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that would be great if bitcoin was actually untraceable which it most certainly is not. If you can get a billionaire to give you his wallet address under duress you can easily see how much money has been moved. This has actually already happened and China now has specific laws against bitcoin falling under moving money in general for the average millionaire who needs to move a few hundred k at a time without the banks finding out its still ok at staying under the radar Fauxtool fucked around with this message at 02:58 on Aug 22, 2017 |
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Aug 22, 2017 02:55
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which is why i'm bullish on monero
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Aug 22, 2017 03:05
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Fauxtool posted:that would be great if bitcoin was actually untraceable which it most certainly is not. My impression with the Chinese filthy richies is that they would be able to stay under the radar if they didn't draw so much attention to themselves by splurging everywhere wherever they go as a pride thing.
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Aug 22, 2017 03:34
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Palladium posted:My impression with the Chinese filthy richies is that they would be able to stay under the radar if they didn't draw so much attention to themselves by splurging everywhere wherever they go as a pride thing. In China if you are rich and nobody knows, are you actually rich? Fauxtool fucked around with this message at 04:00 on Aug 22, 2017 |
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Aug 22, 2017 03:54
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Craptacular! posted:I'd just assume you buy Virtual Bullshit Dollars with Chinese money while you're in China, go to Macau/Vegas/Singapore/whatever, and once there you sell your Virtual Bullshit Dollars for the local currency. Boom, you just moved a million dollars out of China and into the US without PRC authorities being able to trace it. First you'd need to find someone who wants to sell you Virtual Bullshit Dollars for Yuan. Therein lies the problem. Mining bitcoins gets around that problem by turning Yuan into electricity and hardware, which then produce bitcoins that you can sell outside of the country
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Aug 22, 2017 05:03
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QuarkJets posted:First you'd need to find someone who wants to sell you Virtual Bullshit Dollars for Yuan. Therein lies the problem. Mining bitcoins gets around that problem by turning Yuan into electricity and hardware, which then produce bitcoins that you can sell outside of the country that pretty thoroughly explains how and why so much non or unprofitable mining can be going on. It doesnt matter as long as it allows you to get your money out of China
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Aug 22, 2017 05:21
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JailTrump posted:You know how many daytraders are getting into it now? Good day traders are actually the one group of people who can do really well in cryptos Bad day traders supply the money for the good day traders to do well with
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Aug 22, 2017 12:56
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Dr. Fishopolis posted:which is why i'm bullish on monero Monero's privacy-by-default is pretty interesting, but I'm not positive how the hell you prevent double spends when every transaction "could" go to a half dozen different addresses for different amounts. It seems like you could put multiple of your own addresses in the ring as cloaking (for 'change'), let the person see the TX confirm, then sweep the whole transaction back under your own control.
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Aug 22, 2017 23:25
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Harik posted:Monero's privacy-by-default is pretty interesting, but I'm not positive how the hell you prevent double spends when every transaction "could" go to a half dozen different addresses for different amounts. It seems like you could put multiple of your own addresses in the ring as cloaking (for 'change'), let the person see the TX confirm, then sweep the whole transaction back under your own control. The Blockchain heals all!
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Aug 22, 2017 23:40
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Harik posted:Monero's privacy-by-default is pretty interesting, but I'm not positive how the hell you prevent double spends when every transaction "could" go to a half dozen different addresses for different amounts. It seems like you could put multiple of your own addresses in the ring as cloaking (for 'change'), let the person see the TX confirm, then sweep the whole transaction back under your own control. there's a key image generated with every transaction, same way anything based on CryptoNote works. Admittedly cryptonote documentation blows, but the monero version is p. good https://lab.getmonero.org/pubs/MRL-0003.pdf
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Aug 23, 2017 00:28
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Dr. Fishopolis posted:there's a key image generated with every transaction, same way anything based on CryptoNote works. Admittedly cryptonote documentation blows, but the monero version is p. good https://lab.getmonero.org/pubs/MRL-0003.pdf That's not the attack I'm talking about. Not really a double spend, more like "backsies" on the transaction. Unless I misunderstood, you have ring signatures to hide the input, and you also have N outputs, some fake, and the real destination and your change address. If some of those fake outputs have keys you control, you could spend the output before the destination can. It may be that the outputs are straightforward and they're counting on the random derived address to mask the destination. E: the output obfuscation is way too much to figure out right now. Looks like the new system (RingCT) hides the transaction amounts via cryptographic commitment - you can't tell how much was spent, but you can validate that a transaction is good because the outputs match the inputs without knowing the amount in total. Harik fucked around with this message at 03:37 on Aug 23, 2017 |
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Aug 23, 2017 03:24
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I think I get what you're talking about, but if it were possible / a big deal, it would effect every altcoin that uses a multisig scheme, which is quite a lot of them at this point. It seems like you'd have to control a shitload of the network for the attack to be reliable, at which point you're verging toward the 51% problems that Bitcoin hasn't really solved either.
