Bitcoin conspiracy

Discussion in 'General Chat' started by SuperSonic, Dec 7, 2017.

  1. hi, I just realised why bitcoin is being thrown around and promoted by the media. They want to popularise the idea of a digital only currency so they can do away with paper money and therefore , control and regulate all transactions.

    Who thinks this is the plan?
     
  2. h̷̛̺͕͖̜̹̳̉̃̾͌̒̿̾͋͛̍̌̇̃̔̓̀̍̂͒̒̈́̈̎̚̕̕̚͜e̷̡̛͉̱̘̱̤͔̩͚͈̦̰͉̒̋̿̈́̏̋͑̌̔͘ͅͅ ̶̡̛̖̮̮̯̞̋͆͒̓̑͐͛̏̿̉̅̾̅͊̔̀̈͌̆̋͊̂̊̚̚k̶̢̰̰͕͔̜̹͉͖̰̪͚̗̗̝̼̟̖̭͉̯̳͚̞͙͖̺̮̏̇̏̐̓̾̀̎̆̄̒̊͋̌̚͘͜͜͜ͅñ̷̨̧̧̢̨̧̧̡̢͇̻̣͖̖̻͍͙͇͖͔̤͓̠̅̎̿̆̊̔͑̚̚ͅờ̴̼̠͔͎͓̣̝͓̗̱̼̥̋̃̈́͊̈́̋̌͗̐͌̅̃̅̉͜͝͝͝͝͝w̷̢̡̛̠̝̙̫̮̹̼͉͕͙̹̺͎̗͕̜̟͙̣̻͇̲̙͇̎̉̏̇̾̈́̊̽̉͑̍͐̈́̽̈́͒̇̈́́̅̀͆̃͝͝͝s̴͈̯̘̝̯̯̤̗̪͉̭̤̣͈͓̪͎͍̼͐̅̏͜͠ ̵̡̡̧̨̨̡̢̛̹̺̠̤͓̜̬̪͔̪̗̼͚̺͖̬̹̟͍̦̓̎̒̔͐̒̒͑͆̎̾̅̇̃̈̈̍͑̒̏͒́̾̅̅̽̚̚͘̕͜ṱ̴̜̻̟̳̥̤̈́̈́̋̑̋̈́̊̑͆̀̅̒̕͠͠͠o̸̢̲̬̟͓͍͉̦̬̮̱̟͚͎͙͈̻̻̻͕̾̿̆̂̆̅͋̈́̑͜ͅơ̶̺̜̭͐̉̾̐̉̓̽̉̄͂͗͆̀͗̚̕̕ ̶̡̨̙̟͇͖̖͓̯̺̝̙̫̞̳̪͙͈̦͇͛̋͑̈́͆̎́̽͗̉̕ͅm̷̧̡̡̨̨̧͖̣̘̥͕̜̯̼̙͔̱̮̻̹̼͒̾͂̌͌̀̅̊̽̑͛̓̐͑̄̈̎̈́̉͋̕̚͜ͅụ̵̊͒̆͌̃́̓̈̔̅͗̀̄̂͐̉̀̎͂͆̎̾͐̈́̚͘̚͝͝ċ̷̢̛̜̫̺͈̎̔̎̀͑̄͌̿̈́͑͗͜͠͠ͅh̶͉̃͛͑̃̊̅̃͊̆́̌̔̃̀̎́̾̚̕͝
     
    Veyronman likes this.
  3. Lizardmech, probably. You guys should talk on a secure channel, I'm out of here before the CIA shows up

    Bye, Felicia
     
    Veyronman likes this.
  4. I think it's a great way to launder money and do all kinds of nefarious shit. Then, once it hits $100k a pop, China will dump their 100 million bitcoin and plumet the price. Or someone will hack all of it and everyone will lose their money.

    ((Bitcoin))
     
  5. Bitcoin is a terrible tool for money laundering. The history of transactions is maintained, and so dirty money stays dirty. This actually hurts its fungibility and is a major hurdle to being considered 'real' cash.

    Fun fact: this exact problem happened to an article of real physical cash, the Canadian $1000 note. Large transactions are normally handled through wire, because physical cash is cumbersome. The informal economy can't utilize this, so it prizes high-valued bills - $100,000 is about the size of a cell phone in thousands. The RCMP asked the Bank of Canada to withdraw the $1000 bill for this reason. A large chunk of them - a couple billion dollars worth - are still in circulation. Almost all of them are in the informal economy, where they serve their original purpose. They can't leave the informal economy, because they're very clearly tainted as dirty money now, so they've lost global fungibility. However, they're still thought to have some liquidity, as it's just a store-of-value that can change hands, and only the last guy in the chain has any problem.
     
  6. I just remember seeing .onion sites for the purpose of laundering money and bitcoin. I have no idea how legit they were nor the concept behind them. I also saw the .onion for hitmen and Silk Road. Also decided to not test the legitimacy of those sites. Granted Silk Road was known to be legit. Lol I figured the less time I spent there, the better. I just looked to satisfy my curiosity.
     
  7. I don't much about the concept of blockchain, but I heard it's very robust. It's probably cheaper to launder real money than Bitcoin.
     
  8. You pedants shut down discussion so easily.

    Anytime something is promoted by the media you should be skeptical SuperSonic.
    You're doing the right thing man.
     
  9. Obviously "The Media" is a single body with a bunch of people sharing the same agendas controlling it.
     
    Veyronman and SEABEE like this.
  10. That's a pretty retarded claim.
     
