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Imagine sitting a till for 45 minutes waiting for your transaction to be included in a block so you can pay for your groceries but bitcoin crashes during that time and you have to spend eight times as much bitcoin as you did when you walked in the store.

Imagine being so fucking retarded as to think people will tolerate that and that bitcoin has a future.

Imagine sitting a till for 45 minutes waiting for your transaction to be included in a block so you can pay for your groceries but bitcoin crashes during that time and you have to spend eight times as much bitcoin as you did when you walked in the store. Imagine being so fucking retarded as to think people will tolerate that and that bitcoin has a future.

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[–] • 12 pts

Imagine sitting a till for 45 minutes waiting for your transaction to be included in a block so you can pay for your groceries but bitcoin crashes during that time and you have to spend eight times as much bitcoin as you did when you walked in the store.

Lol. You don't understand Bitcoin in the slightest

[–] • 2 pts

That's how the block chain works, you fucking retard. Unless you're using a third party intermediary, you are waiting for your transactions to get fit into blocks. If you're using a third party intermediary, then why are you bothering with bitcoin at all?

[–] • 2 pts

Tell me how private it is.

[–] • 1 pt

Lightening Network. Private, Instant, Cheap, Scalable. It solves bitcoins 4 biggest issues. It needs more time to mature, but its the future of money.

[–] • 3 pts

Is that before or after the encryption is broken?

[–] • 2 pts

Third party intermediary when the promise is zero trust. Bitcoin has no future because it doesn't solve any problems.

[–] • 1 pt

Tell me how the government doesn't own, control and create the other money?

[–] • 2 pts

Whataboutism. Dollars have their own problems, that doesn't make bitcoin any less shit.

[–] • 1 pt

Cash exists... Give the power to issue currency back to congress.

[–] • 11 pts

3 posts on the front page, shitting on crypto.

Let me guess, you bought high and couldn't afford it when it tanked recently?

[–] • 2 pts

No, rather than explain to one crypto fag why he's retarded, I can explain to every crypto fag on this site why they're fucking retarded.

[–] • 1 pt

Crypto is so yesterday. Get with the times, Grandpa. It's all about NFTs and buying right now while the price is low.

[–] • 0 pt

Oh man. You really showed us with these amazing memes. Clearly it's checkmate for you. Congrats. You destroyed crypto.

What will you do now that you've accomplished your goal?

[–] • 0 pt

I'm going gold prospecting, faggot. Hope you enjoyed getting fucking pwned.

[–] • 6 pts

The absurdity of investing in something that's only value lies in everyone finding a bigger idiot than themselves to buy it for more than they spent...for a really long string of characters. I just can't believe it's a thing.

[–] • 5 pts

It's value lies in the amount of energy it took to mine, just like gold.

[–] • 3 pts

It takes a lot of energy to smash a stick into splinters on a rock. It's not the effort that adds value, it is the product.

[–] • 1 pt

A censorship resistant bank that you can control yourself. A network that doesn't discriminate based on political or geographic locations.

There's a reason bitcoin went from fractions of a cent to tens of thousands of dollars. Just because you refuse to acknowledge the product doesn't mean it doesn't exist.

[–] • 0 pt

Ok so what can you do with gold?

[–] • 2 pts

except for the part you actually get the gold in the end

[–] • 1 pt

There's gold in the graphics cards that mine the bitcoin.

[–] • 0 pt

It sits in banks and vaults, where the kikes steal it and print IOU cards and promise to give you that gold one day.

[–] • 1 pt

Only difference is one has something to show for the work.

[–] • 0 pt

All the real estate and hardware purchased and the market manipulation on graphics cards not something tangible bitcoin has to show for it's work?

[–] • 2 pts

Read history. This is Dutch tulips l, with the added benefit of not being a flower.

Or Twitter stock

Or bre x stock.

It's a thing to buy low and sell high. Or whine about doing it backwards.

[–] • 0 pt

Just because you exploit it similarly does not make it the same thing.

