Bitcoin: Censorship-Resistant Digital P2P Currency

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Re: Bitcoin: Censorship-Resistant Digital P2P Currency

Post by Moliere »

Someone ‘Accidentally’ Locked Away $300M Worth of Other People's Ethereum Funds
On Tuesday, a single user permanently locked down dozens of digital wallets containing nearly $300 million dollars worth of ether, the unit of exchange on the Ethereum platform, allegedly by accident.

Now, some in the Ethereum community are considering the possibility of a risky network split, known as a "hard fork," to fix it.

The affected wallets—known as "multisignature" wallets because they require multiple people to sign off before funds are moved, making them popular with companies—were all created with Parity, a popular program for digital wallets. Parity multisignature wallets experienced a bug in July that allowed a hacker to steal $32 million in funds before the Ethereum community scrambled to band together to hack back and secure the rest of the vulnerable ether.

According to a blog post released by Parity on Tuesday, the code that fixed the July bug contained another vulnerability. That vulnerability allowed a user known as "devops199" on GitHub, a site for developers to collaborate on open source code, to allegedly accidentally trigger a function that turned the contract governing Parity multisignature wallets into a regular wallet address and made him or her the owner. Devops199 then killed this wallet contract, or, as Parity put it, "suicided" it. This made all multisignature wallets tied to that contract instantly useless, their funds locked away with no way to access them.
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Re: Bitcoin: Censorship-Resistant Digital P2P Currency

Post by Moliere »

1 Bitcoin $5791.97 -22.00%
2 Bitcoin Cash $1856.62 201.04%

Pretty significant changes.
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Re: Bitcoin: Censorship-Resistant Digital P2P Currency

Post by Moliere »

Moliere wrote: Sun Nov 12, 2017 1:40 am 1 Bitcoin $5791
In less than a month the price is over $10,000 :shock:

Bitcoin Is a Delusion That Could Conquer the World
A bar of gold. A disk of iron. A chain of beads. A card of plastic. A slip of cotton-linen paper. These things are worthless. One cannot eat them, or drink them, or use them as a blanket. But they are valuable, too. Their value comes from the simplest thing. People believe they are money, and so they are.

If every currency is a consensual delusion, then bitcoin, a digital cryptocurrency that changes hands over the internet, feels more like a consensual hallucination on psychedelic drugs. The concept of bitcoin was born in a detailed white paper published in late 2008 by a pseudonymous “Satoshi Nakamoto.” By 2013, one bitcoin was worth $12. As of this writing, it’s worth more than $10,000. Its value has doubled in the last two months alone. For any currency’s value to increase by 100 percent in eight weeks is, to use a technical term, bonkers. If the French franc, Japanese yen, or American dollar did the same, their economies would plunge into an infernal deflationary spiral.
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Re: Bitcoin: Censorship-Resistant Digital P2P Currency

Post by Isgrimnur »

Vice
On Tuesday, a California federal court ordered the popular cryptocurrency exchange and wallet service Coinbase to turn over records on thousands of customers to the Internal Revenue Service.

The requested records include the name, birthdate, address, and account activity for any user who bought, sold, sent, or received more than $20,000 worth of Bitcoin in their accounts between 2013 and 2015.
...
US citizens are supposed to pay capital gains tax on cryptocurrency transactions and the IRS labels virtual currencies as property for federal tax purposes. As the court order shows, more than 10,000 people bought or sold more than $20,000 worth of cryptocurrency, but only “800 to 900 taxpayers a year have electronically filed returns with a property description related to bitcoin from 2013 through 2015.”

