Author “What the hell is a bitcoin?”  (Read 19929 times)

0 Members and 1 Guest are viewing this topic.

Re: “What the hell is a bitcoin?”
« Reply #210 on: November 30, 2017, 01:32:09 PM »
Like I did with the predictable mortgage collapse of 06, I’m looking forward to the junkcoin demise.

Note that, 11 years after "the predictable mortgage collapse of 06," people are still using mortgages.

Re: “What the hell is a bitcoin?”
« Reply #211 on: November 30, 2017, 02:07:24 PM »
When it collapses all the left winger techies and hedge funders will blame the governemnt. When really it was their own greed and stupidity that motivated them to buy in to the this obvious junk.

Like I did with the predictable mortgage collapse of 06, I’m looking forward to the junkcoin demise.

Wrong again GD.



Re: “What the hell is a bitcoin?”
« Reply #212 on: November 30, 2017, 02:38:41 PM »
Obvious controlled opposition is obvious. Dick Spencer? Get real.


Re: “What the hell is a bitcoin?”
« Reply #213 on: November 30, 2017, 02:48:24 PM »
The hilarious crackup is the ignoramouses who blame Bush and deregulation for the financial collapse of 06-08, are in favor of this obvious pyramid with zero regulations and no government or financial backing. When it collapses all the left winger techies and hedge funders will blame the governemnt. When really it was their own greed and stupidity that motivated them to buy in to the this obvious junk.

Like I did with the predictable mortgage collapse of 06, I’m looking forward to the junkcoin demise.



Well, Bush and deregulation certainly played into it. It couldn't have happened without the repeal of Glass-Stegal but Bubba set that up. W just knocked it home. It was a plan. The same one that's been played out on this nation ever since the creation of the Federal Reserve system a hundred years ago.

Re: “What the hell is a bitcoin?”
« Reply #214 on: December 01, 2017, 02:46:23 AM »
Admittedly I do not understand the whole "blockchain" deal but from the various "experts" on shows and articles I don't understand why some consider this some kind of subversive or anonymous currency? According to what I've heard every transaction is "recorded" in the chain. Not that I plan any criminal enterprises or transactions but it would seem things like cash (assuming the serial numbers aren't recorded or marked) are far more anonymous. Bitcoin, to me, seems like a government's dream to curtail tax evasion, money laundering, or criminal activity. Being able to "see" every transaction ever can be seen in the Bitcoin itself?

I like the idea though of being able to transfer money between countries and currencies without the bank fees, delays, forms, etc (where legal) but don't see how this technology is some kind of underground, anonymous currency.

There are a ton of different cryto currencies right now.   Bitcoin is (obviously) the best known.  It is completely anonymous in one way, in another, anybody can see the money. The wallets are given numbers.  Unless you told somebody who you are, it is a little difficult to know.  There are steps that you can take to create the wallet to make it more difficult to trace back to you.  This means that if you are scammed, you can see the money sitting there- but there is absolutely no way to get it back- and unless somebody knows who owns the wallet- no way of tracking them down...

You can use "coin mixers" to send cash-basically, if you want to pay somebody $1000 it is the equivalent of tossing 100000 pennies into a big vat with millions of other pennies from other people.  Then 100000 pennies are taken out and paid to the other person.  Now try tracking whose pennies paid which people. (Hope that makes sense.)

The transaction fees are stupid right now.  The main point of bitcoin was supposed to be cheap, easy transactions (that took awhile.)  Now it takes awhile and is expensive.  I remember the early days when the idea was that bitcoin would displace cash and because a bitcoin can be sliced into one hundred million "parts" and be sent.  It was going to make it so that you could send small amounts.  Between the transaction fee and the high cost of a bitcoin, that does not seem like an option anymore.  Now it is people buying as investments rather than a way to disrupt the monetary system (I started mining because I figured it would piss off central banks- now I think they probably invest...)

Finally, there are alternatives.  Going from older information, there are currencies that beat bitcoin for anonymity.  Zcash and Dash both hide the user. (I had mined some darkcoin around 2014 that later became dash because I liked the aspect of the anonymity it provided... I should really see if I can convert it?)

