Bitcoins

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WTF

Latham Green, Tuesday, 24 May 2011 18:36 (eight years ago) link

the next internet revolution??

http://www.weusecoins.com/

Latham Green, Wednesday, 25 May 2011 13:12 (eight years ago) link

I've heard a little about this, but don't know enough about the field to know if it's going to replace all known forms of currency or just crash and burn immediately. Anyone?

emil.y, Wednesday, 25 May 2011 13:31 (eight years ago) link

it seems like it could either be really big or end up some obscure little hobby. But still they do have potential for allot of illeagal use so I wonder if they will just be made illegal

Latham Green, Wednesday, 25 May 2011 13:34 (eight years ago) link

Seems like it could be a big target for hackers? The distributed nature of the system (there's no central server repository for bitcoins) could help or hinder when it comes to security.

got a whole lotta gloves (snoball), Wednesday, 25 May 2011 13:39 (eight years ago) link

I like this for the potential to melt the brains of libertarians. On the one hand, no centralising authority, on the other it is the ultimate "fiat currency"

American Fear of Pranksterism (Ed), Wednesday, 25 May 2011 13:55 (eight years ago) link

I guess if you consider the laws of math to be the fiat-inator

Latham Green, Wednesday, 25 May 2011 13:56 (eight years ago) link

I bet there is a thousand post developer forum thread somewhere on whether it should be backed by gold or not.

American Fear of Pranksterism (Ed), Wednesday, 25 May 2011 13:57 (eight years ago) link

Maybe not seeing it was started by Finns, but I'd like to think so.

American Fear of Pranksterism (Ed), Wednesday, 25 May 2011 13:58 (eight years ago) link

I think it is backed by World of Warcraft gold

Latham Green, Wednesday, 25 May 2011 13:58 (eight years ago) link

this is interesting

cop a cute abdomen (gbx), Wednesday, 25 May 2011 14:07 (eight years ago) link

I heard about this through the ~future of the internet~ thread. It is indeed interesting, but I still feel too unskooled in this matter to form an opinion about it.

I always think with things like this. If it can be invented, it can be hacked/messed about with. What makes this system so bulletproof?

...wow! (Le Bateau Ivre), Wednesday, 25 May 2011 14:09 (eight years ago) link

Each Bitcoin has a unique serial number that's encrypted. If someone can break that encryption, they'd be able to generate counterfeit Bitcoins and the whole system would go down. So although there's no single server to hack, there's still a single point of vulnerability.

got a whole lotta gloves (snoball), Wednesday, 25 May 2011 14:15 (eight years ago) link

I think the bulletproofness is the encryption - for example the Enigma machine would have worked and not been broken if the people who used it hadn't had sloppy practices. In thi scase there cannot be sloppy practices because the practitioners are computers

Latham Green, Wednesday, 25 May 2011 14:25 (eight years ago) link

Does anyone else imagine bitcoins looking like this?

http://cache.gawkerassets.com/assets/images/9/2010/12/mario_coins.jpg

I know they don't really have a physical form.

free inappropriate education (Abbbottt), Wednesday, 25 May 2011 14:50 (eight years ago) link

There's a not-bad overview of some potential problems here http://www.quora.com/Is-the-cryptocurrency-Bitcoin-a-good-idea

stet, Wednesday, 25 May 2011 14:53 (eight years ago) link

http://www.sonicgear.org/ArcadeMachines/ArcadeCoin.jpg

am0n, Wednesday, 25 May 2011 14:56 (eight years ago) link

yeah it seems like there are indeed million post forums on whether its a good idea or not but in the end time will tell. I have started mining some myself because its fun

Latham Green, Wednesday, 25 May 2011 14:59 (eight years ago) link

Are you using a decent set of graphics cards? Mining on yr PC is going to cost way more in power than you'll make.

stet, Wednesday, 25 May 2011 15:01 (eight years ago) link

oh I've got that all figured out! real genius...

