|
SELL SELL SELL ITS OVER
|
#
?
Dec 22, 2017 04:29
|
|
|
|
| # ? May 21, 2024 16:02 |
|
|
Trending up!
|
|
#
?
Dec 22, 2017 04:30
|
|
|
The salt between r/bitcoin and r/btc is amazing right now.
|
|
#
?
Dec 22, 2017 04:38
|
|
|
Who is brave enough to catch the knife
|
|
#
?
Dec 22, 2017 04:54
|
|
|
Paul MaudDib posted:The salt between r/bitcoin and r/btc is amazing right now. Any choice quotes? I can’t stand Reddit’s format
|
|
#
?
Dec 22, 2017 05:08
|
|
|
Zero VGS posted:Yeah but I'm asking the other way around. If I try to send $0.01 worth of BitCoin to someone else right now, will it actually trigger a transaction and waste the world's time and energy and drive transaction costs up higher, or will the network refuse the transaction because it can't even cover the fee? You're free to attach a fee as small as you want, and that transaction will go into the mempool with everything else and some random altruistic miner somewhere could totally include it in a block for you So yes, it will trigger a transaction and waste the world's time and energy. But it won't really drive transaction costs up at all, that's purely a function of how badly people want their transactions to actually go through, transactions way below the average fee aren't going to effect that and will just get dropped from the mempool eventually
|
|
#
?
Dec 22, 2017 06:45
|
|
|
Dumb question: Where is the money spent on transaction fees actually going? Is there someone making huge profit out of it, or is it just waste to discourage stress?
|
|
#
?
Dec 22, 2017 06:55
|
|
|
Craptacular! posted:Dumb question: Where is the money spent on transaction fees actually going? Is there someone making huge profit out of it, or is it just waste to discourage stress? iirc, it's added to the total reward for mining the block. The idea is, in the far future, nearly every bitcoin that will ever be mined has been mined and thus the normal reward for mining a block will be miniscule. To keep people mining, the transaction fees become the primary source of income, not the discovery/minting/award of new coins.
|
|
#
?
Dec 22, 2017 07:03
|
|
|
Craptacular! posted:Dumb question: Where is the money spent on transaction fees actually going? Is there someone making huge profit out of it, or is it just waste to discourage stress? Whichever miner gets lucky and discovers the next block can choose to include as many transactions as they can fit in that block. The transaction fee is basically offering a bribe to the miners to get them to give priority to your transactions over others that paid less in fees. "Huge profit" isn't really right though because miners spend insane amounts of money on electricity, and most of that is subsidized by the network awarding bitcoins for every discovered block. Interesting detail: in the bitcoin protocol you don't really specify a transaction fee, you just don't say where all of the money is going. So if you want to send X bitcoins to another address and pay Y as a transaction fee, you just say "Out of my X+Y bitcoins, I want X to go to this other address". It's up to the miner to then claim the unspent Y bitcoins QuarkJets fucked around with this message at 07:06 on Dec 22, 2017 |
|
#
?
Dec 22, 2017 07:04
|
|
|
PerrineClostermann posted:iirc, it's added to the total reward for mining the block. The idea is, in the far future, nearly every bitcoin that will ever be mined has been mined and thus the normal reward for mining a block will be miniscule. To keep people mining, the transaction fees become the primary source of income, not the discovery/minting/award of new coins. And I guess what happens to the miners when no more bitcoin can be mined? I guess the obvious answer is they switch to a different popular cryptocurrency, or work starts on mining Bitcoin 2 (which seems like a silly answer). nnnotime fucked around with this message at 07:14 on Dec 22, 2017 |
|
#
?
Dec 22, 2017 07:10
|
|
|
nnnotime posted:Another dumb question: so what happens after all the bitcoins are mined: then there are no more need for transaction fees? What happens then to people who are trying to cash out their bitcoin to local currencies? As long as people are transacting, transaction fees will be required. Also, bitcoin will never have mined every bitcoin. The reward approaches zero, as the total supply of bitcoins asymptotically approaches its maximum. e: 
|
|
#
?
