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Ad by Khad posted:lmao 5 groups can collude to 51% attack the network and change the entire rules of the game entirely If any one mining pool becomes too big, miners can just switch their hash power on the fly to a different pool to balance things out. This has happened in the past. Ad by Khad posted:imagine if gates+bezos+slim+buffett+zuckerberg could just meet up somewhere and decide nah money works this way now and you actually don't own any anymore
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Apr 22, 2020 17:38
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no i mean private citizens, not actual lawmakers and people experienced with fiscal policy edit: also those lawmakers didnt decide to take money away from the poor, which a 51% attack sure could (and has)
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Apr 22, 2020 17:50
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You can't change your pool on the fly. It's a partially administrative process because at bare minimum there's terms and conditions to accept on your way in, small differences in the wrappers and method of validating your hashing. At it's worst membership can get political and there's real paranoia about transparency of hash amounts and pool overall income. You see a commune you can freely join and find new ones when it's just another corporation that locks you in with your dependence on the income and then extracts every pennie it can.
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Apr 22, 2020 18:00
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zedprime posted:You can't change your pool on the fly. It's a partially administrative process because at bare minimum there's terms and conditions to accept on your way in, small differences in the wrappers and method of validating your hashing. At it's worst membership can get political and there's real paranoia about transparency of hash amounts and pool overall income. https://www.coindesk.com/bitcoin-miners-ditch-ghash-io-pool-51-attack
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Apr 22, 2020 18:11
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51% attacks are also dramatic which makes them the thread favorite, but the game theory discourages them enough for subtler alternatives that I think Bitcoin really is burning enough coal to avoid it. A 51% attack is an existential threat so if you already own half the pie, why throw it at the clown when you can reap benefits just holding on to it. The real reason to worry about organization of mining is traffic shaping. If half the miners have a problem with labor unions and they blacklist their wallets, now they are waiting 2 weeks and paying increased fees to settle their books. Fleetwood Crack posted:How do you explain what happened here, than?
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Apr 22, 2020 18:17
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Distributed mining pools as the alternative to government is the dumbest part of Bitcoin. It's giving monetary power directly to capital in the way morons without money decry the Fed and inflationary policy. "It makes my money worth less!" They cry, despite not having any. Gee who has all the money and would face disproportionate loss of wealth from the inflation Boogeyman? Why it's concentrations of capital and the lending class, not me penniless wage slave with static debts. I should cede monetary policy completely to capital with the idea of driving even harder at non inflationary targets! Then, Kramer into the thread, and suggest we take money from people who have it and give it to the poor in times of crisis. You know, the exact process of printing money and distributing it to the poor via government action. This thread keeps delivering.
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Apr 22, 2020 19:04
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It's been weeks and you're still arguing with Fleetwood Crack over stupid nonsense Is this how little you value your life
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Apr 22, 2020 19:07
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The cabin fever part of me says yes, but the pedantic shitlord part of me says of course, yes.
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Apr 22, 2020 19:22
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Goodpancakes posted:Distributed mining pools as the alternative to government is the dumbest part of Bitcoin. It's giving monetary power directly to capital in the way morons without money decry the Fed and inflationary policy. "It makes my money worth less!" They cry, despite not having any. Gee who has all the money and would face disproportionate loss of wealth from the inflation Boogeyman? Why it's concentrations of capital and the lending class, not me penniless wage slave with static debts. I should cede monetary policy completely to capital with the idea of driving even harder at non inflationary targets! The other thing you're forgetting is that bitcoin changes nothing in terms of the rich's ability to escape from the negative impacts of inflation. Most of their wealth is in stocks, bonds, and real estate. Even if the dollar were to start suffering dramatic inflation, they will be the first to know that's going to happen and can already exchange it for any other foreign currency of their choice. Bitcoin is simply one more option for the rich.
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Apr 22, 2020 19:42
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the 10 richest americans own an amount of money equal to 17% of all the USD in the entire money supply. this is bad. the 10 richest coiners own an amount of btc equal to 12% of all the btc that has ever been mined. this is... oh word? also bad fun fact: two of those coiners own them because they had a connection that allowed them to buy up ross's confiscated bitcoins for cheap
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Apr 22, 2020 20:31
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Ad by Khad posted:the 10 richest americans own an amount of money equal to 17% of all the USD in the entire money supply. this is bad.
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Apr 22, 2020 20:36
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that sure is a weird reading of me saying btc has the exact same problems, both with inequality and with the government allowing specific wealthy individuals first crack at very large amounts of btc, which in that case was confiscated from a murderous criminal hmm yes btc is 5 grand each right now, how bout we sell you this fifty thousand of them at 300 bucks a pop if your hope was that switching to a different currency would change this game in any way you'd be pretty wrong
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Apr 22, 2020 20:56
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Ad by Khad posted:the 10 richest americans own an amount of money equal to 17% of all the USD in the entire money supply. this is bad. Does the 12% factor in all the coins that are sinkholed and can't be spent? If not it's probably way higher.
