Current Events > So why are bitcoin people always getting shit on?

(+) Yeah! (+)

Like didnt everyone make fun of them for investing in the first place?

And then even after they got crazy returns, people still call them cryptonerds

Is it just bitterness because they missed the investment train? Because I definitely wished I invested in a few coins.
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yeah idk
i think those people lose sleep because they could have been rich

but idk it doesnt really matter tbh
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It's not really an investment any more than betting on the patriots tonight is an investment. But hey, if you've made money than good on you.

But some of you suckers are gonna be left holding the bag
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Because they're trying to get rich off a ponzi scheme. It's incredibly lazy.
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It's more like the people delusional enough to think bitcoin is anything more than short term gambling. Sure some people made out with quite a bit, but it was on the backs of other parties manipulating the value and not bitcoin itself being valuable.
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I mean buying stocks is gambling too, just low risk gambling in some cases.

LavarNeedsHelp posted...

I mean buying stocks is gambling too, just low risk gambling in some cases.

Stocks represent equity in a company that (ideally) generates revenueand perhaps pays you for holding that stock. Obviously there is risk to stocks too, but you are actually investing in something that has actual intrinsic value.

Unless you're taking about penny stocks, those are actual very similar to what you're seeing with crypto currencies.
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Solid Snake07 posted...

LavarNeedsHelp posted...

I mean buying stocks is gambling too, just low risk gambling in some cases.

Stocks represent equity in a company that (ideally) generates revenueand perhaps pays you for holding that stock. Obviously there is risk to stocks too, but you are actually investing in something that has actual intrinsic value.

Unless you're taking about penny stocks, those are actual very similar to what you're seeing with crypto currencies.

this. You don't "invest" in bitcoin because there's no value in anything related to it. It's just gambling with something that fluctuates wildly in an effort to make a quick buck.
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Same reason people make fun of people that fall for amway
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gna647 posted...

Is it just bitterness because they missed the investment train?

yes. people get upset when they see others making money too easily
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Stocks represent you trying to get a return, a higher return than a type of savings account. Bitcoin/Crypto does have a product its pushing too, blockchains. Just because you guys don't see the value in that doesn't mean other don't.

Which why its worth 8k right now.

LavarNeedsHelp posted...

Stocks represent you trying to get a return, a higher return than a type of savings account. Bitcoin/Crypto does have a product its pushing too, blockchains. Just because you guys don't see the value in that doesn't mean other don't.

Which why its worth 8k right now.

Can you elaborate on what this value is exactly
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Because they don't ever talk about anything other than bitcoin and it gets boring after 5 minutes

Same reason shitcoin people are getting bit on.

/topic
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LavarNeedsHelp posted...

Which why its worth 8k right now

Is that why it's dropped from 20k because people realize blockchain isn't actually worth anything or it's just a ponzi scheme relying on the gullible?
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LavarNeedsHelp posted...

Stocks represent you trying to get a return, a higher return than a type of savings account. Bitcoin/Crypto does have a product its pushing too, blockchains. Just because you guys don't see the value in that doesn't mean other don't.

Which why its worth 8k right now.

Dude, literally nobody is buying bitcoin because they believe in the currency, all everyone wants to do is make some quick cash.

We can have a completely separate discussion about the value of crypto-currencies and their benefits but that's not what people are investing in. Specially because dumping money into bitcoin isn't furthering the technology or anything of the sort, there's no product or company here to invest in, it's just gambling.
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REMercsChamp posted...

LavarNeedsHelp posted...

Stocks represent you trying to get a return, a higher return than a type of savings account. Bitcoin/Crypto does have a product its pushing too, blockchains. Just because you guys don't see the value in that doesn't mean other don't.

Which why its worth 8k right now.

Can you elaborate on what this value is exactly

No idea really. The most tl;dr summary I can remember is something about a double transaction problem.

I mean I could take a guess from the name, "cryptocurrency". Its supposed to be safer and untraceable, unlike credit and debit. So theres that potential.

BEcause it's a scam and everyone who jabbers about it forgets that the IRS is a thing.

And if it's so great, how did it lose nearly 12k in value?
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LavarNeedsHelp posted...

REMercsChamp posted...

LavarNeedsHelp posted...

Stocks represent you trying to get a return, a higher return than a type of savings account. Bitcoin/Crypto does have a product its pushing too, blockchains. Just because you guys don't see the value in that doesn't mean other don't.

Which why its worth 8k right now.

Can you elaborate on what this value is exactly

No idea really. The most tl;dr summary I can remember is something about a double transaction problem.

I mean I could take a guess from the name, "cryptocurrency". Its supposed to be safer and untraceable, unlike credit and debit. So theres that potential.

jesus christ, the point of blockchain is the exact opposite of what you said: It's supposed to be 100% traceable by anyone.
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Yeah I haven't done much research on blockchains, my point is crypto is pushing a product.

I just been riding the gains. No different than any other stock, just higher risk.

LavarNeedsHelp posted...

No idea really.

So you have no actual clue wtf you're taking about then?
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I mean if you played and won big, that's great.

