Redpill me on Bitcoins.
It is the end of the banking sector as we know it.
Steam accepts it.
>>78778121
You can do transactions without banks. It is a direct relationship between you and god-money, without a caste of priests in-between with their own interests (finance the politicians)
https://www.cryptocoinsnews.com/1-bitcoin-community-controls-99-bitcoin-wealth/
Its a failure.
>>78778121
As long as you speculate on always having a internet connection and nobody being able to do reverse hashing fast it's a pretty neat concept.
The latter would be a black swan for everything encrypted anyways, so having your coins devaluated might be one of your least concerns.
>>78778516
Chinese gov has there filthy hands in it too.
There was a lot of drama and shady shit around the exchanges probably sponsored by big banks to discredit it. The sharks are just waiting for enough people to adopt it to dump all they have.
The idea of crypto is great, but it needs to be executed differently(and i know how to do it)
>>78778358
Is this true?
>>78778692
No steam accepts a middle man who accepts bitcoin
>>78778659
>and i know how to do it
Explain
>>78778121
bitcoin is reaching the end of it's usefulness.
smart contracts are the replacement technology, where code can be executed in a decentralized fashion.
Ex. You can have the blockchain accept votes, through some registration system and not need an electoral college to "represent" anymore.
the DAO did this recently on the ethereum platform, but it was promptly hacked because they coded their application like balls.
Essentially an investment/contracting firm that fulfills actions by consensus of it's investors with nobody running it, but the original application/proposals submitted.
>>78778805
Wanted to append that bitcoin is PoW, with no ability to reach PoS scales.
PoS is where validation of blocks is done by bet, rather than mining. You bet falsely against consensus, you lose your "stake".
>>78778121
There is no longer physical money but, as long as the crypto holds, uncorruptible information. It cannot be manipulated, it cannot be overprinted. It is easier to transport or conceal.
It is only needed someone to convert it into gold. Let's say that
1 bitcon = 1 gr of gold
it is the most revolutionary (against idea) you can write today.
Of course, in the present circumstances, anyone converting it into gold will receive a visit of the Marines in half an hour.
But I think in a big war they would become popular as black market tokens.
It's money that the jews can't print basically.
>>78778121
It has been proven not to be secure.
>>78778121
i have an 8 monitor battlestation with 4k tvs, and drive a pretty nice beamer
Thanks buttcoin!
>>78779074
Not be secure in what way? Please explain and provide this proof you talk of.
>>78778764
I wont.
But the biggest problem with crypto is that theres no incentive to move the money around
In fiat theres inflation
Bitcoin is just hoarders
I admittedly know nothing about economics, but how is a cryptocurrency better than our regular money? Both aren't tied to anything physical, which means all prices are arbitrary, right?
>>78778121
https://motherboard.vice.com/read/bitcoin-might-make-tax-havens-obsolete
>So far, there are no particularly effective enforcement mechanisms that would allow state and federal revenue services to track the online movement of bitcoins. This creates a tremendous opportunity for tax evasion: cryptocurrency advocate Trace Mayer estimated that if even 1% of funds currently sitting in offshore accounts were transferred to bitcoin, the value of this virtual currency could increase substantially. Since the number of Bitcoins in circulation is currently capped at 21 million, if these billions of offshore dollars migrate to that cryptocurrency, the worth of a single bitcoin could rise from $580 to nearly $3 million.
>>78779074
Care to elaborate?
Unsafe in the same way cash is unsafe (it can be stolen, it can be used anonymously for illegal stuff), or bitcoin specific problems?
>>78779163
>no incentive to move the money around
Majority of payments are made via darkweb markets, there's the incentive since it would be impossible without cryptocurrency.
>>78779213
Does this mean it's wise to invest in bitcoin?
It doesn't seem like it'll ever go down again.
>>78779259
Yes and the drug trade is worth nothing
>>78779191
Yes. But arbitrary to the will of kek and the marked (like gold), not arbitrary to the will of the banksters alone.
