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boner confessor posted:bitcoins are contained in wallets. wallets are opened with a password. if nobody knows the password, the bitcoin is effectively lost forever because it would take a huge amount of time with current and likely feasible future technology to brute force the password. basically imagine money in an unbreakable, impregnable safe, except money can be replaced and bitcoins can't really Goon Danton posted:No one needs to be notified or anything for deflation to take effect. Buyers try to get the lowest price, sellers try to get the highest, and the price adjusts accordingly. Maybe I'm not making myself clear. There is no difference between a "lost" bitcoin and one that is sitting in someone's wallet awaiting use. The system doesn't know they are lost unless there is a mechanism for someone to report that a particular bitcoin is beyond recovery, and I've never heard of that. So given that you can't detect an unrecoverable bitcoin, you can't consider any of them lost and change the value of the other coins.
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Dec 22, 2017 00:51
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Papa John is out of a job.
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Dec 22, 2017 00:54
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iospace posted:Papa John is out of a job. Came here to post this. He's stepping down as CEO but staying on as chairman of the board, according to the WSJ.
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Dec 22, 2017 00:55
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Gromit posted:Maybe I'm not making myself clear. There is no difference between a "lost" bitcoin and one that is sitting in someone's wallet awaiting use. The system doesn't know they are lost unless there is a mechanism for someone to report that a particular bitcoin is beyond recovery, and I've never heard of that. So given that you can't detect an unrecoverable bitcoin, you can't consider any of them lost and change the value of the other coins. The value of the other coins changes based on supply and demand. Lost coins reduce the supply over time, gradually increasing the price. You're correct that the effects will not be felt immediately since many of them were not being actively circulated before they were lost, but the long term effect is still deflationary.
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Dec 22, 2017 00:59
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Cavenagh posted:So you're saying that most bitcoin owners are going to die alone and unloved, in cold basements, unmourned and have no-one they would will their bitcoins to, not even a charity? Yeah, probably. But more seriously, death isn’t always predictable. If you get hit by a bus or suddenly suffer a stroke, you may not have a will planned out with your Bitcoin wallet password included.
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Dec 22, 2017 01:15
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It's funny, I've never been involved in bitcoin because it's garbage poo poo for idiots, but I have a plan to make sure that my passwords (email, banking etc) are available to my wife and solicitor in the event of my passing.
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Dec 22, 2017 01:22
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Gromit posted:Maybe I'm not making myself clear. There is no difference between a "lost" bitcoin and one that is sitting in someone's wallet awaiting use. The system doesn't know they are lost unless there is a mechanism for someone to report that a particular bitcoin is beyond recovery, and I've never heard of that. So given that you can't detect an unrecoverable bitcoin, you can't consider any of them lost and change the value of the other coins. No, there isn’t a detectable difference, but the issue is that the price is determined by *people*, completely. There is no basis for the price of bitcoin. People try and use the price of electricity used mining, but that’s useless because you can’t trade bitcoin for electricity. That means to the market, there’s no difference between lost and long-term held coins because it’s about the supply available for purchase. Corn has limits on price because it’s a tangible good with use that can be reliably counted out of the market after a certain period of time. Coins, the only thing they can go on is "there’s a thousand available today."
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Dec 22, 2017 01:49
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But there's no way of determining if coins are available for use or not. They all exist in wallets, and whether or not the password to those wallets are known, or the user will ever spend them, is unknowable to the system. I must be missing something here if you all claim that you can detect "lost" coins. Every mined coin is in circulation, it's just that an unknowable amount will never be used.
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Dec 22, 2017 01:54
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Bitcoin is dumb and I guarantee you're all putting more thought into it than the tinfoil-wearing nutjobs who worship it ever do.
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Dec 22, 2017 02:01
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I'm not even sure how many megathreads just this forum has produced but they're all pretty funny. Especially when bitcoin manages to scam people in new and exciting ways.
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Dec 22, 2017 02:07
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Gromit posted:But there's no way of determining if coins are available for use or not. They all exist in wallets, and whether or not the password to those wallets are known, or the user will ever spend them, is unknowable to the system. I must be missing something here if you all claim that you can detect "lost" coins. Every mined coin is in circulation, it's just that an unknowable amount will never be used. Market mechanisms are good at feeling out things like this. If there aren't enough bitcoins being sold to meet demand, the price will go up, which encourages more people to sell. But lost bitcoins can't be sold, so the supply doesn't increase as quickly for a given cost increment, so costs have to go higher to meet demand. At no point does a anyone have to determine the lost status of any coin or determine how many active coins there are, it's just a natural response by market forces.
