Author Topic: Cryptocurrency Master Thread  (Read 216340 times)

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The Big Train

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Re: Cryptocurrency Master Thread
« Reply #1175 on: March 07, 2018, 10:33:16 PM »
Yes, but not about crypto currencies.

Of course the concept of a blockchain is useful.

No where did I dispute that.


Cite?

Oh man it's so true.

You have to have a high IQ to understand crypto, so it well never be accepted by the masses.

Now if you'll excuse me I am going to go buy a cup of coffee with a piece of plastic with digital numbers related to pieces of paper being printed by billions in a facility somewhere.

Alas I fear us to be an uncommon breed amongst a plethora of crypto novices.

Is this a joke?

I'm just quoting this whole thing to make a point.  THE ONLY THING THE BLOCKCHAIN HAS DONE TO THIS POINT IS MAKE A CURRENCY THAT THE ENTIRE WORLD CAN USE.

I don't know how much more I can clarify this.  Like I said Chings, I am disappointed.

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Re: Cryptocurrency Master Thread
« Reply #1176 on: March 08, 2018, 09:49:59 AM »
Anyone want to bundle these (to minimize risk of course), securitize them, get Amazon to write a swap on them, and sell them to teacher's pensions and credit unions as AAA paper with me?

The amount of ignorance here is just astounding  :lol:

https://blog.coinbase.com/announcing-coinbase-index-fund-3925fbf548db

I don't think you know what you just did here.
 :lol:
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Re: Cryptocurrency Master Thread
« Reply #1177 on: March 08, 2018, 09:56:59 AM »
Re "currency the whole world can use"

Nobody wants to own a currency, the spending power of which fluctuates 800% in a year, with an extremely narrow universe of people who accept that could ostensibly end in 5 minutes. That's worse than the bolivar.  This is not "investing" anymore than trading pink sheet stocks of a bankrupt company is investing. You're gambling, speculating, in an asset that is readily and easily duplicated. It's not a commodity (eg, limited and finite natural resource).

The technology is great and absolutely has practical application. Currency is not it. eff, trading legitimate currency is one of the riskiest, most speculative, and complicates things even the most sophisticated "investor" can engage in.
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Offline wetwillie

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Re: Cryptocurrency Master Thread
« Reply #1178 on: March 08, 2018, 10:22:39 AM »
What practical application does blockchain have in your mind FSD?
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The Big Train

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Re: Cryptocurrency Master Thread
« Reply #1179 on: March 08, 2018, 12:39:24 PM »
Re "currency the whole world can use"

Nobody wants to own a currency, the spending power of which fluctuates 800% in a year, with an extremely narrow universe of people who accept that could ostensibly end in 5 minutes. That's worse than the bolivar.  This is not "investing" anymore than trading pink sheet stocks of a bankrupt company is investing. You're gambling, speculating, in an asset that is readily and easily duplicated. It's not a commodity (eg, limited and finite natural resource).

The technology is great and absolutely has practical application. Currency is not it. eff, trading legitimate currency is one of the riskiest, most speculative, and complicates things even the most sophisticated "investor" can engage in.

That first paragraph is so cute.  You even got a foundational fact of bitcoin dead wrong, there is a finite supply, dumbass.

You don’t even understand the technology yet you think you know what applications would benefit from it?  :lol:  I mean your ignorance on the subject is hilarious.

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Re: Cryptocurrency Master Thread
« Reply #1180 on: March 08, 2018, 12:56:33 PM »
I know just about nothing about Bitcoin, but I really don’t understand how people mine it if the supply is finite.

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Re: Cryptocurrency Master Thread
« Reply #1181 on: March 08, 2018, 01:01:36 PM »
What substance that is mineable is infinite?
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Re: Cryptocurrency Master Thread
« Reply #1182 on: March 08, 2018, 01:19:40 PM »
Bullshit is always in infinite supply.

NOTE: this does not mean I think crypto is bullshit.

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Re: Cryptocurrency Master Thread
« Reply #1183 on: March 08, 2018, 01:21:47 PM »
What substance that is mineable is infinite?

Bitcoin is not a substance.

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Re: Cryptocurrency Master Thread
« Reply #1184 on: March 08, 2018, 02:32:59 PM »
Re "currency the whole world can use"

Nobody wants to own a currency, the spending power of which fluctuates 800% in a year, with an extremely narrow universe of people who accept that could ostensibly end in 5 minutes. That's worse than the bolivar.  This is not "investing" anymore than trading pink sheet stocks of a bankrupt company is investing. You're gambling, speculating, in an asset that is readily and easily duplicated. It's not a commodity (eg, limited and finite natural resource).

The technology is great and absolutely has practical application. Currency is not it. eff, trading legitimate currency is one of the riskiest, most speculative, and complicates things even the most sophisticated "investor" can engage in.

That first paragraph is so cute.  You even got a foundational fact of bitcoin dead wrong, there is a finite supply, dumbass.

