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Sham bam bamina!
Nov 6, 2012

ƨtupid cat


Gravy Boat 2k

evilweasel posted:

right the entire system is entirely unsustainable
fiat banker shill jew

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Magrov
Mar 27, 2010

I'm completely lost and have no idea what's going on. I'll be at my bunker.

If you need any diplomatic or mineral stuff just call me. If you plan to nuke India please give me a 5 minute warning to close the windows!


Also Iapetus sucks!


quote:

[]lavaenema 2 points 2 hours ago
What would you do? [if you were the hacker]

quote:

[]chris45215 1 point 48 minutes ago
Contact Bitstamp ASAP to ensure the hitmen are called off.

Then, arrange to send the BTC back once a secure and usable wallet can be confirmed ($5 million is too much to just say "sure, just email me an address and I'll send it").

Also, with this much Btc, any white hat (good hacker) would put themselves at risk if they announced that they did it. They may never announce it, even after sending it back.

There may also be negotiations for providing a tip for the white hat. This amount is more than enough to retire on, and more than any standard tip amount, so accountants and lawyers may need to be involved to handle legal issues, as in many jurisdictions it is illegal to pay a hacker, even if it's technically a 'tip'.

However, if it was a white hat, Bitstamp would not have announced it like this, and probably would be able to patch the error faster. Maybe the hacker will contact them to make a deal to avoid being persued legally, but still keep a portion of the Btc. Most thieves dont think like that, but then again most thieves can't steal BTC.

got hacked and someone stole your internet money? hire a hitman, and don't forget to tip the thief.

Boxturret
Oct 3, 2013

"..fight the mighty bearwhale by throwing all their money at it

then much celebrating occurred after the bearwhle left after eating all their money

i still don't get it"

-Me on Sept 20th, 2015

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

fool_of_sound
Oct 10, 2012


Soiled Meat

Sham bam bamina! posted:

fiat banker shill jew

TVarmy
Sep 11, 2011

like food and water, my posting has no intrinsic value



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.

salt shakeup
Jun 27, 2004

'orrible fucking nights


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.

while the protocol would allow the block size limit to be removed, miners hate that idea and even today are starting to be conservative about adding transactions to blocks, since large blocks take longer to propagate across the network, increasing the chance someone else would find a block and it'd propagate quicker, losing the first pool their reward.

these aren't exact numbers, since bitcoin is effectively a lottery and there are a lot of variables (price of electricity, price to cool the machines, efficiency of machine vs. current difficulty, number of transactions), but the ballpark figures say bitcoin's network is expensive as gently caress but the cost per transaction is hidden through inflation. miners sell the newly minted coins, rubes buy those coins, and if there's more miners try to pay for their cargo cult datacenters than rubes, you see downward pressure on the price that makes mining less profitable.

blockchain.info has a fun chart that shows how much money is going to miners (block reward plus tx fees) divided by number of transactions actually getting sent. that revenue's gone down due to the crashing price, but one blessed day in january, miners were getting $90 per transaction. right now, it's more like $10. and yet miners get incredibly tiny profits if they get a profit at all. https://blockchain.info/charts/cost-per-transaction

Bitcoin bad

Malloc Voidstar
May 7, 2007

Fuck the cowboys. Unf. Fuck em hard.

https://twitter.com/AdamGuerbuez/st...862867956617216
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

PleasureKevin
Jan 2, 2011


so he knew about the announcement before hand or?

Malloc Voidstar
May 7, 2007

Fuck the cowboys. Unf. Fuck em hard.

PleasureKevin posted:

so he knew about the announcement before hand or?
he appears to have known about the hack hours before anyone else

Boxturret
Oct 3, 2013

"..fight the mighty bearwhale by throwing all their money at it

then much celebrating occurred after the bearwhle left after eating all their money

i still don't get it"

-Me on Sept 20th, 2015

so that's where he got all those D0LLARS

Malloc Voidstar
May 7, 2007

Fuck the cowboys. Unf. Fuck em hard.

on a related note, you can use dоllars as a custom type on changetip since they don't do normalization

Ron Paul Atreides
Apr 19, 2012

I hodl at your neck the gox jabbar




He's like actively taunting people about it, wtf

I thought he was a buttliever

Boxturret
Oct 3, 2013

"..fight the mighty bearwhale by throwing all their money at it

then much celebrating occurred after the bearwhle left after eating all their money

i still don't get it"

-Me on Sept 20th, 2015

it would be so great if the guy giving out D0LLARS was giving away stolen nickels

i don't think i could handle it

Cnidaria
Apr 10, 2009

It's all politics, Joel.