Dec 22, 2017 07:17
|
|
|
nnnotime posted:Another dumb question: so what happens after all the bitcoins are mined: then there are no more need for transaction fees? What happens then to people who are trying to cash out their bitcoin to local currencies? Blocks would still be mined, they just wouldn't award new bitcoins. Miners would still expect fees from people submitting transactions Bitcoin miners overwhelmingly use ASICs, which you can think of as computers that are designed to only do 1 very specific thing. There's relatively very little wiggle room, so a Bitcoin-mining ASIC can't mine Litecoin (because it uses a different hashing algorithm) but it could mine Bitcoin Cash (because there's no real difference to the underlying mining algorithm). Bitcoin miners would probably switch to a fork of bitcoin that continues awarding bitcoins forever Realistically though that wouldn't happen for over 100 years and bitcoin will be basically dead long before that
|
|
#
?
Dec 22, 2017 07:18
|
|
|
PerrineClostermann, DuckJets, thanks for the education. The cryptocurrency field is more complicated than I realized. I was reading a little bit up just now on Bitcoin Cash, which sounds more attractive than Bitcoin, though it's increased usage I assume will depend on gathering support from the large forces in the crypto space. https://blockgeeks.com/guides/what-is-bitcoin-cash/ Hmm, this article states that despite Bitcoin Cash's increased block-size to aid transactions, that quality of it's security remains in question: https://www.investopedia.com/tech/bitcoin-vs-bitcoin-cash-whats-difference/ nnnotime fucked around with this message at 07:39 on Dec 22, 2017 |
|
#
?
Dec 22, 2017 07:36
|
|
|
I'm all bitcoin right now, i believe it shall rise again, and i will transfer it back into eth afterwards exchanges lagging to hell and throwing error 500s, currency of the future confirmed Risky Bisquick fucked around with this message at 08:16 on Dec 22, 2017 |
|
#
?
Dec 22, 2017 08:10
|
|
|
Looks like the buy orders at 13k have been fullfilled and we are back on our way down.
|
|
#
?
Dec 22, 2017 14:29
|
|
|
McAfee has found a way to still make money in crypto. https://twitter.com/officialmcafee/status/944206175100424193 
|
|
#
?
Dec 22, 2017 15:15
|
|
|
nnnotime posted:I was reading a little bit up just now on Bitcoin Cash, which sounds more attractive than Bitcoin, though it's increased usage I assume will depend on gathering support from the large forces in the crypto space. Bitcoin Cash is a result of "bitcoin purists" who believe that the fictional character who invented bitcoin is perfect and good, and that things like segwit and lightning are apostasy in the eyes of our lord Satoshi. They believe that sending transactions through intermediary hubs is a threat to the libertarian perfection of bitcoin and will lead to all-powerful server farm owners ruling over their subjects as god-kings. They insist that the only correct way to use bitcoin is for every transaction to take place on the same ever-bloating blockchain, and if it's too slow and expensive to use the solution must be to make the blocks bigger. So, to preserve the purity of bitcoin, they made their own version in Satoshi's perfect image. They might be right, who knows, but be aware that it's the only reason bitcoin cash exists, and it does absolutely nothing to solve any of the other glaring, obvious problems with bitcoin. And it's a really weird, specific argument to fork a coin over, and everyone involved on both sides of the argument need to leave the loving house once in a while. tl:dr; bitcoin cash is not better than bitcoin in any technical way, and might be worse.
|
|
#
?
Dec 22, 2017 16:19
|
|
|
How are your dailies looking? Mine are about 30% less, but still wildly profitable (roughly $3 per card).
|
|
#
?
Dec 22, 2017 16:24
|
|
|
Risky Bisquick posted:How are your dailies looking? Mine are about 30% less, but still wildly profitable (roughly $3 per card). With a 1070 I’m making 3.00-3.50 a day. Easy game easy life
|
|
#
?
Dec 22, 2017 17:00
|
|
|
Dr. Fishopolis posted:Bitcoin Cash is a result of "bitcoin purists" who believe that the fictional character who invented bitcoin is perfect and good, and that things like segwit and lightning are apostasy in the eyes of our lord Satoshi. They believe that sending transactions through intermediary hubs is a threat to the libertarian perfection of bitcoin and will lead to all-powerful server farm owners ruling over their subjects as god-kings. They insist that the only correct way to use bitcoin is for every transaction to take place on the same ever-bloating blockchain, and if it's too slow and expensive to use the solution must be to make the blocks bigger. So, to preserve the purity of bitcoin, they made their own version in Satoshi's perfect image.
|
|
#
?
