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Bitcoin

Discussion in 'General Offtopic' started by Roboartist, Jul 17, 2017.

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  1. snug

    snug aka Cropdusterx

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    what good is currency that doesnt actually exist outside of the matrix?
     
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  2. OP
    Roboartist

    Roboartist Reclaimer Moderator Secret Tricks 4 WoW

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    It's encrypted and backed up on a complex network of servers with no known possibility of fraud since it cannot be duped. Plus its not being exploited by the fed.

    Many big businesses are currently using it.

    https://www.quora.com/How-is-Bitcoin-better-than-normal-currency
     
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  3. Sponsor

    Sponsor NaCl Moderator Secret Tricks 4 WoW

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    Also great currency for ransom-ware and the black market as it cannot be traced :)
     
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  4. Leek

    Leek Veteran

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    Nigerian dollar is best.
     
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  5. icehawk

    icehawk Member

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    Damn Robo, that just did my head in. I'm old school and I can't work out what the heck Bitcoin is? I understand cash in my wallet, I understand cash in the bank and my debit card, but WTF is Bitcoin?
    I know there are some people here in Aus going mad for it but it just does my head in.
    Though if I could buy game time with Bitcoin, we'll then maybe I'd look into it ;)
     
  6. Dorigon

    Dorigon Alpha and Omega

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    Rather invest in something that has a longer track record.
     
  7. Shragenator

    Shragenator Veteran

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    In short, it's a peer to peer currency which has an artificial scaling cap (kind of like artifact power) to keep supply limited and have it maintain value. All currencies are only worth whatever they are decided to be, this one just happens to work over digital trading. It's the same way that wow gold is worth money, just this one is more controlled, secure, and easy to use so people invest in it by using it.
     
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  8. Syrayeda

    Syrayeda Veteran

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    its a cryptocurrency. google it if you want a more in depth explanation.

    from what i understand (might not be 100% accurate) : it consists of a blockchain (a ledger of sorts) containing all the transactions since day 1. the blockchain is now more than 100GB. from this blockchain, they can work out how many bitcoins each account has.

    each account is identified by its private key (google that). the private key is used to sign transactions made by that account. a public key can be generated from the private key. private keys are kept private but public keys can be given to others to verify the ownership of the private key. generating a public key from the private key is easy, but finding the private key from a public key is hard (10^31 years for a computer to solve hard).
    side note : encryption uses public key to encrypt, then uses private key to decrypt. thats what https does

    the blockchain contains extra data (called nonce) to make sure it is valid. the whole blockchain needs to result in the blockchain's sha256 (worth googling) to have a low value. sha256 is a hashing algorithm that takes in input of any size and returns an output of 256 characters. the blockchain is considered valid if the resulting sha256 contains a small value (exact number is based on the calculated difficulty which increases over time). calculating a valid sha256 can only be done through trial and error, changing the nonce and recalculating it until a small enough sha256 value is found.

    the blockchain is kept going by hundreds of thousands of bitcoin miners. when you make a transaction, they are the ones that calculate a valid sha256 of the blockchain that includes your transaction. the first person to calculate a valid sha256 will announce to everyone the new blockchain, and they also get some bitcoins as commission. people use expensive hardware as well as running many computers to mine bitcoins to ensure they have a good chance of being the first to find a valid sha256.

    if multiple valid sha256s are found at the same time (or even different transactions with valid sha256s) every bitcoin miner will have knowledge of all the valid blockchains, but each miner will only use 1 of them as the main blockchain. in this case, the transactions that are in different blockchains are marked as unconfirmed. as more transactions come through, miners will add transactions to what they think is the main blockchain. once a blockchain is longer than all the others, everyone will use that as the main blockchain. the shorter blockchain will be discarded, which means the transaction on that blockchain has failed

    ---

    so the advantage of bitcoin is that the blockchain is kept by hundreds of thousands of people. there is no central system to store your bitcoins. to reverse a transaction, you will need to create a blockchain longer than the blockchain that contains the transaction you want to reverse. doing so will need a lot of computing power (more computing power than hundreds of thousands of bitcoin miners put together), especially if there are already a few transactions after your transaction

    well all of these hold as long as P!=NP (yea google)
     
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  9. Eighteenplus

    Eighteenplus Veteran

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    I'm currently at 0.5 BTC and will hold it for a while more.
    Imo I see BTC going to 20 to 25k without a problem.
    Even if it would drop back to 8 or 5k people will be so exited about to drop that they will buy more/again because of the results we are having now.

    BTC to the moon!
     
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  10. OP
    Roboartist

    Roboartist Reclaimer Moderator Secret Tricks 4 WoW

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    Then there's the idea that it will possibly replace fiat currency. Don't see that happening anytime soon. But unless something better comes out, or current currency is fixed and the Federal Reserve is reformed, it's inevitable. Just a matter of when. I also see the slight possibility that if Bitcoin goes up too much, and half the country jumps onboard it could cause another crash similar or worse than the Housing Market Crash in 08.
     
  11. SPQR

    SPQR Swap Logs ?! Highway To Hell

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    There are no payment ways to use bitcoin in everyday life right now.
    That is probably 3 or more years away. if ever. by that time something better will come around probably.

    In reality no government will accept this paying currency as it is uncontrollable.
    they can easily wage war on it if they really want it to be partly gone.

    if you got 100k$ or more to burn or you a drug lord with no places left to bury all the dollars - sure why not.
    else it is too late by this point for average bob.

    https://www.rt.com/business/411810-twins-become-bitcoin-billionaires/
     
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  12. Selaya

    Selaya Ɛ> Administrator

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  13. OP
    Roboartist

    Roboartist Reclaimer Moderator Secret Tricks 4 WoW

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    You link a term one may associate with this, but do you have any personal insight as to why you think that way? Do you have any thoughts on the manner? I'd like to hear it.

    Many have a good and logical reason to buy bitcoin. Sure it's essentially to make money, but not all on blind superstition.
    I think it's far from the point in which "greater fool's theory" applies unless it's targeted at the hype-train.

    @SPQR
    You realize one of the main groups speaking against BTC is the fed right? You know, that institution that magically makes money disappear into thin air?

    BTC is not just a new means of currency. It's a short on the USD. A fiat currency that is untraceable and fallible.

    ____________________

    As of this post, BTC has hit 17.6k.
    It's going to stagger, and maybe even spike. But it won't go anywhere, at least for the long-run. I personally think it's increasing too fast, but no it is not overpriced.
    --- Double Post Merged, Dec 7, 2017, Original Post Date: Dec 7, 2017 ---
    18.9k

    yeah I think it's getting main station coverage hahaha.
     
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  14. SPQR

    SPQR Swap Logs ?! Highway To Hell

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    im the last person you need to convince that idea behind this is great. no argue that corrupt financial state system is on a life support and that is only a matter of time. all i'm saying is that bitcoin got its flaws and not a total salvation in current form.

    Nothing bad against using it for work or low value trades but to hold entire savings or sell a house for it is overkill imo.

    In many many cases when a thing of such magnitude gets this much attention in media - it is time to bail.
    if i had my own country i would by gold over bitcoin.
     
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  15. Wool

    Wool Member

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    I remember if you had $10 worth of bitcoins 3 years ago would be equivalent to 2 mill these days
     
  16. Anonymous

    Anonymous Guest

    They are creating a mechanism so people can short bitcoin. The crash will also be very lucrative.
     

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