The Cryptocurrency Mining Thread: just flip your old cards on eBay

The Something Awful Forums > Discussion > Serious Hardware/Software Crap > The Cryptocurrency Mining Thread: just flip your old cards on eBay

«‹›2 »

divabot: Jun 17, 2015; A polite little mouse!

Rabid Snake posted:

I got free electricity included in my lease. Is it safe to have my two computers mine while I'm at work? I'm afraid of something blowing up and causing a fire while I'm not at my apartment. I'd rather not mine when I'm home because the heat would be annoying.

just don't be these guys

http://www.buttcoinfoundation.org/bitcoin-mining-rigs-fire-and-electical-hazards/
http://www.buttcoinfoundation.org/mining-rigs-2-electric-boogaloo/

# ¿ Jun 23, 2017 08:14

Adbot: ADBOT LOVES YOU

# ¿ May 4, 2024 19:00

divabot: Jun 17, 2015; A polite little mouse!

shrike82 posted:

Thanks for that. Based on "For the median transaction size of 226 bytes, this results in a fee of 81,360 satoshis", am I right in saying that I'd need to "tip" 2 bucks and change to get my transaction thru a < 35 minute time window.

lol

pretty much. Bitcoin filled in mid-2015, and suddenly transactions went from super-cheap and super-fast to expensive and clogged. It basically hit a brick wall.

There are basically too many transactions for capacity, so users are having to guess higher and higher fees in the hope that their transaction will get through.

There are plans to expand Bitcoin's capacity:

1. Make the blocks bigger. This will hold off the brick wall for a short while, but make the blockchain even bigger and more unwieldy.
2. Bolt an altcoin on the side and do all the real transactions there. (sidechains)
3. Bolt a new network on the side and do all the real transactions there. (the Lightning Network)
4. Use a different coin that hasn't filled yet. This is what people are actually doing.

With all the ICOs, Ethereum is filling too. The Bancor and Status ICOs clogged the network for several hours. It's only going to get worse, not better.

# ¿ Jun 24, 2017 11:48

divabot: Jun 17, 2015; A polite little mouse!

craig588 posted:

The 290s turned out fine. Hardware is usually made to be used.

u wot m8. Gaming hardware in particular burns bright and short and wears out before its time, particularly if you're using it at full power 24/7.

craig588 posted:

Checked in on how my machines were doing, after 2 weeks looks like it might be about time to me to bow out. Made about 100 dollars which was fun, but now my 980 is doing about 2.50 a day and my 1080 about 4 dollars a day. I'll probably drop out my 980 next week and my 1080 might get one extra week. See you next bubble!

This is the correct attitude: keep a close eye on your takings and costs, and quit before you fall behind. (I know someone who did okay in the first Bitcoin bubble with this approach, finally giving up when it all went ASIC.)

Jago posted:

Attempting to flip my MSI 1070 that I bought last month for $300. They're going for 500 used on ebay right now lol. Gonna pick up a 1080 TI all the while mining currency!

bugger me, there's literally a bubble in the video cards themselves now.

# ¿ Jun 24, 2017 23:25

divabot: Jun 17, 2015; A polite little mouse!

Comfy Fleece Sweater posted:

Since you're writing a book against all this stuff, I wonder if you've thought of buying any funcoins? You seem to be against mining, from what I've read, but not sure if you think this crypto poo poo has any real future or what

I was previously the proud owner of six Dogecoins, until I reformatted the laptop in question and couldn't be bothered.

The very best ICO I've seen yet is EOS.io, which I wrote up here. I told my wife "I should forget this book idea and just start a GiveMeAllYourMoney ICO" but she vetoed it, apparently she has morals or something.

I have achieved the opposite of what my Goldman Sachs shill masters wanted, though: a friend bought �5 of ETH off Coinbase just 'cos she wanted a front seat for the train wreck. Oh dear.

Fauxtool posted:

I know you have already made up your mind and your heels are well dug in. Its okay, more used 1070s for us

This thread is not so much "touching the poop" as "skinnydipping backstroke in an Olympic-sized cesspool".

# ¿ Jun 25, 2017 10:06

divabot: Jun 17, 2015; A polite little mouse!

