|
Gangbang futures? more like gangbusters! BUY BUY BUY! definitely hodl on your double penetration acquisitions. the market is down right now, but we expect a gushing resurgence next quarter.
|
#
?
May 25, 2021 17:44
|
|
|
|
| # ? Jun 4, 2024 09:01 |
|
|
DerekSmartymans posted:
hmmm so not  at all then. You seen to have mistaken me for someone that understand things.
|
|
#
?
May 25, 2021 18:34
|
|
|
Timotheous Venture posted:hmmm so not Sorry ‘bout that! I’m not a smart person, I’ve just followed the ecosystem since a few months after it was released. In over a decade there is still no possible way to teach my Dad or brother how to actually use a Bitcoin. I make sure they stay away, and I never placed a single toe into the poop. I know it’s Byzantine and opaque, and the chart to even participate is confusing even to tech-heads. Don’t even try to understand the “fix” for Bitcoin’s wait time for any use case: the Lightning Network is orders of magnitude more convoluted and just stupid to the core. And even the modern stuff like NFTs are loving dumb, with no bugs in any part of Bitcoin likely to get fixed, or even to find consensus (which is not needed for cutting edge science, but critical in a global protocol to minimize errors) in an idealized process. It’s just loving stupid and please flush your brain every time you leave a conversation with a coiner of any species of coin. You’ll be happier and a bit smarter as well!
|
|
#
?
May 25, 2021 19:03
|
|
|
tango alpha delta posted:mods, please change the thread title to this.
|
|
#
?
May 25, 2021 19:52
|
|
|
I just read a sci fi novel called Ministry for the Future that goes into a lot of economic theory and discussion of how a massive global effort could combat climate change. Some of the statements on cryptocurrency seemed contradictory. In the book, a non state actor, the titular Ministry, creates a phone app that uses P2P encryption to replace traditional social media and banking. Alongside this app, they also push for all worldwide currency to be added to “a blockchain” so that all currency is 100% publicly tracked and ledgered. This supposedly would eliminate money laundering, tax havens, and black market activity. Obviously the transaction, energy requirements, and ledger size limit of Bitcoin make this completely impossible using the prevailing crypto coin standard. But is there a decentralized encrypted method (blockchain?) that could be used to meet this goal? Obviously the centrally controlled and trusted database containing all money would be preferable from an ease of implementation perspective. The benefit of decentralization is that no single state actor could control it, and a non-state actor could start it and try and get it to work. Has anyone else more versed in cryptocurrency than I am read this book and care to share their thoughts?
|
|
#
?
May 25, 2021 20:24
|
|
|
 last two dips in global butt hash rate were 10 days (blue line) and 7 days (red line) we're at 11 days and counting currently. Sounds like rumors of chinese mines going offline might be true
|
|
#
?
May 25, 2021 20:27
|
|
|
oxsnard posted:
Since the difficulty adjusts automatically doesn't this just mean less energy is being wasted?
|
|
#
?
May 25, 2021 20:34
|
|
|
yes but miners pulling the plug might be a leading indicator they intend to liquidate their butts
|
|
#
?
May 25, 2021 20:40
|
|
|
space uncle posted:I just read a sci fi novel called Ministry for the Future that goes into a lot of economic theory and discussion of how a massive global effort could combat climate change. Some of the statements on cryptocurrency seemed contradictory. Short version: sounds like bullshit OP
|
|
#
?
May 25, 2021 20:43
|
|
|
space uncle posted:... This supposedly would eliminate money laundering, tax havens, and black market activity. .... I'm a cryptocurrency expert and these are my thoughts: lol
|
|
#
?
May 25, 2021 23:02
|
|
|
Now I'm no cryptographer, but one of the major uses for Bitcoin is money laundering, so..
|
|
#
?
May 25, 2021 23:13
|
|
|
Hey buster, cryptograph THIS!!! e: I'm pointing at my crotch, to be clear
|
|
#
?
