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Mumpy Puffinz posted:hey nerd who wrote a book about Bitcoin, I bought it. Chadzok posted:i bought one and i bought one for a friend. good words. a nice inoculation to the insanity, it's seriously rotten to the core with all that goldbug libertarian nonsense thank you both! this is the content it delights me to read on the Something Crypto forums i have a blog too, if you liked the book you'll probably like that. this evening i posted about the latest stupid Ethereum wallet fuckup. i say the latest, they had a previous one in july. pretty much everything that is bad about cryptocurrencies comes down to the pervasive irreversibility, ensuring that errors, thefts and fuckups cannot be reversed. it turns out this is bad and stupid in practice. if i ever write a word of it, the next book should be about made-up BS "AI". the working title is Roko's Basilisk, which should tell you precisely which line of BS AI it'll be concerned with. real AI is often surprisingly cool, and has nothing to do with this line of BS, which regularly has real AI people punching the walls. (check the old LessWrong thread and SolTerrasa's comments.) also, we established in the previous thread that i've made more money from bitcoin (about £4000 so far) than ham sandwiches ever has or will, and that's without ever touching one Minimalist Program posted:This guy gets it - the secret behind making a Smart Passive Income from Home by Investing In Bitcoin, which is the title of the ebook i am going to write. don't forget to use the kindle cover generator, and arial bold as the title font
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Nov 9, 2017 02:00
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Lil Peeler posted:I responded to a facebook topic about Bitcoin largely along the lines of "this is a bad investment idea because it's not backed by any fiat market and it's also hard to cash out in," but I'm genuinely curious as to other arguments I could make. It sounds like it's not quite as hard to cash on as before so people who bought like a fraction of a coin now have a good chunk of change. But at the same time if they cash that out it lowers the overall value? It sounds like penny stock speculation at this point. Is that right? pretty much. as i consistently say (and as that article ham sandwich thoroughly self-owned with earlier in the thread concurs), you can make money in cryptos! IF you are that good a trader. otherwise you will get loving skinned. if you want to have a gamble, by all means. but don't put in more than you can seriously afford to have go up in smoke, and don't pretend you're doing something other than gambling.
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Nov 9, 2017 03:24
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gary oldmans diary posted:its weird seeing people referring to buying 1 and only 1 thing in a marketplace for only that 1 thing and referring to it as "trading". like yikes water down that term a little more please. everyone on earth is a trader i guess. the kid next door is going long on 25 cent gumballs no no, you don't understand, there's hundreds of near-indistinguishable internet pogs you can shuffle between
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Nov 9, 2017 14:42
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the absolutely key point is that i've made >£4000 more from bitcoins than you have QuarkJets posted:maybe don't talk about books that you clearly haven't even read Ham Sandwiches, drop me a PM or an email to dgerard@gmail.com and i will email you an epub of the book Ups_rail posted:okay so I have an old laptop hard drive a drawer somewhere that has like .0X amount of bitcoins on it. HOW DO I GET THOSE COINS OFF THE HARD DRIVE??? a hammer is a good start
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Nov 10, 2017 09:35
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Uranium 235 posted:if you'd bought bitcoin with that money you'd have a lot more but consider: i like having banking
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Nov 10, 2017 18:40
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all of this is actually good news for bitcoin
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Nov 12, 2017 14:18
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Old Story posted:what is a bitcoin it's those things on the side of bjork's head with that weird hairdo she used to have
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Nov 13, 2017 15:36
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https://twitter.com/ButtCoin/status/930297347506130945 but what is there is cryptographic evidence of the child consenting,
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Nov 14, 2017 12:38