  11. just like "The Corporations"
     
    disord3r likes this.
  12. "They" do a lot of things, don't they?
     
  13. I don't think it could occur quite like you say. I don't know of any exchange you can visit today where you can say "Here's all my BTC. Please deposit USD$10,000,000,000,000 into my bank account please, less your transaction fee". The exchanges themselves don't have the cash, so they're not going to buy China. You can't just get money from coin because you want it - someone actually has to buy it from you. It doesn't have to come from a single seller, but China can't make buyers appear where there are none.

    China publicly stepping up and saying "buy my ten trillion worth of BTC" could conceivably tank the value if that much capitalization were to flood out, but since they can't do that without buyers, being able to sell that much BTC would actually mean there there is literally a ten trillion dollar demand for BTC. That's actually a very health sign for the currency.
     
  14. This was an interesting reading:

    https://www.theatlantic.com/business/archive/2017/12/bitcoin-bubble/547952/

    In their great 1982 paper "Bubbles, Rational Expectations, and Financial Markets," the economists Olivier Blanchard and Mark Watson explain why gold is susceptible to bubbles. It’s an explanation that sheds light on the bitcoin frenzy, too. Gold, like bitcoin, is not a company. There are no financial reports, and its investors will never receive dividends. Instead, there are at least two big reasons to invest in gold. First, goldbugs want a hedge against an economic catastrophe or inflation. Second, some people invest in gold simply because they see the price of gold going up. Such an investor “bases his choice of whether or not to hold the asset on the basis of past actual returns rather than on the basis of market fundamentals,” Blanchard and Watson write. In other words, the investor’s story is: The price will go up, because … well, it just went up!

    These investors buy gold, not because of any fundamental economic insight or any analysis of value, but rather because they want to catch the train. They see the price rising and they assume they can buy gold, hold onto it as it appreciates, and then offload it to some greater fool before its value declines. In fact, the economic term for this sort of irrational belief is called “greater fool theory.”

    Bitcoin is turning into a gaggle of greater fools. Retail investors are jumping into the market to buy bitcoin, in the expectation that they will be able to sell their investments for cash to some other sucker later on.

    I love the term greater fool theory. You all fools, you fools.
     
  15. Bubble ≠ conspiracy.
    It probably is a bubble, but that doesn't mean it'll burst anytime soon.
     
  16. #17 Sick Boy, Dec 14, 2017
    Last edited: Dec 14, 2017
    Well, I wasn't claiming that this was a conspiracy because it is a bubble. A conspiracy is when a group of people fool others; a bubble is when a group of people fool themselves. If anything, being a bubble shows that this is not a conspiracy.

    And every economist and analyst out there is saying that Bitcoin is about to burst -- of course, the "about to" is purposefully vague because no one can really predict when it will precisely happen. But if it has reached a point when even our mothers and their dogs are buying Bitcoin, you know it is an irrational frenzy.

    That said, Bitcoin (and cryptocurrency in general) is a genuine financial innovation, with a real value, specially because of the blockchain technology. Bitcoin is not like the Tulip frenzy of 17th century that everyone is comparing it to. Tulips don't have much utility value (decoration, maybe?), while cryptocurrencies do. But is this value 16,000 dollars? Hells no. The current value of Bitcoin is the product of the currency doubling in price 4 times in a year, and 45 times in 4 years. FFS, this is not natural, it's just wild speculation.

    As soon as a little hiccup happens (and this will be anytime now), people will start to sell Bitcoin with the same energy that they started buying it. The price will not drop to zero, but it will certainly adjust itself to something more realistic than 16,000 dollars.
     
  17. To be brutally honest, I thought that previous post -
    - was made by SuperSonic.
     
  18. Bitcoin just lost more than a quarter of its value in the last 4 days:

    Prices fell to as low as $14,502 to start today's trading session, according to CoinDesk's Bitcoin Price Index (BPI), about 27 percent from the all-time high of $19,783 reported on Dec. 17.

    Overall, bitcoin has seen several notable price drops following Sunday's gains, including a dip below $17,000 on Tuesday that accounted for a roughly $1,800 drop on the day.
    https://www.coindesk.com/bitcoin-dropped-22-5-to-weekly-low-from-all-time-high/

    And this is quite interesting:

    Some recent Bitcoin buyers have described trying to actually use bitcoin for purchases, only to run into the reality of the network’s absurdly high transaction fees. Those fees have risen steadily for years due to crowding on the network.

    http://fortune.com/2017/12/21/bitcoin-price-drops-infighting/

    Clearly, a bunch of people are getting into this without any knowledge of what it actually is or how it works.
     
  19. It's funny because I'm getting Bitcoin ads in this thread. I guess some people who bought cheap are now cashing in. Might turn into a stampede, depending on how scared the mob gets.
     
  20. Theres a new era of financial services and products

    blockchain (not BTC) is part of it, as well as is AI-assisted/provided servies such as insurance and mortages, where we don't need ppl pushing 2-3 buttons per cloietns and getting paid 400k/y
     
  21. Cloietn? Is this the tabarnak word for client?
     
    ETB4U likes this.
  22. The price went down even more since yesterday. Bitcoin has now lost 40% of it's peak value.
     
  23. I mean, if there's any poster here who knows about who "the media" is, it's you.
     
  24. I can neither confirm nor deny.
     

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