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Risc1911 posted:hey hey heeeeeeey beeeeeeeeeef connect I hope they don't mind colon cancer.
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May 12, 2018 16:46
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Often Abbreviated posted:That and quantitative easing would be basically impossible under a Bitcoin style currency because the central bank doesn't have infinite Bitcoin-creating power like they do with real money. They'd be limited to whatever amount of bitcoins the government had been able to recover through taxation. Can't buy all the bad stocks if you don't have any money. yo this is actually really bad and not a feature
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May 12, 2018 16:53
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Often Abbreviated posted:Banks do invent money all the time. They loan out a bunch of money during the day, find out after that they don't have enough reserves to cover the 10% minimum or whatever the law says it needs to be, so they borrow money from the central bank to fill up the reserve. The central bank might be the one "creating" the money but they wouldn't have done so without the pressure from the commercial bank.
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May 12, 2018 16:57
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Also, a public ledger wouldn't help much I think in regards to banks printing money for corrupt purposes. The central bank bought large amounts of toxic assets at pre-crash prices. Banks essentially created large amounts of fraudulent loans and were paid for having made those fraudulent loans by the central bank. This is already known public information. But the banks are getting away with the crime and are mostly left unscathed. A public ledger helps a bit for accountability sure, but I mean the gist of the heist is already known and we are rewarding the perpetrators and not punishing them.
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May 12, 2018 17:02
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A public ledger wouldn't help for poo poo because 99.9% of those transactions are already public it is just that no one can or wants to sift through millions of financial transactions a day and look for crap... Nonetheless people still do that and people could tell the mortgage crisis was coming quite a while before it happened. Like hi if it is a publicly traded company it by law has to have all its financials public. If they break the law to skirt that then they'll break the law to skirt it with a public crypto ledger, too. comedyblissoption posted:I mean the gist of the heist is already known and we are rewarding the perpetrators and not punishing them. exactly
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May 12, 2018 17:07
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Moridin920 posted:yo this is actually really bad and not a feature Oh I agree 100%. Limiting a government or a central bank with sound money religious dogma is a loving terrible idea and part of the reason Bitcoin is garbage on anything larger than a hobbyist scale.
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May 12, 2018 18:00
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I would blow Dane Cook posted:Which data structure should they build a cult around next? Binary Space Partition Trees!
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May 13, 2018 03:20
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Flash
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May 13, 2018 03:30
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orange sky posted:Do you know what integrity means 
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May 13, 2018 04:46
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Personified by a horrible oval office.
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May 13, 2018 04:49
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Remember everyone today is Mother's Day. Instead of bringing flowers, give her the gift she'll truly appreciate, Bitcoin. After all, she was strong enough to hodl you. Her love for you, like the value of Bitcoin, will just shoot to the moon.
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May 13, 2018 15:47
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I am hella PEEVED posted:Remember everyone today is Mother's Day. Instead of bringing flowers, give her the gift she'll truly appreciate, Bitcoin. After all, she was strong enough to hodl you. Her love for you, like the value of Bitcoin, will just shoot to the moon. I’ve given your mother plenty of love already
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May 13, 2018 15:48
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Vreo ICO: Shaping Games Development With Blockchain Technology Functioning like a digital in-game billboard, ad-space on display will trigger real-time token payouts from advertisers to developers, thereby rewarding the most agreeable form of advertisement for the players. To collect funds and bring this idea to the next level, Vreo has launched an Initial Coin Offering (ICO). Vreo's disruptive system does not only reward clever in-game integration of ad-space but also gives players unprecedented sway over the game's development. It's the end of annoying in-game advertisement as we know it. https://www.prnewswire.com/news-releases/vreo-ico-shaping-games-development-with-blockchain-technology-300646757.html https://ico.vreo.io/ Ads in games, sounds like a great idea. Disruptive indeed, just not the way you Muppets think...
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May 13, 2018 18:24
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An economy based on a deflationary currency is great. Instead of putting all the money back into the economy and contributing to society and/or technology development, the wealthy can now just hoard it all in bunkers forever: https://www.bloomberg.com/news/articles/2018-05-09/bunkers-for-the-wealthy-are-said-to-hoard-10-billion-of-bitcoin I can't wait for the future where all fiat is dead and 99% of the world's bitcoin is in a Swiss bunker. The peasant class fights for the scarce remainder.
