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one of the reasons bitcoin is stupid that no matter how much hashing power you throw at it it always wants to have the satoshi ordained 10 minute block so it will adjust every block to make that happen. but for some reason saoshi (pbuh) made it so that it can only be updated by a certain amount each block so if a huge percentage of the miners vanished/switched to bitcoiin it would take a lot longer to solve the individual blocks and a long time to self correct. I guess the basic idea of the frisbee on the roof is that enough mining power leaves at once that it makes it unprofitable for the rest to wait how ever long it takes and they give up leading to a cascading situation that leaves you with a dozen luke-dash-jrs mining forever getting one block every 5 years or something
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Jan 12, 2021 01:28
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assuming the network has adjusted to the current hash rate, then if proportion p of the hashpower goes offline, blocks would be expected every 10/(1-p) minutes so if 70% goes offline, the expected time between blocks just goes up to 33 minutes. slow, but whatever, and you’ll get a correction in about three weeks even if 99% went offline, it’d be 1000 minutes, i.e. about 17 hours. so it’d take like two years to reach the next correction. that would be frisbee on the roof, maybe? except of course in that case the remaining community would just agree to manually change the difficulty. that further undermines the idea that code is law but nobody really believes that
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Jan 12, 2021 01:32
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Boxturret posted:one of the reasons bitcoin is stupid that no matter how much hashing power you throw at it it always wants to have the satoshi ordained 10 minute block so it will adjust every block to make that happen. but for some reason saoshi (pbuh) made it so that it can only be updated by a certain amount each block so if a huge percentage of the miners vanished/switched to bitcoiin it would take a lot longer to solve the individual blocks and a long time to self correct. its luke dashes jr
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Jan 12, 2021 01:39
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lukes-dashes-jr
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Jan 12, 2021 01:40
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if anything a frisbee on the roof scenario is unlikely outside of bitcoin crashing because a new group of idiots would jump into mining, since the potential payoff would increase greatly -- higher likelihood of mining a block + increased fees from the delays bitcoin is self correcting in the dumbest ways
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Jan 12, 2021 01:41
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satoshi really is an alien from the future
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Jan 12, 2021 01:46
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Boxturret posted:satoshi really is an alien from the future
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Jan 12, 2021 01:48
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it also is meaningless since the "economics" is all on the exchanges. no one getting into buttcoin now gives a single poo poo about "blockchain technology", it's all about the price action which can only occur off-books on someone's server. if i give coinbase a bunch of money for a bitscoin, then sell it again for money, none of that has to be entered onto the blockchain at all.
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Jan 12, 2021 03:07
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I was at the Crown Casino in Melbourne smoking in the bar area and some indian guy comes up to me looking weird and says "i lost 10,000 bitcoins" and I'm like OK and he says "now i have to kill myself" and does a throat slit gesture and walks off. Well that's my casino story.
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Jan 12, 2021 05:25
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EorayMel posted:I was at the Crown Casino in Melbourne smoking in the bar area and some indian guy comes up to me looking weird and says "i lost 10,000 bitcoins" and I'm like OK and he says "now i have to kill myself" and does a throat slit gesture and walks off. Well that's my casino story. please do not go to casinos during these plague times, yawning cat
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Jan 12, 2021 05:30
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I went to the Sands casino in Bethlehem on Thanksgiving night since it was on the way back home and I hadn't done a brick and mortar casino in years. I thought it would be empty but the casino was absolutely packed, had to wait half an hour to get on a 2/5 NL table. I sit down and see a bitcoin wearing a Thing 1 Thing 2 cat in the hat shirt. I say nice shirt or something like that and the bitcoin just glares at me. A few hands go by and I bully the table to go up to about 50 satoshis from my starting 200. Like literally only three or four hands. Then on the next hand there's a three bet under the gun by the shirt bitcoin, I get a few callers ahead of me and I call with 9/7 suited. Flop comes out with a 10/8 of the suit, shirt bitcoin splurges all in with about 200 bucks, he gets a few folds and a call, so I say gently caress it and shove too. The bitcoin flips pocket aces, other crypto flips some trash hand like K/10 or something like that, and I flip 9/7. Dealer promptly flips over the 6 to give me a straight flush and the bitcoin picks up the aces and whips them at me then swipes at the chips in the pot to send some of them flying too. Table gets all flustered, security comes over and starts escorting the bitcoin out. The bitcoin turns to me and yells 'nice loving shirt'.
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Jan 12, 2021 05:33
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did everyone clap?
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Jan 12, 2021 05:48
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After it all settled down I cashed out immediately and asked security to escort me to my car because I thought the bitcoin was waiting for me. Security asked how much money I had on me and I said 900 something and they laughed and wouldn't do it. 
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Jan 12, 2021 05:53
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now that poker in the rear is open the buttcoin threads should be moved there
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Jan 12, 2021 06:15
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train sera to there
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Jan 12, 2021 06:31
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no don`t i love poker and am happy the forum is back train him to coupons instead e: fixed apostrophe
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Jan 12, 2021 08:36
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Thanks for explaining the statistics guys. I wonder how much longer until the exchanges collude on an altered protocol and hard fork. Making the canonical blockchain read only to the public, and create a central clearing house for off exchange transactions. Edit: Be your own central bank! SYSV Fanfic fucked around with this message at 12:40 on Jan 12, 2021 |
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Jan 12, 2021 12:17
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jre posted:Has the tether printer ran out of ink ? As if. https://twitter.com/whale_alert/status/1347896030185009154
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Jan 12, 2021 12:42
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The funds are safe. https://www.nytimes.com/2021/01/12/technology/bitcoin-passwords-wallets-fortunes.html 
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Jan 12, 2021 15:18
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Paladinus posted:The funds are safe. That one time I forgot the PIN to my debit card and my bank threw my money into a shredder.
