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Just invest in Bitcoin now, it is going to do the same thing in a few months. And it can’t be censored like this. I admire the gme crowd’s efforts but they ar

Just invest in Bitcoin now, it is going to do the same thing in a few months. And it can’t be censored like this. I admire the gme crowd’s efforts but they are so misguided. Investing in zombie companies we actually hate is pointless. Yes you might bankrupt a hedge fund or two but the system will continue. Bitcoin was created for the disruption to the corrupt financial system that they are seeking.

justaman 6y ago
I'm hesitant to invest in an alternative currency that the CCP is one of the largest holders of as a means to stave off corruption.
- Hendrikto 6y ago
  > Of all the countries in the world, China had, by far, the largest international reserves in August 2020, with 3.46 trillion U.S. dollars in reserves. Maybe you shouldn’t use USD either.
xur17 6y ago
This does make the advantages of stuff like Ethereum dexes (uniswap, etc) a lot more obvious.
thecupisblue 6y ago
And then the rich noted that, bought mining farms and turned bitcoin into their own playtoy.
- krupan 6y ago
  How? Do you even understand how Bitcoin works?
  - thecupisblue 6y ago
    By killing the revolution. More money = more mining power, more trading power, ICO pumps and dumps that rose the overall crypto market volume, raising the hype and earned millions in the process for the early buyers/minters. The game was never equal. Want to buy BTC? Get your ID ready, or do a local exchange which is quite inconvenient. The revolution died as soon as you could a profit out of it.
    - krupan 6y ago
      Yes, some of what you describe could be done with Bitcoin, but Please do not confuse Bitcoin with “the overall crypto market” where all of what you described actually took place. KYC and government regulations are a pain, but the core decentralized, limited supply, secure nature of Bitcoin will remain fully intact. Rich and powerful people have already tried to take it over, they ended up with their own forks and you can judge how those have done.
      - thecupisblue 6y ago
        >KYC and government regulations are a pain, but the core decentralized, limited supply, secure nature of Bitcoin will remain fully intact. >decentralized How much of BTC is owned by large miners? >Limited supply If we can't mine more, those with the larger supply have control. >secure For now. Blockchain as the idea will propagate and is great, but bitcoin has failed. >Please do not confuse Bitcoin with “the overall crypto market” But it's value is quite tied to the crypto arket, isn't it?
ARandumGuy 6y ago
It may displace the billionaires who run banks, hedge funds, etc... and replace them with billionaires who own huge mining farms. Bitcoin doesn't solve any of our problems. It just shuffles around who's in power.
- byerobh 6y ago
  That keeps the people in power wary from abusing it. What do you propose instead? Lulz
  - ezekg 6y ago
    I personally really like alt coins like Nano, which don't require mining in the same way BTC does. But those usually have their own set of problems.
- josefx 6y ago
  > and replace them with billionaires who own huge mining farms. Aren't most crypto coins set up so that mining is only getting harder with time? The ones ending up rich are the old money, the guys that invested into it in its early days.
  - krupan 6y ago
    And merely being rich gives you little to no power over Bitcoin
  - JohnJamesRambo 6y ago
    Yes mining is a fool's errand. It was only great when you could do it on your computer. After that, it has just simply been a race against the difficulty and costs of mining. Almost every mining company would have come out further ahead if they simply bought coins rather than mined. Source: I was a miner and would be a lot richer if I had just started purchasing coins earlier. :) Also any history book on cryptocurrency such as The Age of Cryptocurrency by Paul Vigna and Michael Casey from WSJ. The miners profiled in it are just trying to keep the lights on in 2015 and nothing has changed to the hamster wheel.
wdobbels 6y ago
I mean, GME has value because it is shorted so much. The goal of WSB is to go for a short squeeze (when the short positions have to be closed to avoid going bankrupt, the stock price goes up). In that regard I'd consider bitcoin to have less "value", as its price is mostly based on hype, and it doesn't really have any practical uses.
imtringued 6y ago
Bitcoin is a bubble in progress. If you want to make money it certainly is a much better asset to speculate with. However, it's a bit late. Most of the easy gains are not available anymore. If you buy now you there is a decent risk that you will have to wait a year.

justaman 6y ago

I'm hesitant to invest in an alternative currency that the CCP is one of the largest holders of as a means to stave off corruption.

