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evilweasel posted:right the entire system is entirely unsustainable
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# ? Jan 6, 2015 03:08 |
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# ? Mar 28, 2024 23:14 |
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quote:[–]lavaenema 2 points 2 hours ago quote:[–]chris45215 1 point 48 minutes ago got hacked and someone stole your internet money? hire a hitman, and don't forget to tip the thief.
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# ? Jan 6, 2015 03:18 |
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i thought white hat hackers were the type to find a security hole and inform the owner of the site, not find a hole, take 5 million dollars, then return 51% of it if they ask nicely
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# ? Jan 6, 2015 03:26 |
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Sham bam bamina! posted:fiat banker shill jew
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# ? Jan 6, 2015 03:33 |
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Boxturret posted:i thought white hat hackers were the type to find a security hole and inform the owner of the site, not find a hole, take 5 million dollars, then return 51% of it if they ask nicely the buttcoin hat was black, then gray, then white, then so bright it lit the hacker's hair on fire, and then it settled to a pleasant cream color. volatility makes it exciting.
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# ? Jan 6, 2015 03:40 |
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TVarmy posted:the idea is that bitcoin is promoted as a super-efficient low-friction payment network. for a while, microtransactions were proposed as a use. but the fact is that buttcoiners are spending a lot of money to mine/confirm those transactions, and the amount of transactions in a block is limited (under the most ideal conditions, ~7 per second or 4200 every ten minutes). most of the money for that electricity comes from the protocol's block rewards. but those rewards are scheduled to dry up. Bitcoin bad
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# ? Jan 6, 2015 03:41 |
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https://twitter.com/AdamGuerbuez/status/551862867956617216 Adam Guerbuez @AdamGuerbuez Getting Geared up for some big #bitcoin news concerning Bitstamp. 2:08 PM - 4 Jan 2015 this is the 5 D0LLARS tipper/$873 million spamming fine guy. also lol at the replies
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# ? Jan 6, 2015 03:44 |
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so he knew about the announcement before hand or?
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# ? Jan 6, 2015 05:22 |
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PleasureKevin posted:so he knew about the announcement before hand or?
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# ? Jan 6, 2015 06:04 |
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so that's where he got all those D0LLARS
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# ? Jan 6, 2015 06:05 |
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on a related note, you can use dоllars as a custom type on changetip since they don't do normalization
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# ? Jan 6, 2015 06:41 |
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He's like actively taunting people about it, wtf I thought he was a buttliever
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# ? Jan 6, 2015 06:46 |
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it would be so great if the guy giving out D0LLARS was giving away stolen nickels i don't think i could handle it
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# ? Jan 6, 2015 06:49 |
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it seems like the ultimate downfall of bitcoin is not its obvious technical flaws or the fact that it isn't really a currency and is instead more of an ivestment but that energy is not infinite and free
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# ? Jan 6, 2015 06:51 |
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quote:How the hell did someone get in there long enough to steal $5M? Jesus. It's gotta take some decent skills to lift $3.4M. I expect the law is looking for them already. $1.9M is a pretty serious haul. Also...are they actually untraceable? Where can you launder $800k of bitcoin? Some vendors take it, of course, but what can you realistically buy with $97k bitcoin? Does it cost to setup a new wallet? Do you need a new system to ensure you can't be tracked? And is it really worth it for $72 in bitcoin? http://www.reddit.com/r/technology/comments/2rgj29/someone_stole_5_million_from_a_major_bitcoin/
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# ? Jan 6, 2015 07:15 |
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4
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# ? Jan 6, 2015 07:18 |
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vOv posted:why would the electricity cost per transaction be constant, that makes no sense whatsoever. the size of the thing being hashed repeatedly is independent of the number of transactions. the "cost per transaction" metric is the worst bitcoin metric ever. it confuses people into thinking the mining economy and the transaction economy are somehow related. it doesn't matter how much energy is being used by the miners, as long as there is enough hash power to keep the network going, the transaction economy will still function. imagine a fast food restaurant. there are people at the register taking orders, and people in the back making the burgers. there can be 100 people in the back making burgers, but that is not going to have any effect on ho many sales they get at the register. as long as there are enough people making burgers to fill orders, the restaurant will operate. bitcoin is currently in a situation where there are a million volunteer burger makers which makes it seem like its very inefficient, but its wrong to imply that all those extra burger makers are necessary.
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# ? Jan 6, 2015 07:28 |
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nice metaphor
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# ? Jan 6, 2015 07:33 |
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bitcoin: its wrong to imply that all those extra burger makers are necessary
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# ? Jan 6, 2015 07:34 |
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Ricky Bad Posts posted:nice metaphor yes considering the technical limitations due to the block size, bitcoin is a lot like a small town burger chain transaction volume wise, so it's pretty apt. no matter how many burger flippers you have you're not going to make any more than 3.3 burgers per second
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# ? Jan 6, 2015 07:37 |
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and when the pay for the entire restaurant drops to poverty levels and most of them leave, the remaining few will wander uselessly through a byzantine labyrinth of grills and refrigerators trying to find any leftover scraps to make a goddamn hamburger with in vain, for years and years, and also a kid throws a frisbee onto the roof of the restaurant because I'm not confident in metaphor building.
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# ? Jan 6, 2015 07:38 |
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so if we had just like one person mining, what would happen to the transaction time? isn't the difficulty so high that it would take literally forever to do a transaction?
