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Comfy Fleece Sweater
Apr 2, 2013

FOUNDER AND PRESIDENT OF THE KUATO FAN CLUB 4/2/13-PRESENT

KUATO IS MY HERO! AMA!


https://medium.com/@octskyward/the-...201f7#.oh97d91e

prominent bitcoin app developer gives up in a long rear end article :

quote:

Think about it. If you had never heard about Bitcoin before, would you care about a payments network that:
Couldn’t move your existing money
Had wildly unpredictable fees that were high and rising fast
Allowed buyers to take back payments they’d made after walking out of shops, by simply pressing a button (if you aren’t aware of this “feature” that’s because Bitcoin was only just changed to allow it)
Is suffering large backlogs and flaky payments
… which is controlled by China
… and in which the companies and people building it were in open civil war?
I’m going to hazard a guess that the answer is no

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glowstick party tonight
Oct 4, 2003

by zen death robot


what is a bitcoin is it made of viruses

Tumble
Jun 24, 2003
I'm not thinking of anything!


mdm posted:

what is a bitcoin is it made of viruses

Worse, Libertarian ideals.

Maldoror
Oct 5, 2003



Nap Ghost

Use tor browser

Go to site selling all kinds of cool weed and acid and other drugs

Add to cart

Pay

Bitcoins?

Need to install bitcoin, then go to exchange and exchange cash for bitcoin.

The bitcoin install needs 20 gigs because it works by storing every transaction ever made on every client.

This is a lot of work for my weed I added to my web cart. But I guess it's better than getting killed buying from a dealer in the hood?

Curse you, weed!

glowstick party tonight
Oct 4, 2003

by zen death robot


Tumble posted:

Worse, Libertarian ideals.

Libertarian ideals are a virus though

The_Franz
Aug 8, 2003

patton oswalt, aka:

- the bloodguzzler
- parton osmart
- the krustbuster
- bloodlard
- pat "the ton" owsdtwslalt
- the big patswald
- wifemurderer
- fentanyl prostate injection

Maldoror posted:

Use tor browser

Go to site selling all kinds of cool weed and acid and other drugs

Add to cart

Pay

Bitcoins?

Need to install bitcoin, then go to exchange and exchange cash for bitcoin.

The bitcoin install needs 20 gigs because it works by storing every transaction ever made on every client.

This is a lot of work for my weed I added to my web cart. But I guess it's better than getting killed buying from a dealer in the hood?

Curse you, weed!

You forgot the part where, between buying bitcoin with cash and completing the purchase, the broker is hacked and all of your play money evaporates into nothing.

Blurry Gray Thing
Jun 3, 2009


mdm posted:

what is a bitcoin is it made of viruses

Its a spiritual successor to BioShock. Gameplay is a bit different though.

Jimmy Hats
May 8, 2012

yeah that was pretty good



Maldoror posted:


This is a lot of work for my weed I added to my web cart. But I guess it's better than getting killed buying from a dealer in the hood?

Hey guess what you can buy weed from middle class white people you should try that

Drone_Fragger
May 9, 2007

VOTE
FOR
PEDRO


The_Franz posted:

You forgot the part where, between buying bitcoin with cash and completing the purchase, the broker is hacked and all of your play money evaporates into nothing.

Reading that article is pretty funny, since the guy points out with the upcoming bitcoin changes, people can change the payment after it has been sent (apparantly to increase fees, and hence make a block confirm quicker) so you can "buy" something then edit your transaction to be for 0.000001 bitcoin instead of 0.1 and walk out of the shop without paying.

glowstick party tonight
Oct 4, 2003

by zen death robot


gannyGrabber posted:

Hey guess what you can buy weed from all classes of white people you should try that

ftfy

Comfy Fleece Sweater
Apr 2, 2013

FOUNDER AND PRESIDENT OF THE KUATO FAN CLUB 4/2/13-PRESENT

KUATO IS MY HERO! AMA!


I'm watching John Wick.,it kind of owns

LGD
Sep 25, 2004



Drone_Fragger posted:

Reading that article is pretty funny, since the guy points out with the upcoming bitcoin changes, people can change the payment after it has been sent (apparantly to increase fees, and hence make a block confirm quicker) so you can "buy" something then edit your transaction to be for 0.000001 bitcoin instead of 0.1 and walk out of the shop without paying.

