Buttcoin on verge of collapse

https://news.ycombinator.com/item?id=10905118
Have you invested $$ in virtual money yet? Take a look. Key developer is talking about it like "it was a social experiment"

Hype-backed currency collapsing as the hype dies.

Color me shocked.

>>2
Its not about hype, it doesn't scale and is controlled by chinese miners.

Scalable, competitive proof of work systems for a widespread currency are an ecological disaster in the making, and deflationary currency with a handful of early users controlling a huge proportion of the total currency supply... these aren't "features".

money can perverse moral incentives. The electricity/wasted energy issue you mention is just one of them. The amount of time spent on building and specializing the hardware is another. All this was in the hope of the abstract goal of creating money, not wealth. People weren't so zealous in building specialized hardware for, say, protein folding

bitcoiners blasted

Actually, I bought $20K in oil futures when I was convinced that it would never fall below $50/barrel.

>>1
Keep your HackerJews shit out of /prog/, plz!

>>2
all fiat currency ias "hype-backed"

Susscoin is still trading at ₪1 = ⃠$1.

>>5
That's sad. I'm dealing with a bad investment myself but not that bad.

>>9
It's not that sad. I have lots of savings and it wasn't on margin. I closed the position around $40/barrel and only lost like $5K, so I really only lost like a month of working.

The real fuck up was not buying a thousand shitcoin when they were at 1฿ to 10¢. I could have Jewishly waited for the peaks and profited off the hype.

>>10
I was mining bitcoin right around the time they stared out. I should have realized how valuable they would be. So many regrets.

>>11
You weren't "mining" anything, degenerate. You were sitting your fat flaccid ass in the chair while the computer's fan was blowing. That has nothing to do with actual shafts, adits, ore and mines.

>>12
Investigate my posterior adit, please. Search for some raw brown ore in my lower drift, if you catch my drift (and you will catch lots of smelly, warm drifts. You will.).

Think about it. If you had never heard about Bitcoin before, would you care about a payments network that:
[…]
Allowed buyers to take back payments they’d made after walking out of shops, by simply pressing a button (if you aren’t aware of this “feature” that’s because Bitcoin was only just changed to allow it)

What the fuck were these morons doing? Stan was right, Bitcoin is casting pearls before swine.

>>14
Yeah, I caught that too, and it was the first I had heard about it. Apparently, the network can only make three or four confirmed transactions a second, and since no one wants to upgrade*, the solution is to just allow zero-confirmation transactions. Then, if I am understanding correctly, the user can just pay a larger fee to have those coins that were just spent sent to a different address so it gets confirms faster than the first transaction. That only works for credit cards because the credit card company can decline to reverse charges. It's pretty stupid to allow this for shitcoin. At the very least, it will do nothing to solve the problem of day-long waits for confirmation, since no merchant would be stupid enough to allow this, and customers would have to be put in Faraday cages until confirmation still.

_{____________
^* I looked into it, and the bitcointalk forum and the Reddit group /r/bitcoin are the two largest groups for this, and they ban any discussion of changing the protocol, saying it would be an altcoin. This is extremely strange, since apparently, the root of this bottleneck is caused by a hack that was intended to be lifted later on. Never underestimate how much forum moderators like to play God, I guess.}

I looked into it, and the bitcointalk forum and the Reddit group /r/bitcoin are the two largest groups for this, and they ban any discussion of changing the protocol, saying it would be an altcoin.

That's because in accordance with the decentralized, trustless, antifragile nature of bitscoin both are controlled by one guy, Theymos. Who additionally seems to be in equal parts a stubborn idiot and an employee of a company that intends to make money by providing faster payment channels built on top of bitscoin (of course it's all remains vaporware as of now).

>>7

Wrong.

The American Dollar is backed by the might of the American Military, which will find you, assassinate you, and install a puppet government in your place if you try to sell your oil for gold instead of America Dollars.