Bitcoin: no angel investors, only Faustian bargains

The Something Awful Forums > Main > General Bullshit > Bitcoin: no angel investors, only Faustian bargains

Comfy Fleece Sweater: Apr 2, 2013; You see, but you do not observe.

Kung Food posted:

This made me curios just how much power as a whole bitcoin uses. A quick search found this handy website: https://digiconomist.net/bitcoin-energy-consumption

The annual energy consumption of bitcoin is currently 33 tWh of power each year. What does that mean? It means bitcoin uses the same amount of energy as 3 million US households every year. If bitcoin was a country it would be the 61st largest user of power in the world (Out of 195) and would beat such places as Denmark, Serbia, and Morocco. Compared to the entire world, bitcoin uses 0.15% of the total power consumption. Of course this all comes with a massive carbon footprint as well, putting out 16 kilo tons of CO2 annually.

This is GREAT for bitcoin because it proves how strong it is and how much work goes into creating one, thus upping its value

It�s simple economics

# ? Dec 16, 2017 01:15

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# ? Jun 4, 2024 08:37

Taima: Dec 31, 2006; tfw you're peeing next to someone in the lineup and they don't know

HCFJ posted:

you literally type in the number (max 10k omfg) and click "give me the money" and it's credited to your account p. much instantly. You already gave them your routing info when you signed up so they can put the money back in as easily as they took it out.

You're forgetting the part where everyone claps

# ? Dec 16, 2017 01:15

Comfy Fleece Sweater: Apr 2, 2013; You see, but you do not observe.

wit posted:

Couple of years ago a mate bought bitcoin so he could order drugs online and send them to a local empty house because he's not a complete cretin. I've no problem with his drugs but I told him to stop buying bitcoin. He does not have disposable income, he is on benefits. I think he sits seething at my advice, but honestly that's like gamblers getting angry when someone takes their place at a one armed bandit and they see three jackpots flash past. "Oh if I was on that machine I could totally have got those."

Maybe I just give bad advice.

Well... you told him to stay on addictive and life destroying drugs, and off the Internet pogs that earned 1000x their electricity value for doing nothing... hey, friendship is priceless and you should remind him of this :shobon:

# ? Dec 16, 2017 01:23

Paladinus: Jan 11, 2014; heyHEYYYY!!!

What would be the way monetise my farts? They also harm the environment, so I there must be someone willing to invest.

# ? Dec 16, 2017 01:27

Kung Food: Dec 11, 2006; PORN WIZARD

Paladinus posted:

What would be the way monetise my farts? They also harm the environment, so I there must be someone willing to invest.

If you happen to be a hot chick there is an massive market of perverts out there willing to spend generously for things you farted on.

# ? Dec 16, 2017 01:37

Mumpy Puffinz: Aug 11, 2008; Nap Ghost

are there any real success stories about people who mined bitcoin then became millionaires?

# ? Dec 16, 2017 01:42

Jombo: Feb 20, 2009

klafbang posted:

...

The difficulty is adjusted every 2016 blocks, up or down. After a large amount of hashing power disappears, that will take longer than normal to get to an adjustment, but after that, blocks will be mined at the custom speed.

Also, most trading doesn't happen on the block chain, but rather on exchanges. That would not be affected, except it would not be possible to move butts from one exchange to another.

That's what I was looking for - I didn't realise the protocol already had the functionality to reduce the difficulty.

Even though nearly all trades are made on the exchanges, without the underlying blockchain they'll have a problem convincing people it's different to trading pokemans

# ? Dec 16, 2017 01:50

smoobles: Sep 4, 2014

Mumpy Puffinz posted:

are there any real success stories about people who mined bitcoin then became millionaires?

https://www.forbes.com/sites/bishopjordan/2017/07/07/bitcoin-millionaire/#2bb5e81d6261

# ? Dec 16, 2017 02:00

Mr Teatime: Apr 7, 2009

divabot posted:

PEOPLE WHO HAVE PERSONALLY MANAGED THE ACTUAL EXCHANGE->ACTUALMONEY IN BANK STEP:

What did you do? (not a friend, not lots of guys, you personally.) What did you say to your bank, which exchange did you use, what sort of delays were there, were there interesting gotchas people should know about?