You don’t even understand the technology yet you think you know what applications would benefit from it?  :lol:  I mean your ignorance on the subject is hilarious.

I mean, I didn't use the word "bitcoin" at all in my post. Guess you just don't understand bbs technology.

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The Big Train

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Re: Cryptocurrency Master Thread
« Reply #1185 on: March 08, 2018, 03:11:33 PM »
I know just about nothing about Bitcoin, but I really don’t understand how people mine it if the supply is finite.

There will only ever be 21 million whole Bitcoins in existence.  Every ~10 when a block is mined(confirmed transactions) a block reward is created for the miner.  Those are new Bitcoin that are released into the environment.  We will reach 21 million in circulation around 2140.  The block reward started at 50 Bitcoin and it is currently at 12.5.  It halves every 210,000 blocks, or about every 4 years.

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Re: Cryptocurrency Master Thread
« Reply #1186 on: March 08, 2018, 03:16:46 PM »
I know just about nothing about Bitcoin, but I really don’t understand how people mine it if the supply is finite.

There will only ever be 21 million whole Bitcoins in existence.  Every ~10 when a block is mined(confirmed transactions) a block reward is created for the miner.  Those are new Bitcoin that are released into the environment.  We will reach 21 million in circulation around 2140.  The block reward started at 50 Bitcoin and it is currently at 12.5.  It halves every 210,000 blocks, or about every 4 years.

Does that matter when the 21 million bitcoins are infinitely mine-able and divisible? Or are they not?

The Big Train

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Re: Cryptocurrency Master Thread
« Reply #1187 on: March 08, 2018, 03:19:16 PM »
Re "currency the whole world can use"

Nobody wants to own a currency, the spending power of which fluctuates 800% in a year, with an extremely narrow universe of people who accept that could ostensibly end in 5 minutes. That's worse than the bolivar.  This is not "investing" anymore than trading pink sheet stocks of a bankrupt company is investing. You're gambling, speculating, in an asset that is readily and easily duplicated. It's not a commodity (eg, limited and finite natural resource).

The technology is great and absolutely has practical application. Currency is not it. eff, trading legitimate currency is one of the riskiest, most speculative, and complicates things even the most sophisticated "investor" can engage in.

That first paragraph is so cute.  You even got a foundational fact of bitcoin dead wrong, there is a finite supply, dumbass.

You don’t even understand the technology yet you think you know what applications would benefit from it?  :lol:  I mean your ignorance on the subject is hilarious.

I mean, I didn't use the word "bitcoin" at all in my post. Guess you just don't understand bbs technology.

You said currency and since you know nothing about crypto, Bitcoin is what you meant.  I don’t need you to explicitly say Bitcoin, because that’s the beginning and ending of your knowledge about it.

The Big Train

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Re: Cryptocurrency Master Thread
« Reply #1188 on: March 08, 2018, 03:25:37 PM »
I know just about nothing about Bitcoin, but I really don’t understand how people mine it if the supply is finite.

There will only ever be 21 million whole Bitcoins in existence.  Every ~10 when a block is mined(confirmed transactions) a block reward is created for the miner.  Those are new Bitcoin that are released into the environment.  We will reach 21 million in circulation around 2140.  The block reward started at 50 Bitcoin and it is currently at 12.5.  It halves every 210,000 blocks, or about every 4 years.

Does that matter when the 21 million bitcoins are infinitely mine-able and divisible? Or are they not?

Mining is just a term for the confirming of transactions, with the side effect of new bitcoins being created.  It gives incentive for the miners to confirm transactions(since they receive the new bitcoins).  You also pay a fee to be preferentially selected to have your transactions confirmed quicker.  When all bitcoin are in the environment that will be the incentive for miners to keep confirming transactions.

Each whole bitcoin can be split into 100 million pieces.  So there’s room for the network to expand without actually creating new bitcoins.  Being a bitcoiner(someone who owns at least 1 whole bitcoin) will become more and more rare as adoption rates go up.

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Re: Cryptocurrency Master Thread
« Reply #1189 on: March 08, 2018, 04:10:52 PM »
i took what fsd posted as theres a lot of similar types of cryptocurrencies

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Re: Cryptocurrency Master Thread
« Reply #1190 on: March 08, 2018, 04:55:46 PM »
i took what fsd posted as theres a lot of similar types of cryptocurrencies

I thought that was pretty obvious, but man, technology is so hard...
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Re: Cryptocurrency Master Thread
« Reply #1191 on: March 08, 2018, 04:57:47 PM »
I know just about nothing about Bitcoin, but I really don’t understand how people mine it if the supply is finite.

There will only ever be 21 million whole Bitcoins in existence.  Every ~10 when a block is mined(confirmed transactions) a block reward is created for the miner.  Those are new Bitcoin that are released into the environment.  We will reach 21 million in circulation around 2140.  The block reward started at 50 Bitcoin and it is currently at 12.5.  It halves every 210,000 blocks, or about every 4 years.

Does that matter when the 21 million bitcoins are infinitely mine-able and divisible? Or are they not?

