indigi posted:

wrong, cause most of the asic miners are limited to hashing 1mb blocks, so none of them will ever under any circumstances follow the fork, and the frisbee will be firmly entrenched on the roof. it's why it hasn't been changed already - most blocks don't get near 1mb, so raising that limit would have no practical effect for a while beyond making all the specialized mining hardware instantly obsolete

BobHoward posted:

mining is the search for a nonce

DAT NIGGA HOW posted:

that screenshot proves that coinbase is not a scam

BobHoward posted:

this thread goes in circles sometimes. this isn't true, even though it would be wonderfully comical if it was

ignoring details i can't be hosed to look up, mining is the search for a nonce (an arbitrary number) which makes the result of hash(concat(block_payload, nonce)) have a certain number of leading zeroes. a basic & ubiquitous optimization in mining sw/hw is that you can precompute a partial hash of the payload just once, and reuse this partial result for every nonce you try.

the partial result is a small, fixed amount of data which does not scale with payload size. this was one of the characteristics which made it relatively cheap/easy to design bitcoin mining hardware -- they could (and did, and do) get away with very little local memory per hash engine. think hundreds of bytes, idk exactly what it would be but it's probably not more than that

(the potential for hilarity is that miners use software derived from the original open sores bitcoin client or summat like that and lol @ the idea that all these shady miner hardware companies are going to deliver merged updates from upstream in a timely fashion)

theflyingorc posted:

Also, the whole thing folds when Bitpay and coinbase crash from their nonsense business model.

Jonny 290 posted:

bitcoin believers come in two forms:

1. people that straight up believe fiat doesn't exist. basically like moon landing deniers
2. people who believe fiat exists, but think its complete collapse is imminent because they can think up some theoretical situation that proves fiat will not work

kierrie posted:

Define nonsense? As I understand it, they get to skim money off the top and hold zero of the transaction risk (they never actually hold any bitcoins), which sounds like a pretty good idea imho. They have zero exposure but their business model means that their turnover is constrained by bitcoin trading volume so if bitcoin crashed their profits would probably shrink.

The dummies who trade actual goods for bitcoins, like Silk Road, and the speculators are going to be left holding the bag if(when) bitcoin crashes.

kierrie posted:

Define nonsense? As I understand it, they get to skim money off the top and hold zero of the transaction risk (they never actually hold any bitcoins), which sounds like a pretty good idea imho. They have zero exposure but their business model means that their turnover is constrained by bitcoin trading volume so if bitcoin crashed their profits would probably shrink.

The dummies who trade actual goods for bitcoins, like Silk Road, and the speculators are going to be left holding the bag if(when) bitcoin crashes.

blugu64 posted:

Please stop besmirching moon landing deniers.

crusader_complex posted:

i always assumed cyptocurrencies were sustained via various actually profitable (illegal) darknet businesses having to adopt them, not due to "the people just want a change, maaaan, lose the shackles!"

nerds want to buy creepy poo poo

Improbable Lobster posted:

you can buy anime fleshlights with fiat though

Nessus posted:

what I can't do is make enough money to do so by leaving my computer on in 2010

Improbable Lobster posted:

i wonder how many anime-themed masturbator online shops take bitcoins

Jonny 290 posted:

bitcoin believers come in two forms:

1. people that straight up believe fiat doesn't exist. basically like moon landing deniers
2. people who believe fiat exists, but think its complete collapse is imminent because they can think up some theoretical situation that proves fiat will not work

DAT NIGGA HOW posted:

i've used bitpay, you obviously haven't

Improbable Lobster posted:

i wonder how many anime-themed masturbator online shops take bitcoins

Nintendo Kid posted:

You misunderstand. Merchants that use bitpay etc have 0 risk because they just get the cash. Bitpay has plenty of risk because they have to get the cash from somewhere when they take the bitcoins from someone.

quote:

Josh Garza must not be allowed to speak at the Miami Bitcoin Conference! (self.Bitcoin)

submitted 6 hours ago by granatheus

We have put a difficult year behind us, and there is a feeling of a fresh start in the community. In just two weeks, the world's biggest Bitcoin conference, http://btcmiami.com/ is opening it's doors, with all the publicity that follows. Josh Garza, CEO of GAW/Paybase is scheduled to speak on the main stage two times. http://btcmiami.com/speakers-2/ This cannot be allowed to happen. This is the year Bitcoin is supposed to grow up, and put the days of scamming and amateur business practice behind us. I have spent some time looking at Garza's business the last week, and it is just a flaming trail of lies and deception. People are still being sucked into it, and I have read many sad stories of people investing everything they got into this.

Someone has to stop this.

quote:

[–]Iron-x 33 points 6 hours ago

Paybase is a Premier Sponsor of BTCMiami. It's highly unlikely that the organizers will cancel his participation in the event. Unfortunately, he paid for a seat at the table instead of earning one.