Comfy Fleece Sweater posted:

Divabot can you look into WAVES and tell me your opinion? I'm legit thinking of buying a hundred pieces at 5 dollars to see what happens. There's no mining and the chrome app is very good for being an early release, it seems like a legit good project, but then again I suddenly became a crypto miner so I don't trust my broken brain anymore

1. Is it an ICO?
YES: avoid it.
NO: it's an ICO, you fibber.

2. Does it satisfy all the following?
* It solves a technical problem that requires decentralised, cryptographically verified tokens (if it doesn't need tokens, they shouldn't be bolted on)
* the tokens are directly usable on the platform itself
* at least a proof-of-concept of the technology verifiably exists
* the idea is even plausible as a business
YES: you liar.
NO: well of course it doesn't, it's an ICO.

3. Does the white paper contain ridiculous gibberish and quotes from loving idiots?
NO: mmm why you fukin lyin, oh my satoshi
YES: �The killer application of blockchain technology is the blockchain itself.� attributed to "Common wisdom", right after a quote from Ryan X. Charles.

CONCLUSION: every day we stray further from Satoshi's light.

more serious answer: It's an ICO platform that wants to compete with Ethereum. I'm pretty sure that's not "moon", maybe I'm wrong, Ethereum is filling after all. Maybe it's not poo poo technically. It actually passes the tests in question 2, if you think "ICO platform" isn't a BS idea. I wouldn't spend $5 on it myself, but I am definitely not offering investment advice.

# ¿ Jun 25, 2017 18:40

divabot: Jun 17, 2015; A polite little mouse!

Risky Bisquick posted:

spot price: $262.65

huh. Someone turning an ICO into ActualMoney while the selling's good? I've just seen it drop $5 in 5 minutes on the CoinDesk weighted average. http://www.coindesk.com/ethereum-price/

# ¿ Jun 25, 2017 23:07

divabot: Jun 17, 2015; A polite little mouse!

Comfy Fleece Sweater posted:

What!

Buy 80 lawnmower! Hire 200 people! Now mow mow mow! To the moooooon!

rjmccall posted:

look, it's simple. you have a Happy Burger brand fast food establishment, and sometimes kids come in and want their Happy Burger brand Happy Kiddy Burger, which according to the Happy Burger brand franchise operating instructions is supposed to be 4oz of usda utility grade hamburger lightly grilled and pressed into a poppy seed bun with two slices of mild pickle and a slice of tomato and a piece of iceberg lettuce and the name of the kid written on the top in half an ounce of Happy Burger brand special sauce about which the less said the better

so naturally what you do is, you post an ad saying, cooks wanted, please bring your own grill and meat and bun and pickle and tomato and lettuce, we'll supply the sauce

and you get an applicant, and you send him down to the Hall of Cooks, which is a featureless infinite plane that you keep in the unlit basement of your Happy Burger brand fast food establishment. and you tell him to just keep making burgers and handing them up, and if he hands up a burger that satisfies your standards, you'll pay him a bonus, which is $100,000, plus the price of the burger, which is $.50

now the cook can't see too good down there, and he keeps handing up burgers that are more like pickly meatballs with a swastika painted on the side in tomato sauce, but as long as the meat's cooked the health department won't shut you down, so you keep taking them and dutifully handing down briefcases of cash with a few quarters tossed in. and the cook's pretty happy, even after you summarily declare one day that you're only going to pay $50,000 per burger in the future

so the cook calls in a friend, and she sets up in the Hall of Cooks and starts handing up burgers, and now you're getting acceptable burgers faster than you can sell them. so you raise your standards a bit, and you insist that burgers have to be on a bun, and that cuts production back down to a manageable rate. but the cooks are still pretty happy, even after you cut the burger bonus again to $25,000

this goes on for a while, and now you've got a hundred cooks down there, and you've started demanding that they spell out the kid's name correctly, and that's not easy. so now they're not just making burgers to your increasingly exact specifications, they're racing each other to be the first to get the kid's name right. but you're still paying $5,000 a burger, and apparently the cooks are still happy, because more and more keep showing up