Mining is just a term for the confirming of transactions, with the side effect of new bitcoins being created.  It gives incentive for the miners to confirm transactions(since they receive the new bitcoins).  You also pay a fee to be preferentially selected to have your transactions confirmed quicker.  When all bitcoin are in the environment that will be the incentive for miners to keep confirming transactions.

Each whole bitcoin can be split into 100 million pieces.  So there’s room for the network to expand without actually creating new bitcoins.  Being a bitcoiner(someone who owns at least 1 whole bitcoin) will become more and more rare as adoption rates go up.

Says bitcoin is finite, types this long post.  :Woot:
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Re: Cryptocurrency Master Thread
« Reply #1192 on: March 08, 2018, 05:06:11 PM »
I know just about nothing about Bitcoin, but I really don’t understand how people mine it if the supply is finite.

There will only ever be 21 million whole Bitcoins in existence.  Every ~10 when a block is mined(confirmed transactions) a block reward is created for the miner.  Those are new Bitcoin that are released into the environment.  We will reach 21 million in circulation around 2140.  The block reward started at 50 Bitcoin and it is currently at 12.5.  It halves every 210,000 blocks, or about every 4 years.

Does that matter when the 21 million bitcoins are infinitely mine-able and divisible? Or are they not?

Mining is just a term for the confirming of transactions, with the side effect of new bitcoins being created.  It gives incentive for the miners to confirm transactions(since they receive the new bitcoins).  You also pay a fee to be preferentially selected to have your transactions confirmed quicker.  When all bitcoin are in the environment that will be the incentive for miners to keep confirming transactions.

Each whole bitcoin can be split into 100 million pieces.  So there’s room for the network to expand without actually creating new bitcoins.  Being a bitcoiner(someone who owns at least 1 whole bitcoin) will become more and more rare as adoption rates go up.

It just seems conceivable that these tiny fractions of bitcoin could be given some other name, like ittybittycoin, and be all but infinite, since you can split each individual bitcoin 100 million times.

The Big Train

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Re: Cryptocurrency Master Thread
« Reply #1193 on: March 08, 2018, 05:11:22 PM »
I know just about nothing about Bitcoin, but I really don’t understand how people mine it if the supply is finite.

There will only ever be 21 million whole Bitcoins in existence.  Every ~10 when a block is mined(confirmed transactions) a block reward is created for the miner.  Those are new Bitcoin that are released into the environment.  We will reach 21 million in circulation around 2140.  The block reward started at 50 Bitcoin and it is currently at 12.5.  It halves every 210,000 blocks, or about every 4 years.

Does that matter when the 21 million bitcoins are infinitely mine-able and divisible? Or are they not?

Mining is just a term for the confirming of transactions, with the side effect of new bitcoins being created.  It gives incentive for the miners to confirm transactions(since they receive the new bitcoins).  You also pay a fee to be preferentially selected to have your transactions confirmed quicker.  When all bitcoin are in the environment that will be the incentive for miners to keep confirming transactions.

Each whole bitcoin can be split into 100 million pieces.  So there’s room for the network to expand without actually creating new bitcoins.  Being a bitcoiner(someone who owns at least 1 whole bitcoin) will become more and more rare as adoption rates go up.

It just seems conceivable that these tiny fractions of bitcoin could be given some other name, like ittybittycoin, and be all but infinite, since you can split each individual bitcoin 100 million times.

The smallest unit that a bitcoin can be broken up into is called a satoshi. 

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Re: Cryptocurrency Master Thread
« Reply #1194 on: March 08, 2018, 06:36:07 PM »
Incidentally, that is how the altcoins are priced......an altcoin is worth 0.xxxxxxx or x.xxxxxxx satoshis.
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Re: Cryptocurrency Master Thread
« Reply #1195 on: March 08, 2018, 10:24:28 PM »
What practical application does blockchain have in your mind FSD?


Identity verification and security seems like a natural fit.
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Re: Cryptocurrency Master Thread
« Reply #1196 on: March 08, 2018, 10:57:44 PM »
I like the addition of FSD in this thread to spice things up


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Re: Cryptocurrency Master Thread
« Reply #1197 on: March 09, 2018, 12:56:28 PM »
"experienced commanders will simply be smeared and will actually go to the meat."

The Big Train

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Re: Cryptocurrency Master Thread
« Reply #1198 on: March 09, 2018, 02:16:30 PM »
https://www.politico.com/magazine/story/2018/03/09/bitcoin-mining-energy-prices-smalltown-feature-217230

what a remarkably stupid human endeavor.

What a great article, thanks for posting it.  I think it’s the future, not a stupid endeavor.  Also :love: that the article directly contradicts multiple ignorant remarks that FSD has made the past few days.  Not surprisingly FSD is a confirmed dumbass on this space.

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Re: Cryptocurrency Master Thread
« Reply #1199 on: March 09, 2018, 02:29:47 PM »
Any retort to his practical application of block chain as security and identity verification?
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