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May 13, 2018 18:46
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Better believe that internet funny money is full of crumblejohns, nancymakers, bucketlaggers, and bootpasters. In all seriousness I'm patiently waiting for a comprehensive study that actually compares Bitcoin's carbon footprint if it was adopted mainstream to that of the current financial system as a whole. So no, not just Visa's datacenters but the dozens of other poo poo like transportation, office/bank operation, money printing, etc. My hunch is that bitcoin is less overall but I can be swayed with the proper evidence. Then there's the whole humanity being hosed without commercial fusion power regardless.
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May 13, 2018 18:58
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Bitcoin couldn't handle the transaction volume flat out.
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May 13, 2018 19:19
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Risc1911 posted:Vreo's disruptive system does not only reward clever in-game integration of ad-space die
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May 13, 2018 19:50
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wide stance posted:In all seriousness I'm patiently waiting for a comprehensive study that actually compares Bitcoin's carbon footprint if it was adopted mainstream to that of the current financial system as a whole. So no, not just Visa's datacenters but the dozens of other poo poo like transportation, office/bank operation, money printing, etc. My hunch is that bitcoin is less overall but I can be swayed with the proper evidence. I like how people trot this out as if crypto currency and the entire global financial system and everything it enables are the same things and thus worthy of making an energy use comparison.
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May 13, 2018 19:51
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wide stance posted:My hunch is that bitcoin is less overall but I can be swayed with the proper evidence.
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May 13, 2018 20:03
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Just googling around there were about 430 billion cashless transactions in 2015. In 2015 the world produced about 24,000 TWhr of energy. If Bitcoin handled all of those transactions at 215 khhr per transaction you are looking at what, 10,000 TWhrs of energy consumption? Something close to 50% of the energy the world created that year. Does the financial industry currently consume close to 50% of all energy (gas, coal, oil, renewable so that number included transportation) generated? Not even laughably close.
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May 13, 2018 21:21
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wide stance posted:Better believe that internet funny money is full of crumblejohns, nancymakers, bucketlaggers, and bootpasters. Why do you have that hunch? In the world economy Bitcoin would only replace money printing and maybe Paypal. Credit cards would still exist, banks would still exist, virtually all of the financial system would be using the same amount of electricity + you'd be tacking on the insane amount of electricity that bitcoin uses just to process digital transactions. You've made posts like this before but then never responded to the replies. Are you even reading them?
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May 13, 2018 21:30
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QuarkJets posted:Why do you have that hunch? In the world economy Bitcoin would only replace money printing and maybe Paypal. Credit cards would still exist, banks would still exist, virtually all of the financial system would be using the same amount of electricity + you'd be tacking on the insane amount of electricity that bitcoin uses just to process digital transactions.
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May 13, 2018 21:38
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QuarkJets posted:Why do you have that hunch? In the world economy Bitcoin would only replace money printing and maybe Paypal. Credit cards would still exist, banks would still exist, virtually all of the financial system would be using the same amount of electricity + you'd be tacking on the insane amount of electricity that bitcoin uses just to process digital transactions. Ethereum's upcoming PoS transition will (either fail spectacularly or) mitigate most of this because it's the only coin actually used IRL to transact anything. https://bitinfocharts.com/cryptocurrency-charts.html The average Bitcoin payment is $46,000, while Ethereum is used 4x as much and rising (also there's a bunch of Ripple spam for some reason but who knows what Ripple does or why). Ethereum's payment distribution is likely insanely bimodal due to ICOs and sending tokens around (which counts as $0), while Bitcoin basically doesn't have small payments anymore and hasn't for a year. All other coins have never been observed to exist in the wild and can only be viewed in their natural habitat, exchange wallets. This is not to say that Bitcoin won't continue to waste insane amounts of electricity, but its waste is largely independent of transaction processing because Bitcoin doesn't process transactions. It's failed in a much more fundamental way than mere carbon exhaust. Adar fucked around with this message at 21:59 on May 13, 2018 |
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May 13, 2018 21:57
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Adar posted:Ethereum's upcoming PoS transition will (either fail spectacularly or) mitigate most of this because it's the only coin actually used IRL to transact anything. I just wrote something about Ethereum Casper. tl;dr it'll centralise it utterly, but nobody will care as long as they can keep grifting with ICO tokens.
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May 14, 2018 00:05
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Good news, Microsoft has added javascript support to excel (who knows why) and someone has already wrote a coin miner in a spreadsheet. https://charles.dardaman.com/js_coinhive_in_excel Just imagine the chaos this will cause.
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May 14, 2018 00:57
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I would blow Dane Cook posted:Good news, Microsoft has added javascript support to excel (who knows why) and someone has already wrote a coin miner in a spreadsheet. Oh god, all the businesses with lovely employees saving this on work computers to open to try and mine while working.
