Altcoins [Parody Thread] Serious posts forbidden

The Something Awful Forums > Discussion > Ask/Tell > Business, Finance, and Careers > Altcoins [Parody Thread] Serious posts forbidden

«‹›12 »

ghosTTy: Sep 22, 2008

"Altcoin" is a combination of two words: "alt" and "coin"; alt signifying 'alternative' and coin signifying (in essence) 'cryptocurrency.' Thus together they imply a category of cryptocurrency that is alternative to the digital currency Bitcoin.

Some examples of good altcoins:

https://www.iota.org/
https://qubic.iota.org/

Please no unnecessary fud, trolling, etc. That's what got this thread shut down last time. I will be moderating this thread with a heavy hand

ghosTTy fucked around with this message at 10:38 on Aug 6, 2018

# ? Jun 15, 2018 21:46

Adbot: ADBOT LOVES YOU

# ? Apr 27, 2024 14:45

ghosTTy: Sep 22, 2008

Some terms you should familiarize yourself with

FUD - fear, uncertainty, and doubt
Bankster - a person working for or supporting the traditional banking system
Fudster - a person who spreads fud for no reason
Nocoiner - someone who doesn't own any cryptocurrency, not all bad people, usually just naive people

# ? Jun 15, 2018 21:50

GoGoGadgetChris: Mar 18, 2010; i powder a
granite monument
in a soundless flash

showering the grass
with molten drops of
its gold inlay

sending smoking
chips of stone
skipping into the fog

I bought $1,000 of Bitcoin, Ethereum, and Litecoin in January 2018 and it's only worth $420 now!

A lot of my peers are laughing at me and don't think I'm actually going to the moon.

Advice on what to do?

# ? Jun 15, 2018 21:51

ghosTTy: Sep 22, 2008

GoGoGadgetChris posted:

I bought $1,000 of Bitcoin, Ethereum, and Litecoin in January 2018 and it's only worth $420 now!

A lot of my peers are laughing at me and don't think I'm actually going to the moon.

Advice on what to do?

I'm very sentimental about the crypto market, if you don't need the money I would advise you just hold onto it and forget about it for a few years. Also, litecoin is pretty bad and will never be worth anything. The creator is a market manipulator and an all around scumbag. Trade it for a good altcoin like IOTA

# ? Jun 15, 2018 21:52

ghosTTy: Sep 22, 2008

This is the website everyone uses to trade altcoins

https://www.binance.com/

If it's not on there it's probably on

https://www.cryptopia.co.nz/Exchange

# ? Jun 15, 2018 21:57

ghosTTy: Sep 22, 2008

Right now is a really good time to buy. In the industry we call this "buying the dip" because the market has bottomed out and likely won't go anywhere but up. There's a chance it could fall further but at this point it's negligible.

# ? Jun 15, 2018 22:04

ghosTTy: Sep 22, 2008

quote:

Tangle qubics (once qubic goes live) will rely on a single quorum, or a group of quorums to perform a computation.

Ethereum smart contracts rely on every machine processing every transaction.

The ethereum network has a hidden flaw. Blocksize. The ethereum network has a gas limit rather than a block size. The ethereum network is composed of light nodes and full nodes. However with an unbounded blocksize, the network latency requirements to actually run a full node go up. And network latency does not obey moore's law. What this means is that as the number of people who run full nodes goes down the ethereum network becomes more centralized.

Ethereum could fix this issue by implementing a maximum blocksize much like bitcoin has. However if Eth were to implement a blocksize, that would cause the cost of getting your data into the next block to skyrocket and dapps like cryptokitties would die. Eth is then forced into one of two boxes as they approach the limit of network latency: Sacrifice decentralization OR give up on the ethereum dream of dapps.

The ideal way contracts are trusted on ETH is for every machine to run every transaction. Now, it's not ideal because in ETH's case, there are a vast host of light clients that TRUST the full nodes. In essence, the full nodes on ETH are acting in unison as a single massive qubic quorum, while the light nodes are acting as the ones who benefit from that quorum. The results of that massive eth quorum are being stored on the ETH blockchain.

