Bitcoin

Hey Sup Forums, do you use Bitcoin?

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en.wikipedia.org/wiki/Foreign_exchange_fraud
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Fuck off to with your gay shitcoins.

I'll use them when I can actually buy shit with them.
Like food.

why they gay tho?

Pyramid scheme

they called buttcoins for a reason my niga

I generally use it for online transactions and stuff like donations, especially when I don't want to enter my personal name.

This.

You can buy shit with them, for the moment it's mostly stuff like online services though (e.g. servers, domains, VPNs; that kind of stuff)

you forgot Sup Forums passes

You're a fucking moron. Calling Bitcoin a pyramid scheme is like calling the US dollar a pyramid scheme. It makes no fucking sense.

/x/ conspiracy theories rarely do

>Being this new

>online services
Should have been more specific.
I'll use them when I can buy things that have actual value.
Right now they're funbucks for things I don't buy anyways.

well, they are NEEDED to buy drugs/other illegal shit on tor

The thing about bitcoin and physical items is that the moment you enter a delivery address you're already giving them your personal data, might as well pay with your bank account at that point.

That's why bitcoin hasn't really taken off as a currency for physical goods IMO, even though you can pay for many online services with bitcoin these days.

>is on Sup Forums
>no VPN, VPS etc.
how do you people survive

>That's why bitcoin hasn't really taken off as a currency for physical goods IMO, even though you can pay for many online services with bitcoin these days.
Come to think of it, how does the black market handle this stuff? Are people really so dumb as to enter their home address on some fishy online drug store?

crypto-POBOXES when?

>Are people really so dumb as to enter their home address on some fishy online drug store?
>implying druggies are people

>Calling Bitcoin a pyramid scheme is like calling the US dollar a pyramid scheme

USD is backed by: most powerful military in the world; largest economy in the world; an interdependence between it and all the other large military powers and economic powers in the world.

Bitcoin is backed by ______?

Nobody expects to make money just by holding onto US dollars, so the US dollar isn't a pyramid scheme.

People expect to make money by holding onto Bitcoin. The money comes from suckers who buy into the scheme, but of course you only get out what you put in so a few guys become millionaires leaving most Bitcoin holders with virtually nothing.

We need a post box mixnet. Goods can enter the mixnet anywhere in the world, and get routinely shipped from one country to another.

Each post office will open the shipments, and take smaller shipments embedded within and remix them with other smaller shipments on a path towards their final destination, sort of like how onion routing works. The actual contents will be inside a matryoska stack of such parcels, with layers being removed and added by the various post offices. Whenever it arrives at a post office matching the outermost label, that label gets removed.

Once it arrives at the final destination, it gets randomly mixed into one of the free post boxes near you and the one-time key of that post box is sent via public-key encryption to your home.

>Nobody expects to make money just by holding onto US dollars
laughing currency traders.jpg

There's plenty of shops near me you can spend BTC, for food, clothes etc. But yes, mainly used on sites like silk Road or alpha Bay for things you shouldn't really be buying.

Aint nobody going to go through all that trouble to protect 99% likely illegal/deprived shit being anonymous

>autist visibly struggling with the concept of a joke

en.wikipedia.org/wiki/Foreign_exchange_fraud

"The foreign exchange market is at best a zero–sum game...However, brokerage commissions and other transaction costs are subtracted from the results of all traders, making foreign exchange a negative-sum game."

Only dopes and scammers say you can profit by trading on the forex market.

Nice joke dude. the calling me an autist was so original too I was rolling on the floor couldnt breathe.

No, I pay with real money.

>The foreign exchange market is at best a zero–sum game..
So is bitcoin

Exactly, Bitcoin generates no value, unlike say a stock where you get a little extra something at the end of the process (i.e. manufactured goods)

A handful of Bitcoiners make off with millions from the rest of the dumbfucks

if bitcoin is unprofitable to mine, then why are buttcoins still being mined and will continue to be so

I've been using bitcoin for several years and so far it's been entirely zero-sum for me, because I never hold my bitcoin for longer than an hour or so.

To me, it's a currency, not a stock. I don't try to make money off it, I just use it to buy shit online. As long as it has that role, it will continue to have value, even if people stop “investing” in it and inflating the bubble. The value will come from other people also wanting to use the service to buy shit of their own.

This keeps happening. Why would anyone have trust in it.

Bitcoin is profitable to mine for those who are mining at a higher efficiency than the rest. Bitcoin is unprofitable to mine for those who are mining at less efficiency than the rest.

Not exactly rocket science. The only cost of mining is the power bill. The people with the best devices (BTC / W) and cheapest electricity ($ / kWh) combined are the ones making the most money off mining.

>mfw some Sup Forumsentooman was asking if he should invest in bittcoin right when it hit 1000$

I hope he listened

See Services like stripe etc. always go off the current market value. I literally don't give a shit if it's $10 per bitcoin or $1000, I'll always convert my 20€ or whatever into bitcoin at current market prices and then send that money to stripe.

And so far, stripe hasn't retracted their bitcoin support despite all of the fluctuations in the past, so I don't see any reason for why they would do it this time.

So in other words: As long as stripe etc. continues accepting bitcoin, I can continue using it to make online purchases, and people like me will continue keeping the network alive.

I hope the bubble meme will die so it can just stabilize already instead of being invested in like crazy by thirsty business men eager to line their socks in dollar bills

Thats true.
If you actually use bitcoin for services, then its pointless to hold onto it. Just buy what you need and gtfo