Microsoft stops accepting #BITCOIN - crash incoming? bubble burst?

[Themius]

I think Bit Connect is a Ponzi scheme, there are certainly a few of them within the cryptocurrency world but Bitcoin is not one of em.

Oh that I can agree with.

[Minikin]

I love people who are completely ignorant about crypto constantly trashing it and trying to predict it's demise.

i cant help but think that half of these are just jealous they didnt pick it up when it was time to, and now since its a bit out of reach they are just mad that did make gains off of it

[Notdev]

It joins other companies that have lost faith in #cryptocurrencies such as DELL, Steam and Newegg.

??

Newegg still accepts bitcoin.

[Shaderas]

Yep. Getting suckers to buy something that has no real value, making a profit, then suckers are either stuck with that crap or they need to get more suckers to buy it. Bitcoin behaves exactly like that. Anyone promoting bitcoins is either clueless or has some coins to unload, so interested in promoting it to get prices up.

pyr·a·mid scheme
noun
noun: pyramid scheme; plural noun: pyramid schemes
a form of investment (illegal in the US and elsewhere) in which each paying participant recruits two further participants, with returns being given to early participants using money contributed by later ones.

Eh, someone already pointed it out.. kinda like a Ponzi scheme rather than pyramid.

[oplawlz]

That's not entirely true. They can track bitcoins even after they've been tumbled. When you transfer money to the blockchain its made public so everyone on the network can see your transaction. You're right though that it's decentralized and can't be controlled. You take down 1 node and 50 more pop up.

Of course they can... that's the whole point of the block chain. All you need is a given users pseudorandom id token (taken from their computer for example) and you can look up every transaction they've ever made. It's anonymous (ish), not untraceable.

You're both quite right, excuse me. I said untraceable entirely inaccurately, I was trying to express anonymity.

[matt4pack]

i cant help but think that half of these are just jealous they didnt pick it up when it was time to, and now since its a bit out of reach they are just mad that did make gains off of it

So you're pretty much admitting it's just a get rich quick scheme for those who got in early or an investment for the already rich since a viable currency doesn't work if it's out of reach for most of the population.

Good luck trying to run an economy on that.

[Shadowferal]

It's a lot of "pump and dump." Really no value whatsoever, except for those already wealthy.

[Celista]

So you're pretty much admitting it's just a get rich quick scheme for those who got in early or an investment for the already rich since a viable currency doesn't work if it's out of reach for most of the population.

Good luck trying to run an economy on that.

Sums up bitcoin pretty well.

[Logwyn]

I still don't see how if everywhere it was illegal to use as a "currency" how it wouldn't result in being worthless. If I trade you $16k for your bitcoin say.... somewhere $16k moves from you to me. How is that not trackable?

[Minikin]

So you're pretty much admitting it's just a get rich quick scheme for those who got in early or an investment for the already rich since a viable currency doesn't work if it's out of reach for most of the population.

Good luck trying to run an economy on that.

All iam admitting is fairly simple human nature. You see something making your $1 into a $2 without putting in any effort then you'll do it (barring major ethical dilemmas). And iljuat as that is human nature it is also normal human nature to be envious who do make it easily.

If someone didn't know about crypto currency for the past 3 years (yes 3) then either they were living in a rock or just wasting time with other things. If this is said in any other words "it's for the rich" is just an excuse, nothing more.

I know students in University who have used their students loans to invest into this made nearly 300% profit, repaid their loans and gone on debt free. Cuz they had their eyes open.

As per the economy statement, that was only ever half the goal. Most things start off with great intentions. Ethereum did. But they are kidding themselves if the majority is NOT in it for the money.

These posts always show up (for the past 3 years I've been involved) whenever there's a hiccup. And it ends up two ways. 1. Ppl get paniced and lose 2. Ppl that have been reading (there is a ton of research) rebuy and ride the wave to the top.

[docterfreeze]

So you're telling me to buy into ethereum?

Pretty funny to read the posts of people who are completely out of the loop

[Minikin]

So you're telling me to buy into ethereum?

