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VideoGameVet posted:Bitcoin succeeded in wiping out much of the gains made in renewable electricity generation.
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Jun 18, 2019 00:10
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For no reason, that's the worst part. All the hashing and energy wasting doesn't contribute anything to the network, it's just there because lolbertarians want their e-gold deflationary goobly-gook, gently caress the environment.
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Jun 18, 2019 00:23
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Killer-of-Lawyers posted:For no reason, that's the worst part. All the hashing and energy wasting doesn't contribute anything to the network, it's just there because lolbertarians want their e-gold deflationary goobly-gook, gently caress the environment. In fact if I understand it right, the hashing requirement just slows down the network's ability to process transactions. Totally artificially.
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Jun 18, 2019 00:29
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It is mathematic make work that is deliberately made harder and harder the more people are mining so only some coins are made. Naturally this leads to giant warehouses in countries with cheap coal electricity like china running hashes just to get a few coins. There is no saving bitcoin. It will continue to use more and more power for absolutely no gain to society, simply because people are greedy idiots.
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Jun 18, 2019 01:26
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Killer-of-Lawyers posted:It is mathematic make work that is deliberately made harder and harder the more people are mining so only some coins are made. Naturally this leads to giant warehouses in countries with cheap coal electricity like china running hashes just to get a few coins. Yeah, for those of you not familiar with how buttcoin works, see divabot's book, but the short version here is : There is a set rate that coins are created at. Miners get coins by hashing out an acceptable answer to the crypto key. The first one to do so and publish 'wins' the block and gets 10 BTC. The mining program sets a 'difficulty' for the arbitrary crypto math to win a given block and get its bitcoins every 2016 blocks, based on the time it took to solve the last 2016, with a target of one block per 10 minutes. Meaning if it is running correctly, the difficulty changes every two weeks. Since difficulty scales with amount of processing applied to the network, it is literally wasting more energy to get raffle tickets in a pool that dilutes with more entrants. Here's the all-time difficulty chart:  That dip in late '18 is when the price got below $3k and Chinese mining farms started going offline because the power cost more than their potential returns. It's since spiked because the price has been manipulated back up over $9k so idiots are shoveling money into the furnace again.
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Jun 18, 2019 03:00
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Gee imagine buyung 270 btc at 10 bux  Selling at 150 insted of 20k :grover:
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Jun 18, 2019 04:30
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"selling"
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Jun 18, 2019 05:40
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WAR CRIME GIGOLO posted:Gee imagine buyung 270 btc at 10 bux 4.2 at $200. Sold at $1000 :shootme:
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Jun 18, 2019 05:55
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It's why I don't beat myself up over not buying a few sub $30 bitcoins for fun when I was bored the first summer and wanted to try arbitraging them. They either would have been lost in Mt. Gox or sold at $100.
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Jun 18, 2019 07:39
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The great part is almost nobody gets out at the 'book' price, which is mostly generated by exchanges trading with themselves and stuffing the order book to make it look like there is market activity.
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Jun 18, 2019 09:00
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Liquid Communism posted:The great part is almost nobody gets out at the 'book' price, which is mostly generated by exchanges trading with themselves and stuffing the order book to make it look like there is market activity. Wow, so not only do you need to "solve" an ever increasingly difficult make-work problem to process transactions, exchanges are also requesting unnecessary make-work transactions. Un-loving-believable.
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Jun 18, 2019 09:13
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anonumos posted:Wow, so not only do you need to "solve" an ever increasingly difficult make-work problem to process transactions, exchanges are also requesting unnecessary make-work transactions. Un-loving-believable. Proof of busywork.
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Jun 18, 2019 10:35
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I CANNOT EJACULATE WITHOUT SEEING NATIVE AMERICANS BRUTALISED!
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It's literally meant to give coins to who has the biggest computer.
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Jun 18, 2019 13:11
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anonumos posted:Wow, so not only do you need to "solve" an ever increasingly difficult make-work problem to process transactions, exchanges are also requesting unnecessary make-work transactions. Un-loving-believable. nah, if that were to happen, bitcoin would seize up exchanges use minimal accounts to cover everything and use their own internal ledgers and publish trades via an api rather than the blockchain if you use bitcoin at any sort of volume, it tends to cause the entire system to seize up because the thouroughput sucks like the entire system has been paralyzed by people making bets and trading virtual cats before
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Jun 18, 2019 13:14
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Specifically, that was in Ethereium, which is like Bitcoin but it's meant to have programs running on top of it. Even its best-case scenario, trading cat pictures, doesn't work at any kind of scale. And when people tried to set up an investment fund on it, their lovely code allowed an attacker to make negative payments (i.e. withdrawals) or something like that.
