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Bright Bart posted:Does BTC mining contribute anything in particular? Like does it reward you for hosting the blockchain? Because some coins use their mining for something that isn't ostensibly useless and lol if BTC would just burn power. [citation needed] As far as I know there are no coins that do useful work outside their own blockchain. There are tons of coins that claim to, but most are in the "we have a website" phase
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Jan 23, 2021 22:01
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I see seraph's usual poo poo that didnt happen dot txt now includes sexual fantasy oversharing We know what happened the last time he indulged in sexual fantasy oversharing
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Jan 23, 2021 22:23
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So just tulip gambling with really hot running light bulbs all over the world wasting electricity. Awesome.
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Jan 23, 2021 22:24
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there are also really hot running fans a lot of fans, ok
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Jan 23, 2021 22:27
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Ad by Khad posted:there are also really hot running fans Well that blows
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Jan 24, 2021 00:31
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I'm a basic bitch who still can't make the connection between the computational side of bitcoin (a ledger that grows and checks itself in a decentralized manner, got it) and the financial side (here's a token as reward for your efforts because... reasons?). I can see how such tokens would hypothetically be useful as a store of value, but... now there are hundreds of imitators and alternate justifications of value. Heck, Ethereum 2.0 is supposed to remove a lot of the computer grinding. "It's not just currency derived from computer sweat, though, it's also a digital currency that doesn't have to be pegged to a bank or treasury." Okay, but there are tokens for that too. Without the hash guessing and novelty of online money, what's left for bitcoin? Its price trending upward, especially as the new mining supply halves every four years? What happens when the price soars so high that only the rich can realistically purchase a significant portion of a bitcoin? Why wouldn't everyone just walk away and go back to their banking/money apps? I am picturing someone who got into bitcoin back when they were worth pocket change, feeling like king poo poo because they're a multimillionaire... and then no one being willing to buy. What would be able to drop the price at that point, or whenever people hypothetically lose interest? How does bitcoin not become an ultra-rare beanie baby?
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Jan 24, 2021 03:20
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there's a certain amount of evidence to indicate that these lengthy bull runs aren't even naturally occurring bubbles, but rather the side-effects of certain large, non-institutional investors buying in for various reasons. i.e. "because it lets me smuggle cash out of China" or "libertarianism questionmarks" the price has little to do with the value, and elaborate justifications for why it does are typically founded on nothing
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Jan 24, 2021 03:45
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Space Fish posted:I am picturing someone who got into bitcoin back when they were worth pocket change, feeling like king poo poo because they're a multimillionaire... and then no one being willing to buy. What would be able to drop the price at that point, or whenever people hypothetically lose interest? How does bitcoin not become an ultra-rare beanie baby? Can't you buy/sell fractions of bitcoins?
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Jan 24, 2021 04:50
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Fractional orders can be done for sure. It's just... once bitcoin is priced to the moon, why bother with it from there? How would banks and other whales shave off little millionths of a coin to get anything done? It's similar to the problem goldbugs have in describing gold as a store of value in a hyper-inflated doomsday scenario. Who will accept a brick of gold as payment compared to food and water? Digitally speaking, why accept a whole other form of value when there are tokens pegged to different currencies now, with banks crafting their own tokens as we speak? What is bitcoin offering that can't be, or hasn't already been, replicated in a more practical form?
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Jan 24, 2021 05:28
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Space Fish posted:Fractional orders can be done for sure. It's just... once bitcoin is priced to the moon, why bother with it from there? How would banks and other whales shave off little millionths of a coin to get anything done? It's similar to the problem goldbugs have in describing gold as a store of value in a hyper-inflated doomsday scenario. Who will accept a brick of gold as payment compared to food and water? Digitally speaking, why accept a whole other form of value when there are tokens pegged to different currencies now, with banks crafting their own tokens as we speak? What is bitcoin offering that can't be, or hasn't already been, replicated in a more practical form? it’s basically like someone saying “it’s called a ship you idiots, why bother learning to swim? actually being in the water is for total losers. also, the ship is the largest passenger ship ever made and is unsinkable due to advanced safety features, such as watertight compartments and remotely activated watertight doors. stupid noshippers are going to regret not getting on board!”
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Jan 24, 2021 05:51
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ymgve posted:[citation needed] Fair. But I want to make a coin that rewards you for using your processing power and... just mines Bitcoin with your rig. Why hasn't this been done actually?
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Jan 24, 2021 15:56
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Because the act of mining butts is by definition all-encompassing. Anything that diverts power to something productive is going to uncompetitive with dedicated miners (which will be uncompetitive with massive purpose-built farms of specialty devices located in areas with cheap electricity). Remember that the prize of creating a block is all-or-nothing; it's a lottery where you either win the jackpot or go home empty-handed, and have to start from scratch every drawing. There's literally no point in this, and it's self defeating.
