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Comment count is 29
Binro the Heretic - 2021-05-04

It seems like a bad idea to have a form of currency that people only want because they think it will be more valuable later.

casualcollapse - 2021-05-04

Once everybody starts using it it will stabilize and cease to be a speculative asset

SolRo - 2021-05-04

No, it won’t.

Some coins are specifically designed to be speculative, like Bitcoin.

Mister Yuck - 2021-05-04

Bitcoin will never circulate like a currency. If it ever worked as designed it would be deflationary as it's increasingly hard to make more of. If it worked as intended it would always make more sense to hoard the coins than to spend them. But it won't ever work as designed because it's designed around libertarian ideology and is only and will ever be only a speculative asset. It's collectible numbers.

Ugh - 2021-05-04

i had more respect for this garbage gimmick back when it was used for respectable things like drugs and porn and papa's pizza, and it's fucking embarrassing that it has gotten this far

i knew the elon musk nerds were going to do horrible things but i figured they'd all blow themselves up in rocket cars by now rather than engage in inflating digital tulip bulb prices

casualcollapse - 2021-05-04

This shit has been around for a while, it's not that new, it's pretty well proven, Elon selling 10% of his stake in Bitcoin just proved that it's easily transferable... Just look at the graphs for Bitcoin and most cryptocurrencies it's a simple logarithmic curve and I don't see the top of it appearing anytime soon, each big jump made the previous highs look pitiful..

Ugh - 2021-05-04

yeah, much of this core concept goes back to the early 90s, but this particular gimmick managed to stick the landing while shedding a reputation for being a currency that enabled people to trade child porn and crack, so i give it props for that i suppose

i always assumed a bunch of folks got into it due to how badly shit spiraled in 2008, yet at the same time it was not only worthless for something like two years but the energy was being burnt by folks who (i guarantee) knew about things like folding @home

and before anyone asks, yes i am legitimately jealous that i didn't roll coal to fill a wallet full of cyber-shekels back when you couldn't even give them away, but a larger part of me knows i never would have bothered because this shit is fucking whack as hell

SolRo - 2021-05-04

There’s nothing proven about Bitcoin. It’s all speculation and holders pumping hype.

Mister Yuck - 2021-05-04

"It's not a bubble it's increasing in value logarithmicly! A major investor selling a large part of his investment proves that it will continue to grow!"

I'm sorry, I'm not trying to be mean.

Cena_mark - 2021-05-05

Musk selling all that BTC at a profit to prove liquidity... sure whatever you say. Whales sell and the price goes down.

Cena_mark - 2021-05-05

Crypto users used to be punk rock, but now they're all a bunch of alt-Wallstreet bros.

casualcollapse - 2021-05-04

Did either of you watch the video?

Ugh - 2021-05-04

i've been following bitcoin since its birth so i don't know what i'm missing here

its origins and functionality are fascinating but whats happening now is utterly fucking despicable in an purely objective sense, so if you want to divorce the way its being generated now from the technical discourse that's going to be rough going

teethsalad - 2021-05-05

what ugh said

literally all the gains we've made with wind energy are negated by bitcoin mining

Spike Jonez - 2021-05-04

"Hey, are we technically advanced enough to make a machine you plug in to get all da money and all it produces is pollution?"

"No, but if we use it to crack encryption algorithms we can fool people into thinking it's a bottomless well of currency. It still pollutes like crazy, though."

glasseye - 2021-05-04

The real treasure of cryptocurrency was the climate apocalypse we made along the way.

SolRo - 2021-05-04

I’d like to know what fraction of the suns output it’s going to take to mine the last bitcoin.

Mister Yuck - 2021-05-04

The year is 2342. The Conglomerate has completed a Dyson sphere between the orbits of Mercury and Venus. Earth falls into darkness forever. But the Cyberbrain finally has enough energy to mine The Ultimate Collectible Number.

jangbones - 2021-05-04

bitcoin is not a currency, its an asset with no backing value, only speculative value with gimmicky technology that serves only as window-dressing

it is also very useful as a rube finder

Mister Yuck - 2021-05-04

Yo man, you wanna buy some tulips?

SolRo - 2021-05-04

I’m not surprised that all the coinholes have conveniently forgotten that a couple years ago they were all saying that Bitcoin would kill the dollar and become the defecto currency we use every day.

Now they’re saying it’s not currency and it’s actually going to replace gold.

Mister Yuck - 2021-05-04

It's going to replace holographic charizard.

SolRo - 2021-05-05

first you have to scan the holographic card, turn the jpg into an NFT and then shred the card.

Thus adding value…because techno-libertarianism.

Cena_mark - 2021-05-05

I've made money off it, but I still hate it. I hate how it takes violent swings for no reason and that it has no real value other than hype.

Iakchos - 2021-05-05

When Bitcoin was still a very new thing, I was thinking of investing in it or possibly mining it, but then I read in some comments on poeTV that it's a bullshit technology that will never catch on. If it wasn't for poeTV, I would be a millionaire by now, or at least that's what I prefer to tell myself.

SolRo - 2021-05-05

The truth is most of us are either too poor and/or to smart to throw money away at highly speculative digital pyramid schemes.

But yes, I also wish I had bought the winning lottery ticket numbers in hindsight.

Ugh - 2021-05-05

i find the best way to soothe that burn is to know that i would have sold that shit off the second it hit ~$10, and nobody in their right mind should have expected this bloated monstrosity to walk the earth

the folks who did it early and forgot about it until just recently are the lucky ones (at least, those who remember their passwords and storage device locations)

but still, same

teethsalad - 2021-05-05

Ditto - when I first heard about bitcoin they were $0.35 each - but at that time in my life I woulda blown them all on darknet psychedelics

Mister Yuck - 2021-05-07

It's a scam, and some of us are smart enough to spot the scam, but none of us are smart enough to spot the peak and sell then. The other thing is that the whole scheme relies on a bunch of people buying at the peak and being left high and dry with nothing but a flash drive full of numbers where their bank account used to be, so it's kinda scummy to get involved.

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