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Bitcoin is too sketchy to ever be taken seriously by mainstream
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Date: November 25th, 2013 10:00 PM Author: orchid affirmative action background story It's shady, and only neckbeards will take it seriously. Not to say there's no utility in a cryptocurrency, bitcoin is just too sketchy and weird to go mainstream. It's already associated almost exclusively with hackers, azns, and druggies.
Lol at grandma or uncle bob, who probably had AOL in 1992, ever messing around with this bullshit. |
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Date: November 25th, 2013 10:13 PM Author: Fiercely-loyal abode doctorate Correct.
It's a "crypto" (what's that?) currency programmed by someone, or some group of individuals named "Satoshi Nakamoto." People mine these coins with their computers in their basement, and there are only a limited number in the world. Someday, according to the neckbeards, we'll pay 0.000000001 Bitcoins (a "Satoshi" mind you) for the smallest items. You have to open a digital wallet to store your coins. If you ever lose the password to this wallet, you'll lose all of the money you have stored in this wallet. If hackers ever break into your wallet and steal your money, you have no recourse. There is no FDIC, no state regulation, nothing.
There are literally tens of thousands of jobless, neckbeard, anarcholibertarians who are invested in Bitcoins' success, and they take the time to comment in the comment section of every single online news article on the subject (why not, they're jobless). I read an article today about some schmuck who has about $5,000 invested in Bitcoins and expects his stake to be worth $10 million in 3 years. These losers have no stake in real society, so all the creepiness of Bitcoins appeals to them. It's like they're living in a Matrix movie. For the 99% of people that live in the real world and have regular paychecks deposited in their safe, secure bank accounts, Bitcoin is literally the last thing in the world they want to experiment with. |
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Date: November 25th, 2013 10:14 PM Author: orchid affirmative action background story your a smart dood, ty (http://www.autoadmit.com/thread.php?thread_id=2423481&forum_id=2#24512461) |
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Date: November 25th, 2013 10:17 PM Author: Massive Institution you guys don't understand that US citizens are not the people who want to use bitcoin (http://www.autoadmit.com/thread.php?thread_id=2423481&forum_id=2#24512475) |
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Date: November 25th, 2013 10:19 PM Author: orchid affirmative action background story (jobless, neckbeard, anarcholibertarian autist who is invested in Bitcoins' success, and takes the time to comment in the comment section of every single online news article on the subject) (http://www.autoadmit.com/thread.php?thread_id=2423481&forum_id=2#24512489) |
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Date: November 25th, 2013 10:21 PM Author: Fiercely-loyal abode doctorate There is no solution that Bitcoin provides that banks or Moneygram or Western Union can't provide in a safer, more reliable, easier to understand way.
Listen, I don't doubt that there's more room for a speculative rise if this becomes a fad in China, but there is no fucking way your $5,000 in Bitcoins is going to become worth $10 million. |
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Date: November 25th, 2013 10:28 PM Author: Massive Institution $10 million is a lot. i'm looking for $5K to turn into $300K to $600K in the next 2-4 years. (http://www.autoadmit.com/thread.php?thread_id=2423481&forum_id=2#24512556) |
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Date: November 26th, 2013 7:52 AM Author: lake fanboi flame? (http://www.autoadmit.com/thread.php?thread_id=2423481&forum_id=2#24514208) |
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Date: November 26th, 2013 9:36 AM Author: orchid affirmative action background story Explain how bitcoin is safer, more reliable, or easier to understand than western union or paypal.
The only potential advantages that Bitcoin has is smaller transaction fees and possibly more anonymous. On the other hand, Bitcoin is: - not safe (already been hacked a few times) - unreliable (extreme volatility makes it inefficient for conducting standard business transactions) - not insurable / no recourse if lost or stolen - extremely difficult to understand for most people - deflationary (good for a store of value, but not for transacting business) - relatively illiquid - exists in a regulatory twilight zone
Some of these issues could be worked out, but it will be essentially impossible to mitigate most of the risk involved in transacting in bitcoins. For this reason alone, most people will pay a premium for the relative stability and certainty of western union, paypal, etc.
