Let's invest in something backed by absolutely nothing

>Lets invest in something backed by absolutely nothing

>he can only conceptualize value when it's either a legal fiction or a commodity banking scheme
>he doesn't understand bitcoin is backed by a 24/7/365 hashing competition with more dedicated computing power than the rest of the world's supercomputers combined
>he will die poor and alone after missing the biggest transfer of wealth in history

It's backed up with oil and guns(military).
Hence gadafi and sadam.

The US Government has got your back. Now bend over.

Sure it's dumb, but it made me money.

not like the US Gov is a huge ponzi sheme right?

>backed by pointless mathematical busywork of no value that only wastes electricity

literally worse than nothing because it's wasting actual valuable resources in its creation

you can almost feel the denial and frustation in these fucking neet coiners

You can get some free bitcoins here:

temporary-url.com/M841GE

I will send 0.005 BTC to the first three people who sign up with my ref link and click the CLAIM button. I will continue to send bitcoins to active users!

And if you're also interested in dogecoin check this:

temporary-url.com/PYTJ40

it gets funnier

>new tokens/coins added every day (most are just cheap copies)
>infinite crypto

its worse than fiat

>he will die poor and alone after missing the biggest transfer of wealth in history
we are talking about people who forgot to sell a month ago right? and will HODL these coins to 0?

>bitcoin is backed by a 24/7/365 hashing competition with more dedicated computing power than the rest of the world's supercomputers combined

Diligently being put to use on computations of zero utility.

Might as well be backed by a car exhaust. Same thing.

ok let me clear this up for you

it's not backed anything

dow jones is backed by the us gov't

but why does it need to be backed by anything? because the country of which it resides on is protecting it. therefore protecting it from dying completely from some unknown force.

bitcoin isn't backed by anything and it doesn't need to be because it's invincible to any and all attacks and it cannot be attacked by conventional means, there you have it.

>bitcoin isn't backed by anything and it doesn't need to be because it's invincible to any and all attacks and it cannot be attacked by conventional means, there you have it.

they have utility, they secure the transaction history. prior to bitcoin's invention this was only capable with the involvement of a trusted third party leading to localized states of corruption and rent seeking. by disintermediating the third parties while still enabling the transaction, value is unlocked. stay poor.

Its backed by memes tho.

The same metaphysical stuff that catapulted a washed out reality tv host into the presidency of the most important country in the planet

If BTC doesent need those, how is it worse?

...

>Go to computer science 101 class
>Code first program, a simple decrypter
>Code so poorly that it literally breaks GPU and mobo
>Professor laughs and says nobody will ever use anything I code and I should just quit
>Tell people on reddit that i'll give them "bitcoins" if they use my program
>Everyone suddenly using my program to decrypt some stupid shit massive line of text I encrypted for literally no reason.
>People giving me real life money to get these bitcoins for literally no reason, it doesn't even make sense.
>People going out and buying stronger mobo and multi boxing GPU because my program still keeps breaking them
>Men in china dedicate their entire lives to using my program for these bitcoins
>It's literally impossible to convert the bitcoins into any real currency ever without scamming some retard to buy it directly from you since nobody respects it's value because it has none.
>Tell people that it's merely because their sell orders are encoded and they need to decrpyt that too but first they have to tip me or I won't feel like doing it fast.
>They actually pay me and I still dont give them the money.
>10000 usd per fake coin
>one day everyone just decides that it's worthless as arbitrarily as it began.
>Everyone looks to me, but im already leaving with my suitcase full of their usd laughing.

Top ten pranks that went way too far.

>claim your currency and stock markets are backed by the power of your military which makes them worth investing in
>somehow a free market economy developed around true inherent value is manipulated

I made about 20k from it so I dont care.

>Voting at polls is backed by pointless human shuffling of no value that only wastes calories
With all due respect, you're fucking retarded mate.