May 25, 2021 23:20
|
|
|
The idea that a transaction must be associated with some arbitrary identifier does not in any way mean it's possible to associate with a particular entity. Oops new wallet received 3 million equivalent, and then ten thousand new wallets each receive of the money, repeat arbitrary number of times, push money to third party that doesn't care about US law. All transactions precessed by botnet iot devices. Funding sex traffickers is just the price of freedom
|
|
#
?
May 25, 2021 23:23
|
|
|
So you're saying that if I forget all the conveniences of using dollars through my bank and Interac system I could buy crypto and thus the value of your ponzi poo poo could go up? Where do I sign???one??
|
|
#
?
May 25, 2021 23:27
|
|
|
oxsnard posted:
Similar to what was asked above. If 75% of the mining is done in China, and all of a sudden or even slowly it all goes offline. Doesn't that mean it will take significantly longer to transact using bitcoin as the remaining 25% mining power has to work harder to solve the Expert++ level Sudoku? If so, would that mean that potentially all bitcoin transactions would grind to a halt? Does it matter, if all bitcoin "transactions" are done on exchanges and nothing is actually being written to the blockchain?
|
|
#
?
May 25, 2021 23:36
|
|
|
I think the way it works is that if a large chunk of the processing suddenly goes offline, then the next chunk will take a hell of a long time to actually be calculated, but when it is, the difficulty will be recalculated and ratcheted down. It's not going to stay at "drat near impossible" forever, unfortunately.
|
|
#
?
May 25, 2021 23:41
|
|
|
And it's not like it's going to affect the price of BTC much, if divabot's theory that Tether's ponzi scheme is basically the only thing that keeps number go up plays out.
|
|
#
?
May 25, 2021 23:51
|
|
|
theres like $60b Tether right? and $1.1t BTC?
|
|
#
?
May 25, 2021 23:55
|
|
|
space uncle posted:In the book, a non state actor, the titular Ministry, creates a phone app that uses P2P encryption to replace traditional social media and banking. Alongside this app, they also push for all worldwide currency to be added to “a blockchain” so that all currency is 100% publicly tracked and ledgered. This supposedly would eliminate money laundering, tax havens, and black market activity. Ignoring all the bullshit around the current crypto offerings, any currency that can't offer real-time transactions is a non-starter, and (please correct me if I'm wrong) anything using a block chain can never be real time. punishedkissinger posted:theres like $60b Tether right? and $1.1t BTC? I asked this earlier because from what I can tell there's 700billion BTC, but that's assuming all bitcoins mined are available I think. If it's true that only 10% of bitcoins are actually available (the others being lost to the ether and unrecoverable) then doesn't that mean there's only ~70 billion in BTC out there? InternetJunky fucked around with this message at 00:01 on May 26, 2021 |
|
#
?
May 25, 2021 23:57
|
|
|
punishedkissinger posted:theres like $60b Tether right? and $1.1t BTC? Those numbers are not related because Tether is pegged (or at least stays very close to) the value of the US dollar, originally because there was supposedly one dollar in a bank for every Tether. That bitcoin number is just the last price a mook paid times the total number of bitcoin, so it varies wildly from minute to minute. Although they are related in that they are both pure fantasy and could dissolve at any second.
|
|
#
?
May 25, 2021 23:59
|
|
|
MechaCrash posted:I think the way it works is that if a large chunk of the processing suddenly goes offline, then the next chunk will take a hell of a long time to actually be calculated, but when it is, the difficulty will be recalculated and ratcheted down. It's not going to stay at "drat near impossible" forever, unfortunately. Unless they changed it it's not immediate, but every fixed number of blocks the system evaluates the difficulty level. It's a couple thousand blocks, iirc?
|
|
#
?