you get curious one day while you're squeezing into your franchise past the giant mountain of rotting discarded hamburgers, and you head down to the Hall of Cooks. the last time you came down here, there were only six cooks, and they were just standing around in a disorganized circle; but now they're organized into these large groups. in one of them, you find your first cook, and he shakes your hand. "remember when we'd just started out and i was lumping up store meat by hand and cooking it on that tiny old george foreman?", he laughs. "that was before figured out cookie cutters and rolling pins." he's standing at a huge professional-grade charbroiler with twenty-four different patties arranged on it; suddenly, in a single efficient flash of movement, he flips them all over. of course, the dull glow of the grill isn't enough in the utter blackness of the Hall, and most of the patties end up on the ground, which you suddenly realize is a lot spongier than it's supposed to be. also, doesn't the ceiling seem lower? you shake it off and head back upstairs to start taking orders, wondering when it'll be the right time to cut the bonus to $1,000

it's been another year. there are tens of thousands of cooks in your basement. you're rejecting burgers for sloppy handwriting. you're rejecting burgers for having too thick a slice of tomato. you're rejecting burgers for excessively clustered poppy seeds. seven months ago, the cooks started building floor-to-ceiling ovens with internal robotics custom-designed for making Happy Kiddy Burgers; now there are whole fields of them, each making ten thousand burgers a second. of course, it's still pitch-dark down there, and the cooks aren't exactly susan calvin, so almost all of those burgers get added straight to the end of the Great Greasy Mountains, but it's amazing how quick they come now. you overhear a few of the cooks talking excitedly about the orders they just placed for massive new ovens from Barbecue Labs. you don't know how any of them can afford this when the burger bonus is only $100

three months ago, you politely asked whether they could start making the adult Happy Burgers, too

for an entire day, all the burgers had your name written on top in poison

# ¿ Jun 26, 2017 17:35

divabot: Jun 17, 2015; A polite little mouse!

How much memory do you officially need to mine ETH? The number I saw was 1 GB a while ago, but I'm seeing people in this thread talk about it being 3-4 GB. Is there any sort of online chart or calculator? Desperately looking for a non-guesswork reference for the book.

(preorder page set up last night, now stuck in preorder approval hell ... waiting ... waiting ...)

# ¿ Jun 27, 2017 09:06

divabot: Jun 17, 2015; A polite little mouse!

Fauxtool posted:

what is the difference in cost between 1 and 3-4 GB of RAM?
Are people really trying to save a few bucks when they just dropped 4k on a bunch of GPUs?
Or are you talking about VRAM cause none of the cards with 1gb have hashrates anywhere near being worth using.

I'm talking about how much memory the hashing algorithm needs right now for best results, yeah.

# ¿ Jun 27, 2017 09:20

divabot: Jun 17, 2015; A polite little mouse!

bobfather posted:

Is there a preferred, objective site that documents major cryptocurrency scams? A friend is touching the poop, has done no research about the caveats and pitfalls of all cryptocurrency, and is surrounded by people that are all-in to cryptocurrency trading themselves, so there's a poo poo ton of group think going on.

I'm personally not trying to influence the friend one way or another - I just want an objective source of information about all of the bad poo poo that has gone done with regards to cryptocurrency. They already know the (potential) upsides of cryptocurrency.

Not really. The RationalWiki article hardly gets into the scams and is in serious need of updating. I have the book (now up for preorder !! ) but I'm openly scathing about it. Best recommendation is indeed the Wikipedia articles on this poo poo collapsing, even though the crypto articles on WIkipedia are plagued with promotional advocates.

# ¿ Jun 29, 2017 16:28

divabot: Jun 17, 2015; A polite little mouse!

Risky Bisquick posted:

https://www.youtube.com/watch?v=zCcBGX0E8ns&t=17s

Whats up baby, come visit my bedroo... oops this is the mining room sorry

I'm actually having flashbacks to an old housemate, around 2000/2001. His room had a whole bench of server hardware he just used as his daily computing setup, at server room noise and heat levels. He and his girlfriend sitting in there smoking cigs and playing Quake and hanging out on IRC. I'm pretty sure he never got into Bitcoin, and they're suburbanites with a kid now, but he certainly had the noise and heat tolerance for it.

# ¿ Jun 30, 2017 21:33

divabot: Jun 17, 2015; A polite little mouse!

