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Crash baby crash
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Dec 8, 2017 07:39
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1st_Panzer_Div. posted:One of mine is, not sure whats normal though.
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Dec 8, 2017 07:50
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Something Awful goons backed Cosbycoin and shunned Bitcoin... I rest my case
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Dec 8, 2017 08:23
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Dogecoin is the light and the Way
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Dec 8, 2017 08:25
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I wonder what price the coin has to get to that will convince a whale to dump his holdings, and whether that will be enough to crash the market or not
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Dec 8, 2017 08:27
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COMRADES posted:Dogecoin is the light and the Way The funniest part about Dogecoin is it's a superior technical evolution of Bitcoin that was made by some guy who wanted to prove how easy making cryptocoins was. And the dogecoin community was constantly making donations to charities and stuff instead of creating scams.
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Dec 8, 2017 08:38
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Fanatic posted:I wonder what price the coin has to get to that will convince a whale to dump his holdings, and whether that will be enough to crash the market or not it you look at the graphs from today you can see the whales dumping their coins through the order books like a hot knife in free fall
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Dec 8, 2017 08:39
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err scammers just love blockchains and unregulated markets with memecoins https://news.ycombinator.com/item?id=7126153
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Dec 8, 2017 08:42
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Fanatic posted:I wonder what price the coin has to get to that will convince a whale to dump his holdings, and whether that will be enough to crash the market or not
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Dec 8, 2017 08:44
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I went to the bitcoin reddit and it was a lot of people complaining they lost x amount of dollars, and had spent x amount of dollars in electricity and so wouldn't be able to pay their bills. Are you essentially paying your electricity company for your bitcoins?
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Dec 8, 2017 08:48
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ilmucche posted:I went to the bitcoin reddit and it was a lot of people complaining they lost x amount of dollars, and had spent x amount of dollars in electricity and so wouldn't be able to pay their bills. Are you essentially paying your electricity company for your bitcoins?
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Dec 8, 2017 09:16
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1st_Panzer_Div. posted:Inflation is scary in combo with current govt poo poo though It isn't once you understand it 1st_Panzer_Div. posted:Either way bitcoins are the best. like even dogecoin is a better and more usable cryptocurrency
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Dec 8, 2017 09:18
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The only good thing about bitcoins would be "I have a bunch of them and I'd really like a bunch of money for owning an asset"
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Dec 8, 2017 09:26
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I put mine on a trailing stop loss last night because it was bouncing up and down like Zebedee. Wonder where it'll go today.
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Dec 8, 2017 09:36
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What is this thing with 226k unconfirmed transactions and growing? Nobody can pay with Bitcoin anymore?
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Dec 8, 2017 10:59
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Sekenr posted:What is this thing with 226k unconfirmed transactions and growing? Nobody can pay with Bitcoin anymore?
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Dec 8, 2017 11:11
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dumb question, but what actually is a bitcoin? I read people saying they are stored on hard drives. is it some kind of file? like could I click on a bitcoin. if I go buy a bitcoin, do I actually get a thing? or a website just says, "you now own one bitcoin". who is holding the bitcoin. what does it even mean to hold a bitcoin or have one in your possession. I know these are dumb questions but I'm not a cool computer guy like y'all and I don't understand bitcoin on a fundamental level.
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Dec 8, 2017 11:24
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proctorbot posted:dumb question, but what actually is a bitcoin? bitcoins are just numbers in a distributed ledger; you can't hold one or click on one or whatever, there's a distributed ledger that says "address X has 3.2 bitcoins". Address X is a public key and anyone can send bitcoins to it. Anyone with the private key to address X can move bitcoins out of it, to some other address. the distributed ledger holds every bitcoin transaction ever created, so it requires a bunch of hard drive space. But you can't do anything with those files besides look at the transaction records; if you try to gently caress with them the rest of the network will just disagree with and abandon your changes. You don't need to download the distributed ledger to use bitcoin If you buy a bitcoin on an exchange a website just says "you now own a bitcoin", but really the owners of the website are holding that bitcoin for you. If you want you can ask the website to move your bitcoin(s) to an address that you own (aka an address to which you own the private key). You don't really "own" bitcoins; you control the private key to an address, and the private ledger says that the address has a bitcoin (or a fraction of a bitcoin or whatever). If someone else obtains your private key, either through guessing or more nefarious means, then they can move the contents of that address to some other address. QuarkJets fucked around with this message at 11:55 on Dec 8, 2017 |
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Dec 8, 2017 11:33
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proctorbot posted:dumb question, but what actually is a bitcoin? The file you can have on your computer is your "wallet", it contains a private encryption key that corresponds to the public encryption key that is stored on the blockchain. The blockchain is a public ledger of every transaction that has ever happened. Transactions are made that lead to a number of bitcoins, up to 9 decimal places being associated with your public encryption key. In order to manipulate those bitcoins in any way, you need the private encryption key. You can store those bitcoins in an online wallet but they all eventually get hacked and robbed. You can keep them on an exchange, where it's usually just kept in a communal wallet, but those, too all eventually get hacked and robbed. If someone else gets your private key or you forgot where you put it or the hard drive it's on dies or you accidentally delete the file or you download a wallet stealing virus, the coins are basically gone forever.
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Dec 8, 2017 11:36
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How big is the ledger file at the moment?
