Where are the bitcoin lovers now?

[Bingo-Player]

I can't believe I own this garbage, but I have to keep a little to pay a web site on which I am a vendor and they only take btc. Trying to buy it was all a big pain. I gave a friend cash, and after fees, the exchange took 11% off the top. What a joke, a big fee to turn actual money into fake money. Then to open the wallet and account bs they want every personal detail in the world, verify phone, email, and also my online banking passwords. Then I have to scan my mf'ing face?!? This is nuts. I don't know why anyone would voluntarily put up with so much bvllsh1t.

Iv'e had similar issues in the UK , its a pain in the arse i can't see any advantage to it over bank transfer

 

[jaygreenb]

Iv'e had similar issues in the UK , its a pain in the arse i can't see any advantage to it over bank transfer

Once you have possession of it, you can send anywhere without permission instantly. Your funds can't be frozen or confiscated. Not a hard concept to grasp.

 

[Bible_Belt]

Once you have possession of it, you can send anywhere without permission instantly. Your funds can't be frozen or confiscated. Not a hard concept to grasp.

Can you explain why they had to scan my face from my phone, and why that was necessary? If my local bank made everyone do that, people would riot.

 

[Pierce Manhammer]

you're not really supposed to understand it, it's too technical and complicated.

all you really need to know is that the value comes from utility (what I just mentioned previous post) + scarcity (it's really hard to get) + people buying into it with lots of money (because of the first two)

it's mined via extremely taxing computer programs on powerful PCs or dedicated hardware, like how you need a beastly PC for certain art/editing, engineering or gaming pursuits.

and that's basically all you need to know if you don't plan on becoming a computer science major lol

It definitely did drive the state of the art in graphical processing units aka FPU’s and drive down their prices.

 

[Pierce Manhammer]

It’s like any other commodity buy low sell high is the rule. Never buy on margin. Don’t snooze.

 

[Bingo-Player]

Once you have possession of it, you can send anywhere without permission instantly. Your funds can't be frozen or confiscated. Not a hard concept to grasp.

But you do need permission , permission from the exchange to

A) buy it and

B) send it

Utter nonsense its about as decentralised as my fiat bank account

 

[devilkingx2]

But you do need permission , permission from the exchange to

A) buy it and

B) send it

Utter nonsense its about as decentralised as my fiat bank account

But you can have your crypto in a private wallet where only you have access to it and control over it.

 

[Gamisch]

I am not into crypto, but I sometimes get updates from youtubers about this topic pushed down my troath. Some friend are into it .

How can people keep falling for this? All the way from Enron to Luna ,now FTX is going down. Why do people keep putting all of their money into this??

 

[corsica]

Why do people keep putting all of their money into this??

Because they've been told someone else will pay more in the future.

Greater fool theory - Wikipedia

en.wikipedia.org

"somebody bought XYZ for a $1 and it's now worth $100". Mmmmm, if I sell my house I can be a millionaire in no time!


ANY brokerage has a fineprint saying that past performance is not guarantee of future returns.



Bitcoin has its value. $20k value? I don't think so.

 

[Bingo-Player]

But you can have your crypto in a private wallet where only you have access to it and control over it.

Great but what am i supposed to do with it ? at some stage it has to be converted back to fiat for it to be any use

During that period because its so unstable the value could fluctuate 10-100X down plus its highly ineffective against inflation

Its literally the stupidest invention out there and people keep buying it

 

[jaygreenb]

Can you explain why they had to scan my face from my phone, and why that was necessary? If my local bank made everyone do that, people would riot.

Do not know for sure but imagine that is a security feature. The qualities of crypto that make it powerful for the individual also make it easier to steal. If a hacker gets into your exchange account and send to their wallet, there is no clawing it back. Not all places require that but some definitely do, was it coinbase?

