A fool and his not-really-money are soon parted
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@Zecc said in A fool and his not-really-money are soon parted:
@hungrier said in A fool and his not-really-money are soon parted:
If you're smarter than a sea slug or Verge journalist
Doesn't one imply the other?
Could be a lobotomized see slug.
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@Zerosquare And nothing of value was lost.
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A fool and his daughter's money:
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@HardwareGeek said in A fool and his not-really-money are soon parted:
A fool and his daughter's money:
I did the same with my kids' saving accounts last year. Saving fiat makes no sense.
Saving in "fiat".
Because bitcoin is totally backed by hard resources and not completely created out of thin air.
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@topspin said in A fool and his not-really-money are soon parted:
Saving in "fiat".
IKR. Who would save a cheap Italian car?
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I wonder if John McAfee knows.
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@DogsB It was the DoJ:
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@heterodox TFA doesn't say what they're going to do with it. Are they going to just let it sit? Will they liquidate it?
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Donate it to a charity?
...nah, just kidding.
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@boomzilla said in A fool and his not-really-money are soon parted:
@heterodox TFA doesn't say what they're going to do with it. Are they going to just let it sit? Will they liquidate it?
Uhm, selling such a large amount might make the price plummet...
But that might be a good threat to Bitcoiners.
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@BernieTheBernie I can't imagine that the US Department of Justice has much of any incentive with respect to the price of bitcoin other than to destroy it. It's not really that much money for the Feds ("A billion here, a billion there, pretty soon you're talking real money," US Sen Dirksen sometime prior to his death in 1969).
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@BernieTheBernie said in A fool and his not-really-money are soon parted:
Uhm, selling such a large amount might make the price plummet...
So, you're rich until you try to cash it out? Brillant!
Filed under: Schrödinger's currency
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@error Is there any exchange that even has enough dollars to change that much BTC to USD?
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@HardwareGeek said in A fool and his not-really-money are soon parted:
@error Is there any exchange that even has enough dollars to change that much BTC to USD?
Has anybody actually managed to get any money out?
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@topspin IIRC, at one point in the history of BTC, there were several exchanges that theoretically allowed you to do that. However, all but one were temporarily disallowing it; they were still operating to exchange real money for fake money, but not fake money to real money. On the one exchange that was operating both ways, you could get real money out, maybe, after a wait of several weeks.
I don't know whether that situation has changed, since we talk mostly about dumb stuff with the fake money, itself, and not much about trying to turn it into real money again, and I don't care enough about fake money to research it outside this thread and the occasional news story I run across.
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@boomzilla said in A fool and his not-really-money are soon parted:
@heterodox TFA doesn't say what they're going to do with it. Are they going to just let it sit? Will they liquidate it?
That's a good question. Typically civil forfeitures go toward victim compensation and then law enforcement purposes. I can't see BTC being very useful for victim compensation. They could use a small amount of BTC, launder it, and then use it in sting operations and the like. But mostly I presume it's going to be destroyed.
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@heterodox said in A fool and his not-really-money are soon parted:
mostly I presume it's going to be destroyed.
Unrelated: this years policemen's ball is going to be lit!
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@HardwareGeek said in A fool and his not-really-money are soon parted:
@topspin IIRC, at one point in the history of BTC, there were several exchanges that theoretically allowed you to do that. However, all but one were temporarily disallowing it; they were still operating to exchange real money for fake money, but fake money to real money. On the one exchange that was operating both ways, you could get real money out, maybe, after a wait of several weeks.
I don't know whether that situation has changed, since we talk mostly about dumb stuff with the fake money, itself, and not much about trying to turn it into real money again, and I don't care enough about fake money to research it outside this thread and the occasional news story I run across.
My brother has gotten some money out of Bitcoin. He bought a few years ago, and every time it doubled, he sold some for cash. I got the impression it isn't a huge amount, though.
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@heterodox said in A fool and his not-really-money are soon parted:
But mostly I presume it's going to be destroyed.
And nothing of value will be lost
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@boomzilla said in A fool and his not-really-money are soon parted:
TFA doesn't say what they're going to do with it. Are they going to just let it sit? Will they liquidate it?
The feds hold an auction for confiscated bitcoin somewhat regularly (much like they auction off other seized assets). They've been doing so since 2014.
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@izzion said in A fool and his not-really-money are soon parted:
Quoth the article:
But the unique power of Bitcoin hype is demonstrated when celebrities such as JK Rowling and Maisie Williams ask publicly for crypto tips on Twitter.
The unique power. Yeah, it rather reminds me of this:
(The famous anecdote only, not when he jumps of the rails saying anything other that shitcoin is garbage.
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The (next) crash marches ever closer
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@izzion said in A fool and his not-really-money are soon parted:
a no-brainer for backers
Is that some english syntax I am not familiar that means "the backers have no brains"?