QuarkJets posted:

Proof of Stake wastes even more electricity than Proof of Work, there is no proposed proof of stake system that doesn't just turn into a roundabout proof of work system

QuarkJets posted:

Well yeah it's written by a butter so of course it over-promises on the potential of cryptocurrency but the grander point is that proof of stake is secretly no less wasteful than proof of work, which is true
Anyone who tells you that blockchains in the future are going to be more efficient because they'll use proof of stake is either lying to you or doesn't know any better

QuarkJets posted:

That's the objective of POS, but it also results in several attack vectors where you can use computational power to do things like bias the probability of being rewarded the next block in your favor or generating alternative blockchains in a way that leaves wallet software unable to determine which one is the "real" one (which has a number of uses, such as rewarding yourself all of the past mining rewards, or reversing future transactions). At this point POS is just an easier to exploit POW algorithm

Now that's comedy gold. And here I was thinking the problem was that PoS is really blatantly "thems what has, gets."

Is there a readable writeup not written by someone skinnydipping in an Olympic size cesspool and loudly insisting the sewage is fine today? Or do I have to dive into this awful thing

# ¿ Jul 5, 2017 08:32

divabot: Jun 17, 2015; A polite little mouse!

Methylethylaldehyde posted:

I just finished reading it, and it's a pretty solid description of how things work. No matter what you do, how you do it, or what rules are in place, if someone can be awarded $50 worth of goodies, a large enough group of people will eventually spend $49.999 in effort and goods in order to be the one to get that $50. It doesn't really touch the poop much, and just sorta does the academic "we're going to assume, for the sake of argument that X is true, Y is correct and Z is a thing we should care about".

In a POW system, it takes the form of buying ASIC rigs and finding a country with decent internet and cheap electricity, someone will spend $50-(cost for loan interest+risk preference)=0 on it.

In a POS system, it takes the form of locking up a shitload of cash to buy butts, to 'bond' in an 'investment' as a validator, so you have the chance of earning $50. Much like a CD at your local credit union, only with 5000% more currency speculation and fraud potential.
The spending limit is 'if I bought CDs or high yield mutual funds with similar risk, how much money would I have to invest to earn $50 in the same time period'. So instead of spending cash on mining cards and electricity, you're spending today's money and the interest you could get by investing in non-butt activities for future rewards. Much harder to calculate, and not trivially obvious to someone who didn't pay attention in their college econ classes.

Basically if POS has a low enough investment threshold to get a minimum bonded share, I expect there to be a shitload of people who are bad at judging risk, time horizon effects, market externalities, and other factors investing way too much then never getting it back because the currency implodes after the fork and they're left holding the bag for 11.7 more months.

yeah ... I see the point, not sure how to formulate it clearly in two sentences.

looking through dude's paper, he's mixing English with economics jargon and insisting the latter is what the English actually means. Could be just too deep in econ, or could be heavily invested in making out that Bitcoin's proof of work mechanism is not the horrendous and ghastly waste it really obviously is. Also, political advertising should totally be unlimited, because everything is Econ 101.

# ¿ Jul 5, 2017 10:24

divabot: Jun 17, 2015; A polite little mouse!

current draft summary para in book - how's this look? too dense?

quote:

Proof of Work is obviously wasteful. The other main proposed consensus model is Proof of Stake, in which the next block miner is chosen at random according to how many coins they already own. This saves on wasted hashing, but is a bit too blatantly a rentier economy � �thems what has, gets.� And it will obviously tend toward people putting in up to $50 worth of effort to acquire $50 worth of coins � a stealth �proof of work� however you try to structure it.

This gets no more than a para; consensus models go: PoW (obviously stupid), PoS (experimental, less obviously stupid but still stupid), let's-take-turns on a permissioned blockchain (not wasteful, but then why are you bothering with a blockchain). There's lots of Proof of X models which are a fancied-up PoW or PoS or cross between them.

divabot fucked around with this message at 11:41 on Jul 5, 2017

# ¿ Jul 5, 2017 11:11

divabot: Jun 17, 2015; A polite little mouse!

QuarkJets posted:

but for years it's been pretty widely accepted that pure Proof of Stake is just slightly different Proof of Work

for years? that sounds like a cite I need ... I just ran that test para past my fb and one reader balked at the idea of <$50 effort however you slice it to get $50 coins, there's a limit to how Econ 101 I'm gonna go here ...

# ¿ Jul 5, 2017 13:22

divabot: Jun 17, 2015; A polite little mouse!

Djeser posted:

What I'm saying is that when dealing with bitcoiners expect them to be Perfect Rational Libertarian Spheres that will take any opportunity to maximize their utilons.

As QuarkJets described it,

QuarkJets posted:

the spectacle of an entire community in a prisoner's dilemma scenario mashing the Betray button as hard and as fast as possible over and over

# ¿ Jul 9, 2017 20:20

divabot: Jun 17, 2015; A polite little mouse!