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Jun 18, 2019 13:24
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What I wouldn't give to resurrect Jean Baudrillard for one day and explain Bitcoin to him. I'm guessing he'd shoot himself on the spot.
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Jun 18, 2019 14:12
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I'm sometimes astounded that it still exists and that some few otherwise serious people somehow don't understand how unworkable and dumb it ultimately is.
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Jun 18, 2019 14:40
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gently caress this weird Facebook crytpo currency poo poo. I'm tired of this awful gay world.
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Jun 18, 2019 14:45
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How are u posted:gently caress this weird Facebook crytpo currency poo poo. I'm tired of this awful gay world. So is every device with the app installed going to endless crunch check sums or what?
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Jun 18, 2019 14:49
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ReidRansom posted:I'm sometimes astounded that it still exists and that some few otherwise serious people somehow don't understand how unworkable and dumb it ultimately is. Like the entirety of drug trafficking trade is through bitcoin/crypto purchases these days. Why would anyone think crypto is going anywhere? People are always going to want to get high or make money off those people.
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Jun 18, 2019 15:08
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To clarify, the make-work part of bitcoin is there to prevent double-spend while still allowing transactions to be processed in a distributed manner (which, useful or not, a lack of a central exchange is one of bitcoins major features). It allows the seller to be confident that, once the transaction is part of the blockchain, it will remain in the blockchain. The coins provided for “miners” are an incentive to process transactions even though they are computationally intense. The awards decrease over time because the need to incentivize miners would (in the theory of the creators) decrease over time as bitcoin usage increased; miners would operate simply to keep the economy going. It’s deflationary because this is the only way new bitcoins ever get created, and the rate eventually goes to zero. Gumbercules fucked around with this message at 15:35 on Jun 18, 2019 |
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Jun 18, 2019 15:32
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shirunei posted:Like the entirety of drug trafficking trade is through bitcoin/crypto purchases these days. Why would anyone think crypto is going anywhere? People are always going to want to get high or make money off those people. [citation needed]
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Jun 18, 2019 15:35
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Solkanar512 posted:So is every device with the app installed going to endless crunch check sums or what? No, they're not doing anything that stupid. It costs 0 power to just say "our new gift cards are cryptoblockchainified" and then simply run like a normal payments and balance system. shirunei posted:Like the entirety of drug trafficking trade is through bitcoin/crypto purchases these days. Why would anyone think crypto is going anywhere? People are always going to want to get high or make money off those people. This is literally impossible, pile all the bitcoins and altcoins together and neither their total nominal value nor their trading volume is enough to support global drug trafficking.
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Jun 18, 2019 15:41
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http://bitcalc.beepboopbitcoin.com/
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Jun 18, 2019 15:53
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https://twitter.com/matthewstoller/status/1141004776882298880
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Jun 18, 2019 16:38
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Hell yes, the plan is you get a seat on the future libra central bank if you have the most money or were a founding member: quote:Currently, the Libra Blockchain is what’s known as “permissioned,” where only entities that fulfill certain requirements are admitted to a special in-group that defines consensus and controls governance of the blockchain. The problem is this structure is more vulnerable to attacks and censorship because it’s not truly decentralized. But during Facebook’s research, it couldn’t find a reliable permissionless structure that could securely scale to the number of transactions Libra will need to handle. Adding more nodes slows things down, and no one has proven a way to avoid that without compromising security.
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Jun 18, 2019 16:50
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I love the concept of a digital currency because gently caress credit cards and banks, but apparently we can only have it in the form of neckbeards running various private forks of KookieKlickerKoin.
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Jun 18, 2019 17:35
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Okay, new project: A blockchain registry that tracks other blockchains and their purported functions, promises, and estimated market value. The Yellow Pages of blockchain. Yellowchain. YeloChain. The YOLOPages. We're now taking investors who want to get in on the action early. You know where to send the money. (USD-denominated currency only, sorry no crypto.)
