Current Events > lol remember last y ear when everyone was like 'bitcoin is dead!!!"

(+) Yeah! (+)

lmaooooooooo so glad i kept the faith!

IM RICH!

https://www.youtube.com/watch?v=HMuYfScGpbE" data-time="
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guys do you remember
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I'd get out of that as soon as possible, virtual currency is trash. I'm surprised it's gotten as big as it has considering all its good for is purchasing useless things through the internet.
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lincoln002 posted...

all its good for is purchasing useless things through the internet.

wait you can buy things with bitcoin!?!??!
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TheBlueMonk_ posted...

lincoln002 posted...

all its good for is purchasing useless things through the internet.

wait you can buy things with bitcoin!?!??!

Yeah, you can even withdraw usd at bitcoin atms if you can find one.
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I wonder if bitcoin/crypto keeps going up if people are going to start mining like crazy again. GPU prices will spike again and I was planning on building a new PC in a few months. Then again, I will just buy Nvidia stock and/or more AMD stock this time since last time Nvidia shares went very high due to the increased sales.

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Nu_Titan posted...

I wonder if bitcoin/crypto keeps going up if people are going to start mining like crazy again. GPU prices will spike again and I was planning on building a new PC in a few months. Then again, I will just buy Nvidia stock and/or more AMD stock this time since last time Nvidia shares went very high due to the increased sales.

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The bad thing about mining is that it is not sustainable due to the volatility of the currencies. And also it isn't recommended if you live in an area where electricity costs a lot.
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Also don't invest into cloud mining. It's a scam under disguise. You're better off buying the currencies and holding them instead.

Back then I didn't know and put some money into cloud mining just to find out that I made a loss instead of profit.
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Definitely glad I started buying 6 months ago
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How rich are you tc?
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lincoln002 posted...

I'd get out of that as soon as possible, virtual currency is trash. I'm surprised it's gotten as big as it has considering all its good for is purchasing useless things through the internet.

Its great for drug dealers and people on the darkweb because its hard to trace. I think itll get bigger
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Does the cost of mining increase as the bitcoin market "expands"? If so, from my limited understanding, how is it possible to maintain additional transactions if the bitchain becomes more and more cost-prohibitive to expand?
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Pogo_Marimo posted...

Does the cost of mining increase as the bitcoin market "expands"? If so, from my limited understanding, how is it possible to maintain additional transactions if the bitchain becomes more and more cost-prohibitive to expand?

By my understanding, miners drop out when it gets too expensive. Then the mining difficulty automatically decreases and miners come back in.
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So you getting into that facebook currency? Libra was it?
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lincoln002 posted...

I'd get out of that as soon as possible, virtual currency is trash. I'm surprised it's gotten as big as it has considering all its good for is purchasing useless things through the internet.

Dude, the tech behind the Bitcoin, distributed ledger technology (DLT), has opened the doors to a new world of applications. This is the first time you can create a digital asset, as in something that exists in a single space in the digital world.

In comparison, with MP3s you can copy and paste them and share them with everyone however you like. It's against the law to file share, but there's no way to enforce this. Through DLT, there's no need for a law as it will be enforced, there will only be one MP3 of its kind in that network and you'd be able to track its whereabouts or who copied it or used it or whatnot. This opens the door for IP protection of a new kind, where artists can dictate how their music and other material can be used; from making it free for amateur videos, to specifying a fee for its usages in movie trailers.

This is just one application of many, because again, we now have a way to digitize assets. From money, to games, to ingame items, to basically anything that can have a pricetag in some way, this revolutionizes the internet sphere.

The 4th Industrial Revolution is coming, those of us who took the time to plan and prepare will rewarded. Those who refuse to adapt are going to be left behind. And it's going to hurt since governments around the world are investing heavily into DLT to put a halt on the US' stranglehold on the financial system.
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That's great and all, but I don't think it'd be particularly revolutionary. Most virtual goods being traded around isn't kept in our computers anymore, and DRMs already exist
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Sad_Face posted...

Through DLT, there's no need for a law as it will be enforced, there will only be one MP3 of its kind in that network and you'd be able to track its whereabouts or who copied it or used it or whatnot. This opens the door for IP protection of a new kind, where artists can dictate how their music and other material can be used; from making it free for amateur videos, to specifying a fee for its usages in movie trailers.

This is why Kodak changed their business model to focus on the technology.
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legendarylemur posted...

