Incase you're disabled, we're in a beanie baby situation. I know all of you were litterally not even born when that shit went down so let me explain what happened
>each beanie baby finite like most cryptos are - they make about 1,000 or 10,000 of each >investors see it as a opportunity to flip for cash in 3 years to the "Collector market" >they buy litterally $20k worth of beanie babies at a time >beanie babies stop being made for a year >investors get cold feet from stagnant market >some investors try to cash out >SPOILER: the only people wanting to buy these investment teddy bears are other investors, and that this collector market is way smaller than the investor market >in a mad rush to cash out and cut their losses sellers keep undercutting other sellers >people see the downward trend and won't buy realizing it's a bag >it keeps going down >within a week most beanie babies are at/below MSRP >the only thing saving it from crashing to 0 is that it has a use as a toy
So lets examine the things cryptos and beanie babies have in common;
>finite resource makes it alluring - check (apart from XRP kek) >popular, hyped "investment opportunity" fad - check >little to no use case past being an "investment" - check >normies (aka poor people) think its a get rich quick scheme - check
Investments are tied to what it does - Houses are a fucking house, companies make shit and provide services, physical elements like gold are, well, gold. Crypto is used for what? Buying items on some meme browser games? LOL
In 2018 people are going to cash out of this wild ride, and only the top 5 will remain even semi relevant - we have already experienced the total market ATH.
Awesome, amazing, beautiful. Now compare cryptocurrencies to tulips.
There are those still hanging on to the dream after it's been dead so many years.
This ad is still active on the internet as of last week.
I can't wait to see $35k BTC sell orders in 2025 when BTC is $500
So you are saying to hold, good call.
People are rebuilding the entire internet to be decentralized, censorship resistant, and completely redesigning the economics of networks with extraordinary efficiencies.
Check out steemit.com
There are no owners, there are no servers, pages are delivered peer to peer. They have no costs. This creates a new economy in this social network. Not only do they not have to serve ads, they are able to reward users with internal currency for network participation and value.
Expect the entire internet to be rebuilt.
I've also considered doing the math to find out how many transactions could be processed before the entire worlds electricity is needed to to supply the miners verifying transactions.
When divided by the number of people in the world, I bet the number will be lower than people thing.
So in some dystopian future, people will need to chose if they want to use their last allowable transaction for the year on a loaf of bread or paying the rent.
The bottom line... cryptos as a currency is such a poorly thought out idea, I'm surprised they've got so many suckers to buy into it.
>There are no owners, there are no servers, pages are delivered peer to peer. They have no costs.
So who's paying for all that bandwidth and electricity?
>Expect the entire Internet to be rebuilt (On EOS, coded by the guy who built Steem)
OP is smarter than Google co-founder Eric Schmidt and the reddit co-founder who just left to work on distributed ledger and smart contract technology which he thinks will become the new Internet.
OP actually thinks smart contracts and distributed immutable ledgers have no use cases.
Oh the popular immutable ledger argument.
As if that matters in the slightest in most cases.
Question: who cares if they can prove that they bought a big mac 3 years ago? And is it so important that this fact needs to be preserved by society forever?
Nice tarot deck/crystal ball you got there, faggot
And whose idea was it to market a system where every transaction is public knowledge to people paranoid about anonymity?
inb4: they can't be traced because they are using address and cryptography....
... I would direct your attention to "Room 641A"
>someone posts "eth $10,000 EOY" >every pajeet nods in agreement and jerks their 2in brown cock in a circle on to a drawing of Satoshi >someone says crypto is over valued in a bubble >pajeet posts "Nice tarot deck/crystal ball you got there, faggot"
its called proof of stake brainlet
>another thread comparing crypto to something else without actually understanding it at all beyond "its money on computer"
>never stated that it's "computer money" >stated that it's A: (mostly) finite B: overvalued
OP your entire argument is based on a false comparison. Unless a couple we’ll developed and implemented beanie babies end up being revolutionary enormous tech companies. Space X was just a quadruple fucking failure until it actually worked for everyone and then it instantly got a 1.6 B contract. Kek.
>On EOS exactly
When you are accessing the website you are also serving pages to others. Peer to peer
This is hands down the stupidest shit I have ever heard. 10/10 quality shitpost.
Crypto is used for what? Buying items on some meme browser games? LOL
Yes, because @ $5000 per bitcoin electrical use, it was a genius idea to set up a currency that requires the entire world's electrical output to be usable worldwide.
