Bitcoins

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WTF

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

the next internet revolution??

http://www.weusecoins.com/

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

I think it is backed by World of Warcraft gold

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

this is interesting

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

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

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

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

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

rush?

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

I believe in bitcoins

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

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

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

(in response to Abbott's earlier post)

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

little broken link icons?

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

(if it were simple and I had money)

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

can you short bitcoins

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

lol

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

“Sorry bros”

calstars, Monday, 4 February 2019 14:05 (two years 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 (two years ago) link

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

frogbs, Monday, 4 February 2019 14:09 (two years 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 (two years ago) link

good lord

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

Just realized I've met Gerald Cotten lol

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

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

koogs, Tuesday, 5 February 2019 09:59 (two years 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 (two years 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 (two years 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 (two years 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 (two years 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 (two years 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 (two years ago) link

*chef finger kisses*

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

Neil S, Tuesday, 5 March 2019 13:21 (two years 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 (two years 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 (two years 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 (two years 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 (two years 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 (two years 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 (two years 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 (two years ago) link

bitcoin?

shitcoin morelike

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

sir, please leave

Neil S, Tuesday, 5 March 2019 14:26 (two years ago) link

this picture of a real bitcoin tickles me

In Dark Web We Trust

nickn, Tuesday, 5 March 2019 17:19 (two years 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 (two years 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 (two years 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 (two years ago) link

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

A is for (Aimless), Saturday, 20 April 2019 19:44 (two years 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 (one year 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 year ago) link

Should try and read the O'Hagan piece on Satoshi

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

i remember it being readable without being elucidatory lol

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

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

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

six months pass...

catering to people who have enough money to fool around with bitcoin investing seems like a way to rake in some of their MSM (Main Stream Money).

A is for (Aimless), Wednesday, 18 March 2020 23:48 (one year ago) link

I bought a bitcoin back when they were cheap but I'm not even sure how to sell it or if my paper wallet still works. I probably should have tried to sell it a long time ago.

The fillyjonk who believed in pandemics (Lily Dale), Thursday, 19 March 2020 01:26 (one year ago) link

two months pass...

more on my good friend, noted philanthropist gerald cotten

The Quadriga cryptocurrency exchange that saw millions of dollars disappear just as its founder died was a "fraud" and Ponzi scheme, according to the Ontario Securities Commission.

The regulator said Thursday that Vancouver-based Quadriga's late founder Gerald Cotten committed fraud by opening accounts under aliases and crediting himself with fictitious currency and crypto asset balances, which he traded with unsuspecting clients.

Cotten, the OSC said in a new report, ran into a shortfall in assets available to satisfy client withdrawals when the price of the crypto assets changed. He started running a Ponzi scheme that covered the shortfall with other clients' deposits, the agency determined.

https://www.cbc.ca/news/business/osc-quadriga-gerald-cotten-1.5607990

k*r*n koltrane (Simon H.), Friday, 12 June 2020 16:29 (ten months ago) link

nine months pass...

are you ready for an imaginary stock market for celebrities that trades in character-specific cryptocurrency that is (and i cannot stress this enough) totally not a scam?
https://bitclout.com/

What can happen when you give people the ability to speculate on a person’s reputation? We can’t know for sure, but one of the features that has emerged is what we call “buy and retweet.” Ordinarily, retweeting someone gives you nothing. If that person becomes a superstar because you boosted them, you’ll be lucky if they even remember your name in a few years. In contrast, with BitClout you can buy someone’s coin and then retweet them,
which makes it so that you’re not only along for the ride financially if they blow up, but you also get bragging rights. Imagine the difference between being able to say “I retweeted her early on” vs being able to say “I bought her coin when it was $0.50 and now it’s $500-- and by the way I’ve done this hundreds of times, and I can prove it because my track record is on the blockchain.” The latter is clearly a very different game. Moreover, it’s not just a famous person’s game. If you know someone with a lot of clout, or if you know someone who knows someone, you can buy a coin and send it to someone else so that they can buy and retweet them. And thus the incentives go many layers deep. The interesting thing about this mechanic is that it wasn’t even something consciously designed into the product. It exists as an “emergent” phenomenon off of the core creator coin mechanic. What other dynamics could exist that we haven’t yet thought of?

really makes you think and by think i mean hemorrhage blood

G.A.G.S. (Gophers Against Getting Stuffed) (forksclovetofu), Wednesday, 7 April 2021 18:01 (one week ago) link

One thing I've never really understood about bitcoin mining: what are these "complex hashing puzzles" that are all ostensibly unique and how are they derived in order to ultimately be solved by the mining process? Does the solving of these puzzles have some sort of ancillary benefit beyond creating unique tokens... (e.g. mathematicians/scientists)? Is there a difference between the type of puzzles that are solved by various bitcoin marketplaces? Is an Ethereum puzzle the same sort of hash problem as a Dogecoin puzzle or whatever? Or are they all competing for the same resource of difficult hash puzzles? What prevents one vendor from tokenizing the result of the same puzzle another has solved?

reggae mike love (polyphonic), Wednesday, 7 April 2021 18:15 (one week ago) link

I don't know the other currencies, but at least for bitcoin, it's not really a variety of puzzles. It's just the same puzzle over and over again with different inputs, and increasing level of difficulty. The inputs to the puzzle are the new transactions that people wish to transact and the history of previous transactions. So the puzzle is kind of an inexhaustible resource. The solutions to these puzzles are of no interest to anyone outside the realm of bitcoin.

o. nate, Thursday, 8 April 2021 00:33 (one week ago) link

sigh

the “world” is going to have a layer of speculation over everything soon, right? A value on absolutely everything? This feels like an onslaught, completely unregulated

Zach_TBD (Karl Malone), Saturday, 10 April 2021 13:48 (one week ago) link


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