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Date: November 26th, 2013 3:48 PM Author: Massive Institution comparing bitcoin to western union / paypal / moneygram is apples and oranges. yes, the remittance and online payments markets are relevant to all of them, but bitcoin is not a payments company. the other three all deal in dollars, or some country's currency converted to dollars. this is what a competitor to those companies looks like:
http://techcrunch.com/2013/08/20/buttercoin/
you said bitcoin has been hacked; no, exchanges where (not smart) people kept their bitcoins have been hacked. same as if someone broke into your house and stole your cash in your mattress. each of your other points is refutable, but generally they all fall under the issue of bitcoin being in its infancy. insurance, ease of transaction, illiquidity, volatility, all that goes away as it is more widely adopted.
again, bitcoin's market is NOT the US. it is not US citizens. i agree entirely that, other than libertarian neckbeards, US citizens have little to no need for bitcoin. same reason hardly anyone owns physical gold; there is no need, neither as a store of value or as a way to get around capital controls. |
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Date: November 26th, 2013 7:55 PM Author: orchid affirmative action background story Cogent response/analysis, ty for this. (http://www.autoadmit.com/thread.php?thread_id=2423481&forum_id=2#24517533) |
Date: November 25th, 2013 10:02 PM Author: excitant lettuce anyone who had AOL in 1992 was an early adopter (http://www.autoadmit.com/thread.php?thread_id=2423481&forum_id=2#24512338) |
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Date: November 25th, 2013 10:05 PM Author: orchid affirmative action background story (uncle bob) (http://www.autoadmit.com/thread.php?thread_id=2423481&forum_id=2#24512357) |
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Date: November 25th, 2013 10:07 PM Author: excitant lettuce (guy pirating games and posting about boobies on 3lit3 BBSes in 1992) (http://www.autoadmit.com/thread.php?thread_id=2423481&forum_id=2#24512374) |
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Date: November 25th, 2013 10:03 PM Author: bistre fortuitous meteor (http://www.autoadmit.com/thread.php?thread_id=2423481&forum_id=2#24512346) |
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Date: November 25th, 2013 10:05 PM Author: Soul-stirring Coiffed Nursing Home Sex Offender "We don’t like their sound, and guitar music is on the way out." (http://www.autoadmit.com/thread.php?thread_id=2423481&forum_id=2#24512356) |
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Date: November 25th, 2013 10:16 PM Author: orchid affirmative action background story How many satoshis you got in you're blockchain e-wallet, little breh (http://www.autoadmit.com/thread.php?thread_id=2423481&forum_id=2#24512472) |
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Date: November 26th, 2013 2:24 AM Author: carmine arousing headpube goal in life To be fair,
[Meanwhile, in 1990...]
"HAHAHA what the fuck is a 'modem', you fucking little nerd faggot? No wonder you're so pale, you spend all day at home with your 'computer' playing with your little robot friends or whatever. Hahaha what a fucking loser, if I ever see you near the Blockbuster where I work I'm stomping your fucking face in." |
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Date: November 26th, 2013 3:56 AM Author: Glittery mildly autistic locus how much skin do you have in the game as of this second?
you were going to go all in on litecoins right |
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Date: November 26th, 2013 2:16 AM Author: carmine arousing headpube goal in life To be fair,
"A *horseless* carriage?! Powered by a mechanical contraption?!" |
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Date: November 26th, 2013 2:16 AM Author: excitant lettuce (http://www.autoadmit.com/thread.php?thread_id=2423481&forum_id=2#24513863) |
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Date: November 26th, 2013 3:58 AM Author: cyan confused legend (http://www.autoadmit.com/thread.php?thread_id=2423481&forum_id=2#24513994) |
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Date: November 26th, 2013 8:11 AM Author: submissive bronze kitty cat (King of the fats) (http://www.autoadmit.com/thread.php?thread_id=2423481&forum_id=2#24514211) |
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Date: November 26th, 2013 9:20 AM Author: orchid affirmative action background story Aren't you a crippled libertarian muslim who has painstakingly written "To be fair," before literally each one of your thousands of posts on this bort?
