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Re: Cryptocurrencies [Re: SlicedFeet] #2666700
07/27/17 04:14 PM
07/27/17 04:14 PM
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Originally Posted By: SlicedFeet

It would be cool to find out how much each nation-state has amassed, or even created with their supercomputers.


To some extent, they undermine their own currency doing this.

Re: Cryptocurrencies [Re: Mr Doof] #2666706
07/27/17 04:31 PM
07/27/17 04:31 PM
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Originally Posted By: Mr Doof
Originally Posted By: SlicedFeet

It would be cool to find out how much each nation-state has amassed, or even created with their supercomputers.


To some extent, they undermine their own currency doing this.


I wonder about who(m) creates the digital currency in the first place? You have country's with unstable currency but are tech tech savvy. You convert your unstable currency into real estate in stronger countries like the US, Canada, Australia, etc. Does anyone really think that this is below the Chinese? Trading your electronic commodity for real hard commodities like US stocks and bonds, etc. Who here would not do likewise? The thing could blow up tomorrow but it's the end game that matters. It trips me out!

Re: Cryptocurrencies [Re: Mr Doof] #2666725
07/27/17 05:15 PM
07/27/17 05:15 PM
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Originally Posted By: Mr Doof
my Bitcoins were lost when Mt Gox went down


speaking of Mt. Gox..

"A US jury indicted Alexander Vinnik on Wednesday after his arrest in a small beachside village in northern Greece on Tuesday, following an investigation led by the US justice department along with several other federal agencies and task forces.

Vinnik was described by the justice department as the operator of BTC-e, an exchange used to trade the digital currency bitcoin since 2011, which was allegedly used to launder more than $4bn for people involved in crimes ranging from computer hacking to drug trafficking.

US authorities also linked him to the failure of Mt Gox, the Japan-based bitcoin exchange that collapsed in 2014 after being hacked. Vinnik obtained funds from the hack of Mt Gox and laundered them through BTC-e and Tradehill, another San Francisco-based exchange he owned, they said in the statement."


https://www.theguardian.com/technology/2...lexander-vinnik

perhaps there is a long and winding road to partial recovery?

Re: Cryptocurrencies [Re: crustBro] #2666782
07/27/17 08:09 PM
07/27/17 08:09 PM
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Originally Posted By: crustBro

But here's a question... Why do they call it a wallet? The way I see it, the "money" aint in the wallet. Its on the blockchain. And what they call a wallet, is really just a key that gives you the privilege to move the "money" to another address on the blockchain.

Am I way off in left field on this?



Yes.

Wallet by any other name is a place to store currency.

Blockchain by any other name is the serial number/protocol/data file, so to speak, that proves it is unique currency, how much it is valued and is valid. Just like all the stuff on a one dollar USD that proves it is legal tender and values at $1.00.

You know how data is stored in computer systems, yes, in discreet files? Right, of course you do. Sorry I doubted this at all.

So this data file, lets call it "8001blockchainCrustBro07272017.dat" is stored on your drive in some file structure that looks like this:




So there are your bitcoins, in your d:\encrypted\stuff\important\bitcoin\bitcoinexe\rosebyanyothername folder aka "wallet".

Your 'key' in your d:\encrypted\stuff\important\bitcoin\bitcoincnfg folder, but you know if I was being technical, that isn't really the proper way to describe it. Just going for the big picture here.


Edit: ah, my formatting was lost.....let me see if I can make it better....and better?








Last edited by Mr Doof; 07/27/17 08:17 PM. Reason: one more time....
Re: Cryptocurrencies [Re: SlicedFeet] #2666784
07/27/17 08:13 PM
07/27/17 08:13 PM
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Originally Posted By: SlicedFeet


Then again, this makes me even more confused.

Link


Bitmixer is an 'agent' between two people exchanging bitcoins. Kinda defeat the purpose of bitcoins.

We don't need a new Visa card equivalent!

Re: Cryptocurrencies [Re: donger] #2666790
07/27/17 08:32 PM
07/27/17 08:32 PM
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Originally Posted By: donger
Originally Posted By: Mr Doof
Originally Posted By: donger
I still don't get understand how it has value, but for those of you who do, shouldn't you be super rich now?


How much value does your wetsuit have for a person dying of thirst in Mali?

Value is relative. And these things are more of a means of exchange than a currency, though I think this is splitting hairs.

I'm not super rich because my Bitcoins were lost when Mt Gox went down, but even then I didn't have that much. Back in the say, took me 5 days to make one on my video card and Sweetie-pie hated me using all the DSL bandwidth....figured it cost me about $13.89 in electricity to make one.


