What do you think Mr. Krabs is like when he sees Bitcoin's rapid growth?

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Mr. Squidward, What the hell is a Bitcoin?

Seriously what is a Bitcoin?

>SEETHING like the rest of us
>desperate attempt to get in on the crypto craze
>sends SpongeBob and maybe Squidward to physically exchange crypto for dollars, because Krabs doesn't understand things well
>when he realizes crypto currencies are unreliable, he goes back to the tried-and-true method of high quality food in sweat shop conditions

Boom, there's an episode of SpongeBob.

>mfw I have .33 btc in a wallet from years ago but I forgot the passphrase

the end of the episode is spongebob being the only one left holding coin as it moons and speeding off in a lambo

>tfw missed out on Bitcoin
>tfw missed out on Snapchat's IPO

I wish I could get in on the ground floor of something that would make me a ton of money.

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>tfw too much of a brainlet to understand bitcoin

Where the fuck does it come from? Who "mints" bitcoins? I understand that they have been imbued with value simply because certain businesses accept them, but how the actual fuck do you cash them out?

Why invest in such a nebulous thing at all? Is it like buying stocks? Because I don't understand that either.

In 27 years I've never had a job or had to do taxes or other money shit because I'm an inheritor, so I'm essentially a retard when it comes to money.

the average life of someone who invested into bitcoin before the spike, lambos and babes. limousines a mile long.

Almost all of his enjoyment with money is related to physical contact with it.
You can have Squidward or Sponge bob trying to explain crypto to him and he'll say "That's no real money boy".

>tfw remember debating about buying 5 bitcoins in july 2016 before the halvening since I knew it would increase in value
>knew that i wouldnt even be mad if I had lost the $3000 since I was planning to spend it going on a vacation anyway
>talk myself out of it for some fucking reason, don't even go on vacation

why is life like this

why dont they just decide that a bitcoin equals one dollar and end the whole thing?

money is fucking stupid

because the people have decided bitcoin is worth more than a usd. Jews can't stop consensus.

>Where the fuck does it come from?
blocks

>Who "mints" bitcoins?
everyone

>I understand that they have been imbued with value simply because certain businesses accept them
No

>but how the actual fuck do you cash them out?
Exchange for dollars

>Why invest in such a nebulous thing at all?
Potential value and ideology

This thread made me happy I have bitcoins. I was starting to think we were close to mass adoption but the many clueless people here made me realize we are far from it.

BTC 100k 2021

A meme everybody's going to be crying about in 6 months to a year.

have the deepweb markets stabilized yet after the recent double fracas?

you can exchange them for an updog

Bitcoin basically is a resource with the potential for "growth" (it can be mined). It has no intrinsic value other than what people assign it, and no real use beyond vanity... kind of like gold.

However, speculation on how it grows can be profitable. It's basically taking the idea behind the stock market (growth, etc.) and ignoring the business sides of it entirely. You gamble on what you think it will do and how others react to it. Problem with something that has this much potential for profit is, you have an equal potential for loss.

You seem to somewhat know what you're talking about. How does mining work at the fundamental level? I understand that it has something to do with massive amounts of computers working together to calculate something like in Folding@Home but how does that turn into a "block" that people get paid for? Who is giving us these blocks to mine for what is essentially just mining points that say "I participated" at the end of the day? I can't wrap my mind around how a currency could be backed so wealthfully by just pure scarcity and anonymity going for it.

There are several youtube videos that can explain how mining works better than I can, I suggest looking for them.

But the fact that bitcoin has become so valuable should tell you about how low is confidence regarding government-backed money. Hell, that's why I have some crypto with me.

So can you pay your bills with this crypto of yours

>I can't wrap my mind around how a currency could be backed so wealthfully by just pure scarcity and anonymity going for it.
because most modern money is already just a promissory note with no intrinsic value outside the promise that it will be honored. a literal note of credit. cryptocurrency just removes the government and the big banks and as many authority figures as possible from the equation with the added incentive that its much harder for outside forces to monitor your spending habits.

My $10 electric bill plus $10 gas bill plus $50 internet bill?
No, I pay that with money that loses value everyday.

>My $10 electric bill
If you live in Ethiopia maybe.

When you live by yourself and spend most of your day outside you will be surprised by how little you use energy

>"I-It's going to crash any minute now, you're gonna see!"

Clearly he would do the smart thing and diversify with IOTA and Dash.

Mining means you're just confirming all the transactions that took place in a certain period of time (called a block), I believe about ten minutes. It's not just you, it's all the other miners confirming it too. The idea is that since everyone can see all the transactions, the masses confirm what actually happened so that no one can go in and make a fake transaction in their favor. As a reward for doing this, they get paid in more Bitcoins and get a percentage of the transaction fees.

> I can't wrap my mind around how a currency could be backed so wealthfully by just pure scarcity and anonymity going for it.

Well yes, and a lot of people are either concerned about it or mock supporters for this reason. The only reason Bitcoin has value is because everyone who uses it says it does.

But shit, I don't care. I'll ride the hype all the way to the bank as long as people keep buying in.

Then what's the point if I have all these bitcoins if I can't used it to feed my family? What can I do buy a hooker and some acid?

thats what they said 6 months to a year ago

>imagine if it was real money instead!

I have like .002 bitcoin I got for free a couple years ago. Apparently it's worth like 25 bucks. Should I cash in now?

Well, even if bitcoin goes up to a million dollars what you have would only be $2,000. It's not like what you have is a serious investment, so I'd say unless you really need whatever cash you could get from it you might as well hold on to it since you only have pocket change to lose.

Exchange it for regular money right now. Ideally Bitcoin would be just as widespread as regular money but I don't think that'll ever happen so just exchanging is the easiest way.

>What's the point if I have all this stock in Apple if I can't used it to feed my family?
-user in 1985

>everyone falling for the bitcoin meme
>not realizing there's an entire universe of cryptocurrencies
>not buying a ton of coins for some new shit, hundreds of coins for just a couple of bucks
>not going on /biz/ and memeing others to do the same for months
>not raising the value of the coin over the course of a year or even a few months depending on how good your memeing is
>not selling high as fuck and getting hundreds of dollars in profit while crashing the market

I wish I was a madman just like you.

Hey user at least you aren't like my friend who bought 100 bitcoin early and can't remember his login

>Even Memezuela is making cryptocurrencies now
My fucking sides
npr.org/sections/thetwo-way/2017/12/04/568299704/venezuela-will-create-new-petro-cryptocurrency-president-maduro-says

What's updog?

Obsidian Coin. Look it up on /biz/. Truly confidential peer to peer privacy platform with an app releasing on Christmas 2017. It's gonna be yuuge.

What about dogecoin?

>mfw when the hard drive cointaing wallet with 3 bitcoins on it dies.

well, at least the gubmint can't take it from you, and that's what counts
haha faggots