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temple posted:125 bitcoins would make you a millionaire. That would've been 2500$ when it was 20$ Yea maybe, or it would be 0 bitcoins now because you kept your bitcoins in the most popular exchange at the time, Mtgox Or because you used a popular brain wallet at the time that turned out to produce extremely predictable private keys, causing all of its users to lose everything Or because your wallet software sent your private keys to the developer, which has happened numerous times, even for wallets that were widely popular and considered trustworthy at the time
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Nov 23, 2017 04:26
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QuarkJets posted:Yea maybe, or it would be 0 bitcoins now because you kept your bitcoins in the most popular exchange at the time, Mtgox Bitcoin!
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Nov 23, 2017 04:29
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QuarkJets posted:Yea maybe, or it would be 0 bitcoins now because you kept your bitcoins in the most popular exchange at the time, Mtgox Don't forget about the time that wallets got seeded with 403 HTTP errors
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Nov 23, 2017 04:39
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I keep all my money in cash stores in food bags in the top section of my toilet.
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Nov 23, 2017 04:55
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Manic Technophile posted:I keep all my money in cash stores in food bags in the top section of my toilet. I keep all my money in a bank. Call me old fashoned
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Nov 23, 2017 04:57
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QuarkJets posted:Yea maybe, or it would be 0 bitcoins now because you kept your bitcoins in the most popular exchange at the time, Mtgox
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Nov 23, 2017 05:24
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quote:According to Digiconomist’s Bitcoin Energy Consumption Index, as of Monday November 20th, 2017 Bitcoin’s current estimated annual electricity consumption stands at 29.05TWh. The new K Cup?
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Nov 23, 2017 05:59
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Goodpancakes posted:The new K Cup? sweet. that means that Bitcoin is wasting as much energy as every developing country combined. The new money!
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Nov 23, 2017 06:04
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How efficient!
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Nov 23, 2017 06:31
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Mumpy Puffinz posted:I keep all my money in a bank. Call me old fashoned
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Nov 23, 2017 06:33
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But banks have lights in them and stock brokers use computer, those use electricity, too
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Nov 23, 2017 06:34
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That's an unconscionable amount of electricity for Bitcoin.
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Nov 23, 2017 06:47
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Goodpancakes posted:That's an unconscionable amount of electricity for Bitcoin. And that's JUST bitcoin. Ethereum is another 50% of that. all the little pissant altcoins probably another 50% on top of it.
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Nov 23, 2017 06:51
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Yeah that's a ton of electricity actually holy poo poo what a waste.
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Nov 23, 2017 07:07
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quote:Yeah that's a ton of electricity actually holy poo poo what a waste. Paraphrasing an idiot: "Maybe it seems like a waste to you, but perhaps for the problems that bitcoin is solving and the people it's solving them for, it's worth it. Maybe even a good deal." This is the argument you'll see. QuarkJets posted:Yea maybe, or it would be 0 bitcoins now because you kept your bitcoins in the most popular exchange at the time, Mtgox Is it actually possible to have a 'wallet' that doesn't rely at some point on code someone else has written (unless you've written it yourself)? Or is 'trustless' yet another fundamental thing that is supposedly groundbreaking about bitcoin that is actually not true (you have to trust the coders who wrote your wallet not to screw you)
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Nov 23, 2017 08:43
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Hypothetically you could write your own wallet software but basically no one does
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Nov 23, 2017 09:29
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I keep all my money in giant labor beams. At least that way when no one will do business with me at least I can make my cat chase it around.
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Nov 23, 2017 09:35
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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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QuarkJets posted:Yea maybe, or it would be 0 bitcoins now because you kept your bitcoins in the most popular exchange at the time, Mtgox Computer Serf posted:https://twitter.com/coinpouchapp/status/933231297291366402 ........starting NOW.
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Nov 23, 2017 15:37
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divabot posted: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. quote: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. are you talking about bid-ask spread? it's usually measured in cents or dollars on the exchanges i've used. i don't think i've ever seen a bid-ask spread of $100 for more than a split second (and that only happens during moments of extremely high volume when people are placing huge market orders to move the price very quickly). between exchanges i've used, the difference in price of bitcoin is generally less than 1% but that difference can increase during times of high volume and volatility. quote:so you get a bitcoin "price" graph with 5-10% swings a day. quote: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 17:25
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someone should change the op so people dont come in every couple pages saying "well my coins on coinbase are insured"
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Nov 24, 2017 00:27
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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.
