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Hey ham sandwiches The biggest bitcoin exchange for years was named Magic The Gathering: Online eXchange That name becomes hilariously funny when it's representing the currency destined to replace all other currencies and topple the world's governments. This is irrelevant to whether or not you can make money on bitcoin speculation; there's no secret meaning to it, it's just funny Come at me bro
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Jun 9, 2017 05:48
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Jun 9, 2017 06:09
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I like how it was advertised as a 24/7 bitcoin exchange as though the other online exchanges were closing at night or some poo poo
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Jun 9, 2017 06:20
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whenever i tell the investing thread about my plan to save for retirement by hitting it big on the slots, they just tell stories about gambling addicts losing all of their possessions, they never talk about those individuals who manage to win big! I find this kind of FUD spreading to be VERY MISLEADING
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Jun 9, 2017 06:23
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Spudalicious posted:What's up GBS I just spent $2k on a 5 gpu eth miner (all zip tied and ghetto as hell) and I'm currently cranking 130MH/s on 830watts. My returns are looking good so far, cashing out on quarter eths, just cashed 0.5 to usd, $128 after all txn costs. yeah, GPU mining is actually financially feasible on Ethereum right now. keep a close goddamn eye on all the numbers (hardware costs, electricity costs, Ethereum price) and you could actually come out ahead. you'll always do better building your own rig, assuming hardware competence of course.
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Jun 9, 2017 08:36
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Where all the bitcoin millionaires at
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Jun 9, 2017 08:41
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Ham Sandwiches posted:Did you know that the bitcoin sister inheritance thing is fake? Please tell me that brazil.txt isn't made up too! Ham Sandwiches posted:even divabot's links from today are misleading the coinbase one worked out fine and the ticket was closed why link that bullshit How misleading was it, on a scale from "slightly misleading" to "very misleading"?
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Jun 9, 2017 10:08
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Spudalicious posted:What's up GBS I just spent $2k on a 5 gpu eth miner (all zip tied and ghetto as hell) and I'm currently cranking 130MH/s on 830watts. My returns are looking good so far, cashing out on quarter eths, just cashed 0.5 to usd, $128 after all txn costs. The faster way to game the Olive Garden's unlimited breadsticks is to never leave. I've been here for twelve weeks.
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Jun 9, 2017 10:29
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Zzulu posted:Where all the bitcoin millionaires at they have already ascended and transferred their consciousness to the blockchain well not all of them, some had those transactions dropped because they didn't include a high enough fee
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Jun 9, 2017 11:04
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Ethereum totally has no cultish tendencies you guys, not like those Bitcoiners and their Satoshi worship
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Jun 9, 2017 13:46
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QuarkJets posted:whenever i tell the investing thread about my plan to save for retirement by hitting it big on the slots, they just tell stories about gambling addicts losing all of their possessions, they never talk about those individuals who manage to win big! I find this kind of FUD spreading to be VERY MISLEADING True story: I bought a $3 Bingo scratcher the other day, won $13. I then bought another one and won $50. Guys should I sink all my money into Bingo scratchers? Obviously going up uP UP!
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Jun 9, 2017 14:28
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You fuckers just don't want me to be rich, but I ain't listening!!! BTC bitch!
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Jun 9, 2017 15:45
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For what it's worth I feel like I'm gambling, I can't look at price charts any more it's just too much. I'm cashing out weekly. In 7 years I'll be pissed when ETH hits $8000
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Jun 9, 2017 16:08
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Comfy Fleece Sweater posted:You fuckers just don't want me to be rich, but I ain't listening!!! BTC bitch! Ethereum is up $12, we'll be millionaires soon
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Jun 9, 2017 16:14
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gary oldmans diary posted:your words, sensei. i will remember them always for such wisdom is to be found in them. the words you posted. *bows and ties belt around bitcoin gi* hahahaha ok that kind of owned idk I'm sure everyone is well aware that duplicity exists in currency/any markets, even if I make fun of something at the end of the day I'm not someone who likes to hear that people got hosed over
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Jun 9, 2017 16:20
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Wait wasn't Ham Sandwiches the dude playing devil's advocate about vaccines causing autism (or rather *he* doesn't think so but just in case...) a couple of weeks ago?
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Jun 9, 2017 16:27
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Chitin posted:Wait wasn't Ham Sandwiches the dude playing devil's advocate about vaccines causing autism (or rather *he* doesn't think so but just in case...) a couple of weeks ago? clearly, vaccines cause bitcoining
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Jun 9, 2017 16:35
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divabot posted:clearly, vaccines cause bitcoining There's a reason why goons have called them Dunning-Krugerrands and Pounds Spergling.