# ¿ Jul 11, 2017 12:02

divabot: Jun 17, 2015; A polite little mouse!

peak debt posted:

So I had a thought on the toilet just now.

Cryptocurrency can only work if the amount of coins generated is equal to the amount of resources (power, hardware manufacturing) burned to keep the blockchain running. If you get more coins than you spend money running your setup, more people will start mining until the rewards drop down to equality again.

yeah, the cost of mining 1 ETH will quickly converge on 1 ETH and continue to circle it, which is why June 2017 being Mining Month was basically a temporarily anomaly that would go away next difficulty adjustment, and did

peak debt posted:

Therefore, to keep the system running, you have to basically constantly waste resources equal to the economic growth. So an economy based on cryptocurrencies will always have a net 0% growth.

plausible - cryptocurrency economics is basically stupid and broken because it was conceived not just by goldbugs, but by arrogant technically able goldbugs, who were convinced being able to code meant they knew everything about your namby pamby "soft" fields like economics. So expect to find all sorts of obviously dumb consequences of the way things are set up, because it's fractally wrong.

# ¿ Jul 13, 2017 16:37

divabot: Jun 17, 2015; A polite little mouse!

FOR SALE: 10 x l33tz0r GRAPHICS CARDS

ONLY USED BY LITTLE OLD LADY TO PLAY CANDY CRUSH BEFORE CHURCH ON SUNDAYS
TOTALLY NOT USED FOR MINING HONEST
TOTALLY HASN'T HAD A WARRANTY-VOIDING BIOS FLASH
TOTALLY HASN'T HAD ITS MEMORY OVERCLOCKED TO HELL
IGNORE THE SLIGHT CHARRING AND SMOKE DAMAGE
THIS CARD WILL BE FINE REALLY IT WILL MINERS TREAT THEIR HARDWARE WELL YOU KNOW
NOT THAT I'M A MINER

PLEASE PAY IN US DOLLARS, BTC AND ETH NOT ACCEPTED

# ¿ Jul 17, 2017 12:38

divabot: Jun 17, 2015; A polite little mouse!

Surprise Giraffe posted:

I get that logically mining is worthless but frankly theres no logic to anything else nowadays and btc price broke 3300. I wonder if money will flood into crypto if the economy shits the bed again like people are wondering if it might?

This is already happening: non-garbage assets aren't giving enough returns (because the Tories claim to be the party of business but are incompetent at actually running an economy), so loving idiots are taking out mortgages to buy crypto with. Behold, a group of people I hope don't read my book.

# ¿ Aug 6, 2017 22:02

divabot: Jun 17, 2015; A polite little mouse!

Fauxtool posted:

http://splinternews.com/all-this-bitcoin-stuff-is-fake-1797714696
Which one of you is this? He's even comparing to burritos

I sent him a book, 'cos that deserved one.

# ¿ Aug 11, 2017 13:57

divabot: Jun 17, 2015; A polite little mouse!

Computer Serf posted:

what'da ya all thinks gonna happen when ETH goes PoS

1. It won't work properly, for both theoretical and practical reasons.
2. Miners will look into ETC.
3. Crypto speculators won't even notice.

# ¿ Aug 17, 2017 02:08

divabot: Jun 17, 2015; A polite little mouse!

JailTrump posted:

You know how many daytraders are getting into it now?

TBH I think there's a lot of money to be made introducing daytraders to it and not ever even having to touch the stuff.

Good day traders are actually the one group of people who can do really well in cryptos

Bad day traders supply the money for the good day traders to do well with

# ¿ Aug 22, 2017 12:56

divabot: Jun 17, 2015; A polite little mouse!

QuarkJets posted:

divabot posted this link in the amber thread: http://omnichest.info/lookupadd.aspx?address=3MbYQMMmSkC3AgWkj9FMo5LsPTW1zBTwXL

I actually posted it to the green thread, but this is a common error.

anyway, THIS IS GENTLEMAN: People's Bank of China declares ICOs illegal. All ICOs must be halted and the money/cryptos put into them refunded. Looks like Paris Hilton really was peak crypto.

This probably won't be GOOD NEWS for Ethereum's price, but the question for this thread is what it does to Bitcoin's price - not because you mine it, but because altcoin prices tend to track Bitcoin's price (since most of them trade via BTC, not via dollars).

