over the Internet too, it’s called a futures contract and is literally the same thing you are doing with Buttcoins. The only difference is which exchange you’re trusting. GDAX vs. London Metals Exchange. You have never been a trader and are riding real high off this Jewish scheme.

Sounds about right

No this is truly something different, because you are only trading in precious metal claims. If society breaks down before you physically get your gold, you won't have transported shit.

You can mail people things, haven't you heard?

>claims
What exactly do you have once you’ve transferred your Buttcoins to an exchange, faggot? Not even your glorified pass phrase!

That's not the same thing.

You transport physical Bitcoin over a communications line. Wihout trusting a third party or asking for permission.

It's not an IOU or "as good as gold"

It's easier to send someone a million $ in Bitcoin than it is to send it in gold

>Buttcoins
t. SJW or fiat-currency shill

Bitcoins are pure currency. If some (dystopian?) future enforces or accepts it as legal tender, then you truly have your bitcoin once the data transfer is complete. You can trade a gold claim for something else, but only if both parties trust that the claim is good. You might recall some minor troubles in your country over the government enforcing gold claims as legal tender, and then allowing banks that could not make good on all their claims. Gold runs are a real problem as well as a theoretical one, just like coiners have to explain what we'll do when the power goes out. Btw crypto is useful in the same way gold is, namely when people are willing to trade something for it. But a bitcoin is a bitcoin, while gold and gold claims are two different things, with different prices.

Bitcoins are not physical, they are ideas that are worthless without the block chain to give them a very high probability of not having been double spent and attached to a particular address. Essentially the same as the bank’s database of account balances, yid. You never transfer a Buttcoin, it’s always just a claim that requires validation. Adding even more exchanges on top of this just makes it even worse.

The bubble in crypto killed the illegal drug supply side. You were all played by USG.

Ponzi scheme of the century.

>create dildocoin
>sell it as next new thing
>get people invested
>early adopters (including people who shilled it in the beginning, like all ponzi schemes) make out like bandits
>late adopters get fucked into abject poverty when the house of cards crashes down

You do transfer ownership of Bitcoin, and yes, the blockchain is the immutable ledger that Bitcoin produces that keeps track of transactions between adresses.

It is very different from the bank's database in that it is immutable and auditable by everyone.

Dude, they are physical because they are represented in actual physical reality. Electronics and digital things are not just abstractions, so you're just being pedantic now. The point of discussion was that you can send a bitcoin across communications lines even when it's physical, in that way it is the same as a bank database. Gold claims are also physically represented but they are not the same as physical gold, which you can not send as information. Seems to me you're trying to backpedal after not realizing gold and gold claims are two different things, while bitcoin has no such equivalent. Yeah it's value is based on agreement and ledgers, wooptidoo. The value of the dollar is based on the amount of dollars in the world and USG's guns. What of it?

>Essentially the same as the bank’s database of account balances
except that bank can change protocol at will to print digital tokens "on reserve" yid

So auditable that the USG among others knows where every last Buttcoin has been just like the banks do.
Representation in reality doesn’t mean reality enforced double spend protection and absolute possession like reality does for tangible items like gold. No blockchain required, the universe will hold my data. Will I be prying Buttcoins from your cold, dead hands? Kys, Jew! Backpedaler accuses me of backpedaling, rich!

It's lack of regulation needs to change, as it's being associated with illegal money laundering.

>what is Tether?

It does mean that though. That's literally the problem Bitcoin solved.

Digital ownership, digital scarcity, the byzantine generals problem

No, it doesn't. Its lack of regulation is precisely what makes it attractive. If you're worried about money laundering just look at the blockchain.

All the things required for bitcoins to operate are abstract peanuts compared to the system required for dollars to function. You have no fucking gold if you don't have the fucking gold, but are still relying on some system of ledgers and guns. Btw, you're putting on quite the butthurt stereotypical shill show here. Looks like we'll be enemies after all, even though I'm not a jew! Smug piece of shit.

legit tho do you have a degree in economics or what
howd you get so knowledgeable on this stuff? what kinda books did you read?

Look up Andreas Antonopoulos on youtube, good source.

