A literal childe

Even the folks at reddit have managed to determine that the story is false, at least I think they did. Wait, no, they just read this tweet by a man who actually took the time to do a little research:

Despite this, twitter is still full of rabid bitcoiners spreading this crap like wildfire. What’s the opposite of FUD but also a total lie?

I don’t have anything else to add so here’s a photo of some bitcoins where they belong:

Yes that’s the “Daily Miner”

The post Famed Trader Joe Lewis is not investing in your play money appeared first on Buttcoin Foundation.

[�]thealmightydru�188 points�1 day�ago

That is exactly the response one should expect from people who created a card game full of Holocaust and dead baby jokes. Get uppity about it if you want, but that’s what that kind of response is meant to elicit.

[�]fellowtraveler�1 point�9 hours�ago

Sounds like these people never heard of Bitpay. Don’t they realize they can get “real” money while accepting Bitcoin?

 

[�]permanomad�-5 points�22 hours�ago

Kind of a contrary message to give it out for free and then snub someone for offering money, even if it was a funny come back. I’m kinda with OP on this. OP: just print them off, then you get to keep all your imaginary money!

 

[�]ymo�1 point�7 hours�ago*

The guy who called bitcoin imaginary money is a shill for federal government. His resume includes designing Obama’s visual prop campaign elements.

 

[�]Joe5YL�44 points�1 day�ago

Seems like an honest response. All currency is ultimately faith-based.

 

[�]enkrypt0r�19 points�23 hours�ago

Ugh, the pretentious responses in this thread are disgusting. This place is a circlejerk. CAH is a fantastic game. Bitcoin is a fantastic concept. Chill the fuck out.

 

[�]Piper67�7 points�1 day�ago

Well, it’s what the Dogue of Venice told Marco Polo while burning some Chinese paper money worth about half of a palazzo. Let them plod along in their ignorance and hold on to their “non-imaginary” money for dear life

 

[�]TheAndy500�-7 points�1 day�ago

That guy is a douche. And “imaginary” doesn’t even make sense. Even if you think Bitcoin will end up worthless, it will still never be “imaginary”.

 

[�]lethalperspective�-7 points�22 hours�ago

“sorry we don’t accept imaginary money right now” LOL, then I hope they don’t accept US dollars.

 

[�]ChaosMotor�-12 points�23 hours�ago

Well there goes my interest in buying their game. It’s not relevant that the game itself is based on sardonic or dark humor, you�always�treat customers or potential customers with the respect they deserve. I was planning to pay cash, too, but I don’t buy from assholes. Oh well.

 

[�]jhansen858�-4 points�17 hours�ago

So basically he is being a fag about it and doesn’t give a shit.

 

[�]cpkdoc�-7 points�18 hours�ago

They just prefer the imaginary debt based ‘money’ their slavemasters issue via the central banks of the world.

and my favorite:

[�]RandomMuthafucka�-2 points�16 hours�ago

Hey OP, if you really want to prove your point to the sellers of this game, you should: Once a month send an email detailing how much the Bitcoin you would have sent in payment for the game has increased in value, compared to how much the USD has decreased in value due to inflation. After awhile they just might understand

The post Cards Against Humanity creator kindly tells bitcoiners to please go fuck themselves. appeared first on Buttcoin Foundation.

One can dream, no?

The post Mt Gox closing all US accounts in 48 hours. appeared first on Buttcoin Foundation.

https://www.bitcoinstore.com/

Normally, transparency is very difficult in the bitcoin world. �But bitcoinstore is a special case, because they need to hit a certain dollar amount with their supplier in order to maintain the best possible discounts. �Since they are nowhere close to reaching their goal, they put up a live chart on their website to show viewers how far they need to go. �At the current market rate of $77, bitcoinstore has raised about $363,000. �They need to hit $850,000 by March 31st, three days from now. �This implies that they currently have around 4700 bitcoins in their wallet, or about 0.04% of all bitcoins in existence (1 in every 2,500).

From February to March, bitcoins essentially went from a low of $20 to a high of $95. �That means that they essentially created $800 million in market value from thin air. �For every dollar spent at the bitcoinstore, the market value of bitcoins has increased by $2000. �This completely destroys the argument that the price of bitcoins are going up for any reason other than speculation. �People are speculating on the idea that bitcoins are a useful currency, but the simple fact of the matter is, no one seems to be using them for anything other than silk road.

1 year price history of BTC

Here’s another bit that’s interesting:

http://www.businessinsider.com/price-of-a-bitcoin-passes-90-dollars-2013-3

Notice how even as the price is going up, the number of actual transactions has gone down? This pretty much destroys the idea that bitcoins have gone up due to heightened interest. �Instead, it implies one or both of the following:

1) �The lack of transactions is causing the price to go up. �Speculators hoard their bitcoins in the hopes of future gains, which creates artificial scarcity and a self-fulfilling prophecy.

2) �The price going up is causing a lack of scarcity. �This would imply that the price is going up due to manipulation, rather than actual interest. �As the price goes up, hoarders are less likely to sell (due to greed), and buyers are less likely to buy (because it’s too expensive).

Since bitcoins generally have no accountability, such manipulation would be impossible to investigate.

We should also note that the $800 million increase in market value is purely speculation. �In other words, just because you have 11 million bitcoins each valued at $95, that doesn’t mean that you will actually be able to sell them at that price. �Which is precisely what happened here.

One of the major problems with the bitcoin economy is that the current market price is based on the current trading price, and trade volume is easy to inflate. �You simply pass some money back and forth between different wallets, so that the market looks more active than it really is.

Imagine if an author wanted to get on the bestsellers list, so he sets up two separate book stores. �Bookstore A purchases 100 copies from Bookstore B, and then Bookstore B purchases those books back from Bookstore A. �As long as there’s no sales tax, this can go back and forth indefinitely to make it look like millions of copies were sold, even though you only had 100 copies to start with. �Bitcoins are never actually consumed. �They’re not a good or a commodity on their own. �Instead, they can only pass from one hand to the next, and we have no way of knowing if these transactions are legitimate.

This brings up another point: �If Bitcoins can be re-used an infinite number of times, then you can’t really attribute the skyrocketing price to supply and demand, because the supply is essentially infinite. There is absolutely no reason for the price to go up so dramatically, other than greed and speculation.

In other words, the economy of Bitcoin is not growing in any meaningful way, and it will stay that way in a deflationary economy. Why spend Bitcoins when holding them will produce grater rewards? Any growth in the economy is due to the simple movement of coins back and forth, not due any type of exchange between Bitcoins for goods and services.

The fact is this bubble is undeniable and with no real growth to be seen the instability will increase until everything collapses again.

The post As we cross the $100 bitcoin threshold we examine the growing Bitcoin bubble that’s guaranteed to pop. appeared first on Buttcoin Foundation.

I lost a buttload on my fake money, can the US government bail me out with real tax dollars?

Oh, the irony.

The post Can my imaginary currency loss claim real tax dollars? appeared first on Buttcoin Foundation.

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