This “suggests that many Coinbase users may not be reporting their bitcoin gains,” the order reads.
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Re: Bitcoin: Censorship-Resistant Digital P2P Currency

Post by DOS=HIGH »

Finally something worthwhile to use cyptocurrencies for: Cryptokitties.
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Re: Bitcoin: Censorship-Resistant Digital P2P Currency

Post by Victoria Raverna »

So anyone here acquired bitcoins back when this thread started in 2011?
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Re: Bitcoin: Censorship-Resistant Digital P2P Currency

Post by Moliere »

And Matrix hasn't posted on OO in over a month. Hopefully he wasn't caught by that Ethereum lock.
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Re: Bitcoin: Censorship-Resistant Digital P2P Currency

Post by Enough »

Yikes! The bitcoin computer network currently uses as much electricity as Denmark. In 18 months, it will use as much as the entire United States. :shock: :shock: :shock:
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Re: Bitcoin: Censorship-Resistant Digital P2P Currency

Post by Isgrimnur »

NiceHash hacked
Hackers have carried out a heist on a leading digital currency platform, making off with an unspecified amount of bitcoin.

NiceHash, which describes itself as the largest marketplace for mining digital currencies, said late Wednesday that it was suspending its operations for at least 24 hours because of a security breach.

The site's payment system was compromised and the contents of its bitcoin account have been stolen, it said.
...
CoinDesk, a site specializing in cryptocurrency news and data, reported that NiceHash users were circulating a link to a bitcoin account that suggested as many as 4,736 bitcoins had been stolen, an amount worth roughly $71 million at current prices.
...
Cybersecurity firm FireEye warned recently that North Korean hackers are stepping up their attempts to steal bitcoin in order to support Kim Jong Un's authoritarian regime.
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Re: Bitcoin: Censorship-Resistant Digital P2P Currency

Post by AWS260 »

Steam is no longer accepting payment in Bitcoin. The transaction fees are too high, and the volatility leads to frequent over- and under-payment.
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Re: Bitcoin: Censorship-Resistant Digital P2P Currency

Post by RunningMn9 »

Yeah, there's no bubble here. :roll:
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The raccoon and the groundhog neatly
Make up bags of change
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Re: Bitcoin: Censorship-Resistant Digital P2P Currency

Post by malchior »

RunningMn9 wrote: Thu Dec 07, 2017 12:30 pm Yeah, there's no bubble here. :roll:
It's 99.999% a bubble. The profit per block has been going off the scale. There is some thought that there is manipulation ahead of options being introduced. Either way it has disconnected from its only "value" input--the mining cost aka transaction processing--to a significant degree. Its usefulness as a store of value is completely shot as well.
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Re: Bitcoin: Censorship-Resistant Digital P2P Currency

Post by RunningMn9 »

I would argue that the current insanity has demonstrated nicely that your "value" argument was incorrect, but that's just quibbling here. This is absurd. However, congrats to everyone that is holding bitcoins and has the discipline to not allow greed to cloud their judgement. :)
And in banks across the world
Christians, Moslems, Hindus, Jews
And every other race, creed, colour, tint or hue
Get down on their knees and pray
The raccoon and the groundhog neatly
Make up bags of change
But the monkey in the corner
Well he's slowly drifting out of range
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Re: Bitcoin: Censorship-Resistant Digital P2P Currency

Post by malchior »

RunningMn9 wrote: Thu Dec 07, 2017 1:03 pm I would argue that the current insanity has demonstrated nicely that your "value" argument was incorrect, but that's just quibbling here.
FWIW it is not my argument - it is the "strongest" commonly accepted one. It could very well be wrong though it still makes sense theoretically. As an aside I had a 2 hour discussion about blockchain yesterday with a major financial client and this was the main topic obviously. :)
This is absurd. However, congrats to everyone that is holding bitcoins and has the discipline to not allow greed to cloud their judgement. :)
I'll say congrats if they can actually get money out of it. :)
Last edited by malchior on Thu Dec 07, 2017 1:13 pm, edited 1 time in total.
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Re: Bitcoin: Censorship-Resistant Digital P2P Currency

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Someone posted on Twitter that Bitcoin's market cap is now equal to Visa.

Yes. The credit card company.

Good grief.
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Re: Bitcoin: Censorship-Resistant Digital P2P Currency

Post by pr0ner »

According to Google, 1 bitcoin is currently worth $17,293.67.

