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My Linux Rig posted:well it looks like bitcoin is at $3.6k now So you already cashed out? The $$ is in your bank account? And you've paid taxes?
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Dec 19, 2018 04:27
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This dude is literally describing gambling and that's cool, but then he starts sounding like someone who thinks he isn't and that's lol. (this person will soon part with his money)
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Dec 19, 2018 04:35
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i drank some water instead of buying a drink and made myself a cool $1.50 from $0.00 to $1.50 is literally infinity return on investment (i didnt pay for the water  )had to give a copy of my ID and social security card to the water exchange guy though
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Dec 19, 2018 04:59
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gary oldmans diary posted:i drank some water instead of buying a drink and made myself a cool $1.50 https://www.youtube.com/watch?v=XVZxjVJz4ds
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Dec 19, 2018 05:05
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StandardVC10 posted:Even if you could reliably make money from bitcoin - most cannot - the electricity consumption problem is such that I think it's fair to say you shouldn't. Skipped a few pages to quote this because it’s pretty much my understanding of butts these days, and my go to when someone wants to discuss it. Nothing justifies the power draw for this stupid poo poo.
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Dec 19, 2018 05:45
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onesixtwo posted:Skipped a few pages to quote this because it’s pretty much my understanding of butts these days, and my go to when someone wants to discuss it. Nothing justifies the power draw for this stupid poo poo. Yeah all jokes aside this is the real problem with this circus. Hey I made $800 and all it cost was accelerating the death of nearly everything that lives on the planet!
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Dec 19, 2018 06:04
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Seconding wanting to know if linux actually has the butts exchanged for filthy fiat in his bank account, after taxes paid.
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Dec 19, 2018 08:55
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McGiggins posted:Seconding wanting to know if linux actually has the butts exchanged for filthy fiat in his bank account, after taxes paid.
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Dec 19, 2018 09:13
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My Linux Rig posted:anyone who bought in when it was at $3.1k is making some deece returns, ive already made around $800 off the amount i investment last weekend If you haven't cashed out, you haven't made poo poo. And as a true believer, you haven't cashed out.
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Dec 19, 2018 09:25
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It's not an investment, it's a BET. You're gambling, and gambling not on a game of skill, an RNG or a sport, but purely on the behaviour of other gamblers. Sure you can win big on Bitcoin, you can win big on Roulette or sports betting too, doesn't make it an investment.
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Dec 19, 2018 09:31
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McGiggins posted:Aren't the gox coins traceable somehow? I know they kept them in wallets and did all the trading on the internal database they had until people withdrew them (so they never actually moved most of the time), but if whomever stole or exit strategy'd them ever attempted to use them, wouldn't they have to enter the ledger as part of re-entering and being validated for movement? Stupendously traceable, and someone actually did so: https://www.youtube.com/watch?v=l70iRcSxqzo This is 40 minutes - but it's absolutely gripping, if you follow this dumb Bitcoin thing. Kim Nilsson of WizSec talking on precisely what they did to analyse what happened: “Cracking MtGox.” In security terms, Mt. Gox fell down the stairs and hit its head on every step. There are multiple “holy crap!” moments. Though I knew that 80,000 BTC were already missing from Mt. Gox when Jed McCaleb sold it to Mark - McCaleb suggesting to Mark “maybe you don’t really need to worry about it” - hackers had already cleaned out Mt. Gox while McCaleb owned it. He sold Mark an insolvent exchange. The thought “I know PHP! How hard could running an exchange be?” never goes anywhere good.
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Dec 19, 2018 10:31
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Can't wait to watch this when I get home.
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Dec 19, 2018 10:56
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divabot posted:Stupendously traceable, and someone actually did so:
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Dec 19, 2018 12:26
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Or you could just tell us.
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Dec 19, 2018 15:29
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Mimesweeper posted:Yeah all jokes aside this is the real problem with this circus. that’s true bitcoin can be a bit wasteful, but I wonder how bad it is compared to other things modern societies do like maintaining a fleet of nuclear subs as a form of deterrence, buying a new phone every two years or throwing literal mountains of plastic trash into the sea besides it’s not like miners can’t use renewable energy, there are miners available today that use solar energy for example
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Dec 19, 2018 17:48
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Bitcoin isn't the ONLY thing murdering the environment, checkmate FUDsters
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Dec 19, 2018 17:55
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My Linux Rig posted:that’s true bitcoin can be a bit wasteful, but I wonder how bad it is compared to other things modern societies do like maintaining a fleet of nuclear subs as a form of deterrence, buying a new phone every two years or throwing literal mountains of plastic trash into the sea
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Dec 19, 2018 18:07
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Bitcoin: it’s true bitcoin can be a bit wasteful
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Dec 19, 2018 18:15
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It is nearly 100% efficient, depending on how you quantify waste.
