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Link Posted: 1/28/2018 6:21:53 PM EDT
[#1]
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Some car dealerships in the US are now accpeting cryptocurrency.
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So are some GoGo clubs in Thailand

Link Posted: 1/28/2018 6:26:02 PM EDT
[#2]
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Quoted:
Some car dealerships in the US are now accpeting cryptocurrency.
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Well, they call them ATMs.

You put real currency in and it gives you a virtual something.

If I’m selling my car and you rock up with a virtual wallet full of QR codes to buy it, I’m keeping my car.

Rock up with cash and we have the basis of a viable transaction.
Some car dealerships in the US are now accpeting cryptocurrency.
While it was on the up I can see the temptation for some to do so.

All of them accept cash though.
Link Posted: 1/28/2018 6:31:25 PM EDT
[#3]
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How much Ethereum have you exchanged directly for goods and services? Do you hold your mined coins or immediately convert them to traditional currency?
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I haven’t directly exchanged any crypto for goods or services yet.

I only convert what I need to cover the bills and hold the rest.
Link Posted: 1/28/2018 6:40:49 PM EDT
[#4]
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Quoted:
It's the BitTorrent of Ponzi schemes.  It's decentralized so when it blows up there is no Bernie Madoff to go after.

One or two of these crypto coins will survive but the rest will crater to nothing.  If you time it right you might make some money.

People speculating in crypto become schills since they know if interest in their coin dwindles then it's going to crater.
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Cryptocurrency is not a Ponzi scheme. That’s a term with a definition.
Link Posted: 1/28/2018 6:44:33 PM EDT
[#5]
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Quoted:
Well, they call them ATMs.

You put real currency in and it gives you a virtual something.

If I’m selling my car and you rock up with a virtual wallet full of QR codes to buy it, I’m keeping my car.

Rock up with cash and we have the basis of a viable transaction.
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Quoted:
Quoted:

@KA3B

This is the best I can surmise:

Bitcoin is a cryptocurrency.  It is essentially a virtual trinket.  So no, you can't put on in your pocket.   You can put it in a virtual wallet, I believe.  But you can't put that wallet in your pocket either, unless it's on your phone and then its in your pocket, but kinda not.

It appears to be something akin to the magical swords and potions that are considered rare in computer games like World of Warcraft and other vast RPGs.  To that end they are worth what value people attach to them as virtual items, and the value is in their potential uses in the virtual sphere.  The value is dictated by demand.

They don't exist in real life.  They exist in virtual space as a kind of binary lottery ticket.    You buy a computer and jam in the most powerful graphics card you can find, because graphics processors are faster and more bettered than normal motherboard processors and then you set the computer out on a mission to dig through cyberspace to find little bits of these virtual trinkets, which you can then add to your virtual wallet.

Basically, somebody created something out of nothing, told everybody that the something was the next big thing and that it would make you rich, some people decided to jump on board to mine the nothingness for that something.  Some people found bits of something and said  "Look I have found bits of something".....others looked on and said "Oooooh bits of something" and they also joined the mining as everybody said it was going become the next big thing.

This continues until lots of people were looking for that something and the hype grew.  Lots of people said "oooooh shiney" and wanted to jump on board.

The real magic comes when you find some bits of virtual something from nothing and you then sell them to the people who are clamouring for some virtual something from nothing.  You can then sell them something from nothing for far more money than it is worth (which is essentially nothing) and turn your something from nothing into cold hard cash which actually has some from of guarantee attached to it.

It's one of the greatest examples of a self fulfilling prophecy we have seen in modern times.  Of course, it's all fun and games until the power goes off and then your something become nothing again unless you have sold it for something which isn't virtual.

I will caveat the above by saying that I am no expert in cryptocurrencies.
There are bitcoin ATMs
Well, they call them ATMs.

You put real currency in and it gives you a virtual something.

If I’m selling my car and you rock up with a virtual wallet full of QR codes to buy it, I’m keeping my car.

Rock up with cash and we have the basis of a viable transaction.
I also wouldn't sell my car for Chinese Yuan. Doesn't mean it's not a viable currency.
Link Posted: 1/28/2018 6:46:55 PM EDT
[#6]
I spent an hour reading about the vulnerabilities of block chains today.

