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Can someone help me understand how tethers play into this whole mess? If these tethers are buying up chunks of bitcoin does that mean others are selling their bitcoins for the tether currency? Why would people do this instead of converting to USD?
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Feb 7, 2018 16:57
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So when a tether buys bitcoins, is there an actual conversion performed between tether -> fiat currency -> bitcoin, or is it really just "trust us guys, we'll trade you these 10000 tether coins that we totally have backed by real money for your bitcoins"? I guess I just don't understand why anyone would trust these tether currencies.
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Feb 7, 2018 17:22
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Pawn 17 posted:I’m thinking the Tether scam is set up like this:
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Feb 7, 2018 18:43
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Since I recently saw an email from my CIO talking about "exploring blockchain technology" I figured I'd better understand it a bit more, so I just spent far too long watching videos of smarmy nerds trying to espouse the virtues of the blockchain (they all seem to have the same talking points which is creepy and very suspect). Is there anyone in this thread that actually understands it beyond the powerpoint talking points? My only real question is how the hell a blockchain is supposed to scale with any real world application that has large volumes? What happens when you have 100 million transactions a day? Doesn't the whole idea of a blockchain break down?
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Feb 8, 2018 18:59
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ryde posted:I mean, I have a passable understanding of it, but the first thing you have to answer is what you mean by blockchain technology and what features you actually want out of it. Party Boat posted:I just finished divabot's book (Attack of the Fifty Foot Blockchain) which in its later chapters goes into detail on blockchain as a technology and how likely it is to resolve a problem that a traditional centralised database doesn't (spoiler: not very). It also gave me a few good laughs. Plus you could class it as a business expense!
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Feb 8, 2018 19:21
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feelix posted:Buying cryptocurrencies is not investing in blockchain technology holy loving poo poo
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Feb 8, 2018 20:25
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feelix posted:It's the tech used to keep track of and exchange crypto. It's entirely possible for crypto to be completely worthless while blockchain is being used for every other database in the world, or for crypto to be standard currency worldwide and the only application for blockchain. The value of crypto is not tied to the value of blockchain as a technology.
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Feb 8, 2018 20:40
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Dadbod Apocalypse posted:The best no-poo poo explanation of blockchain is the NIST's recent Blockchain Technology Overview.
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Feb 8, 2018 22:14
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quote:I thrive on rational and level-headed decision-making quote:I lost 147k Nano ($1.4 M, and falling) in the Bitgrail hack Is every day like this in the cryptocurrency world? It's pretty fun from the sidelines.
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Feb 10, 2018 03:49
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Fame Douglas posted:Cash?
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Feb 12, 2018 22:28
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Fame Douglas posted:I find it hard to believe Bitcoins has been used at large scale for this.
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Feb 12, 2018 22:38
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So I've been reading the original bitcoin whitepaper trying to get a better understanding of how it all works, and found this quotequote:A block header with no transactions would be about 80 bytes. If we suppose blocks are generated every 10 minutes, 80 bytes * 6 * 24 * 365 = 4.2MB per year.
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Feb 16, 2018 03:07
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Moridin920 posted:With no transactions quote:Old blocks can then be compacted by stubbing off branches of the tree. The interior hashes do
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Feb 16, 2018 03:10
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Adar posted:after the wave of large banks asked Visa to reclassify crypto purchases as cash advances, Worldcom went ahead and...retroactively refunded over a million purchases from months ago, reclassified them under the new codes meaning those people became liable for 1-10% fees months after their purchases, then re-billed everyone involved except the new wave of bills got processed ahead of the refunds. oh yeah and some people got billed 50 times.
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Feb 17, 2018 02:11
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Risc1911 posted:https://www.9news.com.au/national/2018/02/18/21/42/60-minutes-new-cryptocurrency-auscoin https://www.youtube.com/watch?v=s9kQZ5EJakM
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Feb 18, 2018 19:36
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I wasn't going to bring blockchain up again, but since you guys are talking about it I have a question I can't find an answer to. If you use a blockchain for supply chain control or contract management (as are often cited as a prime target for converting to blockchains) who are the miners in this system and how do you protect against a 51% attack on the chain?
