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Thread: Crypto, Blockchain, Bitcoin, ETH, etc.

  1. #31
    Venturi3D.com for the FUTURE MR2 Fan's Avatar
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    Yeah, it reminds me of older folks back in the 90's who heard about all of the bad things people were doing on the scary.....INTERNET.
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  2. #32
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    Yeah, ever since Al Gore invented the internet, I don't really care how it works, I just use it. I didn't quite understand why we needed facebook, but since everyone jumped off a cliff, I followed along!

    Likewise if bitcoin gains popularity, I'd probably also just end up using it.

    Since bitcoin is decentralized, so no nation could shut it down... unless they shut down the internet. So I guess in nation such as China could potentially ban Bitcoin? Since they control their internet? Also, if hackers could somehow figure out a way to compromise bitcoin and cause people to lose faith in it, that's another way to kill it other than thermal nuclear war?

    Who here is really a bitcoin expert? Can you explain to us exactly how this shit works?

  3. #33
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    I'm not a bitcoin expert, obviously, but I do think the "compromise bitcoin" is nearly impossible to do. The hashes that identify transactions are a byproduct of the transaction itself - changing that changes the hash. Since it's decentralized, tons of different entities can have their own copy of the ledger. The best way I could think you could do that would be to engineer a way to find a hash collision, but then you'd have to update every ledger in existence, likely not even knowing how many there are or who has them. It works well for source control, too - immutability is a great thing when you can make it work.

    It is, however, just as easy to dupe people into giving up control of their bitcoin as it is anything else. Social engineering is generally the weak point, not the system itself.

  4. #34
    Junior Potato
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    Tangential to this, there was mention of legit service providers accepting BTC as a payment method, as well as Tesla exchanging cars for it.

    Think about this for a second: BTC is very unstable right now (regarding price, not legitimacy) with a tendency to increase significantly over time... right now. I've seen a few informal "Elon" bros putting down deposits for their Teslas using BTC. All they are doing is handing over the currency to someone else while its value is going up and up, just to jump on the Bitcoin Tesla bandwagon and get a car in a few months. But aside from that, these companies are accepting BTC because it is viable. But as soon as it becomes worthless (which is still a chance eventually) do you think they will continue accepting it?

    I feel that Bitcoin's day in the sun will be when it is finally worth a definite amount so that everybody, not just speculators, BTC Bros, and informal "Elon" bros, can actually make use of it.

  5. #35
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    Anyway, made 9% in a few days off an LTC trade, even with BlockFi's super-high spreads (which is how they charge). YOLOLGOAOLOZOLZDODLDOL

  6. #36
    Venturi3D.com for the FUTURE MR2 Fan's Avatar
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    Quote Originally Posted by Rare White Ape View Post
    Tangential to this, there was mention of legit service providers accepting BTC as a payment method, as well as Tesla exchanging cars for it.

    Think about this for a second: BTC is very unstable right now (regarding price, not legitimacy) with a tendency to increase significantly over time... right now. I've seen a few informal "Elon" bros putting down deposits for their Teslas using BTC. All they are doing is handing over the currency to someone else while its value is going up and up, just to jump on the Bitcoin Tesla bandwagon and get a car in a few months. But aside from that, these companies are accepting BTC because it is viable. But as soon as it becomes worthless (which is still a chance eventually) do you think they will continue accepting it?

    I feel that Bitcoin's day in the sun will be when it is finally worth a definite amount so that everybody, not just speculators, BTC Bros, and informal "Elon" bros, can actually make use of it.
    Agreed, one of the issues is how volatile it's been and if we'll see it stabilize in the next few years
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  7. #37
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    SO DOGE

  8. #38
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    So Doge is starting to plummet, but is still wayyyy above where it was a few months ago. At some point I'd like to get in.
    How/where is the best way to store a digital wallet for months/years?

  9. #39
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    Dunno. But imagine if you stored it on a floppy disk, you probably wonít be able to access it now!

  10. #40
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    I decided to dip my toe into crypto. Bought about $100 each of Bitcoin and Ethereum. Try to understand the markets a bit better before going deeper. Thought about DOGE as well, but Kraken took a long time to verify me, so I never did (luckily).

    Then they both promptly tanked

    I managed to weather it a bit better by moving everything between the two as one performed better than the other. In fact, I moved all my BTC to ETH right before BTC went waaay down. Down about 10% right now total.
    [oo) [|||] [|||] (oo]
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