Bad shit will happen.

Still wish I had gotten in on the action though!
Link Posted: 1/28/2018 6:48:43 PM EDT
[#7]
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Quoted:
I spent an hour reading about the vulnerabilities of block chains today.

Bad shit will happen.

Still wish I had gotten in on the action though!
View Quote
What did you learn?
Link Posted: 1/28/2018 6:49:36 PM EDT
[#8]
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Quoted:
What did you learn?
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Quoted:
Quoted:
I spent an hour reading about the vulnerabilities of block chains today.

Bad shit will happen.

Still wish I had gotten in on the action though!
What did you learn?
It's not unhackable. Just unlikely with current technology.
Link Posted: 1/28/2018 6:51:29 PM EDT
[#9]
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Quoted:
I spent an hour reading about the vulnerabilities of block chains today.

Bad shit will happen.

Still wish I had gotten in on the action though!
View Quote
Enlighten us of the vulnerabilities of block chain.  This should be good.  Even if you don't believe in crypto currency, block chain is extremely secure.  Heck I think it would be a perfect place to store medical records that you could carry on something like a nano ledger and unlock for your doc to use then lock back up with your new records added.  That would be more secure than any current electronic system.
Link Posted: 1/28/2018 6:56:33 PM EDT
[#10]
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Quoted:
It's not unhackable. Just unlikely with current technology.
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Quoted:
Quoted:
Quoted:
I spent an hour reading about the vulnerabilities of block chains today.

Bad shit will happen.

Still wish I had gotten in on the action though!
What did you learn?
It's not unhackable. Just unlikely with current technology.
There is a quantum threat to keys at some point. There are also quantum countermeasures already being studied/developed.

One key thing to remember is at that point, everything that is considered private on the internet has the same issue.
Link Posted: 1/28/2018 6:57:37 PM EDT
[#11]
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Quoted:
Enlighten us of the vulnerabilities of block chain.  This should be good.  Even if you don't believe in crypto currency, block chain is extremely secure.  Heck I think it would be a perfect place to store medical records that you could carry on something like a nano ledger and unlock for your doc to use then chip back up with your new records added.  That would be more sangria than any current system.
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Quoted:
Quoted:
I spent an hour reading about the vulnerabilities of block chains today.

Bad shit will happen.

Still wish I had gotten in on the action though!
Enlighten us of the vulnerabilities of block chain.  This should be good.  Even if you don't believe in crypto currency, block chain is extremely secure.  Heck I think it would be a perfect place to store medical records that you could carry on something like a nano ledger and unlock for your doc to use then chip back up with your new records added.  That would be more sangria than any current system.
Something something 51% of network something something.

I'm not a hacker, nor did I stay at a Holiday Inn Express last night. I do know that nothing is certain.

What about malware? Giant botnet that eats the network? Duplication of coins? Somehow inserting coins into the network by exploiting a flaw in the source code?
Link Posted: 1/28/2018 7:03:31 PM EDT
[#12]
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Quoted:
Something something 51% of network something something.

I'm not a hacker, nor did I stay at a Holiday Inn Express last night. I do know that nothing is certain.

What about malware? Giant botnet that eats the network? Duplication of coins? Somehow inserting coins into the network by exploiting a flaw in the source code?
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Discussion ForumsJump to Quoted PostQuote History
Quoted:
Quoted:
Quoted:
I spent an hour reading about the vulnerabilities of block chains today.

Bad shit will happen.

Still wish I had gotten in on the action though!
Enlighten us of the vulnerabilities of block chain.  This should be good.  Even if you don't believe in crypto currency, block chain is extremely secure.  Heck I think it would be a perfect place to store medical records that you could carry on something like a nano ledger and unlock for your doc to use then chip back up with your new records added.  That would be more sangria than any current system.
Something something 51% of network something something.

I'm not a hacker, nor did I stay at a Holiday Inn Express last night. I do know that nothing is certain.