Well, this has been interesting... Time to go look and see about that conversion.  :)

Re: “What the hell is a bitcoin?”
« Reply #215 on: December 02, 2017, 04:16:42 PM »
This topic was certainly worth looking at... I knew that Dash was the same "idea" as darkcoin- but did not realize that my darkcoin had become dash (and I did manage to officially convert it.)  :)

On a side note, the "altcoins" are doing the same stupid thing as bitcoin.  I kind of don't mind... I mined for quite awhile in 2014.  8)  Perhaps with the recent spike in price it is time to exchange a few coins for an upgraded miner? I should be able to take an antminer to work and plug it in there.  :)

Re: “What the hell is a bitcoin?”
« Reply #216 on: December 02, 2017, 04:22:16 PM »

Re: “What the hell is a bitcoin?”
« Reply #217 on: December 02, 2017, 08:13:50 PM »
I still don't know what the damn thing is.  I'll leave this here for peer review. ;) ;D


Re: “What the hell is a bitcoin?”
« Reply #218 on: December 02, 2017, 08:16:33 PM »
Perhaps with the recent spike in price, it is time to exchange a few coins for an upgraded miner? I should be able to take an antminer to work and plug it in there.  :)

Will they still wear those little flashlights on their helmets? ::)

Re: “What the hell is a bitcoin?”
« Reply #219 on: December 02, 2017, 11:16:08 PM »
I still don't know what the damn thing is.  I'll leave this here for peer review. ;) ;D


Within the first few seconds I was able to rate their IQ, hosting skills and preshow research as being inferior to Geroge Noorie...

Outside of that, I'm sure it was a riveting show that I cannot bother to sit through.  "its data that is stored somewhere, and somebody has to be running that... Somebody has to approve approve the (creation of a bitcoin...)

"It has to be somewhere- and somebody has to be in charge of it."

Four minutes in and I'm done. Fuck me... The level of this conversation.

Re: “What the hell is a bitcoin?”
« Reply #220 on: December 02, 2017, 11:22:34 PM »
Within the first few seconds I was able to rate their IQ, hosting skills and preshow research as being inferior to Geroge Noorie...

Outside of that, I'm sure it was a riveting show that I cannot bother to sit through.  "its data that is stored somewhere, and somebody has to be running that... Somebody has to approve approve the (creation of a bitcoin...)

"It has to be somewhere- and somebody has to be in charge of it."

Four minutes in and I'm done. Fuck me... The level of this conversation.

Funny, I was able to use your response to it as a gauge of your own intelligence, which is somewhere around here:


Re: “What the hell is a bitcoin?”
« Reply #221 on: December 03, 2017, 02:03:45 AM »
Funny, I was able to use your response to it as a gauge of your own intelligence, which is somewhere around here:


So, how long have you known about bitcoin?  Aside from finding some jackass on the internet within the last week to tell you it is a conspiracy (which, huge shock- you buy into) what else do you know?

Tell me the difference between Dash and bitcoin- in terms of the algorithm used to "mine" it as well as the public ledger?  How has vertcoin remained ASIC resistant for the last number of years (aside from a low price making it unprofitable...)  How did they complete the atomic swap between vertcoin and litecoin.  How does that work with the individual blockchains? 

Yeah, you dipped your little toe in bitcoin and blockchain and are once again the expert on Bellgab.  "somebody somewhere has to control the bitcoins."  It must be the CIA.


Fuck.  ::)

Re: “What the hell is a bitcoin?”
« Reply #222 on: December 03, 2017, 02:18:24 AM »
So, how long have you known about bitcoin?

I first read about it when it was at $200.


Aside from finding some jackass on the internet within the last week to tell you it is a conspiracy (which, huge shock- you buy into) what else do you know?

I just found out tonight, that I split my coins correctly last summer. I mean, I had assumed that I had, because I'm not an idiot, but I didn't actually check until just an hour ago. At present--color me delighted.


"somebody somewhere has to control the bitcoins."  It must be the CIA.

How many satoshis does Satoshi have stashed, if Satoshi could stash satoshis?

Re: “What the hell is a bitcoin?”
« Reply #223 on: December 03, 2017, 02:22:55 AM »
I still don't know what the damn thing is.