Latham Green, Wednesday, 25 May 2011 15:03 (eight years ago) link

anyone here buy any acid w/ bitcoins yet

http://www.wired.com/threatlevel/2011/06/silkroad/

puff puff post (uh oh I'm having a fantasy), Thursday, 2 June 2011 16:38 (eight years ago) link

who is going to be the first major musician who charges bitcoins for a legal download

puff puff post (uh oh I'm having a fantasy), Thursday, 2 June 2011 16:43 (eight years ago) link

rush?

iatee, Thursday, 2 June 2011 16:43 (eight years ago) link

I believe in bitcoins

puff puff post (uh oh I'm having a fantasy), Thursday, 2 June 2011 16:46 (eight years ago) link

At the moment bitcoin value/rarity is supressed by spare computing cycles, which I'd rather see searching for ETs, folding proteins, or predicting climate change impacts (all distributed screensaver applications).

If we're going to have a currency backed by electricity, I'd suggest international trade settlement backed by aluminum. Its a useful material, ubitquitous in industry, and as bauxite is abundant and the major production cost is electricity for electrolytic smelting, its as close to frozen electricity as exists.

In either case, no nation/currency union would need acquire enough to back the entire economy, only enough to settle external trade imbalances and deter covert taxation through inflation.

美国有很多丰富的傻瓜 (Sanpaku), Thursday, 2 June 2011 17:24 (eight years ago) link

I have almost generated a bit dime so far - its taking forever

Latham Green, Wednesday, 8 June 2011 13:17 (eight years ago) link

At the moment bitcoin value/rarity is supressed by spare computing cycles, which I'd rather see searching for ETs, folding proteins, or predicting climate change impacts (all distributed screensaver applications).

all those screensaver things are outreach tools rather than scientifically useful fwiw.

caek, Wednesday, 8 June 2011 13:17 (eight years ago) link

wow the value has gone way up lately - it was just 7$ a few weeks ago now like 28$!
at mtgox.com

bubble?

Latham Green, Wednesday, 8 June 2011 13:20 (eight years ago) link

(in response to Abbott's earlier post)

got a whole lotta gloves (snoball), Wednesday, 8 June 2011 13:28 (eight years ago) link

(The answer being, yes they do look like that something from a Soviet era Russian Mario knock-off)

got a whole lotta gloves (snoball), Wednesday, 8 June 2011 13:29 (eight years ago) link

little broken link icons?

Latham Green, Wednesday, 8 June 2011 13:29 (eight years ago) link

thinking this is going to be a HUGE deal for online gambling, since it's essentially non-taxable right?

frogbs, Wednesday, 8 June 2011 13:31 (eight years ago) link

little broken link icons?

That would be a Zelda knock-off...

got a whole lotta gloves (snoball), Wednesday, 8 June 2011 13:34 (eight years ago) link

I think the consensus seems to be that they will be made illegal at some point- so git 'em now!

Latham Green, Wednesday, 8 June 2011 13:35 (eight years ago) link

1 - costs more electricity to generate than they're worth, which will only get worse because they're progressively halving Bitcoin production over time to top out at a maximum number of Bitcoins in 4 years.

2 - someone will crack this before then anyway (either by cracking the encryption method itself, or more likely by finding a weakness somewhere else in the system).

3 - banks will find a way to levy charges on turning Bitcoins back into real money.

4 - governments will find a way to tax this if it ever looks like being big.

got a whole lotta gloves (snoball), Wednesday, 8 June 2011 13:40 (eight years ago) link

"Tell me boy, is that the Chattanooga choo-choo an overheating GPU?"
"Yes I've got twenty nine."
"Well give me a Bitcoin dime."

got a whole lotta gloves (snoball), Wednesday, 8 June 2011 13:45 (eight years ago) link

Sometimes, when I see the price of a bitcoin today, I regret being broke as hell a month ago when I learned about them. But yeah, I probably agree with snoball in that this thing is bound to fail at some point. Also, I'm still having a hard time with this currency that can't buy anything (except drugs).
Also, is it just me or is it impossible to explain bitcoins to people without sounding kind of silly?

Jibe, Wednesday, 8 June 2011 13:48 (eight years ago) link

Seems that the only way to have made any money out of this was to be involved pretty much at the start.

got a whole lotta gloves (snoball), Wednesday, 8 June 2011 13:51 (eight years ago) link

without sounding kind of silly?

