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InvisibletrendalM
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Re: Time to revisit the current state of bitcoin [Re: Herbologist]
    #24346003 - 05/24/17 12:29 PM (6 years, 8 months ago)

Use of the word "miner" is supposed to be analogous to "gold miner". Just like gold, bitcoin is a limited quantity currency. Just like with gold, the only way to get more of it is to "mine" the bitcoin - essentially using computers to crunch some really heavy encryption algorithms to add to the "blockchain" (public ledger) and be rewarded with a certain number of bitcoins (12, currently).


--------------------
Once, men turned their thinking over to machines in the hope that this would set them free.
But that only permitted other men with machines to enslave them.


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Offlinekoods
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Re: Time to revisit the current state of bitcoin [Re: Herbologist] * 1
    #24346321 - 05/24/17 02:27 PM (6 years, 8 months ago)

Quote:

Herbologist said:
Bitcoins literally goes right over my head.  I do not understand that shit.  I don't understand where its value comes from and I don't understand the term "mining" for bitcoins.  Or even a "block of bitcoins".


All I know is I've converted $20 into bitcoins so I could gamble online once and all I did was download an app that did it for me automatically.


:confused: :confused:




Mining for bitcoins was a  scheme to justify that bitcoins don't just appear out of nowhere, which they did.


--------------------
NotSheekle said
“if I believed she was 16 I would become unattracted to her”


Edited by koods (05/24/17 02:29 PM)


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OfflineHerbologist
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Re: Time to revisit the current state of bitcoin [Re: koods]
    #24346603 - 05/24/17 04:18 PM (6 years, 8 months ago)

Quote:

trendal said:
Use of the word "miner" is supposed to be analogous to "gold miner". Just like gold, bitcoin is a limited quantity currency. Just like with gold, the only way to get more of it is to "mine" the bitcoin - essentially using computers to crunch some really heavy encryption algorithms to add to the "blockchain" (public ledger) and be rewarded with a certain number of bitcoins (12, currently).



Quote:

koods said:
Quote:

Herbologist said:
Bitcoins literally goes right over my head.  I do not understand that shit.  I don't understand where its value comes from and I don't understand the term "mining" for bitcoins.  Or even a "block of bitcoins".


All I know is I've converted $20 into bitcoins so I could gamble online once and all I did was download an app that did it for me automatically.


:confused: :confused:




Mining for bitcoins was a  scheme to justify that bitcoins don't just appear out of nowhere, which they did.







Yeah, I'm still confused.  I don't get how decoding an algorithm produces a "coin" as currency.  I know I probably sound stupid since everyone else here seems to have some understanding of it.


--------------------
Shroomery Law:  Don't piss off the leftist mods & their friends! :banhamster:


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InvisibletrendalM
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Re: Time to revisit the current state of bitcoin [Re: koods]
    #24346612 - 05/24/17 04:22 PM (6 years, 8 months ago)

Quote:

koods said:
Mining for bitcoins was a scheme to justify way of having a decentralized ledger that is available to anyone bitcoins don't just appear out of nowhere, which they did.





Fixed it for errors :wink:


--------------------
Once, men turned their thinking over to machines in the hope that this would set them free.
But that only permitted other men with machines to enslave them.


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Invisibledemiu5
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Re: Time to revisit the current state of bitcoin [Re: Herbologist] * 1
    #24346636 - 05/24/17 04:34 PM (6 years, 8 months ago)

Quote:

Herbologist said:
Quote:

trendal said:
Use of the word "miner" is supposed to be analogous to "gold miner". Just like gold, bitcoin is a limited quantity currency. Just like with gold, the only way to get more of it is to "mine" the bitcoin - essentially using computers to crunch some really heavy encryption algorithms to add to the "blockchain" (public ledger) and be rewarded with a certain number of bitcoins (12, currently).



Quote:

koods said:
Quote:

Herbologist said:
Bitcoins literally goes right over my head.  I do not understand that shit.  I don't understand where its value comes from and I don't understand the term "mining" for bitcoins.  Or even a "block of bitcoins".