Well no, it's actually better than that- you can arbitrarily alter the destination address of your payment before it's confirmed, so you can just send your ostensible payment back to yourself and pay nothing. Consequently it's completely impossible to use for commercial transactions because the confirmation can take ludicrous amounts of time due to network congestion.

Maldoror
Oct 5, 2003



Nap Ghost

gannyGrabber posted:

Hey guess what you can buy weed from middle class white people you should try that

But the web store has all these cool kinds the middle class whites dont have

Toys For Ass Bum
Feb 1, 2015



The Chinese government restricts bank transfers to $50,000 per person per year.
So how do you get your money out of the country?
Buy bitcoins with your CNY, and sell them to overseas buyers for US$.

http://bitcoincharts.com/charts/volumepie/

Mercury_Storm
Jun 12, 2003

*chomp chomp chomp*


Maldoror posted:

The bitcoin install needs 20 gigs because it works by storing every transaction ever made on every client.

This is a lot of work for my weed I added to my web cart. But I guess it's better than getting killed buying from a dealer in the hood?

Curse you, weed!

It's actually a 60 gig download now lol

And that number isn't ever going down

Professor Shark
May 22, 2012



Pillbug

wait what is the take back payments feature??

Mercury_Storm
Jun 12, 2003

*chomp chomp chomp*


Professor Shark posted:

wait what is the take back payments feature??

RBF (replace by fee) is their genius solution to the problem of your transaction never going through because you didn't pay enough fees, so you can re-initiate the transaction with a new fee so it will actually happen...

Only thing is when you re-initiate it you can also set the payee to someone else, so you can just set it to yourself and the original person never receives the coins.

As stated in the article pretty much everyone thinks this is a terrible idea, but the bitcoin devs put it in anyways so welp!

Mercury_Storm fucked around with this message at Jan 18, 2016 around 00:27

Jimmy Hats
May 8, 2012

yeah that was pretty good



Lol @ that guy leaving google to be a bitcoin man

Toys For Ass Bum
Feb 1, 2015



Mercury_Storm posted:

It's actually a 60 gig download now lol

And that number isn't ever going down

Don't forget that the reward for mining coins will be halved later this year.
http://www.bitcoinblockhalf.com/

quote:

The Bitcoin block mining reward halves every 210,000 blocks, the coin reward will decrease from 25 to 12.5 coins.
Effectively halving the income of Bitcoin miners.

a bone to pick
Sep 14, 2011



Don Tacorleone posted:

I'm watching John Wick.,it kind of owns

good choice, friend

ColtMcAsskick
Nov 7, 2010


wayne curr posted:

Don't forget that the reward for mining coins will be halved later this year.
http://www.bitcoinblockhalf.com/

Effectively halving the income of Bitcoin miners.

Do they still have literal warehouses filled with computers mining bitcoins or did those all burn down?

Capntastic
Jan 13, 2005

A dog begins eating a dusty old coil of rope but there's a nail in it.

Fallen Rib

Professor Shark posted:

wait what is the take back payments feature??

You pay a large pool to flood the blockchain or whatever with "Nope, that transaction never happened" orders and poof, it never did. But the undo guys take a 10% cut

Mercury_Storm
Jun 12, 2003

*chomp chomp chomp*


wayne curr posted:

Don't forget that the reward for mining coins will be halved later this year.
http://www.bitcoinblockhalf.com/

Effectively halving the income of Bitcoin miners.

Yeah and the only reason anyone is mining at all right now is because miners in China (who control about 90% of the network, as mentioned in the article) need a way to get their money out of the country somehow. The Chinese government limits the amount of yuan that can leave the country to something like 50grand a year, so they're mining coins at a loss and will probably keep doing it because the next best way to get your money out (gambling in Macau) was recently shut down pretty well by the CCP.

If any of this seems to dumb to be true, well, that's bitcoin for you

ColtMcAsskick posted:

Do they still have literal warehouses filled with computers mining bitcoins or did those all burn down?

