Private Money!

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Shem
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Re: Private Money!

Post by Shem » 27 Jul 2017, 13:58

Warren wrote:
27 Jul 2017, 13:17
Think of it as digital gold.
Sounds more like digital casino chips.
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Warren
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Re: Private Money!

Post by Warren » 27 Jul 2017, 19:25

Shem wrote:
27 Jul 2017, 13:58
Warren wrote:
27 Jul 2017, 13:17
Think of it as digital gold.
Sounds more like digital casino chips.
Well no. I mean I get what you're saying. It doesn't have inherent worth like actual gold. But the point is you can't just stamp out more of them.
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Mo
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Re: Private Money!

Post by Mo » 27 Jul 2017, 20:01

Warren wrote:
27 Jul 2017, 19:25
Shem wrote:
27 Jul 2017, 13:58
Warren wrote:
27 Jul 2017, 13:17
Think of it as digital gold.
Sounds more like digital casino chips.
Well no. I mean I get what you're saying. It doesn't have inherent worth like actual gold. But the point is you can't just stamp out more of them.
What's the inherent value of gold?
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JasonL
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Re: Private Money!

Post by JasonL » 27 Jul 2017, 21:02

I can't believe libertarians still talk about inherent value

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Painboy
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Re: Private Money!

Post by Painboy » 27 Jul 2017, 22:47

This is just bizarre to me. I'm all about the idea of private money but this sounds like growing tulips.

https://qz.com/1039809/amd-shares-are-s ... -to-mines/
Crypto miners—in particular those mining ethereum, the second largest cryptocurrency by market valuation behind bitcoin—have been in the crypto equivalent of a gold rush since early this year. They are racing to take advantage of ethereum’s exploding price by adding more processing power to their mines. Some of them are even resorting to leasing Boeing 747s to fly the increasingly scarce graphics processors from AMD and Nvidia directly to their ethereum mines so they can be plugged in to the network as quickly as possible.

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dbcooper
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Re: Private Money!

Post by dbcooper » 27 Jul 2017, 23:07

Air freight for high value electronics isn't unusual. Apple reduces it's working capital requirements by flying iPhones to market.
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Re: Private Money!

Post by Kolohe » 28 Jul 2017, 13:16

dbcooper wrote:
27 Jul 2017, 23:07
Air freight for high value electronics isn't unusual. Apple reduces it's working capital requirements by flying iPhones to market.
Yeah, but again with an iPhone i can look at, um, cat pictures. What the heck can I do with ethereum?
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Re: Private Money!

Post by Warren » 28 Jul 2017, 21:01

Painboy wrote:
27 Jul 2017, 22:47
This is just bizarre to me. I'm all about the idea of private money but this sounds like growing tulips.

https://qz.com/1039809/amd-shares-are-s ... -to-mines/
Crypto miners—in particular those mining ethereum, the second largest cryptocurrency by market valuation behind bitcoin—have been in the crypto equivalent of a gold rush since early this year. They are racing to take advantage of ethereum’s exploding price by adding more processing power to their mines. Some of them are even resorting to leasing Boeing 747s to fly the increasingly scarce graphics processors from AMD and Nvidia directly to their ethereum mines so they can be plugged in to the network as quickly as possible.
It's nothing like growing tulips. It's like building drilling rigs when the price of oil went from 40 to 140.
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Warren
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Re: Private Money!

Post by Warren » 28 Jul 2017, 21:02

Kolohe wrote:
28 Jul 2017, 13:16
dbcooper wrote:
27 Jul 2017, 23:07
Air freight for high value electronics isn't unusual. Apple reduces it's working capital requirements by flying iPhones to market.
Yeah, but again with an iPhone i can look at, um, cat pictures. What the heck can I do with ethereum?
https://blockgeeks.com/guides/what-is-ethereum/
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Re: Private Money!

Post by Warren » 31 Jul 2017, 00:14

Uber radical capitalist bro Brian Doherty is going to interview me about BitCoin tomorrow.

crossposted
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Re: Private Money!

Post by Eric the .5b » 31 Jul 2017, 04:18

I admit, looking at what even $100 worth of Bitcoin snagged early on would be worth now, I kinda wish I'd bought some. It's just never not looked like a tulip situation, and that hasn't changed.

Though, of course, I could have had my Bitcoin hijacked or whatever. It's like saying, "Oh, if I'd joined in the gold rush, I could be a millionaire, now...or maybe a dead prospector some claim-jumper shot and left at the bottom of a gully."
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Re: Private Money!

Post by Warren » 31 Jul 2017, 11:55

Eric the .5b wrote:
31 Jul 2017, 04:18
I admit, looking at what even $100 worth of Bitcoin snagged early on would be worth now, I kinda wish I'd bought some. It's just never not looked like a tulip situation, and that hasn't changed.

Though, of course, I could have had my Bitcoin hijacked or whatever. It's like saying, "Oh, if I'd joined in the gold rush, I could be a millionaire, now...or maybe a dead prospector some claim-jumper shot and left at the bottom of a gully."
So much stupid. I can't even.
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dbcooper
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Re: Private Money!

Post by dbcooper » 31 Jul 2017, 19:27

Private Money.

Hey Warren, what's your opinion on Bitcoin Cash?
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Re: Private Money!