What about malware? Giant botnet that eats the network? Duplication of coins? Somehow inserting coins into the network by exploiting a flaw in the source code?
I figured that was what you were talking about.  That's why the smart coins intentionally make themselves asic resistance and will fork if it looks like asic will get in the game.  Check vertcoin for a coin that recently forked just because of this.
Link Posted: 1/28/2018 7:05:51 PM EDT
[#13]
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I also wouldn't sell my car for Chinese Yuan. Doesn't mean it's not a viable currency.
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@KA3B

This is the best I can surmise:

Bitcoin is a cryptocurrency.  It is essentially a virtual trinket.  So no, you can't put on in your pocket.   You can put it in a virtual wallet, I believe.  But you can't put that wallet in your pocket either, unless it's on your phone and then its in your pocket, but kinda not.

It appears to be something akin to the magical swords and potions that are considered rare in computer games like World of Warcraft and other vast RPGs.  To that end they are worth what value people attach to them as virtual items, and the value is in their potential uses in the virtual sphere.  The value is dictated by demand.

They don't exist in real life.  They exist in virtual space as a kind of binary lottery ticket.    You buy a computer and jam in the most powerful graphics card you can find, because graphics processors are faster and more bettered than normal motherboard processors and then you set the computer out on a mission to dig through cyberspace to find little bits of these virtual trinkets, which you can then add to your virtual wallet.

Basically, somebody created something out of nothing, told everybody that the something was the next big thing and that it would make you rich, some people decided to jump on board to mine the nothingness for that something.  Some people found bits of something and said  "Look I have found bits of something".....others looked on and said "Oooooh bits of something" and they also joined the mining as everybody said it was going become the next big thing.

This continues until lots of people were looking for that something and the hype grew.  Lots of people said "oooooh shiney" and wanted to jump on board.

The real magic comes when you find some bits of virtual something from nothing and you then sell them to the people who are clamouring for some virtual something from nothing.  You can then sell them something from nothing for far more money than it is worth (which is essentially nothing) and turn your something from nothing into cold hard cash which actually has some from of guarantee attached to it.

It's one of the greatest examples of a self fulfilling prophecy we have seen in modern times.  Of course, it's all fun and games until the power goes off and then your something become nothing again unless you have sold it for something which isn't virtual.

I will caveat the above by saying that I am no expert in cryptocurrencies.
There are bitcoin ATMs
Well, they call them ATMs.

You put real currency in and it gives you a virtual something.

If I’m selling my car and you rock up with a virtual wallet full of QR codes to buy it, I’m keeping my car.

Rock up with cash and we have the basis of a viable transaction.
I also wouldn't sell my car for Chinese Yuan. Doesn't mean it's not a viable currency.
There’s viable then there is reliable. I want both.

The Chinese Yuan didn’t just shit the bed to the tune of 20% against the dollar in the last month.

Bitcoin did.

Of course it depends how quickly you are going to cash in for your preferred currency.  The irony is that those shilling for bitcoin like to compare it to a real currency and call it a currency, but is essentially nothing more than a share value in a virtual concept.

If people want to play that cryptocurrency market and make a few bucks, then good luck to them.  A fool and their money are easily parted and if you can part a few fools from their money in a consented transaction then I guess that’s the game being played.

There is a desperate play by the shills to get current cryptocurrencies accepted and drive them into the mainstream, but we are a long way of them becoming the norm.  They are not sustainable by hype alone though.

One day I’m sure it will be a norm, but there will be a good few that crash and burn through volatile markets before that happens.
Link Posted: 1/28/2018 7:07:47 PM EDT
[#14]
Bitcoin is the fidget spinner of investments.
Link Posted: 1/28/2018 7:08:44 PM EDT
[#15]
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Quoted:

Cryptocurrency is not a Ponzi scheme. That’s a term with a definition.
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Did I hit a nerve?

Ponzicoin.co
Link Posted: 1/28/2018 7:14:42 PM EDT
[#16]
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Quoted:

There’s viable then there is reliable. I want both.

The Chinese Yuan didn’t just shit the bed to the tune of 20% against the dollar in the last month.

Bitcoin did.

Of course it depends how quickly you are going to cash in for your preferred currency.  The irony is that those shilling for bitcoin like to compare it to a real currency and call it a currency, but is essentially nothing more than a share value in a virtual concept.

If people want to play that cryptocurrency market and make a few bucks, then good luck to them.  A fool and their money are easily parted and if you can part a few fools from their money in a consented transaction then I guess that’s the game being played.