Not judging your lifestyle, but I'm not sure your the best candidate for refuting the point in the OP... |
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Date: November 26th, 2013 10:56 PM Author: green beady-eyed rigor jap his nye parties are quite memorable however (http://www.autoadmit.com/thread.php?thread_id=2423481&forum_id=2#24518754) |
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Date: November 28th, 2013 3:40 PM Author: White messiness casino *tens of thousands (http://www.autoadmit.com/thread.php?thread_id=2423481&forum_id=2#24527565) |
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Date: November 26th, 2013 2:44 PM Author: pink forum (guy in a life-long battle with the word "sketchy") (http://www.autoadmit.com/thread.php?thread_id=2423481&forum_id=2#24515841) |
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Date: November 26th, 2013 2:54 PM Author: Massive Institution (http://www.autoadmit.com/thread.php?thread_id=2423481&forum_id=2#24515886) |
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Date: November 26th, 2013 9:10 AM Author: Swollen swashbuckling gunner dilemma what sort of liability would to software developers face if its ever hacked? I'm not talking about the creator but the dood the creator handed it over to who writes updates for it. Seems unlikely they could have made it hack-proof on launch. (http://www.autoadmit.com/thread.php?thread_id=2423481&forum_id=2#24514266) |
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Date: November 26th, 2013 2:42 PM Author: orchid affirmative action background story (http://www.autoadmit.com/thread.php?thread_id=2423481&forum_id=2#24515832) |
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Date: November 26th, 2013 2:45 PM Author: vibrant principal's office Bitcoin is a bubble, but the concept is here to stay. Another virtual currency will be implemented but with the backing of a central bank or coalition of banks and because it will be endorsed by governing bodies will drown Bitcoin as a viable, broadly used medium of exchange. (http://www.autoadmit.com/thread.php?thread_id=2423481&forum_id=2#24515846) |
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Date: November 26th, 2013 3:07 PM Author: Massive Institution i don't think this will happen, because China is aggressively and directly at odds with the US. under no situation do i see China agreeing to a coalition of central banks that also includes the US, as that would directly undermine their goal of killing the dollar as the reserve currency. and as long as China has bitcoin's back, nothing will replace it.
the risk is that too many Chinese citizens transfer too much of their wealth into bitcoin, and too much transaction volume starts occurring domestically that China sees it as a threat to their ability to control domestic monetary policy that outweighs its subversion of the dollar, like what happened with QQ:
http://nextbigfuture.com/2013/11/chinas-government-stopped-qq-virtual.html
still, as highlighted in that article, there some major differences between bitcoin and QQ that may prevent them from being able to stop it. |
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Date: November 26th, 2013 3:26 PM Author: Massive Institution (http://www.autoadmit.com/thread.php?thread_id=2423481&forum_id=2#24516077) |
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Date: November 26th, 2013 3:51 PM Author: Aqua dopamine Most normal people have no use for bitcoin. Most people I know use AmEx, or whatever prole reward credit card they prefer, for almost everything, have online bill pay setup for all the major bills and cash for incidentals. Who the fuck needs an anonymous currency in daily life? (http://www.autoadmit.com/thread.php?thread_id=2423481&forum_id=2#24516201) |
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Date: November 26th, 2013 3:52 PM Author: Massive Institution is everyone you know a U.S. citizen living in the U.S.? if so, then you're right. (http://www.autoadmit.com/thread.php?thread_id=2423481&forum_id=2#24516205) |
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Date: November 26th, 2013 4:05 PM Author: Aqua dopamine Yes, most of the people I'm thinking of are young to middle aged professionals in or around NYC. (http://www.autoadmit.com/thread.php?thread_id=2423481&forum_id=2#24516265) |
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Date: November 26th, 2013 4:01 PM Author: cerise people who are hurt Most normal people have no use for x, where x is an emerging technology.
Twenty years ago the internet was a pretty much useless thing to "normal" people. And so was GPS. And so was a cell phone. But each technology matured and found its niche. The internet got faster and computers got faster. Tiny cheap touch screens made turn-by-turn navigation possible. And cell phones got smaller and faster and more ubiquitous.
I'm not saying that bitcoin will be exactly like any of those things, but never evaluate the potential for a technology based on its current use by "normal" people. If anything, it has always been the neckbeards who have been at the forefront of the next big thing in tech. |
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Date: November 26th, 2013 4:07 PM Author: Aqua dopamine You're absolutely right that neckbeards are often at the forefront of tech, but bitcoin is an alternative currency (albeit with associated tech). I don't really see it in the same way as a convenience based technology. It will certainly find its niche, but I don't think most people will ever give a shit about it.