There's a real 'Jack & The Beanstalk' 'magic beans' feel to the whole thing, even more so than 'real' money ('I promise to pay the bearer on demand the sum of £5').

got a whole lotta gloves (snoball), Wednesday, 8 June 2011 13:56 (eight years ago) link

You could have made money by buying some when this thread was started, they were around 7-8$ iirc.

Jibe, Wednesday, 8 June 2011 13:58 (eight years ago) link

I think the question is 'how many people who would be immediately interested in buying some of these upon learning that they exist have already learned that they exist?'

iatee, Wednesday, 8 June 2011 14:04 (eight years ago) link

like yeah on the one hand obv it's a bubble but crazy libertarian types don't have that many facebook friends, so I dunno, I'd buy some and keep em for a week

iatee, Wednesday, 8 June 2011 14:06 (eight years ago) link

(if it were simple and I had money)

iatee, Wednesday, 8 June 2011 14:07 (eight years ago) link

Aaand it's crossed the 30$ barrier on MtGox. Dammit, why didn't I even have 20 bucks to invest in this shit ^^

Jibe, Wednesday, 8 June 2011 14:13 (eight years ago) link

can you short bitcoins

☂ (max), Wednesday, 8 June 2011 14:14 (eight years ago) link

lol

caek, Wednesday, 8 June 2011 14:14 (eight years ago) link

http://forum.bitcoin.org/index.php?board=1.0

this is gonna be the place to be during the crash

iatee, Wednesday, 8 June 2011 14:17 (eight years ago) link

since this thread was started I have got .07 btc - I can already see though that its getting harder to generate the coins

Latham Green, Wednesday, 8 June 2011 14:37 (eight years ago) link

roffle

davey, Tuesday, 11 December 2018 20:01 (nine months ago) link

one month passes...

whoops

maxwell’s silver hang suite (bizarro gazzara), Monday, 4 February 2019 13:10 (seven months ago) link

My 'lol' and 'sad' levels were fluctuating wildly as I read that story.

See you later, I'm going to go take a look at this suicide robot. (Old Lunch), Monday, 4 February 2019 13:21 (seven months ago) link

Not convinced yet that the guy is actually dead

bhad bundy (Simon H.), Monday, 4 February 2019 13:22 (seven months ago) link

“This is a tough lesson learned,” Calgary customer Elvis Cavalic told CBC

at least i got a new screen name out of it i guess

Calgary customer Elvis Cavalic (bizarro gazzara), Monday, 4 February 2019 13:26 (seven months ago) link

srsly tho it's great that crypto companies are run so competently that a guy dropping dead can just wipe out 190mil, v cool new money system we have here

Calgary customer Elvis Cavalic (bizarro gazzara), Monday, 4 February 2019 13:27 (seven months ago) link

If there was ever a time to amass a crypto-fortune and then pull a D.B. Cooper in the hopes that a septuagenarian judge will throw up his hands in confusion at the blockchain jargon used to explain the inaccessibility of the funds in question...that time is now.

Why have more than 1,000 of my bucks disappearded? (Old Lunch), Monday, 4 February 2019 14:00 (seven months ago) link

“Sorry bros”

calstars, Monday, 4 February 2019 14:05 (seven months ago) link

look far be it from me to suggest that crypto's uniquely insane weaknesses to scamming means that it is uniquely attractive to scammers but

Calgary customer Elvis Cavalic (bizarro gazzara), Monday, 4 February 2019 14:05 (seven months ago) link

might try to get in touch with this dude via Ouija board later today

frogbs, Monday, 4 February 2019 14:09 (seven months ago) link

https://pics.me.me/john-cena-laughing-19985692.png

is p much how I feel about that

longtime caller, first time listener (man alive), Monday, 4 February 2019 16:47 (seven months ago) link

good lord

the real indie runs (Sufjan Grafton), Monday, 4 February 2019 18:09 (seven months ago) link

ive a fella works beside me keeps telling me his e-purse is worth 3 million spends the rest of his time complaining he cant get a loan to cover his kitchen extension