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Apr 22, 2020 21:20
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nope, also there's no way to know if they don't own a hundred more hidden wallets somewhere the way mark did (does)
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Apr 22, 2020 21:27
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Shumagorath posted:Does the 12% factor in all the coins that are sinkholed and can't be spent? If not it's probably way higher. (USER WAS PUT ON PROBATION FOR THIS POST)
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Apr 22, 2020 22:11
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Do you ever shut the gently caress up? Bitcoin was one of my favourite threads in the BFL days now it's just this clown 24/7.
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Apr 22, 2020 22:27
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SilvergunSuperman posted:Do you ever shut the gently caress up?
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Apr 22, 2020 22:39
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Fleetwood Crack posted:Why would you include destroyed / irrecoverable coins in that? Do I get to count every destroyed dollar as part of Bezos's net worth?
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Apr 22, 2020 22:40
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I'm no fan of billionaires but it's still preferable to have the biggest ones be people who started highly productive companies rather than speculators who knew when to trade out their tulips or, worse yet, just inherited everything. If you look at how those types spend their money or god forbid go on to make large conglomerates / private equity firms they're a hundred times worse (see: Trump, ION group).SilvergunSuperman posted:Do you ever shut the gently caress up? 
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Apr 22, 2020 23:43
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it's also preferable for those billionaires to not actually have a lot of power in terms of regulation and rulemaking. buffett could throw some investment money around and could maybe pay for some lobbying, bezos could use the power of the newspaper he owns to influence the media (he claims not to, but he could) compare that to some of the biggest coinholders like charlie shrem and the winkleshits, who in comparison are on the board of the fed and NYSE respectively, and who are also not breaking the law if they use their powers on these boards to make number go up and down at a time that suits them
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Apr 23, 2020 00:10
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51% attacks are impossible. Hmm, looks at Amazon Cloud costs for an hour. iirc someone itt said it cost about ~$10k an hour to 51%. Also this SilvergunSuperman posted:Do you ever shut the gently caress up? It was either this thread that gave me divabot's(?) site or was it the other way round. Not that it matter as I came out ahead either way.
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Apr 23, 2020 01:21
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SilvergunSuperman posted:Do you ever shut the gently caress up?
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Apr 23, 2020 01:35
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oohhboy posted:51% attacks are impossible. Hmm, looks at Amazon Cloud costs for an hour. iirc someone itt said it cost about ~$10k an hour to 51%. I've thrown a lot of poo poo in this thread, but I'm just going to tell you that public cloud service providers do not have that capacity available for some random buyer. It can be arranged after a history of being a profitable customer, but lol at just thinking you can spin up $10k an hour on your credit card. You are DEEP into multi year "I have a dedicated technical account manager" and a lot of meaningful spend to get there. Turns out the cloud isn't just magic. It' actually using other people's hardware. Who knew?
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Apr 23, 2020 01:43
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Lmao Nah it's fine actually, if there's a 51% attack the mining pools will balance themselves out and self-regulate. It's only trustless when convenient It's not like one person with $20k to burn could bring down the whole network right? $10 transaction fees are fine and good if someone just spams transactions, they just deserve to have those transactions more than my rent payment because I only added a $9 tip but now my money is stuck in limbo for hours until I can be sure it didn't go through (no, fees) The halvening is actually good because transaction fees and libertarianism or something. Also look at the patterns in this 10 year log-scale chart of a non-exponential function I found on cryptobillionaire2day.biz The economy is too volatile right now, too risky to buy stocks. Better buy crypto instead, much less volatile and less risky Oh by the way, I have no actual BTC, just $800 locked in an exchange balance. But I'll crow anyway about bitcoins being the future of money and/or a great store of value. See? the website even says that it's safe in their TOS Charities should use smart contracts on the blockchain also I huff farts Bitcoins are good for preventing financial crimes like money laundering and fraud There have I caught up to the thread now? Edit: but really which rereg? Too slow of a burn to be seraph
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Apr 23, 2020 01:58
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Motronic posted:I've thrown a lot of poo poo in this thread, but I'm just going to tell you that public cloud service providers do not have that capacity available for some random buyer Uh yes they definitely do, that isn't really near high-roller territory They'll take your money if it's good (can't speak to aws but for gcp anyway) Either way though, if someone wants to do it they can find a way. Look at what that stress test did to the network and transaction fees in a day for like $10k total or something
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Apr 23, 2020 02:05
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$10 transaction fees are a thing of the past, noted criminal-in-exile Roger Ver recently released some data showing 28000 different btc transactions where the sender paid more than $1000 as fees
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Apr 23, 2020 02:06
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Shitcoin
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Apr 23, 2020 02:10
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Motronic posted:I've thrown a lot of poo poo in this thread, but I'm just going to tell you that public cloud service providers do not have that capacity available for some random buyer. It can be arranged after a history of being a profitable customer, but lol at just thinking you can spin up $10k an hour on your credit card. You are DEEP into multi year "I have a dedicated technical account manager" and a lot of meaningful spend to get there. It was a theoretical napkin math exercise by whoever it was. It clearly wasn't meant to be a dive into business contracts nor say the cloud was magic. Take it easy there mate.