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Aug 23, 2017 23:18
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https://www.youtube.com/watch?v=3nx4R6qjK1A&t=514s oh boy! 
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Aug 25, 2017 18:18
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Gotta love how amazingly halfassed that is, can't even get a bit of angle to bolt the cards to, has to just let them sit vaguely upright on the little PCI breakout riser cards.
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Aug 25, 2017 19:56
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It's almost as though their target market is composed of a bunch of rubes who made up the term "honest ponzi"
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Aug 25, 2017 21:01
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"This is my future proofing for my family." 
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Aug 25, 2017 22:42
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Arivia posted:"This is my future proofing for my family." there is such a horrible, depressing underbelly to this whole phenomenon.
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Aug 25, 2017 23:08
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Christ, how long is he looking at getting his money back with that? I've been getting between 1.60-2.00 daily with my 1070 (power is cheap here) at ~30mh/s. A gigahash would be what, $66 a day, call it $60 after power. So $1,800 a month. He's looking at a fuckload of time to make the money back and not accounting for difficulty increases OR Volta coming out and crushing Vega.
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Aug 25, 2017 23:19
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tehinternet posted:Christ, how long is he looking at getting his money back with that? I've been getting between 1.60-2.00 daily with my 1070 (power is cheap here) at ~30mh/s. If you watch to the end of the video, he's planning on installing solar which his mining should pay for in 2 years. Also he believes his video cards are never going to drop in value and he might even be able to resell them for more in years, which is just 
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Aug 25, 2017 23:27
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I love the brokebrained economics failure that surrounds crypto. It's astonishing. Nevermind the apparent inability to realize it isn't a level playing field when you take money laundering into account or the burning of yuan into btc to make dollars.
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Aug 25, 2017 23:34
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how the gently caress did he come to the conclusion that those cards will be worth as much as they are now in a few years? Is he willfully ignorant or just retarded? Imagine if he had taken all that money several months ago when he was making those rigs and just spent it on bitcoin
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Aug 26, 2017 00:03
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But then you wouldn't own the means of production!
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Aug 26, 2017 00:22
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The real way to making your money back with solar is getting good at negotiating. I got the same deal Solar City was able to get but I own all of my equipment. The big thing Solar City has going on is they get 100% of the cost of the electricity produced while individual people are supposed to get a fraction of the value of the power they produce making renting from Solar City which is a bad deal to start with a slightly better deal since you're getting better returns from it. If I use a megawatt hour or if I use nothing at all I effectively am paid the same thing. I'd hate to be in a situation where I had to figure out ways to make sure I used all of the generated solar power. I think even if you sucked at negotiating and you instead paid a lawyer or management firm to handle it for you you'd still break even way sooner than dealing with bitcoins to try to optimize your power use. What's that analogy? Putting tape on cracks in a dam? Bitcoins to optimize solar power use is just hiding a fundamental problem instead of dealing with it. I see all these people saying they're doing it because of bad solar payment deals and then acting smart as if that's the only possible solution.
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Aug 26, 2017 00:41
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Arivia posted:"This is my future proofing for my family." I was in a Latin American Ethereum group Full of idiots One guy posted about how mining Ethereum accounted for 60% of his family income and he was very happy I had to leave that group
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Aug 26, 2017 00:43
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Fauxtool posted:how the gently caress did he come to the conclusion that those cards will be worth as much as they are now in a few years? Is he willfully ignorant or just retarded? Most people mining don't know poo poo about computers, is what I've found out Including me really
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Aug 26, 2017 00:44
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Comfy Fleece Sweater posted:I was in a Ethereum group Redundant
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Aug 26, 2017 09:36
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Holy poo poo, Monero just SKYROCKETED to $142 per XMR and it's just taking back its spot on CoinMarketCap's top 10.
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Aug 26, 2017 16:40
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Junior Jr. posted:Holy poo poo, Monero just SKYROCKETED to $142 per XMR and it's just taking back its spot on CoinMarketCap's top 10. gently caress Once again I missed getting rich!!!
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Aug 26, 2017 16:51
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Not that you should take internet posts as investing advice, but I did try and tell you guys.
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Aug 26, 2017 19:57
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Also, remember that altcoins are an incredibly dangerous and completely unregulated market and you will definitely lose everything at some point if you play in it. Don't get mad that you didn't win the lottery, feel smart for not playing it in the first place.
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Aug 26, 2017 20:00
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Dr. Fishopolis posted:Also, remember that altcoins are an incredibly dangerous and completely unregulated market and you will definitely lose everything at some point if you play in it. Don't get mad that you didn't win the lottery, feel smart for not playing it in the first place. But I thought you said Monero was an interesting altcoin because it's untraceable so banks and hackers (possibly) can't try to find your wallet address and coins. That's the one advantage it's got that bitcoin doesn't have. I do get that it's dangerous because ransomware hackers and creepy dark web guys are all over that.