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Jun 18, 2019 17:46
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ryonguy posted:I love the concept of a digital currency because gently caress credit cards and banks, but apparently we can only have it in the form of neckbeards running various private forks of KookieKlickerKoin. Credit cards and banks are already digital money, it's no longer 1955.
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Jun 18, 2019 17:46
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In fact, Libras control is going to rest directly with said credit card companies. It’s purported advantage seems to be mostly an attempt to get around Forex transaction costs and restrictions. Theoretically, this could be a good thing for people who can’t rely on their national currency. While it’s a digital currency, it doesn’t really seem to be a full cryptocurrency. are the wallets actually going to be anonymous? I can’t imagine they would allow anything resembling a tumbler. There are advantages to digital currencies even without full anonymity; the smart contract idea, I think, is an unexplored opportunity for lowering transaction costs for stuff like escrow. That’s about the brightest side I can look on, though; at the end of the day. It’s just a a currency owned by banks directly, it’s almost certainly a bad thing.
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Jun 18, 2019 18:19
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Gumbercules posted:.
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Jun 18, 2019 18:26
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How are u posted:gently caress this weird Facebook crytpo currency poo poo. I'm tired of this awful gay world. Classic tech bro disruption: Existing idea: scrip Made worse with tech: the company store is now duty free And the final ingredient: the stock went up on announcement.
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Jun 18, 2019 18:33
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fishmech posted:Credit cards and banks are already digital money, it's no longer 1955. Fascinating. But have you considered  Really makes you think.
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Jun 18, 2019 18:46
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fishmech posted:How do you make a smart contract that can verify things which happen in the real world? You can’t, but you can do things like this: https://medium.com/coinmonks/escrow-service-as-a-smart-contract-the-business-logic-5b678ebe1955 Basically, you can create agreements to move money between parties according to verifiable rules. In escrow situations, it involves using money beyond the payment price as collateral; that way, both parties are interested in seeing the contract to some sort of equitable conclusion, be it completion or a refund.
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Jun 18, 2019 19:11
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Like everything Facebook does that didn't start in a dorm room in 2003 or isn't Buying Instagram, their little crypto-scrip thing is going to accomplish jack gently caress
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Jun 18, 2019 19:26
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Gumbercules posted:You can’t Thanks that's all we needed. That is why "smart contracts" are useless. Gumbercules posted:but you can do things like this: https://medium.com/coinmonks/escrow-service-as-a-smart-contract-the-business-logic-5b678ebe1955 Right this means you don't actually gain anything over existing escrow systems, except an additional way to fail. Which smart contracts have often done, whether from people simply lying about some aspect of the contract terms, which some piece of poo poo Solidity code can't figure out, or the contract having been mis-written from the start with no luxury of a "smart court" to hash out how to handle an incorrectly written contract. I will also note that the listed fees in that article greatly exceed typical consumer or business escrow service fees, for the things we typically use escrow on.
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Jun 18, 2019 19:43
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I thank btc for helping me purchase my first house And kayak I mean a real kayak
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Jun 18, 2019 19:51
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Gumbercules posted:You can’t, but you can do things like this: https://medium.com/coinmonks/escrow-service-as-a-smart-contract-the-business-logic-5b678ebe1955 Escrow services already exist. Even tiny, single-interest forums will have a few trusted intermediaries pop up to service sales and trades. What "escrow, but blockchain" misses is that the hard part isn't payment processing, it's ensuring that the intent of both parties is upheld. Like, what is the automated way of ensuring that an apartment is in a livable condition before releasing withheld rent? Or verifying that a device is in working condition before releasing payment? Baronash fucked around with this message at 19:58 on Jun 18, 2019 |
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Jun 18, 2019 19:53
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TheScott2K posted:Like everything Facebook does that didn't start in a dorm room in 2003 or isn't Buying Instagram, their little crypto-scrip thing is going to accomplish jack gently caress Why would it when they’ve already got the major credit cards and a bunch of money on board? It’s just a corporate controlled currency, ignore the bitcoin facade, the reason it might work is because finance wants it to work.
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Jun 18, 2019 20:11
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The smart contract bakes in incentive to finish the contract in terms of collateral. That’s not a fee, both sides get all the money back as long as the contract is completed. “Poorly written contracts” are a technology problem, not a fundamental problem. The advantage is that you don’t need to trust a third party at all. You don’t need to find one and you don’t need to trust one, the trust is implied through the verified collateral.
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Jun 18, 2019 20:23
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