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May 14, 2018 01:12
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Zimbabwe Bans All Cryptocurrency Activity, Businesses Have 2 Month Grace Period https://news.bitcoin.com/zimbabwe-bans-all-cryptocurrency-activity-businesses-have-2-month-grace-period/
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May 14, 2018 01:47
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Adar posted:Ethereum's upcoming PoS transition will (either fail spectacularly or) mitigate most of this because it's the only coin actually used IRL to transact anything. It'd be great if we could reduce the electricity used by the Ethereum network, it uses about 1/3rd of what bitcoin uses which is a shitload. Most other cryptocurrencies would still be proof of work, so the earth is still hosed, but at least someone tried to do something However, proof of stake is in practice just a more convoluted proof of work scheme. It works as-advertised only if everyone agrees to play nice and not try to gain an advantage (lol cryptocurrency)
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May 14, 2018 03:39
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QuarkJets posted:It'd be great if we could reduce the electricity used by the Ethereum network, it uses about 1/3rd of what bitcoin uses which is a shitload. Most other cryptocurrencies would still be proof of work, so the earth is still hosed, but at least someone tried to do something How does it work?
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May 14, 2018 03:41
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divabot posted:I just wrote something about Ethereum Casper. tl;dr it'll centralise it utterly, but nobody will care as long as they can keep grifting with ICO tokens. I told my sister to read your book.
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May 14, 2018 04:16
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Risc1911 posted:Zimbabwe Bans All Cryptocurrency Activity, Businesses Have 2 Month Grace Period Wasn't Zimbabwe supposed to be the showcase example of the developing country that would benefit from using digital pogs? Or was that some other country?
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May 14, 2018 04:23
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Zwabu posted:Wasn't Zimbabwe supposed to be the showcase example of the developing country that would benefit from using digital pogs? Or was that some other country? Trump’s America ?
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May 14, 2018 04:28
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Risc1911 posted:Zimbabwe Bans All Cryptocurrency Activity, Businesses Have 2 Month Grace Period How bad is it when Zimbabwe says no to crypto
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May 14, 2018 04:41
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https://cointelegraph.com/news/amazon-microsofts-move-to-blockchain-centralized-companies-into-decentralized-ecosystem/
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May 14, 2018 05:07
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Wamdoodle posted:How bad is it when Zimbabwe FTFY
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May 14, 2018 06:59
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divabot posted:I just wrote something about Ethereum Casper. tl;dr it'll centralise it utterly, but nobody will care as long as they can keep grifting with ICO tokens. QuarkJets posted:It'd be great if we could reduce the electricity used by the Ethereum network, it uses about 1/3rd of what bitcoin uses which is a shitload. Most other cryptocurrencies would still be proof of work, so the earth is still hosed, but at least someone tried to do something Eth is already centralized around Vitalik. Unlike nearly every other crypto the miners have no control - what he says goes, and any attempt to undermine him would just result in another worthless fork. Under these circumstances POS will certainly be good enough because if someone doesn't play nice he'll just fork and leave them in the dust. As the entire ICO ecosystem also more or less depends on the existence of a single dominant ETH chain and they are the fuel behind the price rise, no one heavily invested in ICOs (ie everybody with any money) has any incentive to rock the boat either; they all know that if POS works as advertised it will kickstart another phase of the bubble. It's not reproducible by something like BCH or BTC itself, but ETH's circumstances leave a switch to POS inevitable over time.
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May 14, 2018 15:40
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I read all of that as 'Piece Of poo poo'
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May 14, 2018 20:15
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Jimmy Hats posted:I read all of that as 'Piece Of poo poo' well that is what we wrote
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May 14, 2018 20:37
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Adar posted:Eth is already centralized around Vitalik. Unlike nearly every other crypto the miners have no control - what he says goes, and any attempt to undermine him would just result in another worthless fork. Under these circumstances POS will certainly be good enough because if someone doesn't play nice he'll just fork and leave them in the dust. As the entire ICO ecosystem also more or less depends on the existence of a single dominant ETH chain and they are the fuel behind the price rise, no one heavily invested in ICOs (ie everybody with any money) has any incentive to rock the boat either; they all know that if POS works as advertised it will kickstart another phase of the bubble. It's not reproducible by something like BCH or BTC itself, but ETH's circumstances leave a switch to POS inevitable over time. I wasn't talking about a miner revolt, I was talking about how every POS implementation to date has resulted in people being able to convert computational power into cryptocurrency. Being on board with Vitalik is irrelevant
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May 15, 2018 01:32
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1 ETH = 1 LAMBO
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May 15, 2018 02:35
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