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LethalGeek
Nov 4, 2009

I hope everyone who useless bitcoins dies for the power wasting reasons already stated.

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LethalGeek
Nov 4, 2009

Schweinhund posted:

The hate on bitcoin is dumb. I mean it's obviously useful for doing illegal stuff like buying drugs and evading taxes. But some people act like it's just something that people invest in hoping to get rich like it's some lovely penny stock.
A ton of people have literally done this, which is why they champion it so much and why it's so funny when the inevitable happens and 98% of them lose all their money lol

LethalGeek
Nov 4, 2009

Drone_Fragger posted:

I should note that I literally caused the first great bitcoin crash (from like 80 dollars down to 5) by posting "bitcoins are crashing, SELL SELL SELL" on the bitcointalk forums with a corresponding snippet of the graph showing they'd dropped 10% in like 2 hours.

I have ever reason to believe this is the case given how dumb everyone involved is.

Unrelated: everyone involved in bitcoins should loving die. I'm not kidding.

LethalGeek
Nov 4, 2009

I do like good news, couldn't happen to a bigger piece of poo poo.

LethalGeek
Nov 4, 2009

Jellymouth posted:

The last time Bitcoins made news for being worth something, there was some goon who talked about how basically impossible it was to convert your bitcoins back into honest-to-God money as he recounted his experience trying to sell his. Can anyone confirm this?

The current price is largely a result of an exchange losing nearly all paths to get US dollars out, so everyone is selling their coins on that service to get them out which has created this bubble that will crash. This is because most any bank and this point wants nothing to do with money touched by buttcoin

LethalGeek
Nov 4, 2009

Jeffrey of YOSPOS posted:

Yeah that makes sense - you said "so everyone is selling their coins on that service" when really "so everyone is buying coins on that service" is what's going on and indeed would lead to the price going up. I dunno who the hell is providing that liquidity but whatever lol.

I goofed up my phrases but I can answer this: They are allowing people to margin/short 3 1/3 to 1 within the exchange on top of not being able to get actual money in or out.

LethalGeek
Nov 4, 2009

Jeffrey of YOSPOS posted:

Ahaha what??? I assume you need an account in good standing or something, how the hell could they possibly enforce a margin call on a bitcoin exchange? I guess maybe you can only short as much as you're holding such that you can always pay back the borrowed bitcoins and aren't actually leveraged, but can accept the risk of the exchange folding in exchange for extra (not-quite) money if bitcoins do fall in price.

https://www.bitfinex.com/howitworks if you wanna try to make sense of all this have fun

LethalGeek
Nov 4, 2009

Waffle House posted:

Holy poo poo there's two threads deriding goons for making fun of bitcoin lmao

The funny thing this was the thread from a few months ago when it got over some price...and then crashed a couple weeks later after all the bitcoin idiots were trying to be all smug while the rest of us correctly pointed out it always goes back down. It got bumped to remind us drug selling idiot lost his appeal so he'll be in jail forever.

LethalGeek
Nov 4, 2009

Basically everything bitcoiners tell you about their dumb nerd poo poo is a lie. Partly cause they are in a cult, partly because nearly all of them are "that guy who knows how to do a few things on a computer obviously I'm a tech expert."

I say guy because it's 99% men in this poo poo and when a woman does come up they act like creepy MRAs

LethalGeek
Nov 4, 2009

You all could just daytrade penny stocks if you want to gamble on completely random prices of a thing and do it without having an exchange randomly taking all your poo poo.

LethalGeek
Nov 4, 2009

divabot posted:

Oh look, Bitcoin dropped $500! Let's look at the exchanges you can get ActualMoney out of ...


HOW DOES THIS KEEP HAPPENING

I so want to hear some chucklefuck goon bitching how they tried to get in on this easy money and suddenly the (very predictable seriously this happens everytime) reality of buttcoin kicks in.

LethalGeek
Nov 4, 2009

https://twitter.com/ButtCoin/status/874393234037932032

:lol:

LethalGeek
Nov 4, 2009

Anyone who tries to tell me the blockchain is useful for something in computing could just tell me they're an idiot, cause it really is one in the same.

LethalGeek
Nov 4, 2009

Comfy Fleece Sweater posted:

Isn't a Blockchain like a database then? It's just like, public or something

I don't know, and I don't understand it, buy, buy, buy!
Someone way more computer scientisty than I could say better but yes that's all it actually boils down to. It's only notable thing there is no central system making the final call about things, but it pulls this off by mindlessly wasting electricity instead of any sort of actual security mechanism.

Active Directory I would say is a similar product that exists and functions and does things that's pretty similar in my mind, and i'm sure there are dozens of other examples out there. My job's file repository/database isn't too different either.

LethalGeek
Nov 4, 2009

divabot posted:

Jury took four hours to send him away for life without parole, including lunch.


let me just quote myself:

----

Ulbricht had been doing all his Silk Road work from his main daily laptop. One afternoon in September 2013, he was sitting in a library, using their wifi to administer the site, and talking to a friend in the site’s online chat. Two apparently-homeless people started arguing loudly behind him; he turned to look, and the slight young woman using the desk opposite snatched his laptop. She was a government agent. So were the homeless people. So was the friend he was chatting to.

The laptop contained the near-complete collection of smoking gun evidence on the Silk Road, gift-wrapped with a little bow on top. It included the list of Silk Road servers and the names Ulbricht had used to rent them, the Silk Road accounting spreadsheets (including the purchase of the laptop), on-site chat logs, the PHP code for the site itself, photo ID for other Silk Road administrators, all the encryption keys for the site, 144,000 bitcoins ... and log.txt, Ulbricht’s daily diary of his Silk Road activities: building the site, dealing with business issues, ordering hits on people.[1]

“I imagine that someday I may have a story written about my life, and it would be good to have a detailed account of it,” he wrote in January 2012.

Everyone had assumed that “Dread Pirate Roberts” had the most painstaking operational security imaginable. It turned out Ulbricht was protected by nothing more than an impenetrable shield of narcissism, and an apparent belief that he was too smart and virtuous to be caught.

Still laughing forever at all this

LethalGeek
Nov 4, 2009

quote:

Though the moves by the Chinese authorities this month have resulted in declines in the value of Bitcoin, some argue that they will allow for a more even geographic distribution in the online currency’s trading and mining.
What hopeful idiot wrote this bullshit? The only reason folks in china got in on this as it was a convoluted way to turn Yuan into Dollars.

:lol: at everyone who put money into crypto god drat the world is full of stupid people.

LethalGeek
Nov 4, 2009

China told exchange operators to not leave Beijing this is good for bitcoin hahahahahahahahah

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LethalGeek
Nov 4, 2009

I was promised a meltdown in here but instead I come in to see Ham continuing to roll around in his own poo poo and you all telling him good boy now roll over so he'll smash right into another pile of poop.

Still disapointed

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