Again bitcoin.

[CarnageParticipant 22113]

Ok.

Bitcoin: I invested (gambled) 600€ on bitcoin, ether and litecoin. I supposedly gained 350€ already.

I understand that crypto are: harder to trace (good for mobsters not for me), fast exchange and sell (most of the money is electronic anyway), and yada yada yada, still it’s increasing value makes no sense.

I investigated about its origins, formation, obtention etc…

A lot of computational power is being used to calculate hash algorithms and what not.

But my question is, WHY?

What is the purpose of those algorithms?
Once all bitcoins are mined, and all that “problems “ are solved, what will happen?

What use do they have?

Is for IA?

Genoma code stuff? Like all possible combinations in dna?

What are those people calculating and why?

NO ONE EVEN KNOWS WHAT THEY ARE DOING OR WHY.

for all I know they could be deciphering the code for all nukes bombs on the planet (psychopath orgasm over here).

Wtf is this?

To those following me, be careful, I just farted. Men those beans are killers.

[Manspread MansplainerParticipant 4222]

Excellent questions – I have no idea and have the same questions.

From what I gather, the blockchain technology is the actual prize.
Might be the IMF and World Bank doing this for all I know.
(Bill Gates?)
Wish I got some bitcoin back when I first heard about it, but decided to stay away for now.

Cannabis stocks are making me enough $$$ to make me happy.

Waiting for someone who knows the ins and outs to comment.

If women ran the world = It would become the shithole you are seeing.

[Anonymous 42]

[Anonymous 38]

Its intended purpose is a currency for the people, that is one the authorities cannot touch.

It is estimated that by 2035-2040 all remaining bitcoins will have been mined. It could be extinct by then, it could be a legitimate currency, it could be a store of wealth like gold (or a combination of currency and store of wealth).

It’s going to be an interesting ride and I think it’s worth holding on to some just in case it comes good.

[CarnageParticipant 22113]

Anonymous wrote:

Its intended purpose is a currency for the people, that is one the authorities cannot touch.

It is estimated that by 2035-2040 all remaining bitcoins will have been mined. It could be extinct by then, it could be a legitimate currency, it could be a store of wealth like gold (or a combination of currency and store of wealth).

It’s going to be an interesting ride and I think it’s worth holding on to some just in case it comes good.

Agree but I ain’t putting one more cent in something I can’t understand or even can’t see.

Stocks are a joke also, but when you get stocks you are supposed to own a share of a company (that is over sold, but, hell I got married once, after that you can’t get more stupid)

To those following me, be careful, I just farted. Men those beans are killers.

[Can’t Stump TrumpParticipant]

Carnage wrote:

Stocks are a joke also

Bitcoin may be, but stocks aren’t. They’re a pretty integral part of a functioning capitalist economy.

Bitcoin doesn’t generate any revenue, so I suspect it’s just a matter of time before its value drops. But the market is a weird beast.

Women are better at multitasking? Fucking up several things at once is not multitasking.

[CarnageParticipant 22113]

Can’t Stump Trump wrote:

Carnage wrote:

Stocks are a joke also

Bitcoin may be, but stocks aren’t. They’re a pretty integral part of a functioning capitalist economy.

Bitcoin doesn’t generate any revenue, so I suspect it’s just a matter of time before its value drops. But the market is a weird beast.

Stocks are a huge joke. Let’s face it, amazon stocks are 1200€, and all they do is sell stuff, they are just the intermediary.

That’s a lot of stocks a lot of money, for nothing.

Stocks are a joke, a real, plausible joke, but a joke.

Bitcoin well, that’s bulls~~~, but like a hound you gotta follow the money.

To those following me, be careful, I just farted. Men those beans are killers.

[CarnageParticipant 22113]

Facebook? Facebook is probably one of the worst things ever happened to humanity.

But well, is worth millóns, and is totally useless, not even useless is also a health hazard.

To those following me, be careful, I just farted. Men those beans are killers.

[bladeParticipant]

THE PLANTATION HAS NOW TURNED INTO THE KILLING FIELDS . WOMAN ARE NOW ROLLING CAMBODIAN STYLE .

[BeerParticipant 11832]

Manspread Mansplainer wrote:

From what I gather, the blockchain technology is the actual prize.

I’ve heard Bitcoin fans use this line quite a bit…but the thing is…how is Bitcoin going to monetize blockchain and return that value to Bitcoin holders? Its not like they’re a company that came up with some new technology that is selling it and making profits.

