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QuarkJets posted:You're still giving them too much credit. A business or a country has no reason to use a bitcoin-like system. All of the potentially desirable qualities of such a system (cryptographically-secure electronic payments, distributed accounting) exist in other forms without the downside of having to burn enough electricity to power a small country in order to run it. A commonly found thing in the YOSPOS thread is that a lot of idiot bitcoiners on reddit think that Satoshi invented cryptography and distributed databases, so to them any payment system that uses cryptography is now just a derivative of bitcoin. Bitcoin doesn't use a distributed database though. Everyone has to download the entire loving database which a distributed system does not do. The blockchain is more like a list, never edited. How can that be referred to as a database? Tenzarin fucked around with this message at 21:02 on Jan 23, 2016 |
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Jan 23, 2016 20:57
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Professor Shark posted:Can you imagine if actual corporations decided to get into BC? They would eat Bitcoiners alive. There was a lot of talk of this back in the day, pre-MTGOX and when the price was still rising. Most butters were talking 'take my butts from cold dead hands' type poo poo. Now no one wants the coins, and the True Believers think they will become billionaires when it finally takes off.
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Jan 23, 2016 21:08
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QuarkJets posted:You're still giving them too much credit. A business or a country has no reason to use a bitcoin-like system. All of the potentially desirable qualities of such a system (cryptographically-secure electronic payments, distributed accounting) exist in other forms without the downside of having to burn enough electricity to power a small country in order to run it. A commonly found thing in the YOSPOS thread is that a lot of idiot bitcoiners on reddit think that Satoshi invented cryptography and distributed databases, so to them any payment system that uses cryptography is now just a derivative of bitcoin. can't buy precious research chemicals with fiat mahney, police will track you and sabotage all the research
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Jan 23, 2016 21:15
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Shwqa posted:The confusing part to me is just how easy it is to make a copy cat. Why would any major business/country give complete control to a bunch of idiots? A country would just make butt coin v2 with them being the early adopter. Literally nothing. If Wal-Mart somehow wanted to use the protocol they would just start paying workers in Wallycoin or some poo poo. I could see Wal-Mart doing it because buying stuff with Bitcoin is hilariously difficult. Kind of a more dickish version of that time they got busted for paying people in gift cards.
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Jan 24, 2016 00:06
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Tenzarin posted:Bitcoin doesn't use a distributed database though. Everyone has to download the entire loving database which a distributed system does not do. it's an append-only database and you only need to download the whole thing if you want to verify it. the "trust" (ability to verify the proof of work) is what's distributed
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Jan 24, 2016 00:22
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Razorwired posted:Literally nothing. If Wal-Mart somehow wanted to use the protocol they would just start paying workers in Wallycoin or some poo poo. If Walmart did that, the "Walmart is going under" thread would have a lot more traction.
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Jan 24, 2016 00:37
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wayne curr posted:Don't forget that the reward for mining coins will be halved later this year. Didn't the value of a bitcoin block work out to be the same dollar amount as the cost of the electricity to mine it in the first place? So whatever they're making in Bitcoins, they're having to pay to the electric company, so  what income?
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Jan 24, 2016 02:38
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The hardware arms race basically made sure that no one ever even made hardware costs back.
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Jan 24, 2016 02:58
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Nine months of mining and I'll make my money back on these GPUs. *eight months later* Nine months of mining and I'll make my money back on these FPGAs. *eight months later* Nine months of mining and I'll make my money back on these ASICs. *never gets ASICs*
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Jan 24, 2016 03:02
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Powered Descent posted:http://www.beepboopbitcoin.com/ Just to be clear, there are two games linked on that page: "Advanced Bitcoin Simulator" is the one where you bite someone "Bitcoin Mining Profit Calculator: Gaiden" is the one that pays homage to LucasArts and Sierra games, plus others The first one was pretty cool when it first came out but the second one totally shits all over it (maybe I say that because I post in the retro games threads). Definitely play them both in that order.