All I know is I've converted $20 into bitcoins so I could gamble online once and all I did was download an app that did it for me automatically.


:confused: :confused:




Mining for bitcoins was a  scheme to justify that bitcoins don't just appear out of nowhere, which they did.







Yeah, I'm still confused.  I don't get how decoding an algorithm produces a "coin" as currency.  I know I probably sound stupid since everyone else here seems to have some understanding of it.





not stupid at all.  i've asked this question here, being given detailed responses (https://www.shroomery.org/forums/showflat.php/Number/23506270), as well as read/listened to all kinds of information on bitcoin mining.  it still doesn't make any sense to me



Geo posted a solid post, including a detailed .pdf of the process (https://www.shroomery.org/forums/showflat.php/Number/24304820), but it's still beyond me


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OfflineHerbologist
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Re: Time to revisit the current state of bitcoin [Re: demiu5]
    #24346644 - 05/24/17 04:38 PM (6 years, 8 months ago)

thanks for the links i'm going to try and read up on this


--------------------
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InvisibletrendalM
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Re: Time to revisit the current state of bitcoin [Re: Herbologist] * 1
    #24346659 - 05/24/17 04:48 PM (6 years, 8 months ago)

You don't sound stupid! It is rather technical, when you get down to it. I'll take a shot at explaining it...

Lets say Bob has some bitcoin and he wants to trade them to Alice for some acid. Alice wants to know that Bob actually has the bitcoin that he says he does. So she checks the ledger (called a blockchain) which is freely available to anyone, and finds out where the bitcoin is - essentially she looks for an address and compares it to the address that Bob says his bitcoins are held at. If she finds out that it is at that address, she accepts the bitcoins. Bob will tell the network (of miners) that he has sent x bitcoin from his address to Alice's address. When the network accepts the transaction, it gets hard coded into the blockchain - as a block - and now anyone who looks will find the bitcoins at the new address (they wont know, or at least shouldn't know, who the address belongs to).

The encryption comes into play at several levels. Essentially the addresses are encryption results. If I have some bitcoin at a certain address, what I really have is a "private key" with a corresponding "public key" - the actual address. Because of the way encryption works, it is trivial to get a public key as long as you know the private key...but nearly impossible to get the private key when all you know is the public key. So when I send my bitcoin to another address, I provide the miners with my private key (actually, a hash of my private key, so that my private key is never really known) and this "unlocks" the bitcoins so the miner can put them to the new address.

Each "block" on the blockchain is a chunk of thousands of bitcoin transactions, along with a hash of all the blocks that came before it. That way, if anyone wants to check if a transaction is valid and recorded in the blockchain, they can do so. If anyone tries to say they own x bitcoins (by sending an invalid transaction) they can't do so because any change to any part of the blockchain will make the whole thing not work.


--------------------
Once, men turned their thinking over to machines in the hope that this would set them free.
But that only permitted other men with machines to enslave them.


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Invisibledemiu5
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Re: Time to revisit the current state of bitcoin [Re: Herbologist]
    #24346666 - 05/24/17 04:50 PM (6 years, 8 months ago)

Quote:

Herbologist said:
thanks for the links i'm going to try and read up on this






no problem


https://www.shroomery.org/forums/showflat.php/Number/24305186#24305186


this was actually the .pdf i was referring to, not the .pdf in the initial post of Geo's


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Invisiblecannabinated
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Re: Time to revisit the current state of bitcoin [Re: Herbologist]
    #24346678 - 05/24/17 04:57 PM (6 years, 8 months ago)

I always thought they would go up but I didn't have money to put into it when I should have :sad: I started learning about them when they were less then 10 bucks.

Lots of online retailers accept BTC not to mention the black market. They will always have value because of that. People are also scared right now so its going up but I think it's gunna settle back down to less than 2000 soon.


