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Bitcoin, How it works !

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Created by rockmagnet 7 months ago, 20 Dec 2017
danw
WA, 160 posts
9 Jan 2018 12:26PM
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if anyone is interested in the tech behind bitcoin this guy is a great resource:

www.youtube.com/results?search_query=aantonop

Whether bitcoin is here to stay or not ... the technology will. It's also a powerful hedge against FIAT which may signal governments to stay honest. Crony-capitalism isn't running rampant in Australia (I'm sure some would disagree), but there are plenty less fortunate countries with vastly less stable currencies. As telecom leapfrogs landlines in poor countries, crypto-currencies may be one important ingredient in empowering those people. The tech isn't scaled where it needs to be YET but it's moving there.

I remember when I used to download on Napster at 3.5kbps and it was all the rage... I never thought online shopping would work, now amazon has passed wall-mart as the largest retailer. Is it really that insane to have a digital currency? We'll see what time brings. There are going to be a lot of pets.com, but also new GOOGLES with vastly different organizational structures.

This type of tech CAN empower people.Itsnot there yet... give it a few years and see what it can do.

Life is more than a zero-sum game.....

NowindSurfer
WA, 163 posts
9 Jan 2018 10:00PM
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The tec is developing but in my view it requires government regulation. The way these currencies are being marketed is very much a "get rich quick scheme" under speculation. I done a lot of reading on the topic and most of the sites which "speculatle hudge growth in crypto markets sell crypto and and run there own agenda. This agenda translates to them making a profit and commission on transactions without running a risk that clients dump there money into. They are simple fleacers. . . In some countries there is a need for an exchange of currency But I don't believe that bitcoin or any other crypto currency will over throw the USD and other fiat currencies stated by many marketers. The facts seem to be very misleading.

Its in my understanding that most of the wealth generated on crypto is due to investors higher on the pyramid picking up gains from people lower on the pyramid. Sooner or later there will be no-one to off load to.

ts developing Its very volatile. Needs to be a lot more secure

danw
WA, 160 posts
10 Jan 2018 10:22AM
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Select to expand quote
NowindSurfer said..
The tec is developing but in my view it requires government regulation. The way these currencies are being marketed is very much a "get rich quick scheme" under speculation. I done a lot of reading on the topic and most of the sites which "speculatle hudge growth in crypto markets sell crypto and and run there own agenda. This agenda translates to them making a profit and commission on transactions without running a risk that clients dump there money into. They are simple fleacers. . . In some countries there is a need for an exchange of currency But I don't believe that bitcoin or any other crypto currency will over throw the USD and other fiat currencies stated by many marketers. The facts seem to be very misleading.

Its in my understanding that most of the wealth generated on crypto is due to investors higher on the pyramid picking up gains from people lower on the pyramid. Sooner or later there will be no-one to off load to.

ts developing Its very volatile. Needs to be a lot more secure


The space will need to clean up. There are new standards being developed for ICO's ect... it's a new space. I'd expect some wolves and sheep behaviour. When was it any different? How many of those penny stocks quick rich schemes?

Crypto is not intended to overthrow any other currency.... it's additive... As said above, it'll disincentivize crony-capitalism as everyday people will have more options. It's early days...

evlPanda
NSW, 8436 posts
11 Jan 2018 1:56PM
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We keep adding new people to the country. If we stopped the economy would start to collapse. It's a ponzi scheme.

evlPanda
NSW, 8436 posts
13 Jan 2018 2:19PM
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Now.

...that's my bet for the start of the next bull run. The bones never lie.

Windpasser
WA, 295 posts
13 Jan 2018 2:14PM
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Can I play too?

Down Down, prices are down




Windpasser
WA, 295 posts
13 Jan 2018 2:21PM
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Just kidding.

I feel Bitcoin (core) is becoming sterile. Boring.

Alts are taking over big time. Tron etc... All pump and ****s

People want the volatility. It is literally a Gambling rush for many.

Eyes glued to the tickers. Heart rate increases.

I was going to buy Ripple at 34c for weeks. Then it went to over $5.00 **** me stupid **** you are.

But you already know how this will all end, eventually.

Fun game in the mean time.

evlPanda
NSW, 8436 posts
14 Jan 2018 9:39AM
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Alts are taking over big time = the last few weeks.It is going to end in tears.