ɪmˈpəʊzɪŋ (darraghmac), Monday, 4 February 2019 18:22 (seven months ago) link

i was giving him the benefit of the doubt for a long time due to a language barrier issue but ive decided hes quite the most stupid human ive seen earn a midrange salary

ɪmˈpəʊzɪŋ (darraghmac), Monday, 4 February 2019 18:23 (seven months ago) link

Just realized I've met Gerald Cotten lol

bhad bundy (Simon H.), Tuesday, 5 February 2019 00:07 (seven months ago) link

so, nothing about the environmental consequences?

there was a clip on Click, the bbc's weekly technology thing, on a bitcoin farm in iceland (20,000 desktops) that was burning 1M euros in energy costs a month (despite being in iceland and using lots of passive cooling). this was deemed ok by the owner because it was mining "millions" in bitcoin a day.

15:50 here: https://www.bbc.co.uk/iplayer/episode/b0b0bk8t/click-mining-for-money

koogs, Tuesday, 5 February 2019 09:56 (seven months ago) link

(actually he does mention the waste. but that wasn't reflected in the headings.)

koogs, Tuesday, 5 February 2019 09:59 (seven months ago) link

At least Iceland is 100% renewable thanks to all the geothermal power plants. This is very much the exception.

American Fear of Pranksterism (Ed), Tuesday, 5 February 2019 09:59 (seven months ago) link

For anyone interested in the Quadriga disaster / why things so frequently go wrong in the crypto space generally, some very smart people and I dive into the story and some of the more conspiratorial angles making the rounds here.

bhad bundy (Simon H.), Friday, 8 February 2019 04:44 (seven months ago) link

For anyone interested in the Quadriga disaster / why things so frequently go wrong in the crypto space generally, some very smart people and I dive into the story and some of the more conspiratorial angles making the rounds here🕸.


The “Apple Podcasts” link on that page opens the News app fyi.

beard papa, Friday, 8 February 2019 15:52 (seven months ago) link

hmm I'll have to look into that

I heard more about this story today but not at liberty to discuss it :/

bhad bundy (Simon H.), Friday, 8 February 2019 20:23 (seven months ago) link

two weeks pass...

"We are now spending more electricity mining bitcoin than is produced by all the worlds solar panels combined. So we have eliminated all the progress that we made on green energy, just through bitcoin use."https://t.co/IrhMTMtWrR

— Mike Perham (@mperham) February 22, 2019

Jersey Al (Albert R. Broccoli), Sunday, 24 February 2019 03:54 (six months ago) link

the electricity drain from cryptocurrency IS a big problem, but the quote doesn't appear in the NYT op-ed that the tweet links to. deep in the comments to the tweet, someone mentions that actually the quote came from this article (https://www.vox.com/energy-and-environment/2019/2/22/18188562/climate-change-david-wallace-wells-the-uninhabitable-earth), but it's not in there either. someone else thinks it was in the vox piece, but was deleted:

Very interesting - it seems like they deleted the quote without mention. Thanks @internetarchive: https://t.co/Jz5sGOol86 pic.twitter.com/qSyg0czZmm

— Michel Rauchs (@mrauchs) February 23, 2019

and someone ELSE thinks that the error originated from a conflation between gigawatts and gigawatt-hours, two very different units of electricity usage.

to sum up, arrrrrgh

Karl Malone, Sunday, 24 February 2019 04:45 (six months ago) link

*chef finger kisses*

https://www.bbc.co.uk/news/technology-47454528

Neil S, Tuesday, 5 March 2019 13:21 (six months ago) link

"died in India" ie ran off with all these hipster crypto-fucks money. He's probably sleeping on Lord Lucan's couch.

just another country (snoball), Tuesday, 5 March 2019 13:25 (six months ago) link

https://ichef.bbci.co.uk/news/624/cpsprodpb/5971/production/_105479822_hi044540818.jpg

this picture of a real bitcoin tickles me

koogs, Tuesday, 5 March 2019 13:26 (six months ago) link

what a shocking plot twist, who could have foreseen that someone involved in crypto would be a scammer

invited to an unexpected ninja presentation (bizarro gazzara), Tuesday, 5 March 2019 13:27 (six months ago) link