There is a desperate play by the shills to get current cryptocurrencies accepted and drive them into the mainstream, but we are a long way of them becoming the norm.  They are not sustainable by hype alone though.

One day I’m sure it will be a norm, but there will be a good few that crash and burn through volatile markets before that happens.
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Every honest analysis I’ve read states that crypto currency will not see mainstream use until the market volatility calms down.
Link Posted: 1/28/2018 7:15:20 PM EDT
[#17]
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Quoted:
I figured that was what you were talking about.  That's why the smart coins intentionally make themselves asic resistance and will fork if it looks like asic will get in the game.  Check vertcoin for a coin that recently forked just because of this.
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Quoted:
Quoted:
Quoted:
Quoted:
I spent an hour reading about the vulnerabilities of block chains today.

Bad shit will happen.

Still wish I had gotten in on the action though!
Enlighten us of the vulnerabilities of block chain.  This should be good.  Even if you don't believe in crypto currency, block chain is extremely secure.  Heck I think it would be a perfect place to store medical records that you could carry on something like a nano ledger and unlock for your doc to use then chip back up with your new records added.  That would be more sangria than any current system.
Something something 51% of network something something.

I'm not a hacker, nor did I stay at a Holiday Inn Express last night. I do know that nothing is certain.

What about malware? Giant botnet that eats the network? Duplication of coins? Somehow inserting coins into the network by exploiting a flaw in the source code?
I figured that was what you were talking about.  That's why the smart coins intentionally make themselves asic resistance and will fork if it looks like asic will get in the game.  Check vertcoin for a coin that recently forked just because of this.
The only thing that protects against 51% attacks is hashing power as a barrier (size = cost).

Asic networks are preventative measures, non-asic networks are reactionary.

Also, I don't think Vertcoin forked recently.
Link Posted: 1/28/2018 7:16:55 PM EDT
[#18]
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Quoted:
Bitcoin is the fidget spinner of investments.
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That’s ripple.
Link Posted: 1/28/2018 7:24:09 PM EDT
[#19]
Link Posted: 1/28/2018 7:29:49 PM EDT
[#21]
Link Posted: 1/28/2018 7:32:55 PM EDT
[#22]
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Quoted:
Quoted:
Quoted:
Quoted:
I spent an hour reading about the vulnerabilities of block chains today.

Bad shit will happen.

Still wish I had gotten in on the action though!
What did you learn?
It's not unhackable. Just unlikely with current technology.
Around $500 million just a few days ago.

https://www.forbes.com/sites/gauravsharma/2018/01/27/crypto-heist-coincheck-hack-could-be-the-worlds-biggest-ever-cryptocurrency-theft/#2312b3de1d58

https://www.benzinga.com/fintech/17/11/10824764/the-11-biggest-cryptocurrency-hacks-in-history
That's like saying banks are not secure because someone lost their ATM card with the PIN sticky-noted on it and had their account cleaned out.
Link Posted: 1/28/2018 7:39:45 PM EDT
[#23]
Link Posted: 1/28/2018 8:07:20 PM EDT
[#24]
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Quoted:
so I heard a good way to explain parts of it.

imagine you are in a large auditorium.

it is filled to capacity.

a person on stage says I have 5 bit coins.
I want to give 1 bit coin to john.

Everyone in the room checks their book and says yup you own 5 bit coins.
you are giving one to john. They remove one from your list and add it to john's.
now john owns 1 bit coin.

That is a simplistic way to explain how the idea of bitcoin works and why you can't create counterfit bitcoins.
everyone knows where every one of them are.

Why is this important?
Today and in history, governments destabilized other countries by introducing counterfit currency into the economy. Causing inflation among other things.

so that is point one.
in recent history and in the past, governments controlled the people by controling money.
don't want a run on the banks, close them down.
no one has any money, they can't buy goods.

I think there was a case of this recently and most of the people switched to bitcoins to get by.

Value is a different issue.
Why did they go from .001 cents to 11000 dollars?
It is a scarcity and use thing.
When they were .001 cents no one used them.
It would be like finding a gold or diamond mine but no one cared about those things.
Eventually due to people deciding they could use those items or debeers deciding they could market them, people decided they had to have one and due to the scarcity( real or controled,) these items increase in price.