If iota were to perform computation like eth does it would be the equivalent of inserting code execution into the bundling stage of making an iota transaction. That would be crazy. It would make validating the transactions take forever, and it would be slow or expensive. (gas costs begin to ring a bell here)

What iota could do with qubic is to have the smart contract source code and current state be stored on the tangle, and then when somebody wants to execute the smart contract, a randomized large quorum is formed for that one instance of executing the smart contract. The state is loaded from the tangle to the quorum (as well as the source code) and the quorum executes the smart contract and writes the state back to the tangle.

In essence the person who wants the smart contract executed is paying the quorum to execute the smart contract with their data on behalf of the network.

This neatly sidesteps the blocksize problem that is plaguing ETH.

an interesting point, something to consider

# ? Jun 15, 2018 22:08

moana: Jun 18, 2005; one of the more intellectual satire communities on the web

I love you and I love this post, thank you for making it.

# ? Jun 16, 2018 03:45

Adar: Jul 27, 2001

Sooooo ICX, the Korean ETH killing wondercoin with a current 800 million dollar market cap, has a small bug in their ERC20 (Ethereum chain (beta)) token that's been out for six months now. Here's the code. See if you can spot the problem:

function disableTokenTransfer()
external
onlyFromWallet {
tokenTransfer = false;
TokenTransfer();
}

modifier onlyFromWallet {
require(msg.sender != walletAddress);
_;
}

Their mainnet is ready and these tokens are due to be exchanged for version 1.0 in 3 days, so the part of the story where random trolls are currently busy enabling and disabling transfers every few seconds is merely very embarrassing rather than a total clusterfuck.

This brilliant piece of coding came to light because of a different ICO, Yggdrash, created by a guy formerly on the ICX team. He copy/pasted the ICX contract with the bug included, the tokens were released yesterday and the bug discovered as people were racing to try to buy/sell them on exchanges. As the bulk of Yggdrash buyers now want to sell them ASAP but can't because you or I or my cat can block transfers at will, the solution will require a hard fork. Stay tuned for how that impacts anyone who bought the coin (hint: poorly)

# ? Jun 16, 2018 08:48

nikosoft: Dec 17, 2011; ghost in the shell, but somehow much worse; College Slice

If this is the bitcoin advice thread, plz help. I was given 1 bitcoin for my birthday in 2012 as a joke gift. Should I do something with it? I don't even know where to start.

# ? Jun 16, 2018 17:21

moana: Jun 18, 2005; one of the more intellectual satire communities on the web

nikosoft posted:

If this is the bitcoin advice thread, plz help. I was given 1 bitcoin for my birthday in 2012 as a joke gift. Should I do something with it? I don't even know where to start.

Sell it asap. Use a coinbase account to transfer it (that's what I used, if there is a better option now please someone chime in).

Or keep it in case bitcoin goes to the moon, good luck with that. Or I guess this is the shitcoins thread, buy some IOTA whatever that is.

# ? Jun 16, 2018 22:19

QuarkJets: Sep 8, 2008

getting in on the ground floor of an awesome new thread, the postcount here can only go up Up UP

nikosoft posted:

If this is the bitcoin advice thread, plz help. I was given 1 bitcoin for my birthday in 2012 as a joke gift. Should I do something with it? I don't even know where to start.

sell it right now, get an account on coinbase, transfer the bitcoin in, sell it there, transfer the money out to your linked bank account

it's basically like signing up for a brokerage account and having a stock on a piece of paper that you have to mail in, except the stamp costs $20 and the transaction took an entire barrel of crude oil to conduct and if you mistype the destination address then you'll never see the stock again so be careful

# ? Jun 17, 2018 10:37

Old Story: Jun 2, 2006; Oven Wrangler

I'm a rube with more cash than smarts and was thinking about buying say $1000 of various crypto whatever and then not looking at it for like 5 years.