Cool except Beanie Babies have no intrinsic value and crypto currencies are based on innovative technologies that solve problems.
The kids on Veeky Forums probably got into coins via pogs
>physical objects have no inherent value
This is the state of Veeky Forums
I mean, who WOULDN'T want to build a world economic system on a currency where transactions take 10 minutes to verify; and where you can't do business if the internet goes down.
yeah and lets also use this system to serve websites to people peer to peer xddddddddddddddddddddddddddddddddd
we'll pay the people working at the power plant to power this system by serving them buzzfeed pages xdddddddddddddddd
Pic of Engadget signing up for Steemit
"I'll guess we will register this twitter handle thingy"
Ya, right. Except for at least a few problems...
1. Anyone in the world can use the technology without needing to use bitcoin. Why would anyone want to use bitcoin when they can use the tech for free?
>work being done.
2. If I hire someone in the morning to dig a hole, and then hire someone in the afternoon to fill the hole in; and then do that every day for a week, I guess you COULD say that work was done, but it would still be valueless.
he said proof of stake you paid shill. maybe update your handbooks or something because its pretty obvious you don't have any fucking clue about crypto so why the fuck are you here?
I do all my shilling for free.
I enjoy twerking the nose of the coiners who are foolish enough to think they can reinvent the world in a way that they get rich for nothing.
But that's OK. Some day you can bounce your grandchild on your knee, show them a dusty hardware wallet, and tell them about the time you thought you were rich.
how is it getting rich for nothing if you work hard, save up money, take a risk, make an investment, etc..??
It would be easier not to do all this you know
you do at least understand that nearly all of biggest projects in crypto do not require mining or the waste of electricity... right?
But here's the dirty little secret you're not supposed to say out loud....
.. almost none of the coiners really believe that the system is going to work, or that the coins are going to last.
Instead, they are playing the bigger fool theory. They are cheering about how wonderful it is because their goal is to make their money and sell their coin off to the next sucker in line.
They know it's a scam, but as long as they get theirs, that's all that matters.
But the funny thing with the bigger fool theory.... you eventually run out of fools. And today's internet zillionare can turn into tomorrow's bag holder a lot faster than people think.
Every generation has their get-rich-quick scheme. This isn't a new idea. They all end the same way.
beanie babies do not scale or have a multiple billion/trillion international market cap
This kind of post tells me that we are still heading up. All this uncertainty is alreadg built into the price
>some pajeet posts a dime a dozen unsubstantiated prediction >gets butthurt when called out and posts a greentext response
Sure you do, that's why you're here so concerned for us coiners... Either way, maybe learn about this shit before you think you know all about it because you're a clueless loudmouth faggot.
I've never heard this theory before.
Fuck off boomer and kill yourself. Your pension will soon be worthless
I have no problem with the tech. Block chain and smart contracts have a few interesting, if limited uses.
My problem is with cryptocurrencies, which are a ponzi scheme and bubble by every classical definition.
aww shit I had one of those michael jordan pogs
Blockchain and cryptocurrencies are inseparable.
If you disagree, then you don't understand either.
>physical elements like gold are, well, gold. Cryptocurrencies like bitcoin are, well, bitcoin.
You know how much money gets spent on property title insurance and how an immutable ledger can completely remove the need for that right?
They aren't if you do away with the crazy miner / PoW system.
But then, you wouldn't be all anti-government edgy
This is what I'm talking about grandpa. You need to learn wtf you're talking about hahaha. You can't have one without the other or it is pointless.
OK, give it your best shot. Explain to me why you can't have one without the other.
But warning... your system is terribly flawed, which i will point out as soon as you explain your way into a box.
Blockchains need nodes. Nodes require people to run them. People need an incentive. Cryptocurrencies are the incentive. Without cryptocurrencies you have a centralized database.
do you have a critique of a distributed proof of stake?
na na na na you said you can do it, you explain how.
There is no financial incentive to secure a blockchain without a cryptocurrency. Full stop.
Again, you clearly don't understand the underlying technology behind any of this so you should probably stop posting
>there are people reading this thread RIGHT NOW that didn't cash out before the January dip >there are people reading this thread RIGHT NOW that bought eth/btc at all time high and are still holding >there are people reading this thread RIGHT NOW that unironically think thier shitcoins and alts will survive the crypto holocaust >there are people reading this thread RIGHT NOW that maxed out credit cards to invest in to BTC and are holding on for the wild ride down to $500/piece
>Anyone in the world can use the technology without needing to use bitcoin. Why would anyone want to use bitcoin when they can use the tech for free? Why do you people get this from? I simply don't understand where this comes from. Please explain to me why a miner/node would run the network?
explain it to them user, am interested to hear this
this. concise and accurate.