So, if you know how to "mine" them and if they are worth a certain value beyond the costs to mine them, why aren't those in the know making money hand over fist? Because you would be essentially just printing money right?


It takes money to make money.

In this case, it takes computer hardware and electricity.

More of both = more money needed to get going.

And with Bitcoin, due to the math in the background, it was easy (meaning quick with just a video card and CPU) to make, but as time went along, from one a day, it then two three days, then a week, and then, well, what if I had a better video card? Woo, back to one a day, damn, word is getting out, now with her making bitcoins I am back to one every three days, and so on.

Now it takes a lot of processing power, and still only getting one a day.

You get this kind of relationship, effort of vertical scale, time on horizontal:


This is why there has been a switch to ASIC chips over the years, but even still, all it means is the person with the most processing power is just getting a percentage of the one coin a day that can be made.

Mining for coins is really just be rewarded for making sure each bitcoin getting exchanged is legit.

The easy money is long gone.

Which is why you are starting to see all these Initial Coin Offerings.

Some entity has made a gigash!tload of their particular brand of currency, keeping everyone out (unlike with Bitcoin), then releasing them to the market all at once, along with the software to exchange them.

Re: Cryptocurrencies [Re: Mr_Stagger_Lee] #2666794
07/27/17 08:36 PM
07/27/17 08:36 PM
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Originally Posted By: Mr_Stagger_Lee
Originally Posted By: Mr Doof
Originally Posted By: SlicedFeet

It would be cool to find out how much each nation-state has amassed, or even created with their supercomputers.


To some extent, they undermine their own currency doing this.


I wonder about who(m) creates the digital currency in the first place? You have country's with unstable currency but are tech tech savvy. You convert your unstable currency into real estate in stronger countries like the US, Canada, Australia, etc. Does anyone really think that this is below the Chinese? Trading your electronic commodity for real hard commodities like US stocks and bonds, etc. Who here would not do likewise? The thing could blow up tomorrow but it's the end game that matters. It trips me out!


If you look into what China has done with Bitcoin over the years, you'll see their banking system isn't behind it at all.

Or Russia.

Not to say there aren't mining farms there, but I really don't think those totalitarian style govts want their people devaluing the national currency.

Ours neither for that matter.

Re: Cryptocurrencies [Re: the janitor] #2666796
07/27/17 08:39 PM
07/27/17 08:39 PM
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Originally Posted By: the janitor
Originally Posted By: Mr Doof
my Bitcoins were lost when Mt Gox went down


speaking of Mt. Gox..

"A US jury indicted Alexander Vinnik on Wednesday after his arrest in a small beachside village in northern Greece on Tuesday, following an investigation led by the US justice department along with several other federal agencies and task forces.

Vinnik was described by the justice department as the operator of BTC-e, an exchange used to trade the digital currency bitcoin since 2011, which was allegedly used to launder more than $4bn for people involved in crimes ranging from computer hacking to drug trafficking.

US authorities also linked him to the failure of Mt Gox, the Japan-based bitcoin exchange that collapsed in 2014 after being hacked. Vinnik obtained funds from the hack of Mt Gox and laundered them through BTC-e and Tradehill, another San Francisco-based exchange he owned, they said in the statement."


https://www.theguardian.com/technology/2...lexander-vinnik

perhaps there is a long and winding road to partial recovery?


Another link

Blurb:

"Vinnik is also accused of receiving funds from "the infamous computer intrusion of 'hack' of Mt Gox", another exchange based in Japan which was forced to close after losing what was then worth 387m in Bitcoin to hackers.

The CEO of that exchange, Mark Karpeles, pleaded not guilty to charges relating to the closure of Mt Gox in a court in Tokyo earlier this month.

The 850,000 Bitcoin which were stolen from Mt Gox in 2014 would be worth more than 1.6 trillion today."

My money! laugh

Re: Cryptocurrencies [Re: Aruka] #2667161
07/28/17 05:53 PM
07/28/17 05:53 PM
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Thanks Mr. Doof and others for helping us all out. cheers

So if you decided to buy Bitcoin on an exchange, because you knew you were going to go on a bender for a trade cycle, and all your computer knowledge would be wiped out and would have to realy on that exchange because you don't want to store anything on your computer and just use mouse clicks...what would you do or use? Coinbase? Have you recently transferred funds from say a Schwab account into a cryto account and are the tractions and distributions somewhat timely?
laugh

Last edited by SlicedFeet; 07/28/17 05:54 PM.

"God, please protect me from your followers"
Re: Cryptocurrencies [Re: SlicedFeet] #2667329
07/28/17 10:13 PM
07/28/17 10:13 PM
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I use coinbase and hooked it up to a regular old checking account. No complaints.