Hendrikto 6y ago
> Of all the countries in the world, China had, by far, the largest international reserves in August 2020, with 3.46 trillion U.S. dollars in reserves. Maybe you shouldn’t use USD either.

xur17 6y ago

This does make the advantages of stuff like Ethereum dexes (uniswap, etc) a lot more obvious.

thecupisblue 6y ago

And then the rich noted that, bought mining farms and turned bitcoin into their own playtoy.

krupan 6y ago
How? Do you even understand how Bitcoin works?
- thecupisblue 6y ago
  By killing the revolution. More money = more mining power, more trading power, ICO pumps and dumps that rose the overall crypto market volume, raising the hype and earned millions in the process for the early buyers/minters. The game was never equal. Want to buy BTC? Get your ID ready, or do a local exchange which is quite inconvenient. The revolution died as soon as you could a profit out of it.
  - krupan 6y ago
    Yes, some of what you describe could be done with Bitcoin, but Please do not confuse Bitcoin with “the overall crypto market” where all of what you described actually took place. KYC and government regulations are a pain, but the core decentralized, limited supply, secure nature of Bitcoin will remain fully intact. Rich and powerful people have already tried to take it over, they ended up with their own forks and you can judge how those have done.
    - thecupisblue 6y ago
      >KYC and government regulations are a pain, but the core decentralized, limited supply, secure nature of Bitcoin will remain fully intact. >decentralized How much of BTC is owned by large miners? >Limited supply If we can't mine more, those with the larger supply have control. >secure For now. Blockchain as the idea will propagate and is great, but bitcoin has failed. >Please do not confuse Bitcoin with “the overall crypto market” But it's value is quite tied to the crypto arket, isn't it?

ARandumGuy 6y ago

It may displace the billionaires who run banks, hedge funds, etc... and replace them with billionaires who own huge mining farms. Bitcoin doesn't solve any of our problems. It just shuffles around who's in power.

byerobh 6y ago
That keeps the people in power wary from abusing it. What do you propose instead? Lulz
- ezekg 6y ago
  I personally really like alt coins like Nano, which don't require mining in the same way BTC does. But those usually have their own set of problems.
josefx 6y ago
> and replace them with billionaires who own huge mining farms. Aren't most crypto coins set up so that mining is only getting harder with time? The ones ending up rich are the old money, the guys that invested into it in its early days.
- krupan 6y ago
  And merely being rich gives you little to no power over Bitcoin
- JohnJamesRambo 6y ago
  Yes mining is a fool's errand. It was only great when you could do it on your computer. After that, it has just simply been a race against the difficulty and costs of mining. Almost every mining company would have come out further ahead if they simply bought coins rather than mined. Source: I was a miner and would be a lot richer if I had just started purchasing coins earlier. :) Also any history book on cryptocurrency such as The Age of Cryptocurrency by Paul Vigna and Michael Casey from WSJ. The miners profiled in it are just trying to keep the lights on in 2015 and nothing has changed to the hamster wheel.

wdobbels 6y ago

I mean, GME has value because it is shorted so much. The goal of WSB is to go for a short squeeze (when the short positions have to be closed to avoid going bankrupt, the stock price goes up). In that regard I'd consider bitcoin to have less "value", as its price is mostly based on hype, and it doesn't really have any practical uses.

imtringued 6y ago

Bitcoin is a bubble in progress. If you want to make money it certainly is a much better asset to speculate with. However, it's a bit late. Most of the easy gains are not available anymore. If you buy now you there is a decent risk that you will have to wait a year.