WTF? Bitcoin breaks $1,000 level, highest in more than 3 years. yet i never seen anyone /g/ talk about it

If I could see into the future I'd have made lots of money. The point of bitcoin is that you can't tell when it's going to crash, only that it will.
It'll probably crash back to $500 or so within a year. It won't crash that hard since everyone will be expecting it to bounce back up.

Oh I see, I thought you were actually asking a question, didn't realize you were that other guy that is still butthurt because everybody is not part of tulipmania

In 2010 2 out of every 3 /g/ threads were about buttcoins.

Because even core bitcoin devs know it will go to shit in the end. There was a bunch more that left recently.

Crypto currency is just something used by druggies and thirdworlders.

I must have bought all those Steam games in a dream then

and i couldn't even cash in 1 buttcoin ;_;
>tfw forever poor

>yet i never seen anyone /g/ talk about it.
The first time the bitcoin reached $1000, a huge cryptocurrency rush followed and half of /g/ was populated with *coin threads, "should I get *coin?", and advertising.
Those threads were mainly about business rather than technology and therefore it was decided that all those threads should go in >>Veeky Forums instead of /g/.

OP I have 3 close friends running an app called lawnmower. More and more banks are picking them up and they're pretty optimistic about the future of it.

Knowing this, I'm still not convinced. Until a crypto comes around that's basic enough for normies to get involved with I'm not buying any of that bs.

When I first saw Bitcoin on /g/ it was way less than a dollar for one.
I think it was something like $0.10 for one?
I used to lurk almost 24/7 at the time so the first time Bitcoin was mentioned on /g/, I saw it.

I even farmed a few coins with my HD4850 at the time, it wasn't actually that hard.

But I thought it's a scam and gave up.
Fuck.

imagine, how different your life would be today..

>Mfw every Bitcoin thread filled with jellymads who didn't get in early enough

The dirty little secret no one wants to mention is that Bitcoin is "worth" $1000 the same way a destroyed EVE Online ship is "worth" $1000: it actually isn't. You can't turn the fake currency (bitcoin or ISK) into real currency without losing 90%+ of it to the thirdworlders you're selling the fake currency to.

>You can't turn the fake currency (bitcoin or ISK) into real currency without losing 90%+ of it to the thirdworlders you're selling the fake currency to.

Weeeeeeeeeew

Feel free to show me where I can get a thousand US dollars sitting on my desk in return for my one bitcoin.

Right before you show us where you're losing 90%+ for selling

Made about 15k from this ride with the initial investment of 200€
Got in during the first hype period at around 150$

It was fun, but damn exhausting.
If I didn't sell them during the last high, I'd have something along the lines of 100k now.
I don't regret one bit though, if anything I'm happy that I'm out of this game.
The coin is too damn volatile to store your funds in and requires nearly constant attention.

>ou can't turn the fake currency (bitcoin or ISK) into real currency without losing 90%+ of it to the thirdworlders you're selling the fake currency to.
Really? Why is that?

I never held onto any of them so I never researched how you actually sell them.

I still don't understand how bitcoin is considered a currency.
Can't something only have a value if your local government recognizes it at such? How do you turn it into real money?

nothing has value, only IF humans desire it, for example Gold has no value but it's shiney

same as real currency, The goverment just states it is worth 1$. The fact that it is worth 1$ is backed up by the goverment.
BitCoin is just people saying this is worth 1$ and everyone who wants to buy them says yes here is 1 dollar, because it is harder to get new bitcoins today they get more rare so there wont be endless stream of bitcoins which helps with there growing price because people want 1 but there are not "enough" for everybody. Same with lets say rare post stamps they are only so much worth because they are limited in supplies and everyone is saying they are worth 1$.

You could literally crash the whole market if that guy who first started with bitcoins would start selling his off.

Okay. Coinbase.

No, not really. You can sell the shit on a market right now and get paid. The market will take a cut, but it's like 2% or some shit.