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Jan 12, 2021 16:01
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lmao what a stooge
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Jan 12, 2021 16:31
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Zamujasa posted:if anything a frisbee on the roof scenario is unlikely outside of bitcoin crashing Frisbee on the roof scenario seems a bit farfetched. Donald Trump is just too ridiculous, he'll never president. Brexit is obviously a dumb idea, they'll never vote for that. Come on, people, let's get serious here.
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Jan 12, 2021 16:32
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for that amount of coins I would hire someone to find a hardware exploit for the ironkey
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Jan 12, 2021 16:34
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ymgve posted:for that amount of coins I would hire someone to find a hardware exploit for the ironkey That hypothetical hacker could just steal all your bits and hire a murderdrone for you. I don't know if I would risk it, honestly.
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Jan 12, 2021 16:37
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ymgve posted:for that amount of coins I would hire someone to find a hardware exploit for the ironkey Like that team who just broke Google Titan Paladinus posted:That hypothetical hacker could just steal all your bits and hire a murderdrone for you. I don't know if I would risk it, honestly. Hire a second hacker to take care of the first hacker
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Jan 12, 2021 16:39
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Paladinus posted:That hypothetical hacker could just steal all your bits and hire a murderdrone for you. I don't know if I would risk it, honestly. yeah i was thinking the same thing, "i'm sure some mossad guy would do it for... oh they'd just take them and disappear you wouldn't they, okay"
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Jan 12, 2021 16:40
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as a less stupid option, sell it at a steep discount. i'm sure some true believer would give you a bunch for it and then its their problem
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Jan 12, 2021 16:41
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the problem then is that they would have to take your word that it contains those coins, with no way to verify ...you know what, it would probably be bought anyway
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Jan 12, 2021 16:44
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ymgve posted:the problem then is that they would have to take your word that it contains those coins, with no way to verify Soapy Smith just stirred in his grave.
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Jan 12, 2021 18:05
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Blotto_Otter posted:Scenario seems unlikely unless extremely likely (though uncertainly timed) thing happens? i mean if you want to be a dipshit about it, sure, but bitcoin crashing in and of itself renders a frisbee-on-roof problem pointless: nobody is going to give a poo poo about transaction times if the value of their butts drops to zero
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Jan 12, 2021 19:02
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like a frisabee on the roof
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Jan 12, 2021 19:09
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if i were a bit-coin, yaba dibba dibba dibba dibba dibba dibba dum
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Jan 12, 2021 19:10
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Paladinus posted:The funds are safe. cross postin with the secfuk thread https://www.theguardian.com/technology/2021/jan/12/in-bits-the-programmer-locked-out-of-his-130m-bitcoin-account quote:Thomas is a San Francisco-based computer programmer, and a decade ago he was given 7,002 bitcoins as a reward for making a video explaining how the cryptocurrency works. oh my god quote:Thomas said he has tried his eight most frequently used passwords to access his IronKey hard drive, but all turned out to be wrong. The device auto-encrypts all contents after the 10th inaccurate guess. OH MY GOD quote:Following the publicity of Thomas’s plight, Alex Stamos, an internet security expert at Stanford Internet Observatory, said he could crack the password within six months if Thomas gave him a 10% cut of the digital fortune. PISSSSSSSSSSSS
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Jan 12, 2021 20:29
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Zamujasa posted:i mean if you want to be a dipshit about it, sure, but bitcoin crashing in and of itself renders a frisbee-on-roof problem pointless: nobody is going to give a poo poo about transaction times if the value of their butts drops to zero I’d argue that the only way the price goes completely to zero is if the frisbee on the roof scenario happens. As long as the network is still functional, there’s always going to be a handful of true believers pushing the technology and a few traders treating it like a penny stock.
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Jan 12, 2021 20:39
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im the guy that was paid 42 thousand dollars for a video and just stuffed it in a closet for a decade
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Jan 12, 2021 20:39
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Blotto_Otter posted:Whenever a crash comes, it’s not like the price is going to plummet to zero overnight. A scenario where Tether goes illiquid/gets shut down by the feds, which causes the price to plummet not to zero but below where a lot of miners need it to be to cover utility bills and hardware expenses, seems entirely plausible. it is my firm belief that the exchange websites are so poorly made there is a high chance that if a large crash happens the price will go negative
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Jan 12, 2021 20:40
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Boxturret posted:im the guy that was paid 42 thousand dollars for a video and just stuffed it in a closet for a decade
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Jan 12, 2021 20:55
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i'd love to know his logic for putting it on a disk that'll scramble the data if someone attempts to unlock it. it's like having a burglar alarm that burns your house down when it goes off
Chalks fucked around with this message at 21:06 on Jan 12, 2021 |
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Jan 12, 2021 21:03
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it's safer!
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Jan 12, 2021 21:07
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Chalks posted:i'd love to know his logic for putting it on a disk that'll scramble the data if someone attempts to unlock it. it's like having a security system in your house that burns the whole place down in response to a break-in. there’s a really weak deterrence effect with “go ahead and steal it but it won’t do you any good,” but you have to advertise that’s how it works or it gets taken anyway. there’s a somewhat larger deterrent with a booby trap but unless you want to injure or kill people for kicks you have to advertise that too or you’ll still get takers.
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Jan 12, 2021 21:12
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