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Smiling Jack posted:this is just straight fraud It's part of how bitfinex continues to pump the price. For those not familiar, a wash trade is where someone buys their own sell order. This is not allowed on any regulated exchange for obvious reasons. The new bitcoin futures products outline a shitload of different ways that bitcoin exchanges can commit fraud to manipulate the price.
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Dec 11, 2017 23:14
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hobbesmaster posted:Am I reading that correct in that there have been 15 trades total so far? I think 15 was the total going into Monday morning.
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Dec 11, 2017 23:16
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The head IT guy at my old engineering firm (180-ish employees) would not stop talking about Bitcoin two years ago. Kept saying low key stuff like "it's just an interesting concept" but would bring it up constantly where you know he's deep into it in private. Like Quentin Tarantino and feet, I suppose. I would not raise an eyebrow if he's one of the ones with a second mortgage rolled into butts.
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Dec 11, 2017 23:20
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Mr. Nice! posted:It's part of how bitfinex continues to pump the price. For those not familiar, a wash trade is where someone buys their own sell order. This is not allowed on any regulated exchange for obvious reasons. The new bitcoin futures products outline a shitload of different ways that bitcoin exchanges can commit fraud to manipulate the price. Ahahahhahaha....
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Dec 11, 2017 23:21
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Mr. Nice! posted:For those not familiar, a wash trade is where someone buys their own sell order. This is not allowed on any regulated exchange for obvious reasons. The new bitcoin futures products outline a shitload of different ways that bitcoin exchanges can commit fraud to manipulate the price. In the glorious technocratic future, we don't even need regulations. The market (PBUH) will surely correct for this.
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Dec 11, 2017 23:22
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AreWeDrunkYet posted:In the glorious technocratic future, we don't even need regulations. The market (PBUH) will surely correct for this. The market will inevitably correct, but sometimes that correction is a real doozy!
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Dec 11, 2017 23:24
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In all honesty the best way to cash out from bitcoin is to buy games on steam for other people using bitcoin
PookBear fucked around with this message at 23:31 on Dec 11, 2017 |
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Dec 11, 2017 23:27
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45 ACP CURES NAZIS posted:In all honesty the best way to cash out from bitcoin is to buy games on steam for other people using bitcoin You can't now, they banned it last week 
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Dec 11, 2017 23:28
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Hexyflexy posted:You can't now, they banned it last week They did? 
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Dec 11, 2017 23:30
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Hexyflexy posted:You can't now, they banned it last week Buy the crusader kings collection that includes all the expansions then request a refund
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Dec 11, 2017 23:30
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That Works posted:They did? Yep, the transaction fees on bitcoin were hitting something stupid like $20 (in bitcoin of course) per transaction so they just dropped it as a payment method altogether.
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Dec 11, 2017 23:31
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45 ACP CURES NAZIS posted:Buy the crusader kings collection that includes all the expansions then request a refund same but the trains game
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Dec 11, 2017 23:32
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Kazinsal posted:Yep, the transaction fees on bitcoin were hitting something stupid like $20 (in bitcoin of course) per transaction so they just dropped it as a payment method altogether. Not only that, but because of the price volatility and long confirmation times they would end up in a position where the customer hadn't paid enough and needed to send more (with another $20 fee) or steam needed to refund some bitcoin because they paid too much, but they can't refund the overage because of the fees.
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Dec 11, 2017 23:50
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bengy81 posted:I see so many “experts” on twitter talking about how it’s the future, but nobody can explain how you use it legally. Most of the serious ones see the block chain as the most important part of bit coin and reference it as the future. There might be room for some sort of crypto currency but there's a long way to go to get there.
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Dec 12, 2017 00:04
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I still have no idea what "the blockchain" is and how it could possibly apply to anything besides cryptocurrencies. Does anyone know what it is??