Dec 22, 2017 17:09
|
|
|
Dr. Fishopolis posted:Bitcoin Cash is a result of "bitcoin purists" who believe that the fictional character who invented bitcoin is perfect and good, and that things like segwit and lightning are apostasy in the eyes of our lord Satoshi. They believe that sending transactions through intermediary hubs is a threat to the libertarian perfection of bitcoin and will lead to all-powerful server farm owners ruling over their subjects as god-kings. They insist that the only correct way to use bitcoin is for every transaction to take place on the same ever-bloating blockchain, and if it's too slow and expensive to use the solution must be to make the blocks bigger. So, to preserve the purity of bitcoin, they made their own version in Satoshi's perfect image. The other reason to fork it is you also double your holding (all bitcoins that existed at the time of the fork were duplicated in BCH) so you just magic'd less valuable duplicates into existence for basically nothing.
|
|
#
?
Dec 22, 2017 17:10
|
|
|
Nitrousoxide posted:The other reason to fork it is you also double your holding (all bitcoins that existed at the time of the fork were duplicated in BCH) so you just magic'd less valuable duplicates into existence for basically nothing. Which is why there’s like 10 upcoming Bitcoin “forks”, including “Bitcoin Uranium” (BUM)
|
|
#
?
Dec 22, 2017 17:15
|
|
|
Dr. Fishopolis posted:Bitcoin Cash is a result of "bitcoin purists" who believe that the fictional character who invented bitcoin is perfect and good, and that things like segwit and lightning are apostasy in the eyes of our lord Satoshi. They believe that sending transactions through intermediary hubs is a threat to the libertarian perfection of bitcoin and will lead to all-powerful server farm owners ruling over their subjects as god-kings. They insist that the only correct way to use bitcoin is for every transaction to take place on the same ever-bloating blockchain, and if it's too slow and expensive to use the solution must be to make the blocks bigger. So, to preserve the purity of bitcoin, they made their own version in Satoshi's perfect image. It's not quite that simple. Lightning Network is a large and unproven change with some technical hurdles to overcome - specifically you need a web-of-trust between you and the person you're trying to send to, and every intermediary takes their fee of course. Any time you make a large change like that to a production system you're going to get people who want to be conservative and not kill the golden goose. Frankly I'm astonished with some of the things that people are willing to do on production networks - like, the change to Proof Of Stake is an absolutely massive one and nobody has ever actually demonstrated a PoS system that actually works in practice, and yet Ethereum is installing timebombs to force a switchover even though they're like 2 years behind schedule on trying to implement it. The other thing is that a lot of the key stakeholders who are behind the Core faction are pushing their own transaction-resolution systems to run over the top, they're hoping to pump their own coins and turn Bitcoin into digital gold (even more than it already is) or a kind of low-volume inter-bank settlement network. Which is why they declined the Segwit 2X proposal, they didn't want to increase the block size at all even as a temporary fix. I don't think it's a super good idea to have an ever-growing blockchain either, but that's just kind of the nature of Bitcoin, the part that avoids centralization is the availability of the full blockchain. Checkpointing or any other mechanism forces you to rely on someone else telling you what the last checkpoint was, and there's really nothing stopping people from just agreeing to modify the checkpoint however they want. You can always run a thin client like Electrum (in practice many people are already doing this) and as long as the full blockchain is at least available that's an overall more satisfactory solution to me. Having some people trusting a centralized history is better than having everyone trusting a centralized history. Really though even what bcash is doing isn't going to scale forever, it's just a bandaid and sooner or later you are going to fill up 2 MB blocks/8 MB blocks/etc. But it's better than no bandaid and $30 fees like is happening on Bitcoin right now. Segwit2X was supposed to be that bandaid - double block sizes to fix the immediate problem, and Segwit as a long-term fix. But again, that proposal is dead now, so $30 fees it is! edit: the other other fun part is that a lot of those Chinese ASICs don't support Segwit at all, so there was a huge faction of Core people who were vocally opposed to Segwit2X (or any Segwit at all, in fact) because it would make their money-printing machines worthless overnight. So I guess you can summarize this as "everyone involved is a bunch of squabbling idiots who are all trying to make themselves rich and doesn't really care about the long-term health of the network". Paul MaudDib fucked around with this message at 17:35 on Dec 22, 2017 |
|
#
?
Dec 22, 2017 17:19
|
|
|
yeah, I basically agree with all of that, I was just trying to put it in layman's terms. honestly, it seems a bit silly to even worry about ethereum self-immolating in pursuit of PoS when the whole thing is based around a hopelessly lovely programming language for contracts that doesn't work and can't be changed. I also think that even Lightning is papering over the holes in bitcoin at best, and we won't see any sort of implementation for a year at least. Like any tech product ever, this entire generation of cryptocoins is effectively a collective public alpha, and really shouldn't be taken seriously as a long term implementation.
|
|
#
?