They are magical, indestructible poker chips that you can feed to robots, play Bingo, and tip girls with.

http://www.cryptokitties.co/

Re: “What the hell is a bitcoin?”
« Reply #224 on: December 03, 2017, 02:35:16 AM »
How many satoshis does Satoshi have stashed, if Satoshi could stash satoshis?
I would say that he would stash 1,000,000,000,000,000 satoshis.

Using my assumption and relying on my memory of around 1,000,000 bitcoin- Am I close.  ;)

Re: “What the hell is a bitcoin?”
« Reply #225 on: December 03, 2017, 02:37:51 AM »
So, how long have you known about bitcoin?  Aside from finding some jackass on the internet within the last week to tell you it is a conspiracy (which, huge shock- you buy into) what else do you know?

Tell me the difference between Dash and bitcoin- in terms of the algorithm used to "mine" it as well as the public ledger?  How has vertcoin remained ASIC resistant for the last number of years (aside from a low price making it unprofitable...)  How did they complete the atomic swap between vertcoin and litecoin.  How does that work with the individual blockchains? 

Yeah, you dipped your little toe in bitcoin and blockchain and are once again the expert on Bellgab.  "somebody somewhere has to control the bitcoins."  It must be the CIA.


Fuck.  ::)

For you I recommend going big on it, maybe even your entire life savings. In fact, take out a second mortgage!  :D

Re: “What the hell is a bitcoin?”
« Reply #226 on: December 03, 2017, 02:45:30 AM »
For you I recommend going big on it, maybe even your entire life savings. In fact, take out a second mortgage!  :D
I mined enough in the early days that I really don't feel the need to "buy" any.  I will, probably take a little of the recent profits (or, more specifically, increase in value as it is not really profit until you sell) and buy another miner for bitcoin and leave my old graphics cards hashing away...  :)

***Like I said- I kind of don't like the massive bubble... It is not ordinary people getting involved, but investments and big banks making bets.  I assume this will not end well.  :-\


Re: “What the hell is a bitcoin?”
« Reply #228 on: December 04, 2017, 12:38:02 PM »
http://fortune.com/2017/12/04/winklevoss-twins-bitcoin-billionaires/

Couldn't have happened to bigger assholes. Congratulations.

Re: “What the hell is a bitcoin?”
« Reply #229 on: December 04, 2017, 12:45:26 PM »
http://fortune.com/2017/12/04/winklevoss-twins-bitcoin-billionaires/

Couldn't have happened to bigger assholes. Congratulations.

Oh, I don't know. Zuckerberg's been one for awhile.  ::)

Re: “What the hell is a bitcoin?”
« Reply #230 on: December 07, 2017, 10:02:08 AM »
https://www.cnbc.com/2017/12/06/bitcoin-tops-13000-surging-1000-in-less-than-24-hours.html

Bitcoin tops $16,000, surging more than $4,000 in less than two days

Absurd. Absolutely absurd.

Some signs of BTC instability are Steam dropping BTC as a payment option due to high transaction fees (up to $20) and volatility.
http://www.pcgamer.com/valve-drops-bitcoin-as-a-steam-payment-option/
Also, a report that a single BTC transaction uses as much energy as an average house does in a week.
https://motherboard.vice.com/en_us/article/ywbbpm/bitcoin-mining-electricity-consumption-ethereum-energy-climate-change

Re: “What the hell is a bitcoin?”
« Reply #231 on: December 07, 2017, 12:55:52 PM »
LOL  Tulip Mania.


Re: “What the hell is a bitcoin?”
« Reply #233 on: December 07, 2017, 03:15:49 PM »

Re: “What the hell is a bitcoin?”
« Reply #234 on: December 07, 2017, 03:30:36 PM »


Actually it’s not “worth” anything. What ignorant dumbasses will pay for it trying to make a quick buck, is another story.

Re: “What the hell is a bitcoin?”
« Reply #235 on: December 07, 2017, 03:33:49 PM »
Actually it’s not “worth” anything. What ignorant dumbasses will pay for it trying to make a quick buck, is another story.