>Can't something only have a value if your local government recognizes it at such?
Common misconception. The reality is that you should replace "your local government" with "the entity you're making a transaction with"

It's dependent on who you're transacting with to accept Bitcoin or not. And yes, the number of people/companies/retailers who accept bitcoin directly is actually relatively low right now, but they do exist.

A good way to think about it is, generally in the U.S. pretty much anyone is going to accept the U.S. Dollar, but you may have trouble getting a local momNpop shop to accept your American Express card.

For example, turns out Steam accepts bitcoin directly for games, and anything on their store really.

Want to buy fancy electrogizmonics? Newegg accepts bitcoin directly.

There's also third-party companies that act as middlemen for larger retailers. For example Purse (dot io) acts as a front-end for Amazon. You give Purse an item link, and the Bitcoin-value for that item, Purse will buy it on Amazon and ship it to you. (Cont'd)

you made $15,000 with 200 dollar investment? i call bullshit

meant for

>Can't something only have a value if your local government recognizes it at such? How do you turn it into real money?
How does anything have value? Does the government assign value to precious metals and gems? Do they assign value to things like confederate bank notes that are not considered legal tender?
No, they don't. People agree to pay other forms of currency in exchange for these things. It works the same way with Bitcoin.

>yeah b-but gold is like useful or something
Don't give me that shit. Nobody is buying cut diamonds so they can smash them up and use them to make drill bits.

Depends on when he got in. It's totally possible if he bought BTC like 5 years ago. People used to give Bitcoin away on /g/ when they were $0.15 each.

>yet i never seen anyone /g/ talk about it.
It got old and we tried to make Dogecoin a thing but it flopped.

It's shiny and it's a good conductor, plus it never deteriorates, if it was useless then why would a sector like NASA spend billions on gold in the Aerospace doohickeys?

What about Gold 6000 years ago, was it used to build the pyramids? think before you write ffs

Ok so you can buy stuff with bitcoins but can you actually convert them directly into dollars anywhere? Is there a bitcoin exchange of some sort? Or do you have to just find people willing to buy them off you?

there is a exchange which is basically people wanting to buy them

>Is there a bitcoin exchange of some sort?
There is, but they do this for a fee of course. And generally, you don't want to do this because then you lose the benefit of having an anonymous digital currency.

(me)
Continued

There are also companies that essentially function as Bitcoin banks, though they're not 100% liked by the Bitcoin enthusiast community, mostly because a whole lot of people view Bitcoin as a way to escape the banking system.

They will issue you a Visa card and hold Bitcoins for you. In this way you can spend Bitcoin anywhere Visa is accepted.

So yes, right now it's _mostly_ a whole bunch of end-arounds and middle men where you can kind of get people to accept your bitcoin.

As per your other question:
>How do you turn it into real money?
There are several means by which you can exchange national fiat for bitcoin. Some easier than others, some give more freedom than others.

The usual go-to, if you're talking in terms of the US Dollar, is a banking company called Coinbase. They allow you to link your bank account directly (especially easy if you bank with a big national brand like Bank of America) and can "sell" your bitcoins automatically for you, and transfer to your bank account.

Do you think gold would be worth as much as it is if people only cared about the shininess or it's industrial uses? People pay out the ass for real gold and gems even though imitations can be made that are aesthetically identical to everyone who isn't an experienced jeweler. People pay for rarity and the value that was assigned to certain substances by society as a whole.
Think about it. A girl would be upset if her husband got her a wedding ring set with a zircon, but she'd never know the difference between her ring and a real diamond ring unless someone told her.

Your thread is against the rules.