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Jun 9, 2017 16:40
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next time goons deride a trend, I'm going to buy in hardcore
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Jun 9, 2017 16:44
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Bitcoin has no future in the current form. It is possible that crypto currency in some form will have, but then it will look like current bitcoins as much as a modern smart phone looks like an early one like the Nokia Communicator 9000. Bitcoin was not revolutionary - it combined a couple well-known techniques - but it did put the techniques - especially. No-trust peer-to-peer networking - into the mainstream. Or spergstream. Bitcoin is not inherently dumb. The whole hashing thing is a waste of electricity, but it was just introduced as a quick and dirty proof-of-concept for proof-of-work that can easily be made harder as technology evolves and the system grows. Instead, the proof of work could be something useful (like folding proteins to help research in cancer for example), and actually have some inherent value, but at the time this became a point, people were mining on dedicated hardware that could not easily be adapted to do something useful, so the whole thing is just dumb. I used to teach a course on distributed systems, and at a point I would have to get to no-trust peer-to-peer systems, and after going thru another needlessly complex algorithm, some student would always ask if it wouldn’t be easier to use a centralized or even distributed solution of a no-trust peer-to-peer solution, and the answer would always be that yes, it would be cheaper, faster, and simpler, but you would have to trust some entity. All the block chain-like projects I see today have trust somewhere in them, and would be much better to use an established solution. And mining is not an inherent property of bitcoin or block chain solutions. Like the dumb hashing, it was a proof-of-concept solution to the issue of gaining traction. An issue that can be solved by any solution launched by Visa/MC/Amex/Google/Apple/Amazon/Microsoft/almost literally anybody who is not a pseudonyms.
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Jun 9, 2017 18:41
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klafbang posted:*words* That was always the interesting thing about Bitcoin to me: there are (or can be; I really don't know. I'm here for the laughter) actual practical uses as you put it. The hilarious part to me is that anything that it does is not why any of its true believers buy into. Anything they want it to do, it either doesn't do or something else does better. And whatever it does actually do will probably be done by something else better in the future. In that sense, Bitcoin itself as an entity or concept is irrelevant. The community was always what made it nuts. Again, I'm still a layman when it comes to it because I really don't know too much about it aside from its economic situation.
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Jun 9, 2017 19:04
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Chitin posted:Wait wasn't Ham Sandwiches the dude playing devil's advocate about vaccines causing autism (or rather *he* doesn't think so but just in case...) a couple of weeks ago? Yes. You see, based on his expertise in chosen field of risk management it would be better PR for the pharmaceutical companies if they
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Jun 9, 2017 20:20
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I'm studying network security right now and I had a thought, someone should tell me if its valid. Has the price of bitcoin been going up because of the new wave of ransomware hitting computers around the world? Think about it: people are being forced to use real dollars to buy bitcoins which are then exchanged, driving up the value of the butts. maybe this has been said itt already, but it was a thought I had, it would be funny if bitcoins value depended on how many people were being scammed and ransomed out of their fiat dollars.
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Jun 9, 2017 20:33
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a bone to pick posted:I'm studying network security right now and I had a thought, someone should tell me if its valid. That's definitely a factor, another is the main exchange letting people buy bitcoins without actually paying for them and huge Chinese server farms using them to get money out of the country and avoid strict limits and taxes.
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Jun 9, 2017 20:51
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klafbang posted:Bitcoin has no future in the current form. It is possible that crypto currency in some form will have, but then it will look like current bitcoins as much as a modern smart phone looks like an early one like the Nokia Communicator 9000. The whole point of mining is to allow entry insertion on a network where you don't have to trust anyone, and if you take that out then you just have a regular-rear end distributed database.