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Dec 12, 2017 00:07
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IIRC I had like the second reply to the original SA bitcoin thread and called it "autism-based fiat currency" or "company scrip with no company store".my kinda ape posted:I still have no idea what "the blockchain" is and how it could possibly apply to anything besides cryptocurrencies. Does anyone know what it is?? Wasn't it some digital doohickey in the bitcoin code that keeps track of every time a particular quantity of bitcoins changes hands? Vincent Van Goatse fucked around with this message at 00:12 on Dec 12, 2017 |
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Dec 12, 2017 00:08
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my kinda ape posted:I still have no idea what "the blockchain" is and how it could possibly apply to anything besides cryptocurrencies. Does anyone know what it is?? I can still hear you saying you would never break the chain
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Dec 12, 2017 00:08
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The "blockchain" isn't revolutionary technology and has existed for decades. The concept of a distributed ledger is nothing new. In fact, the manner that bitcoin uses is pretty much untenable and prevents a massive scalability problem.
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Dec 12, 2017 00:09
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lightpole posted:Most of the serious ones see the block chain as the most important part of bit coin and reference it as the future. There might be room for some sort of crypto currency but there's a long way to go to get there. It's a solution in search of a problem. The block chain has some potential use where there is no recourse for transactions, but for most of the world maintaining the integrity of financial systems is more efficiently handled by regulation and managing disputes via the legal system.
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Dec 12, 2017 00:09
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my kinda ape posted:I still have no idea what "the blockchain" is and how it could possibly apply to anything besides cryptocurrencies. Does anyone know what it is?? https://www.amazon.com/Attack-50-Foot-Blockchain-Contracts-ebook/dp/B073CPP581
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Dec 12, 2017 00:12
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Mr. Nice! posted:The "blockchain" isn't revolutionary technology and has existed for decades. The concept of a distributed ledger is nothing new. doesn't the blockchain mean that every single transaction gets harder to compute as the chain gets more convulted
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Dec 12, 2017 00:12
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my kinda ape posted:I still have no idea what "the blockchain" is and how it could possibly apply to anything besides cryptocurrencies. Does anyone know what it is?? Yeh, it's a structure almost any mathematician that isn't poo poo has come up with themselves before they're 18 to solve some problem in distributed data cohesion. Then you realise its useless and go and do something else. But you get the odd special motherfucker that thinks they've found god. It's like anything - there are idiots, it's inevitable.
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Dec 12, 2017 00:15
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45 ACP CURES NAZIS posted:doesn't the blockchain mean that every single transaction gets harder to compute as the chain gets more convulted Yes. Within the decade (early 2020s) it is expected to double humanity's electricity usage to compute the blockchain.
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Dec 12, 2017 00:16
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45 ACP CURES NAZIS posted:doesn't the blockchain mean that every single transaction gets harder to compute as the chain gets more convulted Not necessarily harder to compute, but the blockchain necessarily grows in size. A quick googling puts the current blockchain at 100gbs. Mining difficulty scaling is a core part of the proof of work portion to bitcoin, which is what you may be thinking of. Essentially as more hashing power gets thrown at bitcoin, it balances out the difficulty so that one block is found around every 10 minutes or so.
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Dec 12, 2017 00:17
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DaNerd posted:Yes. Within the decade (early 2020s) it is expected to double humanity's electricity usage to compute the blockchain. Lmao if buttcoin accelerates climate change
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Dec 12, 2017 00:18
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Nostalgia4Infinity posted:Lmao if buttcoin accelerates climate change buttcoin gonna end the world what a stupid loving world
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Dec 12, 2017 00:19
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bitcoin cures climate
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Dec 12, 2017 00:20
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Nostalgia4Infinity posted:Lmao if buttcoin accelerates climate change It already is. The bitcoin network is already using more power combined than a bunch of nations.
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Dec 12, 2017 00:21
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45 ACP CURES NAZIS posted:bitcoin cures climate
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Dec 12, 2017 00:22
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Gobbeldygook posted:If you want detailed explanations of why everything about Bitcoin is bad, buy a copy of goon divabot's book. Just bought this
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Dec 12, 2017 00:25
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Mr. Nice! posted:Not necessarily harder to compute, but the blockchain necessarily grows in size. A quick googling puts the current blockchain at 100gbs. That and transactions are limited by the backing network's ability and permissions to validate and authenticate each and every single transaction. The wide=eyed believers are all saying that it's possibly to work around this, but you're getting into derivative technologies and are diluting the core concept that is/was "Bitcoin". The technology currently in use is this abomination of half-understood logic forced onto to the blockchain that was never meant to be used in this scale. The other issue, and someone else can expand on this for me as I don't completely understand it, but I believe the exchanges aren't honoring the entire value of a bitcoin at this time. One of them is offering 50% value of any transaction in the form of another crypto that's "Just as good as cash!". I think it was called Tether? My google-fu is weak.