Or the whole “its fast” argument. You know what else is fast? USD. I can swipe a credit or debit card anywhere I go and the transaction goes through in seconds. I can go to an ATM anywhere I go and get cash pretty damn fast. I can buy anything I want online just buy typing in a card number and again, it goes through in seconds. Its not like I swipe my credit card at the local fast food joint and I p~~~ off the line of people in back of me because it takes 10 minutes to get clearance on it. Or even if I want to move larger amounts of money online…I have my brokerage account and checking account at my local credit union linked…I can move money pretty damn fast if I need to…its not like we have to mail paper checks via snail mail and wait 2 weeks these days. Bitcoin is fast? You mean…its been doing what people have been doing with other currencies pretty much as long as we’ve had the internet and/or cards with magnetic strips? Awesome for Bitcoin…I guess…and again…even if “fast” somehow set it apart…how exactly are they going to monetize that and return value to holders?

[CarnageParticipant 22113]

Beer they won’t.

This is a bubble, even I know it.

But hey everyone goes along, take what you can and leave.

To those following me, be careful, I just farted. Men those beans are killers.

[AncientwisdomParticipant 6089]

Banking on Bitcoin is a really good documentary on Netflix. If you haven’t seen it, you might like it. Trailer below:

Carnage wrote:

Once all bitcoins are mined, and all that “problems “ are solved, what will happen?

I didn’t invest in Bitcoin and I don’t know all that much about it; you probably know more than I do. One aspect of it I do like though is that a predetermined and finite amount of bitcoins have already been created and can be mined.

The main reason for this, from my understanding, is so to curb the effects of hyper inflation to the currency. Like in the US if we just keep printing more and more money, the money itself becomes devalued and loses it’s purchasing power.

Resident cynic.

[CarnageParticipant 22113]

Yeah, but you don’t have to create more, you just have to divide. Instead of 0.01 we go to 0.00001.

Then a car cost 0.01 bitcoin, now it cost less, 0.00001 f~~~ it I’m eich, why should i work?

Just a foolish idea, or you just fork it, bitcoin? Bitcoin Cash, bitcoin fat, fast, bitcoin my ass….

At the ende in the same, first there was 1 dollar bills, then 5, 10, 50, 100… etc is the same.

To those following me, be careful, I just farted. Men those beans are killers.

[Won'tGetFooledAgainParticipant 3293]

How can bitcoin be for the people when less than a thousand wallets contain the majority of the coins? This is a lie, bitcoin is for the whales to make money from the small “investors” who want to get in due to FOMO.

The days of turning $100 into $1 million are over, the only people who did that are those that bought bitcoin to buy drugs on silk road and then forgot all about them for a few years.

Currently the market is manipulated and is driven by pump and dump.

It’s a bubble, it will go the way of all bubbles and just slowly erode away.

In 10 years time this will be taught in school as the definitive example of a bubble.

For women, everything eventually boils down to Alpha Fucks, Beta Bucks.

[JustAnotherGuyParticipant]

Anonymous wrote:

it could be a store of wealth like gold

A store of value that a dirty bomb or an EMP can eradicate overnight. It can’t replace gold, and honestly, even gold has its limitations and is only valuable because it has a lot of additional uses (like as a semiconductor) aside from us collectively agreeing that it’s valuable.

Cupcakes are Cold. MGTOW is Absolute Zero.
“Let us wait a little; when your enemy is executing a false movement, never interrupt him” –Napoleon Bonaparte, 1805

[CarnageParticipant 22113]

We had this discussion many times.

Anyway I invested a little bit in that scam even knowing it was a scam a lack of logic on my part ( have much to learn yet).

I own 1,2 (nothing) ethereum.

I’m losing money right now and I will lose more probably, but it was a risk I took willingly.

No one should invest in crypto, is a bubble and that is a fact.

To those following me, be careful, I just farted. Men those beans are killers.

[IGMOW (I Go My Own Way)Participant 2572]

Carnage wrote:

Ok.

Bitcoin: I invested (gambled) 600€ on bitcoin, ether and litecoin. I supposedly gained 350€ already.

I understand that crypto are: harder to trace (good for mobsters not for me), fast exchange and sell (most of the money is electronic anyway), and yada yada yada, still it’s increasing value makes no sense.

I investigated about its origins, formation, obtention etc…

A lot of computational power is being used to calculate hash algorithms and what not.

But my question is, WHY?

What is the purpose of those algorithms?
Once all bitcoins are mined, and all that “problems “ are solved, what will happen?

What use do they have?

Is for IA?