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Jan 24, 2016 04:29
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Cowboy Pope posted:Okay so a fiat currency is one that only has value by some decree, right? So chickens are not fiat because chickens have some inherent use to them, a dollar is fiat because its worth a dollar because someone said so. I think I get it so far. That's a very good question. Some might say that this is the irony of bitcoin. People with a true understanding of bitcoin, however, will point out that bitcoin is BACKED BY MATH. Yes, that's loving stupid, it's fiat.
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Jan 24, 2016 04:31
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Buttcoin purse posted:That's a very good question. Mother Jones called it the "ultimate fiat currency" in 2014. I still remember fondly imagining the cognitive dissonance stroke true believers gave themselves on that one. http://m.motherjones.com/kevin-drum/2014/02/bitcoin-fiat-currency-thats-not-its-big-problem
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Jan 24, 2016 06:26
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quote:But when XT launched, he made a surprising decision. XT, he claimed, did not represent the “developer consensus” and was therefore not really Bitcoin. Voting was an abomination, he said, because:
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Jan 24, 2016 06:34
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thathonkey posted:bitcoin? more like shitcoin! been waiting since page 1 to post this
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Jan 24, 2016 06:46
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Y-Hat posted:i should have known that the death of Bitcoin would be caused by fragile egos belonging to big stupid nerds Bitcoin is really derivative. Bioshock already TOLD this story!
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Jan 24, 2016 07:06
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Novo posted:it's an append-only database and you only need to download the whole thing if you want to verify it. the "trust" (ability to verify the proof of work) is what's distributed thing is, u could offload all of the work to a central authority (or CA) and then have intermediate authorities under the CA that have the ability to sign for issuing authorities that have the ability to sign for individual entities which could be people, web sites, code or transactions. and wow if u sub central for certificate then u have a model that maybe works? of course no real PKI has ever claimed to be a currency, but they are capable of verifying transactions.
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Jan 24, 2016 07:20
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Buttcoin purse posted:People with a true understanding of bitcoin, however, will point out that bitcoin is BACKED BY MATH. Yes, that's loving stupid, it's fiat. and that while the government can always just print more money, there is a finite amount of bitcoins that can ever be mined therefore it's automatically superior and more worthful
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Jan 24, 2016 07:23
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and  with the lol at "Bitcoin isn't fiat" argument. If Bitcoin is money, it absolutely is fiat. but it isn't money, it is a commodity
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Jan 24, 2016 07:23
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Yeah, I made a killing shorting Frozen Concentrated Orange Bitcoins!
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Jan 24, 2016 07:28
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i remember 'listen to buttcoin' got turned into some sorta fishing/garbage site a while ago. is there any other site out there where i can listen to the dulcimer tones of asses farting over and over again depending on the prices of dunning-krugerands?
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Jan 24, 2016 08:40
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Germstore posted:Nine months of mining and I'll make my money back on these GPUs. *Butterfly Labs mines 400 Butts using your rig you bought from them for sixteen months*
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Jan 24, 2016 17:48
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My Q-Face posted:Didn't the value of a bitcoin block work out to be the same dollar amount as the cost of the electricity to mine it in the first place? So whatever they're making in Bitcoins, they're having to pay to the electric company, so They steal the electricity, or their parents are footing the bill... 100% PURE PROFIT, SHITHEAD!
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Jan 24, 2016 21:14
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happyhippy posted:*Butterfly Labs mines 400 Butts using your rig you bought from them for sixteen months* Haha I remember buyers freaking out saying the BFL was mining using their machines and most people in the SA thread said that would be stupid, that BFL wasn't interested in mining they just wanted to sell the shovels It DID turn out they were mining, right?