May 26, 2021 00:15
|
|
|
a hot gujju bhabhi posted:Okay this is what they keep saying, but why? What problem is this solving? What does this solve that event sourcing plus cryptographic signatures can't also accomplish? It doesn't solve a technical problem so much as it solves the social/political problem of making it more difficult for other people to tell you what you can and cannot do. With traditional public key cryptography someone has to be able to keep the private keys secret to maintain integrity and trust. It takes relatively little resource wise to make an individual give up their private keys. Proof of work removes the individual at at the same time amplifies that cost. It also gives people a way to detect that someone is trying to compromise the integrity of the chain.
|
|
#
?
May 26, 2021 00:20
|
|
|
space uncle posted:I just read a sci fi novel called Ministry for the Future that goes into a lot of economic theory and discussion of how a massive global effort could combat climate change. Some of the statements on cryptocurrency seemed contradictory. Even in some sort of idealized form, blockchain as the world currency has some problems that would be very hard to solve: 1. Transaction delay & finite number of transactions/time. Bitcoin is bad for this, but even improved versions like Ethereum have limitations that would be very annoying in day-to-day situations like buying a coffee. Blockchains work by putting transactions in blocks; a transaction isn't complete until the next block comes back with the signature. If you say "well we just need to add a block every 1/10th second" you now have a massive bandwidth & syncing problem. If the Ministry has replaced all world currency, they have to deal with a pretty staggering number of people buying coffees. 2. A decentralized P2P currency that eliminates money laundering, tax havens, and black market activity is a contradiction in base principles. You can't do that without some sort of intelligent authority that can determine the difference between me sending $10k to somebody because I'm buying a car, and me sending $10k to someone because I'm a money mule. Without an authority, how can that possibly happen? 3. Looking up the book, it seems not at all like a decentralized P2P currency -- the Ministry is the one giving it to people who do good things for Carbon Coins. So I think KSR used "blockchain" because bitcoin is a thing in the news, without actually understanding it at all or even defining how his alternate version worked. It's just the magic bullet the protagonists get via plot.
|
|
#
?
May 26, 2021 00:21
|
|
|
necrotic posted:Unless they changed it it's not immediate, but every fixed number of blocks the system evaluates the difficulty level. It's a couple thousand blocks, iirc? Yes, and only up to a certain maximum adjustment each time.
|
|
#
?
May 26, 2021 00:23
|
|
|
I thought the bitcoin whitepaper proof of work really was technically really clever. Usually there is no guarantee that you'll be able to guess a matching cryptographic hash within any reasonable time frame. By using an adjustable number of bits instead of the whole hash, it creates a way to be statistically certain that a match will be found at a constant rate.
|
|
#
?
May 26, 2021 00:36
|
|
|
Chadzok posted:Those numbers are not related because Tether is pegged (or at least stays very close to) the value of the US dollar, originally because there was supposedly one dollar in a bank for every Tether. That bitcoin number is just the last price a mook paid times the total number of bitcoin, so it varies wildly from minute to minute.
|
|
#
?
May 26, 2021 00:37
|
|
|
punishedkissinger posted:theres like $60b Tether right? and $1.1t BTC? you're thinking about it wrong. There are over 100 billion stable coins and the daily BTC trading volume is 3-10 billion dollars this market already has a liquidity problem. Apple has a market cap of 2 trillion. The stock alone trades 13 billion per day. And if you include index funds and futures contracts and foreign trading, the real number is probably the equivalent of 50-100 billion per day if you suck 70% of the liquidity out of butts it's a catastrophe
|
|
#
?
May 26, 2021 01:35
|
|
|
latinotwink1997 posted:I’m still not understanding how bitcoin can persist if it can constantly lose coins due to lost passwords and wallets and has a maximum supply of 21 million coins. Once the max is near and mining profits start to disappear, the mining consortiums will simply change that because they control more than 51% of the processing power and can fork the blockchain at will. ikanreed posted:The idea that a transaction must be associated with some arbitrary identifier does not in any way mean it's possible to associate with a particular entity. All of which is in a publicly available blockchain, and if either end of the transaction is caught can be traced back. This has hilariously burned several bitcoin moguls. Especially since 99% of transactions are just on exchanges now, who are vulnerable to warrants.
|
|
#
?