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Dec 12, 2017 00:31
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Block chain is a great idea for processes that require high fidelity and are tolerant of a decentralized, slow processing time. Medical records, database backups, shipment confirmations. So really a lot of things except money, which is what makes buttcoin even more hilarious
psydude fucked around with this message at 00:35 on Dec 12, 2017 |
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Dec 12, 2017 00:33
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So are miners trying to find prime numbers or something or what is the mining thing all about? All I know is that it requires a stupid amount of power to find one now compared to when it first came out
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Dec 12, 2017 00:35
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Friend of mine and I are chatting about this and he's basically saying that once all the coins have been mined the blockchain stuff would even out. Is that true or?
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Dec 12, 2017 00:38
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Hot Karl Marx posted:So are miners trying to find prime numbers or something or what is the mining thing all about? All I know is that it requires a stupid amount of power to find one now compared to when it first came out Essentially they have a certain number of inputs including the previous block and have to come up with a hash (the result of a one way encryption algorithm) that has enough leading zeros to be smaller than whatever the target is at the moment. This is a trivial thing to confirm but difficult to calculate. Currently most bitcoin mining is done on specialized hardware called asics that are purpose built for calculating this number as fast as possible. Other coins use larger memory functions to limit the ability for asics to work which is why video card mining is back en vogue.
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Dec 12, 2017 00:40
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Hot Karl Marx posted:So are miners trying to find prime numbers or something or what is the mining thing all about? All I know is that it requires a stupid amount of power to find one now compared to when it first came out Block chain consists of thousands of different computers verifying the integrity of a transaction by computing a series of cryptographic hashes that are derived from the previous transaction in the chain. In other words, it requires the ability to calculate floating points, which means using GPUs, which are very power hungry. The entire ecosystem depends upon people volunteering to verify the transactions. Bitcoin rewards people for doing this with money; however, Bitcoin was also designed to have a finite amount of Bitcoin in circulation, meaning that as more buttcoins are mined, the time and resources to get a single BC go up logarithmically. Again, this is fine if, say, a bunch of people with a vested interest in the system (hospitals, logistics companies) are willing to dedicate resources, but not so much when the people are only motivated by the digital equivalent of hoarding gold or buying drugs. psydude fucked around with this message at 00:44 on Dec 12, 2017 |
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Dec 12, 2017 00:40
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That Works posted:Friend of mine and I are chatting about this and he's basically saying that once all the coins have been mined the blockchain stuff would even out. Is that true or? Your friend is a moron and there is no evening out. Current bitcoin can only handle a few transactions per second and the blockchain will continue to grow with use. Neither of these have anything to do with the artificial number of potential bitcoins.
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Dec 12, 2017 00:42
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mods change my name posted:buttcoin gonna end the world what a stupid loving world So far this is the most convincing pro-bitcoin argument I've heard. up uP UP!
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Dec 12, 2017 00:42
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psydude posted:Block chain consists of thousands of different computers verifying the integrity of a transaction by computing a series of cryptographic hashes that are derived from the previous transaction in the chain. In other words, it requires the ability to calculate floating points, which means using GPUs, which are very power hungry. Not exactly. The bitcoin implementation of the block chain uses the hashing calculations as a proof of work to verify the block. The core component of the blockchain is just a distributed ledger which is nothing new. The use of hashes as a proof of work is the only thing really novel about it and was only intended as a proof of concept.
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Dec 12, 2017 00:44
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A miner I know living in an unmetered rental space with electricity included is now pullinlg about $800/mo in raw fuckin' energy and planning to expand to go up to north of $1,300/mo in mining consumed electricty. I can only imagine what the space looks like, given that he's pretty tech/engineering savvy, but also has ducting and poo poo to cycle winter air in and out of the space. RIP when spring hits.
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Dec 12, 2017 00:45
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