Mining is a bit different.
It is part of the finding another combination/serial number that cannot be faked, and being the first guy in the room to say you are right you transfered 1 bitcoin to john.
There is a fee charged for the transaction and that guy gets that fee.
everyone else still has to look it up and agree, but that first guy got the money.
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That's good! Well done.
Link Posted: 1/28/2018 8:38:31 PM EDT
[#25]
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It's a fad based on a hoax, like eating Tide Pods.
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And there was a point where one would have purchased 5 ounces of silver. Holding on to it, it then became 14 ounces of gold.

Some fad
Link Posted: 1/28/2018 8:42:42 PM EDT
[#26]
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Every honest analysis I've read states that crypto currency will not see mainstream use until the market volatility calms down.
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Can't argue with that.  No one wants their currency to yo yo on a daily basis if the majority of their wealth is in it.
Link Posted: 1/28/2018 8:44:15 PM EDT
[#27]
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Quoted:
Quoted:
Quoted:
Quoted:
I spent an hour reading about the vulnerabilities of block chains today.

Bad shit will happen.

Still wish I had gotten in on the action though!
What did you learn?
It's not unhackable. Just unlikely with current technology.
Around $500 million just a few days ago.

https://www.forbes.com/sites/gauravsharma/2018/01/27/crypto-heist-coincheck-hack-could-be-the-worlds-biggest-ever-cryptocurrency-theft/#2312b3de1d58

https://www.benzinga.com/fintech/17/11/10824764/the-11-biggest-cryptocurrency-hacks-in-history


When people's credit cards get hacked do you think someone hacked their dollars?
Link Posted: 1/28/2018 8:45:33 PM EDT
[#28]
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I'm in the same boat, OP.
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Link Posted: 1/28/2018 9:09:43 PM EDT
[#29]
Mining:  Computers link together with special software to solve a series of math equations.  Once the equation is solved, a bitcoin is created.  Every time an equation is solved, the next one becomes more difficult to solve.  Then the next is harder, the next hard, and so on.  Take a significant amount of computer power to solve them.  

Every time a bitcoin is mined, each person that helped get a little piece as commission in a digital wallet.  You know how you log in to your bank's online banking site and you see money in your account put there by your employer?  Similar.  

With the transaction of these bitcoins come the ledger using the blockchain methodology.  Every time a bitcoin (or part of one) is sent or received, it goes on the ledger.  So it's basically one big ass record of all bitcoin transactions.  With that, you no longer have to go through a 3rd party like a bank or a service like paypal.  It's a way to send currency (digital currency) from person to person without a middle man.  THAT'S the real product here and that's what all the new alt-coins are doing...putting their own spin or improvements on the blockchain methodology.  To use their ledger, you use their currency.  

Now, people swap those currencies like any other currency on exchanges.  It's value is what the market determines it is.  If people find value in it, they will buy and the price will go up.  If they don't, it won't.  

Can you put it in your pocket?  No you old fuck...you can't.  Stop being stupid and believing that only something you put in your hand has value.  Can you put your "credit" in your hand?  Does your credit have "value"?  What your stocks and bonds?  Bitcoin/altcoins are no different.  If you want something to put in your hand with a stock, you sell the stock for money just like you would sell your alt-coins on an exchange for money.  

ETA:  I take that back...yes you can.  Send your bitcoins to an external wallet.  You can put that in your pocket.  No different that something like google/apple pay apps.  Its worth what the market value says it's worth. 
Link Posted: 1/28/2018 9:39:28 PM EDT
[#30]
Link Posted: 1/28/2018 9:51:25 PM EDT
[#31]
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Quoted:

Oh, so the $500 million was insured and nobody lost anything?

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In effect, a "stock exchange" was robbed of coins. The blockchain that records the transaction still represents the change in ownership perfectly.

Soon, many of the peer to peer coin exchanges will allow you or i to trade directly from wallet to wallet without having to store your coins on a hackable exchange.

The early forms of the decentralized exchange are active now.
Link Posted: 1/28/2018 9:55:32 PM EDT
[#32]
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Quoted:
Did I hit a nerve?