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Dec 22, 2017 02:11
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How anyone thinks bitcoin could ever be practical is crazy to me "oh, how much is a coffee? Oh, only 0.0000754368? The guy across the street sells it for 0.0000754410!
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Dec 22, 2017 02:23
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The amount of scams that'd play just on the number of zeroes
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Dec 22, 2017 02:24
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I had an electronic wallet poo poo itself and refuse to restore, also wouldn't generate private keys from the wallet words, so goodbye $300.
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Dec 22, 2017 02:54
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Don Gato posted:I'm not even sure how many megathreads just this forum has produced but they're all pretty funny. Especially when bitcoin manages to scam people in new and exciting ways. Part of the hilarity comes from the fact that most of the scams aren't new and exciting. The same scams get run over and over and these dipshits fall for them every loving time
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Dec 22, 2017 02:56
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Doggles posted:Disney recently unveiled their animatronic of Donald Trump for their Hall of Presidents. Nah, it's correct. It just post-stroke. (wait for it)
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Dec 22, 2017 03:01
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lmao at the real life pinball noises.
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Dec 22, 2017 03:07
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Say Nothing posted:I had an electronic wallet poo poo itself and refuse to restore, also wouldn't generate private keys from the wallet words, so goodbye $300. Wallets seem like the perfect avenue for straight up stealing bitcoins for unscrupulous programmers...
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Dec 22, 2017 03:09
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Nuevo posted:Wallets seem like the perfect avenue for straight up stealing bitcoins for unscrupulous programmers... they were a long, long, long time ahead of you like 8 months after btc was announced to the public mailing lists, someone made a wallet that would steal your money
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Dec 22, 2017 03:14
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The ending of that is ice cold. My favorite Jon Bois videos are still the Pretty Good series. Especially 222-0.
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Dec 22, 2017 03:17
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Straight White Shark posted:Market mechanisms are good at feeling out things like this. If there aren't enough bitcoins being sold to meet demand, the price will go up, which encourages more people to sell. But lost bitcoins can't be sold, so the supply doesn't increase as quickly for a given cost increment, so costs have to go higher to meet demand. At no point does a anyone have to determine the lost status of any coin or determine how many active coins there are, it's just a natural response by market forces.
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Dec 22, 2017 03:42
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bob dobbs is dead posted:they were a long, long, long time ahead of you There was an app for the Ethereum coin that was just a transaction processing app on the surface. The author of the app spent 18 months building up the app's reputation, and then one afternoon he posted on his twitter that transactions were taking ages because he was being DDoS'd. What he was actually doing was just stealing all the coins that were being moved through. By the time everyone realised he had made off with a stack of coins, completely untraceably.
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Dec 22, 2017 03:52
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Memento posted:There was an app for the Ethereum coin that was just a transaction processing app on the surface. The author of the app spent 18 months building up the app's reputation, and then one afternoon he posted on his twitter that transactions were taking ages because he was being DDoS'd. What he was actually doing was just stealing all the coins that were being moved through. By the time everyone realised he had made off with a stack of coins, completely untraceably. Free market.
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Dec 22, 2017 03:53
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Memento posted:There was an app for the Ethereum coin that was just a transaction processing app on the surface. The author of the app spent 18 months building up the app's reputation, and then one afternoon he posted on his twitter that transactions were taking ages because he was being DDoS'd. What he was actually doing was just stealing all the coins that were being moved through. By the time everyone realised he had made off with a stack of coins, completely untraceably. This is a good thing; now people will know not to trust their Bitcoins with people who have good reputations.