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Nov 24, 2017 02:30
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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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bitcoin is so intuitive and easy to use just look at this example: [–]MohamedMansourProgrammer[S] 158 points 3 days ago* Here is the history. I wanted to buy Jackbox TV Party pack for $24.99 on Steam. Showing my friends how long the transaction would take using Bitcoin integration. Bitcoin made me pay $4 in transaction fees. That is around 15% cost to use Bitcoin. I sent the money and the transaction taking forever to confirm. Steam sends me an email saying they haven't received the funds. It took 2.5 hours to verify with 6 confirms with BitPay. At that time the payment cost me $29 dollars for a $25 game. BitPay emailed me saying I underpaid by 3 cents at the time, and said to refund me. I checked the price of bitcoin 0.003853 btc in usd is around $31 which was a lie on their part. They just refunded me 0.002247 BTC, because they decided not to give me the network cost and miner fee on a mistake they did. (2x miner fee + 2x network cost). At the end of day, I wanted to buy a $25 dollar game on Steam, I had to send $29 dollars in bitcoin, and they refunded me just $18 on a mistake they done. I lost 10 dollars and haven't received my game. Never do business with online merchants with Bitcoin. Never. Customer support for BitPay are uneducated, they keep sending me the same responses over.
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Nov 24, 2017 06:04
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QuarkJets posted:bitcoin is so intuitive and easy to use just look at this example: but you just don't get it, number go up, look i think you really just don't understand blockchain properly,
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Nov 24, 2017 08:26
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divabot posted:but you just don't get it, number go up
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Nov 24, 2017 08:33
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gary oldmans diary posted:number good! it store value 
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Nov 24, 2017 09:43
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QuarkJets posted:bitcoin is so intuitive and easy to use just look at this example: IT'S SO FAST AND EASY!!!!
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Nov 24, 2017 17:11
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^^ ahahahaha suck a bag of dicks Ham Sandwiches
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Nov 24, 2017 17:27
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He lost $11 though
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Nov 24, 2017 17:29
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Gumbel2Gumbel posted:He lost $11 though No, BITCOIN lost 11 dollar value which instantly shot up if he held the coins he would be richer, so he's an idiot
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Nov 24, 2017 18:42
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I was listening to Joe Rogan podcast from a few weeks back. He had Peter Schiff (of Schiff Gold) on as a guest and while his push for libertarianism is a little hard for my tastes, he made some good points about some company he is hocking. goldmoney.com seems to be pretty neat. The money you put into it is used to buy and store actual gold secured by brinks security. You can have the gold stored, or shipped to you, and you can transfer the ownership of that gold to others as a form of Visa backed payment using a debit card. He says that he doesn't have faith in paper money lasting forever, but cryptocurrency isn't the answer. Going back to gold could be a very safe bet especially if more people start using it for currency again. His explanation for bitcoin and Ether was pretty good. He basically said that they're very bad investments that some people will make a lot of money on as long as there are bigger fools than those people making worse decisions. jonathan fucked around with this message at 18:45 on Nov 24, 2017 |
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Nov 24, 2017 18:42
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outside of tinfoil hat reasons i dont see why we would go back to using gold as currency
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Nov 24, 2017 18:51
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jonathan posted:I was listening to Joe Rogan podcast from a few weeks back. He had Peter Schiff (of Schiff Gold) on as a guest and while his push for libertarianism is a little hard for my tastes, he made some good points about some company he is hocking. I swear there was another company that did the whole "you pay us, we store the gold OR ship it to you (at outrageous cost)" and most people let them store the gold, and WHOOPS turns out there wasn't any gold! EDIT: Apparently there have been several, but this is just one. vortmax fucked around with this message at 18:58 on Nov 24, 2017 |
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Nov 24, 2017 18:54
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I would store the gold for outrageous fees but I would track every customer and wait for some of them to die and forge documents showing they withdrew it months ago if anyone asks
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Nov 24, 2017 18:56
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jonathan posted:I was listening to Joe Rogan podcast from a few weeks back. He had Peter Schiff (of Schiff Gold) on as a guest and while his push for libertarianism is a little hard for my tastes, he made some good points about some company he is hocking. That's cool because that very same company lets you buy and sell cryptos, specifically Bitcoin https://www.goldmoney.com/support#buy-sell-cryptocurrency-what
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Nov 24, 2017 18:59
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https://twitter.com/sulaimanslalani/status/934112547480985603 https://twitter.com/sulaimanslalani/status/934113652097126410
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Nov 24, 2017 19:14
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jonathan posted:I was listening to Joe Rogan podcast from a few weeks back. He had Peter Schiff (of Schiff Gold) on as a guest and while his push for libertarianism is a little hard for my tastes, he made some good points about some company he is hocking.
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Nov 24, 2017 19:21
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jonathan posted:He says that he doesn't have faith in paper money lasting forever, but cryptocurrency isn't the answer. Going back to gold could be a very safe bet especially if more people start using it for currency again. Why would anyone start using gold for a currency instead of bullets if somehow all paper currencies fail and we are in a hellscape dystopian reality. Because that's the only way that they all fail at this point. Peter Schiff is a shill and a moron
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Nov 24, 2017 19:28
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yeah if the USD hyperinflates into worthlessness then i'm going to get eaten by some prepper maniac. who cares if i have gold bars or bitcoins
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Nov 24, 2017 19:31
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