Ponzicoin.co
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Quoted:

Cryptocurrency is not a Ponzi scheme. That’s a term with a definition.
Did I hit a nerve?

Ponzicoin.co
No, you did not.

I find it interesting that you link to an interesting description of a massive scam that isn't cryptocurrency.  The entire point of all of that is the injection of money into the system that is fake by a centrally controlled non-cryptocurrency run by a bunch of scammers.

Your argument is similar to saying that because people have run ponzi schemes with US Dollars, the US Dollar is a ponzi scheme.

Again, words have definitions.  Bitfinex and Tether are interrelated scams, they're not actually ponzi schemes, they're more like a counterfeiting scam.
Link Posted: 1/29/2018 10:04:42 AM EDT
[#33]
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Quoted:
Mining:  Computers link together with special software to solve a series of math equations.  Once the equation is solved, a bitcoin is created.  Every time an equation is solved, the next one becomes more difficult to solve.  Then the next is harder, the next hard, and so on.  Take a significant amount of computer power to solve them.

Every time a bitcoin is mined, each person that helped get a little piece as commission in a digital wallet.  You know how you log in to your bank's online banking site and you see money in your account put there by your employer?  Similar.

*Snip*
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Interesting.

So are these equations used for some purpose or are they just arbitrary puzzles?
Link Posted: 1/29/2018 10:10:46 AM EDT
[#34]
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Quoted:
Interesting.

So are these equations used for some purpose or are they just arbitrary puzzles?
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Quoted:
Mining:  Computers link together with special software to solve a series of math equations.  Once the equation is solved, a bitcoin is created.  Every time an equation is solved, the next one becomes more difficult to solve.  Then the next is harder, the next hard, and so on.  Take a significant amount of computer power to solve them.

Every time a bitcoin is mined, each person that helped get a little piece as commission in a digital wallet.  You know how you log in to your bank's online banking site and you see money in your account put there by your employer?  Similar.

*Snip*
Interesting.

So are these equations used for some purpose or are they just arbitrary puzzles?
They verify bitcoin transactions.
Link Posted: 1/29/2018 10:18:38 AM EDT
[#35]
If someone hasn't suggested it yet, do some research on blockchain.
Link Posted: 1/29/2018 11:23:00 AM EDT
[#36]
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Quoted:
Interesting.

So are these equations used for some purpose or are they just arbitrary puzzles?
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Quoted:
Quoted:
Mining:  Computers link together with special software to solve a series of math equations.  Once the equation is solved, a bitcoin is created.  Every time an equation is solved, the next one becomes more difficult to solve.  Then the next is harder, the next hard, and so on.  Take a significant amount of computer power to solve them.

Every time a bitcoin is mined, each person that helped get a little piece as commission in a digital wallet.  You know how you log in to your bank's online banking site and you see money in your account put there by your employer?  Similar.

*Snip*
Interesting.

So are these equations used for some purpose or are they just arbitrary puzzles?
I have always wondered if they are actually decrypting stuff for someone. China/US/etc.

Look, this amazing currency! All you have to do is contribute computing power to get it!
Link Posted: 1/29/2018 11:26:18 AM EDT
[#37]
What I can't understand is that there are 1000's of other crypto currencies out there.....how are they worth anything?  What's the value if you can just make up a new currency like that??
Link Posted: 1/29/2018 11:32:16 AM EDT
[#38]
I paid off all my student loans and credit card debt using bitcoins I bought back in college

Glad I cashed out when it was over $16k/btc, don't really care if it goes up to $100k in a year, I got my use out of it for under $200 initial investment.

Lots of people don't get that anything has a "value" as long as someone wants it. Look at gold, while its a real physical object unlike crypto its only "worth" what people that want it will pay. Same as your time or effort, its "worth" what someone will pay for it.
Link Posted: 1/29/2018 12:56:00 PM EDT
[#39]
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What I can't understand is that there are 1000's of other crypto currencies out there.....how are they worth anything?  What's the value if you can just make up a new currency like that??  
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Same reason anyone can create a new product to put on the open market, but that doesn't mean that it will have value. Widespread acceptance IS a form of value.
Link Posted: 1/30/2018 12:10:29 AM EDT
[#40]
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I have always wondered if they are actually decrypting stuff for someone. China/US/etc.