People worry about paper money but what could be more fiat then a currency that only exists in digital space?

Re: “What the hell is a bitcoin?”
« Reply #236 on: December 08, 2017, 04:57:39 AM »
People worry about paper money but what could be more fiat then a currency that only exists in digital space?
You mean one which the government cannot just create a trillion more of in an hour after the "fed" decides to engage in quantitative easing?

I agree- the prices are absurd, the transaction fees stupid.  Now there is a market that is going to be offering futures in bitcoin.  Fucking futures.  This is exactly what crypto was supposed to avoid.  Not content with screwing around with the stock market, the derivatives market, crashing the housing market and inflating away the value of a dollar, the banksters have to fuck with one more thing.

That said- the value is that there are a certain number already mined- a certain number each "block" is worth, a schedule of reducing the number produced from each block, and a time when there will no longer be any created (there is a predictable, knowable schedule where a central bank or country cannot just decide that they would "like more.")  There is some value in that (though I concede that it is not, necessarily $15,000 of value.)  :)

***Yes, I understand that the futures will not hold bitcoin, and the contracts will likely be settled in USD rather than BTC.  Just the same, it is wrong. Hell, could a big bank have bought up the coins for the last few months and be prepared to dump them all after shorting the derivative market?  They could make out to the tune of hundreds of millions even after subtracting their loss on the actual BTC.

Re: “What the hell is a bitcoin?”
« Reply #237 on: December 08, 2017, 05:05:34 AM »
http://www.pcgamer.com/valve-drops-bitcoin-as-a-steam-payment-option/
Also, a report that a single BTC transaction uses as much energy as an average house does in a week.
https://motherboard.vice.com/en_us/article/ywbbpm/bitcoin-mining-electricity-consumption-ethereum-energy-climate-change
Meh.  The thing is that the network uses a set amount of energy.  One transaction or 30,000 transactions will use the same amount of energy (right now people are not really putting the electricity into processing transactions, but rather they are putting it into "mining."  Processing transactions is a side effect.

So, rather than focusing on the electricity per transaction, you should instead consider that bitcoin uses as much electricity as Ireland (or 19 other European countries.)  8)
https://www.theguardian.com/technology/2017/nov/27/bitcoin-mining-consumes-electricity-ireland

Its a good thing that people are supporting their local utilities and utility companies when they "mine" and increase the value of those companies on the stock market while employing Americans.  MAGA by mining.  :)

Re: “What the hell is a bitcoin?”
« Reply #238 on: December 08, 2017, 05:20:00 AM »
You mean one which the government cannot just create a trillion more of in an hour after the "fed" decides to engage in quantitative easing?

I agree- the prices are absurd, the transaction fees stupid.  Now there is a market that is going to be offering futures in bitcoin.  Fucking futures.  This is exactly what crypto was supposed to avoid.  Not content with screwing around with the stock market, the derivatives market, crashing the housing market and inflating away the value of a dollar, the banksters have to fuck with one more thing.

That said- the value is that there are a certain number already mined- a certain number each "block" is worth, a schedule of reducing the number produced from each block, and a time when there will no longer be any created (there is a predictable, knowable schedule where a central bank or country cannot just decide that they would "like more.")  There is some value in that (though I concede that it is not, necessarily $15,000 of value.)  :)

***Yes, I understand that the futures will not hold bitcoin, and the contracts will likely be settled in USD rather than BTC.  Just the same, it is wrong. Hell, could a big bank have bought up the coins for the last few months and be prepared to dump them all after shorting the derivative market?  They could make out to the tune of hundreds of millions even after subtracting their loss on the actual BTC.

Hmmm...I guess you've never heard of hackers. Everyday more and more evidence is coming out (evidence you'd know about if you did more than consume MSM brainwashing) about how things are rigged. Facebook, Twitter, Amazon and so many more are all CIA ops...but you think crypto is legit. I'm not filled with confidence. However, for those who got in early they've made a fortune...IF they get out at the right moment.  ;)

Re: “What the hell is a bitcoin?”
« Reply #239 on: December 08, 2017, 07:17:27 AM »
Amazon is a CIA operation.

You really are fucking unhinged.