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CassandraZara posted:An exchange doesn't do its trades on the block chain, so the transaction fee is whatever the exchange decides. On bittrex it's 0.25% paid by both the buyer and seller. So you register your trades on the exchange, then at the end of the day/week/whatever, they appeal to the block chain or register and go "account x gives 2 btc to y, account x gives. 0.06 btc to z, account b gives 0.001 btc to c" as one big transaction?
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Dec 17, 2017 22:49
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ilmucche posted:So you register your trades on the exchange, then at the end of the day/week/whatever, they appeal to the block chain or register and go "account x gives 2 btc to y, account x gives. 0.06 btc to z, account b gives 0.001 btc to c" as one big transaction? Nope. You sign over all your butts to the exchange, who keeps them (and totes won’t steal them). Your new wealth is just unencrypted numbers in a MySQL database fronted by an insecure PHP script on the exchange. The “money” is no longer yours, doesn’t touch the blockchain and you just have to trust the exchange is good. Or you can transfer all to your own wallet so it can get stolen from there.
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Dec 17, 2017 22:55
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Nessus posted:I remember that BloodCoin currency which was supposed to help connect you to P2P blood donation in your community, so when you needed blood people would give you blood! Whatever happened to that? Peter Thiel bought them up so when society completes its transition to crypto-currency based mediation of all traditional services and replacement of all existing social institutions, he can mainline all the children's blood he needs to maintain his immortal reign it's too bad all the cryptocurrencies have to end in 'Coin' because blood stocks would be a way better name for commodified blood
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Dec 17, 2017 22:58
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1 bitcoin = 1 prayer
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Dec 17, 2017 23:54
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klafbang posted:Nope. You sign over all your butts to the exchange, who keeps them (and totes won’t steal them). Your new wealth is just unencrypted numbers in a MySQL database fronted by an insecure PHP script on the exchange. The “money” is no longer yours, doesn’t touch the blockchain and you just have to trust the exchange is good. Or you can transfer all to your own wallet so it can get stolen from there.
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Dec 18, 2017 00:00
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divabot posted:The deprecated failing fiat-based New York Times clocked the link quote:The chief executive of Bitfinex and Tether, Jan Ludovicus van der Velde, that names real close to the dude that killed a chick in Aruba, and now he’s gonna kill the butt coins
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Dec 18, 2017 00:45
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QuarkJets posted:So I was reading about the legislation that led to Coinbase and basically all of the other exchanges blocking Hawaii residents from having accounts, and the requirements actually seem pretty reasonable: they have to have enough cash (USD) on hand to cover any cryptocurrencies held on that exchange by Hawaii residents. Presumably they should already be practicing some sort of fractional reserve banking in case a ton of people want to withdraw all at once, but Hawaii is one of the least populous US states, so presumably covering that few people should be easy to accomplish even with a really risky reserve like 1%. The key here is that they're only required to hold 100% reserve for Hawaii residents, so in practice that'd be comparable to something like a 0.5% reserve overall The comparisons to retail banking are off the mark. Coinbase is a broker. They're just a middleman. When you buy a bitcoin on Coinbase, your money goes to whoever they matched your order with. Securities brokers generally have to maintain minimum net capital requirements ($5,000 to $250,000 depending on the extent of their operations), but bitcoin isn't a security, and either way reserve banking doesn't make any sense. Does Hawaii require stockbrokers and realtors maintain "100% reserve"?
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Dec 18, 2017 00:46
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A Spherical Sponge posted:Edit: I mean before 2011 do you know how hard it was to source a kilo of carfentanil? it just couldn't be done unless you had close personal connections with corrupt chinese industrial chemists, and that's a bit much to ask of the average bluelight forum goer last i looked into that it was 2006 so not sure how well memory serves me, but a lot of people in TCC were doing it iirc. and yeah you could definitely get fentanyl
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Dec 18, 2017 00:53
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let it mellow posted:clocked the link Bitcoiner names remain the greatest thing about Bitcoin.