That's great and all, but I don't think it'd be particularly revolutionary. Most virtual goods being traded around isn't kept in our computers anymore, and DRMs already exist

Oh ho ho. The power of DLT doesn't stop there. Back in 2014, a 19 year old dude named Vitalik Buterin asked if people wanted to put software on a blockchain (the first form of DLT, what Bitcoin uses). Everyone thought it was a uneato idea and boom, Ethereum was born. What makes programs so powerful on that the blockchain is that they are immutable. Once they're set in stone, no one can change them.

From here, Smart contracts are born. And this is the true killer of jobs, not even AI comes as close to the potential of Smart contracts. Smart contracts are contracts with that same trait, immutability, which makes them trustless and trigger based on an event that happens. If X, then Y.

If we were to bet on who would win in the next Superbowl, the Patriots versus [lolwhocares] and only I bet on the Patriots, we would put our money into an escrow and the smartcontract would trigger a payment to me when they win next year. No need for a 3rd party we need to trust to hold onto the money and to trust that they would pay out. No need for me to worry if you'll walk away and not pay out. If X, then Y.

There are numerous administrative jobs that revolve around verifying and pushing paper work. Suppose you hire someone to manage the shipping logistics, verifying if A order came in from B company. With the advent of internet of things, IoT sensors. The company can have an IoT sensor on their packages that, connected to the blockchain, when it reaches its destination, it could trigger a smartcontract saying that it reached the location and X time, relieving B company of any need to prove that they made it. And relieving the company receiving the product of needing to hire someone to verify it came. Trustless. If X, then Y.

Of course, there are major issues that have prevented smart contracts from being a household word. The biggest problem is the oracle problem, getting information to the blockchain in which the smart contracts reside in in a trustless manner. It needs its own version of the HTTPS protocol, or its own internet if you will. Fortunately there's a project brewing in the crypto space by the name of Chainlink, the last piece to the God Protocol. If someone here were to take a night off to research this project and take steps to join their ecosystem, I believe they would be rewarded immeasurably. And I would be rewarded with having successfully contributed to my dearly beloved site.
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10,000 son
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Pogo_Marimo posted...

Does the cost of mining increase as the bitcoin market "expands"? If so, from my limited understanding, how is it possible to maintain additional transactions if the bitchain becomes more and more cost-prohibitive to expand?

Background: I am a miner with multiple rigs that has been at it since shortly before the rally to 20k.

The only cost there is for actively mining, besides the hardware, is the electricity to continually run said hardware. Unless in a few special circumstances where the coin's own currency is used to mint new currency (like Ethereum), there is no extra cost. The amount of hashrate (hardware) on a coin's network has nothing at all to do with the transaction throughput the coin has, because there is automatic difficulty adjustment that scales based on the amount of hardware working on the network. Even if there were only one guy with a CPU mining Bitcoin, once the difficulty adjusts for that, it will run just the same as it does now. The difference is that it would then be centralized to that one guy, and he would be able to say he has as much bitcoin as he wants. That's why it's important to have many people on the network, each one is essentially checking against the other for legitimacy.
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themaster627 posted...

The difference is that it would then be centralized to that one guy, and he would be able to say he has as much bitcoin as he wants.

He'd still need to actually mine it.
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Anteaterking posted...

themaster627 posted...

The difference is that it would then be centralized to that one guy, and he would be able to say he has as much bitcoin as he wants.

He'd still need to actually mine it.

Yes, to keep the chain moving, and he could also insert whatever he wants into the new blocks about the funds he has. That is how a 51% attack works, you have enough hash to have a longer chain than anybody else and can insert what you want into it.
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themaster627 posted...

Yes, to keep the chain moving, and he could also insert whatever he wants into the new blocks about the funds he has. That is how a 51% attack works, you have enough hash to have a longer chain than anybody else and can insert what you want into it.

A 51% attack doesn't allow you to transfer other people's money or mint yourself extra coins without actually continuing to normally mine, because hashing power doesn't give you any knowledge on the private keys that generate those addresses.

It allows you to double spend by getting a confirmation and then outracing the chain with that transaction as soon as the other party does whatever you were having them do and you can selectively include or not include VALID transactions at your will.
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Looks like it is still going up, past 11,000 this morning but a little under that atm.

I finally logged in to my coinbase account after not doing so for a few years (had to reset my account and verify/upload my ID). Apparently I have a few hundred bucks there since bitcoin has gone up so much. I vaguely remember there being like maybe only $25 years ago.

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Last time I checked I had $100 and it's $300 now. Nice.
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