Most alt coinsare a complete fiction. They don't even exist. 100% serious. They are pre-beta on a local database. Andsomehowworth billions of dollars.

Even Ripple is essentially still run on a local database.


Select to expand quote
Tron etc... All pumps and dumps



Oh god, TRON:
www.reddit.com/r/CryptoCurrency/comments/7o85ld/i_just_read_trons_whitepaper_it_raises_more_red/
www.reddit.com/r/CryptoCurrency/comments/7p7n30/trons_whitepaper_is_copied_plagiarized/

I mean that's r/cryptocurrency blasting how rubbish TRON is. That's the most rubbish sub of them all. Pure cancer. (yet entertaining)

You will probably not find the gains you missed out on by not buying Bitcoin in 2011, and then riding out a bubble that has popped four times since then, by "investing" in alt coins you understand absolutely nothing about, in the vain hope of gaining 1,000,000%

Just go to the casino. It's quicker, they have free cocktails, and you have a better chance!

quikdrawMcgraw
562 posts
14 Jan 2018 6:44AM
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Sounds like nobody has a clue how it works or how it happens they just want more $

NowindSurfer
WA, 163 posts
14 Jan 2018 1:06PM
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I don't quite understand it all. If I bought a bitcoin (any crypto for that matter)for 10$ and sold it for 600$

1) Where does my bitcoin (i.e 590$)profit come from?

2)what fees does thecoin sellers charge for the purchase and selling?

3)who pays for the bitcoin mining?

4)Who pays for the blockcain usage and the power etc.

5) What the percentage of declare capitol gains?

Seems to me like a lot of people are sticking up there hands and collecting large amounts of money out of thin air.

So whos paying for all of this ?


Windpasser
WA, 295 posts
14 Jan 2018 2:02PM
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Evil Panda has a clue, Very knowlegeable.

That's why he knows most of the whole Cryptospace is wrong. Most of the websites, exchanges are the new Nigerian Scammers. It will not change anything, it will create more counts and measures and even more security and even more centralisation.

Bitcoin has become a Cult and everyone knows it but $$$. The HFT bots run the show while we marvel at the scraps we make. All cryptos the same. We must pay CGT on every trade.

Everyone knew Tron was a scam a long time before the coordinated pump, but FREE MONEY. Ripple the same. All the other ICO's and the other 1,000's the same or in waiting for their 400-1200% increase in a day.

Everyone that seems to making the $$$ is all aboard the train and off before we know about it. But we get the scraps.

Evil Panda has made nice returns from Crytpo, and so I have I and many others. The ATO has created a special Task Force to get people who make significant profit of Cryptos. Declare it.

Thanks Razzonater for the initial thread and causing me to spend time and money looking at tickers and poisoned forums dreaming of "Lambos"

Deep down I know this is all wrong. So I'm off to Crown where I get free drinks and I can help refurbish Packers yacht.

Windpasser
WA, 295 posts
14 Jan 2018 2:07PM
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Also if you want to get in on the action, there are so many discussion groups, discords, telegrams, forums where you all coordinate your Pump and dumps. More involved the better the pump and dump.

Turn that 0.00056 to 0.15 and SELL. It's all about %.

That's why Bitcoin is Sterile. I want $$$ NOW. NOW. NOW

Remember, it's not illegal because there no regulation. As Roger VER said insider trading is fine legally. Morally..hahahah Morally ahhahahha. You mean like morals?

$$$$$

Imagine Pokemon Go, but instead of Poke monsters people look for Cryptomonsters/coins.

Your burger joint buys 1000 Cryptomonsters from me, 10'000's of teen-milleniums come to catch them. They get Hungry?

Hey there is a burger joint and my captured Crypto's have increase by 400% since I typed this message. Oh noes they have dropped 4000% in 2 mintues, but I'm still hungry.

Have I just randomly thought of a Crypto based Lego Blockchain Mobile App where you can find Bitcoins in the wild and use them to pay for things?

quikdrawMcgraw
562 posts
14 Jan 2018 2:53PM
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I might go pat my dogs instead they are very happy it's quite rewarding

Windpasser
WA, 295 posts
14 Jan 2018 2:54PM
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Looking for investors

Company Brownpaper Model:

"Company places hundreds of thousands of millions of fake Satoshi and full Bitcoins around and urban area in a phone APP.

User signs up and use 4G, GPS, DATA, Blood samples, to determine where user is after they have signed up with credit card and full face ID, Passport and first born.