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Jan 24, 2021 16:23
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lol, holy poo poo, serph actually took my advice and registered multiple accounts, including some with a VPN. i am so, so sorry everyone. bitcoin is a Ponzi scheme
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Jan 24, 2021 16:46
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Bright Bart posted:Fair. But I want to make a coin that rewards you for using your processing power and... just mines Bitcoin with your rig. Why hasn't this been done actually? So this kind of thing only works if the results are hard to compute, but easy to check. Find something useful that falls under those conditions and yeah go ahead.
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Jan 24, 2021 17:51
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Splicer posted:Let's take SETI at home for an example. You reward people for analysing data and submitting results. But if you're rewarded for submitting results, why bother analysing the data? Just submit fake results. OK, so now SETI at home needs to check the results, but it takes as long to check the results as it does to just do the work themselves. I think you're underestimating how much of a scam I am referring to. In my coin it literally uses your rig to mine actual Bitcoins on my behalf and alots you a semi-arbitrary amount of Tungsten Coin or what have you. These coins are just produced as a result of mining BTC. For me.
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Jan 24, 2021 17:58
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why are idiots still investing in bitcoins now anyway? It's pretty obvious at this point that they are going to be obsolete in a few years after someone uses the technology to develop bitbills, which will do the same thing but be worth more.
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Jan 24, 2021 18:12
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Call Your Grandma posted:why are idiots still investing in bitcoins now anyway? It's pretty obvious at this point that they are going to be obsolete in a few years after someone uses the technology to develop bitbills, which will do the same thing but be worth more. you see, unlike filthy national fiat the new hot nerd fiat is the best thing ever and will exist forever like gold
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Jan 24, 2021 18:14
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Call Your Grandma posted:why are idiots still investing in bitcoins now anyway? It's pretty obvious at this point that they are going to be obsolete in a few years after someone uses the technology to develop bitbills, which will do the same thing but be worth more. Don't get your point. Number go up means profit.
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Jan 24, 2021 18:26
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Call Your Grandma posted:why are idiots still investing in bitcoins now anyway? It's pretty obvious at this point that they are going to be obsolete in a few years after someone uses the technology to develop bitbills, which will do the same thing but be worth more. Thats why you diversify! There are only like 10000 shitcoins, buy into all of them at once!
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Jan 24, 2021 20:06
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118 posts, something must have happened in the world of buttcoin, lets see what it wa
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Jan 24, 2021 20:37
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Call Your Grandma posted:why are idiots still investing in bitcoins now anyway? It's pretty obvious at this point that they are going to be obsolete in a few years after someone uses the technology to develop bitbills, which will do the same thing but be worth more. Just wait until the release of Bitcoin classic
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Jan 24, 2021 22:35
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Space Fish posted:I'm a basic bitch who still can't make the connection between the computational side of bitcoin (a ledger that grows and checks itself in a decentralized manner, got it) and the financial side (here's a token as reward for your efforts because... reasons?). I can see how such tokens would hypothetically be useful as a store of value, but... now there are hundreds of imitators and alternate justifications of value. Heck, Ethereum 2.0 is supposed to remove a lot of the computer grinding. so tl;dr if your reaction to learning how bitcoin actually works is "that can't be right, that's just stupid," the reason is: yes, it is indeed stupid
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Jan 25, 2021 00:07
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divabot posted:so tl;dr if your reaction to learning how bitcoin actually works is "that can't be right, that's just stupid," the reason is: yes, it is indeed stupid Since you're an expert on the subject, why don't you elaborate on the "Without the hash guessing and novelty of online money, what's left for bitcoin?" question?
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Jan 25, 2021 00:13
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xtal posted:Since you're an expert on the subject, why don't you elaborate on the "Without the hash guessing and novelty of online money, what's left for bitcoin?" question? The answer is "nothing". hth
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Jan 25, 2021 00:41
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vortmax posted:The answer is "nothing". hth "If I totally misunderstand the value of something, what value does it have?" "I agree with you."
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Jan 25, 2021 00:51
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I mean...as opposed to the answer of "none, because the situation described is why the entire project is an irrational mirage built by credulous idiots who despite the application of lots and lots of fraud, cannot possibly create this new world that they posit since it's wholly nonsensical and self-contradictory"?