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@Bim-Zively said in A fool and his not-really-money are soon parted:
@izzion said in A fool and his not-really-money are soon parted:
a no-brainer for backers
Is that some english syntax I am not familiar that means "the backers have no brains"?
It means the author is a pump-and-dump scammer looking for people with no brain.
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@Bim-Zively said in A fool and his not-really-money are soon parted:
I'm actually tempted by that. I have a 1.5% cashback card now, and a vague interest in cryptocurrencies, and no real interest in watching the stock ticker. (Remember when the price hit ~$4000 in Jan 2019? I told myself "might as well buy a Bitcoin," and then never got around to it because lazy.) If I got that card, then I'd be doing dollar-cost-averaging investing, and wouldn't have to think about the current price.
I would certainly lose money in the next crash, but the price seems to get higher with every crash, so I figure it would pay out eventually. And the only thing I'd be losing in the meantime is the ability to cash out that 1.5% of my purchases.
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@PotatoEngineer said in A fool and his not-really-money are soon parted:
I would certainly lose money in the next crash, but the price seems to get higher with every crash, so I figure it would pay out eventually.
Ah yes, the greater cool theory.
E: s/cool/fool/, but let’s pretend that was intentional and I meant something with it.
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@topspin said in A fool and his not-really-money are soon parted:
@PotatoEngineer said in A fool and his not-really-money are soon parted:
I would certainly lose money in the next crash, but the price seems to get higher with every crash, so I figure it would pay out eventually.
Ah yes, the greater cool theory.
The market can remain irrational longer than you can remain solvent.
Fear not, most of my money is in index funds or retirement-date funds. I'm not going to bet the bank here, just invest a little "mad money."
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@topspin said in A fool and his not-really-money are soon parted:
the greater cool theory
Is it the opposite of global warming?
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@Zerosquare hey, no fair, unlike @PotatoEngineer you quoted after the edit!
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You said you wanted to pretend that was intentional, I'm just playing along.
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@topspin said in A fool and his not-really-money are soon parted:
Ah yes, the greater cool theory.
I'm Canadian and I don't know what it is
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Seems like this guy is the big winner in the Bitcoin biz.
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@TimeBandit said in A fool and his not-really-money are soon parted:
@topspin said in A fool and his not-really-money are soon parted:
Ah yes, the greater cool theory.
I'm Canadian and I don't know what it is
That's because Canadians aren't hip enough to know.
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[garage response censored]
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The pump-and-dump scamming has been running full force the last 2 months or so. On slashdot you got another article about not-really-money at least once a week, mostly about “is shitcoin about to break another record.” I guess some important people are trying to inflate the bubble a bit more because they need buyers to be able to cash out their shitcoin at all. (Huge fake value isn’t really worth anything if there’s no trade and no one to sell to)
Today’s bullshit over at ars:
No. No it really isn’t.
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@topspin said in A fool and his not-really-money are soon parted:
Satoshi Nakamoto, could be worth $40 billion.
Yeah, he could be, If there was a way to convert that to real money
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@TimeBandit said in A fool and his not-really-money are soon parted:
@topspin said in A fool and his not-really-money are soon parted:
Satoshi Nakamoto, could be worth $40 billion.
Yeah, he could be, If there was a way to convert that to real money
Sadly, all you can get is USD
Or if you want super fake, CAD
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@izzion said in A fool and his not-really-money are soon parted:
if you want super fake, CAD
Isn't it what they call a cold wallet?
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@Zerosquare said in A fool and his not-really-money are soon parted:
Isn't it what they call a cold wallet?
Our money's value melts as soon as you go south
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@TimeBandit said in A fool and his not-really-money are soon parted:
@Zerosquare said in A fool and his not-really-money are soon parted:
Isn't it what they call a cold wallet?
Our money's value melts as soon as you go south
This one?
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@topspin As much as I love maple syrup, why is that something there needs to be a strategic reserve of?
INB4 RTFA
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@HardwareGeek said in A fool and his not-really-money are soon parted:
why is that something there needs to be a strategic reserve of?
Well, what if you're running out? What then??
I though there was a clip from American Dad's Stan saying something about "the Nazis will roam the earth on dinosaurs, again." but I can't find it. Maybe a different show.
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@HardwareGeek said in A fool and his not-really-money are soon parted:
@topspin As much as I love maple syrup, why is that something there needs to be a strategic reserve of?
INB4 RTFA
You guys used to have the gold standard backing your currency, we've got a different one.
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@hungrier said in A fool and his not-really-money are soon parted:
You guys used to have the gold standard backing your currency, we've got a
differentdelicious one.FTFY
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@hungrier said in A fool and his not-really-money are soon parted:
@HardwareGeek said in A fool and his not-really-money are soon parted:
@topspin As much as I love maple syrup, why is that something there needs to be a strategic reserve of?
INB4 RTFA
You guys used to have the gold standard backing your currency, we've got a different one.