[–] • 3 pts

Sorry you feel that way. All stores of value, subject to ups and downs. Literally all the same in any way that matters. That's how arbitrage works. The Dutch tulips craze is borderline perfect comparison for Bitcoin. Completely valueless. Until enough people change their mind. Then it's a roaring trade. Until people change their minds again.

[–] • 2 pts

I agree, but enough about the US dollar.

[–] • 0 pt

Dude, that is the best bitcoin/crypto breakdown i have ever read. Very well stated.

[–] • 4 pts (edited )

Weeeellll ... yeah, it's funny but, like everything is wrong with this. First, there is no such thing as a store of value. A store of value is an imaginary mechanism humans invented as part of figuring out how to exchange things of unequal measurement. If you want to trade potatoes for rock, how do you figure out the value of that?

The answer is that you realize that every human brain assigns a different value to everything around it. While it is difficult to assign value to trading potatoes for rocks between two people, when you realize everyone in the village assigns value to everything around them you can just use anything you want as currency. The easiest method of finding what would acceptable currency, you just find what everyone values and use that. If everyone values turds, you use that. If everyone values gold, you use that. But, you can actually just invent a medium of exchange. Pacific Islanders invented giant stones called Rai and west coast natives figured out that sea shells they mined from the ocean could be used as currency.

Fiat came into existence by proxy of gold, but frankly, fiat would have probably been invented via some other method like government bonds and similar anyway because gold is not portable and fiat is stupendously portable, can be doniminated in an infinite number of ways and everyone can invent their own fiat in order to use inflation to handle short term supply and demand problems (if they are the controller of the fiat supply, everyone downstream is fucked though). Fiat not being backed by gold is kinda irrelevant really, not because it's just fake monopoly money with no actual value, but because it is purely a psychological idea that a piece of paper can have value. Even gold doesn't have any value at all. If you have a gold bar and north america decimates it self over a weekend, how are you going to trade that gold? You are going to shave bits of gold off that bar and carry that shit around? Who are you going to trade that gold for when you need food and shelter now?

All currency and stores of value are fake. It's all make believe. Want to find out the real value of stuff? Wait until you have to bury your father or mother. You lower their casket, say your prayers and go back to their empty house or apartment and look around. When your mother and father are no longer there all of that stuff AUTOMATICALLY DIES WITH THEM. There is something about the things around us having a life only as long as we are alive, but when we are gone, walk into that room and fell the dead energy.

We are all playing make believe here, it's all bullshit. To the extent that anything could be a medium of exchange (store of value by proxy), crypto is as good as anything.

It is absurd how many people do not understand how any of this works. Just read the posts in this fucking thread.

[–] • 0 pt

That description quickly turned existential. As much as I loathe haggling, I can see a parallel economy based on bartering emerging soon. I suppose that would be considered a black market but I am not an economist.

[–] • 0 pt (edited )

If you can figure out how to solve the problem of co-incidence of wants, it is plausible. Maybe write an app and see if you can solve the problem. However, chances are you will just have to invent another medium of exchange (currency) because no one wants to carry potatoes around to exchange for chickens that they then exchange for apples in order to buy baby food.

People that talk about bartering do not comprehend how economics works and why bartering can only ever exist at the EXTREMELY EXTREMELY small end of trade quantities. You can't EVER even barter with your neighbour all the time because the amount of times that you will need potatoes and he need your shoes is like 0 during your entire life span.

Please think.

[–] • 0 pt

I agree with your post and was only thinking on a small scale within a community of like-minded individuals.

[–] • 3 pts

Cope and seethe.

Bitcoin and other crypto function as long term investments you wouldn't go shopping with a wallet full of bonds would you? Crypto is like that unless you were about to make a large purchase like a a fancy car, yacht, house, or a significant quantity of drugs, just because you can buy pizza with gold in dubai doesn't mean you should, same for bitcoin.