# ¿ Sep 4, 2017 12:30

divabot: Jun 17, 2015; A polite little mouse!

Dr. Fishopolis posted:

when has anyone ever sued a victim of one of those scams for conspiracy to launder money? not saying you couldn't, but why would you?

The US charged coin.mx with money laundering in 2015 for selling bitcoins to victims of ransomware, because that money would then go to criminals. Of course this was part of a laundry list of charges, and I don't know if they were done for that specific one.

# ¿ Sep 6, 2017 00:11

divabot: Jun 17, 2015; A polite little mouse!

well why not posted:

is there a non-mining crypto thread anywhere on SA? for market chat etc

definitely not, nope

# ¿ Sep 14, 2017 21:27

divabot: Jun 17, 2015; A polite little mouse!

I just went on telly saying ICOs are trash too.

# ¿ Sep 14, 2017 22:53

divabot: Jun 17, 2015; A polite little mouse!

Nybble posted:

If the site is upfront about it, I'd always prefer a bit of mining > invasive tracking ads. Or if on a slower device, pair it with an option to pay with coins.

Sooner or later we have to break the idea that the web is free, so I'd choose this over ads.

Enjoy your mining then. For the rest of us, uBlock Origin is already on the case. "So mostly this is a demonstration about how Ads do not work any more. At all. Ever again."

# ¿ Sep 21, 2017 17:43

divabot: Jun 17, 2015; A polite little mouse!

Craptacular! posted:

I have to imagine sites that aren't making global news being chased around the world by IP law enforcement won't have to resort to this.

The link I posted was the perfectly normal webcomic Scandinavia And The World.

# ¿ Sep 22, 2017 08:57

divabot: Jun 17, 2015; A polite little mouse!

QuarkJets posted:

Pretty sure they'd be mentioned in divabot's book, but I haven't finished reading it

Multiple open source wallets have turned out to have a developer-implemented kill switch that eventually stole everyone's money, and that's probably the easiest kind of software to inspect in this space. You'd think that all of these brilliant captains of industry would take the time to inspect the source code of the software that handles literally all of the money that they received from 2nd mortgaging their house.

nah, i didn't mention those particular shitshows, though I should have.

mostly the problem is that all code in the cryptocurrency "space" (if you will) is an utter loving shitshow:

Uptrenda posted:

I was looking at the EtherDelta code not long ago and concluded it was too terrible to save.

The trade engine is so closely coupled with the transaction code that its impossible to re-use it for anything else; There seems to be no simple way to test the software or indeed any unit tests at all; The UI is literally a cluster gently caress of code with no clear separation; The smart contract is a monolithic file where the author has apparently never heard of a module before; The smart contract can only be used for one purpose and the fee logic is so tightly coupled that it reads like spaghetti code; Nothing is documented, there is no documentation at all.

I am glad we abandoned this software. I got as far as installing it and did some tests but I could see that everything would have to be re-written from scratch with solid engineering if we wanted to use it for anything practical.

I almost forgot the best part: the EtherDelta "smart contract" has race conditions on every order where a person can race to take the same order. This means that its impossible to calculate the price of an asset reliably (it actually incentivizes sybil attacks) or scale the exchange to any amount of volume. I am honestly surprised that the exchange even works at all given these issues.

Obviously none of its financial code has been audited by anyone to my knowledge. It was thrown online by some "solidity developer" who doesn't even understand how a trade engine works... I wonder just how much gas has already been wasted due to race conditions or how many people lost money from its multiple asymmetric pricing vulnerabilities. I think bot authors would love this exchange as there are highly malicious trading strategies that would yield insane profits if you know what you're doing.

the hardest part in slipping something malicious into such code is that it's rare to find a blockchain coder that smart.

# ¿ Sep 28, 2017 23:42

divabot: Jun 17, 2015; A polite little mouse!

tehinternet posted:

Jesus H Christ. I don't know what's worse, that the hack happened or that a sufficient number of people could arbitrarily decide to wind back the clock if the market doesn't do what they want it to.

What a shitshow.

QuarkJets posted:

CODE IS LAW, THE BLOCKCHAIN IS IMMUTABLE

... until we decide that it isn't

A whole lot of people had objections to smart contracts for years. But even we didn't think that when push came to shove, they'd just say "lol immutability guarantee" the moment the big boys were in danger of losing their money.