Pretty funny to read the posts of people who are completely out of the loop

Not sure if serious question about ethereum or not but from my research (mine is mostly in Bitcoin, cardano, ripple majorly, the rest moves around) I'd say no not right now, some of these others will provide a bigger short term gain. Long term you should do your own research cuz you know your finances best

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I remember discovering bitcoins when they were still worth cents and considering buying/gathering a few just for the hell of it. I began the process of setting everything up but ended up getting distracted and not finishing it. Kind of makes me wonder how many opportunities there are like that just waiting to be discovered.

There's a dude named David Choe that was just an artist with a gambling problem that ended up doing a mural for Zuckerberg back when he first created Facebook. David saw the job as a sort of throwaway that didn't matter so when Zuckerberg offered to pay him the few thousand they had agreed upon or an alternative of a number Facebook stocks Choe took the stocks on a whim. Whenever Facebook blew up Choe became a hundred-millionaire overnight.

I can't help but feel like there's opportunities like that all over the place right now but they just need to be discovered. There's undoubtedly the next big thing in the works right now that could rocket a handful of individuals into extreme wealth.

This exactly. People are trying to make this more than what it is. Or worse, just plain butthurt without realizing that the opportunity has not totally passed yet. But hey in this age when knowledge is barely a Google search away only a specific type of person can come up with excuses instead of action.

[docterfreeze]

Not sure if serious question about ethereum or not but from my research (mine is mostly in Bitcoin, cardano, ripple majorly, the rest moves around) I'd say no not right now, some of these others will provide a bigger short term gain. Long term you should do your own research cuz you know your finances best

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This exactly. People are trying to make this more than what it is. Or worse, just plain butthurt without realizing that the opportunity has not totally passed yet. But hey in this age when knowledge is barely a Google search away only a specific type of person can come up with excuses instead of action.

Nah it wasn't serious. I don't touch btc/eth/ltc unless im exchanging them for an altcoin. Much bigger gains there.

[Kujako]

So you're telling me to buy into ethereum?

Pretty funny to read the posts of people who are completely out of the loop

I recomend putting all your bits into DogeCoin. Much crypto, so currency, wow!

[docterfreeze]

I recomend putting all your bits into DogeCoin. Much crypto, so currency, wow!

You're about a month late on that one.

[Jastall]

i cant help but think that half of these are just jealous they didnt pick it up when it was time to, and now since its a bit out of reach they are just mad that did make gains off of it

Isn't that kind of a point against Bitcoin? A currency doesn't have the brightest future with the mainstream if the only ones who can possibly afford to buy it either 1) were the lucky early adopters who accumulated tons of it before it shot up in value or 2) are already rich enough to buy it at its inflated value.

Seems like it's doomed to stay a fairly niche market.

[Kujako]

You're about a month late on that one.

No worries. How about we create our own cryptocurrency? MMOCurrency! We could call them "mooks" for short! That'll not offend anyone...

[Minikin]

Nah it wasn't serious. I don't touch btc/eth/ltc unless im exchanging them for an altcoin. Much bigger gains there.

Ah kk. Yea I know some close friends making gains in alt coins. I haven't researched much into them myself. I didn't have alot to invest when I started so I just focused on what would definitely give me gains and just went with those

[Amerrol]

Tai Lopez is making ads about Bitcoin on Youtube. That's how you know it's shady as fuck and gonna lose a lot of people money.

[Mormolyce]

I think the value dropped 20% the other day? Based on some readjustment on the korea exchanges.

Honestly, it's a speculator bubble, of course it'll burst. Once a big speculation success like this hits the news it's just a matter of time before the price drops.

The question is more about whether or not it'll grow rapidly after that point, like the last time.

What do people even use bitcoin for, other than drugs?

Prostitutes and hitmen.

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So you're telling me to buy into ethereum?

Pretty funny to read the posts of people who are completely out of the loop

If you're reading about it on the news, or hearing hot tips from random people about it, that means it's too late to get in. And if you're already in, it's time to get out.