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VideoTapir posted:Are there still any legit businesses accepting bitcoin? I'm pretty sure Newegg still accepts* bitcoin. Rumor is that Coinbase is propped up on a mountain of VC money so they may stick around for awhile, but who really knows. * you send bitcoins to Coinbase, Coinbase sends real money to Newegg
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Jun 2, 2017 07:59
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Jeffrey of YOSPOS posted:Uhh....this is awkward but uhh....sell offs make the price go down, not up. It's not a sell off, Bitfinex stopped all cash withdrawals because they ran out of banks who would work with them so people with cash deposits there tried to convert their cash into bitcoins. This translates into demand for bitcoins, driving the price up. We saw the same rapid price climb for the same reasons back when MtGox stopped cash withdrawals. If you know what happened to MtGox after that, you can probably see what's coming. Note that Bitfinex is the same exchange that lost a bunch of bitcoins in a hack and decided to give all of their customers a 36% haircut last year, even customers who didn't have any bitcoin deposits. So people who are still investing over there are already dumb as bricks
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Jun 2, 2017 08:18
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Ham Sandwiches posted:Do you feel this is a representative summary of what happened? Are you leaving anything out that happened afterward? Very representative, yes. The 36% haircut was illegal as gently caress, which is why Bitfinex can no longer find any banks in the US willing to work with them. I guess another point of comedy is that Bitfinex rewarded its scammed users with tokens to represent their accounts' lost value. So if you had deposited $1000 in USD, suddenly your balance dropped to $640 + 360 IOUs for $1. The value of these tokens fell to as low as 50 cents through 2016, and then as if by magic a bunch of margin traders suffered losses from bizarre price swings that occurred on none of the other exchanges, a bunch of the tokens were bought out by the exchange at the new lowered value, and then later they were able to redeem the rest for their original $1 value. These are scams on top of scams on top of scams but their users don't seem to mind, bitcoiners are nothing if not gullible
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Jun 3, 2017 01:48
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Jeffrey of YOSPOS posted:Uh yeah it continued varying but it didn't really significantly crash at all. It's not like whether it's 800 or 1000 is the point - the naysaying goons who've been posting "the money is computer LMFAO!!!!" for five years were, in fact, totally wrong and it's funny that they still keep their threads around as monuments to their incompetence. Turns out bitcoins had the right kind of ram, after all. again, there's nothing wrong about laughing at ross "mycrimes.txt" ulbricht, mark "did nothing wrong" karpeles being so not-wrong that he came out of Japanese prison looking super slim and good, or super-agent CARL MARK FORCE IV
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Jun 4, 2017 06:47
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and the most not-wrong thing of all: Bitcoin Mining Profit Calculator: Gaiden
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Jun 4, 2017 06:49
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a cyberpunk goose posted:Who actually uses bitcoin for anything besides as high risk commodity? Or people cashing out ransom ware fees There are still some businesses that use Coinbase but they don't technically accept bitcoin (you give bitcoin to Coinbase and Coinbase gives cash to the vendor but apparently there are some pitfalls to avoid) so you could buy a video card or w/e on Newegg Not that anyone ever does because bitcoin is for hoarding, not spending
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Jun 4, 2017 22:54
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Ross "harm reduction" Ulbricht was also okay with people selling like ricin and poo poo on his drug amazon And also he paid bitcoins to have some people killed, so I guess that's another thing you can buy with bitcoin, but the assassin and all of the victims were undercover FBI agents so maybe it doesn't count
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Jun 4, 2017 22:57
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Ross is such a nice boy, not like those darker criminals - ross' mom
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Jun 5, 2017 01:55
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gary oldmans diary posted:if you want me to fall for a fake answer like that you have to make is sound like it makes at least a little sense this is what every competent technical person says when they're told how bitcoin actually works
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Jun 6, 2017 09:56
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Hey ham sandwiches The biggest bitcoin exchange for years was named Magic The Gathering: Online eXchange That name becomes hilariously funny when it's representing the currency destined to replace all other currencies and topple the world's governments. This is irrelevant to whether or not you can make money on bitcoin speculation; there's no secret meaning to it, it's just funny Come at me bro
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Jun 9, 2017 05:48
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I like how it was advertised as a 24/7 bitcoin exchange as though the other online exchanges were closing at night or some poo poo
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Jun 9, 2017 06:20
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whenever i tell the investing thread about my plan to save for retirement by hitting it big on the slots, they just tell stories about gambling addicts losing all of their possessions, they never talk about those individuals who manage to win big! I find this kind of FUD spreading to be VERY MISLEADING
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Jun 9, 2017 06:23
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Zzulu posted:Where all the bitcoin millionaires at they have already ascended and transferred their consciousness to the blockchain well not all of them, some had those transactions dropped because they didn't include a high enough fee
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Jun 9, 2017 11:04
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klafbang posted:Bitcoin has no future in the current form. It is possible that crypto currency in some form will have, but then it will look like current bitcoins as much as a modern smart phone looks like an early one like the Nokia Communicator 9000. The whole point of mining is to allow entry insertion on a network where you don't have to trust anyone, and if you take that out then you just have a regular-rear end distributed database.
