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So is there a point where everyone gives up mining, say when Bitcoin reaches 2K, it becomes literally impossible to sell, and the value goes straight to zero?
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Nov 25, 2018 15:32
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There’s an unlimited supply of idiots who will think “hmmm this was $20k before, and now it’s only $200, just gonna buy a couple and hold on to them just in case” so I think it will never go to zero
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Nov 25, 2018 15:37
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To a large extent it doesn't matter whether the miners actually process transactions; bitcoin's "value" is as a speculative vehicle and that's possible even if they're all locked up in a wallet on an exchange. All this activity happens off-chain, and in a large sense the exchanges are all bucketshops because until they're removed from the exchange's wallet into a personal one it's merely a ledger entry on someone's (internal) database. The scenario that most people have settled on is a "price" for bitcoin that is a few million a piece, passed between five people who pretend that one day they'll be able to settle it for worthless fiat and their ex-wives will be sorry they left them!
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Nov 25, 2018 15:40
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someone should have simply made Worth5MillionDollarsCoin
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Nov 25, 2018 15:42
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kw0134 posted:To a large extent it doesn't matter whether the miners actually process transactions; bitcoin's "value" is as a speculative vehicle and that's possible even if they're all locked up in a wallet on an exchange. All this activity happens off-chain, and in a large sense the exchanges are all bucketshops because until they're removed from the exchange's wallet into a personal one it's merely a ledger entry on someone's (internal) database. The scenario that most people have settled on is a "price" for bitcoin that is a few million a piece, passed between five people who pretend that one day they'll be able to settle it for worthless fiat and their ex-wives will be sorry they left them! If a small enough number of miners are left it opens it up to a 51% attack where someone just transfers every Bitcoin to himself and ends the cycle of stupidity.
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Nov 25, 2018 15:43
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gary oldmans diary posted:someone should have simply made Worth5MillionDollarsCoin Holyshit lol
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Nov 25, 2018 15:44
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Warbadger posted:If a small enough number of miners are left it opens it up to a 51% attack where someone just transfers every Bitcoin to himself and ends the cycle of stupidity. Oh wait, that's already loving happened!
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Nov 25, 2018 15:46
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The value in 51% attacks is in being able to scam exchanges/buyers. Just mine a chain in private with your superior hashing power, sell your coins, move them in your private chain so the transaction on the public chain is no longer valid, publicize your (longer) private chain to invalidate the public chain. It means any transaction is reversible, that's how one Bitcoin fork was used to scam exchanges.
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Nov 25, 2018 15:52
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if the 51% guy just gradually transferred all the largest (active) wallets to new wallets (never to the same wallet so you couldnt tell when it began) he could slowly grind things to a halt and people who hadnt yet been stolen from would hardly care
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Nov 25, 2018 15:53
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in theory if mining suddenly drops precipitously the block generation rate would also grind to a halt. difficulty adjustment happens every x number of blocks, which is in theory every 2 weeks. in practice, if fewer blocks are being generated than expected difficulty adjustment wont happen every 2 weeks fewer blocks = higher confirmation times = more full blocks = higher fees (in theory)
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Nov 25, 2018 15:55
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Difficulty adjustment is also capped, the protocol can't respond properly to a rapid drop-off in hashing power.
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Nov 25, 2018 15:56
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I know how the whole thing works and I'm still amused everyday how unnecessarily complex this poo poo is Just play roulette ffs
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Nov 25, 2018 15:56
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American roulette is basically Roulette Cash, where American casinos forked the rules and decided to add in a second 0 for their own gain.
