smilingninja
149812
2425
57
Oh if only they knew
Nov 12, 2017 11:29 AM
smilingninja
149812
2425
57
Oh if only they knew
Isorikk
Dumb bitch giving away digital diamonds
lcranston1930
This joke must be from the future when the bubble pops. I remember hearing it about Enron in the 15 yrs ago.
CustardPies
Back when bitcoin wasn't worth much a guy paid another guy about $40 in bitcoin for some pizzas. Those pizzas today would cost 40 million
mrNobody1337
As someone who once threw away a wallet with 700 bitcoins, I feel the pain
TheGreenHornet
So, you can cash out a single Bitcoin and get a cheque in the mail for 6g?
sarcasticresponse
katseiko
I got 4 bitcoins about 6 years ago. I invested 50 Euros at the time. I just bought a new car..
Cataleast
Until I can pay my bloody rent and buy groceries with Bitcoin, it's worthless to me.
XequR
I love this dude https://www.youtube.com/watch?v=pOwlfJd2r-g
Halbeard
You mean this gem from last week when it was posted?
stealyerfacerightoffyerhead
I made a few hundred. It’s more like a fun game, not really a long term investment.
ghxstmountain
lol
Lowlsqwid
My friend bought like 130 or so from when they were under a dollar
omglolbah
Mined a bunch early on.. then swapped the 30ish I had for I think a WoW expansion copy? Me salty? Noooo, not at all... not a smidge.
CirclejerqueDuSoleil
Damn. That's like 16 times the US GDP per capita.
orangechrusch
Please tell me he didn't buy a pizza with them
Lowlsqwid
He’s planning on selling them once they reach about 5000 or so. Then going on to some other coin
ThatDarnBandit
They reached that months ago?
Lowlsqwid
He said he’s waiting for some price I forgot
ghxstmountain
jesus this comment section is bad, is this really how uneducated the general populous is on crypto currencies.. fuck me
Kuchiri
I saw Ryan, Greg, and Jeff live last week. I twas awesome.
SickOfThisCessPool
Aye, 'twas awesome.
whotheFUCKletthedogsout
We’re glad you have so much confidence in yourself.
OliverClothesoff70
Where are/were they performing?
Kuchiri
Whose Live Anyways. It's their live show.
RedTree6767
In Bloomington? We went to that one
Kuchiri
We violated the Subway motto. 'Shouldn't put that in your mouth.'
Appel99
Without faith, a dollar is worth nothing.
ForgotMyOtherAcct
While true, Bitcoin doesn't really have any reason to have faith in it's value. I have faith that most countries will continue to exist and
ForgotMyOtherAcct
Accept their currencies a few years from now.
godofboredum
There is reason to have faith in it's value. It is the same as any currency, except its inflation has a much more natural progression (1)
godofboredum
of inflation and won't be diminished bad governmental policies. (2)
ForgotMyOtherAcct
What do you mean by natural inflation progression? And it's true that it's less likely to drop in value as a result of government policy,
ForgotMyOtherAcct
Unless that policy somehow restricts it's use - although that's kind of cheating, it probably would reduce value. At the same time,
Stuey1221
Is that British dude still routing through the dump to find a USB stick?
Stuey1221
For reference... https://www.theguardian.com/technology/2013/nov/27/hard-drive-bitcoin-landfill-site
merlinious
Thats over $45 million today
Stuey1221
Damn
neospor1n
probably even more so now...he was doing that a while ago and now its worth a buttload more (i know, i filled my butt with the amount)
Stuey1221
Love or shoved it in dry?
neospor1n
you cant spell anal rape, without gape.....wait nevermind
Stuey1221
Do you put the ‘the’ in Psychotherapist?
PuddingIsAmazing
how do I acquire a single bitcoin? just one, all I want
ghxstmountain
coinbase.com
ISeeYouvePlayedKnifeySpooneyBefore
1 Bitcoin = about 6000 USD, so if you have that kind of cash lying around
PuddingIsAmazing
then whats bitcoin mining? just a machine playing the stock market?