I fully expect that I will lose all my money but it's not that much to me and it would be sort of a fun hail-mary. What should I buy and uhhh how, because I have never paid attention to any of this poo poo. Sorry for asking basic advice in what appears to be some sort of speculation thread.

# ? Jun 17, 2018 15:03

ghosTTy: Sep 22, 2008

smdh greedsters

Old Story posted:

I'm a rube with more cash than smarts and was thinking about buying say $1000 of various crypto whatever and then not looking at it for like 5 years.

I fully expect that I will lose all my money but it's not that much to me and it would be sort of a fun hail-mary. What should I buy and uhhh how, because I have never paid attention to any of this poo poo. Sorry for asking basic advice in what appears to be some sort of speculation thread.

iota, eth, or btc

# ? Jun 17, 2018 15:27

ghosTTy: Sep 22, 2008

IOTAs collaboration with Diary cooperative TINE featured in one Norway�s largest neswpaper. Headline: Cows will be earning cryptocurrency from selling their data

https://www.dn.no/avisen/DN%202018-06-16/24

# ? Jun 17, 2018 15:46

QuarkJets: Sep 8, 2008

Old Story posted:

I'm a rube with more cash than smarts and was thinking about buying say $1000 of various crypto whatever and then not looking at it for like 5 years.

I fully expect that I will lose all my money but it's not that much to me and it would be sort of a fun hail-mary. What should I buy and uhhh how, because I have never paid attention to any of this poo poo. Sorry for asking basic advice in what appears to be some sort of speculation thread.

All of the cryptocurrencies are basically the same and valued in BTC so if you just want to make a random gamble but don't feel like traveling to a casino then just get a coinbase account and buy some BTC

# ? Jun 17, 2018 19:44

Old Story: Jun 2, 2006; Oven Wrangler

okay so I googled IOTA and it's just a fuckin mess. One of the founders has a blog where he claims he built the pyramids using a time machine, I can't tell if it's a joke. Then there was a big paper by MIT about huge security issues with it, and the IOTA guys claimed that it was there as like, a joke, or to catch people who would try to mimic their model. And then Tons of discussion about if it's the future or if it's a scam

I'm don't really know anything about this stuff but I'm probably gonna stay away from crypto for a while if this poo poo is common

# ? Jun 18, 2018 00:34

ghosTTy: Sep 22, 2008

Old Story posted:

One of the founders has a blog where he claims he built the pyramids using a time machine, I can't tell if it's a joke.

# ? Jun 18, 2018 01:41

Old Story: Jun 2, 2006; Oven Wrangler

thank u for your support

# ? Jun 18, 2018 02:20

ghosTTy: Sep 22, 2008

don't come into my altcoin thread and fud iota :fuckoff:

# ? Jun 18, 2018 04:12

ghosTTy: Sep 22, 2008

# ? Jun 18, 2018 04:17

QuarkJets: Sep 8, 2008

iota: moist snuff that causes gum disease and tooth loss

# ? Jun 18, 2018 04:39

Chadzok: Apr 25, 2002

Jesus what a terrible thread. Is this guy for real?

# ? Jun 18, 2018 09:52

Old Story: Jun 2, 2006; Oven Wrangler

ghosTTy posted:

don't come into my altcoin thread and fud iota

googling this it means fear, uncertainty and doubt

that is an accurate summary of my feelings when reading about any of these coins

# ? Jun 18, 2018 11:17

moana: Jun 18, 2005; one of the more intellectual satire communities on the web

all you guys hating on ghostty when he's the best bfc poster in recent history

# ? Jun 18, 2018 21:31

Adar: Jul 27, 2001

moana posted:

all you guys hating on ~~ghostty~~ zaurg when he's the best bfc poster in recent history

# ? Jun 18, 2018 22:04

Hoodwinker: Nov 7, 2005

Zaurg is Goofus. Literally every other regular BFC poster is Gallant.