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https://twitter.com/WhalePanda/status/930400090950209536 more good news for bistcion, because we only post good news here!! source: http://finance.caijing.com.cn/20171114/4360561.shtml google trashlate: ==== Sichuan: Bitcoins in Electricity Production Illegal Operation of Grid-connected Hydropower Stations All Stop Bitcoin Production Domestic regulatory requirements to close the bitcoin exchange, the bitcoin upstream of the industry chain - "mining", also began to be affected. November 14, Tencent Finance "front-line" learned from the Bitcoin Miner's Office, Sichuan Electric Power Company has issued a circular that the use of electricity to produce bitcoin is illegal operations, requiring grid-connected hydropower stations need to stop production of bitcoin, or will be Be "to be solved network punishment." "Digging" is a jargon in the bitcoin world, which specifically refers to the use of the computing power of the chip to continuously "hash collide" in the blocks generated by the bitcoin system to win the accounting right to obtain the system Bonus bitcoin. This boring and repetitive process is vividly called "mining" in the Bitcoin industry. In the process of "mining", the largest expenditure is the amount of electricity consumed per day consumed by the initial investment in the miner and the daily operation of the miner. In order to reduce production costs, bitcoin mines mostly "live with electricity." Tencent "Prism" had previously reported that benefiting from the abundant electricity resources in Inner Mongolia and Sichuan, China has the world's largest bitcoin mine and has a monopoly on the production of bitcoin. A bitcoin mine owner once told Tencent Finance, "Sichuan has the largest amount of water resources in the country. There are thousands of large and small hydropower stations with abundant power. Sometimes, because of over-supply of electricity, some of the water that should have been used to generate electricity We can only let it go, we call it 'discarded water.' "Bitcoin saved these" abandoned water. " The water that would otherwise have been diverted from the hydropower station was used to generate power for bitcoin mines, huge gains were made by hydropower plants, and miners were given the coveted low-cost electricity. However, with the domestic regulatory tightening of the Bitcoin Exchange and the conflict of interests between power companies and small-scale hydropower stations, the power supply urgently needed by bitcoin mines has gradually been tightened up by local electricity companies. A miners told Tencent Finance, Sichuan, on the one hand, issued a circular at the policy level, requiring no new small hydropower stations; the other hand, the power company is stepping up its acquisition of small hydropower stations to promote the latter's power grid, bitcoin mine low-cost Electric space increasingly cramped. ==== PREDICTION: this won't affect the price in any manner, but it's still GOOD NEWS. that said, I'm sure everyone in BTC and BCH dividing miners between them and playing transaction clog games will be delighted
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Nov 14, 2017 14:34
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wide stance posted:It's the standard modern day ultra scumbag move of taking someone's quote out of context to attack them. that's an excellent medium-lukewarm take on the basis of no evidence. well done you are very intelligent. meanwhile, the actual context doesn't improve it in the slightest. He was explicitly justifying Rick Falkvinge's views on child porn. Inept posted:IIRC, Bitcoin mining difficulty adjusts every ~2 weeks depending on the number of miners. If no one mines, the difficulty goes down. However, if the mining capacity dropped off by like 80-90% all at once for some reason, I think transaction confirmation speed and rate will also go down 80-90%, and the next adjustment would take more than 2 weeks? So Bitcoin could get to a point where it fucks itself into oblivion if there's a bad crash and everyone moves to mining something else all at once. I might be wrong though because I haven't looked at Bitcoin since about 2011. yeah, the "frisbee on the roof" scenario. i think it's unlikely this time, though things may be sloooow like over the weekend (hour-long block times, etc). divabot fucked around with this message at 17:53 on Nov 14, 2017 |
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Nov 14, 2017 17:50
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EorayMel posted:Why does everything warp back to child porn you ask this in a bitcoin thread 
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Nov 14, 2017 19:05
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Fried Watermelon posted:are you doing okay today at this point the script in Ham Sandwiches' head is not concerning this thread, no
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Nov 16, 2017 01:44
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Blade Runner posted:Bitcoin is literally a Ponzi scheme because no money can possibly be generated by it in the same way as money can be generated by an actual stock, and no amount of your flailing retardation about "NUMBER GO UP" can change that The fact that Bitcoin has no meaningful economy is a problem Bitcoiners don't quite understand. If I say "Bitcoin's only use case is drugs" they go "yeah but cash is used for drugs too!! huh? huh??" I'm not worrying about the "drugs" bit - the problem is the "only" bit. Bitcoins don't circulate with economic value. There are speculators and there are people who cash them out.