LavaAxe
Using your computer to solve the validate the blockchain. You'd probably spend more on electricity than the value of 1 bc to get one mining.
PuddingIsAmazing
validate the blockchain? I'm sorry I don't understand a word you said
LavaAxe
It's an algorithm that requires calculative power (processors) to run through. The results validate the currency and as reward you get coins
pentagoninformation
Bitcoin a commodity without use value, backed by nothing, regulated by no one, allowing people to buy drugs, guns, and hookers anonymously
Cataleast
First part is debatable, but the rest are pretty much true.
ashipthatshipsshippingships
I'm not seeing the problem here
GhostlyWhale
If I can't buy a coffee with it, it doesnt mean shit
captainmojojojo
Yes, it simply is a waste of energy. Mining contributes nothing back to society except wasted energy. It has innovative ideas but that's it
StandardDeviant
You think being able to buy drugs, guns, and hookers anonymously isn't use value?
Actinius
Just like regular money
dannakala
Regular money is backed by the government that issues it.
Actinius
And bitcoin is backed by the the algorithms which govern it's expansion. Both of those things are equally intangible
dannakala
Sure you can't touch it but fiat is undeniably backed by something. You can legally discharge all US debts using US fiat. Not so with BTC
Actinius
1. It isn't backed by anything that's the whole point of modern currency. Currency backed by a physical thing is unstable. The only
Batmanfondlesme
Exactly. Our money isn't backed by anything but the belief in it's value.
pentagoninformation
Mrman1988
And valued at close to $2000 per. If people trade at that value, then that is its value
pentagoninformation
per what?
CirclejerqueDuSoleil
Per 1 BTC
pentagoninformation
per imaginary unit?
merlinious
All currency is imaginary units. The US dollar stopped being backed by gold decades ago
CirclejerqueDuSoleil
1 BTC ≈ 6270.01 USD, currently
RealCameleer
Atleast 10
norab7
about $50,000 now..
Memes4Cheap
was close to 7500 last week
Kirby9890
wtf it was 2000ish at the start of the year
TheDoctorAzAJ
They were 30c when I first bought them...:(
Kirby9890
That's before I first heard about bitcoin, but I remember thinking pfft. 1BTC for $16? nahhh online virtual currency will never take off
TheS4ndm4n
And 7400 a week ago...
CirclejerqueDuSoleil
Update: currently ~ 9990.77 USD
BigHeadWeb
How many Schrute Bucks is that?
CirclejerqueDuSoleil
According to Dunderpedia, 1 DSB = 0.0001 USD. So, 1 USD = 10,000 DSB. By simple multiplication, 1 BTC ≈ 62,700,100 DSB.
CirclejerqueDuSoleil
Also, as 1,000 DSB = 5 extra minutes of lunch break, 1 BTC ≈ 313,500.5 LBM.
rightinthekisser
What will they do? Crash at one point?
ForgotMyOtherAcct
It's a stock like any other, without ties to any kind of dividend. Eventually either people will get tired of the gimmick and it will crash,
ForgotMyOtherAcct
Or it will stabilize. Where that stabilizing would be I can't say.
wheeeeeeeeeeee
Boop
fitlex
They crash all the time
PTKrieg
In theory, they've got a shelf life. When/if quantum computing goes live, Bitcoin's encryption could be in deep shit.
paradoxagon
quantum would improve the vault, not just the lock picking tools
iamthemadz
And falling. They were ~7600 three days ago.
yumyums
But how much is that in chicken nuggets?
TanFlo
Many nuggets, at least a bathtub full
CirclejerqueDuSoleil
13,960 McNuggets (10-piece), 25,080 McNuggets (20-piece), or 27,897 McNuggets (40-piece)
FireRoastedFire
You've done us a great service this day.
CirclejerqueDuSoleil
I like cryptocurrency and I like McNuggets
houseofnifty
Bitcoin has always been a stupid investment, which is why its infuriating how much you could have made on it
joukeH
Why?
OmnipotentCthulu
It has been a fairly decent investment if you just looked at how much it would be used for black market deals. Otherwise its pointless
TielKiri
How can there possibly be a black market for it? It's transfers are requiredly public
Hotmailcompany52
The transfers are pubic but you dont know whos transfering the money and you dont know the reciever.