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InvisibleNiffla
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Re: Time to revisit the current state of bitcoin [Re: Herbologist]
    #24347682 - 05/24/17 11:47 PM (6 years, 8 months ago)

Quote:

Herbologist said:
Quote:

trendal said:
Use of the word "miner" is supposed to be analogous to "gold miner". Just like gold, bitcoin is a limited quantity currency. Just like with gold, the only way to get more of it is to "mine" the bitcoin - essentially using computers to crunch some really heavy encryption algorithms to add to the "blockchain" (public ledger) and be rewarded with a certain number of bitcoins (12, currently).



Quote:

koods said:
Quote:

Herbologist said:
Bitcoins literally goes right over my head.  I do not understand that shit.  I don't understand where its value comes from and I don't understand the term "mining" for bitcoins.  Or even a "block of bitcoins".


All I know is I've converted $20 into bitcoins so I could gamble online once and all I did was download an app that did it for me automatically.


:confused: :confused:




Mining for bitcoins was a  scheme to justify that bitcoins don't just appear out of nowhere, which they did.







Yeah, I'm still confused.  I don't get how decoding an algorithm produces a "coin" as currency.  I know I probably sound stupid since everyone else here seems to have some understanding of it.




I have fucking zero understanding. I mean I'm not gonna front I ain't the sharpest tool in the shed and this shit is just beyond my intelligence level. For real.

Here's my thing...and I posed this question earlier, let's say you were one of these very fortunate people who got in on the bitcoin act in its early stages, and still held onto it -- and had oh let's say...5 million US dollars worth of bitcoin. How would one actually cash out and turn every cent of that into cold hard cash? Again this is probably a very stupid question but like I said, I ain't that smart. So if someone could enlighten a brotha I'd appreciate it.


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OfflineShroomslip
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Re: Time to revisit the current state of bitcoin [Re: Niffla] * 1
    #24347698 - 05/24/17 11:54 PM (6 years, 8 months ago)

The same exchanges or places you cay buy BTC, you can usually sell it as well. There are fees involved and such, so it doesn't really make much sense to withdrawal to USD (or other currencies) unless you have a pretty substantial profit to be gained. Anyways, you'd sell your BTC for USD, then you'd transfer your USD on that site to your own bank account, or you some places you can get a debit card/credit card from them to use the funds rather than have to worry about wire transfers and shit.

You could sell them on localbitcoins, That was the first place I checked out when deciding where to buy. I'm not sure how you'd protect yourself because I don't use it but the exchange rates when buying there are worse than actual exchanges (my terminology could be off but by exchange I mean a large corporate entity, a bank even) at least when buying in smaller amounts 1-200. Did I say worse? I mean atrocious. Bitcoin worth 1200 USD, some of the cheaper options will sell it to you for 1500 USD, but most of those want people with a solid record of buying/selling before they'll even talk to you. The ones that take on newcomers were more like 1800 USD when I looked. EDIT: Though I guess that could work out in your favor.

There's also craigslist.


--------------------
With my face against the floor I can’t see who knocked me out of the way.
I don’t want to get back up but I have to so it might as well be today.
Nothing appeals to me no one feels like me, I’m too busy being calm to disappear.
I’m in no shape to be alone contrary to the shit that you might hear.


You can't wake up, this is not a dream. You're part of a machine, you are not a human being
With your face all made up, living on a screen. Low on self esteem, so you run on gasoline


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Invisiblewolfiewolfie
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Re: Time to revisit the current state of bitcoin [Re: Shroomslip]
    #24347706 - 05/24/17 11:59 PM (6 years, 8 months ago)

Just had a look on coinbase, on the 25th april bitcoin was at $1682 AUD and today its at $3460 AUD, gone up $1778 in only one month -.-


--------------------


The only reason why T-rex's can't walk backwards is because they're extinct, which perfectly explains why there are no headaches in the rainforest; The parrots eat 'em all.