Day trading these coins is piss easy.
The market is, or was, full of extremely skiddish people who react the most predictable way possible.
>Price is 510, if it hits 499 I'm going to sell everything!
So people sell, it's just a matter of guessing where the bottom is and I got damn good at it.
I kept on doing that, messed with LTC and other coins, got in on some good climbs and that's about it.
Many people made similar climbs from these, even more than I did. But many of them lost it too.
The difference is that I kept my feet on the ground and played things relatively safe.
I never thought that this was going to climb from 1k upwards and it didn't. It was mostly riding on hot air and China rumors and there was some clear manipulation going on.
As you can see from those sells, I never tried to chase the maximum highest profit.
Slowly sold on the way up and then washed my hands from it when it started coming down.
I got rid of my last remaining coin around 400 when I thought that the damn thing was dead for good and was clearly falling to the 200 region.
It was fun but god damn tiring.
Wouldn't do it again even if I could.

I mentioned I got in around 150$, that's when /g/ was hyping the fuck out of it.

No it isn't, you cock smoker. There's nothing in the rules that says cryptocurrency threads are not allowed on /g/.

>Is there a bitcoin exchange of some sort?
Since there's a fixed amount of bitcoins, the exchange happens when people want to buy bitcoins.

There was a Norwegian dude that turned 150 NOK (~18 USD) into 5,000,000 NOK (~578,000 USD)

nrk.no/kultur/bitcoin-historien-gar-verden-rundt-1.11327798

aftenposten.no/norge/Fra-150-kroner-til-fem-millioner-103080b.html

Yes, until they we're banned after the dogecoin craze.
Veeky Forums was created as a result.

>They allow you to link your bank account directly

This is going to be great for the feds trying to reclaim their lost tax dollars and it's also going to be great for the Russians that end up buying the database after this site collapses like MTGOX did.

was created to keep this shit off /g/.

Nope, it started getting the hype at around $100, along with 9gag and the like.
Which made it gain value and burst in the end.
Pajeets did all kind of crazy stuff for literally cents.

Unfortunately they have to do it to be able to operate in the US. The FBI's dick is long and hard. They shut down the only offshore exchanges that were taking US customers.

fuck, i knew i should have stocked up on Buttcoins in October.

*sigh* no more drugs til the next crash.

Go cry about it in /ptg/ or /chinkshit/ thread #8234925 or something.

>thinking it was a scam
And how would they scam you?
I swear, tech illiterates like you are the worst.

Wasting power on an imaginary ponzi scheme.

At the time it cost more to run your GPU than what you made from bitcoins

But coke. You would make at least 2x as much selling it.

Which is why nobody mines BTC anymore unless they're part of a botnet.

What about miners implemented in FPGAs? Do they also use more power than it's worth now?

People made millions during the initial Bitcoin frenzy.

for years, even the first ASIC generations are outdated by now

>all these etatists shilling against bitcoin
Toplel, gb2 reddit, where you belong.

you don't have to keep reminding me what could of been!

Bitcoin is poop. Ethereum is the future.

Don't worry, I hurt myself just as much in making that post.

Lmao, bitcoins are not even real.

what's the next fad/scam, /g/?

Another bagholder who bites the dust, ah? ;)

I got 300 Bitcoins for a photo of my ass on /g/ years ago, cashed out at $450. Regret nothing

>I got 300 Bitcoins for a photo of my ass
you should make a motivator of this with the photo of your ass and saying here is what 300btc looks like

tits or gtfo

it was obvious that it would rise again, at least to $600 or so
you fucked up

China and India are dumping hundreds of millions into it over the next couple of months, dumbass. I didn't know Veeky Forums was so uninformed. Do you think it's just a bunch of random plebs putting their money into btc at this point? Serious organizations with lots of money are in it now.

I keep hearing you sperge this but am yet to see a source

American normies? Or what's your metric here? Because I'm pretty sure the Chinese and India normies picking it up over the next couple of months will have no trouble figuring it out.