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Apr 23, 2020 02:10
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tak posted:Uh yes they definitely do, that isn't really near high-roller territory I'm sure you know better than me. Let's roll with that. oohhboy posted:It was a theoretical napkin math exercise by whoever it was. It clearly wasn't meant to be a dive into business contracts nor say the cloud was magic. Take it easy there mate. Oh no no....not at all, your thing was fine, I was just adding some reality to it. It's not just that easy to decide you want to do this.
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Apr 23, 2020 02:20
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Ad by Khad posted:$10 transaction fees are a thing of the past, noted criminal-in-exile Roger Ver recently released some data showing 28000 different btc transactions where the sender paid more than $1000 as fees Lol seriously? Wow I'm behind the times
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Apr 23, 2020 02:22
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Fleetwood Crack posted:Just so you know, if you enter a digit wrong it doesn't go through. It's not like the money gets sent somewhere else, it simply doesn't get sent. Bitcoin is very resistant to typos because the addresses contain a built-in check code. So if you had simply mistyped a few of the letters or numbers in the address, it's extremely unlikely the client would let you complete a transaction with an incorrect address. You'd have to paste in another working address. What if I try to send some BTC to an altcoin address like bitcoin cash? One dropdown entered wrong, the checksum is fine, but whoops it's gone forever. That's been a really efficient way of decreasing the total supply though so it's impossible to say if it's bad or not Also wallet QR codes being stickered over in restaurants/stores and website hacks that change wallet addresses are pretty funny. You can even easily have it show the correct address visually but make it copy a malicious one to clipboard! Neat! Be your own bank! Although I guess the business world has moved on from accepting payment with bitcoins because why would a rational investor ever spend a deflationary asset. So maybe those are outdated attacks and it actually is fine, actually
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Apr 23, 2020 02:41
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Motronic posted:I'm sure you know better than me. Let's roll with that. "I've thrown a lot of poo poo in this thread" came off a bit hostile yeah?. Also no I don't know more than you about the workings of hiring $10k an hour of server time nor did I ever say I did. I was simply relaying what was posted itt at one point when it came to the plausibility of a 51% attack. tak has very helpfully elaborated on.
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Apr 23, 2020 02:50
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tak posted:
I find this part the most funny and ironic
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Apr 23, 2020 03:36
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tak posted:Uh yes they definitely do, that isn't really near high-roller territory  tak posted:Although I guess the business world has moved on from accepting payment with bitcoins because why would a rational investor ever spend a deflationary asset. So maybe those are outdated attacks and it actually is fine, actually Shumagorath fucked around with this message at 03:51 on Apr 23, 2020 |
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Apr 23, 2020 03:48
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Fleetwood Crack posted:This isn't the only bitcoin thread on these forums, but it is the only one I post in. More importantly, this forum doesn't exist solely to entertain SilvergunSuperman. Even more importantly this thread doesn't exist solely to entertain Fleetwood Crack, though you seem to think it does. 
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Apr 23, 2020 04:51
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Motronic posted:I've thrown a lot of poo poo in this thread, but I'm just going to tell you that public cloud service providers do not have that capacity available for some random buyer. It can be arranged after a history of being a profitable customer, but lol at just thinking you can spin up $10k an hour on your credit card. You are DEEP into multi year "I have a dedicated technical account manager" and a lot of meaningful spend to get there.
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Apr 23, 2020 12:02
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buttcoin
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Apr 26, 2020 01:27
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Shumagorath posted:
quote:As of today, Steam will no longer support Bitcoin as a payment method on our platform due to high fees and volatility in the value of Bitcoin.
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Apr 26, 2020 01:52
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Gobbeldygook posted:Valve stopped accepting Bitcoin because volatility and high fees made for a terrible customer experience. That was hard to predict.
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Apr 26, 2020 02:08
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Can someone in here explain to me what bitcoins is and how it works?
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Apr 26, 2020 02:09
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