Post by Warren » 01 Aug 2017, 00:31

dbcooper wrote:
31 Jul 2017, 19:27
Private Money.

Hey Warren, what's your opinion on Bitcoin Cash?
I've pulled nearly all my BtC into my desktop wallet and exported the keys to a thumb drive. Theoretically I should be holding both BtC and BCC. However, I don't know the incantations needed to make that happen.
It'd be great if they both find life and I make a bundle off the hard fork. But I'm actually hoping BCC just dies a quick death because I think that's better for BtC in the long run. It would certainly be simpler.
A Brief Explanation of What We're Talking About:
BitCoins are built on a thing called "the blockchain" which is basically a record of what coins belong to who. When you send somebody BtCs the transaction is appended to the blockchain. The blockchain is maintained by people (or more precisely machines) called miners. The rules for how the blockchain is appended are enforced by the miners checking each others work and agreeing that it was done properly. Now the rules that have been in effect are not working so well. The time it take for someone to send a BtC till it arrives in the receivers wallet is getting too long, often hours or even days. This is driving up the processing fees as people pay higher rates to get their transactions processed quicker.

There is a solution, which involves changing the rules on how the blockchain is maintained. Some miners are saying that they will not change the rules they are following and will keep doing things the old way. The result will be two different block chains. But here's the kicker, the two chains will be identical up to today. Therefore if you have BitCoins today you will have them on both blockchains. Therefore you will have double the number of coins, albeit two different cyrpto currencies.
PS This has already happened to a rival crypto currency called Ethereum, which hard forked and created Ethereum Classic.
Last edited by Warren on 01 Aug 2017, 00:51, edited 1 time in total.
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dbcooper
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Re: Private Money!

Post by dbcooper » 01 Aug 2017, 00:50

What's bizarre is that some exchanges are offering BCC from the split and some aren't, but price BTC the same. As a friend put it, "the wild west".
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Re: Private Money!

Post by Warren » 01 Aug 2017, 00:54

dbcooper wrote:
01 Aug 2017, 00:50
What's bizarre is that some exchanges are offering BCC from the split and some aren't, but price BTC the same. As a friend put it, "the wild west".
Yeah, the general advice being passed around was to pull your coins off the exchanges because you can't be sure how they'll handle it. So that's what I did.
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dbcooper
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Re: Private Money!

Post by dbcooper » 02 Aug 2017, 07:04

Christ, the BCC market cap is nearly $10B!

https://coinmarketcap.com/currencies/bitcoin-cash/
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dbcooper
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Re: Private Money!

Post by dbcooper » 02 Aug 2017, 08:47

2x price differences across exchanges for BCC. This is extra insane.
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Re: Private Money!

Post by Warren » 02 Aug 2017, 10:19

dbcooper wrote:
02 Aug 2017, 08:47
2x price differences across exchanges for BCC. This is extra insane.
Damn. Neither my exchange or wallet is supporting BCC. I exported my keys, so theoretically I should have as much BCC as BtC. I just need to figure out how to do that.
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JasonL
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Re: Private Money!

Post by JasonL » 02 Aug 2017, 10:24

This is wild to watch.

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Re: Private Money!

Post by Warren » 02 Aug 2017, 11:00

I can't figure out what is going on. All my BtC accounts seem to be in order, but my efforts to claim BCC have run into a wall. And I some people are saying BCC has already failed? I don't know what's going on. Exchanges are trading BtC and the price hasn't nose dived. That leads me to believe BCC isn't really a thing.
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JasonL
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Re: Private Money!

Post by JasonL » 02 Aug 2017, 11:10

Is there any support for BCC blockchain mining or could a volume of transactions create liquidity crisis because no back end support?

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Dangerman
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Re: Private Money!

Post by Dangerman » 02 Aug 2017, 11:15

Limits on the size of blocks and rapidity of transactions were the obvious problems from the beginning, and this fork was IIRC partially intended to alleviate that.

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Re: Private Money!

Post by Warren » 02 Aug 2017, 11:20

JasonL wrote:
02 Aug 2017, 11:10
Is there any support for BCC blockchain mining or could a volume of transactions create liquidity crisis because no back end support?
From what I've seen discussed on forums no BCC mining is taking place.

I did find this
For users of the BitPay and Copay wallet apps, we also have no immediate plans to support BCC. Since these apps are true bitcoin wallets, users hold the private keys and have full, exclusive access to their funds. While users will not be able to observe a BCC balance or create BCC transactions with our apps at this time, it is possible to access BCC at a later date with additional software.
So, if BCC becomes a thing, I should be able to get in on it. If not, then I missed out altogether.
Honestly, it would have been more dedicated effort than I was willing to put in to get set up for BCC ahead of the fork. Especially if the only play to make was to instantly sell all your BCC.
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Re: Private Money!

Post by Warren » 02 Aug 2017, 11:24

Dangerman wrote:
02 Aug 2017, 11:15
Limits on the size of blocks and rapidity of transactions were the obvious problems from the beginning, and this fork was IIRC partially intended to alleviate that.
From what I understand. BitCoin hard forked by implementing segwit. But some people didn't think segwit was a good solution to the limit on block size and implemented a different solution in BitCoin Cash. But some people think the BitCoin Cash protocol has security issues. At least that's why my exchange says it's not going to support it.
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