# ¿ Oct 2, 2017 09:20

divabot: Jun 17, 2015; A polite little mouse!

EconOutlines posted:

What about hardware based wallets?

Absolutely nothing to worry about!

(five minutes later)

OH NO HOW COULD ANYONE HAVE FORESEEN THIS

# ¿ Oct 9, 2017 11:03

divabot: Jun 17, 2015; A polite little mouse!

Boris Galerkin posted:

what is the purpose of altcoins

why doesn't everyone just mine bitcoins

serious question

The main value proposition is "maybe I can get rich for free too, if I make my own magical Internet money!!"

Back when it was all Bitcoin/Litecoin copies, they'd create a coin, pre-mine a fuckload, get it onto an exchange (any exchange) somewhere, hype it up and then dump the premined coins.

ICOs have distilled this idea to an even purer form: you just create all the tokens out of thin air, you claim they're for some vague future purpose, and both you and the buyers know you're actually selling them tokens they can gamble with on the exchanges. You get a pile of Ether, you then you cash it out all in one hit and crash ETH on GDAX.

# ¿ Oct 14, 2017 19:30

divabot: Jun 17, 2015; A polite little mouse!

1gnoirents posted:

You do bring up a good point. Banks have money, I lack sufficient money at least to my liking. What if I just ... started my own bank? I'd have lots of money!

there's a wacky tale in the YOSPOS thread of someone who wanted FREE CRYPTO MONEY so started an ICO, with a drunk as a business partner. also he was selling a thing he had to code, and could not code. it did not go well.

# ¿ Oct 19, 2017 17:53

divabot: Jun 17, 2015; A polite little mouse!

yeah, basically bitcoin is clogged and the transactions are currently backed up something like four or five days even if blocks were being created every 10 minutes, which they're not because miners are bouncing between BTC and BCH.

why the hell does nicehash pay out in BTC anyway, Coinbase trade in ETH perfectly well.

# ¿ Nov 12, 2017 23:23

divabot: Jun 17, 2015; A polite little mouse!

Scrapez posted:

All of it is in good condition and worked fine as of 2 years ago. Thoughts on what I should list the lot for? Thanks.

1. It's worthless for bitcoin mining.
2. Some bozo may well buy it anyway. So I suggest telling yourself it's worth what someone will pay for it. Is any of this stuff selling in practice to others?

# ¿ Nov 13, 2017 02:35

divabot: Jun 17, 2015; A polite little mouse!

thats not candy posted:

Btc gold uses equihash

although if btc transactions stay backlogged this extra profitability is worthless

Bitcoin Gold at launch didn't actually have software that compiled, let alone a functioning blockchain. (That didn't stop Bitfinex from offering trading on it, of course.) Did they fix either of those things?

# ¿ Nov 13, 2017 09:26

divabot: Jun 17, 2015; A polite little mouse!

Computer Serf posted:

China's banning of the exchanges apparently didn't affect the market.

that the Chinese exchanges were promptly removed from most places' weighted averages they called the "price" two months before they stopped trading, thus meaning the expected price correction signal was cut off before anyone could see it, is totally not a transparent market manipulation and is actually good news for bitcoin,

# ¿ Nov 22, 2017 12:02

divabot: Jun 17, 2015; A polite little mouse!

Twerk from Home posted:

3) Due to the complete lack of regulation that Bitcoin fans defend as a core feature of Bitcoin, somebody with deep pockets or one of the major exchanges starts engaging in wholesale market manipulation. There's a reason that the SEC and all major stock exchanges have rules and regulations. I saw this one happen in Ethereum, a major player ran the order books at an exchange all the way down to 0. He crashed the price right down to $0.10.

This has always been the normal state of things in bitcoin.

# ¿ Nov 29, 2017 09:16

Adbot: ADBOT LOVES YOU

# ¿ May 4, 2024 19:00

divabot: Jun 17, 2015; A polite little mouse!

WikiTribune: Cryptocurrency site NiceHash may be 'hacked' - NiceHash is �assessing the situation and working with the authorities. We�ll issue a public statement shortly.�

# ¿ Dec 6, 2017 19:45

The Something Awful Forums > Discussion > Serious Hardware/Software Crap > The Cryptocurrency Mining Thread: just flip your old cards on eBay

«‹›2 »