Hotmailcompany52
fuck I meant public rather than pubic
omglolbah
Exactly.. never expected it to go anywhere so swapped my 30 coins for a WoW expansion copy. Sadness...
JaceSpicer
you were sitting on approximately 183k and you didnt even know it.
igivetheinternets
WoW expansions have gotten crazy expensive
houseofnifty
I could go on for an hour about why its the stupidest shit. Its like a commodity whos value is derived purely from greed.
TDmac
I thought this was a Bitcoin discussion, why are you referencing the dollar?
manimatr0n
We'll all be waiting forever on exactly how it's different from fiat currency.
houseofnifty
It doesn't cost me $7 and one hour to spend a five dollar bill.
CirclejerqueDuSoleil
It would if you were in an area that does not regularly trade USD
igivetheinternets
You mean money?
houseofnifty
Yeah, except without the backing of some of the most powerful entities on the planet
joukeH
That's the feature :)
godofboredum
It doesn't need the backing though, and it's inflation is much more stable than what many governments can achieve.
Qure
Bitcoin is the most raised stock out there, some people are filthy rich if they invested at the right time.
bud467
My dad never listened to me when i was in highschool about it and the other dau he told me about this think called "bitcoin" i facepalmed
InnsmouthTourist
It was also spearheaded by the craziest of Libertarians, filled with scams from one end to the other, and more than a few other issues
Patches3000
Ah yes, another get rich quick scheme. On par with ponzi schemes
ugglorimossen
That chart is outdated, more like 6-7k now.
ugglorimossen
Weird, it said the right date, but the price is way low.
Dignato
I had the opportunity to buy 100 of the things when they were about $28 each.
Dignato
As you can imagine I feel like a fucking moron right now.
Mrflufikins
My friend made like $4k
nclu
Somewhere I have an old hard drive with a couple coins. Have not been able to find it.
Splittmark
Why would you let them get misplaced. I heard they can only make so many
nclu
In the very early days you could generate and trade for near free. I was a CS student at the time. Set up a miner, got a couple to try out.
Skizzlesnap
It’s not so much investing at the right time it’s divesting at the right time.
iclearlyhavetissues
One could say it’s digesting at the right time. But don’t ask me, I’m just fat.
OhPieceOfCandy
Yeap, they're only rich if they were able to actually sell these things.
Jastaxor
One guy bought a Lamborghini with bitcoin recently.
potshot
Bitcoin is usable currency especially online, and it's easy to sell right now.
AgamemnonsMemes
Good luck cashing them though. China is already banning trading, Russia will be next. If you try and cash out any significant amount 1/2
shutupvote
There’s quite a few cards out nowadays to just spend it no problem.
ihateimgurffs
Bitcoin ATMs.
IfAnyoneFindsOutKillMe
Actually not hard at all. If no one could sell it, there would be no supply and it would fail. This is just banks trying to scare people.
mijo
Vietnam is making it illegal, but their fine is pathetic
AgamemnonsMemes
in somewhere like the US they will likely freeze it till you prove its legit and so you can only trade it which makes it inherently less 1/3
MoepsDump
You don't need to "cach out" though. You can just buy products with it. Take a look at Open Bazaar, a decentralised online shop software.
AgamemnonsMemes
worthwhile as the market shrinks. If you have any i'd drop it now, if you can and also i don't know how paging numbers works Y/Potato
ghxstmountain
found the retard. advising ppl to cash out there btc smh, luddite
Jackstraw207
This last part made me breath a bit harder out of my nose.
FireRoastedFire
Hop on that train while it lasts. Bitcoin is great right now, until people realize it has no fiscal backing and becomes worthless.
mynameisfatmike
The backing is in the value of the distributed system infrastructure and blockchain technology.
PTKrieg
Wasn't the 'no fiscal backing' thing part of the appeal? People taken in by the romance of a government-free currency?
Muad
Isn't it sort of backed by the illegal drug industry? I would assume they own a whole bunch of it and would lose a lot if the value fell.