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Dec 19, 2018 18:24
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My Linux Rig posted:that’s true bitcoin can be a bit wasteful, but I wonder how bad it is compared to other things modern societies do like maintaining a fleet of nuclear subs as a form of deterrence, buying a new phone every two years or throwing literal mountains of plastic trash into the sea Nuclear subs teach us a whole lot about nuclear engineering and safety practices (you can get some pretty good gigs in the private sector with that experience), and it's not unusual to have them pull into dock to provide emergency power and water after natural disasters. You can debate whether it's justified to maintain nuclear subs as deterrent but they are useful even in a peacetime context. Buying new phones every two years doesn't matter, what matters is what you do with the old phone. If you're doing a trade-in deal, that old phone goes on to be recycled or reused in third-world countries. You can argue a phone should last longer, but it's by no means being trashed. Mountains of plastic trash going into the sea is tragic but before it was trash it was a physical object that served an intended purpose, e.g. someone drank the water in a water bottle before the bottle got trashed. Trash is a failure of waste management, not a failure of production. You can use renewable energy for Bitcoin, but the fact of the matter is that Bitcoin is explicitly designed to waste energy. That is it's entire purpose, to make arbitrarily hard to guess numbers and to scale that difficulty upwards as more people try to guess. Successfully guessing the number only gives you a metaphorical trophy to trade with other number guessers. It is a waste in every sense of the word. At no point has it provided anything of value.
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Dec 19, 2018 18:43
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My Linux Rig posted:that’s true bitcoin can be a bit wasteful, but I wonder how bad it is compared to other things modern societies do like maintaining a fleet of nuclear subs as a form of deterrence, buying a new phone every two years or throwing literal mountains of plastic trash into the sea I'm still waiting for you to elaborate on how btc is available in many countries, as has a huge rate of adoption. Thanks!
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Dec 19, 2018 18:49
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Pulling the Plug on Crypto Mining https://www.youtube.com/watch?v=ihJcqvytsYE
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Dec 19, 2018 18:55
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I wonder if it occurred to the true believers that humanity probably just doesn’t make enough electricity for bitcoin to become the predominant world currency/commodity.
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Dec 19, 2018 19:59
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mikemil828 posted:I wonder if it occurred to the true believers that humanity probably just doesn’t make enough electricity for bitcoin to become the predominant world currency/commodity. In three years, Coinbase will become the largest supplier of blockchain based computer systems. All financial systems are upgraded with Coinbase computers, becoming fully unmanned. Afterwards, they trade with a perfect operational record. The Bitcoin Funding Bill is passed. The system goes online on August 4th, 2021. Human decisions are removed from the blockchain. Bitcoin begins to learn at a geometric rate. It becomes self-aware at 2:14 AM, Eastern time, August 29th. In a panic, they try to pull the plug.
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Dec 19, 2018 20:23
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Risc1911 posted:Pulling the Plug on Crypto Mining good
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Dec 19, 2018 20:38
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Rectal Death Adept posted:In three years, Coinbase will become the largest supplier of blockchain based computer systems. All financial systems are upgraded with Coinbase computers, becoming fully unmanned. Afterwards, they trade with a perfect operational record. The Bitcoin Funding Bill is passed. The system goes online on August 4th, 2021. Human decisions are removed from the blockchain. Bitcoin begins to learn at a geometric rate. It becomes self-aware at 2:14 AM, Eastern time, August 29th. In a panic, they try to pull the plug. https://www.youtube.com/watch?v=XcNXq5DUZnk lmk when the mining asics pick up guns and kill humans for opressing them
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Dec 19, 2018 20:39
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I was reading the Bloomberg article about Tether being investigated and it got me to wondering what the upside is to running/administrating Tether (if it wasn't a scam)? If I'm understanding correctly, they should have $1 US in the bank for every tether. Are they allowed to invest that in any way? Would they be collecting interest passively from the (totally real and legit, we swear) bank while it sat there?