Weatherman posted:

also why is that guy roleplaying a buttcoiner in yospos and why are you engaging with him like he really is one

ElectricMucus posted:

Eventually,

all of them.

Maximum Leader posted:

isn't bitpay taking significant risk and eventually going under a risk in itself?

Nintendo Kid posted:

yeah they basically can only operate without outside cash injections if the price of bitcoins stays stable or continually increases.

and even that's difficult for them, since they give you an introductory bonus of 0 fees on your first $x large amount of business done with them, meaning they have to rely on prices going up flat out.

theflyingorc posted:

And? I am not arguing that they're a scam, I'm arguing that they're a tech startup without a sustainable business model, those are very, very common.

Also, why did you use Bitcoins to buy things instead of fiat, what benefit did you receive?

DAT NIGGA HOW posted:

i buy most things with dollars, i only spend bitcoin if its an option, i don't go out of my way to spend btc unless the btc price is way up and i want to offload some.

2 days ago i bought a casacius coin. bitpay was an option so i thought what the hell... i'd rather just reach over, grab my phone, make the transaction, rather than reach over the other direction to grab my card and type the numbers into my computer. once you have a bitcoin wallet set up its not any more difficult to use than credit cards. the hard part is learning all the terminology (blockchain, transaction, outputs, etc), and getting your bank account attached to an exchange.

DAT NIGGA HOW posted:

i buy most things with dollars, i only spend bitcoin if its an option, i don't go out of my way to spend btc unless the btc price is way up and i want to offload some.

2 days ago i bought a casacius coin. bitpay was an option so i thought what the hell... i'd rather just reach over, grab my phone, make the transaction, rather than reach over the other direction to grab my card and type the numbers into my computer. once you have a bitcoin wallet set up its not any more difficult to use than credit cards. the hard part is learning all the terminology (blockchain, transaction, outputs, etc), and getting your bank account attached to an exchange.

Japan News print edition on MtGox posted:

捜査関係者によると、不審な口座は、警察庁による同社サーバー記録復元よって、発見された。どのような人物がいつ、解説したかは不明だ。この口座では、BTCを購入した記録がないのに、突然、残高が増えていた。顧客の口座から移し替えたBTC使った取引が繰り返されていた疑いあるという。

According to investigation sources, the suspicious accounts were discovered by restoring records from the company's servers. It is unclear when or by whom these accounts were made. The balance of these accounts suddenly increased, even though there was no record of buying bitcoins. The sources say they suspect that repeated transactions were made moving bitcoins from customers' accounts.

DNova posted:

i'm not sure if I like how

theflyingorc posted:

I don't like how.

Boxturret posted:

i missed you how

DAT NIGGA HOW posted:

i'd rather just reach over, grab my phone, make the transaction, rather than reach over the other direction to grab my card and type the numbers into my computer. once you have a bitcoin wallet set up its not any more difficult to use than credit cards. the hard part is learning all the terminology (blockchain, transaction, outputs, etc), and getting your bank account attached to an exchange.

Aleksei Vasiliev posted:

DAT NIGGA HOW posted:

i buy most things with dollars, i only spend bitcoin if its an option, i don't go out of my way to spend btc unless the btc price is way up and i want to offload some.

2 days ago i bought a casacius coin. bitpay was an option so i thought what the hell... i'd rather just reach over, grab my phone, make the transaction, rather than reach over the other direction to grab my card and type the numbers into my computer. once you have a bitcoin wallet set up its not any more difficult to use than credit cards. the hard part is learning all the terminology (blockchain, transaction, outputs, etc), and getting your bank account attached to an exchange.

QuarkJets posted:

Right, so it's basically Paypal but with higher fees and a bunch of other drawbacks

Robawesome posted:

Please Educate Me: Why don't wallets like Coinbase/Circle have the option to buy something with Bitcoin without purchasing Bitcoin first? (self.Bitcoin)

submitted a minute ago by Logical007

Can anyone explain to me why they aren't doing this? (Or, if it's not a good idea, why it's not a good idea?)

Scenario:

You're using your Circle Wallet. You see a Video Game that you want to buy from Microsoft for $60 worth of Bitcoin. You scan the QR code with your Circle wallet, then Circle sends $60 worth of BTC to Microsoft and then deducts $60 from your Checking Account.

Why is this not a feature? They could limit it to verified account for their protection, like a max of $100 worth of BTC a day for this feature.

Why is this not a thing? Why do these services, that intend to make Bitcoin easier, make the consumer acquire the BTC before the purchase?

I realize Coinbase has the USD wallets, but it's not the same thing.

Thanks for reading and sharing your insight.