Dec 22, 2017 17:45
|
|
|
Comfy Fleece Sweater posted:Which is why there’s like 10 upcoming Bitcoin “forks”, including “Bitcoin Uranium” (BUM) Announcing my new bitcoin fork: Distributed Universal Merchant Bitcoin (DUMB)
|
|
#
?
Dec 22, 2017 17:55
|
|
|
Comfy Fleece Sweater posted:Which is why there’s like 10 upcoming Bitcoin “forks”, including “Bitcoin Uranium” (BUM)   That's the good stuff.
|
|
#
?
Dec 22, 2017 18:11
|
|
|
something interesting about bitcoin these days is that the last few bull runs have followed a very predictable pattern: 1. some new bip or something, bitcoin can scale now! 2. everyone buys in, jim cramer says ignorant poo poo on tv, etc 3. transaction backlog grows until fees are completely idiotic 4. everyone realizes bitcoin is still extremely garbage 5. price plummets, miners chortle kind of makes me want to set up an algorithm to automatically short that crypto index fund once fees get over a certain point.
|
|
#
?
Dec 22, 2017 18:12
|
|
|
Free candles!? Someone get Dril on the phone stat!
|
|
#
?
Dec 22, 2017 18:16
|
|
|
How do you pre-mine a bitcoin fork? Also since every bitcoin in existence is essentially duped in a fork, isn't saying "no premine" a little disingenuous?
|
|
#
?
Dec 22, 2017 19:00
|
|
|
Rexxed posted:
I'm Bitcoin Santa
|
|
#
?
Dec 22, 2017 19:08
|
|
|
nerox posted:How do you pre-mine a bitcoin fork? In "no-premie" versions, everyone holding X BTC now gets X New-Coin (or X * Y or whatever scale they're using). In "premie" versions, everyone holding X BTC now gets X New-Coin (or X * Y or whatever scale they're using), and the people pushing the fork get a bonus Z New-Coins for their efforts, enriching themselves and somewhat diluting everyone else's values. Kinda like when a company issues new stocks, but gives them all to their C-level employees. SBTC, for example, is basically skimming 1% straight off the top of whatever the eventual valuating is.
|
|
#
?
Dec 22, 2017 19:16
|
|
|
What I'm hearing is the wise money is in hiring a lawyer and a programmer and making a dozen forks.
|
|
#
?
Dec 22, 2017 19:56
|
|
|
craig588 posted:What I'm hearing is the wise money is in hiring a lawyer and a programmer and making a dozen forks. I've said it before and I'll say it again. Gooncoin ICO.
|
|
#
?
Dec 22, 2017 20:20
|
|
|
Kazinsal posted:I've said it before and I'll say it again. Dogecoin fork it is, then!
|
|
#
?
Dec 22, 2017 20:21
|
|
|
Kazinsal posted:I've said it before and I'll say it again. Only if it’s icon is the most disgusting neckbeard you can imagine as the icon and not the hand grenade
|
|
#
?
Dec 22, 2017 20:22
|
|
|
tehinternet posted:Only if it’s icon is the most disgusting neckbeard you can imagine as the icon and not the hand grenade Bad news, there is already a fedoracoin (symbol: TIPS)
|
|
#
?
Dec 22, 2017 20:25
|
|
|
tehinternet posted:Only if it’s icon is the most disgusting neckbeard you can imagine as the icon and not the hand grenade The only icon allowed is Goatse
|
|
#
?
Dec 22, 2017 20:30
|
|
|
Paul MaudDib posted:Bad news, there is already a fedoracoin (symbol: TIPS) I unironically laughed at the symbol
|
|
#
?
Dec 22, 2017 20:31
|
|
|
i'm downright shocked nobody's proposed the zybourne coin yet
|
|
#
?
Dec 22, 2017 21:10
|
|
|
|
| # ? May 21, 2024 16:02 |
|
|
Dr. Fishopolis posted:i'm downright shocked nobody's proposed the zybourne coin yet Imagine four coins on the edge of a cliff. Say a direct copy of the coin nearest the cliff is sent to the back of the line of coins and takes the place of the first coin. The formerly first coin becomes the second, the second becomes the third, and the fourth falls off the cliff. The blockchain works the same way.
|
|
#
?
Dec 22, 2017 21:28
|
|