Bitcoin skids below $6,000, hits lowest level since November - Sensationalist Headlines

Verge (XVG) Loses Over $1 Million in a Recent Hack A short history of smart contract hacks on Ethereum There's also the fact that increasingly crypto is becoming more and more centralised: Most exchanges store money in Tether, a "stablecoin" pegged to the dollar, who have never actually provided valid evidence that 1 USDT = 1 USD, which means they can essentially print money EOS, the magical coin that supposedly fixes all of the issues with other crypto is controlled by those who hold the most wealth The lightning network, pegged to fix bitcoin's slow transaction and high fees, is really hard to setup and relies on people connected to trusted, more centralised nodes Ethereums blockchain is so big that average users can't setup a node, leading to, you guessed it, more centralization Crypto as a concept sounds great but no one has provided a way in which it will work so far.

do we abolish government itself too because the policies of North Korea isn't what the public wants? The masses don't have control of the currency with bitcoin btw, control over the currency is done by an algorithm. That's why it's trash and can't fulfill the criterion of money.

the problem is that the git/hg arguments aren't even because of blockchain DVCS has been using directed acyclical graphics since before bitcoin was a twinkle in satoshi's eye

quick, someone make another blockchain based startup to drive the price up again, I hear blockchain solves everything, it certainly cured my cancer.

"it's just ones and zeros" is a dumb argument at its core, because banks are already storing your your money with ones and zeros in a database. Even if one argues that you can at least physically hold a dollar, it's only worth anything more than the paper it's printed with because we say it does.

No don't abolish the government it's a good idea that I like because of paved roads and would love subsidized health care, and the masses might not have direct control over bitcoin production but they fundamentally can't kill the economy with one fell swoop when you would have to convince so many to do so in a decentralized banking system that blockchain preaches. Why do you think Bitcoins are loved by everybody who can own one in 3rd world countries?

The government can kill the economy in one fell swoop regardless of the currency utilized. Being able to manipulate the money supply is a pretty crucial part for maintaining the economy's health too, switching to decentralized currency takes those tools away. Because it's better than the rampant inflation. They could accomplish the same thing by purchasing any of the reserve currencies of the world. Also, they benefit from cheap electricity actually making the mining worth it there.

"the masses " wont control the currency and even if they did "the masses" are thick as pig shit and have no place deciding interest rates etc. Also not every country with centralised country becomes Zimbabwe. I get that you like crypto but your argument is weak

ehh fair.

It technically is one, it's roughly the same data structure (but without proof-of-work, which is more a cryptocurrency thing than it is a blockchain thing). You're right that this has absolutely nothing to do with Bitcoin itself, though.

https://www.youtube.com/watch?v=y28Diszaoo4 /biz/ and /fit/ have always had the best quality memes tbh. On topic: everyone has been expecting this half year crash, get real. Nothing gets to just grow vertically without coming back down. Just a market correction.

https://files.facepunch.com/forum/upload/214563/eb658c01-c36e-47af-b2ef-52e4a1c31771/image.png my favourite /biz/ meme so far

Fuck off you pile of shit shills. You assholes refuse to pull your heads out of your assholes and open a browser. The price of bitcoin might be going through a short term slump, but that is only because wall street is driving the price down so they can buy cheap coins before the Suez-Daragüy event threshold is reached. If you plot the price of bitcoin against a polar coordinate system, it is super obvious this threshold is due to be crossed any day now. When crossed, the fibonacci sequence will unwind back up to the last ATH and have enough momentum to reach a new, significantly higher ATH of at least $128k. Easy money. You cannot lose if you buy in now. The next week is going to be absolutely critical to bitcoin.

Yea, it's better than fucking stocks since it moves fast you can fuck over any idiot over with a trading bot

i love you

where did you get this copypasta?

Can I put my blockchain on The Cloud?

https://youtu.be/28IpiLraUoc?t=48

CRAB-17 stage 3 is a go

and then... https://i.imgur.com/KHiXGxJ.png

The wojack inedx is accurate, the more % pink /biz/ front page is the more you should buy.

when moon?

When the pink levels approach %98.

Speculation spiraled out of control. As Bitcoin got more popular the demand increased, hence the price went up. This led to early adopters getting insanely rich, and more and more people wanted to ride that gravy train not to make anonymous transactions but to just hoard and wait for the price to go up even further. This caused a bubble, which is now bursting.

Bitcoin won't burst like people think it will, a large amount of it is held by a small group of people who ruthlessly manipulate the market to gather more suckers. There's near constant pump and dump, leading to random spikes and dips at nearly all times (Chinese new year, anyone?) It won't dip low enough to burst, but eventually there won't be anybody left to scam at which point it might lose the last of it's already non-existent value as the people on top cash out. Describing the price drop as a "correction" implies that Bitcoin ever had any value to begin with. This is aided by the complete lack of control of transparency from any single company involved, they may well be involved with the manipulation themselves. Tether, one of the main forces behind that manipulation owns at least a few exchanges themselves, which ironically enough won't pay you money for Tether. Every other coin is essentially pegged to Bitcoin's value and will dip and jump at the same time. Ultimately, there's a very shallow pool of money being shared around in the crypto space, a lot of it isn't real, somebody is going to end up with chucky cheese tokens once the gig is up and maybe then we'd see a proper crash, but with how the crypto craze has gone recently that might not even be enough to stop it. I legitmately think that there needs to be legislation to shut this down, it's consuming cities worth of power just to generate fun tokens used by scammers, and taking money out of the hands of people who don't know better.

There's also the whole idea of miners not allowing it to dip below ~$5800 as that's when mining isn't profitable in China.

Every board tends to develop their own Wojak that personifies them. On /o/, we just accepted the 30 year old boomer as our guy because he best represents our hatred for baby boomer car guys and craiglist sellers https://files.facepunch.com/forum/upload/223311/b76b2ea8-5743-43db-b442-0db26061b79d/30yearoldboomer.png

How do they not allow it to dip below 5800? Pump their own money into it don't sound profitable either and if its backed by dodgy stuff like tether then it's only an unsustainable and temporary buoyancy.

You stop mining and use your electricity money to instead buy anything under 5800.

It's become a guilty pleasure of mine since about january to google the price of bitcoin every week or two Without fail on the first page there's always a whole bunch of news and youtube videos of """experts""" saying it's going to hit 50k by the end of <current month>