IHateApostrophes
You mean just like real money?
superbob201
Bitcoin is 'backed' by ransomware
Jekkies
I feel like someone said this exact same thing in 2013. And 2014. And 20...
FireRoastedFire
Well, yeah. As long as it's traded among the few that consider it valuable, it's valuable. But you can't spend it...
DrSparken
It can have value from the people you can sell real money to to buy it off, but that doesn't mean it can be used widely; if you bought 1/
DrSparken
1000 BTC for $10 near the start, it doesn't matter that that's now $6m if you can't find people who'll sell you $6m for it straight out. 2/2
Sticklebrickk
Gotta have money first
BaNaNaNaNaNaNaNaNaNaNaNaNaNaNaNaBATMAN
No, not really. You could've invested $10 in 2010 and have $62000 today.
flapperfemmefatale
$10 is a lot of money for someone who is broke. That's like a week's worth of gas for me
BaNaNaNaNaNaNaNaNaNaNaNaNaNaNaNaBATMAN
Yeah if you're broke, you're not gonna do any investing. I'm just saying you don't need to be rich either.
flapperfemmefatale
I'm kinda used to living on $20k so anything more than that certainly seems rich to me
Sticklebrickk
Which fuckin bank do you go to!?
BaNaNaNaNaNaNaNaNaNaNaNaNaNaNaNaBATMAN
No bank. Bitcoin.
Sticklebrickk
If I remember correctly, you had to buy an entire Bitcoin for around 160$, not just a partial like today. Also, I was 17.
TheGoodKingOfImgur
It's not a stock it's more like the forex market
ForgotMyOtherAcct
For discussions on imgurs sake, there's not enough of a difference to devote precious characters to it
UWAGAGABLAGABLAGABA
True, but like 99% of people on here probably don't know what that is.
TheGoodKingOfImgur
Yeah good point
SpaceballstheThrowawayAccount
I don't believe that's the case in the US though, I seem to recall a ruling that it was taxable as though it were stock by the IRS.
TheGoodKingOfImgur
That may be so, but it's still not a stock in the sense that you're not buying equity you're buying a currency that you hope will appreciate
SpaceballstheThrowawayAccount
True. Depends on which lens you look at it, I suppose. Economist or taxation. Or "mystical electric money", as my grandpa might've called it
Muttons1337
So like buying and trading intangible gold/silver?
TheGoodKingOfImgur
Kind of, except it's not physical. And gold/silver aren't typically used as a means of exchange anymore. But as far as investment vehicles
BaNaNaNaNaNaNaNaNaNaNaNaNaNaNaNaBATMAN
That's an old pic, it's worth 3 times as much now at about $6200/BTC. Also it's a logarithmic scale so it looks less impressive than it is.
iamthemadz
Was worth $7600 two days ago. It fell to ~$5800 last night. Crashed essentially because of a cancelled "Windows update" (not literally).
ScrewMyVacationPlansIGuess
I’m from the future, it’s peaked at 19k
nnnnnnnnnnnnnnnnnnnnm
I bought 3 bitcoin at 13 dollars each back in 2003.
TheBlackKaiser
When did you sell?
nnnnnnnnnnnnnnnnnnnnm
Sadly like when they hit 20$ I kick myself for nit getting more :/
hfactor
Bitcoin came into existence in 2009.
orangechrusch
Not sure why the Y axis says 2000 as the X axis definitely says this isnt that old. A graph with linear scale is pretty impressive tho
magichal
It's above the 2k line, and the next line up is 10k.
BaNaNaNaNaNaNaNaNaNaNaNaNaNaNaNaBATMAN
Price was less than $2000 as late as May this year, it's just that the increase has been so much over the months since that.
orangechrusch
Oh damn, I missed the boat then. Do you think it's value will continue to grow at the rate it's been at? Some think its days are numbered
BaNaNaNaNaNaNaNaNaNaNaNaNaNaNaNaBATMAN
Impossible to say, and the answer depends on who you ask. All I know is that I've been dumbfounded by the value increase many times.