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# ? Jan 6, 2015 07:39 |
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DAT NIGGA HOW posted:imagine a fast food restaurant. there are people at the register taking orders, and people in the back making the burgers. there can be 100 people in the back making burgers, but that is not going to have any effect on ho many sales they get at the register. as long as there are enough people making burgers to fill orders, the restaurant will operate. bitcoin is currently in a situation where there are a million volunteer burger makers which makes it seem like its very inefficient, but its wrong to imply that all those extra burger makers are necessary. also it doesn't matter if it's necessary, the protocol's design CAUSED those burger makers to exist, and they do exist, so "they don't have to exist" is a pointless thing to discuss
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# ? Jan 6, 2015 07:41 |
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PleasureKevin posted:so if we had just like one person mining, what would happen to the transaction time? well yeah, if you replace all the current miners with one it would take an eternity to get the difficulty down to normal levels but if, from the start, you had one it would be just as fast as it is now e:actually it could be faster because you wouldn't have to wait ten minutes for confermations it would also just be a server Boxturret fucked around with this message at 07:45 on Jan 6, 2015 |
# ? Jan 6, 2015 07:42 |
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theflyingorc posted:if a business was set up this way, it would not be unreasonable to call them stupid no you see, bitcoin is all about how things could be not how things are. it's a perfect system that has never been properly implemented yet, but you can't blame bitcoin for that. besides, it's pointless to discuss because bitcoin doesn't exist remember?
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# ? Jan 6, 2015 07:44 |
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theflyingorc posted:if a business was set up this way, it would not be unreasonable to call them stupid a business model that attracts large amount of volunteer workers who pay for their own supplies? how is that stupid?
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# ? Jan 6, 2015 07:49 |
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DAT NIGGA HOW posted:a business model that attracts large amount of volunteer workers who pay for their own supplies? how is that stupid? it has sustained these forums for long enough
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# ? Jan 6, 2015 07:51 |
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a business model that encourages wasting energy and resources on a spectacular scale for no practical return? how is that stupid?
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# ? Jan 6, 2015 07:52 |
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infernal machines posted:a business model that encourages wasting energy and resources on a spectacular scale for no practical return? how is that stupid? i don't want to repeat myself
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# ? Jan 6, 2015 07:54 |
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DAT NIGGA HOW posted:imagine a fast food restaurant. there are people at the register taking orders, and people in the back making the burgers. there can be 100 people in the back making burgers, but that is not going to have any effect on ho many sales they get at the register. as long as there are enough people making burgers to fill orders, the restaurant will operate. bitcoin is currently in a situation where there are a million volunteer burger makers which makes it seem like its very inefficient, but its wrong to imply that all those extra burger makers are necessary. ding fries are done
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# ? Jan 6, 2015 07:54 |
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PleasureKevin posted:so if we had just like one person mining, what would happen to the transaction time? back in 2009 there was only one person mining, satoshi. the network was designed to still work even as hashrate increases and decreases across orders of magnitude. the weakness is that if hashrate raises or falls too sharply, there could be a "frisbee on the roof" situation i honestly think most miners mine bitcoin becsause they like bitcoin some people think miners only do it for the profit, and as soon as the profit goes away they will shut their machines down even if the price decline continues, hashrate is unlikely to drop much maybe if someone hashed the blockchain and found a bug that would apear to never be fixed, then i can see people turning off their miners in mass...
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# ? Jan 6, 2015 07:56 |
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The Management posted:ding fries are done well, mostly done now they're burnt okay, someone's stolen most of the fries
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# ? Jan 6, 2015 07:57 |
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each bitcoin transaction releases one quarter to one half ton of co2 into the atmosphere
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# ? Jan 6, 2015 07:57 |
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so have you committed to just showing up and posting pointless but largely uncontroversial opinions about bitcoin now?
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# ? Jan 6, 2015 07:58 |
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infernal machines posted:a business model that encourages wasting energy and resources on a spectacular scale for no practical return? how is that stupid? there is a practical return, the bitcoin network
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# ? Jan 6, 2015 07:58 |
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DAT NIGGA HOW posted:there is a practical return, the bitcoin network that's questionable in itself. but as you said, the bitcoin network has no need for most of those miners, so it's literally without practical return even by your definition
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# ? Jan 6, 2015 08:00 |
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theflyingexecutive posted:each bitcoin transaction releases one quarter to one half ton of co2 into the atmosphere thats like saying every mile of road causes XXX CO2 emissions. if i divide the number of miles of road that exists in the world, and divide it by the amount of CO2 being emitted by cars, you can get C02 emitted per mile of road its a worthless metric that says nothing and so is "cost per transaction" and "C02 emitted per transaction"
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# ? Jan 6, 2015 08:01 |
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Roads go places. Bitcoin miners do the computer equivalent of digging a goddamn ditch and filling it in again a billion times in a meaningless race to be the first to throw a meaningless number at an arbitrary wall and have it stick. Every goddamn miner past the first one is wasting electricity and wholly unnecessary and the total utility you get out of it, the transactions, should absolutely be weighed against the staggering waste of time and resources and the pollution they cause and ahahahhaha nevermind you think arguing with bitcoin is like denying the holocaust shine on you crazy diamond.
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# ? Jan 6, 2015 08:07 |
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DAT NIGGA HOW posted:a business model that attracts large amount of volunteer workers who pay for their own supplies? how is that stupid? Do you seriously not understand how absolutely stupid this is to say?
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# ? Jan 6, 2015 08:09 |
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# ? Mar 28, 2024 23:14 |
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theflyingorc posted:Do you seriously not understand how absolutely stupid this is to say? no he does not. a quick glance at his posting here and in coc show a person who is blissfully unaware of how stupid they are and how obvious they make that to everyone they communicate with. or a modern day tobleronetriangular, you decide
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# ? Jan 6, 2015 08:13 |