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Imagine the housing crisis *10 and everyone involved is a turbonerd or a drug addict
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Dec 12, 2017 00:46
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My girlfriend's roommate mines Ethereal and claims that it pays for the $4000 he spent on his mining rig. He and his wife (who is my girlfriend's other roommate) are crowdsourcing their honeymoon.
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Dec 12, 2017 00:47
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Mr. Nice! posted: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. Ah nah neither of us have anything in bitcoin, just talking about it trying to figure it out. I mentioned that I thought there was a scalability problem with blockchain stuff and he thought it would even out once the full number of coins was done. Does the blockchain calculation not age out earlier transactions and will only continue to increase in size per transaction then?
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Dec 12, 2017 00:48
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Immanentized posted: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!". Tether is a token created by bitfinex to try to cover their asses with stolen bitcoin assets. It is one of the key fraudulent things that's pumping up the value of bitcoin.
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Dec 12, 2017 00:49
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That Works posted:Ah nah neither of us have anything in bitcoin, just talking about it trying to figure it out. I mentioned that I thought there was a scalability problem with blockchain stuff and he thought it would even out once the full number of coins was done. Does the blockchain calculation not age out earlier transactions and will only continue to increase in size per transaction then? The bitcoin implementation will continue to grow larger with no end in sight.
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Dec 12, 2017 00:51
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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. https://twitter.com/MichaelPorfirio/status/882284144226701313
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Dec 12, 2017 00:52
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Also the head of the SEC just came out and said all ICOs are securities offerings and require full compliance with such regs. They're going after people hard on these now.
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Dec 12, 2017 00:54
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Mr. Nice! posted:Also the head of the SEC just came out and said all ICOs are securities offerings and require full compliance with such regs. They're going after people hard on these now. 
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Dec 12, 2017 00:56
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Mr. Nice! posted:Also the head of the SEC just came out and said all ICOs are securities offerings and require full compliance with such regs. They're going after people hard on these now. That's hilarious. I've been warning people I've met involved in this stuff for years that at some point the Feds would come calling, because that's what they do. If your business model is "I can beat the Feds", you've already lost so hard. You just don't know it yet.
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Dec 12, 2017 00:59
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So my company just bid on servicing a couple of bitcoin ATMs. That was fun trying to explain what bitcoin was.
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Dec 12, 2017 01:01
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Hexyflexy posted:That's hilarious. I've been warning people I've met involved in this stuff for years that at some point the Feds would come calling, because that's what they do. https://twitter.com/baxbooksdeux/status/938972060457558016 Flikken posted:So my company just bid on servicing a couple of bitcoin ATMs. That was fun trying to explain what bitcoin was. A Ponzi scheme with more math.
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Dec 12, 2017 01:03
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Federal government (of any country) is gonna get their share if they want it. Can't avoid taxes (unless you're rich and not stupid)
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Dec 12, 2017 01:04
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Moving on from imaginary money, there's been a big push from women accusing Trump for accountability and the White House wants to go back to the moon.
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Dec 12, 2017 01:05
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im still looking forward to hearing about people killing themselves over the eventual bitcoin collapse whats going to make it even funnier is if people blame Trump when the SEC pops the bubble by eliminating the fraud propping this poo poo up
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Dec 12, 2017 01:06
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45 ACP CURES NAZIS posted:im still looking forward to hearing about people killing themselves over the eventual bitcoin collapse Which comes first, that or Star Citizen getting canceled?
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Dec 12, 2017 01:06
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BigDave posted:https://twitter.com/baxbooksdeux/status/938972060457558016 I more or less said that, and people used it to buy drugs off of the internet. The concept o a bitcoin ATM did make me laugh.
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Dec 12, 2017 01:09
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TheGreasyStrangler posted:Which comes first, that or Star Citizen getting canceled? both will continue to sucker in idiots until they get regulated, and bitcoin is more likely to get regulated at this point. Though the US taking a swing at loot crate gambling and kickstarted vaporware bullshit would own incredibly hard
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Dec 12, 2017 01:13
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https://twitter.com/EoinHiggins_/status/940371934746959873 god bless the usa
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Dec 12, 2017 01:15
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lightpole posted:Moving on from imaginary money, there's been a big push from women accusing Trump for accountability and the White House wants to go back to the moon. I'm ok with going back to the moon. I would legitimately consider it a net positive which given this administration is saying a lot
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Dec 12, 2017 01:22
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Slavic Crime Yacht posted:I'm ok with going back to the moon. I would legitimately consider it a net positive which given this administration is saying a lot Obama wants to go to Mars so of course trump says go back to the moon and will shelf any progress towards Mars in the process so its stupid just like trump
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Dec 12, 2017 01:24
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mlmp08 posted: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. 
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Dec 12, 2017 01:26
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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. (Its a good book) DaNerd posted:Yes. Within the decade (early 2020s) it is expected to double humanity's electricity usage to compute the blockchain. Only if people think its profitable Instead it will crash soon, and tens of thousands of used video cards will pop up on ebay for all of your SLI gaming needs for a while.
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Dec 12, 2017 01:28
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mlmp08 posted: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. Nothing that can't be solved by consuming more energy. Turns out throwing resources at a problem isn't a terrible approach when you're not paying the bill.