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Nov 16, 2017 02:27
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Ham Sandwiches posted:It's cool that this guy has seen the future I'm talking about the last eight years.
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Nov 16, 2017 02:34
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Ham Sandwiches posted:It's fascinating watching general reminder that I have so far made about £4000 more ActualMoney profit visibly in my bank account from bitcoin than Ham Sandwiches
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Nov 16, 2017 11:55
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a cyberpunk goose posted:Me, gamble? Nooo i'm only a day crypto portfolio adviser entrepreneur
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Nov 16, 2017 12:14
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QuarkJets posted:investing in dogecoin isn't like gambling at all what are you insane? fuckin read the whitepaper, here it is in its entirety: i just had someone comment on the bjoooeeeerrrk bitcoin post on my blockchains are shite blog about how Litecoin was the BEST AND MOST USEFUL THING EVER and whyyyy doesn't anyone accept it and also (if you see said comment and who it was and their recent /r/buttcoin posting history, you will understand why all comments to my blog are moderated)
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Nov 16, 2017 16:02
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The Bitcoin bubble in 2017 appears entirely held up with Tethers. There isn't even honest analysable speculation going on, your adversary is literally the exchanges. Of course a few clever traders have decided they will follow along with the releases of Tethers, and I'm sure that literally attempting to guess what a blatant market manipulator's next move will be will work out fine and nothing will go terribly wrong.
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Nov 16, 2017 21:11
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Uranium 235 posted:i'm not exposed to tether at the moment so i'm not too concerned about how a tether meltdown would affect me. it's a factor i consider when deciding whether to move capital to an exchange like bittrex though. everyone who's exposed on bitcoin is exposed to tether. the notional "price" of bitcoin is strongly affected by the price on bitfinex, even when the "price" you're using doesn't include bitfinex in its weighted average. Gumbel2Gumbel posted:"I've been watching all this poo poo from the sidelines and Coinbase is still having a hell of a time trying to even confirm my identity, bank account AND debit card. All the while I watched my $5500 *not* turn into $7750 today. coinbase are still adding users so fast they don't have to give a poo poo if your stuff doesn't work in their automated system
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Nov 17, 2017 00:30
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Blade Runner posted:You haven't actually defended your point, you've literally said "well that's just, like, your opinion, man. People love Buttcoin in Venezuela." Also, this is actually completely made-up bullshit. It's a lie Bitcoiners keep repeating. I wrote it up for the book: quote:But Bitcoin saved Venezuela! Also, here's a long time bitcoiner on the price: https://twitter.com/prestonjbyrne/status/931334856642097152 Also, the main purpose of smart contracts is to lose millions of dollars in the click of a button. Also, I've still so far (there's at least a couple more months in this) made £4200 more, in actual real world ActualMoney in my bank account, from Bitcoin than Hammy ever has.
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Nov 17, 2017 11:33
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FulsomFrank posted:I've never heard this one before. Is this a calculation of all the estimated electricity costs that went into the entire process from start to finish? it's pretty simple and retrospectively obvious. electricity/hardware/building/etc costs will always approximate what the miner can sell the resulting BTC for - because the whole history of economics shows people spending up to $99.99 to make $100, and if they spend $101 to make $100 too much they go broke. the miner is paid in block reward and and transaction fees. this money is not imaginary dollars, it's real dollars (or yuan), paid for the electricity/etc and coming from people buying the BTC. the entire thing has a net negative expected return across all participants. this is one of the key objections in jstolfi's famed SEC response, btw, as to why a Bitcoin ETF is a poo poo idea. now if bitcoin actually had an economy, you could say "well economic value is generated at these flows of coins for services etc" and that'd be one thing. but bitcoin doesn't have an economy, except a few drug dealers. so all that's left is a complicated scheme to funnel money from suckers to new miners and old hodlers, with scammers taking a cut along the way. it is hypothetically possible that some time in the astounding future!! there will be something that could be called a cryptocurrency economy. there has been no sign of it in the past eight years, and many reasons to think it's not a happener. but sure, it's not philosophically impossible,, divabot fucked around with this message at 17:12 on Nov 17, 2017 |
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Nov 17, 2017 17:09
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CassandraZara posted:mmm, I don't like that explanation nearly as much as mine, because there exist reasons to mine at a loss (money laundering, stealing electricity) The competitive pressure on Visa re: fees is not other card companies (it's a pretty cosy oligopoly) but other ways to pay. With Bitcoin mining, it's a market in resource wastage, because that's what PoW is designed to be.