4-5 days transaction time between coinbase and checking account if I remember right.

Is that timely? Seems slow to me.

Doing the actual exchange once you've got USD in coinbase is pretty quick. A few seconds. Although I've never made any large transactions, so those might take longer?

Last edited by crustBro; 07/28/17 10:15 PM.

less is more
Re: Cryptocurrencies [Re: Aruka] #2667881
07/30/17 09:09 PM
07/30/17 09:09 PM
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Coinbase is one way to get USD into crypto, but not the best exchange rate. What you really want to do is get verified on one of the exchanges - GDAX (which is owned by Coinbase, but a market exchange instead of a single-seller supply site), Gemini, or Kraken. Word on the e-street is to avoid Poloniex.

GDAX and Gemini are the quickest to verify people, but it still takes a week or two - so get on it ASAP.

Once you're verified, Gemini will allow you to buy coins before your deposit clears. The exchange has a $500 daily limit for bank transfers - you can hit the transfer button, buy crypto immediately, and then wait until the deposit clears to transfer the crypto out. Alternatively, you can wire USD into exchanges faster.

If you "don't want to rely" on storing cryptos on a computer, your safest option is to create a paper wallet.

You don't actually hold cryptocurrencies themselves - you hold private keys that allow you to control whatever amount of crypto is associated with your wallet address. The blockchain says "[address] has X [currency]." If you have the private key to the address, you can send/use that currency.

The computer file that unlocks your address is just the private key. You don't have to hold it on a computer - you can write the goddamn thing down on a piece of paper and it will function exactly the same.

For instance, look at My Ether Wallet, which is a wallet client node that connects to the Ethereum blockchain. https://www.myetherwallet.com/#view-wallet-info You can open a wallet by "private key." When you create a wallet, it will give you a private key and an encrypted key file. You can store the encrypted key file on your HD, store the private key in a text file on your HD, or just write down the private key on paper. When you want to access the wallet, type in the private key from the paper and you have access to all your ETH. (Then create a new wallet, because once you've typed it in you've made it insecure if anyone can see your network traffic.)

When you leave crypto on an exchange, the exchange holds the private keys Storing crypto on an exchange is a bad idea - if it gets hacked, which has happened many times, you lose your money.


all i ever wanted in life was a consistent 6-10 foot righthand barrel
Re: Cryptocurrencies [Re: Aruka] #2667886
07/30/17 09:46 PM
07/30/17 09:46 PM
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Always think of tulips


My entire existence is a failed gotcha
Re: Cryptocurrencies [Re: ifallalot] #2668180
07/31/17 08:21 PM
07/31/17 08:21 PM
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Originally Posted By: ifallalot
Always think of tulips


People's taste in what constitutes an investment, or what has value, is always in flux.

This is why we have currency backed by govts, the idea being they are a little less transitory.

Then they started being dumb, devaluing their own currency by printing more of it for pennies on the dollar or stopped me from moving it abroad because I think the leaders are jackwagons, or charged me a lot to do whatever I want to do with it.

So, bitcoins. Not a pretty as tulips and they don't reproduce on their own.

Re: Cryptocurrencies [Re: Aruka] #2668635
08/01/17 07:25 PM
08/01/17 07:25 PM
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i found the following handwritten sloppily on a crumpled piece of paper in an alleyway in reno, nevada:

february 7, 2009

whether control eventually shifts into the hands of the masses or a centralized regulatory body, both cases are, in actuality, a qualitative decentralization; from that of the creative-force driven individuals who came up with the concept to the derivative and reactionary groups who either use or maintain the technology. this is not a condemnation, it is simply a requirement of systems functioning in an indifferent universe.

the end result is always stagnation or convolution to the point of absurdity, and either side can be there to take the blame when it happens.

whether an individual was there at the right place and right time early on to profit substantially is a product of chance. if were talking about it, it already happened.

in conclusion, everyones an idiot and all of earths GDP should be directed toward developing a technology that will steer the earth into the sun like a match in a toilet

jeanette largo.

Re: Cryptocurrencies [Re: drunjk] #2670450
08/07/17 03:49 PM
08/07/17 03:49 PM
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Anyone better off after the weekend?

Link to story.

Blurb:

Bitcoin climbed above $3,400 to trade at all-time highs on Monday as investors gained confidence in the future of the digital currency.

Its price rose nearly 5 percent, to $3,451.86, up almost $600 from Friday's $2,900 levels, according to CoinDesk. Bitcoin has more than tripled this year and has gained 18 percent in August.

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