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OfflineLogicaL ChaosM
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Re: Time to revisit the current state of bitcoin [Re: Niffla]
    #24347785 - 05/25/17 12:59 AM (6 years, 8 months ago)

My understanding is u would sell each Bitcoin to whomever wants them.

Im not sure if its as easy as "cashing out". Its kinda like gold bars that u have to sell to someone (or partial gold bars for the decimal point on the bitcoin) who wants a bitcoin using cash.

Its peer-to-peer not "i go to the bank and withdrawl my money". At least thats how i understand it.


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InvisibleNiffla
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Re: Time to revisit the current state of bitcoin [Re: Shroomslip]
    #24347793 - 05/25/17 01:04 AM (6 years, 8 months ago)

Quote:

Shroomslip said:
The same exchanges or places you cay buy BTC, you can usually sell it as well. There are fees involved and such, so it doesn't really make much sense to withdrawal to USD (or other currencies) unless you have a pretty substantial profit to be gained. Anyways, you'd sell your BTC for USD, then you'd transfer your USD on that site to your own bank account, or you some places you can get a debit card/credit card from them to use the funds rather than have to worry about wire transfers and shit.

You could sell them on localbitcoins, That was the first place I checked out when deciding where to buy. I'm not sure how you'd protect yourself because I don't use it but the exchange rates when buying there are worse than actual exchanges (my terminology could be off but by exchange I mean a large corporate entity, a bank even) at least when buying in smaller amounts 1-200. Did I say worse? I mean atrocious. Bitcoin worth 1200 USD, some of the cheaper options will sell it to you for 1500 USD, but most of those want people with a solid record of buying/selling before they'll even talk to you. The ones that take on newcomers were more like 1800 USD when I looked. EDIT: Though I guess that could work out in your favor.

There's also craigslist.




Thanks, slip.
:youthemandawg:


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InvisibleNiffla
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Re: Time to revisit the current state of bitcoin [Re: LogicaL Chaos]
    #24347801 - 05/25/17 01:08 AM (6 years, 8 months ago)

Quote:

LogicaL Chaos said:
My understanding is u would sell each Bitcoin to whomever wants them.

Im not sure if its as easy as "cashing out". Its kinda like gold bars that u have to sell to someone (or partial gold bars for the decimal point on the bitcoin) who wants a bitcoin using cash.

Its peer-to-peer not "i go to the bank and withdrawl my money". At least thats how i understand it.




See if this is indeed the case, if you were to have a hefty amount of bitcoin -- actually turning it into cash would be really frustrating. Or it seems like it would be anyway. I mean unless you're getting buyers to buy large amounts one at a time, it seems to me that one might have to actually quit his freaking day job just trying to cash out, as he/she sells little by little.

I mean I could be totally wrong this, but on the surface it certainly seems like "cashing out" would (or could potentially be) be quite the chore.


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Re: Time to revisit the current state of bitcoin [Re: Niffla]
    #24347809 - 05/25/17 01:13 AM (6 years, 8 months ago)

I think bitcoin is a good idea now at 2k per coin? My only problem with coins are that wallets can be hacked rather easily by a pro hacker and or nation state actors.


Edited by tdubz (05/25/17 01:20 AM)


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OfflineShroomslip
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Re: Time to revisit the current state of bitcoin [Re: LogicaL Chaos] * 1
    #24347817 - 05/25/17 01:18 AM (6 years, 8 months ago)

You can, not as fast as that, but you can. Like I said in the above post, the same huge corporate exchanges that sell bitcoin, will also buy them as well. You would go to their sell page (or option) put in your BTC to sell, and they'd give you a price they'll pay for it. If you accept, your exchange wallet will then go to however much USD you got out of it and your BTC balance will be 0. Then depending on the place  you can get your money out of their pocket and into yours in a few different ways (bank transfer, western union (maybe?) etc.