May 26, 2021 02:16
|
|
|
InternetJunky posted:If 90% of bitcoins are lost forever doesn't that make the market cap of bitcoin actually just ~70 billion instead of 700 billion shown on the trackers? And in that case, doesn't that mean that tether (which is close to 60 billion cap) is literally propping up 85% of bitcoin's "value" with absolutely nothing behind it? In a world of fake numbers, market caps are the fakest. As leery as you are of anybody spruiking crypto, be twice as leery of anyone who touts the market cap.
|
|
#
?
May 26, 2021 07:38
|
|
|
For even more reason the 'market cap' is fake: https://www.cnbc.com/2021/05/25/bitcoin-crashes-driven-by-big-margin-bets-new-crypto-banking.htmlquote:Brian Kelly, CEO of BKCM, pointed to firms in Asia such as BitMEX allowing 100-to-1 leverage for cryptocurrency trades. So their logic is that the dives once things start diving is all the leveraged traders getting liquidated.
|
|
#
?
May 26, 2021 07:51
|
|
|
Kind of reminds me of the good old shenanigans with the paper thin buy/sell walls. When 2/3rds of the order book is fake a couple of determined whales can trigger all sorts of things.
|
|
#
?
May 26, 2021 08:15
|
|
|
SYSV Fanfic posted:I thought the bitcoin whitepaper proof of work really was technically really clever. Usually there is no guarantee that you'll be able to guess a matching cryptographic hash within any reasonable time frame. By using an adjustable number of bits instead of the whole hash, it creates a way to be statistically certain that a match will be found at a constant rate. No denial there, it was certainly a good first step. But it was never meant to be used on the scale it is today and there is no legal used case for it except, maybe, money transfers.
|
|
#
?
May 26, 2021 08:25
|
|
|
Liquid Communism posted:For even more reason the 'market cap' is fake: https://www.cnbc.com/2021/05/25/bitcoin-crashes-driven-by-big-margin-bets-new-crypto-banking.html Someone made fun of me for suggesting these morons were leveraged to hell
|
|
#
?
May 26, 2021 08:39
|
|
|
Bleusilences posted:No denial there, it was certainly a good first step. Well, I mean a technical sort of clever in the same way using the i2s peripheral and high speed DMA controller on the esp32 to generate a VGA signal is clever. It was a neat hack the first time I saw it, but it's not especially useful to anyone. The only real world application of bitcoin and blockchain is to do money like stuff without worrying that other people can stop you. Exactly what it's primarily used for now - drugs, ransoms, money laundering, etc.
|
|
#
?
May 26, 2021 09:25
|
|
|
Somfin posted:Someone made fun of me for suggesting these morons were leveraged to hell I mean in any reasonable world it's an absurd suggestion. But cryptobutts....
|
|
#
?
May 26, 2021 13:49
|
|
|
 lol
|
|
#
?
May 26, 2021 14:30
|
|
|
Has anyone said „shitcoin“ yet?
|
|
#
?
May 26, 2021 14:51
|
|
|
DerekSmartymans posted:I have followed butts since close to they were invented and I understand the “tech” side pretty well. I still don’t understand the Lightning Network 
|
|
#
?
May 26, 2021 15:43
|
|
|
xlol you're not a cryptographer, go home and get your fuckin s-box
|
|
#
?
May 26, 2021 15:45
|
|
|
|
| # ? Jun 4, 2024 09:01 |
|
|
Sucks to your s-box! Eta: Just remembered you're that creep who doxxed me and got all the information wrong. Explains a lot here. (USER WAS PUT ON PROBATION FOR THIS POST) (USER WAS PUT ON PROBATION FOR THIS POST) xtal fucked around with this message at 15:50 on May 26, 2021 |
|
#
?
May 26, 2021 15:46
|
|