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Date: November 26th, 2013 9:28 PM Author: arrogant church building (http://www.autoadmit.com/thread.php?thread_id=2423481&forum_id=2#24518061) |
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Date: November 26th, 2013 9:30 PM Author: Massive Institution aren't the lower transaction costs just the result of lack of regulation though? that won't last. (http://www.autoadmit.com/thread.php?thread_id=2423481&forum_id=2#24518079) |
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Date: November 26th, 2013 11:04 PM Author: Boyish chapel "Twenty years ago the internet was a pretty much useless thing to "normal" people. And so was GPS."
The hell they were. Email was baller as fuck and caught on line wildfire across the world within a year of being introduced widely on college campuses. I remember my older brother starting college in 1993 and talking about this awesome new technology that let him communicate with his buddies at other colleges. Within a YEAR we had it in our home and my mom was routinely corresponding with her relatives in Europe.
The world wide web took like 6 months to take off from the time it was first developed to the time the first graphical browsers were introduced. There was a brief period where all there was was Lynx, and then Netscape Navigator came out and it was game over.
GPS: jesus fucking christ if you think people were not jumping out of their skins to take advantage of that. The only thing that slowed adoption initially was that the gov't blocked reception of signals that could calculate location to within less than like 20 meters. Prior to that time DeLorme and MS Streets & Trips were hot sellers. |
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Date: November 28th, 2013 7:22 AM Author: Bisexual citrine spot TBF,
Bitcoin was trading for pennies in 2011 and broke 1k in 2013. |
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Date: November 26th, 2013 8:30 PM Author: jet-lagged talking reading party hell Bitcoin price on mt gox was mentioned several times unironically on Fast Money today and that was just on my commute home. BTC is here to stay (http://www.autoadmit.com/thread.php?thread_id=2423481&forum_id=2#24517726) |
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Date: November 26th, 2013 9:00 PM Author: Massive Institution (http://www.autoadmit.com/thread.php?thread_id=2423481&forum_id=2#24517851) |
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Date: November 26th, 2013 9:06 PM Author: gold generalized bond dysfunction Just doubling price in 10 days.
Nothing strange. |
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Date: November 26th, 2013 9:16 PM Author: gold generalized bond dysfunction Annual appreciation of 2.6x10^17 percent.
Put in a penny now, and you could have 2.6 quadrillion dollars by this time next year. |
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Date: November 26th, 2013 9:19 PM Author: Massive Institution you: http://i.imgur.com/JoluqHG.gif (http://www.autoadmit.com/thread.php?thread_id=2423481&forum_id=2#24517976) |
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Date: November 28th, 2013 7:10 AM Author: sinister tank twinkling uncleanness Lol (http://www.autoadmit.com/thread.php?thread_id=2423481&forum_id=2#24526072) |
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Date: November 26th, 2013 9:33 PM Author: jet-lagged talking reading party hell More proof that a these measures aren't an accurate description for an asset class that started from zero just a few years ago. (http://www.autoadmit.com/thread.php?thread_id=2423481&forum_id=2#24518115) |
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Date: November 26th, 2013 10:52 PM Author: Massive Institution (http://www.autoadmit.com/thread.php?thread_id=2423481&forum_id=2#24518732) |
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Date: November 27th, 2013 11:20 PM Author: orchid affirmative action background story (http://www.autoadmit.com/thread.php?thread_id=2423481&forum_id=2#24524773) |
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Date: November 28th, 2013 6:32 AM Author: Glittery mildly autistic locus (http://www.autoadmit.com/thread.php?thread_id=2423481&forum_id=2#24526047) |
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Date: November 28th, 2013 7:37 AM Author: Canary racy yarmulke http://i.imgur.com/G17BRxJ.png (http://www.autoadmit.com/thread.php?thread_id=2423481&forum_id=2#24526088) |
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Date: November 28th, 2013 10:19 AM Author: Canary racy yarmulke (http://www.autoadmit.com/thread.php?thread_id=2423481&forum_id=2#24526322) |
