why so much hate for crypto on Jow Forums?
you guys love FOSS right?
the current banking system is the biggest botnet there is
I'm surprised I never see threads about it here
>muh GPU prices
GPU mining is a already a thing of the past
most of the coins in the top 30:
either use Application Specific Integrated Circuits,
or simply don't have mining
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Jow Forums is salty they ignored and/or ridiculed BTC shills from 2010 through 2016.
Those that actually bought back then have immigrated to Jow Forums.
t. salty
I was going to invest 100 bucks into bitcoin as a joke when it was 1$, but everyone I knew told me it's a scam and it would be a waste.
I now hate everyone.
because it's all a sham
every form of crypto must be "mined" and the mining process is just the cia farming out processor cycles for decryption algorithms
so by mining you're helping da gubment infringe our rights
greed and envy bring out the bad in people
>>the current banking system is the biggest botnet there is
Only a few cryptocurrencies even try to be any better. Bitcoin especially has zero privacy. Also most of the ecosystem that grew up around cryptocurrencies during the bubble fully buys into that botnet, and complies with all the know-your-customer and anti-money-laundering and tax-reporting rules that require them to know your identity and keep track of every transaction you make so that it can be attributed to you in the future.
Also you underestimate how much of nu-Jow Forums is really just /v/, and therefore very butthurt indeed over the GPU price spike.
>invest
No you weren't, retard. They weren't even considered investments at that point, but were simply used to buy shit on the scary web. No one thought: "Hey, let me invest in these things because some day they'll be worth tons of money".
i think we need a new board
specifically for discussion of crypto tech
99% of Jow Forums posts are just memes and pumping shitcoins
it's a shame i have to go to Reddit to read intelligent discussion about projects and their tech
realistically,
you'd have sold long before you made any serious money
your friends and family would call you an idiot if you didnt cash out at $100
plus the stress from all the crashes would have pushed out all but the biggest believers
You're so late to crypto that you weren't even here when the rules were established. And you're saying that others were 'late'.
Pathetic.
Not how it works, retard.
Jesus, crypto fags are really the most gullible retards.
Nothing to do with loving FOSS, it's not being a dumbass.
>paying real money for a string of characters in a computer
But that's majority of what *real* money is, user. Do you not understand babies first economics?
weak bait
>every form of crypto must be "mined"
POS / DPOS / DBFT
>cia farming out processor cycles for decryption algorithms
yes, the government wants to destroy the encryption they invented specifically to make their communications more secure
>zero privacy
wrong, Bitcoin on its own is much more private than Paypal / Visa / Bank Transfers
and Lightning Network provides much additional privacy on top of that,
since only the creation / settlement transactions are broadcast
(you can transact with anyone else over Lightning anonymously)
hmm, i spot 3 insults and no facts
try again user
>owning fiat, most of which have devalued 98% in less than 100 years
>having a bank account, where the money ceases to be 'yours'
>asking daddy bank permission every time you want to withdraw or spend your own money
>its all 1s and 0s anyway but cannot be trustlessly verified
of course.
i leave about 100 bux of every salary in my bank account for the sake of convenience and exchange the rest for physical goods.
and real money is just a paper with (((trust))) attached to it
>exchanging your time for pieces of paper
How is that different from bitcoin? You exchange it for shit. Gold/Silver used to be currency. Fact: every single fiat currency which ever existed has collapsed.
>The current "money system" is worthless it has no real value it's just paper. The whole system is based on the sheeple trusting their sheets of paper are worth something when it is actually worthless.
>When (they) need more money (they) just print more, devaluing the paper sheets in circulation by even more.
>I know. Let's make a crypto currency that's based on trust and has a limited number of coins.
>OMG look at how much these coins are worth!!!. We need more coins to make more money.
>I know let's make a fork so we have more coins.
Crypto changed nothing.
>How is that different from bitcoin?
i can hold it in my hand.
at this point crypto is useless because i can't use it in my everyday life (it has neither fiat nor use value). i'd happily use it for everyday shit since it's not so easily traceable.
cash or digital, doesnt matter
if it's fiat you're getting robbed
crypto > fiat / gold
because it is provably deflationary
fiat can be created at no cost,
so you have to fight an uphill battle to retain (let alone gain) wealth
and gold isnt portable/divisible enough to be used reliably as payment
and if you digitize it, that brings on counterparty risk
so you may as well just go fully digital
/thread
>Let's make a crypto currency that's based on trust
few cryptos are based on trust
almost all of them rely on game theory;
the network security is spread across a large number of unrelated entities
>inb4 b-but i heard mining is centralized?!
the large mining pools you see are made up of much much smaller miners, who can leave at any time if they SEE (because the system is fully transparent)
anything they dislike - aka censoring of transactions, or an increase in the money supply
the latter of which would be immediately rejected by every other miner
or by the community since they can fork to a prior version of the chain
or move to a different crypto entirely, rendering the billions of dollars of equipment owned by the miners; worthless
>let's make a fork so we have more coins
except with forks the value of each adjusts accordingly, often resulting in a net loss for holders
you can see that with the recent BCH/BSV fork
the sum of both coins soon after was less than the original BCH
and the market cap you see for these coins doesnt actually exist, as there is little to no liquidity,
or vendors accepting the smaller coin
forks will also become a thing of the past when it is more widely accepted
if BTC reaches mass adoption,
some shit fork wont be able to get any traction
>why so much hate for crypto on Jow Forums?
Because it's a fucking toy for people that are already rich and a scam for idiots that think it will make them rich.
I'm not buying your bags.
>all proprietary software
>cryptocurrency
>no mining
w0t
then take the initiative and look for a young, smaller blockchain (like vulcano or bulwark) with masternode capabilites, get the funds to make one, rent a ceap vps and let it work for you. see you in 2022 on the moon!
>paying real money for some dots of dried, poisonous colour on 400 year old canvas to put it in a bank safe
back in the day everybody who said that would have been corrected
it's not investing it's speculating
>No one thought: Hey, let me invest in these things because some day they'll be worth tons of money
sure user, many of us did
What makes people think the U.S. or any other country will just willy nilly let citizens use 'bitcoin' instead of it's own printed botnet money? They'll go out of their way to destroy anything challenging their fiat money. Anyone that says "you can't ban Bitcoin" is delusional.
Wealth is how much stuff you have, not how many tokens. A deflationary currency is terrible for wealth generation since it is a drain on the economy.
Inflationary: "I'd better spend my money now."
Result: The employee making the products purchase remains employed. He then buys from you, keeping you employed. Everyone is creating wealth.
Deflationary: "It's in my interest to buy as little as possible since the value of the currency can only go up!"
Result: The employees are fired. They now have no money to buy from you so you have no income. Nobody is producing. The tokens you so valued can only be used in a fight over the crumbs that remain. While one with more tokens can buy more crumbs, it's not wealth like the lowest of the low enjoys from the cornucopia under an inflationary system.
Pic related.
>99% of Jow Forums posts are just ...pumping shitcoins
That's literally the entire of what the blickchain industry has to offer.
>capitalism
So, you do think bitcoin is not made to give more power to the elite?
So, you do think fuckenberg made facebook for his uni first and wasnt a plan made up by cia niggas to spy on you?
Etc