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Dec 8, 2017 11:57
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Superrodan posted:How big is the ledger file at the moment? 145gb There are 219,188 unconfirmed transactions right now because the main fork of bitcoin is keeping the block size at 1mb/block. If they increase the block size to say, 2mb, the blockchain will grow twice as fast. They average around 2100 transactions per 1mb block. The 219,188 pending transactions would add between 80-100mb to the blockchain. Paypal in 2016 did 6.1 billion transactions, Matching paypal alone would add 2.9tb a year if they uncapped block size.
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Dec 8, 2017 12:05
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Superrodan posted:How big is the ledger file at the moment? I don't know if this came up earlier, but: https://qz.com/1149772/the-murky-relationship-between-bitfinex-and-tether-is-raising-suspicions/ quote:Put another way, if an affiliate of the New York Stock Exchange was able to print money at will to buy stocks on the exchange, questions would be asked and assurances sought about the legitimacy of a rally, especially if prices rose as rapidly as bitcoin in recent weeks.
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Dec 8, 2017 12:05
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Nessus posted:A little under 150 gigs, or almost as big as my johnson if you prefer metric units. No, tether is more like arcade tokens, if the arcade let you use arcade tickets to get more tokens. You put $10 into a machine and get 10 arcade tokens that they say they will buy back from you at any time. You put the tokens into a game and win 40 tickets. You use those 40 tickets at the toy counter to get 40 arcade tokens You tell the arcade owner you want to trade your tokens for money He says he got hacked, and then disappears.
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Dec 8, 2017 12:18
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Powershift posted:No, tether is more like arcade tokens, if the arcade let you use arcade tickets to get more tokens.
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Dec 8, 2017 12:23
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Nessus posted:So it's not like you get tethers for your money they totally didn't steal from you, you have to give them your fiat money, and then they totally promise they'll pay it back from their 100% non-fractional bank balance at some future point, maybe, if they feel like it? They don't even promise to pay it back. The tether legal page states that they're under no obligation to redeem tethers to anyone for any reason. It's a completely transparent scam but it makes the bitcoin price go up so bitcoiners are okay with it. It's also what will eventually cause the bubble to explode, most likely
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Dec 8, 2017 13:13
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QuarkJets posted:They don't even promise to pay it back. The tether legal page states that they're under no obligation to redeem tethers to anyone for any reason.
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Dec 8, 2017 13:19
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An important part of my investment portfolio is day trading a completely unregulated asset created by an anonymous person. What is especially appealing is that it is so hyperdeflationary, making it a terrific store of value.
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Dec 8, 2017 13:33
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Dec 8, 2017 13:34
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The minimum fee to get your bitcoin transaction thru is now $5.69. although for that price it'll take 24 hours. But for just $19.11 your transaction will only take 1 hour! Currency of the future, everyone 
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Dec 8, 2017 13:56
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Toys For rear end Bum posted:The minimum fee to get your bitcoin transaction thru is now $5.69. i thought illicit drugs were supposed to be tax free  Had a quick read through the thread, the ledger is running behind by some 200k transactions? If panic sets in that could be... dangerous. Rock Puncher fucked around with this message at 14:23 on Dec 8, 2017 |
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Dec 8, 2017 14:09
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Toys For rear end Bum posted:The minimum fee to get your bitcoin transaction thru is now $5.69. Lol so one of the few "legitimate" uses for BTC, moving money from one person to another faster and cheaper than traditional money transfer services, is basically null and void Love them SpeculationBux
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Dec 8, 2017 14:36
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Your transaction times are indeterminate and the fee you have to pay to get your transaction to happen is indeterminate and there a huge backlog of transactions that may never happen because of those things. The currency of the future as invented by libertarians and internet autists!
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Dec 8, 2017 14:49
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I advise everyone to start making transactions now, while they are still relatively cheap. Just send random amounts of bitcoins to random addresses and then sell your transactions to people who actually want to send bits to that address.
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Dec 8, 2017 14:53
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gently caress i still have $50 in my wallet i was going to use on the only reason bitcoins are useful i guess it's more like $150 now so I probably wont even have to buy more if I wait another week, but prospect theory wins again.
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Dec 8, 2017 15:01
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Can you cancel a transaction to unfuck yourself when e.g. you've accidentally tried to transfer all your funds with 0 fee?
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Dec 8, 2017 15:12
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amotea posted:Can you cancel a transaction to unfuck yourself when e.g. you've accidentally tried to transfer all your funds with 0 fee? lol
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Dec 8, 2017 15:17
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amotea posted:Can you cancel a transaction to unfuck yourself when e.g. you've accidentally tried to transfer all your funds with 0 fee? 
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Dec 8, 2017 15:22
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How many cryptocurrencies are there? Can more than one survive? Is Ethereum the new bitcoin? I think we should make gooncoins. If we all jump in on the ground floor we can cash out once the real morons jump in.
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Dec 8, 2017 15:23
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Waltzing Along posted:How many cryptocurrencies are there? Can more than one survive? Is Ethereum the new bitcoin? There are literally projects on github for the purpose of creating your own coin just by copying it and changing a few variables, that's why there are so many. You can have a gooncoin going by lunch if you want to.
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Dec 8, 2017 15:28
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Waltzing Along posted:How many cryptocurrencies are there? Can more than one survive? Is Ethereum the new bitcoin? Or we can all just agree each gooncoin is worth 1 billion dollars, making us all billionaires, and then all sell at once so nobody is left holding the bag.
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Dec 8, 2017 15:37
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