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Date: November 28th, 2013 9:31 AM Author: snowy fat ankles university One thing that freaks me out about bitcoins and a reason why they'll never be a serious currency down the road is that the founders and Winkelvosses both own 10 percent stakes in the bit coins. We would never cede 20 percent of all money to two entities, it would give them an insane amount of power (http://www.autoadmit.com/thread.php?thread_id=2423481&forum_id=2#24526188) |
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Date: November 28th, 2013 9:41 AM Author: emerald cowardly lay 10%? more like 1%, numbnuts (http://www.autoadmit.com/thread.php?thread_id=2423481&forum_id=2#24526215) |
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Date: November 28th, 2013 9:42 AM Author: snowy fat ankles university I read somewhere, God help me it was probably HERE, that Satoshi owns 10 percent. Can you confirm 1 percent? (http://www.autoadmit.com/thread.php?thread_id=2423481&forum_id=2#24526220) |
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Date: November 28th, 2013 9:44 AM Author: emerald cowardly lay not sure about satoshi, but the winklevii own 1% (http://www.autoadmit.com/thread.php?thread_id=2423481&forum_id=2#24526226) |
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Date: November 28th, 2013 9:47 AM Author: snowy fat ankles university I see a source that says Satoshi owns 1.5mm BTC (http://www.autoadmit.com/thread.php?thread_id=2423481&forum_id=2#24526237) |
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Date: November 28th, 2013 9:51 AM Author: emerald cowardly lay it's possible, but i dont see this as the existential threat that you do (http://www.autoadmit.com/thread.php?thread_id=2423481&forum_id=2#24526241) |
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Date: November 28th, 2013 9:52 AM Author: snowy fat ankles university Fair enough. (http://www.autoadmit.com/thread.php?thread_id=2423481&forum_id=2#24526246) |
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Date: November 28th, 2013 9:54 AM Author: emerald cowardly lay also, i dont really take the currency for serious. i am speculating with the hopes of making a lot of easy cash. and all i need for that is a bunch of mainstream mopes to think they can to, and booooom, a huge bubble and time to cash out (http://www.autoadmit.com/thread.php?thread_id=2423481&forum_id=2#24526251) |
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Date: November 28th, 2013 9:55 AM Author: snowy fat ankles university That's a good strategy, I'm not sophisticated enough to be able to time it, but I feel like we're close to bubble stage just off of ADRIEN fucking faggot CHEN's NYTimes oped trying to take credit for 'discovering' them (http://www.autoadmit.com/thread.php?thread_id=2423481&forum_id=2#24526253) |
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Date: November 28th, 2013 9:57 AM Author: emerald cowardly lay no, the masses havent even begun to get involved
also, you have at least two pretty good alternatives to BTC, so it is possible to ride multiple waves as they each go through the bubble phase at different paces |
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Date: November 28th, 2013 9:58 AM Author: snowy fat ankles university You think it's worth throwing a 1000/- at? (http://www.autoadmit.com/thread.php?thread_id=2423481&forum_id=2#24526259) |
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Date: November 28th, 2013 9:59 AM Author: emerald cowardly lay i threw 2k yesterday at btc, will probably drop another 500-1000 on peercoin tonight (http://www.autoadmit.com/thread.php?thread_id=2423481&forum_id=2#24526261) |
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Date: November 28th, 2013 10:01 AM Author: snowy fat ankles university I like the idea of it as an inflation hedge for third world savings (http://www.autoadmit.com/thread.php?thread_id=2423481&forum_id=2#24526264) |
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Date: November 28th, 2013 10:03 AM Author: emerald cowardly lay explain
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Date: November 28th, 2013 10:06 AM Author: snowy fat ankles university Not sure if they can yet because I don't quite understand the BTC yet. But If people in countries with soft currencies and untrustworthy banks (like India) can protect the value of their money using something like this, I could see it being very powerful in emerging economies (http://www.autoadmit.com/thread.php?thread_id=2423481&forum_id=2#24526283) |
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Date: November 28th, 2013 10:12 AM Author: emerald cowardly lay ah i see. i live in russia and i would certainly like to use it because there is quite a bit of fluctuation in the exchange rate here (http://www.autoadmit.com/thread.php?thread_id=2423481&forum_id=2#24526299) |
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Date: November 28th, 2013 10:15 AM Author: snowy fat ankles university Just looked at the graph of prices, looks like a huge spike, wouldn't it make more sense to wait until the hoopla has died down?