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Jun 9, 2017 20:55
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a bone to pick posted:I'm studying network security right now and I had a thought, someone should tell me if its valid. I think it's a very small factor; last I read the latest big wave of ransomware collected less than $100k. The real reason is that one of the largest exchanges, Bitfinex, no longer allows cash withdrawals, so there's a cycle of people with cash there buying bitcoins at a higher than average price, which brings in outsiders trying to profit on arbitrage and eventually needing to cash out themselves. The same thing happened when mtgox stopped cash withdrawals (although we later learned that there were also a bunch of fake orders on the mtgox books, so manipulation was also a factor)
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Jun 9, 2017 21:04
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a bone to pick posted:I'm studying network security right now and I had a thought, someone should tell me if its valid. I also work in IT, and have directly been watching that happen: Yes, the price spike seems to have coincided with the past few months'/1yr prevalence of crypto-lockers. Collusion or overlap between the Bitcoin Enthusiast/Ransomware Author demographics, in my mind, is pretty likely. Consider that "WannaCry" came on the heels of a major political event, it almost feels like someone got a Thirst for Money, and saw an opportunity to punish the world while making a profit. (Not that there isn't a 'major political event' every hour these days or anything though.) If not, it sure would be a slam dunk way to simultaneously drive up the market value of Coins, AND put them back in The Headlines. The Ransomware samples we studied did not seem to be created within the United States, so please take these observations with a grain of salt.
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Jun 9, 2017 21:07
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QuarkJets posted:The whole point of mining is to allow entry insertion on a network where you don't have to trust anyone, and if you take that out then you just have a regular-rear end distributed database. True. That’s why I mentioned Bitcoin isn’t bringing anything new, just combining known techniques in a clever way. And, in a world where you need exchanges and a large part of the network is controlled by a few Chinese miners, the whole “no trust” is out the window anyway. There’s so much that could be done to take some of the idiocy out of Bitcoin. Heck, it is not unimaginable To have a crypto-currency based on proof-of-work of scientific computations (like folding proteins) running on computers designed to be used as electric heaters (so the electricity isn’t wasted) with a meaningful transaction rate due to a hierarchical quorum-based minimal-trust network. It’s still kind-of retarded, but so much better than Bitcoin currently.
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Jun 9, 2017 21:18
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IIRC that was even created; I don't remember whether it was protein folding or something else, but some altcoin appeared that used scientific computation for proof of work. I don't think it ever really gained traction because libertarians are assholes
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Jun 9, 2017 21:24
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That does seem very plausible. Funny, really, that the biggest impediment for the success of crypto currency currently is the success of Bitcoin.
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Jun 9, 2017 21:35
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QuarkJets posted:I think it's a very small factor; last I read the latest big wave of ransomware collected less than $100k. Didn't MtGOX also have no separate bank account of its own and was funneled through Mark Karpeles' personal account? I swear I remember reading that and thinking that even most of our small-time corporate clients (like, incorporated HVAC guy) have their separate accounts.
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Jun 9, 2017 22:19
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QuarkJets posted:IIRC that was even created; I don't remember whether it was protein folding or something else, but some altcoin appeared that used scientific computation for proof of work. Gotta pull your cryptocurrency up by its own bootstraps Wait why do you want to document or verify that I actually pulled myself up by my own boot straps, BIGGUMMINT FUCKIN US AGAIN
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Jun 9, 2017 23:29
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QuarkJets posted:I think it's a very small factor; last I read the latest big wave of ransomware collected less than $100k. And it's amazingly difficult to get your money out of exchanges in more than a dribble without vial-of-blood KYC/AML identification. This keeps your USD on the exchange, where you can use it for no purpose whatsoever other than buying more cryptoooooooos and thus the bubble inflates this is, obviously, good news for vaccines
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Jun 10, 2017 00:15
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Ok cool you have 50,000 bitcoins, let's see you try and exchange it for 100 million dollars without getting a giant rod from the US government shoved up your rear end.
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Jun 10, 2017 01:40
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Holy poo poo you turn it into money by buying drugs and selling the drugs how have you lived this long and never sold drugs before Jesus Christ
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Jun 10, 2017 02:27
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That actually sounds like work though. I just want to bask in the warmth of overclocked video cards and 1200 watt power supplies while the riches pour in.
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Jun 10, 2017 02:42
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People will come to your house for discount drugs or hell you can pay someone to do all the work!
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Jun 10, 2017 03:09
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okay so the people selling drugs on silk road or what ever that market is called now. How do they get their cash out? like if I move 5K of drugs and need to pay back my supplier does coin base just wire me the money no questions asked? Or all those chinese people trying to get money out of china
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Jun 10, 2017 03:16
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Not my problem
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Jun 10, 2017 03:17
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It's pretty simple, you go to virtex world exchange, buy second life lindens, exchange the lindens for gold stocks, then slowly you get the cash out from your gold holdings by selling for usd loving idiots This is a real thing btw, I've been looking into it
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Jun 10, 2017 03:40
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