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[kaenneth]

It's really just a fun experiment.

No fun experiment makes it past ethics review boards.

[Reelya]

A Ponzi Scheme is a very specific type of thing, and it in no way relates to bitcoins. Criticize what's actually going on, but please don't confuse things with unrelated terminology.

[Willfor]

So this is a thing that happened.

[LeoLeonardoIII]

Can't wait until the IRS taxes me because my character found a Vorpal Sword and it's worth $10 on an exchange market. Or when I add value to my collection of possessed knowledge by coming up with an idea.

[Aklyon]

So this is a thing that happened.

So, should we bet on bitcoin panic, or it just falling in price again?

[gigaraptor487]

Not sure if this is the place to ask, but would you say worldcoin is a good investment to mine?

[Reelya]

There are some "multipool" sites that automatically switch your miners to mine whichever coin has the best exchange rate, some of them give you coins of all the types, and others are set up to automatically payout to bitcoins (which would be much less hassle that trying to maintain a dozen types of bitcoin wallet software). You can also use those sites to compare mining rates for each major type of coin and mine a specific coin you like that has a decent return.

IDK anything about worldcoin, but there are coins with much better exchange rates vs. mining rate. Unless you have some special info that worldcoin is going to jump in price there's no reason to prefer that over any other coin.

[alway]

Bahahaha http://www.reddit.com/r/BitcoinMarkets/comments/1rmc4m/can_you_guys_stop_bashing_the_bears/cdouq69?context=1
Dude bets that bitcoin would be over $1000 on January 1 or he will eat a hat. Dude actually eats a hat.
http://www.reddit.com/r/BitcoinMarkets/comments/21gc2x/i_ate_a_hat/

[BurnedToast]

So this is a thing that happened.

So, should we bet on bitcoin panic, or it just falling in price again?

WAG? minimal or more likely no effect at all. Nobody pays sales tax on internet purchases, nobody is going to pay tax on bitcoin transactions either, despite the fact they are technically supposed to do both.

Legitimate companies that accept bitcoin just instantly turn it into real money and they already have to report that, so it's probably not any different for them (other then maybe a little different paperwork).

If people were behaving rationally, this would hurt the mining pool a lot since miners now have to pay tax on the coins they mine (and then pay tax AGAIN when they spend it if I understand the situation correctly) and that would cut into the profit quite a bit... but people are already mining for negative income (and they will probably ignore the tax anyway) so who knows what's going to happen there.

Of course it makes it less likely we will switch to a bitcoin-only economy and dump USD completely because it would be a terrible mess to keep track of it all... but that's never going to happen anyway.

[Reelya]

I think you're out of touch. Almost nobody is mining bitcoins on PCs now, they're mining litecoin derivatives, which have a much better return rate, around 50 times higher than doing the same with bitcoin.

The bulk of people mining bitcoin use custom hardware that's dedicated to that sole purpose, and there is in fact a thriving business in designing more and more efficient hardware for the purpose. It's kind of a hard position to believe, that the vast hashrate currently runnning on bitcoin (almost all of it is expensive custom hardware, not regular PCs) is just ill-informed newbies who never bothered to calculate their electricity costs.

[Leafsnail]

It is hard to believe, but also true.  Although you can also add in "people who have their electricity bills paid for by other people".

Using a Bitcoin specific GPU just makes it even worse, because you can't even use the GPU for anything else when you're done.

[miauw62]

Bahahaha http://www.reddit.com/r/BitcoinMarkets/comments/1rmc4m/can_you_guys_stop_bashing_the_bears/cdouq69?context=1
Dude bets that bitcoin would be over $1000 on January 1 or he will eat a hat. Dude actually eats a hat.
http://www.reddit.com/r/BitcoinMarkets/comments/21gc2x/i_ate_a_hat/

If an OP delivers, I always respect him/her.

[Jimmy]

Bahahaha http://www.reddit.com/r/BitcoinMarkets/comments/1rmc4m/can_you_guys_stop_bashing_the_bears/cdouq69?context=1
Dude bets that bitcoin would be over $1000 on January 1 or he will eat a hat. Dude actually eats a hat.
http://www.reddit.com/r/BitcoinMarkets/comments/21gc2x/i_ate_a_hat/

Dude's got balls. Respect.

[Hugehead]

In other news, Reddit's dogecoin subreddit raised $55,000 to sponsor a NASCAR driver, he will be driving a Doge wrapped car at Talladega Speedway on May 4th. http://www.reddit.com/r/dogecoin/comments/21c5xq/doge4nascar_is_funded/

[kaijyuu]

Dammit all, the internet is leaking out into reality.