At this point all Telco companies are onboard due to the huge data usage, 4GB an hour searching.

User may then use the App on their phone to "Prospect, Mine then Claim the Satoshis/Full Bitcoin.

It takes a Chinese server farm with 27,000 Nvidia GTX1080Ti 's 10 minutes to mine a portion of a whole block.

It is now up to the App User to finish mining the block.

Advertisers may pay a substantial fee during this time to ensure patronage and also ensure a huge amounts of Satoshi or BTC appear near their establishment, other wise the developers will say " **** you, we know what we are doing" You broke ass dog.

They get hungry, and presto, increased sales.

PS: All Trademarks an Copyrights have been placed.

dmitri
VIC, 924 posts
14 Jan 2018 7:20PM
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I believe in Blockchain and the goood money it creates...we all sould embrace it and the world will be a better place.
When the Blockchain tech finally takes over, the boss will pay me the goood money..or if I have a bussines I will get a goood cashflow.

PS. Steer clear of the coinspot folks.. what a crap...can't get access and the c@nts got my full on ID, probably sold it to Nigeria already

NowindSurfer
WA, 163 posts
14 Jan 2018 5:30PM
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Cool mate I'll buy when you over throw the US dollar and taxation office. . I wish you and your delusional illuminati friends the best of luck.

I'm going for a bath with my toaster! If the toasters to hot, the toast will burn.

evlPanda
NSW, 8436 posts
15 Jan 2018 4:15PM
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Select to expand quote
Windpasser said..
It takes a Chinese server farm with 27,000 Nvidia GTX1080Ti 's 10 minutes to mine a portion of a whole block.



I've never quite understood the connection between expensive cards like that and mining. Must be for alt coins (BTG now i think of it)?

From 1stminingrig.com/nvidia-geforce-gtx-1080-mining-performance-review/
They get about 30MH/s.

I'm getting 15GH/s. 500x as much and mine is literally a toy. I run it as a solo mining lotto ticket (with much better odds).
$100 on Amazon: www.amazon.com/GekkoScience-Compac-Stick-Bitcoin-BM1384/dp/B016CWBYJK

I noticed that bitcoin mining is now profitable in Australia given its price, even with our electricity prices.

Windpasser
WA, 295 posts
15 Jan 2018 2:16PM
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Evil Panda is Smart.

You need to tell that to these profiteers. All basically obsolete with each year passing.

People used to rob a bank for $1,000,000.

Now you just need to rob a computer parts warehouse so you can charge $100,000,000 in transaction fees.

www.google.com.au/search?biw=1280&bih=600&tbm=isch&sa=1&ei=JkdcWuuHLcjG0gSO7YOgBg&q=Chinese+Bitcoin+Gpu+miners+farms&oq=Chinese+Bitcoin+Gpu+miners+farms&gs_l=psy-ab.3...22728.26483.0.26680.12.11.1.0.0.0.402.1587.2-3j1j1.5.0....0...1c.1.64.psy-ab..6.0.0....0.S2Fef6CHCN4

Windpasser
WA, 295 posts
15 Jan 2018 3:27PM
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Cool Panda of Evilness.

I know nothing which is why I spew my own thoughts, not HODL LAMBO MOON FUD ATTACK ON LOST MY COINS

Problem with ASICS is can you resell them when they are poo poo?

People are still selling trying to sell Antminer S3's and others hooking people looking to mine, at least a GPU still has a general function and intrinsic value to somebody.

A 1080 will still have retail value in 2 years after undervoltage mining compared to an ASIC.

What Am I gonna do with a bank of S3's but burn power and lose money trying. Dead in the water. S4, S5+ S7..S9?

Next year and so on, and on.

So many important systems run on "True and Tried" methods, proven tech.

Should someone's wealth/money not be part of such a proven system? Not the wild west where it can all be gone in a millisecond thanks to decentralisation, scamming, hacking, forgot me 12 word password, dropped me hard wallet...Sent to the wrong asdkl-ajskdlaj-slkdjao-jsdjal-skdj-alks-jldk-sjd

The amount of people who have lost substantial money by simple mistake is a joke.


EDIT: Evil Pandas I was replying to post magically disappeared. I hope that can't happen to my Magic Internet Money. It was there one mintute and now gone.