You realize BTC is exchanged for USD these days, right? Here you go, newb.

coindesk.com/information/sell-bitcoin/

Cryptoportfolio masterrace here

Holding 40k worth of
BTC
ETH
XMR

Diversify and get on my level

You know you'll buy in next time it dips significantly though. The volatility won't last forever and when it goes does, it will be more useful as a currency, but less exploitable as an investment opportunity.

By that argument, bitcoin has a useful function as well. As a currency, it's more convenient than gold in many ways.

>And generally, you don't want to do this because then you lose the benefit of having an anonymous digital currency.
It's only pseudonymous and yes, linking it to an account that requires identification exposes you. But what do you do if you want to cash out for USD? You either need an exchange or you need someone who can buy in person.

>I keep hearing you
>It was my first post ITT
Try google, you mong. It's not like I have some deep insider info on this.

40k each or just 40k total? wouldnt want to be bagholding ethereum long term, and short term i see more upside in ethereum classic

Why are you negative towards Ethereum?

long term i think its obvious that "dapps" wont see any wide adoption, and the catastrophic dao failure and contentious hardfork both make it a bad bet long term imo. etc is still ~20% of ethereum, thats huge.

most instances where "dapps" are intended to be used are unnecessary and also still need to take external information outside of the ethereum blockchain to be useful. yeah sure theres augur and others that try and provide this information but its still a giant mess. for most users they wont care and be fine with a centralised solution that does the most important part (i.e. value transfer) on the blockchain.

this also excludes all the shady money-gram "ico"s raising money in eth where the end goal is to dump the ethereum so they can pay for whatever "development" they do, sliding the price of ether down even more.

and i do hold ether and classic but theyre not long term bets for me in the slightest

>long term i think its obvious that "dapps" wont see any wide adoption,
How is it obvious and why?

just look at the ones being developed. at one point the "huge" one was door locks controlled by ethereum. i mean come on, this is pets.com shit. people are just in cash-grab mode without thinking about if what they're building is actually useful. in fact this explains the altcoin market pretty perfectly.

also, it seems to be a poisonous trend for each new useless dapp to require its own token to operate, how many of them actually just use eth? the complexity theyre creating will make it literally impossible to normal users to understand. its complexity for the benefit of the creaters of the applications, and theyre killing the platform in the process.

i will admit digix is one that looks somewhat useful, but they're still not close to launching, and instead have their shitty dgd coin trading on sliding volume for sliding value. but really aside from demurrage fees theres no reason for it to be a dapp, it could just be a tradable token like USDT.

/g/? Can mods move threads between boards?

What cryptocurrency is going to be the future if not bitcoin? If we start seeing major websites support bitcoin purchases it's over and you were wrong.

I've never seen it but it looks like they can. The first half of this thread doesn't have IDs

Wasn't Bitcoin at around $200 during a portion of 2016?

2015, 220 or abouts, turning point of the end of the 2 year bear trend

Because the less you talk about Bitcoin the more you can buy for yourself

Using that logic, your precious government is a money laundering Ponzi scheme.

>be an oldschool /g/ fag
>tfw there was a time when CPU mining was efficient as fuck
>my 3.2ghz Q6600 could mine 300+ bitcoin a day in late 2009
>still holding 10,000 coins all self mined
>still own the Lamborghini I bought with bitcoins
>no mortgage at 30
>living off investments/money from bitcoins

I'll admit, I am one of the few lucky ones

That's the same amount I made. It almost destroyed my relationship and was making me lose my mind.

I ended up cashing out when Dogecoin hit the exchanges. I made $8k in an evening, sold all my mining hardware (14mhash) and bought a puppy.

GF and I are very happy, puppy is 3 now. I buy about $25 in bitcoin a month just to hold on to now. I checked recently and was surprised that I had nearly $1000 worth, so that was exciting.

I'm assuming we're going into another bubble based on trends, so I will probably sell when/if it hits 10k a coin. Otherwise I'm just happy with what I have.

xmr will almost inevitably replace bitcoin.

And I'm one of the retards who didn't look into it enough to bother with it.