If anyone's reading this who didn't foresee that, I have some real estate that you might be interested in...

just another country (snoball), Tuesday, 5 March 2019 13:34 (six months ago) link

sorry all my money's tied up in a really exciting iraqi dinar/blockchain opportunity right now

invited to an unexpected ninja presentation (bizarro gazzara), Tuesday, 5 March 2019 13:40 (six months ago) link

Unlike some other people, I am fairly convinced Cotten is dead. Likeliest story is that one of his even shadier business partners managed to take advantage of a window of opportunity when he fell ill.

bhad bundy (Simon H.), Tuesday, 5 March 2019 14:01 (six months ago) link

you have to hand it to The Men of Bitcoin, you get none of these shenanigans with boring old government-backed currencies

Neil S, Tuesday, 5 March 2019 14:11 (six months ago) link

bitcoin?

shitcoin morelike

invited to an unexpected ninja presentation (bizarro gazzara), Tuesday, 5 March 2019 14:13 (six months ago) link

"shitcoin" is already a widely used term for all non-BTC coins

try harder bg, I know you can

bhad bundy (Simon H.), Tuesday, 5 March 2019 14:14 (six months ago) link

that sounds right to me. you don't have to fake your own death to steal crypto, you can just "lose" the "key"

frogbs, Tuesday, 5 March 2019 14:18 (six months ago) link

"shitcoin" is already a widely used term for all non-BTC coins

try harder bg, I know you can

fuck, owned by the bitcoin community

er... ungoodcoin morelike

invited to an unexpected ninja presentation (bizarro gazzara), Tuesday, 5 March 2019 14:24 (six months ago) link

sir, please leave

Neil S, Tuesday, 5 March 2019 14:26 (six months ago) link

this picture of a real bitcoin tickles me

In Dark Web We Trust

nickn, Tuesday, 5 March 2019 17:19 (six months ago) link

"died in India" ie ran off with all these hipster crypto-fucks money. He's probably sleeping on Lord Lucan's couch.

― just another country (snoball), Tuesday, March 5, 2019 5:25 AM (three hours ago) Bookmark Flag Post Permalink

jesus, the word hipsters is abused all over the place but using it to refer to crypto neckbeards takes the cake

( ͡☉ ͜ʖ ͡☉) (jim in vancouver), Tuesday, 5 March 2019 17:25 (six months ago) link

yeah I have met a shit ton of crypto people and there isn't a single one who remotely qualifies for that title. completely different set of subcultural cues at work. they're basically just nerds and libertarians (and tech-libertarians)

bhad bundy (Simon H.), Tuesday, 5 March 2019 21:27 (six months ago) link

one month passes...

^^^US bitcoin trader and girlfriend could face death penalty over Thai 'seastead'

the seastead looks like crap btw

mark s, Saturday, 20 April 2019 19:36 (five months ago) link

Related Article: Dog found swimming 135 miles off the coast of Thailand

A is for (Aimless), Saturday, 20 April 2019 19:44 (five months ago) link

things continue to go well
https://www.theregister.co.uk/2019/04/26/bitfinex_fraud_claims/

Neil S, Monday, 29 April 2019 13:25 (four months ago) link

four months pass...

the hilarious legal fall of a man who needs to keep claiming he's satoshi nakamoto:

What does it look like when the world's most impossibly arrogant douchebag wanders into the vipers nest that is a US federal courtroom? It's not good. But it's funny.https://t.co/M4CFG1SAE1

— The ALAB Podcast Series (@ALABSeries) September 9, 2019

mark s, Monday, 9 September 2019 13:20 (one week ago) link

Should try and read the O'Hagan piece on Satoshi

xyzzzz__, Monday, 9 September 2019 14:59 (one week ago) link

i remember it being readable without being elucidatory lol

mark s, Monday, 9 September 2019 15:12 (one week ago) link

https://www.youtube.com/watch?v=JaMJi1_1tkA

global tetrahedron, Monday, 9 September 2019 15:13 (one week ago) link


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