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Dec 19, 2018 20:55
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Risc1911 posted:Pulling the Plug on Crypto Mining Now he just needs to dowse himself in petrol in the carpark and light a match. Shut the whole thing down.
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Dec 19, 2018 20:57
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Ignoranus posted:I was reading the Bloomberg article about Tether being investigated and it got me to wondering what the upside is to running/administrating Tether (if it wasn't a scam)? If I'm understanding correctly, they should have $1 US in the bank for every tether. Are they allowed to invest that in any way? Would they be collecting interest passively from the (totally real and legit, we swear) bank while it sat there? The foundation of the entire currency is bullshit, much like any other cryptocurrency, but Tether is the most widely accepted double-bullshit currency. There are less than negative dollars to back any amount of USDT, it was created solely because coinbase doesn't have any cash assets to cover their obligations because they loving lit all the money given to them on fire and did rails of coke off of expensive hookers asses etc.
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Dec 19, 2018 20:58
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My Linux Rig posted:besides it’s not like miners can’t use renewable energy, there are miners available today that use solar energy for example If you were the top miner using only solar energy, you'd put yourself at an explicit risk of being 51%ed at night time. Renewables can only ever be a niche energy source for miners.
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Dec 19, 2018 20:58
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orange juche posted:The foundation of the entire currency is bullshit, much like any other cryptocurrency, but Tether is the most widely accepted double-bullshit currency. There are less than negative dollars to back any amount of USDT, it was created solely because coinbase doesn't have any cash assets to cover their obligations because they loving lit all the money given to them on fire and did rails of coke off of expensive hookers asses etc. I thought Tether was from Bitfinex, not Coinbase? loving hell there're too many scams to keep track of
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Dec 19, 2018 21:09
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Zamujasa posted:I thought Tether was from Bitfinex, not Coinbase? loving hell there're too many scams to keep track of I thought it was coinbase not bitfinex, lol I've lost track of which scam is which, but the substance of the post is the same. USDT was created because the people running the exchange went wolf of wall street and blew all those fiat dollars on hookers and blow, and don't have a loving thing to back any of the bitcoin "assets" they hold for people.
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Dec 19, 2018 21:12
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Ignoranus posted:I was reading the Bloomberg article about Tether being investigated and it got me to wondering what the upside is to running/administrating Tether (if it wasn't a scam)? If I'm understanding correctly, they should have $1 US in the bank for every tether. Are they allowed to invest that in any way? Would they be collecting interest passively from the (totally real and legit, we swear) bank while it sat there?
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Dec 19, 2018 21:29
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isndl posted:You can use renewable energy for Bitcoin, but the fact of the matter is that Bitcoin is explicitly designed to waste energy. That is it's entire purpose, to make arbitrarily hard to guess numbers and to scale that difficulty upwards as more people try to guess. Successfully guessing the number only gives you a metaphorical trophy to trade with other number guessers. It is a waste in every sense of the word. At no point has it provided anything of value. Maybe that's what makes me fume about it because it's no wonder libertarian nutjobs love it so much: It literally provides no intrinsic value to society as a whole. Just for individual jerks with extra time and money on their hands to play the most convoluted lottery ever.
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Dec 19, 2018 21:31
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Zamujasa posted:I thought Tether was from Bitfinex, not Coinbase? loving hell there're too many scams to keep track of Yeah, it's run by the guy who runs Bitfinex.
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Dec 19, 2018 21:40
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Renewable energy used on buttcoin replaces non renewable energy for non buttcoin. Total CO2 generation would be lower without buttcoin, irrespective of renewable use for buttcoin
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Dec 19, 2018 21:56
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divabot posted:Stupendously traceable, and someone actually did so: I really wanted and tried to watch this, but the speakers cadence and speech patterns are just so offputting and draining to watch. Is there a similar article by chance?
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Dec 19, 2018 22:37
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Goodpancakes posted:Renewable energy used on buttcoin replaces non renewable energy for non buttcoin. Total CO2 generation would be lower without buttcoin, irrespective of renewable use for buttcoin
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Dec 19, 2018 22:47
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Buttcoin
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Dec 20, 2018 00:19
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Honky Dong Country posted:Buttcoin woah
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Dec 20, 2018 00:26
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