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Dec 22, 2017 03:57
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Zesty posted:
That's a empêche-pipi used to make that corner less freindly for a guy looking for a corner to piss in. https://www.amazon.fr/emp%EAche-pipi-Bruxelles-Paris-Tournai-ailleurs/dp/2930418427 https://www.youtube.com/watch?v=KyOEybG4juI 28 more on his channel
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Dec 22, 2017 03:59
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Hermsgervørden posted:I also live in San Francisco, and have been involved in homeless issues to a certain degree. While I appreciate how wild that number is, there are a lot of misconceptions about that amount. The main thing to understand is that about half of that money ($110,000,000) is spent on acquiring and maintaining and subsidizing permanent housing for formerly homeless people. That population is actually several times greater than the number of people sleeping on the streets (~7500) and is cheaper than leaving them unhoused. We know this because the next largest line item from the homeless services budget is medical care at ~$46 million. Eviction prevention also accounted for $29 million, which is also much cheaper than letting those people end up on the streets. So, a lot gets done that is invisible to you, guy who only sees people camping on the sidewalk and never sees the people who would be there except they are housed instead. All this sounds impressive and in retrospect it makes sense that I only see the tip of the iceberg of the problem what I see the tents. On the other hand, everything still smells like piss and I think I might have stepped on human poo poo this morning god drat it.
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Dec 22, 2017 04:01
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Croccers posted:What ever happened to the stash of Mt.Gox bitcoins? Are they still locked away in that wallet? They're contributing to Bill Cosby's legal defense fund
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Dec 22, 2017 04:02
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Dec 22, 2017 04:10
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8 bucks for a pizza  ?! I gotta get back to the mainland and stock up.
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Dec 22, 2017 04:13
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Croccers posted:What ever happened to the stash of Mt.Gox bitcoins? Are they still locked away in that wallet? It's resurfaced through a money-laundering operation called Private Internet Access, as far as I'm aware.
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Dec 22, 2017 04:19
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Croccers posted:What ever happened to the stash of Mt.Gox bitcoins? Are they still locked away in that wallet? Hilariously (because it’s always hilarious when bitcoin is involved), the coins still owned by MtGox are currently ‘worth’ like a billion dollars and there’s a small possibility that it’s all liquidated to pay the original value of their debts, leaving millions to likely be given to Mark Karpeles. As far as I know, it’s a unique situation for a company to have excess assets to such a huge degree after declaring bankruptcy.
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Dec 22, 2017 04:19
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If your assets exceed your debts why would a court even allow you to declare bankruptcy? Or is it because the value of bitcoins has increased so significantly, post-bankruptcy?
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Dec 22, 2017 04:36
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Bitcoins aren't regulated so they didn't have to claim them! It's genius. 
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Dec 22, 2017 04:44
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MisterOblivious posted:https://www.youtube.com/watch?v=KyOEybG4juI I'd be more impressed if he didn't let the marks blast his alley with generous torrents of piss before spraying them with water kinda defeats the purpose, doesn't it?
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Dec 22, 2017 04:57
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KingSlime posted:I'd be more impressed if he didn't let the marks blast his alley with generous torrents of piss before spraying them with water Well, that's the purpose of the water, to flush away the piss. If the water goes off beforehand, it could be considered assault, but if the water's getting rid of piss before it starts to smell, then it's just cleaning up.
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Dec 22, 2017 05:02
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Phanatic posted:If your assets exceed your debts why would a court even allow you to declare bankruptcy? Or is it because the value of bitcoins has increased so significantly, post-bankruptcy? It’s the second one. They were sub 1k when MtGox officially shuttered. They’re currently 15-20k depending on the tides.
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Dec 22, 2017 05:03
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Randaconda posted:Is there any good scootin' frooty from the MRA-types about Ocean's 8 yet? What? It looks dull as poo poo.
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Dec 22, 2017 05:17
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Inco posted:Well, that's the purpose of the water, to flush away the piss. If the water goes off beforehand, it could be considered assault, but if the water's getting rid of piss before it starts to smell, then it's just cleaning up. Oh yeah I guess that makes sense. An enjoyable series nonetheless, but man seeing those piss streams leisurely make their way down and across the pissers' feet gives me anxiety.
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Dec 22, 2017 05:23
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KingSlime posted:Oh yeah I guess that makes sense. An enjoyable series nonetheless, but man seeing those piss streams leisurely make their way down and across the pissers' feet gives me anxiety. 
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Dec 22, 2017 05:25
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U-DO Burger posted:Part of the hilarity comes from the fact that most of the scams aren't new and exciting. The same scams get run over and over and these dipshits fall for them every loving time Honestly I'm pretty sure it's half because the scams are the only thing people can actually do with their bitcoins without attracting federal attention. (sometimes)
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Dec 22, 2017 06:09
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