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Jun 9, 2017 20:55
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a bone to pick posted:I'm studying network security right now and I had a thought, someone should tell me if its valid. I think it's a very small factor; last I read the latest big wave of ransomware collected less than $100k. The real reason is that one of the largest exchanges, Bitfinex, no longer allows cash withdrawals, so there's a cycle of people with cash there buying bitcoins at a higher than average price, which brings in outsiders trying to profit on arbitrage and eventually needing to cash out themselves. The same thing happened when mtgox stopped cash withdrawals (although we later learned that there were also a bunch of fake orders on the mtgox books, so manipulation was also a factor)
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Jun 9, 2017 21:04
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IIRC that was even created; I don't remember whether it was protein folding or something else, but some altcoin appeared that used scientific computation for proof of work. I don't think it ever really gained traction because libertarians are assholes
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Jun 9, 2017 21:24
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Jeffrey of YOSPOS posted:this dude just has a fuckin' answer for everything lol, really nailing it hey you were one of the posters mad about goons making fun of bitcoins right? have you bought any yet?
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Jun 10, 2017 08:50
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Jeffrey of YOSPOS posted:oh man and you will not believe my collection of xbox one ram and doobie's hot dogs!!!!! no I'm serious did you actually buy any bitcoins yet? You talked about it I'm just wondering if you actually did it
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Jun 11, 2017 02:48
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Comfy Fleece Sweater posted:Sounds like a good idea to get the police involved The first response was basically that and then this was someone else replying: quote:Definitely this. In China this sort of thing is punishable by death. You might not get your money (the government will probably just take it) but at least you may get justice. aka "maybe you won't get your bitcoins back but at least the thief will die, that's definitely a fitting punishment for stealing bitcoins"
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Jun 11, 2017 02:51
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another response in that okcoin thread is basically "How dare you badmouth [company], I've never had any problems with them. OP is probably a known criminal."
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Jun 11, 2017 03:00
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Jeffrey of YOSPOS posted:lol like it takes speculating in a currency to observe 5 years of "hilarious", oblivious non-jokes about line graphs by people who were completely wrong You and ham sandwiches keep saying this but Ross "mycrimes.txt" Ulbricht, CARL MARK FORCE IV, and bitcoin's wild volatility and uselessness as a currency all continue to be funny
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Jun 11, 2017 06:00
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The Onion continues to be wrong about everything because they released that Apple Wheel video, convincing me not to invest in Apple stocks. gently caress The Onion 
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Jun 11, 2017 06:02
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Comfy Fleece Sweater posted:There sure are some dumb bitcoin stories ! But here I am making money on the bitcoins ! 💰 Congrats but I hope you mean you're mining some altcoin and not bitcoin, because mining bitcoin on a PC has a huge negative ROI unless you pay literally nothing for electricity (and i assume you use the PC for other things? But maybe not if it's "just to mine" lol)
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Jun 11, 2017 21:47
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Jeffrey of YOSPOS posted:It's funny because they post the line graph monument to their idiocy and drop dank memes like "to the moon!!!" instead of hoping people quietly forget about their embarrassing 5-year series of increasingly dogmatic mispredictions. hold on this sounds like you're talking about bitcoiners
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Jun 12, 2017 07:33
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scott zoloft posted:I dunno I just turned 200 dollars into 422, then again into 700. And now I am going to take that 700 and wait for it to drop more and then I am going to buy more. It's fun and doesn't require me to set aside more than a thousand dollars to play market. Are we talking about bitcoin or the blackjack table? Ups_rail posted:The bitcoin threads were more fun when you had the lovable characters of THIS IS VERY MISLEADING FUD, YOU DIDN'T MENTION ALL OF THE INDIVIDUALS WHO BECOME FREE-MONEY BILLIONAIRES BY SELLING BITCOIN, INDIVIDUALS SUCH AS:
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Jun 12, 2017 22:14
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Ham Sandwiches posted:Telling people to buy penny stocks is loving bizarre advice, to me. Offering it as a more viable, sensible alternative to coins for your speculation money is bizarre, to me. I feel penny stocks are a poor choice, you spend your money on them if you prefer though. It is the same as what you're saying about bitcoin. It is the same as saying "you should try taking your fun money and bet it all at the slot machines! For just a few bucks you can win MILLIONS!"