Just feel like there's too much of baby's first investment kind of a feeling going on |
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Date: November 28th, 2013 10:22 AM Author: emerald cowardly lay no, i dont think what has proceeded has much relevance to near-term prices. gotta get in before the media blasts it non-stop to the masses and their greedy asses want to get in on it (http://www.autoadmit.com/thread.php?thread_id=2423481&forum_id=2#24526332) |
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Date: November 28th, 2013 10:24 AM Author: snowy fat ankles university I think I might make a play but after this wave of enthusiasm passes, it's definitely been able to hold on for awhile (http://www.autoadmit.com/thread.php?thread_id=2423481&forum_id=2#24526338) |
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Date: November 28th, 2013 10:26 AM Author: emerald cowardly lay i think this wave is narrowly focused on people who are pretty internet savvy. outside this board, nobody i know has even mentioned this subject (http://www.autoadmit.com/thread.php?thread_id=2423481&forum_id=2#24526348) |
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Date: November 28th, 2013 10:28 AM Author: snowy fat ankles university Bloomberg just wrote a story, there's a nytimes oped out, usatoday and venturebeat are covering it...I think it's a mini bubble (http://www.autoadmit.com/thread.php?thread_id=2423481&forum_id=2#24526354) |
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Date: November 28th, 2013 3:43 PM Author: carmine arousing headpube goal in life To be fair,
And what % of Americans--some of the most well-educated and best connected people in the world--read Bloomberg, NYT, USA Today, and/or Venturebeat? |
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Date: November 30th, 2013 12:05 AM Author: Massive Institution more to the point: what % of boomers could figure out how to buy a bitcoin? my wife's uncle is a boomer Harvard MBA that has spent his entire career in public company finance departments and there is absolutely zero chance he would be able to figure out how to buy a bitcoin. (http://www.autoadmit.com/thread.php?thread_id=2423481&forum_id=2#24536167) |
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Date: November 30th, 2013 12:13 AM Author: Massive Institution shit even most xoxo'ers can't figure out how to buy bitcoins (http://www.autoadmit.com/thread.php?thread_id=2423481&forum_id=2#24536206) |
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Date: November 28th, 2013 10:34 AM Author: Fiercely-loyal abode doctorate You're sounding rational, which doesn't fly when talking Bitcoin.
But, honestly, even if you believe in it, what is the rush? It's at an all-time high now at $1k. If you're only looking at a small stake of like 5 coins, what do you lose if you wait until it hits $1,500? All the speculation in these coins is that each one is going to be worth $10,000, or $100,000, or $1m (yeah, right), so what do you really lose if you wait for it to hit $1,500 before jumping in?
All this mania is just speculative animal spirits. There is no rational reason to be panic buying now.
And do you honestly think that it's never going back below $1,000? No other asset class in the world has ever behaved like that, there is no logical reason to believe that Bitcoin is the first. Just my 2 Satoshi's. |
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Date: November 28th, 2013 10:54 AM Author: snowy fat ankles university Yeah I think it's worth waiting (http://www.autoadmit.com/thread.php?thread_id=2423481&forum_id=2#24526472) |
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Date: November 28th, 2013 3:42 PM Author: titillating zombie-like locale corn cake Makes sense considering they are worth a thousand a piece now
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Date: December 2nd, 2013 9:20 AM Author: orchid affirmative action background story (dumbass) (http://www.autoadmit.com/thread.php?thread_id=2423481&forum_id=2#24550895) |
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Date: February 20th, 2014 2:55 PM Author: orchid affirmative action background story (http://www.autoadmit.com/thread.php?thread_id=2423481&forum_id=2#25054024) |
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Date: October 21st, 2017 1:01 PM Author: anal odious base (http://www.autoadmit.com/thread.php?thread_id=2423481&forum_id=2#34494540) |
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Date: October 21st, 2017 1:03 PM Author: contagious lemon famous landscape painting in fairness this is still pretty true. 90% of people have no idea how to buy any of this or follow it besides sensational news article. (http://www.autoadmit.com/thread.php?thread_id=2423481&forum_id=2#34494553) |