The Bitcoin Thread or, How The Fed Is Going To Fuck You

[TheReal_ND]

Also, this is a thing lol

https://ethertulips.com/

[SuburbanFarmer]

I seriously doubt the hundred or so bit-etc themed coins or exchanges are going to make it to the end of the year. I still don't know what the hell Bitconnect is even but it's been a pretty good source of memes. Honestly the crypto game has me in tears laughing. The measly half a paycheck I invested into it was worth it for exposing me to a world of hilarity.

BitConnect was an exchange for people to buy/sell their coins. They also hosted wallets, I think, which is how the bitcoins were taken.

[Okeefenokee]

I seriously doubt the hundred or so bit-etc themed coins or exchanges are going to make it to the end of the year. I still don't know what the hell Bitconnect is even but it's been a pretty good source of memes. Honestly the crypto game has me in tears laughing. The measly half a paycheck I invested into it was worth it for exposing me to a world of hilarity.

BitConnect was an exchange for people to buy/sell their coins. They also hosted wallets, I think, which is how the bitcoins were taken.

No. It was a platform for people to exchange their bitcoins for bitconnectcoins. People paid money for bitcoins and exchanged them for bitconnectcoins on a platform that then went bust.

This isn't even complicated.

It would be like investing in wampum with real dollars, and then the wampum market goes bust.

[SuburbanFarmer]

I seriously doubt the hundred or so bit-etc themed coins or exchanges are going to make it to the end of the year. I still don't know what the hell Bitconnect is even but it's been a pretty good source of memes. Honestly the crypto game has me in tears laughing. The measly half a paycheck I invested into it was worth it for exposing me to a world of hilarity.

BitConnect was an exchange for people to buy/sell their coins. They also hosted wallets, I think, which is how the bitcoins were taken.

No. It was a platform for people to exchange their bitcoins for bitconnectcoins. People paid money for bitcoins and exchanged them for bitconnectcoins on a platform that then went bust.

This isn't even complicated.

It would be like investing in wampum with real dollars, and then the wampum market goes bust.

Yeah, I’m seeing that in the search results now. That sounds fucking retarded.

[Okeefenokee]

BitConnect was an exchange for people to buy/sell their coins. They also hosted wallets, I think, which is how the bitcoins were taken.

No. It was a platform for people to exchange their bitcoins for bitconnectcoins. People paid money for bitcoins and exchanged them for bitconnectcoins on a platform that then went bust.

This isn't even complicated.

It would be like investing in wampum with real dollars, and then the wampum market goes bust.

Yeah, I’m seeing that in the search results now. That sounds fucking retarded.

Sounds very much like microlending sites I've seen in the past few years.

Lend a couple bucks to a woman in Africa who can do a lot more with it than you can.

Except in this case it wasn't focused on helping others, but helping yourself to get rich quick.

Went bottom up pretty quick. Mammon worship. /shrug.

[Speaker to Animals]

Fiat currency cults are amusing if nothing else.

[ssu]

Fiat currency cults are amusing if nothing else.

Well, mankind has lived with one now for 47 years.

[Speaker to Animals]

Fiat currency cults are amusing if nothing else.

Well, mankind has lived with one now for 47 years.

There were historical examples of fiat currency (and the subsequent inflationary period): https://www.britannica.com/topic/assignat

[Speaker to Animals]

The economic interests who defend fiat are generally producers of commodities with an interest in maintaining the artificially high price of commodities. Hence inflation. Monetarists often look at it through the lens of the money supply (printing more money to pay off debts until the collapse comes), but there exist other angles to the phenomenon. Fiat currency is inherently exploitative and parasitical.

Once money itself has no intrinsic value, you enter an inflationary period where the state runs up massive debts, commodity producers accumulate wealth from people, and especially bankers slowly accumulate wealth from the nation.

When money has value, there is always a cost to be paid to increase the money supply. This does not allow for the state to easily pawn future labor of it's people (which is really an indirect form of slavery) by manufacturing debts, or to collude with their freeloading commodity producers by running up prices.

The entire world is buried up to their eyeballs in sovereign debt because of what happened in the 1970s. It didn't work out. We are in debt everywhere BECAUSE of fiat currency and what it allows governments to get away with in the short-term.

[TheReal_ND]

The year is 2025.

I wake up at exactly 6:00. I need no alarm clock. Two of my wife's mulatto transgendered kids are jumping on the bed. I give 0.0000001 XLM to each of them for their weekly allowance. My wife's son is in the bathroom so I can't shower, but my professor wife (women's studies) catches a glimpse of my Stellar balance in my blockfolio and flashes me a wink.

I leave my reasonable suburban home and get in my 2006 Hyundai. It gets great mileage and has been paid off for 15 years. I drop my wife's kids off at school and head to the office. I work hard for my employer and I value the oppurtunity they provide me in my career. Even though I've made a lot of money from my XLM investment, I still work because I enjoy myself and plan to donate most of my crypto earnings to charities supporting Africa.

After finishing 16 TPS reports and closing nine tickets working an extra 3 hours of unbilled overtime in my cubicle, I hop in the Hyundai. I check my phone. The wife saw XLM up 1.5% this month and got so excited she snapchatted me a naughty picture of her bra strap showing. I blush, and pull onto the freeway. I turn on NPR and settle in for the 3 hour commute home. When I arrive, I see Tyrone, my wife's son's tutor leaving for the day. I wave him goodbye and turn the bronze-encusted knob and go inside. Wife is showering and singing 'the snek is AWAKE' after Tyrone left, so I start washing the dishes and preparing dinner, humming to myself - nice trajectory stellar snake!