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Nov 17, 2017 17:57
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jonathan posted:You're a good poster and I like the way you post. :preen: after all I literally wrote a book about this poo poo intended for normal humans to be able to understand. it's still too technical (both in computers and economics), but hopefully the funny scammer stories got the point across
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Nov 17, 2017 19:00
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jonathan posted:Do you have a link to the book ? Maybe I can use this mining rig to download the book. An actual useful venture. https://davidgerard.co.uk/blockchain/book/ gary oldmans diary posted:actually you havent read his book These stories are also BS. The "thousands" claim in the CNBC story is based on speaking to two local electricity thieves who said so, and a guy in Spain. Ham Sandwiches is as bad at reading text elsewhere as text here. CassandraZara posted:I don't know why you think that makes your original explanation correct. because it is. What's wrong with it? by the 1st December I expect to be about £6000 ahead of actual cash money profits from bitcoin compared to Ham Sandwiches.
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Nov 17, 2017 20:23
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CassandraZara posted:Because people have reasons to mine at a loss! ... yeah, and that's going to be the minority case (e.g. pumping Bitcoin Cash), unless they get overconfident in a way that they're gonna go broke. I described how mining is designed, you made an incorrect comparison to Visa. What was your substantive point? CassandraZara posted:God I hope your book is full of this "because I said so" reasoning. Lotta citations, if you want to engage actual points, or make one some time maybe.
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Nov 18, 2017 01:58
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Adar posted:and then there are about a thousand, soon to be 100,000, various flavors of tokens used for mostly scammy companies to do mostly scammy things where, out of those 100,000, a handful will one day be well recognized names (and because everyone in crypto is a captain of industry they all think they know the right ones) look I realise that this looks very like a fleet of dumptrucks full of horseshit but you have to understand with such stupendous quantities of horseshit the statistical odds are there will totally be a pony in there somewhere,
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Nov 18, 2017 15:32
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Adar posted:talking about buttcoin and its immediate relatives is weird because the truth really is in the middle and it's a lot closer to 1999 internet than tulips, although literally only because enough people spent enough time believing in it no, this is a specious comparison that assumes its conclusion. stop making it. you can say that "IF we assume that Bitcoin is comparable to, ooh ... literally the greatest revolution in human communication since the printing press" - but you're clearly pulling the biggest example possible out of your backside. you're assuming your conclusion by positing Bitcoin as anything other than negligible in comparison to it. why not compare it to the many, many more failed technologies? "bitcoin is a lot closer to Apple eWorld" "bitcoin is a lot closer to Tesla's wireless power transmission towers, that he never actually built" "bitcoin is a lot closer to the Ford Pinto gas tank" these comparisons are all of the same form, and I'd say they're a lot closer to being valid.