>>78779191
Bitcoins cannot be overprinted, and banks are not needed to handle them.
It is "popular" tender.
>>78779307
I would wait for $500~ personally
https://bitcoinwisdom.com/markets/bitfinex/btcusd
>>78779307
>>78779213
A lot of people bought bitcoins as "a investment"
You can't take it seriously as a currency if noone spends it
>>78779333
>the drug trade is worth nothing
lol what
http://www.coindesk.com/bitcoin-on-the-dark-web-the-facts/
>>78779055
Jews can do everything.
Contrary to popular belief–or at least what I heard over and over–it's real easy to track. Best way to buy anonymous bitcoins is localbitcoinsdotcom and buy them cash.
>>78778121
It's just one more try of hipster (electro hipsters in this case) to make something 'free' to fuck the government, that ended being exactly like standard products.
To make it short, it went from a currency with tax-free operations to a currency with fees on transactions, mostly used for online drug-traffic.
only criminals use it
>>78779074
Bullshit
>>78779163
Can the bitcoin software be updated? Or is it just as is.
Because decryption methods are getting better and better, if it's not updated then in a matter of time people will be able to steal bitcoins right?
Core developers are kind of douches. It's not going to scale...ever?
If you figure a transaction at a stupid low level like 256 bytes, I think the current average is close to double this, you can do 4 transactions per kb.
1MB every 10 minutes
2^20 / 2^10 * 4 = 4096 possible transactions in 10 minutes.
4096 / (60 * 10) = 6.82 transactions per second.
Credit cards do like 2k+ transactions per second.
They've been fighting to double the block size to 2MB or greater for over a fucking year.
>>78779307
I think bitcoin is now filling a niche market related to illegal use. For instance, to take money out of Argentina during the corralito. It seems it was also used in Cyprus by the Russians to avoid the controls of the EU.
>>78778121
>fedora currency
hah physical gold coins in my hand is worth more than non existent monopoly money made by an invisible chink
Is it still unknown who made bitcoin and how did this all started and where?
Also, how did the community agree on what would be value of bitcoin?
Is it possible that the creator is waiting for market to grow and then crash it with his ,separate, share of ,say, millions of bitcoins?
>>78779643
2^256 = 1.1x10^77 = number of key combinations
2^128 = 3.4x10^38 = the average number of guesses needed
According to this website: http://en.wikipedia.org/wiki/TOP500, the fastest supercomputer is the K computer which has 10.51 petaflops.
A petaflop is 10^15 FLOPS, floating point instructions per second.
So far so good, but I need to know how many FLOPS are needed per guess?
[I will venture a guess:]
Between 1,000 and 10,000 FLOPS (or integer equivalents) per guess.
10.51x10^15 ops/second / 1000 to 10000 ops/guess) = 10.51x10^12 to 10.51x10^11 guess/second.
3.4x10^38 guesses/crack / 10.51x10^12 guess/second = 3.2x10^25 seconds.
3.2x10^25 seconds / 60 seconds/minute / 60 minutes/hour / 24 hours/day / 365.25 days/year = 1.01x10^18 years
1.01x10^18 years / 1x10^9 / 1x10^9 = 1.014 to 10.014 billion billion years.
>>78779564
>http://www.coindesk.com/bitcoin-on-the-dark-web-the-facts/
You think even 1 mln$ a day is a lot of money?
LOL 1 shitty wall street trades does more
>>78779643
It can sort of be updated, its has a democracy system in it
But yes its just a matter of time.
https://bitcoinmagazine.com/articles/bitcoin-is-not-quantum-safe-and-how-we-can-fix-1375242150
Quantum computers annihilate encryption.
But when that happens you have bigger problems than all the bitcoins worth just few billion dollars
>>78779835
>Is it still unknown who made bitcoin and how did this all started and where?
This because prior to Bitcoin some burger started his of currency and got v& for it.
>Also, how did the community agree on what would be value of bitcoin?
The price of Bitcoin is determined by the freemarket, no one person decides the price.