>Code so poorly that it literally breaks GPU and mobo
this is literally not possible

This makes me think how amazing a FOLDING@HOME style cryptocurrency would be, where every generated token brought us one step closer to curing cancer.

Then why is that literally ACTUALLY what happens?

It's literally not. Go read a book.

>he doesn’t understand that money is whatever people deem it is

You must me new. Have you heard of this shiny rock called gold? We’ve been using it for xx,xxx thousand years now to transact you 15 year old brainlet

Yes it does.

>implying fiat is backed by anything

what is gold backed by

just think about how fucking STUPID you are right now.

BUY BUY BUY BUY BUY BUY BUY BUY BUY

BITCOIN WILL BE >100k BY MAY, MARK MY WORDS, THIS WAS SIMPLY A TEST OF ITS STRENGTH AND RESOLVE, FROM HERE ON OUT IT WILL SKYROCKET! MARK MY WORDS IT WILL NOT DIP BELOW 7k EVER AGAIN, BUY NOW! BUY BUY BUY BUY BUY

The world is changing. The value of things is changing. Who the fuck cares about a yellow mineral?

lol aw its retarded

t. pic related

/biz was smart, neefags are retarded.
>no fundamentals
Precisely, and therefore indeterminant price. Easy to get it hyped up and find buyers at quadruple your initial buy-in, those days are over for now though. Ask anyone whose been in for a long time. They’ll confirm it was always a meme

Who will win.
>yellow mineral
>decentralized currency created by the smartest among us using magic sand that can process complex calculations.

>implying voting has a price

nice refutation faggot

what is gold backed by

tell me nigger

the intrinsic value of gold and silver is so fucking low compared to its actual utility value and scarcity

TELL ME

WHAT IS GOLD AND SILVER BACKED BY YOU STUPID NIGGER

TELL ME TELL ME TELL ME RIGHT NOW

BITCOIN IS NOT A SECURITY IN ANYWAY AT ALL, WHY ARE YOU TREATING IT LIKE ONE? ARE YOU REALLY THAT FUCKING STUPID? YOU THINK BITCOIN IS A STOCK

WHAT THE FUCK

>poll booths are free

t. pic related

NICE REFUTATION

I AM SO DONE WITH YOU NIGGERS DAY IN AND DAY OUT, HURR ITS NOT BACKED BY ANYTHING SO IT HAS NO VALUE

FUCK YOU AND YOUR NIGGER WAYS I AM SO FUCKING SICK OF THIS CONVERSATION, WORSE THAN THE NIGGER BUBBLE CHART WE'VE SEEN DURING EVERY DIP FOR 2 YEARS NOW

FUCK YOU FUCK FUCK FUCK

just climbed from $7200 to $7600 in 30 minutes

heh what an faggot
>t. pic related

He's right you know. Bitcoin is the most secure system in the world

I bought $5 worth of bitcoin. what do I do now?

SELL SELL SELL

why?

...

Gold is backed by the proof of work that it takes to mine, move and store it, and its appeal as a beautiful, simple, durable material gives it that extra "oomph." You can only have a lot of gold if you control a lot of people and valuable resources, this was especially true in ancient times. Bitcoin is analogous, except the work is done by what is now the most important source of labor (computing power) and its appeal comes from its simplicity and ridiculous simplicity and utility. All the fud about muh verification times is retarded - for high amounts, it is the most efficient, fast, and (debatably) secure medium to transact value in the history of the world.

>absolutely nothing
index.heritage.org/military/2017/assessments/us-military-power/

The US have more firepower than everyone else combined.

buy high, sell low.

>and ridiculous simplicity and utility.
What utility? No one uses it as a currency and even if you tried you're paying $50 transaction fees.

AND gold has unique physical properties that make it highly desirable in the production of high quality technology. People only care more about gold year after year, and that's a trend that will NEVER cease while we have a organized civilization.

buy high, sell overdosing

What, Shlomo, Soros doesn't want to buy shekels from you anymore?