# ? Jun 18, 2018 22:05

ghosTTy: Sep 22, 2008

https://www.coindesk.com/factom-blockchain-project-wins-grant-to-protect-us-border-patrol-data/

# ? Jun 18, 2018 22:11

moana: Jun 18, 2005; one of the more intellectual satire communities on the web

Hoodwinker posted:

Zaurg is Goofus. Literally every other regular BFC poster is Gallant.

ghostty is the line drawing of a candle on the hidden pictures page

# ? Jun 18, 2018 23:08

ghosTTy: Sep 22, 2008

lets focus on the tech please, thank you

# ? Jun 19, 2018 01:38

Summit: Mar 6, 2004; David wanted you to have this.

This thread is just a helldump where we can shitpost at will right? Please advise mods because I�m pretty sure any sort of real discussion on the merits (or lack thereof) of crypto will just get derided as �FUD�.

# ? Jun 19, 2018 01:47

ghosTTy: Sep 22, 2008

# ? Jun 19, 2018 01:53

last laugh: Feb 11, 2004; NOOOTHING!

wrong it will be a 21 million bitcoin market.

# ? Jun 19, 2018 03:01

Hoodwinker: Nov 7, 2005

wrong again it'll be $69,420 get real nerds

# ? Jun 19, 2018 03:39

zmcnulty: Jul 26, 2003

It's pretty hilarious how every time a coin is given legitimacy, it's simply because it plugs into the establishment's fiat system somehow. Or gets attention from some central bank, government, regulator, exchange, or institutional investor. Go through all the trouble to create a decentralized, unregulatable currency just to turn around and centralize it and get it regulated.

serious post for those interested, Matt Levine's newsletter (via Bloomberg) talks intelligently about crypto a lot. Typically making fun of it, for obvious reasons.

# ? Jun 19, 2018 09:17

Weatherman: Jul 30, 2003; WARBLEKLONK

FUD = Facts U Dislike

Has anyone said "craptocurrency" yet?

# ? Jun 19, 2018 12:11

ghosTTy: Sep 22, 2008

Weatherman posted:

FUD = Facts U Dislike

Has anyone said "craptocurrency" yet?

few people post facts about IOTA, there are legit criticisms out there but DCI MIT scandal, founders having a sense of humour, etc. are not them.

CFB posted:

The longest chain wins � this is the rule used by blockchain-based cryptocurrencies to achieve consensus. �Longest chain� is an oversimplified term, strictly speaking it should be �Chain with the highest cumulative difficulty� but this nuance is not important now, we just tell that in theory a consensus on the state of a cryptocurrency ledger is supposed to be achieved by following math rules. 9 years of the history of the current generation of cryptocurrencies showed that in practice it�s other rules which ultimately determine the outcome and these rules are based on economic laws.

Value overflow incident (https://en.bitcoin.it/wiki/Value_overflow_incident) and Fork 2013 (https://freedom-to-tinker.com/2015/07/28/analyzing-the-2013-bitcoin-fork-centralized-decision-making-saved-the-day/) in Bitcoin, DAO fork (https://www.coindesk.com/ethereum-executes-blockchain-hard-fork-return-dao-investor-funds/) in Ethereum and other incidents showed that whenever math rules and economic laws conflict to each other the latter always win. And if so, we should stop pretending that �Longest chain wins� rule is enough for the real (and imperfect) world. We should analyze the history (of cryptocurrencies and not only of them), derive the rules not conflicting with economic laws and start using these rules. Or accept that decentralized cryptocurrencies can�t be used on a large scale.

Economic clustering (EC) is the name of a hypothesis created by me in 2013 during the development of Nxt (https://en.wikipedia.org/wiki/Nxt), the hypothesis creation was triggered by Economic majority post of Meni Rosenfeld (https://bitcoin.stackexchange.com/questions/3945/how-could-the-bitcoin-protocol-be-changed-has-this-ever-occurred#comment4983_3948). EC hypothesis states that the ledger state of a cryptocurrency is determined by the participants of the economic cluster who try to maximize their wealth even if breaking �Longest chain wins� rule is required.