I ask 'cos there are friends who've dug up old bitcoins or ether that they want to cash out on, and have heard stories of bank problems, Coinbase being shitheads etc. and have due trepidation.

If I may offer a slightly different experience from "just withdraw it from coinbase lol its easy", I had to set up an account with a mobile banking app/currency exchange and use that to deposit with coinbase with SEPA payments. Withdrawal is the same deal except backwards and it takes bloody ages. So you can deposit with a card and get dinged for the 4% coinbase skims from those payments but as coinbase cant do wire transfers in sterling your only option is to take the hit for the conversion into euros back to your bank. Except coinbase can't do SEPA payments to a whole bunch of UK banks, which explains the intermediate mobile bank I have to use to send and convert money with which comes with its own host of difficulties like limits on how much you can move.

The short version is that at least if you live in the UK coinbase makes it easy to deposit your money while they skim off it but if you weren't careful you would miss that getting it back to a UK is not quite so straightforward, especially the fact that they cant do SEPA payments to some banks. Also your money might get caught in a transfer void with coinbase and you cant touch it until you slog through the massive customer support queue times which at this point are at least a week+

# ? Dec 16, 2017 02:01

Mumpy Puffinz: Aug 11, 2008; Nap Ghost

smoobles posted:

https://www.forbes.com/sites/bishopjordan/2017/07/07/bitcoin-millionaire/#2bb5e81d6261

he's so fuckin proud of his bitcoin winnings he forgot to give his name

# ? Dec 16, 2017 02:03

wide stance: Jan 28, 2011; If there's more than one way to do a job, and one of those ways will result in disaster, then he will do it that way.

Mumpy Puffinz posted:

he's so fuckin proud of his bitcoin winnings he forgot to give his name

You actually think he should give his name after revealing his financial situation?

# ? Dec 16, 2017 02:10

Mumpy Puffinz: Aug 11, 2008; Nap Ghost

wide stance posted:

You actually think he should give his name after revealing his financial situation?

yeah. its strange that you don't

# ? Dec 16, 2017 02:23

Gobbeldygook: May 13, 2009; Hates Native American people and tries to justify their genocides.

Put this racist on ignore immediately!

Mumpy Puffinz posted:

are there any real success stories about people who mined bitcoin then became millionaires?

I suspect most of the early adopters/miners were libertarians who would do everything illegal possible to avoid paying taxes on their newfound wealth, so they will want to not draw attention to themselves.

# ? Dec 16, 2017 02:31

Comfy Fleece Sweater: Apr 2, 2013; You see, but you do not observe.

Mumpy Puffinz posted:

yeah. its strange that you don't

I am a Bitcoin billionaire and my name is Barnabas, AMA

# ? Dec 16, 2017 02:41

Mumpy Puffinz: Aug 11, 2008; Nap Ghost

Comfy Fleece Sweater posted:

I am a Bitcoin billionaire and my name is Barnabas, AMA

how did you get real money out of bitcoin?

# ? Dec 16, 2017 02:43

Mumpy Puffinz: Aug 11, 2008; Nap Ghost

Gobbeldygook posted:

I suspect most of the early adopters/miners were libertarians who would do everything illegal possible to avoid paying taxes on their newfound wealth, so they will want to not draw attention to themselves.

so no one

# ? Dec 16, 2017 02:45

Comfy Fleece Sweater: Apr 2, 2013; You see, but you do not observe.

Mumpy Puffinz posted:

how did you get real money out of bitcoin?

I�m sorry I can�t disclose this, but I can assure you owning bitcoin is AMAZING please try buying some and maybe you too can be as cool

# ? Dec 16, 2017 02:49

Mumpy Puffinz: Aug 11, 2008; Nap Ghost

Comfy Fleece Sweater posted:

I�m sorry I can�t disclose this, but I can assure you owning bitcoin is AMAZING please try buying some and maybe you too can be as cool

so no you did not real money out of bitcoin

# ? Dec 16, 2017 03:00

Comfy Fleece Sweater: Apr 2, 2013; You see, but you do not observe.

Mumpy Puffinz posted:

so no you did not real money out of bitcoin

You can�t prove it

# ? Dec 16, 2017 03:05

Nessus: Dec 22, 2003; After a Speaker vote, you may be entitled to a valuable coupon or voucher!