[–] • 1 pt

The long term value of bitcoin is zero. It will never be adopted because it's impractical. It is however good a separating money from idiots whom wish to get rich quick which is the only reason why it has any popularity. It's fucking hilarious watching these chumps defend them taking actual real money and getting literally nothing in return.

[–] • 0 pt

Buying cars with crypto is a shit deal because prices are marked up like crazy. I won't sell my car for less than 1.5 bitcoins, and I know I'll get it. Is my used car with 222,232 miles worth $56,000? Fuck no, but I know I'll get it, and after transfer fees and all that I know that's going to be like $46k but it's still $46k.

[–] • 2 pts

If someone gives you 1.5 Bitcoin for your car, and you can get 65k for the Bitcoin, then so can anyone else. If that happens than yes, your car is worth that much.

[–] • 0 pt

Why do you think used cars went up in price?

[–] • 2 pts
  1. You don't know what you're talking about
  2. When you pay with your CC do you actually believe the transition is done and closed? Because it's not
  3. Ever send someone money through the bank? It takes 5 business days or longer 3a. Compared to that 10 minutes is lightning fast
  4. The lighting network fixes this problem for bitcoin

I wish the idiots attacking Bitcoin weren't a bunch of fucking retards and had good criticism of bitcoin, because there are some. Instead it's this fucking garbage .

[–] • 1 pt

Every transaction noted, every transaction taxed. Bankers totally hate it!

[–] • 1 pt

1) I wrote a crypto miner. I could write my own crypto currency if I wanted. I've been programming longer than you've been alive. You don't know who your talking to 2) CC acts as an intermediary, one that already has the trust of the public because there is a finical system in place that is heavily regulated 3) It takes 3 business days to clear a transaction but you don't need to wait at the till for the transaction to clear. 4) an untrusted third party intermediary will fix EVERYTHING, LOL. Again bitcoin fails to deliver on it's promise.

You want to take a working finical system and replace it with crap. It will need all the same oversight and big players as before but it will have to be more complicated and it won't work as well. Fucking brilliant.

[–] • 0 pt

I could write my own crypto currency if I wanted

Of course you could, just clone the bitcoin repo, change the name, upload it to your own repo, and BAM - a new crypto was born. And that's the exact issue with your thought process. You think that would be the same thing as bitcoin. Bitcoin is not only the code. Its the idea that was launched in a fair way that cannot be replicated by simply cloning the repo and changing the name. Its the network that's built around it. Its the trust that has been earned over a decade of attacks.

https://armantheparman.com/why-bitcoin-only/

https://www.bitrawr.com/bitcoin-maximalism-explained

an untrusted third party intermediary will fix EVERYTHING

Its not an untrusted third party - its Math, Design, and Game Theory.

I look forward to reading your comments where you double down on your theories while a gallon of milk costs $600 and bitcoin is valued at $1M USD.

[–] • 2 pts

What the fuck are you talking about? God, just admit you got pwned and shutup.

[–] • 2 pts

The "news" was doing a story on bitcoin the other day, interviewing a woman who "spends 10 hours a day researching it".

[–] • 1 pt

But, really, who can put a price on helping the Alphabet Soup Agencies to defeat your encryption?

[–] • 1 pt

The blockchain has a future. But not as a general nationwide currency. And not as a store of value. But very well to trade with underlying assets that are a store of value.

Bitcoin could not replace the traditional role of gold, which was capital transactions. It can’t replace the traditional role of silver, which was retail transactions.

[–] [deleted] • 0 pt

Man i look forward to that crash so that gpus will be cheap again.

[–] • 0 pt

When Bitcoin is no longer relevant, there will be another "thing" unless crypto as a concept goes away, the bastards will probably find a way to use HD space and then SSD will go through the roof instead of graphics cards

[–] • 0 pt

Imagine buying something for a dollar. And other people are suing to pay ten dollars for it, because they Do believe that nonsense.

What sorta dumbass thinks it's stupid to profit from this?

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