And yet he has nothing.
Cryptocurrency is inseperable from blockchain and he has no response to this.
A blockchain used by an insurance company but not backed up by a cryptocurrency would soon find itself subject to 51% attacks from malicious actors looking to double spend and modify transactions.
You don't even know what proof of stake is, do you? Stay poor retard
[Performance] -Ripple consistently handles 1,500 transactions per second, 24x7. -Payment channels can process 10s of 1000s of transactions per second.
. [Cost] -A standard transaction costs just 0.00001 XRP. -The cost is not paid to any party: it's irrevocably destroyed.
. [Real-world use] -5 institusions are currently using XRP (MoneyGram, Cuallix, FlashFX, IDT and MercuryFX). -Many banks are currently using xCurrent. Since xRapid is cheaper (saves up to 60%) and provides final settlement, they are likely to transition to it. -Bichip will use XRP in its RFID chips. -A w3c standard that Ripple helped develop (and was demo'd by Microsoft) will be available in all major browsers, it'll facilitate paying with XRP.
. [Economics] -The supply is fixed. -Unlike Bitcoin, there's no inflation. Bitcoin uses PoW which relies on inflation and/or high fees. Bitcoin requires $18M of net new $ flowing in just to maintain the price!!
. [Security] -Unlike Bitcoin, double-spending isn't possible. Bitmain (a Chinese company) can rollback Bitcoin's chain and bunkrupt the whole ecosystem. -An attack could only stop new transactions temporarily. Participants would simply remove bad participants from their list
. [Decentralisation] -Each participant can run a validator and use his own list of validators. -validators role is to agree on an order for new transactions -10s of reputable public & private entities around the world are currently running validators (e.g., Microsoft, MIT, CGI, WorldLink, Bahnhof,..) -Consensus for the order of new transactions requires a supermajority of 80%
. [Incentives] -XRP is a revenue source for Ripple Labs. This aligns its incentives with XRP hodlers. It uses the revenue to improve the tech and expand XRP's marketshare. -Ripple Labs share is locked in 55 batches on the network. Only one batch can be unlocked per month. It would take them 5 years to unlock them all. XRP is sold only to long term investors (i.e., they can't dump).
Nice shill kit just went all in see you at $0.05 per!!!!!! HODL!!!!!!!!!
yeah he's fucked off.. i hear this a fair bit though that blockchain is good the currencies are not, usually from people who basically know nothing, but i'm still not entirely sure if it's just confused parroting from when companies were saying they were interested in blockchain not bit coins or if there is more to it
>who WOULDN'T want to build a world economic system on a currency where transactions take 10 minutes to verify better than the week it takes to send money across the world
>and where you can't do business if the internet goes down can you get any money out of an atm if the banks servers are down?
This poor fucking boomer was posting here last night. He was comparing us to hippies who wanted to change the world with love. Did you not listen to my arguments, boomer?
We don't intend to scam people. We are interested in tokenized protocol equity with real world value. Not exactly the same thing as fucking burning man.
Smart contracts could very well transact trillions of dollars in 10 years. Does it really hurt to make a small speculative investment while the market cap (a figure that massively overestimates total investment) is smaller than apple?
At least come up with some new arguments as to why smart contracts are useless.
Go home, grandpa. This isn't meant for you.
>Beanie babies >the only thing saving it from crashing to 0 is that it has a use as a toy
>Monero >The only thing saving it from crashing to 0 is that it can buy drugs, counterfits, hitmen, and prostitutes
looks like I found the best crypto boys
OP doesn't understand the significance of complexity in irrational, purely speculative markets. Scarcity itself is rarely the driver.
Literally the only currency used as a currency kek
>BTC is the only crypto I'm sorry for you brainlet
you dont see the difference in a public digital ledger and internet based currency with more freedom and security than the banking system VS tulip mania over stuffed toys and a collectors market?
So when are we going to have crypto with INSTANT transactions?
It seems that's the only way this will catch on
Is it possible?
>when you are too stupid to see the difference between an idiotic collectible fad and a disruptive tech that requires a publicly incentivized network and has the potential to automate a fuckton of jobs and obsolete most bureaucratic institutions.