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Aug 27, 2017 00:09
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Junior Jr. posted:But I thought you said Monero was an interesting altcoin because it's untraceable so banks and hackers (possibly) can't try to find your wallet address and coins. That's the one advantage it's got that bitcoin doesn't have. I do get that it's dangerous because ransomware hackers and creepy dark web guys are all over that. A person getting their wallet keys spearfished by a hacker is probably the least likely way to lose bitcoins. Anonymity is super useful if you are selling drugs or laundering money though
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Aug 27, 2017 00:24
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*thinking* Welll, if the real money in altcoins is because of drugs, why don't I just sell drugs? Im going right to the source, idiots
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Aug 27, 2017 01:03
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making drugs is where its at plus all the drugs you can consume for free
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Aug 27, 2017 02:08
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Junior Jr. posted:But I thought you said Monero was an interesting altcoin because it's untraceable so banks and hackers (possibly) can't try to find your wallet address and coins. That's the one advantage it's got that bitcoin doesn't have. I do get that it's dangerous because ransomware hackers and creepy dark web guys are all over that. Nope, not even remotely what I said. Also, I don't know why you think that's what I said, because this is the internet and you can just scroll back and read my posts. Listen, I mean this with all the kindness in the world so I hope you take this seriously. Get out of crypto right now. Everything is at an all time high, take the money you have and be happy you're getting out while the market is up. Don't invest more of your money in cryptocurrency. Don't try and day trade or time the market. Smarter people than you will take all of your money if you do this. You do not have the knowledge required to keep from being phished or scammed. You do not have the knowledge required to vet the potential value of a coin before it blows up. Even people with this knowledge are only marginally less likely to lose their shirts than you are. Cryptocurrency trading is straight up gambling. Not even like the stock market is gambling. More like a high stakes poker game at 2AM in the back of a chinese restaurant with a bunch of shady fuckers who will steal your chips when you get up to take a leak. Put your money in a broad, low fee ETF or a Roth IRA and let it ride with the market as broadly and safely as possible. Don't try to get rich quick. You will lose.
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Aug 27, 2017 05:37
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Dr. Fishopolis posted:Nope, not even remotely what I said. Also, I don't know why you think that's what I said, because this is the internet and you can just scroll back and read my posts. Umm I'm only using crypto for steam games and I'm not even buying bitcoins with real money because that sounded like a bad idea anyway.
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Aug 27, 2017 07:23
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jesus sorry i made the mistake of going to reddit, i think i had some pent up rage there. it's still pretty good advice for just about everybody tbh including me
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Aug 27, 2017 07:49
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Dr. Fishopolis posted:jesus sorry i made the mistake of going to reddit, i think i had some pent up rage there. https://www.youtube.com/watch?v=DOqb_UzJSUQ
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Aug 27, 2017 10:02
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Junior Jr. posted:But I thought you said Monero was an interesting altcoin because it's untraceable so banks and hackers (possibly) can't try to find your wallet address and coins. That's the one advantage it's got that bitcoin doesn't have. I do get that it's dangerous because ransomware hackers and creepy dark web guys are all over that. anyway, to be clear, I don't think monero protects you from any of that. No currency will stop you from being phished or having bad security on your computer. Monero just gives you reasonably effective privacy by default, which you would think would be a common feature among altcoins but isn't. This isn't to protect from hackers. I don't even think it's particularly effective against governments either, since a machine learning algorithm on a big server cluster could probably de-anonymize you anyway. All it does is give you a level of basic privacy that most people expect from a modern banking system. Most people just should not use a system that broadcasts every transaction and balance to the public, and it boggles my mind that anyone could consider Bitcoin a cash replacement without that basic feature. Considering the price of btc and therefore all crypto is driven entirely by yuan conversion and drug markets, that makes Monero the obvious choice for growth investing. But then again, people still use Venmo for some loving reason and Betamax was the better format, so you shouldn't pretend that markets are rational. Monero won't really take off unless better clients and blockchain hosts start cropping up.
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Aug 27, 2017 20:18
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http://www.anandtech.com/show/11739/asus-announces-b250-expert-mining-motherboard-19-expansions-slotsquote:The reason for a shorter ROI here is the ability to use fewer parts for a given amount of graphics cards used. In other words, the outgoing cost will be less due to fewer systems needed to be built. Only one Motherboard, CPU, SSD, and set of RAM is required for 19 GPUs, saving money and lowering initial costs. According to ASUS, users are currently only able to utilize up to 16 cards due to a limit in GPU drivers. This is accomplished by using a mix of eight AMD and eight NVIDIA GPUs. Late in 2017, a new driver from AMD is supposed to launch enabling the full complement of 19 GPUs the motherboard can handle. When using more than 13 cards, the NVIDIA GPUs will need to use mining specific (P106 based) GPUs. lol
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