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    The Cryptocurrency Thread: Bitcoin, Ethereum, Ripple, Dogecoin too



    I swear to god the first person to post the words "tulip bulbs" is getting a brick thrown at them through the Internet; laws of physics be damned.

    Now that that's out of the way, let's discuss cryptocurrencies, blockchain, and related subjects. What are you buying, what are you hodling, and what are your questions about the subject if you're not doing either?

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    scipio's Avatar
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    South Sea Bubble (ducks waiting for brick)......

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    BackFistMonkey's Avatar
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    I wouldn't discuss any actual holdings here.
    Bad actors and bots and weak points in security and blah blah.
    Coins get got.
    Money goes in
    Money goes out
    You can't explain it.

    Coins are all faith based like all other currencies. But there are some shady folks putting their faith and moneys into various coins and I don't have the faith in their actions based on their histories.
    I don't mean to sound bitter, cold, or cruel, but I am, so that's how it comes out.
    BILL HICKS,
    1961-1994

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    scipio's Avatar
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    It's a bit like the .com boom of the early 2000's. A lot of hype and froth driving prices up. I see crypto currencies being shorted big time at some stage and a number of them failing.

    However, block chains are hugely powerful tool and in the long term (once the froth has dissipated) crypto currencies could make some fundamental changes to commerce and banking.

    Going back to my dot com analogy, so much of the dot com boom was froth, almost 20 years on the internet has matured and is an integral part of our world - block chain/crypto currencies in 10-20 years might have a similar change to our world.

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    BackFistMonkey's Avatar
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    Quote Originally Posted by scipio View Post
    It's a bit like the .com boom of the early 2000's. A lot of hype and froth driving prices up. I see crypto currencies being shorted big time at some stage and a number of them failing.

    However, block chains are hugely powerful tool and in the long term (once the froth has dissipated) crypto currencies could make some fundamental changes to commerce and banking.

    Going back to my dot com analogy, so much of the dot com boom was froth, almost 20 years on the internet has matured and is an integral part of our world - block chain/crypto currencies in 10-20 years might have a similar change to our world.
    Two Lipped Bubbas.
    I don't mean to sound bitter, cold, or cruel, but I am, so that's how it comes out.
    BILL HICKS,
    1961-1994

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    W. Rabbit's Avatar
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    I used to chat with one of the people who claimed to invent Bitcoin. He went off the grid.

    The guy was just eccentric enough to be legit. He also has over a dozen degrees and professional security certs.

    Wired mag and some others have convinced themselves he fake based on some circumstantial investigation. Maybe BS is a good place to examine his claims, because "strongly disputed" != Ruled out.

    https://en.m.wikipedia.org/wiki/Craig_Steven_Wright

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    ChenPengFi's Avatar
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    Seems like a terrible idea for the time being, for investment purposes.

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    W. Rabbit's Avatar
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    Investing in chaos when you think you know the rough odds is hazardous enough, but practically no one on Earth can quantify Bitcoin economics. It's so poorly understood, it's like a market version of Russian roulette. Some are still debating whether or not people can be traced with their bitcoins. Remember when it was supposed to be an "anonymous" currency?

    Here's an interesting anecdote about gambling with computers I learned just this New Years day...

    I was at the Borgata on Monday and observed a computer roulette game with a real wheel but a ball that defied (legal) roulette physics when it failed all of a sudden. For a good 2 minutes on a spin, as it started to fall the ball...it just stopped in place, and began rolling slowly in a circle, in a concentric track above the number pockets... never completing the fall. It was like magic. The floor staff had to reset the game and 3 technicians jumped on it.

    I realized what I had observed after a while...a magnetic field effect. There is a magnetic track that mimics the balls initial spin and fall...meaning the ball is magnetic as well and can be controlled. In real (legal) roulette, the ball is thrown and then eventually loses momentum and falls randomly into a pocket. To be legal, it must be a completely random event. In this "rigged" version, the track keeps the ball at the top of the wheel for a fixed amount of time (enough to close bets), and then the magnet lets it go. Apparently the magnetic track is mobile and can increase or decrease its diameter (or, there are multiple tracks), which is good for controlling whether or not the ball actually falls into a pocket...but would also perfect for popping the ball out, if one were to lower the magnetic track close enough to the pockets with opposite polarity. By eyeball measurement, the ball fell to and floated no more than 1cm above the pockets. Damnedest thing I ever saw in a casino.

    The point? A computer game with supposedly predictable odds (e.g. 1:36) can be configured for both legal and illegal (manipulated) play, and when the game doesn't respond correctly or worse, some hidden force is at play...all bets are off. Cryptocurrencies are like casino games we don't know all the rules of, or who might be breaking them at any given time.

    Found a video of the exact phenomenon.

    Last edited by W. Rabbit; 1/05/2018 1:53pm at .

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    BackFistMonkey's Avatar
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    I want all private individuals to bail and see who is left holding the bag...
    I don't mean to sound bitter, cold, or cruel, but I am, so that's how it comes out.
    BILL HICKS,
    1961-1994

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    Here in australia on the 22nd of december 2017 the big banks (4 major banks that all own each other and prettymuch own all smaller banks) put a blockade on crypto. Basically you cant buy any by withdrawing funds from your account and depositing it to crypto trading site. For example, if bullshido was a trading spot for crpto. I could make a bullshido account but i couldnt add funds. Not sure if the blockade is still up. They basically did it cos they were fearful of losing money.

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