bit¢oin$

isn't bitcoin fiat money

its fake money

its fat money issued by someone whos fiat isnt backed up by anything

It was cool when it was nerd money. Not any more

bitcoin: we will subvert the banks
the US military: whatd u say

it perfect that bitcoins creators simultaneously cared enough to create something to challenge global financial hegemony and totally underestimated and misunderstood the problem

+then their product just became another store for fool financial speculation

its in many ways an ideal story

love ppl r still writing stories abt how while bitcoin may be dumb the blockchain is def a game changer https://www.bloomberg.com/view/articles/2017-11-30/the-blockchain-is-big

keeping yr data store synched on tons of different computers at once is what what passing costs onto the consumer?

also if u can control more than half of the nodes you can to whatever you want to the data, something that a motivated government cld do to bitcoin and prob a motivated individual cld do to some of the smaller coins

oop

Coinbase: All buys and sells have been temporarily disabled. We are working on a fix and apologize for any inconvenience. https://t.co/ygbYU4IDzn

— Sally Shin (@sallyshin) December 22, 2017

https://pbs.twimg.com/media/DRqxQWqXkAEp27U.jpg

this is fibeat

I've been in three NFL locker rooms in the last three weeks and the hottest topic, by a wide margin, is which players invested in Bitcoin.

— Kevin Clark (@bykevinclark) December 21, 2017

Can someone explain "Bitcoin Cash" to me?

a derivative of bitcoin intended to address the technical failings of the original, it was pitched as "a hard fork" and ppl who had their bitcoins in participating exchanges were granted gratis bitcoin cash at a 1:1 ratio of their bitcoin holdings iirc

basically just more financial cosplay from weird libertarian nerds and grifters

i prob have some details of that wrong maybe everyone who has bitcoins got bitcoin cash idk

That doesn't make any sense to me and I'm guessing that's because it doesn't make any sense.

Its ok guys. Totally normal. I have a healthy investment attitude.

Bitcoin has "crashed" 30% SIX TIMES in 2017. Each "crash" has been followed by an increase of: 76%, 237%, 183%, 165%, 152%. Bitcoin takes 7 steps forward, 2 steps back, 7 steps forward, 2 steps back. Every 2 steps back is heralded as the end of #bitcoin. Relax! pic.twitter.com/bV5ZFeucTp

— Robert Reid (@robertreidmd) December 22, 2017

i think the reasoning was if they made something that was better technically for mining and transactions and pegged it to bitcoin then u ppl cld switch over to the technically superior platform without any disruption to the bitcoin price but then the price wasnt really pegged to bitcoin and it crashed idk, was prob just some arbitrage scam from the beginning xp

don't think that ~i'm from the internet and i'm here to help~ Reid dude is wrong tbh. a lot of early adapters are prob cashing out. except now it's in the mainstream limelight. more fools than ever will still buy, especially buy after this 'crash'.

how tf was that not 0-2

Bitcoin cash has settles faster than bitcoin proper. But transactions are still instantaneous.

rong thread

don't think that ~i'm from the internet and i'm here to help~ Reid dude is wrong tbh. a lot of early adapters are prob cashing out. except now it's in the mainstream limelight. more fools than ever will still buy, especially buy after this 'crash'.

― ♫ very clever with maracas.jpg ♫ (Le Bateau Ivre), Friday, December 22, 2017 3:29 PM (twenty-six minutes ago) Bookmark Flag Post Permalink

the real reckoning with bitcoins price will only happen when market manipulation is sorted out, a big part if not all of bitcoins ~value~ is currently being driven by very obviously illegal techniques (read up on tethers for instance) ppl are going to jail for sure, but it wont stop until the exchanges etc are legitimately regulated/run by reputable companies, which is pretty funny when u think abt bitcoins charter to create a new fair financial system

But transactions are still instantaneous.

― calstars, Friday, December 22, 2017 3:30 PM (thirty-one minutes ago) Bookmark Flag Post Permalink

*manually sets transaction fee, waits for someone to process it*

satochi unmasked

Yes. I AM the inventor of the bit coin.

— ErykahBadoula (@fatbellybella) December 23, 2017

the bitcoin blockchain has consumed almost a billion dollars worth of electricity to hash an amount of data equivalent to about a sixth of what I get for my ten dollar a month dropbox subscription.

https://hackernoon.com/ten-years-in-nobody-has-come-up-with-a-use-case-for-blockchain-ee98c180100

otm re the blockchains irrevocability being marketed as a feature when its a bug, tho arguing that banking costs are just fair payment for services rendered is dumb, but of course the problems with the banks is political not technological in nature

there’s no reason to not have a chain of blockchains with significantly fewer entries, not requiring lots of computational power to track stuff. there are other possibilities but it’s a good argument why it’s a good tech for tracking assets but really bad for a single, scarcity-based value system

Blockchain needs about 20 more years before it starts enabling anything legit. This is consistent with history, not sure why patterns keep surprising everyone oh wait old stuff is boring

"old stuff is boring" is one of the Three Programmer Diseases, I forget the other two

yea Blockchain seems like the textbook solution in search of a problem

1. you cant make a chain out of blocks
2.programmers plz learn abt stuff

that was kind of the gist of an another software development anecdote I heard this year: if you want to know what is going to be big really soon, look at what academic research was into 15 - 20 years ago

biomed was big in 1998 i think?

most academic research will go nowhere but then some of it will be a big deal its just pretty much impossible to figure out what will pan out, blockchain on the other hand is just some weird left field shit created by like one to five guys who may or may not be academics that caught the fancy of VCs and online thought leaders professional and otherwise, seems unlikely if it cant find a use beyond pretend currencies with all the resources thatve been pumped into it that its going to emerge from hibernation in 20 years to be useful to someone, interesting tho that its creators were really just in it for the currency aspect and all the visionary free associating was grafted on by ppl looking for the next big thing, but not looking that hard

its basically the google glass of data storage schemes

The tulips of distributed hash tables

Like ppl already make lots of money off data structures it’s called AWS

tbh i do find one thing abt it compelling: crime, especially as technology facilitates more more the global surveillance state

the problem is u still have to cash out some how and that interface with the accredited financial system is always going to be a pain point, the whole crypto currency scenario doesnt really work unless u can spend them, which will never happen because a. its a terrible product b. if it did become popular itd just be regulated anyway

imo the big win of machine learning stuff is going to be training people that data retention is important, and that there is no _bad data_

the last point is hard to convince people of, even scientists want to delete failed experiments, botched lab stuff (forgot to set a thermometer, whatever) when you should just flag it accordingly and document a reason. if you want processes to get better, you have to document how your process failed and ppl hate that

imo the blockchain is good because data can’t be removed, but the mechanism is horrible

everything can be deleted --game of thrones

Head of Exmo has been kidnapped:

https://www.bbc.com/news/amp/business-42505261

The reports said he was dragged into a black Mercedes-Benz by men wearing balaclavas.

hell yea

Yr man was released after paying $1m in Bitcoins as a ransom. Shame the police can’t trace them now, eh?

https://www.cnbc.com/2018/01/02/ceo-of-soaring-blockchain-stock-sells-about-870000-worth-of-the-shares.html

looooool