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Jan 24, 2016 21:21
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Professor Shark posted:It DID turn out they were mining, right? please, they were only stress testing them to make sure they worked alright
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Jan 24, 2016 21:45
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Yes, stress testing them on the live network (instead of the test network designed exactly for that) while depositing the mined coins to BFL's wallet instead of the customer's wallet. loving BFL (who was local to me)
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Jan 24, 2016 21:51
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Laughing my rear end off at these drug stories, especially not wanting to damage the guy's rep.
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Jan 24, 2016 22:09
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Professor Shark posted:Haha I remember buyers freaking out saying the BFL was mining using their machines and most people in the SA thread said that would be stupid, that BFL wasn't interested in mining they just wanted to sell the shovels Not only that, but the miners joined the BFL pool by default so unless you changed it you were mining for BFL and subsidizing their electricity costs.
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Jan 24, 2016 23:52
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cumshitter posted:Not only that, but the miners joined the BFL pool by default so unless you changed it you were mining for BFL and subsidizing their electricity costs. Wow what a weird mistake on BFL's part! I don't think anyone has mentioned the idiot who tried to use his university campus to mine butts and got expelled
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Jan 25, 2016 00:13
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Lol also that time they bought buttcoin.org and changed the review of their broken rear end miner that had spray painted cardboard instead of the touch screen interface they promised.
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Jan 25, 2016 00:20
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Professor Shark posted:Wow what a weird mistake on BFL's part! A dude I know is in IT and told me someone at his place got fired for running a bitcoin miner thingy under his desk. There had been a significant spike in the electricity bill apparently, and IT got called in to try to implement energy saving measures when they found it. Apparently the thing was running so drat hot that it was a bigger mystery why nobody noticed, or how this guy managed to sit there all day without getting heatstroke.
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Jan 25, 2016 00:27
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This thread has given me a new appreciation for buttcoin, primarily through the incredible perfection of the term "Dunning-Krugerand."
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Jan 25, 2016 00:39
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cumshitter posted:Lol also that time they bought buttcoin.org and changed the review of their broken rear end miner that had spray painted cardboard instead of the touch screen interface they promised.
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Jan 25, 2016 00:49
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Tenzarin posted:Bitcoin doesn't use a distributed database though. Everyone has to download the entire loving database which a distributed system does not do. you see the part where he talks about idiot vc money? that's the part where the buttchain is a database
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Jan 25, 2016 00:59
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Serak posted:Magic: The Gathering Online Exchange the lol'd that never gets old
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Jan 25, 2016 02:30
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The old Bitcoin threads were fun to read cause I learned all about neat stuff like the ASIC and 3 phases post were always funny. Wasnt there a chinese group that beat butterfly labs to the punch but gave up shortly there after? Also wasnt there some kinda usb minner that people were plugging into like 50 plus usb hubs that were made in china and a basic firerisk?
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Jan 25, 2016 02:41
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im stealing this from yospos since its our self rational interest to laugh at libertarians
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Jan 25, 2016 02:47
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DiggityDoink posted:i remember 'listen to buttcoin' got turned into some sorta fishing/garbage site a while ago. is there any other site out there where i can listen to the dulcimer tones of asses farting over and over again depending on the prices of dunning-krugerands? There's a version up at http://buttcoin.cf/ but since the empty gox API is down (for now!) it only plays transactions that happen on the fartchain.
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Jan 25, 2016 03:22
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Cheez posted:And they had in fact bought the stuff that was supposed to go in that spot, they just didn't put it in, and left it in boxes at the workplace. My favourite butterfly labs video-Josh Zerlan. https://www.youtube.com/watch?v=UlWrmIqGs3Y&t=143s
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Jan 25, 2016 03:23
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EorayMel posted:im stealing this from yospos since its our self rational interest to laugh at libertarians Hmm, death, vs not getting a drink for some admittedly bs reason. I'm trying to think which is worse: not getting a drink, or getting a drink that kills me. Hmmmmmm
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Jan 25, 2016 03:59
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I'm the bar in the dry county that doesn't serve underage drinkers that closes at 10 (it's a school night).
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Jan 25, 2016 04:10
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