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Nov 18, 2017 16:54
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Uranium 235 posted:i think the comparison is apt because the internet bubble, like the ICO bubble, saw massive increase in speculative value of projects that were really nothing more than an idea and a team of developers (and a .com address) that mostly all failed and collapsed into nothingness, wiping out billions of dollars of "wealth" This aspect makes an appropriate comparison to Beanie Babies - you're talking about it being a bubble. Or, to be more specific, the sort of ridiculous enterprises that were founded during the South Sea Bubble, with about as much substance as the modern ICO. The actual productive result of that was the Bubble Act, where you weren't allowed to found a joint stock company without Royal assent. But I think "but look what the ICO revolution gave us - stringent regulation!!" is stretching a bit far to claim that this is a good thing about cryptos, rather than dealing with the huge problems they cause. Uranium 235 posted:you seem to be concluding that they will all fail, which might be right, but imo there will be a few gems that produce something valuable. people into fundamentals can try to dig for those, but i'm going to stick to my strategy of trading in a crazily volatile market with little regard to fundamentals. if they all fail then that's fine with me it is certainly true that the horseshit probably emerged from a horse's rear end, but that doesn't mean that stocking up on horseshit by the truckload will do much for your chances at a pony. divabot fucked around with this message at 19:02 on Nov 18, 2017 |
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Nov 18, 2017 18:59
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Adar posted:-sending money internationally without massive foreign currency fees Of all the bad claims for Bitcoin, remittance turns out to be the closest to practical, and in practice it still isn't because neither end has a crypto-based economy. The closest I've seen to getting it working is rebit.ph, who have tried very hard to make a go of it, and they eventually had to start a crypto exchange at the Philippines end just to have enough pesos on hand for the recipients to get the money in a useful form. Also, Vitalik Buterin apparently pays some of his Eastern European outsourcees in Ether. Adar posted:-any company or entire industry that credit cards won't deal with or charge huge fees to can process deposits for free This is, again, a hypothetical that largely isn't a thing even after being touted literally for years. At this point I'd expect someone saying it to be able to articulate why that's how it's worked out that way, rather than touting an example that pretty much doesn't happen. (The Wikileaks Shop takes Bitcoin Cash! That's a merchant success story for bcash.) Adar posted:anyway, we both know you're not talking to a buttcoin sandwich, so stop pretending I'm picking 1999 as anything other than the last big bubble comparison and don't argue in bad faith. Your comparison was to the Internet. But again, why that bubble, and why not the contemporaneous Beanie Baby bubble? You're still assuming your conclusion - "if we compare it to something with good outcomes, then it might have good outcomes!" And don't tell me "don't argue in bad faith" when you're touting already-failed examples as working examples.
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Nov 18, 2017 19:53
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a hot gujju bhabhi posted:Oh, you mean the currency that just had 300 million dollars accidentally eradicated? Parity is the best wallet to use. Gavin Wood himself started the company, you know.
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Nov 19, 2017 10:52
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Mumpy Puffinz posted:thats his real life name? and he's not a gay porn star? What a waste That's Doctor Lance Thrust to you.
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Nov 19, 2017 12:40
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I have personally made more money from Bitcoin than a lot of the enthusiasts, without ever having touched one: MarketWatch: The reasons Americans give for buying bitcoin show they have no idea what they’re doing quote:Three-quarters of bitcoin holders could not identify a sound financial reason for investing, two-thirds said they hadn’t locked in a nickel of profits even as the price of the token rocketed skyward, and more than half said they didn’t worry about the technology security of their bitcoins — even though hundreds of millions of dollars of the tokens have already been stolen by online hackers.
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Nov 19, 2017 15:14
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Adar posted:if you're looking at a 220 billion combined market cap then you're using a meaningless number. "Market cap", calculated from multiplying today's rough price for a token by the total number of tokens, doesn't tell you anything useful - it's not an amount you could realise if you sold them all, it's not an amount you could buy out a whole coin for, it's not an amount that people put into it. It's a number that's easy to calculate and headline-friendly, but it isn't useful, because trading is so thin. If you want a useful number to compare coins, the daily trading volume would approximate interest level in a coin. (Coinmarketcap shows this.) The only time "market cap" could be a useful number is for a tiny altcoin, because it'll be in the range of the approximate cost of mounting a 51% attack (as has happened more than once).