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Nov 25, 2018 15:58
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Raspberry Jam It In Me posted:I guess the exchanges are somewhat useful for buying drugs, but still, nobody should care about the price. It doesn't matter if the coin is $1000 or $0.01 if you make a Dollar to Dollar transaction. it only really matters for the sellers, who can't cash out safely through normal channels anymore and have to put most of the cash back into drugs to trade for more bitcoins this is why whenever there's a big dark web drug bust he's always living a relatively modest life somewhere with 500 million dollars worth of magic beans on a thumbdrive
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Nov 25, 2018 15:59
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Pochoclo posted:Yes except instead of sharing pirated games, anime and porn, they’re sharing delusion and scams Delusions, scams, and all the Child Porn that is literally coded into the blockchain LoL
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Nov 25, 2018 16:00
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Lambert posted:The value in 51% attacks is in being able to scam exchanges/buyers. Just mine a chain in private with your superior hashing power, sell your coins, move them in your private chain so the transaction on the public chain is no longer valid, publicize your (longer) private chain to invalidate the public chain. It means any transaction is reversible, that's how one Bitcoin fork was used to scam exchanges.
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Nov 25, 2018 16:04
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Bitcoin as black market pogs is outdated. It's almost entirely a speculative vehicle and you don't need to transact on the ledger to get that out of them. Entirely expecting the frisbee to land on the roof and business continues as usual even if there's like a block a day. Kind of like the rai stones that sank into the ocean, but with pump and dumps.
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Nov 25, 2018 16:18
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Lolie posted:The alt-coins make it more amusing because everyone is so terrified of backing the wrong one that they want in on everything. betting on every horse in the race is a great idea, you can't lose! kw0134 posted:The funny thing is at that point you'd simply splinter bitcoin into multiple competing chains...like there'd be bitcoin classic, bitcoin I win edition, bitcoin cash, bitcoin cash classic, etc. and yet they insist that bitcoin is not fiat
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Nov 25, 2018 17:10
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Rectal Death Adept posted:Speaking of GPUs I hope they come back down to reality in prices. Not just miners dumping a million of them on the used market but the manufacturers realizing they can't just charge loving thousands for a new model every time. Nvidia is still sitting on their huge backlog of unsold last years cards that they are still trying to sell for 4x the price they should be. 1080ti's are going back up in price because they're not being produced anymore and the stock is running out. https://www.gamersnexus.net/industry/3387-hw-news-dying-2080ti-investigation-1080ti-stock-almost-gone Also, real time ray tracing was considered a pipe dream for 3d rendering for decades and I'm sure the R&D costs were astronomical.
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Nov 25, 2018 17:21
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notevenrealguy posted:Because if you were to make a decision to buy one of those Bitcoins that young people talk about now instead of during the middle of December 2017 you would be about $15,000 less in the hole lol. And this is the level of investment experience that I would expect out of a crypto "investor": Picking individual stocks, thinking a 401(k) is an investment rather than an account type.
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Nov 25, 2018 17:46
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Regrettable posted:1080ti's are going back up in price because they're not being produced anymore and the stock is running out. i saw a 1080 go for 350 yesterday on ebay
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Nov 25, 2018 18:13
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Regrettable posted:1080ti's are going back up in price because they're not being produced anymore and the stock is running out. I've been curious, is the ray tracing stuff even useful for non-graphical computing? The reason GPU computing exists is just because they're good at massively parralel matrix multiplication, does the ray-tracing math have some kind of more general non-graphical application?
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Nov 25, 2018 18:16
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Ray tracing will be really good in 3-5 years when there's a cheap, open standard that's widely adopted and available, which won't be a proprietary nvidia product. AKA the same thing that happened with physx
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Nov 25, 2018 18:18
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poverty goat posted:i saw a 1080 go for 350 yesterday on ebay All highway miles never raced
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Nov 25, 2018 18:21
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I don’t understand a blessed thing about how calculating blockchain works. Is there a video card that is good for high end gaming graphics but isn’t good for bitcoin mining and won’t be affected by miners? Why use the graphics processor instead of the other parts of the computer? What would a computer part optimized for mining even be?
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Nov 25, 2018 18:22
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Raymond Tracing is cool and good and my friend
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Nov 25, 2018 18:22
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Bust Rodd posted:I don’t understand a blessed thing about how calculating blockchain works. Is there a video card that is good for high end gaming graphics but isn’t good for bitcoin mining and won’t be affected by miners? Why use the graphics processor instead of the other parts of the computer? GPUs are good for mining because GPUs can run thousands of parallel processes and mining is just calculating a bunch of hash functions which is easy to parallelize. A mining ASIC designed specifically to calculate those functions is even better.