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Feb 19, 2018 01:22
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zedprime posted:It's probably just a single blade of a cloud server that the syndicate agrees to use. No real reason to distribute beyond the end users at which point the maximum outlay is probably one blade ponied up per interested party. Uranium 235 posted:i have no idea if this project is any good but they're trying to use blockchain for supply chain control https://shipchain.io/ Also, I find it amusing that they have a guy on their executive with the last name Crook.
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Feb 19, 2018 01:42
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quote:I was hacked today on Coinbase, does anyone have any possible ideas how this occurred?
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Feb 20, 2018 15:47
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I'm going to start my own cryptocurrency where there will only be one coin ever. The ultimate scarcity!
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Feb 23, 2018 02:34
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Waltzing Along posted:Someone mentioned tax on another page and what I'd love to see is the IRS tax all gains on crypto. Require the exchanges to report them. It would be very funny.
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Feb 25, 2018 17:39
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I have another technical question about how bitcoin works. Apologies for asking this. Suppose I bought a bitcoin in 2009. This means somewhere very early in the blockchain will be some record of my private wallet xyz getting 1 BTC transferred to it from the wallet I bought the coin from, correct? Since then there's been more than 100GB of transactions added to the blockchain. Suppose I now go to spend that BTC, so another transaction is generated "wallet xyz transfers 1 BTC to some other wallet". How does the verification that my wallet actually has 1 BTC occur? Do the miners have to trawl through 100+GB of transactions until they find my old transaction from 2009? Is there a data structure to the blockchain that helps this? Indexes?
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Feb 27, 2018 18:41
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klafbang posted:You do not have a wallet containing bitcoins. You have a wallet which contains an index of unpent transactions.
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Feb 27, 2018 20:12
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Better sell off folks https://www.reddit.com/r/IAmA/comments/80ow6w/im_bill_gates_cochair_of_the_bill_melinda_gates/ quote:[–]thisisbillgates
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Feb 27, 2018 20:36
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Dadbod Apocalypse posted:I skimmed a bit about GDPR and blockchain and...it doesn't look good. Smarter people than me are working this I suppose, but it looks like data portability issues are the real sticking point. How do you transfer/remove your data from an immutable blockchain? Removal can be as simple as destruction of one's personal encryption key, but when it comes to transfer, several of the proposed solutions involve some form of blockchain editing. It gets really complicated, but it involves a trusted third party in almost all instances. You can see how this is antithetical to the whole point of blockchain which is that it's a trustless, decentralized ledger.
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May 7, 2018 18:51
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I would blow Dane Cook posted:https://www.howeycoins.com/index.html What a sad state of affairs that this picture should have been a dead giveaway, but actually isn't
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May 18, 2018 03:09
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quote:It was a stunt designed to play on one of cryptocurrencies most resilient memes: "to the moon" -- the idea that prices will skyrocket, leaving currency holders rich in the process. But it was a stunt that left one Sherpa presumed dead on Mount Everest.
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Jun 5, 2018 16:36
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Has this been posted yet? https://www.reddit.com/r/personalfinance/comments/9fcxk0/please_learn_from_my_mistakeshow_ive_financially/ Please learn from my mistake(s)...how I've financially ruined everything in less than 12 months quote:So here we go -
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Sep 13, 2018 05:07
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Last time I was in this thread more than a year ago tether coins were all the rage and millions in "very real" currency was being injected into them to prop up bitcoin prices. Is that still a thing? Did a huge crash happy when people realised it's just some dude saying "I totally have 300 million in the bank, trust me"
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Apr 1, 2021 00:07
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I have a nature photography side business. Have I missed the NFT boat or can I still swindle some poor saps by (if I'm understanding this correctly) selling links to my digital file for huge sums of money.
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Apr 5, 2021 14:41
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Its Happening! posted:Your photos may already have been transacted as NFT's, so be sure say thanks if you ever catch whoever sold them. Can I sell a link to this thread?
