bitcoin keeps climbing, normies get involved.

[mad bum]

[Tony Schiavone]

The decimal point is still too far over to the right.

How are the prices set for all these currencies if there is no backed, agreed exchange rate?
Could you do a pump and dump and have it be legal for a crypto?

[Le Redditeur]

It's backed by Mathematics alone, which means no one fully understand it anyways.

I hope it stabilizes at some point so we can start using it as an online currency with ease. Because payment processors have proved themselves to be pozzed and non-neutral.

[mad bum]

It's backed by Mathematics alone, which means no one fully understand it anyways.

I hope it stabilizes at some point so we can start using it as an online currency with ease. Because payment processors have proved themselves to be pozzed and non-neutral.

MOON BABY! WE'RE ALL GETTING LAMBOS! NO MORE WAGE SLAVING FOR US!

[Kugelfisch]

How are the prices set for all these currencies if there is no backed, agreed exchange rate?

The agreed upon value of a bitcoin is 1000 US Dollars. So it's been massively inflated for years.

Could you do a pump and dump and have it be legal for a crypto?

Legally, yes. Practically, no. About 90% of all Bitcoin is held by three or so people.

[VoiceOfReasonPast]

The only chance for this to become a legit currency is if people stopped using it for their speculation keikakus. This will only happen after everyone has stopped caring about this shit, though.

[Poonoo]

How are the prices set for all these currencies if there is no backed, agreed exchange rate?

Like any commodity or product in the market, whatever people think it's worth hence the wild fluctuations. Especially with all the speculators thinking it will be worth more in 20 years. It's a bit shit to use as currency but...

I hope it stabilizes at some point so we can start using it as an online currency with ease. Because payment processors have proved themselves to be pozzed and non-neutral.

...if this shit happens you have no choice. Payment processors need to cut out the bullshit or either 2 things will happen:

1. People in Government will grow a pair of balls and make them process non-criminal payments or fine/imprison the ever loving shit out of them or

2. The more likely scenario, people flock to bitcoin for online currency rather than shit like Paypal and credit cards.

This will fucking kill the banks and make bitcoin more viable, by pulling this shit you are just giving bitcoin a reason to exist other than some novelty. And I hope the banking sector is dumb enough to do this since it will completely destroy their scummy cartel if they can no longer digitally counterfeit the currency we all use.

[Kugelfisch]

The banks can't be defeated. They don't make their money with money anyway. They are actually insurance companies and entire social security systems of many nations are deeply entangled with them. That's why banks get bailed out. The state will never allow the banks to lose the monopoly on credit.

[rabidtictac]

Banks have a lot more assets than just money. They own a shit-ton of property, which has real value rather than fiat value. So banks aren't going anywhere. Banks are full of investors and investors know how to invest their fake money into real shit. That's another reason ancaps are fucking dumb. They assume that bankers and other smart money-managers are so dumb they rely totally on paper money for everything and the banks would collapse if we could just undermine the ebil paper money.

Banks have more gold than you.
Banks have more silver than you.
Banks have more land than you.
Banks have more water rights than you.
Banks have more access to guns than you.
Banks have more access to police and military force than you.
Banks have more access to food than you.
Banks have more access to safehouses than you.
Banks have more vehicles than you.
Banks have more resources than you.

[Guest]

Why bother living if I have to be poor?