Windpasser
WA, 295 posts
15 Jan 2018 4:02PM
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But why even mine? Screw the "BlockChain Ledger" It's basically a term for distributed computing sharing data. But we'll make it soo hard they burn their processors to get more space.

If somebody screws with a normal ledger they nearly always get found out any way...

If I did a Google search or a bank transfer and it took 14 days depending on how much extra fee on top I paid them, the power usage of several countries and the possible increase of difficulty of the blockchain at that time, WHY?

Why not have dedicated servers to deal with the requests? Maybe have some oversight and regulation? Maybe to make sure people are not ripped off or hacked or have some kind of Guarantee of their savings?

Ohh, that's correct we already do, and we have distributed processing and cloud storage and a Government Guarantee of our savings with minimal, if any fees.

Bitcoin was created to buy "cheaper" drugs as anon. It is no longer anonymous, decentralised or make at all any sense except for "Lambo Moon Rich Bitch try hards."

People who would never think of the sort are holding their passports up to their heads with a handwritten note to random websites. FOMO

The exchanges are loving their cut every time you trade these "magic nothings" Wake up.

That being said block chain will still change the future, what is the Pump and Dump for tonight?

Windpasser
WA, 295 posts
15 Jan 2018 4:11PM
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Also, It's Monday And I am drinking waiting for the rain.

Come back Evil Panda. Where is the Razzonater?

After buying at $12,800 my exit strategy was BTC was $25,500 (almost doubled me money in days) but I failed to buy RIpple at 0.34c even though the "sources" said too. Same as Tron.

I still have some cash on the exchange (BTCM). What do your bones say?

I almost put all in at $19000. Is the swing going back to daddy bitcoin?

Tell me to exit. What are you gonna do?

I can't wait to watch this all crash and burn

Pure schadenfreude

evlPanda
NSW, 8436 posts
15 Jan 2018 9:03PM
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Dude, and I thought I was unemployed! I've limited myself to half a bottle. I'm not complaining. Best holiday in a while. : D

Yeah, I posted something about an S9 Antminer costing about $3k and being 500,000 x (not a typo) as effective as one of those 1080 cards. I saw a question other day by an Australian who did some numbers and even with our crazy electricity prices would make a modest profit after a year, by using a mining pool.

Of course, that doesn't include the potential for the total hash rate to double by the end of the year thus cutting his profits smaller and smaller each month (it's better to just buy bitcoin).

The point being that for SHA256 mining a GPU is pathetic. And that's an understatement. I don't get why nVidia stocks are climbing when for $100 I can outperform one of their cards by 500x. Makes no sense. Sounds like Mr. Market in effect.

I did have some fun thinking about how much an Antminer S9 (practically the Volvo of the mining world) can outperform an nVidia GPU. (bit tipsy now) I think it was 500,000x I came up with 30MH/s vs 15TH/s. Imagine getting one miner, a dude with a mining helmet on and all, and 500,000 of them; the MCG at capacity, five time over.

Or, 1 year of work vs 500,000 years of work.

______

Yeah; I missed Ripple too. I was thinking about it just under $1. Nothing long term because I don't think it will work long term. It is just going to join the list of alt coins that were once a contender to the crown.

The trend this month [cough cough/puke] is "partnerships with some big business". It's ridiculous of course.

Let me just throw the grenade in here. Here's the completely possible hypothetical: Ripple actually does form a partnership with some international bank and they need to use XRP. Problem is the price of it has gone through the roof on the news. They can't afford to buy enough to pull the whole deal off.

Ripple (the company) freak out a little because it's all falling through. But there's an easy solution; print more XRP to drop its price, and/or sell that new chunk to the company they have partnered with. Why not? It's imaginary money anyway; purely digital.

The whole point of cryptocurrencies is that you can't do that. At all. Impossible. Ripple is breaking this fundamental rule for a short term gain. People are all-of-a-sudden besotted with professional looking companies.

Anyone with Westpac? Know how **** and unprofessional they are? They have their little logo proudly associated with RIpple, as do a couple other companies I have actually worked for for many years. They are a disaster zone behind the scenes. You wouldn't believe me if I told you.

Stick with the original. The second layer is only just beginning this year. Lightning Network is actually here (beta) and RootStock too. Theoretically once they are stable (and we know how pedantic Bitcoin devs are, they're like Mayweather; zero issues) ...theoretically once they are both stable they provide a DAG like IOTA, and a rich(er) scripting language like Ethereum. Theoretically there is actually no more need for alt coins as they can all be replaced by second layer Bitcoin applications.