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Apr 5, 2021 16:24
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starkebn posted:what is supposed to be the benefit of bitcoins? checkmate
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Apr 16, 2021 18:41
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Somfin posted:Just to put it simply here, if I have a few shares and I expect their value to go up, holding on to those shares and then selling them after the value goes up puts more money in my pocket than selling them now, buying fewer shares with the money I keep after selling it, and then selling those shares at the higher value.
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Apr 19, 2021 20:40
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Most artists are not making money off NFTs and here are some graphs to prove it https://thatkimparker.medium.com/most-artists-are-not-making-money-off-nfts-and-here-are-some-graphs-to-prove-it-c65718d4a1b8
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Apr 20, 2021 20:50
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spunkshui posted:The current market cap of tether is 50 billion, it was 5 billion 1 year ago. Who are the people behind tether and how has it survived so long when it's an obvious scam? For it to be what it claims to be, doesn't this imply that 50 billion USD from *someone* is just put into a bank account doing nothing? Also, since this is propping up bitcoin how does this not make bitcoin a fiat currency in some form?
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Apr 27, 2021 15:05
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I still want to know where the money is coming from that is supposedly backing tether. Maybe I'm missing a piece of the puzzle, but if there's 50 billion in tether then shouldn't there be 50 billion sitting in a bank account somewhere earning .001% interest? Seems like a good use for that money.
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Apr 28, 2021 00:32
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Andy Dufresne posted:No, scroll up. Most of it is dollars owed to tether by crypto-adjacent companies they loaned tether to. Company ABC gets a billion tether issued to them and in return they give Tether a sticky note that says "We owe you a billion dollars". Why would ABC ever do this? The official line is "Tether is used by crypto investors who want to avoid the extreme volatility of other cryptocurrencies while keeping value within the crypto market." So company ABC just put a billion dollar liability on their books for what exactly? There's no expected return since crypto is aligned to the USD.
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Apr 28, 2021 15:42
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Blotto_Otter posted:ABC does this because ABC is generally an exchange that has banking problems and needs a USD lookalike to provide liquidity where there would otherwise be none. Taking a loan in USDT comes at no cost (and actually has potential benefits, since they can then use their USDT pile to buy cryptos off their customers) since the billion dollar liability they put on their books is offset by a "billion dollars" in assets that are the USDTs they just took. From an accounting perspective, taking that loan of USDT has no impact on income (at the time of initial loan, at least). Ok, so I think the picture is a little clearer for me, but who are the people exchanging bitcoins for tether with ABC? When I look up info on tether I find the following statement: "Tethers cannot be exchanged for U.S. dollars." So if I have a bitcoin, why would I exchange it for tether? Just to make it easier to buy other cryptocurrencies? The whole thing just feels so off. Like it's such an obvious scam I must not be understanding it correctly.
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Apr 28, 2021 16:03
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Doctor_Fruitbat posted:Gosh, has it been five minutes already? Sorry if I'm making GBS threads up the thread with these questions, but this is literally the only place on the internet I've found where I can actually get real answers without running into the true believers. My sister has recently gone off the deep end into crypto and I need to arm myself for the arguments that will soon follow as she gambles her entire family's life savings away. If I've learned anything from reading about this on the internet it's that the moment you can't answer one of their questions or you give a wrong answer your entire point is invalidated.
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Apr 28, 2021 16:50
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Blotto_Otter posted:Between arguing with cryptocurrency zealots for years and now antivaxxers for the last half-year, it's been my experience that it doesn't matter how well-researched you are and how thoughtfully you engage with someone on a topic if they are engaging with that topic in bad faith. If someone's decided that this is the way they're going to get rich quick, you making Good Counterargument #38 isn't going to matter if the first 37 arguments didn't matter. Rational arguments don't matter when someone is making an irrational decision based on greed and emotion. (What you can try to do is stop her from persuading others around you to follow her down the same dumb path.)
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Apr 28, 2021 21:37
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Actual question: are NFTs completely dead now or is there still money to be made? I sell my photography (as in actual prints) and would be happy to take some money from people who see value in them. All I have to do is host the photo and sell the link as an NFT somehow, right?
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Apr 30, 2021 01:13
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