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Jan 25, 2021 00:58
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xtal posted:Since you're an expert on the subject, why don't you elaborate on the "Without the hash guessing and novelty of online money, what's left for bitcoin?" question? here’s a counter question that addresses the same problem: what was bitcoin worth by itself before people started using it as a store of USD and other currency? like, what does it do other than be a way to park real money in a volatile intermediary? stocks sometimes pay dividends or may offer you voting privileges in stockholder meetings, for example, or in extreme cases can be used for a hostile takeover of another business but i don’t know of anything bitcoin does for you that’s even remotely comparable to that
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Jan 25, 2021 01:05
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Dewgy posted:here’s a counter question that addresses the same problem: it provides almost as much security as cash when doing crimes, but with the benefits of remote transactions e: and without the overhead of offshoring and lawyers that is typically required to do crimes with electronic money
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Jan 25, 2021 02:42
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Maybe as a souvenir of a mining process? People like collectibles. Fun fact not all legal currency is also legal tender. Bank of Scotland notes I would get at most any Atm were routinely refused outside Scotland but even one specific place in Scotland wanted English notes.
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Jan 25, 2021 02:44
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OMGVBFLOL posted:it provides almost as much security as cash when doing crimes, but with the benefits of remote transactions Good take. But this is still a version of BTC where transactional value takes off. As in the cocaine wholesaler will accept BTC because he can buy a car or Villa with it or at least trade it for more cocaine to sell for hard currency.
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Jan 25, 2021 02:46
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Bright Bart posted:Maybe as a souvenir of a mining process? People like collectibles. I think technically legal tender only means that they're required to be accepted specifically for the repayment of debt. Any form of payment that does not involve debt you can restrict what you'll accept to whatever the gently caress you want.
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Jan 25, 2021 03:00
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Bright Bart posted:Good take. But this is still a version of BTC where transactional value takes off. As in the cocaine wholesaler will accept BTC because he can buy a car or Villa with it or at least trade it for more cocaine to sell for hard currency. that's all money though. it's only worth what people will trade for it e: well, coins are also useful as random number generators, and you can use paper bills to temporarily patch a bicycle tire
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Jan 25, 2021 03:10
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reignonyourparade posted:I think technically legal tender only means that they're required to be accepted specifically for the repayment of debt. Any form of payment that does not involve debt you can restrict what you'll accept to whatever the gently caress you want. Ya. Although in the case of Scotland pretty sure no bill is legal tender and Scottish bills are not legal tender anywhere. The rest is just anecdote. Bright Bart fucked around with this message at 03:27 on Jan 25, 2021 |
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Jan 25, 2021 03:19
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Any thoughts on the idea of shorting MicroStrategy?
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Jan 25, 2021 03:25
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Dewgy posted:what was bitcoin worth by itself before people started using it as a store of USD and other currency? like, what does it do other than be a way to park real money in a volatile intermediary? quote:Sent BTC remittance to family in Argentina. The future is here. https://www.reddit.com/r/Bitcoin/comments/l3uxy3/sent_btc_remittance_to_family_in_argentina_the/
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Jan 25, 2021 03:29
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Don't short GME. Actually I'm dissapointed options on BTC aren't readily available. Instead of holding it I could just make use of the fact it will fluctuate at least 10 percent any given day for constant profit.
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Jan 25, 2021 03:31
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Hi Seraph. Also no one's using BTC for remittances because no one actually takes butts for the actual reasons they need money. Bright Bart posted:Don't short GME.
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Jan 25, 2021 03:39
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kw0134 posted:The premium for implied volatility will have that priced in. Options trading makes it deceptively easy to lose your shirt in half the (leveraged) time it takes to lose your shirt by trading only the underlying asset! (USER WAS PERMABANNED FOR THIS POST)
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Jan 25, 2021 03:49
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Space Fish posted:I'm a basic bitch who still can't make the connection between the computational side of bitcoin (a ledger that grows and checks itself in a decentralized manner, got it) and the financial side (here's a token as reward for your efforts because... reasons?). I can see how such tokens would hypothetically be useful as a store of value, but... now there are hundreds of imitators and alternate justifications of value. Heck, Ethereum 2.0 is supposed to remove a lot of the computer grinding. Dewgy posted:it’s basically like someone saying “it’s called a ship you idiots, why bother learning to swim? actually being in the water is for total losers. also, the ship is the largest passenger ship ever made and is unsinkable due to advanced safety features, such as watertight compartments and remotely activated watertight doors. stupid noshippers are going to regret not getting on board!” *sails away on his Bityacht* (USER WAS PUT ON PROBATION FOR THIS POST) BurnAllTheSuburbs fucked around with this message at 04:10 on Jan 25, 2021 |
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Jan 25, 2021 04:04
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Sending money to an Argentinian bank account, from my bank account, through my bank, over the internet, costs $0. Checkmate, coiners. Western Union lol maybe in the 1800s
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Jan 25, 2021 04:12
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