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Dec 18, 2017 00:57
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Triglav posted:The comparisons to retail banking are off the mark. Coinbase is a broker. They're just a middleman. When you buy a bitcoin on Coinbase, your money goes to whoever they matched your order with. Securities brokers generally have to maintain minimum net capital requirements ($5,000 to $250,000 depending on the extent of their operations), but bitcoin isn't a security, and either way reserve banking doesn't make any sense.
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Dec 18, 2017 01:09
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Nessus posted:I thought we were getting rid of the middlemen and entering a new P2P paradigm where we could BYOB (Be Your Own BYOB (Be Your Own Bank)) its real interesting watching this
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Dec 18, 2017 01:50
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Mumpy Puffinz posted:its real interesting watching this One thing that is interesting about all of this is that you're gonna have this like, entire high-speed record of the development of an economy
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Dec 18, 2017 02:24
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Nessus posted:what, my bad posts? I meant the fast forward economy thing bitcoin is doing, but yeah, your posts are laughable too
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Dec 18, 2017 02:27
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Nessus posted:I thought we were getting rid of the middlemen and entering a new P2P paradigm where we could BYOB (Be Your Own BYOB (Be Your Own Bank)) That’s one of the many ridiculous claims of alt-currency. A middle-man is required in order to convert dollars into alt-coins and back.
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Dec 18, 2017 02:32
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WAR DOGS OF SOCHI posted:That’s one of the many ridiculous claims of alt-currency. A middle-man is required in order to convert dollars into alt-coins and back. For everybody not near a city that's true though.
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Dec 18, 2017 02:34
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Moxxis Endowment posted:That's actually false. You can in person trade cash for crypto provided you live in or near a city with enough population to support local trading. like a junkyard or prison
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Dec 18, 2017 02:36
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Moxxis Endowment posted:That's actually false. You can in person trade cash for crypto provided you live in or near a city with enough population to support local trading. I’ll keep my kidney
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Dec 18, 2017 02:37
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Burt Sexual posted:I’ll keep my kidney
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Dec 18, 2017 02:42
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https://mobile.twitter.com/Reuters/status/942568425448189952
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Dec 18, 2017 02:44
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good
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Dec 18, 2017 02:55
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Moxxis Endowment posted:That's actually false. You can in person trade cash for crypto provided you live in or near a city with enough population to support local trading. lol c’mon man
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Dec 18, 2017 03:21
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WAR DOGS OF SOCHI posted:lol c’mon man I don't know about you guys but I would rather not be shot for bitcoin
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Dec 18, 2017 03:24
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Mumpy Puffinz posted:I don't know about you guys but I would rather not be shot for bitcoin
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Dec 18, 2017 03:26
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Nessus posted:Shotcoin: Backed By Lead Wanna start "Plinkcoin?" We can say it's "the blockchain backed cryptocurrency for the avid marksman."
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Dec 18, 2017 03:28
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Nessus posted:Shotcoin: Backed By Lead shot in the backcoin
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Dec 18, 2017 03:29
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Solice Kirsk posted:Wanna start "Plinkcoin?" We can say it's "the blockchain backed cryptocurrency for the avid marksman."
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Dec 18, 2017 03:38
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Some of you ancient bagholders may remember that in the first Bitcoin thread back in the heady days of 2013 I threw together a short and intentionally terrible 'erotic' ebook called 'King of Bitcoin' and published it on Amazon as a joke. It got quite a lot of traction, with people like the Washington Post covering it. I gave it away free here and goon JossiRossi did a complete reading of it (still available on Soundcloud) but I begrudgingly later accepted 0.015 in Bitcoin ($3) as payment for it too after it got more attention than I expected. By today's prices that makes it $270 per book lol. Of course, I cashed the Bitcoin sales out and ran away way back in 2013. Some might say I should have 'hodl'd' that Bitcoin but literally all of the sites and exchanges I needed to use to accept and transmit Bitcoin online have all since been hacked or stolen the bits so I would have lost it all at some point. Also Bitcoin is dumb. (FYI putting erotic ebooks on Amazon was actually insanely profitable back then and as far as I know it still is. I hired a few writers to do other books for me but I quickly found it sickening to be editing porn fantasies all day and dropped it for a less urgh way to make money. I still get about $50 in royalties a month which I'm kinda shocked about coz those books were unreadable poo poo.) I kinda forgot about Bitcoin after Dread Pirate Roberts and those lot got jailed. Recently I've started following it again after my clueless mate messaged me to say he bough $1k at $9000/butt on probably-insolvent Bittrex and traded it for probably-dead Ethereum Classic. I tried to talk him down from the ledge but he's got tulips jammed in his ears and his brother has bought a probably-useless mining machine in loving 2017.