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Jun 15, 2017 05:53
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Computer Serf posted:If you think bitcoin is going to be worthless you can actually bet against it though margin trading so... You, like Ham Sandwiches, are missing the point. There's no way to know whether bitcoin will be up or down tomorrow or a week from now. The point is that the actual bitcoin system is wrought with fraud and hilariously inept security vulnerabilities, resulting in things like the huge bitfinex hack that happened last year, or popular ethereum wallet FreeWallet silently stealing $8M in user funds just a few days ago Is the bitcoin price going to crash? I don't really know or care. If I did know I still wouldn't short it because that would require going to a place like Bitfinex, which doesn't allow cash withdrawals and could literally close their doors at any time
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Jun 15, 2017 06:59
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scott zoloft posted:ITT goons struggle with the concept "buy low, sell high, don't gently caress up and do it the other way around" You're not a bitcoiner unless you buy at a peak and say "HODL" over and over while the price rollercoasters around
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Jun 15, 2017 21:35
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Blockade posted:Real talk here are my honest and true irl opinions: But how does a blockchain help with distributed storage? All that you're doing is adding a convoluted transaction layer to an AWS-like solution. Adding a blockchain does not create any savings, it actually makes the solution more expensive to implement and much, much more expensive to maintain (because you need to maintain a stupid amount of hashing power; or, if you control all of the hashing power because you control the hardware then you no longer need a blockchain)
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Jun 16, 2017 00:17
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Sentient Data posted:You could use to hold proof that content with a certain hash was stored at a particular time, but lol at using anything remotely like a chain to handle the actual storage What costs are being saved by doing this with a blockchain instead of using a distributed database running alongside your distributed storage? Like the proposals that I've heard are always "we'll save so much money by just storing things on the blockchain" which only appeals to rubes who don't know how a blockchain works. So the language from the people trying to sell this crap is always really cagey about how they store "information" on the blockchain which turns out to literally just be a hash, like you described, which doesn't actually address any of the real costs of distributed storage
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Jun 16, 2017 02:34
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Whatever happened to those guys who wanted to put bitcoin miners in lightbulbs? Did the free market make the wise choice and make them go bankrupt or are they still scamming investors?
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Jun 16, 2017 02:35
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bitcoin moon prices are apparently just $4000/btc that's kind of disappointing back in 2012 we were getting predictions of $1M/btc by 2015
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Jun 16, 2017 05:53
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Computer Serf posted:Looks like blockchain technology smart tokens are pretty useful for generating money out of some buzzwords and video cards? That's correct, it's useful for duping gullible venture capitalists. That's not a computing thing though
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Jun 16, 2017 07:11
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I'm sure it's coincidental that places like Coinbase go down when the price drops quickly but not when the price is rising quickly
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Jun 16, 2017 12:17
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Sentient Data posted:Damned goons telling me to not short bitcoin and it drops 30% literally the next day!!!!! Hope you weren't thinking of using Coinbase because they were down for most of the day zmcnulty posted:Actually I asked this exact question of our "financial innovation office" team at work. Specifically I asked how a blockchain is different than a centralized database. The answer that I got is that it's public. That's exactly right; a blockchain is an append-only distributed database where you give untrusted parties the ability to make insertions, and you deal with untrustworthiness by requiring everyone to participate in a hardware arms race. If you get outspent and lose control of your own database to some competitor then that's just the free market deciding that you don't deserve to control your own blockchain anymore, and since it's the free market making the decision that means the decision is just If you want to set up a distributed database only on hardware that you already trust, and you don't want to give competitors access at all, then a blockchain is pointless. What good is a system that is only useful if you give a competitor a foot in the door to take control of your data, you ask? BLOCKCHAIN BLOCKCHAIN BLOCKCHAIN TO THE MOOOOOON
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Jun 17, 2017 01:04
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Blockade posted:I don't really care what kind of blockchain voodoo economics Sia's doing, but I'm only paying a fraction what I would be paying Amazon to store massive amounts of slightly better than worthless data using it so that's something. It's the same as any other startup that massively undercuts the competition: tons of VC funding and relatively little overhead. Just look at Twitter; in the first 2 years they were operating they generated no revenue at all, much less profit, and despite having literally no plan for becoming a revenue-generating venture they secured hundreds of millions in VC funding. Today they regularly lose hundreds of millions each quarter and have no real roadmap for digging themselves out, yet they're estimated to be worth Billions. Tech startups make no sense and are funded almost entirely by rich idiots trying to be on the ground floor of The Next Google
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Jun 17, 2017 03:41
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Comfy Fleece Sweater posted:That sounds loving dumb, as I thought. Decentralized data storage != blockchains. Sia is decentralized data storage network with a blockchain transaction layer built on top; the Sia blockchain isn't handling the data storage at all, it's merely how payments for storage are getting made. This sounds reasonable but it's still relying on Proof of Work for transaction verification, which is excessively wasteful in terms of resources meaning that the whole thing is surviving purely on token speculation
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Jun 17, 2017 03:54
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namaste faggots posted:I just listened to this week's Odd Lots podcast on ethereum and the bullshit that sits on top of it and laughed my rear end off as I rode bikes. Thanks for the humour crypto tards lol he literally says "imagine bitcoin is used for 10% of all remittances in the world, it would be worth so much!" as a way of evaluating the future value of bitcoin literally just picking an arbitrary number out of the air, poo poo there are so many idiots in this space it leaves no doubt in my mind that bitcoin's price will continue to grow even while its value continues to be 0
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Jun 17, 2017 12:17
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You think that transaction ids should be able to uniquely identify transactions? That sounds like statist talk to me
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Jun 22, 2017 08:25
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how do i mine blocks on this new bookchain, does cpu mining still work or do i have to order more milk crates?
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Jul 1, 2017 09:33
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