Comfy Fleece Sweater posted:

I�m sorry I can�t disclose this, but I can assure you owning bitcoin is AMAZING please try buying some and maybe you too can be as cool

What do I do if someone says "Buttcoin"?

# ? Dec 16, 2017 03:16

Mumpy Puffinz: Aug 11, 2008; Nap Ghost

Comfy Fleece Sweater posted:

You can�t prove it

lol

# ? Dec 16, 2017 03:18

Nessus: Dec 22, 2003; After a Speaker vote, you may be entitled to a valuable coupon or voucher!

https://www.reuters.com/article/us-...SKBN1EA02F?il=0

quote:

The cyber attacks attributed to North Korean hackers also included the leaking of personal information from 36,000 accounts from the world�s busiest cryptocurrency exchange Bitthumb in June, South Korea�s Chosun Ilbo reported, citing the country�s National Intelligence Service (NIS).

Attacks also included the theft of cryptocurrencies from accounts at exchanges Yapizon, now called Youbit, and Coinis in April and September, it said.

The 7.6 billion won of stolen cryptocurrencies are now worth about 90 billion won ($82.7 million), Chosun Ilbo reported. It also cited the NIS as saying North Korean hackers had also demanded 6 billion won ($5.5 million) from Bitthumb in return for deleting the leaked personal information.

Another cyber attack on about 10 cryptocurrency exchanges by North Korean hackers in October, using emails containing malware, was thwarted by the Korea Internet Security Agency (KISA), the newspaper reported.

The NIS found that the malware used in hacking the exchanges was made with the same method as malware used in hacking Sony Pictures and the central bank of Bangladesh in 2014 and 2016 respectively, the Chosun Ilbo reported.

The NIS also said emails used in the attacks used North Korean internet addresses, according to the Chosun Ilbo.

The NIS declined to comment. Representatives for KISA, Bitthumb, Youbit and Coinis could not be reached for comment.

Hold On for Dear Leader

# ? Dec 16, 2017 03:54

Mumpy Puffinz: Aug 11, 2008; Nap Ghost

Nessus posted:

https://www.reuters.com/article/us-...SKBN1EA02F?il=0
Hold On for Dear Leader

lol

# ? Dec 16, 2017 04:04

Dr. Fraiser Chain: May 18, 2004; Redlining my shit posting machine

Hey! No big hacks in like 6 months, and you can use it for legit things other then drugs and porno, like fundung NKs nuclear arsenal and burning down the planet.

# ? Dec 16, 2017 04:29

Mumpy Puffinz: Aug 11, 2008; Nap Ghost

Goodpancakes posted:

Hey! No big hacks in like 6 months, and you can use it for legit things other then drugs and porno, like fundung NKs nuclear arsenal and burning down the planet.

what are the real thing you can spend bitcoins if not child porn

# ? Dec 16, 2017 04:35

Gobbeldygook: May 13, 2009; Hates Native American people and tries to justify their genocides.

Put this racist on ignore immediately!

Mumpy Puffinz posted:

what are the real thing you can spend bitcoins if not child porn

Newegg and Overstock Dot Com still accept bitcoin. There are also a handful of retail establishments in each city that accept bitcoin. For example, in my city there's a hipster donut shop and a cajun BBQ joint that accept bitcoin. Right now it costs like $15 to send a bitcoin transaction so I hope you're buying donuts for the team.

# ? Dec 16, 2017 04:42

Kung Food: Dec 11, 2006; PORN WIZARD

Mumpy Puffinz posted:

what are the real thing you can spend bitcoins if not child porn

You can buy real drugs

# ? Dec 16, 2017 04:54

Mumpy Puffinz: Aug 11, 2008; Nap Ghost

Gobbeldygook posted:

Newegg and Overstock Dot Com still accept bitcoin. There are also a handful of retail establishments in each city that accept bitcoin. For example, in my city there's a hipster donut shop and a cajun BBQ joint that accept bitcoin. Right now it costs like $15 to send a bitcoin transaction so I hope you're buying donuts for the team.

Kung Food posted:

You can buy real drugs

wow!