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Dec 18, 2017 03:43
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This is Good For Bitcoin, because it means it’s big enough for governments to take seriously!
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Dec 18, 2017 04:03
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Comfy Fleece Sweater posted:This is Good For Bitcoin, because it means it’s big enough for governments to take seriously! 
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Dec 18, 2017 04:04
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chird posted:Some of you ancient bagholders may remember that in the first Bitcoin thread back in the heady days of 2013 I threw together a short and intentionally terrible 'erotic' ebook called 'King of Bitcoin' and published it on Amazon as a joke. It got quite a lot of traction, with people like the Washington Post covering it. Lol that WaPo review
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Dec 18, 2017 04:14
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today I found out that you can buy bitcoin from CoinBase in Australia, something they have supported for ages you cannot sell it on the same platform and there are no dates for when you will be able to I wonder how many of the "investors" I know have realised this yet
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Dec 18, 2017 04:27
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abigserve posted:today I found out that you can buy bitcoin from CoinBase in Australia, something they have supported for ages lol
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Dec 18, 2017 04:43
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abigserve posted:today I found out that you can buy bitcoin from CoinBase in Australia, something they have supported for ages You’re in luck—I’ve been told in this very thread that third party exchanges aren’t required. As long as you live in a big city, people will just randomly meet up with you in a parking lot with tens of thousands of dollars in hand to throw at you for your bitcoins!
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Dec 18, 2017 04:51
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That's just the #BitcoinBlackHole, soon enough
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Dec 18, 2017 05:01
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Triglav posted:The comparisons to retail banking are off the mark. Coinbase is a broker. They're just a middleman. When you buy a bitcoin on Coinbase, your money goes to whoever they matched your order with. Securities brokers generally have to maintain minimum net capital requirements ($5,000 to $250,000 depending on the extent of their operations), but bitcoin isn't a security, and either way reserve banking doesn't make any sense. Coinbase is not just a broker; they're also a payment processor. Their original business model was converting bitcoins into cash so that businesses could add a "we accept bitcoin" sticker to their window in order to stop getting death threats. So presumably they need to keep some cash on hand to satisfy that (still ongoing) side of their business, in which case satisfying the 100% reserve requirement for a very small state like Hawaii should be very easy. I'm not suggesting that Coinbase should need to maintain bank-like cash reserves. I'm suggesting that their cash reserves are way smaller than any normal business
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Dec 18, 2017 05:12
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https://www.coindesk.com/300-billion-bitcoin-price-boosts-crypto-market-value-record-high/ The total market capitalization for the cryptocurrency market has exceeded $300 billion for the first time.The total market capitalization for the cryptocurrency market has exceeded $300 billion for the first time. wow that is real money, for sure
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Dec 18, 2017 05:17
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Mumpy Puffinz posted:https://www.coindesk.com/300-billion-bitcoin-price-boosts-crypto-market-value-record-high/ 600 billion now, that article is old
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Dec 18, 2017 05:42
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Mumpy Puffinz posted:https://www.coindesk.com/300-billion-bitcoin-price-boosts-crypto-market-value-record-high/ https://www.moroccoworldnews.com/2017/12/235779/assim-al-hakeem-digital-currency-bitcoin-haram-islam-cryptocurrencies/
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Dec 18, 2017 05:42
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abigserve posted:today I found out that you can buy bitcoin from CoinBase in Australia, something they have supported for ages This guy for one
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Dec 18, 2017 05:43
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Uranium 235 posted:600 billion now, that article is old
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Dec 18, 2017 05:47
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