There is several parts to this, all of which can be redone, and remixed and done differently.
* You have the Blockchain part. This is the distributed ledger of transactions all over the network, to provide a record that can be audited by anyone, and open, but not such you can really know who did what transaction. If you knew who did what transaction, then people risk being targets and having value stolen from them. Blockchain is just one approach. It is the most proven. And the entire system is set up so people can’t spend the currency more than once (well the same value of currency) which would be akin to counterfeiting.
* To be able to maintain a distributed ledger, you need to have people agree to what is on it. There needs to be a way to have consensus on it. They also need to be compensated. This is where the proof of work comes in. After all those who want to validate the ledger are shown to agree, then there is a competition to see who gets paid. So, there is a giant race to guess a certain code, and get awarded a certain amount of bitcoin. This is called the proof of work, and is meant to make it so expensive to try to muck with the system, that people won’t. Plus, they are compensated for keeping it correct.
* Another piece is the Bitcoin itself. I will have this as a separate bullet point. The core idea of Bitcoin is to mirror gold, and come hell or high water, every 10 minutes or so, a set amount is entered in the system, and given to the winner of the validation race I just set. It is meant to produce a sound supply, mirroring how gold came into the system, and will be released in smaller and smaller amounts. What happens, as more people decide they are going to try to validate the transactions and get the Bitcoin (this is called mining, and an analogy to mining in real life), the harder it gets. Come hell or high water, the rate Bitcoin enters the system, and records get added to the blockchain, the rate is the same. If less people decided to validate the records being added to the blockchain (ok, the software does, but people take care of systems that do), then it would get easier.
* The whole of it is geared towards the steady release of Bitcoin. It was the first, used first, and most established, and most trusted. There ends up an arms race to be first going on, which is producing highly specialized technology, that really isn’t worth much, and gotten to be really expensive. I would say this degree of specialization will end up really driving green and renewable energy, which is a plus. Also, if the chips used to do validation could be reprogrammed, we could get a lot of computing to be used for science.

Now, what you are seeing with a lot of different cryptocurrencies (tokens another name for different types) is a different set of priorities than Bitcoin has.

Carnage wrote:

Genoma code stuff? Like all possible combinations in dna?

What are those people calculating and why?

NO ONE EVEN KNOWS WHAT THEY ARE DOING OR WHY.

for all I know they could be deciphering the code for all nukes bombs on the planet (psychopath orgasm over here).

Wtf is this?

The calculations are guessing a generated code number. It is a bunch of trial and error. It is just for that. It would be a lot better off if they did it for other things, but they don’t. There is also a Foldingcoin, which does Folding protein calculations to generate a coin, and do science. Curecoin is another one.

Manspread Mansplainer wrote:

Excellent questions – I have no idea and have the same questions.

From what I gather, the blockchain technology is the actual prize.
Might be the IMF and World Bank doing this for all I know.
(Bill Gates?)
Wish I got some bitcoin back when I first heard about it, but decided to stay away for now.

Cannabis stocks are making me enough $$$ to make me happy.

Waiting for someone who knows the ins and outs to comment.

The whole area of FinTech, with Crypto side being the wild west, is the future technology of the economy, that will look to fix issues. The Crypto side is the wild west, full of crooks, scammers, and danger of the roads collapsing (think the game Oregon Trail). It just is too new, with piles of unresolved issues. You can call it quits and stay home. But it is where the growth is, that the money will follow, which is why I am looking into it, and ramping up on it, and working on side projects. Actually, this frontier is all about money, and wealth, and resource and assets, and making things better for the future. There are risks of things being hell also.

Let me give you one article on one of the bits related to the future of this tech, and blockchain:

IBM working on ‘world’s smallest computer’ to attach to just about everything

You will get really cheap chips put into all merchandise, so it can be tracked through supply chains, and the transactions recorded in a distributed ledger like blockchain. Fake merchandise will end up being blocked. This is just one of the tiny pieces.

As for doing this area, here is what you do: Take a year of your life, study it extensively, and do NOT invest any money in it. Then take like 6 months or so, and run simulations and paper trading. After this, set aside a chunk of change you are prepared to lose, which you consider the cost of entering this school and will be gone, as it probably will. You learn your lessons, and then do it right. By this time, starting now, hopefully the ICO environment will be more sane, and less Bitconnecty and you can then find a ground floor to get in you can ride.

What I wrote here is just a tiny piece of the 100 level course in this sector, which is the future of the economy. I could go on, but I am getting to a place where I am going to need to start charging people, or at least ask them to contribute to project stuff I am working on. I don’t care if you have an interest and doubt me.

Also, I would suggest, if you don’t understand what is going on, then don’t put any money in it. If you didn’t understand why Bitcoin dropped a bunch recently, then you shouldn’t be in it. That is true for any investing.

With this, I am putting my time into this, and what I have for an IT background. I have been at this since like January of this year. I am not even close to get there yet, but I press on. I had ground work years before though, studying economic side and pondering alternative economics.

"I am my own thang. Any questions?" - Davis S Pumpkins.

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