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Nov 19, 2017 20:08
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Uranium 235 posted:they're licensed in NY state which is very strict they signed up for the bitlicense, but this is about money transmission per se - those states require 100% reserves, rather than for exchanges to operate like unregulated and uninsured banks, like they all do
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Nov 19, 2017 22:51
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Uranium 235 posted:have a link for minnesota's requirement of 100% reserves? i tried looking it up and can't find anything about it. i'm looking at minnesota because they have significantly higher population than hawaii and wyoming eh, i might be wrong. I know they were very unhappy about either wyoming or wisconsin, something starting with w, requiring 100% reserves. otoh loving nobody lives in wyoming, but NY is slightly important if you like having customers, so
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Nov 20, 2017 02:04
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Adar posted:if you just pick a random time and an exchange and dump 1.8 million dollars onto it, yeah you'll tank the price significantly. you would also tank the price of IBM, wheat, and the USD/EUR ratio doing the same thing, but that doesn't happen because people trading those things aren't usually retarded (it does happen to crypto anywhere from a few to a lot of times a year though) wellactually no, and there's a good reason it wouldn't: those have anything resembling trading volume. No crypto, including Bitcoin, does. Also, the way the crypto "price" is set up is as a weighted average of exchange prices. Sooooo you have to worry not about the thin books across all exchanges, but the thin book on each exchange. It's like an arrangement built to exacerbate volatility.
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Nov 20, 2017 10:56
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Avalanche posted:Is there any way to get this poo poo (SALT, Ltc, Bitcoin, Etherium, Dogecoin, whatever the gently caress coin) off of an exchange, onto a physical usb drive, and lock it in a safe? Or is all of this bullshit still tied up in the "exchanges" where your butts are only so good until the exchange gets hacked and all you're left with is no butts and a massive poop emoji? yeah, you can get your coins off an exchange and store the address and private key on your computer, on a USB stick or on a piece of paper. this is what "wallet" software actually does. it's a stupendous pain in the arse, though, so people use exchanges as (shoddy) banks (run by incompetent crooks).
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Nov 22, 2017 11:37
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Surprise Giraffe posted:Yeah theres offline wallets like Electrum (sp?). it's ok! being your own financial institution chief security officer is totally easy and straightforward and it's on the wiki posted:Tomb is a simple tool to manage encrypted storage on GNU/Linux. Among its features are bind-hooks to set up a tomb's contents in the place where other programs expect them, for example in our case mount -o bind the .bitcoin directory in a user's home. your mom will totally be at home with this procedure (to be fair, they replaced this loving shitshow of a page with a simplified version a couple of weeks ago. the trouble is that you do still actually have to know an absolute shitload of technical detail to store bitcoins securely.) divabot fucked around with this message at 12:05 on Nov 22, 2017 |
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Nov 22, 2017 11:57
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Uranium 235 posted:for individual exchanges, daily bitcoin volumes are in the tens or hundreds of millions (for the top exchanges). the sum volume of all exchanges adds up to several billion. see, that's the problem: the system - "price" being a weighted average of exchange spot prices rather than any sort of market-accepted and realisable number, and it being slow and difficult to move bitcoins between exchanges - is pretty much a recipe for ridiculous volatility. even if the price crashes on a small exchange, arbitraging it is slow and annoying. when one exchange fucks up in some way and has a flash crash (GDAX has done this a coupla times) it shows in the averaged "price". and if that average doesn't include that exchange, another will. and bitcoin daytraders observably poo poo at a $50 drop in the quoted "price" - even though spreads are often in the hundreds of dollars. so you get a bitcoin "price" graph with 5-10% swings a day. also, as i noted, the "price" calculations are rejigged arbitrarily to exclude exchanges that might look like they're not being Good News for bitcoin. e.g. when the long-anticipated price signal of the chinese exchanges, which had been most of bitcoin's trading volume for several years, was cut off by those exchanges being dropped from common "price" calculations the moment the chinese government finally dropped the hammer, even though they had a month or two of trading to go. the "price" calculation is literally a marketing lie.
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Nov 23, 2017 10:33
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Manic Technophile posted:Welp I've got a crazy bitcoin uncle now. Prosletyzing at the dinner table. From what I gather it's not a ponzi, but it is a loving cult. https://twitter.com/FuzzyMarth/status/933520446447812608 https://twitter.com/ButtCoin/status/933758426659901441
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Nov 24, 2017 02:42
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