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

streetlamp
May 7, 2007

Danny likes his party hat
He does not like his banana hat

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/..._major_bitcoin/

jony ive aces
Jun 14, 2012

designer of the lomarf car




Buglord

4

School of How
Jul 6, 2013


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.

Tetramin
Apr 1, 2006



nice metaphor

infernal machines
Oct 11, 2012


We monitor many frequencies. We listen always. Came a voice, out of the babel of tongues, speaking to us. It played us a mighty dub.


bitcoin: its wrong to imply that all those extra burger makers are necessary

infernal machines
Oct 11, 2012


We monitor many frequencies. We listen always. Came a voice, out of the babel of tongues, speaking to us. It played us a mighty dub.



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

Krinkle
Feb 9, 2003

Ah do believe Ah've got the vapors...
Ah mean the farts



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.

PleasureKevin
Jan 2, 2011


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?

theflyingorc
Jun 28, 2008


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.
if a business was set up this way, it would not be unreasonable to call them stupid

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

Boxturret
Oct 3, 2013

"..fight the mighty bearwhale by throwing all their money at it

then much celebrating occurred after the bearwhle left after eating all their money

i still don't get it"

-Me on Sept 20th, 2015

PleasureKevin posted:

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?

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 Jan 6, 2015 around 06:45

infernal machines
Oct 11, 2012


We monitor many frequencies. We listen always. Came a voice, out of the babel of tongues, speaking to us. It played us a mighty dub.


theflyingorc posted:

if a business was set up this way, it would not be unreasonable to call them stupid

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

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?

School of How
Jul 6, 2013


theflyingorc posted:

if a business was set up this way, it would not be unreasonable to call them stupid

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

a business model that attracts large amount of volunteer workers who pay for their own supplies? how is that stupid?

JFairfax
Oct 23, 2008

I have a direct line to the Vatican that tells me when to shitpost. Deus vult!



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

infernal machines
Oct 11, 2012


We monitor many frequencies. We listen always. Came a voice, out of the babel of tongues, speaking to us. It played us a mighty dub.


a business model that encourages wasting energy and resources on a spectacular scale for no practical return? how is that stupid?

JFairfax
Oct 23, 2008

I have a direct line to the Vatican that tells me when to shitpost. Deus vult!



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

The Management
Jan 2, 2010

sup, bitch


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

School of How
Jul 6, 2013


PleasureKevin posted:

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?

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...

infernal machines
Oct 11, 2012


We monitor many frequencies. We listen always. Came a voice, out of the babel of tongues, speaking to us. It played us a mighty dub.


The Management posted:

ding fries are done

well, mostly done

now they're burnt

okay, someone's stolen most of the fries

theflyingexecutive
Apr 22, 2007



each bitcoin transaction releases one quarter to one half ton of co2 into the atmosphere

infernal machines
Oct 11, 2012


We monitor many frequencies. We listen always. Came a voice, out of the babel of tongues, speaking to us. It played us a mighty dub.



so have you committed to just showing up and posting pointless but largely uncontroversial opinions about bitcoin now?

School of How
Jul 6, 2013


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

infernal machines
Oct 11, 2012


We monitor many frequencies. We listen always. Came a voice, out of the babel of tongues, speaking to us. It played us a mighty dub.


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

School of How
Jul 6, 2013


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"

Krinkle
Feb 9, 2003

Ah do believe Ah've got the vapors...
Ah mean the farts



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.

theflyingorc
Jun 28, 2008


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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infernal machines
Oct 11, 2012


We monitor many frequencies. We listen always. Came a voice, out of the babel of tongues, speaking to us. It played us a mighty dub.


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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