>Is it possible that the creator is waiting for market to grow and then crash it with his ,separate, share of ,say, millions of bitcoins?
No.
>>78779875
>You think even 1 mln$ a day is a lot of money?
That's more than what Poland makes a day m8.
>>78780009
https://www.cryptocoinsnews.com/1-bitcoin-community-controls-99-bitcoin-wealth/
You sure?
>>78780088
545 bln / 365
Dont make me laugh
>Is it possible that the creator is waiting for market to grow and then crash it with his ,separate, share of ,say, millions of bitcoins?
Bitcoin is just an algorithm certifying certain information by using crypto in a distributed fashion. It is revolutionary. The end of the banks.
>>78779584
Criminals = anyone who doesn't like corrupt bankers and politicians.
>>78780261
The distributed fashion people don't do it for free, they demand transaction fees. And as long as these are higher than e.g. a wire transfer banks will exist for transactions.
>>78780376
Bitcoin is 100% haram.
>>78779864
True but that is now.
Technology is growing exponentially so that can change pretty fast.
>>78779875
Interesting.
Everything needs to be rewritten when that happens.
Banking systems, government systems etc
>>78779835
There were a few people talking about hijacking his stuff to prevent others from stealing it. This is Theymos /r/Bitcoin's dear leader. He quickly went back and said, but not Satoshi's coins!
>This issue has been discussed for several years. I think that the very-rough consensus is that old coins should be destroyed before they are stolen to prevent disastrous monetary inflation. People joined Bitcoin with the understanding that coins would be permanently lost at some low rate, leading to long-term monetary deflation. Allowing lost coins to be recovered violates this assumption, and is a systemic security issue.
So if we somehow learn that people will be able to start breaking ECDSA-protected addresses in 5 years (for example), two softforks should be rolled out now:
>One softfork, which would activate ASAP, would assign an OP_NOP to OP_LAMPORT (or whatever QC-resistant crypto will be used). Everyone would be urged to send all of their bitcoins to new OP_LAMPORT-protected addresses.
>One softfork set to trigger in 5 years would convert OP_CHECKSIG to OP_RETURN, destroying all coins protected by OP_CHECKSIG. People would have until then to move their BTC to secure addresses. Anyone who fails to do so would almost certainly have lost their money due to the ECDSA failure anyway -- the number of people who lose additional BTC would be very low. (There might be a whitelist of UTXOs protected by one-time-use addresses, which would remain secure for a long time.)
Good things:
>No can control it (almost no one)
>Average person is who mine new BTCs
>Fair almost like using gold in the real world
Bad things:
>If some party owned a quantum computer, they will own most of BTCs and wouldn't be fun again
>I has no actual value just like the papers (((bankers))) convinced you is money
Needs more work until it's ready for primetime
Wasn't zerocoin supposed to significantly help in anonymizing transactions? Did that ever get past a proof of concept?
>>78779643
It depends. There were a few sites like brainwallet that let you generate a private key horribly. People wrote bots looking to hit those addresses looking for phrases.
There was an xkcd comic that said that
correct horse battery staple
was a secure password or something. If you generated a wallet on that site with that password that money was gone 10 seconds after it hit that wallet guaranteed.
My favorite plebbit post about Brainwallets
>Just lost 4 BTC out of a hacked brain wallet. The pass phrase was a line from an obscure poem in Afrikaans. Somebody out there has a really comprehensive dictionary attack program running.
>Fuck. I thought I had my big-boy pants on.
>>78778121
no computer, no network infrastructure, no bitcoin
it's prettty damn reliant many things working that could be not working in no time to function, paper money doesn't disappear once you stop printing it
>>78779094
I have (insert things I think my readers desire) thanks to Bitcoin! Thanks Bitcoin!
>>78781101
It doesn't disappear but it may loose much of it's buying power for political reasons out of your control (Brexit, financial crisis in Argentinia, women elect some retarded Chad like in Canada), so it's only ok if you hold some foreign currency for all eventualities.