Look, this amazing currency! All you have to do is contribute computing power to get it!
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Mining:  Computers link together with special software to solve a series of math equations.  Once the equation is solved, a bitcoin is created.  Every time an equation is solved, the next one becomes more difficult to solve.  Then the next is harder, the next hard, and so on.  Take a significant amount of computer power to solve them.

Every time a bitcoin is mined, each person that helped get a little piece as commission in a digital wallet.  You know how you log in to your bank's online banking site and you see money in your account put there by your employer?  Similar.

*Snip*
Interesting.

So are these equations used for some purpose or are they just arbitrary puzzles?
I have always wondered if they are actually decrypting stuff for someone. China/US/etc.

Look, this amazing currency! All you have to do is contribute computing power to get it!
no.
Link Posted: 1/30/2018 12:22:53 AM EDT
[#41]
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I spent an hour reading about the vulnerabilities of block chains today.

Bad shit will happen.

Still wish I had gotten in on the action though!
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Yep..    I remember a friend telling me about it..

I think then they were worth about $30 then jumped to $90 a week later.

I didn't understand the whole exchange process.
Link Posted: 1/30/2018 11:30:16 AM EDT
[#42]
Many of the Luddites who go on and on about cryptocurrency being worthless, a fad, etc, call for a return to a gold-backed currency.

Gold is nothing. It's a rock. It's not even the whole rock. Just what's left after you refine the rock.

It sits in the dirt until you dig it up.

It has value only because we agree it does. Over time it's been universally accepted as a store of wealth, with widely fluctuating values.

Bitcoin and the others have value for the same reason.  The only thing different is that it isn't tangible, but less and less financial transactions will be tangible as time goes on.

The "I don't trust it unless I can hold it in my hand" crowd is going to be more and more behind over the years. Some countries are already moving to be cashless at some point.

Bitcoin was the first cryptocurrency to get widespread recognition and acceptance. Obviously there are improvements to be made, but the potential for a secure (it will get there) totally portable means of exchange separate from any country has massive appeal for so many reasons.
Link Posted: 1/30/2018 11:37:02 AM EDT
[#43]
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Quoted:
Many of the Luddites who go on and on about cryptocurrency being worthless, a fad, etc, call for a return to a gold-backed currency.

Gold is nothing. It's a rock. It's not even the whole rock. Just what's left after you refine the rock.

It sits in the dirt until you dig it up.

It has value only because we agree it does. Over time it's been universally accepted as a store of wealth, with widely fluctuating values.

Bitcoin and the others have value for the same reason.  The only thing different is that it isn't tangible, but less and less financial transactions will be tangible as time goes on.

The "I don't trust it unless I can hold it in my hand" crowd is going to be more and more behind over the years. Some countries are already moving to be cashless at some point.

Bitcoin was the first cryptocurrency to get widespread recognition and acceptance. Obviously there are improvements to be made, but the potential for a secure (it will get there) totally portable means of exchange separate from any country has massive appeal for so many reasons.
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Gold has high value as an electrical conductor as it has a much higher corrosion resistance than silver and copper.
Link Posted: 1/31/2018 12:11:24 AM EDT
[#44]
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Same reason anyone can create a new product to put on the open market, but that doesn't mean that it will have value. Widespread acceptance IS a form of value.
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What I can't understand is that there are 1000's of other crypto currencies out there.....how are they worth anything?  What's the value if you can just make up a new currency like that??  
Same reason anyone can create a new product to put on the open market, but that doesn't mean that it will have value. Widespread acceptance IS a form of value.
Just ask the DeBeers.
Link Posted: 1/31/2018 12:44:50 AM EDT
[#45]
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Just ask the DeBeers.
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Quoted:
What I can't understand is that there are 1000's of other crypto currencies out there.....how are they worth anything?  What's the value if you can just make up a new currency like that??  
Same reason anyone can create a new product to put on the open market, but that doesn't mean that it will have value. Widespread acceptance IS a form of value.
Just ask the DeBeers.
My personal favorite is/was the rapper that was selling oversized tee shirts for $100. Ingenious.
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