But you have to be pretty crazy to invest in a digital commodity with no value of its own (ie, you can't eat it, farm with it, make clothes of it, etc) and a very short history.
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LavarNeedsHelp posted...

my point is crypto is pushing a product.

LavarNeedsHelp posted...

LavarNeedsHelp posted...

my point is crypto is pushing a product.

but it's not and nobody investing is interested in the currency...?
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Its a factual statement that crypto is pushing a product, called blockchains.

Some are scams, but thats even true in the stockmarket.

Whats to argue here?

LavarNeedsHelp posted...

Its a factual statement that crypto is pushing a product, called blockchains.

Some are scams, but thats even true in the stockmarket.

Whats to argue here?

Crazyman93 posted...

So you have no actual clue wtf you're taking about then?

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LavarNeedsHelp posted...

Its a factual statement that crypto is pushing a product, called blockchains.

Some are scams, but thats even true in the stockmarket.

Whats to argue here?

no offense dude, but you have no idea what you're talking about.
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Tis like saying any market is a scam because you don't know what it's about.

Denying there is something tangible there because you think it's flimsy or a bubble is the clueless thing

LavarNeedsHelp posted...

Denying there is something tangible

take a picture of it. it's tangible now right?
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LavarNeedsHelp posted...

Tis like saying any market is a scam because you don't know what it's about.

Denying there is something tangible there because you think it's flimsy or a bubble is the clueless thing

ironic
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Yes, the main coins are still up thousands of percents which you can trade for actual money, which I've done.

First thing I said was I have no idea what block chains are good for, doesn't make them no less a product

Why would you buy a product you have no idea what to use it for?
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I didn't buy the product, I bought the stock of that product because it was likely to go up on value, which it did

And why do you think the product is good if you don't have a clue what it's use is?
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I only got into crypto to see what I could get, still think it can boom again.

Internet currency, internet changes daily

They get shit on mostly for the same reason that people into superfoods or crossfit get shit on. Because that's all they talk about and it gets old.

As for Bitcoin itself, most people invest to make a quick return. Others invest hoping that Bitcoin will become a legitimized currency in the future.

Cryptodorks need to be purged.
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LavarNeedsHelp posted...

I didn't buy the product, I bought the stock of that product because it was likely to go up on value, which it did

Except Bitcoin isn't a stock. It's a security and it's crashing now that governments are sick of its shit.
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bitcoin is crashing because people are starting to wake up and notice its value is based on proof of work when no work has really been done
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They get a lot of shit cause they give alot of shit.

They are like evangelist, vegans, and facebook environmentalist in how smug and right they believe themselves to be.
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Let's be honest, most of you are bitter of the early investors that got money.

The ones still more than up as it sits at 8k

HiddenLurker posted...

They get a lot of shit cause they give alot of shit.

They are like evangelist, vegans, and facebook environmentalist in how smug and right they believe themselves to be.

Pretty much.
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LavarNeedsHelp posted...

Let's be honest, most of you are bitter of the early investors that got money.

The ones still more than up as it sits at 8k

for every dollar someone made, someone lost that dollar. In fact, more people lost than gained because of all the transaction costs, the people running this shitshow are the only ones making real money.

I don't feel any more jealously than I do towards people who win money at casinos.
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Yet I bet you don't shit on people who go to the casino do you?

I wish I had bought BitCoin back in 2009.
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It's mostly ignorance and jealousy, though there's tons and tons of potential left, so people can still come in and make lots and leave. There's definitely legitimate concerns to the market and how it has been going and that the bubble will eventually pop.
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Unless technology advances quickly enough, or enough countries pull the trigger early, bitcoin is basically guaranteed to tank at some point in the relatively near future. Then it'll get another boom shortly before it becomes a legitimate, globally recognized currency.

Solid Snake07 posted...

LavarNeedsHelp posted...

I mean buying stocks is gambling too, just low risk gambling in some cases.

Stocks represent equity in a company that (ideally) generates revenueand perhaps pays you for holding that stock. Obviously there is risk to stocks too, but you are actually investing in something that has actual intrinsic value.

Unless you're taking about penny stocks, those are actual very similar to what you're seeing with crypto currencies.

Then why do people invest in gold? There's no intrinsic value to gold. It doesn't feed you, clothe you, or give you shelter.
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Rob Cesternino posted...

Solid Snake07 posted...

LavarNeedsHelp posted...

I mean buying stocks is gambling too, just low risk gambling in some cases.

Stocks represent equity in a company that (ideally) generates revenueand perhaps pays you for holding that stock. Obviously there is risk to stocks too, but you are actually investing in something that has actual intrinsic value.

Unless you're taking about penny stocks, those are actual very similar to what you're seeing with crypto currencies.

Then why do people invest in gold? There's no intrinsic value to gold. It doesn't feed you, clothe you, or give you shelter.

Gold has uses in electronics. Also jewelry since gold is appealing.

Also gold is a rare resource which helps make it valuable and is something you can touch.
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Tmaster148 posted...

Gold has uses in electronics. Also jewelry since gold is appealing.

Also gold is a rare resource which helps make it valuable and is something you can touch.

This doesn't justify its expensive price. You're saying gold deserves a 6 trillion dollar marketcap just because its used in electronics?
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