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Dec 12, 2017 01:34
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I always think about the amount of weird fuckups that happened in a chain that led us to Trump. An NYT guy did the same thing for how we got to where we are with Roy Moore. Click through, it's a really neat/quick read about how badly Republicans hosed themselves and are continuing to do so. https://twitter.com/alexburnsNYT/status/940374724441526272
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Dec 12, 2017 01:35
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facialimpediment posted:I always think about the amount of weird fuckups that happened in a chain that led us to Trump. I hope you're right and this all leads to a bad beating for the GOP but honestly, until they start losing meaningful seats in large swathes... Voter suppression is going to be a real concern going into 2018.
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Dec 12, 2017 01:38
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mods please permaban people that link to long form twitter posts
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Dec 12, 2017 01:38
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Roy Moore will win. i'm willing to bet $10 to a charity of someone's choosing that moore wins. (i'll happily pay $10 for him to lose). any takers?
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Dec 12, 2017 01:41
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So the goon census on Bitcoin has always been that a crash is imminent, ever since it started. But it just seems to go up and up? I don't understand it though. How are people exchanging Bitcoin for real money to "cash out"? I asked someone on Facebook and they claimed they use paypal. But I thought paypal was very anti-Bitcoin? The whole thing is really confusing.
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Dec 12, 2017 01:43
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GoGoGadget posted:So the goon census on Bitcoin has always been that a crash is imminent, ever since it started. But it just seems to go up and up? 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.
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Dec 12, 2017 01:44
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GoGoGadget posted:So the goon census on Bitcoin has always been that a crash is imminent, ever since it started. But it just seems to go up and up? It has crashed spectacularly multiple times before. The methods for cashing out now exist but are generally limited in scope and nowhere near $15k per. Best way to cash out has always been giftcards. Also basically anyone trying to cash out a non-trivial amount tanks the price by thousands in a flash.
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Dec 12, 2017 01:46
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Hot Karl Marx posted:Wasn't the time to buy like >5 years ago and not right loving now when it's over $16k? It crashed like 30% a few days ago. I think it's already back up into record territory. 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. There is a pizza place in SLC that takes bitcoin. Or at least they did. Godholio fucked around with this message at 01:49 on Dec 12, 2017 |
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Dec 12, 2017 01:47
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Godholio posted:It crashed like 30% a few days ago. I think it's already back up into record territory. It crashed because of a very minor market order selloff. There is zero depth to bitcoin at the current price.
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Dec 12, 2017 01:49
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45 ACP CURES NAZIS posted:mods please permaban people that link to long form twitter posts You won't catch me linking THREAD: THREAD: FW: FW: YOU WON'T BELIEVE WHAT TRUMP DID IMPEACHMENT IS NEAR poo poo that's all over Liberal Twittertm. I linked that one because it beats filling a post with FIVE separate fuckups that Republican Leadership did that turned the Alabama race even remotely competitive. Generic Republican would win this race by like 20% easy. I think Moore wins in a squeaker, but it should have never even have been close except for fuckups by the Governor, McConnell, and primary voters. And a Choose Your Own Adventure format reminded me of my childhood 
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Dec 12, 2017 01:49
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That Works posted:I hope you're right and this all leads to a bad beating for the GOP but honestly, until they start losing meaningful seats in large swathes... They lost at least 15 seats in Virginia, along with getting stomped in the governor's race. They've lost previously-considered-safe seats in noted liberal bastions such as Oklahoma, Iowa, and Upstate New York. The fact that Jones may even have a shot at beating Moore should be making Republicans in purple and blue states poo poo their pants.
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Dec 12, 2017 01:49
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facialimpediment posted:You won't catch me linking THREAD: THREAD: FW: FW: YOU WON'T BELIEVE WHAT TRUMP DID IMPEACHMENT IS NEAR poo poo that's all over Liberal Twittertm. I just don't get why people tell a story by creating 20 twitter posts when they can put text on a website and link it. just make a good doc
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Dec 12, 2017 01:50
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GoGoGadget posted:So the goon census on Bitcoin has always been that a crash is imminent, ever since it started. But it just seems to go up and up? There are services that you can cash out and they will credit your paypal account. It's sketchy as poo poo and you have to give them your SSN and a scan of your government ID. Or you can use it to buy giftcards and avoid all of that, but that doesn't really help you unless you're looking to spend that money immediately.
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Dec 12, 2017 01:51
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45 ACP CURES NAZIS posted:mods please permaban people that link to long form twitter posts We decided like a year ago to post the first of the tweet storm rather then link dozens of tweets in one post though?
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Dec 12, 2017 01:51
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Thwomp posted:I need that clip of Steve Carell desperately struggling to understand derivatives from The Big Short. The book was also really good. True story- Steve Eisman really did meet with this person and shorted the gently caress out of him afterwards out of disgust.
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Dec 12, 2017 01:51
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M_Gargantua posted:We decided like a year ago to post the first of the tweet storm rather then link dozens of tweets in one post though? If you're going to link to #1 out of 45 loving tweets it seems like it would be polite to just post a text summary or something
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Dec 12, 2017 01:53
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I LICK APE PUSSY posted:The book was also really good. True story- Steve Eisman really did meet with this person and shorted the gently caress out of him afterwards out of disgust. Not really. He shorted his products. The CDO managers all got rich anyway; as he says they assumed no risk.
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Dec 12, 2017 01:54
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