You don't avoid taxes. This is where a lot of bitcoiners are going to get screwed.

bitcoin.tax/faq

Its a civil asset forfeiture scam. If you have bought or sold ANY bitcoin, the government can claim that it may have been used for criminal purposes and seize ALL your assets and send you to jail. Its already happened to some people.

youtube.com/watch?v=j-9Js7aaeJo

...

Can you mine bitcoin without gold?

Can you mine gold without bitcoin?

Problem solved.

>what are crypto currency forks?
Digital scarcity? Just spin up another shitcoin!
The blockchain doesn’t store any information about fiat to coin transactions, which is the concern. If all you have to do to launder money is buy coins with cash, everyone would do it. Right now gift cards have this same problem and that’s why they are starting to get locked down.
Now it’s about how much money it costs to have money. Great shill call out, shill. Gold has 0 infrastructure cost, just remember that. Only exchanges are expensive, and you can see that in Coinbase. As an aside, wallets can be hacked from anywhere but a vault has to be physically breached to take the gold. A futures contract by itself is worthless, UNLIKE Buttcoins. Trying to keep the normalfags interested? Nobody wants this shit except scammers and speculators.

>No banks involved
No chargebacks, either. SFYL
>lack of regulations
There are regulations, moron. Enforcement has been decentralized, but governance (i.e. rulemaking) isn't.
>currently not subjected to taxes
It is in some places, and it's outright illegal in others. Shill harder, faggot.

aint real, big fake scam.
the only REAL money is cash. cold hard cash.

anything else doesnt exist. even bank account cards. if there was an emergency, people would rush to get there cash out.
cash will always have value. Even pre-war money is worth more than the caps in fallout. the us dollar is the single most succesful unit of currency of all time.

Having a degree in economics is probably a bad sign for being knowledgeable. We are running a historically very strange global system of finance these days, and learning the latest Keynesian GDP usurious fiat black magic tends not to help. Just read old books I would say, and some Austrian school maybe.

>Gold has 0 infrastructure cost
A few posts ago you were talking about trading gold claims on an exchange. How's that and the gold-mining camps for infrastructure you angry nerd? I don't own any bitcoins and I don't plan to, so how about you take your autistic rage elsewhere?

What exactly do you think Bitcoin is for?

>Digital scarcity? Just spin up another shitcoin!

You can copy Bitcoin, but all you will end up with is another altcoin.

You can't copy the users and the value. And the Bitcoin supply stays strictly limited to 21 mil. It is the digital equivalent of gold.

>The blockchain doesn’t store any information about fiat to coin transactions, which is the concern.

Separation of money and state

>Trying to keep the normalfags interested?

they don't give a shit about bitcoin, thankfully

>how much money exchanges cost
I mentioned that, you illiterate Sephardi. Gold mining does not change the cost of transacting, which is still 0. I have a nugget, you have something I want; done. In cryptos (crypto Jews) you must mine to validate the blockchain. This is done for free by the universe in a gold transaction and even in a paper money transaction. Getting mad since this is your paid job and you’re not looking good to the boss? Maybe he can pay you in Tethers. :^) Jood.

I think he means big time money laundering. Like powerful organizations operating on nation-state levels. Market cap of BTC is currently worth around $250B USD.

Transporting gold is pretty costly, much more costly than transporting bitcoin.

You need armed guards, transport trucks, safes, insurance.

>You must mine to validate the blockchain

Yeah, someone must mine to get the gold you are holding too.

You don't have a nugget when all you have is a claim, and if you have nuggets then you can not operate an exchange. Do you fucking get it yet? You're the one getting mad calling me a jew my guy. But I guess it must feel nice to put on the big boy pants and argue like you know shit.

>can’t copy users
>what is a fork?
>separation of money and state
Now I really know you’re Jewish. Freudian Mammon slip.
>don’t give a shit
People in the street talk about this shit. Regular people are trying to buy in. They’re poor and want alpha like traders want it.

All I know is the that binance reg is open again.

22226307 ref code

Bitcoin is subjected to taxes in the rich world.

They're already moving to monero, which is pretty much untraceable.

Regular people are buying shitcoins, they aren't interested in bitcoin.

Separation of church and state was a great idea that paved the way for the scientific approach.

So will separating money and state.

But I guess you like being run by a banker cabal.

>No banks involved, lack of regulations
for how long do you think that will last?

>not subjected to taxes
Ahahahaah
you're joking right?