The Bitcoin Saga


#861

I mean it’s a laudable goal with shoddy implementation…


#862

Dubya Tee Eff, mate:

OK technically not bitcoin but “popularizes blockchain”


#863

My favourite thing about the situation is that the transaction volumes involved are tiny. Even with a massively inflated currency valuation, this blockchain that bills itself as having the potential to run the entire world’s economy can’t even handle the IAPs of a single third tier iOS app without falling over.


#864

I have decided that this is just tulip bulbs. I want to know if anyone is actually getting rich off this, or if they’re just lustingly watching their wallet values go up. Can you actually withdraw millions of dollars from this bubble and cash out?


#865

With extreme difficulty. Many of the places that purport to offer that ability have had their correspondent banking access suspended, which makes it questionable how many dollars they could actually get hold of if needed. I mean, I suppose you could just physically sell your wallet info to someone if you happened to know someone with that sort of cash lying around.


#866

I love this thread but it makes me understand how my grandfather felt when I set up his TV and VCR for him. I recognize all the words used but they’re compiled in such a way that they read like another language - and I work in networked systems, data transfers, all that crap. How do you mine for coins? Strike that, reverse - I don’t actually want to know.


#867

So you’re telling me we still have a 10x increase to go. Buy!


#868

One of my friends has been talking to me at great length about Bitcoin for several years and I still don’t fucking understand it.

Maybe this was what it was like explaining coins to ancient Persians who just wanted to keep trading their sheep… ? (“But this is a piece of metal! Where are my sheep?”)


#869

I think that it was Warren buffet who said, when asked how he got rich, said something like, “when others were bold, I was fearful. When others were fearful, I was bold.”

This is one of those times when everyone is bold. That’s not when you want to get into a market. That’s when you want to get out of a market.


#870

This is my cat. There are many like it but this one is my favorite.

mycat

That’s a Bubblegum Otaku Cloudwhite.

This app is the first application of all those fancy Ethereum contracts where I understood they could do something. All the auctions and everything run right on the blockchain! The web site is just an interface, you can make a bid with a raw ethereum transaction if you want to.


#871

I would love it if the Winklevii twins were able to use their Bitcoin trillions to buy Facebook back from that Zuckerberg fellow who tricked them out of their shares!

Yeah.

image


#872

Amen, dude. It’s 100% a bubble in my opinion. From ~200 or so to over 10K in a little over a year? And no regulation of back and forth style trades just to drive activity? Yeah. I wouldn’t touch it with a 10 foot pole. That being said, I know friends with substantial value in bitcoin right now and if that were me, I’d be out.

Seriously. A bubble. And highly manipulated in non-regulated trading.


#873

Well roughly 25% of my Crypto ‘portfolio’ (which isn’t anything really) is now in virtual cats. So I’m pretty hedged against a bubble!


#874

ARS Technica has been running several great articles lately on everything you need to know, mining or otherwise. I’ve gotten a rundown over time from friends into it, but even those articles taught me quite a bit.


#875

There are farms of miners now. I mean, if you have like a dual 1080 Ti setup or something, go for it, but it doesn’t seem worth it otherwise.

The one exception would be if you are really into obscure or new coins as a hobby. Then can speculatively mine coins that are too low profile or too new to be on exchanges. So there really isn’t any way for a regular person to buy them. And even one GPU can make a lot of them. Then if you guessed right and the coin takes off you make out.

Stick with virtual cats IMO.


#876

Bitcoins are very much tulips bulbs. Well, tulip bulbs crossed with money laundering.


#877

I personally know a guy that has just semi retired from his high paying IT sales job and is taking an extended trip with his family around Australia. He successfully cashed out a few months back to the tune of lots. Don’t know how much lots is, but speculation around the traps from people that know him better than me is lots lots. High 6 or maybe 7 figures. He was aggressivevely into BC years and years ago though, possibly mining back when home rigs were feasible.


#878

This isn’t quite what I had in mind when talking about the difficulties of converting bitcoins into large amounts of cash, but it’s still a fun read.


#879

That was a good read. I wonder if they cashed out that wallet at that point, or if they held on? If they held on, that $200K in BTC they rescued is worth somewhere around half a million dollars right now.

EDIT : And for the curious, I did not act fast enough. I had wanted to buy while BTC was still under 10K on the correction, but it didn’t even last overnight, and is now right back up to well over 11K and rising. While I could still probably make a couple hundred bucks buying in right now (all signs seem to point to 15K being attainable by the end of the month), I’m not sure it’s worth the hassle or the possibility of losing my meager capital to hijinks.


#880

Wuh-oh, looks like the jig might be up - Steam is no longer accepting bitcoin as payment.