There are limits on how much you can buy/sell in a day at a place like that, but it's a pretty big number. Like 10k+

Also another one I forgot. One I wouldn't recommend but when they say everything is on the darknet, they do mean everything, including people buying BTCs with cash in large amounts ($1,000-10,000+?). I think that's the route the super paranoid take. I'm not really sure how that is supposed to work out. Unless you're using 2/3 multisig and even then I'd be very wary. If there is a problem, you have to trust that the third party is going to be able to figure out who really tried to screw who over.


--------------------
With my face against the floor I can’t see who knocked me out of the way.
I don’t want to get back up but I have to so it might as well be today.
Nothing appeals to me no one feels like me, I’m too busy being calm to disappear.
I’m in no shape to be alone contrary to the shit that you might hear.


You can't wake up, this is not a dream. You're part of a machine, you are not a human being
With your face all made up, living on a screen. Low on self esteem, so you run on gasoline


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OfflineManianFHS
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Re: Time to revisit the current state of bitcoin [Re: Niffla]
    #24347824 - 05/25/17 01:21 AM (6 years, 8 months ago)

Quote:

Niffla said:
Quote:

LogicaL Chaos said:
My understanding is u would sell each Bitcoin to whomever wants them.

Im not sure if its as easy as "cashing out". Its kinda like gold bars that u have to sell to someone (or partial gold bars for the decimal point on the bitcoin) who wants a bitcoin using cash.

Its peer-to-peer not "i go to the bank and withdrawl my money". At least thats how i understand it.




See if this is indeed the case, if you were to have a hefty amount of bitcoin -- actually turning it into cash would be really frustrating. Or it seems like it would be anyway. I mean unless you're getting buyers to buy large amounts one at a time, it seems to me that one might have to actually quit his freaking day job just trying to cash out, as he/she sells little by little.

I mean I could be totally wrong this, but on the surface it certainly seems like "cashing out" would (or could potentially be) be quite the chore.





It could be if one was trying to avoid taxes on BTC, they would be seeking them on the DL, via Craigslist, eBay, and any other loosely regulated channels. If you were sitting on 5 mil it would be as easy as opinions a Coinbase account and jumping through their rather easy verification processes to get it all at once. CB don't give a fuck as they get the BTC and probably covert most of it back into US or what have you via trading markets. You could easily cash out the 5mil, its avoiding getting taxed that's probably the bigger component for traders


--------------------
notapillow said: "you are going about this endeavor all wrong. clear your mind of useless fear and concern. buy the ticket, take the ride, and all that.... "

ChrisWho said: "It's all about the journey, not the destination."


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OfflineManianFHS
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Re: Time to revisit the current state of bitcoin [Re: Shroomism]
    #24347835 - 05/25/17 01:26 AM (6 years, 8 months ago)

Quote:

Shroomism said:
Hindsight is indeed, 20/20.
I feel like a complete and total idiot every time the bitcoin goes up in value...

Got into bitcoin right when they first popped up around 2009.. got around 200 coins which I think I paid about $20 for. It was around 10 cents per bitcoin
I didn't check on them for a while and I started watching them and saw them going up and down, sold all my coins when they were around $12 each, thought I made out pretty decent.
Never could have anticipated a year or two later they would start skyrocketing like a motherfucker. When I saw they hit over 1k I pretty much slapped myself
Had I waited longer, or not sold all my coins... or just reinvested after selling mine... I'd be sitting on like 5 million. I don't know why I sold all my coins.. but I had no idea it would explode the way it did.





Well you were definitely more involved than I was back then. I agree it's easy to want to slap yourself for not having the futuresight, but it's not the last opportunity you'll have to invest into wealth. If anything it's nice to know that this site, which we both frequent was a breeding ground for early bitcoin talk. We at least HAD the opportunity, and I'll bet the next one that comes up will probably surface here before elsewhere also. I'll make a pact with you to send a PM if we get some lowdown :wink:


--------------------
notapillow said: "you are going about this endeavor all wrong. clear your mind of useless fear and concern. buy the ticket, take the ride, and all that.... "

ChrisWho said: "It's all about the journey, not the destination."


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