Might get interesting.

Simon100
QLD, 461 posts
16 Jan 2018 6:58AM
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Id like to start selling $imon Notes, they start at $100 each with only 1000000 issued and they double in price every month ! didnt people used to go to jail for this ?

evlPanda
NSW, 8436 posts
16 Jan 2018 2:30PM
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Select to expand quote
Simon100 said..
Id like to start selling $imon Notes, they start at $100 each with only 1000000 issued and they double in price every month ! didnt people used to go to jail for this ?




Not at all.
This is an excellent tutorial for making your own token/coin/money on Ethereum:
hashnode.com/post/how-to-build-your-own-ethereum-based-erc20-token-and-launch-an-ico-in-next-20-minutes-cjbcpwzec01c93awtbij90uzn

I just made a dinky test coin for myself.

I'll make 1,000,000 SimonNotes now... (testnet for now, might put it on main net).

Post a (Ropsten TestNet) Ethereum address here and I'll send you a couple thousand.
Simon accepts them (I don't want to know what for).


___________

edit: Here it is. SimonCoins!
ropsten.etherscan.io/address/0x7f0e9b1112f578794df8010f7fb064020325cf67

I bought 100 for 1 ETH, but I didn't get the token in return. If anyone can tell me why thanks in advance.
See 'Contract Source' tab: function() payable{...

Set up as ICO but so far I'm just taking all the money. Working pretty well ; )

Windpasser
WA, 295 posts
16 Jan 2018 2:07PM
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I heard on the telegram and the reddit and CBreeZ that SimonCoins are the future.

After reading their white(toilet) paper I am convinced this token will take over the unknown universe.

Me and a few others are gonna buy bulk loads of this coin while cheap. FOMOs will jump on, but I might have to dump as I have bills to pay for which require real money.

If Pandas become even smarter and more evil we are doomed unless we buy crypto.

Good work and smart move Panda.

motherboard.vice.com/en_us/article/9kng57/dogecoin-my-joke-cryptocurrency-hit-2-billion-jackson-palmer-opinion

Windpasser
WA, 295 posts
16 Jan 2018 2:21PM
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Dude has still got invested $50 of his own money in his own DOGECOIN, when it only has a foul $2,000,000,000 market cap.

Risky business this Crypto. Dude should get out while he can with his $$. There are some idiots out there.

Kinda feel I should Gold panel my Lambo when I moon. Will be too heavy to drive or use but who cares, or serve any purpose at all. Hahha Normies.

NowindSurfer
WA, 163 posts
16 Jan 2018 2:56PM
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Can I be your finantual advisor wind i work cheap 5%
I want to jump on the crypto band wagon but the thing is Im not willing to invest any of my money cause im not that stupid.! So its better we invest yours.
We can sell your house, get you a self managed super fund, take out personal loans, Well I don't care how your get the money aslong as we get ours! , You can purchase any of the 28000000 coins available. If you have done your research . Most of these coins will increase 15000% this year REF: sponsored google adds coinspot and facebook . .

sign-up and start trading today
Gota get in quick before it all sells.
Lets do it!

Windpasser
WA, 295 posts
16 Jan 2018 3:52PM
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Nah I don't trust ya Nowind. I will make my own Lambo style choices.

But I just heard of a scam where if you feed chickens ****, stuff you wouldn't even eat, they **** it out as food in a convenient package.

Don't tell anyone, but I reckon it could be the next big thing.

Same people told me if you masturbate cows, you get a similar reward. I got kicked in the face. Although insiders told me there would be a different result.

Last time I listen to scammers.

NowindSurfer
WA, 163 posts
16 Jan 2018 4:20PM
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Well here is my second lambo option.
I have designed a new coin in paint shop. Its looks pretty fancy dosent it.

Chacing numpties to purchase it on a grand scale. (Require a large boat for Bahamas living with topless girls)
The plan is that the transaction fees will cover the transactions When the coin gets valuable ill sell out my share and call my yacht "Muppet money" You guys can be stuck with my paintshop picture.
Would you be interested?

dmitri
VIC, 924 posts
16 Jan 2018 9:37PM
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^^A shiny gold background is missing..
Here..fixed for you






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Forums > General Discussion   Shooting the breeze...


"Bitcoin, How it works !" started by rockmagnet