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I'm familiar with Bitcoin. It's what pedos and drug dealers use to get money for their nefarious deeds.I understand that it's not really a very useful currency. I can't pay my mortgage in Bitcoin. But I don't really understand how it works. I watched this video: https://www.youtube.com/watch?v=JyxRH18YlpA But I was too distracted by his potato like complexion.
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Mar 18, 2016 06:13
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they don't and neither do the people who use them
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Mar 18, 2016 06:14
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you pour your money into the internet and get bits that are then stolen
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Mar 18, 2016 06:14
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Like every open VNC server on the internet has a bitcoin miner installed thanks to some enterprising individual
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Mar 18, 2016 06:16
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I understand that it has real world problems, but I'm trying to understand how it works theoretically. Wtf is a block-chain? How do you "mine" a hash and what does that mean?
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Mar 18, 2016 06:19
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SweetKarma posted:I understand that it has real world problems, but I'm trying to understand how it works theoretically. Wtf is a block-chain? How do you "mine" a hash and what does that mean? it's a ledger of every transaction made every moment of every day, downloaded to your computer somehow, this makes it decentralized and private and scalable to national economies mining is when you run your video card until it melts solving pointless math problems to get the winning lotto number that gives you bitcoins
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Mar 18, 2016 06:24
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you install linux then you get the powerup and you win the game
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Mar 18, 2016 06:24
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well when I say "video card" I mean "giant server farms in china" and by "melt" I mean "burn to the ground" because the difficulty has increased since the early days
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Mar 18, 2016 06:25
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Let me first start by asking if you have a time machine.
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Mar 18, 2016 06:26
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scratch-offs are probably a better ROI than bitcoin at this point
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Mar 18, 2016 06:28
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So the more Bitcoins you spend in a transaction the more computing time miners need to find the hash? Is that it?
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Mar 18, 2016 06:29
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SweetKarma posted:So the more Bitcoins you spend in a transaction the more computing time miners need to find the hash? Is that it??? yep
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Mar 18, 2016 06:29
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Australia has this thing call superannuation, where based on your wage x% equivalent funds is locked away in investments until retirement age. I saw some group offering bitcoin as an investment option... yes I would love to tie my retirement savings into a clusterfuck of libertarian horseshit and scamming paedo miners. Sorry your investments have been taken by a script kiddy because we use php and save passwords in cleartext. Have a nice life.
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Mar 18, 2016 06:30
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I you needed weed or hitmen you would know op
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Mar 18, 2016 06:30
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here this should help
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Mar 18, 2016 06:31
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SweetKarma posted:I watched this video: https://www.youtube.com/watch?v=JyxRH18YlpA I didn't know The Undertaker was into Bitcoin 
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Mar 18, 2016 06:34
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SweetKarma posted:I understand that it has real world problems, but I'm trying to understand how it works theoretically. Wtf is a block-chain? How do you "mine" a hash and what does that mean? computer finds a number that turns number into money where money is a thing someone is willing to trade goods as services for [mostly dummies] how do you "mine" it's with more computers looking for more numbers also if you were reading LF in 2010 you could have made a couple thousand dollars, if you had a couple hundred dollars, selling bitcoins to dummies
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Mar 18, 2016 06:35
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Okay. Let's say, just for the sake of argument, that I wanted to use Bitcoin to buy a packet of gum for $1.50 at my local 7/11. How would I go about doing that?
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Mar 18, 2016 06:43
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you would sell it all immediately at an exchange before it implodes due to massive fraud and use your USD to buy the gum assuming they don't just cut and run with it that is if you lose it all lol free market bithc
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Mar 18, 2016 06:44
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i invested my life savings in beaniebabycoin
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Mar 18, 2016 06:46
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ANIME IS BLOOD posted:you would sell it all immediately at an exchange before it implodes due to massive fraud and use your USD to buy the gum How do I exchange bitcoin into usable USD?
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Mar 18, 2016 06:47
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SweetKarma posted:How do I exchange bitcoin into usable USD? but you get a better return if you put them in the ywgcoin market
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Mar 18, 2016 06:51
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SweetKarma posted:How do I exchange bitcoin into usable USD? MGTOW or MGT or one of those acronyms
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Mar 18, 2016 06:52
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some people think it has value so it does supposedly
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Mar 18, 2016 06:52
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gary oldmans diary posted:you buy young white girls with bitcoin and sell them for usd I knew I was getting jipped when I bought those 3 mexican girls for .0000000003 BTC. Now what do I do with them?
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Mar 18, 2016 06:54
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Its basically a sprinoff of the luelinks "eti"
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Mar 18, 2016 06:55
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it's a big cargo cult
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Mar 18, 2016 06:56
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Shaquin posted:it's a big cargo cult Munchausens by proxy. A classic toxic relationship.
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Mar 18, 2016 06:57
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SweetKarma posted:I knew I was getting jipped when I bought those 3 mexican girls for .0000000003 BTC. Now what do I do with them? 
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Mar 18, 2016 06:57
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They're like war bonds for Satan; chance of loss but benefits could be eternal.
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Mar 18, 2016 07:12
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Isaac posted:Its basically a sprinoff of the luelinks "eti" watch out for this guy on the bitcoin exchange trading floor, he's obviously cracked the code
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Mar 18, 2016 07:13
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SweetKarma posted:How do I exchange bitcoin into usable USD? I can tell you but I will require a 100 bitcoin tip for the information  but for real I dunno I've only followed it on and off since Mt. Gox, which was the main exchange, imploded and drug down half the bitcoin economy with it, just scan one of the megathreads or check TCC or something
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Mar 18, 2016 07:17
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...WHATEVER HE WANTS!
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Mar 18, 2016 07:21
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ron paul 2008
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Mar 18, 2016 07:21
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ANIME IS BLOOD posted:I can tell you but I will require a 100 bitcoin tip for the information
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Mar 18, 2016 07:23
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Bitcoin is old news. People are losing vast sums on a horde of other pretend number monies now. You can make up your own currency apparently.
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Mar 18, 2016 07:25
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money is just like 0s and 1s anyway man its like you have it or you dont you know what im saying?? 
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Mar 18, 2016 07:25
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Bitcoin pisses bankers off. The way you make money is you have cctv on a bunch of high profile bankers in the imf being broadcast to the Internet without their consent. When they see they are losing trading leverage to bitcoin, they get angry. When they get angry and upset, their views go up and the Bitcoin becomes even more valuable, which perpetuates their anger. Eventually pissing them off becomes a hot commodity. Bitcoin went up a bunch for instance, the last time a banker got a footling piece of poo poo placed in his coffee. The guy who did it was like 12 and not punishable under international law so he's sitting on a Bitcoin farm on his own private island in the pacific. P cool.
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Mar 18, 2016 07:26
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I just hacked into my bank and added a few zeros to the end of my balance. I now have -500,000 dollars
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Mar 18, 2016 07:29
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It don't. End thread.
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Mar 18, 2016 07:32
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