I'm always questioning why something needs to be backed by something.

If a rotten apple is lying in my garden and a idiot is willing to pay 10 bucks for it then who am i to deny the value of that apple?

Value should be determined by the demand of the people.

gold has intrinsic value as a metal with many unique applications
and beyond that it has value as a decorative element in countless luxury items

No, I didn't invest in gold but thank you for asking.

that's called carbon tax and you pay it already

Gold is a very special element because it has a great balance between heaviness and stability. It can only be produced in reactions involving huge amounts of energy, such as supernova explosions, in which subatomic particles create a little bit of gold (among other stuff). Since these explosions are rare in the universe, gold is also scarce everywhere you go (in the universe, i.e. you can't find a planet made of gold). On top of that it requires work to be mined and worked, and it has many useful physical proprieties. You could go to any intelligent life form anywhere in the universe at any point in time, and they would recognize gold, and they'd consider it valuable, and they'd be willing to trade it for products and services. Gold is literally the universal money and you're basically fucking retarded. Time to kill yourself queer.

Everyone else was doing it.

Gold mining is even worse.

Gold is used in electronics, which are used to mine your coins

This, also gold is the most inert metal, reacts with hardly anything. That's why you can find thousands of years old egyptian mummies with the gold still intact and in pristine condition.

It's backed by the greatest resources that ever were or ever will be: hopes and dreams.

So salty

>Infinite supply
>Way overvalued because it's already been infiltrated by hoarders
>Can't actually be used in the face of economic collapse unless you want to carry heavy ass gold bars everywhere

I invest in below 50m marketcap coins on etherdelta. Get on my level scrub.

I have bad news for you user.
You should burn all your bills.

That only means gold is worthless.

Poor Veeky Forums

Dollar is also backed by nothing.

OK, that was fun.

>You could go to any intelligent life form anywhere in the universe at any point in time, and they would recognize gold, and they'd consider it valuable, and they'd be willing to trade it for products and services. Gold is literally the universal money and you're basically fucking retarded.

Kek

You don't understand the utility of an immutable ledger or triple entry accounting, and you don't understand that the current transactional "problems" with bitcoin are insignificant and completely solvable. In spite of its difficulties with low value transactions, it remains the most efficient, cost effective, easy method to transact with high value, and the people who understand that (people with a lot of money and resources) will see it as an advantage for them over traditional banking. Sorry you have such limited imagination, bro. You should really work on that.

underrated

you could run the entire blockchain on a single gpu, if it was the only gpu running the system, the difficulty would be laughably low
blockchain isnt wasting electricity, its just so profitable that mining has spread all over the world in an arm's race - and this only improves security

dollar is backed by the US government
it also has practical application as you can actually use it to trade for goods and services

wrong. its backed by the hodling power of neckbeards worldwide

every code eventually breaks gpus, they are consumer products and not designed to run 24/7 for multiple years
its actually a miracle that gpus work as good as they do, much is thanks to whiny gamers being internet fud terrorists if they cant play game because of X

this forces the normie brain to rewire

Once you invest in something, it becomes backed by YOU and YOUR MONEY, numbnuts. Bitcoin is backed by millions of people and their real-life money.

anyone who still uses gold in electronics is retarded or selling it to retards
>muh gold audio connectors

Gold is second best conductor and doesn't corrode, that's why it's used in CPU and most computer components. You are the retard.

>Gold is second best conductor and doesn't corrode

And it is not used because cheaper alternatives provide much better cost/performance ratio you dumb fuck.

audiophiles need to hang from trees

Usd is backed by people using it
America doesn't invade for oil, they invade because nations moving from usd as reserve currency
Its literally the biggest Ponzi ever, and when people pull out they get bombed

>>Let's invest in something backed by absolutely nothing

>Why is Veeky Forums so retarded?

Still thinks fiat is backed by anything.

please explain how scarcity isn't a form of backing.

Yet most phones have around 0.001 oz of gold.