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 Post subject: Re: Bitcoin
PostPosted: Tue May 29, 2018 3:27 am 
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Real Estate Developer

Joined: Jun 13, 2008
Posts: 826
Very cheeky to use a comment such as 'people like you

DONT PUT WORDS IN OTHER PEOPLES MOUTHS.


Decentralisation is a core tenet of something like Bitcoin. That's why crypto nuts always check how decentralised the holdings of a given currency are.
Crypto decentralisation is easily trackable through the block chain. Hashing difficulty is also publicly known.

Bitcoin is trusted because it is highly distributed and it would be extremely expensive to launch a 51% attack on it.

The verge is a well known shitcoin it's been hacked multiple times already.

There are many newer platforms that are moving away from PoW to PoS and DPoS. They all exhibit various degrees of resistance to hacking but still depend on good distribution of the coins themselves.


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 Post subject: Re: Bitcoin
PostPosted: Tue May 29, 2018 9:55 am 
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Property Magnate

Joined: Jan 7, 2008
Posts: 658
Image

https://twitter.com/SatoshiLite/status/ ... 9405273088

Doesn't take much to attack some smaller coins.

For clarity, the right-most columns mean 'one could rent from Nicehash for $0.5M per hour 2% of the hashrate of BTC', so you won't be double-spending doing that.


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 Post subject: Re: Bitcoin
PostPosted: Mon Jun 11, 2018 3:47 pm 
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Private Tenant

Joined: Jun 7, 2018
Posts: 32
Quote:
Bitcoin value dips in wake of South Korean exchange hack


South Korean cryptocurrency exchange Coinrail was hacked on Sunday, losing about 30 percent of the coins traded there.

The site has temporarily suspended trading as it works with investigators.

A statement on the exchange's site sought to reassure users -- saying that the remainder of the coins were "safely stored" -- but Reuters reports that the value of Bitcoin tumbled to two-month lows in the hack's aftermath.

It notes that Bitcoin was trading at $6,790.88 on Bitstamp, a drop of 10.8 percent from Friday and a massive dip from its December 2017 peak, when it hit an all-time high of almost $20,000.



https://www.cnet.com/news/bitcoin-hack-makes-cryptocurrency-value-tumble/


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 Post subject: Re: Bitcoin
PostPosted: Fri Jun 15, 2018 9:03 pm 
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Speculator
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Joined: Nov 22, 2008
Posts: 482
Location: Truth or Consequences, NM.
tinneym wrote:
Image

https://twitter.com/SatoshiLite/status/ ... 9405273088

Doesn't take much to attack some smaller coins.

For clarity, the right-most columns mean 'one could rent from Nicehash for $0.5M per hour 2% of the hashrate of BTC', so you won't be double-spending doing that.



Going to try a 51% attack on Einsteinium. Wish me luck. 8DD


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 Post subject: Re: Bitcoin
PostPosted: Sun Jul 01, 2018 10:10 pm 
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Nationalised
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Joined: Jan 4, 2013
Posts: 17351
woger wrote:
newirishman wrote:
Will they be able to pay the electricity bills using bitcoin?
No idea how much energy it requires to make and handle paper money.

Bitcoin mining uses more energy than Ecuador.


They could merge with Steorn!


Just thought I should complement woger on his foreshadowing. In a nice case of reality following fiction, Shaun McCarthy has reinvented himself as a crypto miner and day trader.

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 Post subject: Re: Bitcoin
PostPosted: Mon Jul 30, 2018 11:18 am 
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Planning Tribunal Attendee

Joined: Aug 19, 2011
Posts: 1021
Google bans crypto-mining apps from Play Store
https://www.bbc.com/news/technology-44980936
Quote:
Google has followed the lead of Apple by banning crypto-mining apps from its Play Store.

An update to the company's developer policy reads: "We don't allow apps that mine crypto-currency on devices."

The company had previously banned crypto-currency mining extensions on its Chrome browser.


Thousands of cryptocurrency projects are already dead
https://techcrunch.com/2018/06/29/thousands-of-cryptocurrency-projects-are-already-dead/
Quote:
Two sites that are actively cataloging failed crypto projects, Coinopsy and DeadCoins, have found that over a 1,000 projects have failed so far in 2018. The projects range from true abandonware to outright scams, and include BRIG, a scam by two “brothers,” Jack and Jay Brig, and Titanium, a project that ended in an SEC investigation.


https://deadcoins.com/


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 Post subject: Re: Bitcoin
PostPosted: Tue Jul 31, 2018 4:06 am 
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Real Estate Developer

Joined: Jun 13, 2008
Posts: 826
You can create a new cryptocurrency just like an app or a program in a couple of hours. Those stats dont mean a whole lot. Whats more informative is BTC dominance is now very high at almost 50% which is bad for alternative coin valuations, even the 'good' ones with strong communities, use cases and developer bases. Bitcoin is just stomping all over everything just now.
Money is flowing into BTC as BTC ETF approval is expected in August.

That being said if you want to buy into some alts its possibly a good opportunity. Or not.


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 Post subject: Re: Bitcoin
PostPosted: Mon Aug 13, 2018 2:51 pm 
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Planning Tribunal Attendee

Joined: Sep 12, 2006
Posts: 1389
Below is a very informative discussion (recorded a few days ago) on the financialisation of Bitcoin with Trace Mayer and Caitlin Long. Wall St is coming...

https://www.bitcoin.kn/2018/08/caitlin-long-financialization/

Some interesting parallels drawn re. the gold market and how the layers of paper IOUs on the commodity have effectively suppressed the spot price.

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 Post subject: Re: Bitcoin
PostPosted: Tue Aug 28, 2018 6:31 pm 
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Too Big to Fail

Joined: May 18, 2009
Posts: 4193
Quote:
Bitcoin's Use in Commerce Keeps Falling Even as Volatility Eases

Who’s using Bitcoin to buy and sell goods and services?

A lot fewer people than you probably would have guessed. After peaking at $411 million in September, the amount of money the largest 17 crypto merchant-processing services received in the best-known cryptocurrency has been on a steady decline, hitting a recent low of $60 million in May, according to research that startup Chainalysis Inc. conducted for Bloomberg News.


Quote:
“It’s not actually usable," Nicholas Weaver, a senior researcher at the International Computer Science Institute, said in an email. Often, he said, "the net cost of a Bitcoin transaction is far more than a credit card transaction." And Bitcoin-based transactions can’t be reversed, an issue when a merchant or a consumer comes up against fraud.


There's more: https://www.bloomberg.com/amp/news/arti ... ssion=true

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 Post subject: Re: Bitcoin
PostPosted: Tue Aug 28, 2018 10:09 pm 
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Single Home Owner
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Joined: Apr 2, 2012
Posts: 134
Location: DNS
newirishman wrote:
Will they be able to pay the electricity bills using bitcoin?
No idea how much energy it requires to make and handle paper money.

Bitcoin mining uses more energy than Ecuador.


Stop worrying about how much energy bitcoin uses

Electricity is 90 percent of the cost to mine bitcoin. As such, bitcoin mining uses an exorbitant amount of power: somewhere between an estimated 30 terawatt hours alone in 2017 alone. That’s as much electricity as it takes to power the entire nation of Ireland in one year.

Indeed, this is a lot, but not exorbitant. Banking consumes an estimated 100 terawatts of power annually. If bitcoin technology were to mature by more than 100 times its current market size, it would still equal only 2 percent of all energy consumption.

https://theconversation.com/stop-worryi ... uses-97591


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