>>78778121
if you got into it a couple years ago when they were worth under a $1 and went well over $1k you're probably fucking rich now
>>78781633
mfw in 10 years people will say "I got in under $1k now I'm rich"
>>78781770
Yes and all industry (((professionals))) havent figured that out!
Only smart frogs, thats why its so cheap now
>>78781770
Years ago people on /b/ were teaching each other how to mine. Wish i had paid attention to that.
The only thing i paid attention to was how to make jewpons. Boy did i save a lot of money.
>>78778121
is it possible that after George soros orchestrates the biggest crash of all time the value of bitcoins will skyrocket?
bitcoin price jumped on brexit, will it become a safe haven currency?
how secure is this
>>78780986
>There was an xkcd comic that said that
>correct horse battery staple
>was a secure password or something
Are you trolling or do you have an IQ of 55?
>>78781991
It didn't really jump up for Brexit. It was $750ish before, but something happened with an exchange or something?
Bitcoin's price will continue to rise until the rewards halve in about two weeks.
http://bitcoinclock.com/
Then miners will get half the reward they are getting right now. So the theory is the price rises to make up for blocks not being mined / introduced into the market every 10 minutes.
What usually happens is right before the rewards halve it hits its highest price and people panic sell when it doesn't climb after the rewards actually reduce.
>>78782318
? https://www.xkcd.com/936/
I think someone managed to rob a couple hundred brainwallets with just that phrase
>>78781633
>a couple years ago when they were worth under a $1
>a couple years ago
>a couple
more like 7
>>78782318
"horse battery staple correct" is a safe password, Anon fell for the "correct horse battery staple" which was specifially designed to be easily crackable and to trick people.
what's stopping the banks from just downloading the money?
>>78781633
Bought coins @ 7AUD
Sold post FBI stealing coins @ ~1100USD.
Still remember seeing them for <5c each on /b/
>>78782706
They'd have to break into your computer to do that.
>>78782354
> halving at block 420 000
> 420k
> FOUR TWENNY KUSH
> satoshi confirmed for stoner
>>78782779
They kick your door in and get your computer, just like in Euroland. As a UKian, of all people, you should know.
Most people don't bother using encryption, so their hard drive content is an open book.
>>78782885
its always 4:20 somewhere in the world amirite senpai
>>78782318
>>78782601
I had to go looking for the exact issue. Brainwallet's shitty site used that password as an example based of the XKCD comic.
https://github.com/brainwallet/brainwallet.github.io/pull/52
>Remove "correct horse battery staple" default passphrase #52
People were that stupid.
An alleged currency which derives its value totally from cybercrime and the political fringe. You'd be better off buying fucking air.
>>78779835
It was an Ausfag. Craig someone. Currently being raped by the ATO.
>>78782987
Breaking into your house is a fair bit harder than "downloading the money"
>>78782987
Probably a few paper Bitcoin wallets out there stored in that users safety deposit box in a bank.
>>78783285
That's why the EU is trying to switch to a "government trojan horse" these days.
It's not as hard as you think, though. Getting a search warrant from social justice court is as easy as saying "Anon is a racist. We have proof, see these 4chan posts made at the exact time Anon was connecting to the site".
On top of that encryption in the UK is illegal, so you can be thrown in jail for withholding the keys, possibly for a long time. So it's a safe bet.
>>78783228
https://www.cryptocoinsnews.com/technical-proof-craig-wright-not-satoshi-nakamoto/
nah he was just a shitposter
>>78783556
>>78783285
On top of that if you have observed the clusterfuck that German TV licensing has become - the media companies were gifted their own executive powers in a deal involving a birthday party with a certain SPD politician.
These powers entail writing their own warrants and it's also easy for them to use the police to break into your house if you don't pay your TV "tax".
You have no rights as an EUSSR peasant.
>>78778121
Unlike most people think, since every transaction is public, it's not as anonymous as you think. Unless you get a new address for each transaction you make, your money can easily get tracked.