They're still going, but at least one (that we know of) burned down horribly:


Mercury_Storm fucked around with this message at Jan 18, 2016 around 00:36

Locker Room Zubaz
Aug 8, 2006


~*~THE SECRET OF THE MAGICAL CRYSTALS IS THAT I'M FUCKING TERRIBLE~*~




I bought some LSD with bitcoin back when silk road was still a thing and it was an A+ purchase that i had 0 problems with. The LSD came in a packet of taco seasoning!

Outpost22
Oct 11, 2012


whatever y'all just haters. jealous

Toys For Ass Bum
Feb 1, 2015



ColtMcAsskick posted:

Do they still have literal warehouses filled with computers mining bitcoins or did those all burn down?

https://bitcoinwisdom.com/bitcoin/difficulty
The Bitcoin networks processing power has doubled in just 4 1/2 months.
Chinese going flat out manufacturing/installing new mining equipment

Haverchuck
May 6, 2005

the coolest

ok man thanks for the update.

happyhippy
Feb 21, 2005

Playing games, watching movies, owning goons. 'sup


Pillbug

gently caress its still around the $350 mark.

Good days though in the last thread, reading guys who spent their life savings when it was $900+.

Has there been many MTGOX like shennigans over the last year or two?

Toys For Ass Bum
Feb 1, 2015



http://www.dhgate.com/wholesale/sea...=bitcoin+miners
Oh man look at all that poo poo.
Using this calculator, it looks like those obsolete USB miners will produce around one dime a month of profit
And even all the high end, latest-tech miners take a good 10 months - 1 year just to pay for themselves. Let alone pay for the cost of electricity.

edit;

Toys For Ass Bum fucked around with this message at Jan 18, 2016 around 01:13

Professor Shark
May 22, 2012



Pillbug

I heard Butterfly got owned by the courts

Tenzarin
Jul 24, 2007

Let me sing you a song


Taco Defender

I have been waiting for this day!

We were exiled to the beloved 242. THE BITCOIN THREAD HAS RETURNED!

Robo Reagan
Feb 12, 2012

by Nyc_Tattoo


Maldoror posted:

But I guess it's better than getting killed buying from a dealer in the hood?

weed dealers are white accountants in their 40s tho

eonwe
Aug 11, 2008



Lipstick Apathy

Mercury_Storm posted:

RBF (replace by fee) is their genius solution to the problem of your transaction never going through because you didn't pay enough fees, so you can re-initiate the transaction with a new fee so it will actually happen...

Only thing is when you re-initiate it you can also set the payee to someone else, so you can just set it to yourself and the original person never receives the coins.

As stated in the article pretty much everyone thinks this is a terrible idea, but the bitcoin devs put it in anyways so welp!

Lol

Libertarians

eonwe
Aug 11, 2008



Lipstick Apathy

I'm going to pay for food, but set the payee to myself

Thanks McDonalds!

the black husserl
Feb 25, 2005



goons have been talking poo poo about bitcoin for years but it just keeps getting more valuable and legit. please explain.

Tricky D
Mar 31, 2005



the black husserl posted:

goons have been talking poo poo about bitcoin for years but it just keeps getting more valuable and legit[citation needed]. please explain.

Seizure Meat
Jul 23, 2008

by Smythe


the black husserl posted:

goons have been talking poo poo about bitcoin for years but it just keeps getting more valuable and legit. please explain.

up uP UP

gnarlyhotep
Sep 30, 2008

by Lowtax


Oven Wrangler

It's almost like...a currency that isn't backed by anything other than it's market value in other currencies isn't very stable...

I'm having flashbacks to 2011 and two gay men in NYC with a web cast



Stick Figure Mafia
Dec 11, 2004

We've run outta retro!

gnarlyhotep posted:

It's almost like...a currency that isn't backed by anything other than it's market value in other currencies isn't very stable...

I'm having flashbacks to 2011 and two gay men in NYC with a web cast





"our cameras stuck in demo mode" is a reference very few people still get
https://www.youtube.com/watch?v=MBfeLdjNVKY

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gnarlyhotep
Sep 30, 2008

by Lowtax


Oven Wrangler

Stick Figure Mafia posted:

"our cameras stuck in demo mode" is a reference very few people still get
https://www.youtube.com/watch?v=MBfeLdjNVKY

Those were heady days indeed

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