# ? Dec 16, 2017 04:55

Mumpy Puffinz: Aug 11, 2008; Nap Ghost

you guys is funny

# ? Dec 16, 2017 04:58

QuarkJets: Sep 8, 2008

Nessus posted:

https://www.reuters.com/article/us-...SKBN1EA02F?il=0
Hold On for Dear Leader

This can't be right, Ham Sandwiches said it's been 8 months since an exchange got hacked. This must be FUD spread by space jews who just want bitcoin to fall in price so they can buy more of it

A major exchange has gotten hacked every month this year but sssshhhh don't dispel the illusion

# ? Dec 16, 2017 10:42

Nessus: Dec 22, 2003; After a Speaker vote, you may be entitled to a valuable coupon or voucher!

QuarkJets posted:

This can't be right, Ham Sandwiches said it's been 8 months since an exchange got hacked. This must be FUD spread by space jews who just want bitcoin to fall in price so they can buy more of it

A major exchange has gotten hacked every month this year but sssshhhh don't dispel the illusion

To be fair, he said "major," and obviously the other seven were not "major."

# ? Dec 16, 2017 10:45

divabot: Jun 17, 2015; A polite little mouse!

Nessus posted:

To be fair, he said "major," and obviously the other seven were not "major."

Also, NiceHash, at $60m, is one of the biggest of all time, but technically not an exchange, so,

# ? Dec 16, 2017 11:11

Nessus: Dec 22, 2003; After a Speaker vote, you may be entitled to a valuable coupon or voucher!

divabot posted:

Also, NiceHash, at $60m, is one of the biggest of all time, but technically not an exchange, so,

I thought Tibanne Thecat had the highest all-time score (to date)...

# ? Dec 16, 2017 11:25

QuarkJets: Sep 8, 2008

Nessus posted:

To be fair, he said "major," and obviously the other seven were not "major."

It's even better than that, his argument was that Bitthumb isn't even "major". You've basically got to be Bitfinex to count

e: Spent the 2 seconds using Search to pull it up:

Ham Sandwiches posted:

The mainline exchanges with high volume are fine for your bitcoins and transactions

If you go rooting around in goofy rear end altcoins and poorly coded exchanges in asia you might have problems, but 1 exchange getting hacked every few months is like straight up noise

Both hacks this year were rando places that very few people had money in, and yes 30 million is a drop in the bucket compared to larger exchanges

lol yup "the world�s busiest cryptocurrency exchange Bitthumb" according to Reuters, but Ham Sandwiches says it was just a rando place that very few people had money in

QuarkJets fucked around with this message at 11:48 on Dec 16, 2017

# ? Dec 16, 2017 11:42

Nessus: Dec 22, 2003; After a Speaker vote, you may be entitled to a valuable coupon or voucher!

QuarkJets posted:

lol yup "the world�s busiest cryptocurrency exchange Bitthumb" according to Reuters, but Ham Sandwiches says it was just a rando place that very few people had money in

They were probably just Korean grandmas, not true visionaries committed to crypto.

# ? Dec 16, 2017 11:54

Paladinus: Jan 11, 2014; heyHEYYYY!!!

Sandwiches, buy bit coin.

# ? Dec 16, 2017 12:03

Milkfred E. Moore: Aug 27, 2006; 'It's easier to imagine the end of the world than the end of capitalism.'

i lost my dang bitcoin in my couch cushions!!

# ? Dec 16, 2017 13:48

Fartbox: Apr 27, 2017; What's happening? Dri fu an only two? what is this?
Is this an avatar? I don't know rm dunk

I wish I was rich :unsmith:

I could buy so much stuff... So much cheese, for example. I could make women wear the cheese for me. Beautiful women in cheese-clothes. Then we'd go into a sauna and the cheese would melt

there'd be cheese everywhere :unsmith:

# ? Dec 16, 2017 13:54

Solice Kirsk: Jun 1, 2004; .

Fartbox posted:

I wish I was rich

I could buy so much stuff... So much cheese, for example. I could make women wear the cheese for me. Beautiful women in cheese-clothes. Then we'd go into a sauna and the cheese would melt

there'd be cheese everywhere

Sir, I'd like to subscribe to your newsletter.

# ? Dec 16, 2017 14:04

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# ? Jun 4, 2024 08:37

divabot: Jun 17, 2015; A polite little mouse!

QuarkJets posted:

lol yup "the world�s busiest cryptocurrency exchange Bitthumb" according to Reuters, but Ham Sandwiches says it was just a rando place that very few people had money in

what do you expect from a nocoiner troll like Hammy

# ? Dec 16, 2017 14:47

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