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Nov 25, 2018 18:26
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the great digital tulip bubble of 2017-18
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Nov 25, 2018 18:32
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MaxxBot posted:GPUs are good for mining because GPUs can run thousands of parallel processes and mining is just calculating a bunch of hash functions which is easy to parallelize. A mining ASIC designed specifically to calculate those functions is even better. Cheers bruh you are cool
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Nov 25, 2018 18:36
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Bitcoin is like multi-level marketing for men. A pyramid scheme (or close enough) with early adopters getting all the money and everyone else left holding bags. The miners/early adopters have a vested interest in spamming propaganda and managing the (imagine the biggest air quotes ever) "community" to keep marks coming in and spending money, in the same way that Crystal Alpha Rank Boss Babes are responsible for recruiting and managing their 'downstream' rubes to keep ordering LuLaRoe stock. The febrile propagandizing means that marks swallow propaganda that presents their exploiters as heroic figures sharing magical wealth, while critics attempting to save the marks from themselves are actually just bitter/ignorant/enemy shills. No matter how many times people get burned there's always more marks, with some willingly falling for the scam multiple times in both cases. With that in mind I'm not convinced that this is the end of bitcoin anymore than any of the other crashes were the end of bitcoin. It may well be back up to $20k again in a couple years. Just look at how resilient the MLMs are in the face of how obviously poo poo they are. I think crypto and MLM should both just be banned outright because the bovine herds are too dumb to look after themselves.
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Nov 25, 2018 18:39
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poverty goat posted:i saw a 1080 go for 350 yesterday on ebay 1080 and 1080ti are different GPUs. 1070 and 1080 are GP104 and 1080ti, Titan X, and TItan Xp are GP 102. feelix posted:I've been curious, is the ray tracing stuff even useful for non-graphical computing? The reason GPU computing exists is just because they're good at massively parralel matrix multiplication, does the ray-tracing math have some kind of more general non-graphical application? I don't think so.
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Nov 25, 2018 18:41
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lol
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Nov 25, 2018 18:48
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Lambert posted:American roulette is basically Roulette Cash, where American casinos forked the rules and decided to add in a second 0 for their own gain. Three zeros, now. https://vitalvegas.com/venetian-triple-zero-sands-roulette/ https://www.lasvegasadvisor.com/question/triple-zero-roulette/ All the blackjack has been 6:5 for years, and they started charging for parking on the Strip, last year. Lol, Bitcoin doesn't look so bad.
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Nov 25, 2018 18:51
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Bust Rodd posted:Why use the graphics processor instead of the other parts of the computer? a hash is a 1-way function which means you cant start with the goal and work backwards. so good for uniquely identifying things. the goal in mining is to wind up with a hash (that normally looks like a completely random series of characters) that by pure coincidence starts with a certain number of 0s. thats done by changing a randomly guessed number in the a section of the data youre hashing the more leading 0s required for the next block added to the chain, the higher the difficulty, the more numbers have to be guessed, and the more wasteful the whole system is if it sounds like a really dumb lottery that people who like technology but dont really understand it would be very into then ive explained it well enough
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Nov 25, 2018 19:07
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Mukip posted:I think crypto and MLM should both just be banned outright because the bovine herds are too dumb to look after themselves.
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Nov 25, 2018 19:09
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gary oldmans diary posted:GPUs in graphics cards have lots of cores that can run the same simple function on the same data simultaneously Oh my god
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Nov 25, 2018 19:14
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That's all this is. What.
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Nov 25, 2018 19:15
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in the data being hashed theres also public part of some basic public key cryptography too to verify what transactions are processed. just like everything on the internet has used for a long time revolutionary blockchain technology!
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Nov 25, 2018 19:22
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Dumb Lowtax posted:Oh my god Dumb Lowtax posted:That's all this is. What. https://www.youtube.com/watch?v=cNgxyL5zEAk except vince mcmahon represents the concept of pointless random waste
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Nov 25, 2018 19:24
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make the posts ghostty
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Nov 25, 2018 19:27
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