Now, 5 years later, it�s even more apparent that EC is true and important for every cryptocurrency which aims for the world-wide adoption. IOTA relies on EC to enable infinite scalability, the Tangle allows doing that in a seamless manner, a blockchain-based solution would require a band-aid.

So how IOTA may look in a few years when EC is deployed to the mainnet? I envision the following picture.

There is Cluster 0. It consists of nodes interacting via the Internet, main economic cluster actors - big companies - run special software playing the role of a distributed Coordinator. This software does only one thing � it signals that a particular actor has seen certain transactions and will accept them as legitimate ones with some probability. There are thousands of other clusters formed by nodes interacting via the Internet-of-Things. Some of them are connected to Cluster 0 directly. A single cluster can be a group of devices in a building, in a park, in a town, or even on a stretch of road. The structure depends on economic activity in an area. A single cluster is connected to several other clusters, mainly adjacent ones (in spatial meaning). Each cluster processes its own transactions and transactions of the neighbor clusters, all the other transactions are ignored because they simply don�t reach the cluster.

This picture leads to the following consequences (not applicable to Cluster 0).

It�s impossible to send iotas to someone in a distant cluster unless someone else offers a special exchange service between the clusters (and charges fees), the payment must do several hops from cluster to cluster. It�s the price to pay for the scalability.

Your iotas must repeat your itinerary during a long trip. While your car goes from one cluster to another you need to spend the iotas back to yourself periodically.

Iotas can be created out of thin air. A cluster may emerge and offer some services, the nodes of this cluster can �print� iotas and implicitly/explicitly promise to accept them later in exchange for their services. The �counterfeit� iotas will likely not be accepted by the other clusters unless the new cluster is very significant from economic point of view. Anyway, in this case it could just create its own cryptocurrency.

Iotas can disappear. If you haven�t been touching your wallet for a long time then there may be very few nodes remembering your balance left. This is not a serious problem if inflow rate of new nodes is low or if you refresh the balance often (by spending the iotas back to yourself).

As was said, this is for IoT-based IOTA, keep your iotas in Cluster 0 if the mentioned consequences make you feel uncomfortable.

The picture drawn by me may actually be different when EC comes to the mainnet. Keep this in mind.

Cluster 1, the Swedish E-krona...

ghosTTy fucked around with this message at 12:28 on Jun 19, 2018

# ? Jun 19, 2018 12:23

twodot: Aug 7, 2005; You are objectively correct that this person is dumb and has said dumb things

ghosTTy posted:

few people post facts about IOTA, there are legit criticisms out there but DCI MIT scandal, founders having a sense of humour, etc. are not them.

Cluster 1, the Swedish E-krona...

The beginning of this post is good (longest/most difficult chain wins is a made up rule that people follow at their personal convenience), but the economic cluster thing is just word salad. People build consensus however they like, and if I say the one true IOTA tangle is that one whose genesis blocks grants me every IOTA, then everyone who wants to engage in transactions with me gets to deal with that fact or negotiate with me to say otherwise. That's just true, we don't need any hypothesis to understand that.

# ? Jun 19, 2018 17:04

AARO: Mar 9, 2005; by Lowtax

This thread isn't really needed to be honest. The Bitcoin thread in GBS is fine for discussing altcoins.

# ? Jun 20, 2018 10:52

Adbot: ADBOT LOVES YOU

# ? Apr 27, 2024 14:45

Nam Taf: Jun 25, 2005; I am Fat Man, hear me roar!

You could be a little less obvious about taking your ball home and sulking

# ? Jun 20, 2018 11:55

The Something Awful Forums > Discussion > Ask/Tell > Business, Finance, and Careers > Altcoins [Parody Thread] Serious posts forbidden

«‹›12 »