 

[jaygreenb]

But you do need permission , permission from the exchange to

A) buy it and

B) send it

Utter nonsense its about as decentralised as my fiat bank account

Take it off an exchange then or buy it peer to peer through Local Bitcoins. You have options if that is your concern, just don't be lazy and do it that way

 

[jaygreenb]

I am not into crypto, but I sometimes get updates from youtubers about this topic pushed down my troath. Some friend are into it .

How can people keep falling for this? All the way from Enron to Luna ,now FTX is going down. Why do people keep putting all of their money into this??

Bitcoin and the rest of crypto are for the most part completely different in the properties they have. Bitcoin by far has the strongest properties in decentralization, security and liquidity. 99% of crypto is a best a very high risk tech bet but majority are just a cash grab/scam

 

[devilkingx2]

Great but what am i supposed to do with it ? at some stage it has to be converted back to fiat for it to be any use

In a few years time there will be many more things that you're able to buy with crypto.

There are also dencentralized exchanges that let you buy and sell using Ethereum without anyone's permission.

During that period because its so unstable the value could fluctuate 10-100X down plus its highly ineffective against inflation

Most major cryptos are worth far more now than years ago even if they are currently
down due to market crash.

Bitcoin was worth 6000 in 2020 and now it's worth 16,000 in 2022. That definitely beats inflation.

 

[MatureDJ]

It's interesting too, how bitcoin are becoming "more usable in real life buying like at the groceries" yet it's crashing

The only use of Bitcoin that I can think of is buying tokens for webcam sites where I don't want any of my info cached.

 

[corsica]

Bitcoin was worth 6000 in 2020 and now it's worth 16,000 in 2022. That definitely beats inflation.

Bitcoin lost 70% last year. I would prefer Bitcoin to have stayed at $1000 instead of the bubble it became.

- Bitcoin is decentralized. No entity (central bank) can reverse transactions. No risks of chargebacks.
- Frictionless. If you live in a place the government is known to create inflation by inflating the money-supply (Turkey, Argentina, Venezuela, etc) you can use it against their currency.
- Avoid capital control. You can live in North Korea or Russia and receive money from somebody in the other side of the world.
- low fees. You can transfer Billions for cents (if from a single wallet address).
- let's say you're a merchant selling weed. It's not something frowned upon that's illegal federally. You can keep your "savings account" in your head by memorizing a 12-words phrase without being confiscated. You might lose 100% of your money if Bitcoin goes to zero but if there is demand...

There are more uses but you can get an idea. The problem is treating Bitcoin like a speculative asset. People joined the bandwagon expecting to become rich. It became a ponzi and if you entered late, you got rekt.

I hope Bitcoin continues to improve (and price stabilize at something reasonable like $1000) and sh!tcoins to go to zero. Specially Ethereum (sh!tcoins enabler).

 

[SargeMaximus]

A bit of humor: That Spanish laughing guy meme regarding the FTX collapse.

https://www.captiongenerator.com/v/...unts-ftx-debacle-and-his-bitcoin-maxi-friends

 

[eli77]

What a ride

 

[jaygreenb]

I remember a few months ago there were several posters who were talking up bitcoin like there was no tomorrow.

Now that Bitcoin has dropped to 6K and is nearing the point of no return where it costs more to mine the coins than the coins are actually worth(somewhere around 5K), they seem oddly quiet...

When something seems too good to be true it usually is. The technology itself has a lot of promise but it appears bitcoin might be extinct in the near future...

An old trader I knew used to say, "the bubble is over when the last guy gives up."

So when someone starts a thread about bitcoin, and the consensus is "shut up, you idiot, no one cares anymore. We all hate bitcoin now," then that will be the time to buy.


https://amp.cnn.com/cnn/2018/12/07/investing/bitcoin-prices-plunging/index.html

Bitcoin's epic plunge continues

Come a long way

https://twitter.com/i/web/status/1676685754922151941

 

[CAPSLOCK BANDIT]

So China owns most of Bitcoin from what I understand yet they don't allow its use in their country, is this just dead now or will it have a reinsurgance? I don't see how but I mean to throw away a little bit of cash for the opportunity might be worth it at this point