>potential >no use case >being too autistic to understand that an analogy is not an equation
this why I already made my money and you're still scrambling to buy a house
No it's not possible because your transaction has to propagate. 150ms is pretty much a minimum.
There are plans for 0.5 sec blocks in ethereum after full PoS, that's pretty much close to maximum.
Don't listen to BCH fags with 0-conf bullshit, it's proven not to work. Funnily enough these retards believe their own propaganda and are starting to accept 0-conf for things. Only a matter of time before it's something that's easily resellable and can't be reversed, at which point fun starts.
Oh, is it LARP time? Okay, I'll play. Dude, I have like three mansions, an aircraft carrier full of lambos and a private hunting reserve where I hunt retarded FUDster pajeets like OP for fun. You should have gotten when I did, in 1954 (by the way, I'm the creator of bitcorn, Msungba Michirola, bcash was so cash), LMAOing at your life latecomer, I already made more money than you can dream of.
Happy now? Now clean your room for fucks sake, your mom can't even bring you your tendies with all those cum encrusted tissues covering the floor.
good bait, honestly ANyways, who gives a fuck you cunt. So many people got jewed into crypto that it won't die now. Way too many people thinking they can buy All time high BTC and alts and become a millionair If you are half decent at trading and looking at trends, you can milk them. You damn no coiner, you have no argument against that
>He thinks a 30 y/o owning a house is LARP >his financial prospects are that poor
Ever hear of the Afghanistan campaign? Felt good betting dollars on the lives of jugheads like you to make my future ;)
Everything you say is true but I think I have another year to get filthy rich from deluded anons who buy high sell low.
Well I got through reading /pol/ proud brothers fight ANTIFA videos on youtube.
youtube.com/watch?v=Auv9Gnn7fyo Well usually I stop by Veeky Forums to look for FUD looking posts like Tulips or Beanie babies etc for a contrarian market indicator to start buying. I'm guessing next ATH is probably in 2 months.
Guess i'm going to go check out /x/ for any unique leaks take care Veeky Forums!
I already got a car out of this bubble so now I'm just standing by with the popcorn at the ready for when all these investors try to cash out and, spoiler, since these tokens have no intrinsic value no one except investors (who are currently shorting) want to buy them.
nah they experience stockholm syndrome while owning crypto, >enter to make money >stay cuz they believed the bs.
You just imagine a story about the people who reply to you and run with it. Fucking idiot.
I mean, you're the one that found me owning a property at 30 to be "larp"
That really, really says a lot about you, that you find that to be so utterly unbelievable that you make a autistic larp yourself.
Here's my recommendation; purt all your money in to bitcoin. please ;)
>15 posts by this ID Lel. You are right, owning a house is not difficult. Someone desperate enough to make such an effort ad FUDding though certainly can't afford a house. Well, maybe in India. So yeah, you are larping, Pajeet.
hello sir i bot btc in dec almost two month ago pls time travel back sir
It's almost like it's really easy to trigger poor 14-25 year old white American boys that feel uneasy about their financial situation.
You're only posting out of a sense of inadequacy because after realizing you'll never be able to aspire to more than $50k/y
>This poor fucking boomer was posting here last night. He was comparing us to hippies who wanted to change the world with love. Did you not listen to my arguments, boomer?
he was right
Not me but I'm glad he triggered you enough for you to screenshot his posts just in case he ever came back to redpill you
>16 posts by this ID Top kek. Also apply yourself at demographic profiling, retard. You haven't even gotten a single category right.
So you're not white? Ok, filtering you now.
A boomer filtering others. Reminds me of something...
Most of what he's saying is wrong but he's right that that blockchain has value but crypto has no value past other people bidding eachother up. The hippy thing makes no sense. He types like a faggot though spacing everything a million miles apart.
It proves that limited supply doesn't prevent a commodity from decreasing in value and prices solely driven by speculation aren't sustainable.
>The hippy thing both the hippies and the coiners believe in a decentralized future where they take back power from the evil institutions,
I never really got in to the hippy thing - before my time, plus I'm white and not poor so why would i care about poor losers smoking pot under a bridge
>poor losers smoking pot under a bridge >poor losers coding in their parent's basement times change, people don't
>hippies >the most hedonistic group ever >being useful and productive to society >spending 10,000 hours to master a skill like programming
Most cryptocoders don't give a shit about the efficiency of crypto, they are in it for the ideal of taking down the man