According to Coindesk, 1 bitcoin is currently worth $16,125.25.

Oy.
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Re: Bitcoin: Censorship-Resistant Digital P2P Currency

Post by malchior »

So I just a--very rough--data analysis of the day's transactions due to a conversation I had with my client. Like I said above I had a meeting with block chain guys at a major financial institution yesterday. My project isn't specifically about block chain but I mentioned it'd be fun to look at a few stats to see if this market made any sense.

In short - the revenue that the miners are getting today for transaction processing is extremely high versus the size of the transaction. To put it in credit card parlance what business would accept a credit card if the processor was demanding more than 75% of the value of the transaction. None. That is where we are right now at some periods during the day with transaction costs above $80 - 100 *per transaction*. If you were trading whole bitcoins that might work but I don't understand how the exchanges aren't bleeding cash right now. Something is way off.

Edit: These are local maximum transactions. It depends on how big the transactions are - small transactions are very inefficient cost wise. Crazy stuff.
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Re: Bitcoin: Censorship-Resistant Digital P2P Currency

Post by Moliere »

That analysis sounds like it is based upon Bitcoin and not Ripple's XRP, which is designed specifically for financial institutions to make cross border transactions very fast and very cheap. There's a reason American Express just signed up with Ripple.
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Re: Bitcoin: Censorship-Resistant Digital P2P Currency

Post by malchior »

Moliere wrote: Thu Dec 07, 2017 6:45 pm That analysis sounds like it is based upon Bitcoin and not Ripple's XRP, which is designed specifically for financial institutions to make cross border transactions very fast and very cheap. There's a reason American Express just signed up with Ripple.
Correct - "this market" referred to the bitcoin market. Didn't look at BTC Cash either. Ripple is an entirely different beast. Their crypto currency is almost a side show at this point; their back end technology is what almost all the big players care about with Ripple.
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Re: Bitcoin: Censorship-Resistant Digital P2P Currency

Post by RunningMn9 »

That transaction cost insanity is one of the reasons Steam stopped accepting bitcoins as payment. In addition to the wild volatility resulting in almost certain under- or over-payment. Which of course is the primary reason bitcoin is useless as a currency.

In any case, I've been reading a lot over the past couple days about the suspicions that the market has been manipulated up in anticipation of the launch of futures trading this weekend, with the expectation that the manipulators will be shorting bitcoin. Given the complete lack of regulation in bitcoin markets, that has to be a real concern, no? If the extreme scarcity of the underlying asset can be manipulated on any level, and now those manipulators will be able to make bets on market movement...like that has to scare the shit out of people, no?
And in banks across the world
Christians, Moslems, Hindus, Jews
And every other race, creed, colour, tint or hue
Get down on their knees and pray
The raccoon and the groundhog neatly
Make up bags of change
But the monkey in the corner
Well he's slowly drifting out of range
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Re: Bitcoin: Censorship-Resistant Digital P2P Currency

Post by Zitterbacke »

I'm really concerned about the power consumption, something all those vaporcoin currencies draw. I will stay clear of them, as I don't expect regulations from financial side, but environmental.
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Re: Bitcoin: Censorship-Resistant Digital P2P Currency

Post by Moliere »

Image
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Re: Bitcoin: Censorship-Resistant Digital P2P Currency

Post by gilraen »

Bitfinex and Coinbase have both been crashing over the last couple of days, partially due to continued DDoS attacks and partially due to the system being overwhelmed with the transaction volume.

Coinbase disabled LTC and ETH trading for several hours earlier today without explanation.
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Re: Bitcoin: Censorship-Resistant Digital P2P Currency

Post by Moliere »

Yeah, Bitstamp had a similar message about Eth. Ripple is taking off for some reason. I think its at an all time high. Weird.
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Re: Bitcoin: Censorship-Resistant Digital P2P Currency

Post by Pyperkub »

Interesting article:
Now we're in the midst of another big bitcoin bull market, and I'm much more worried that the market is getting into unsustainable territory. At the beginning of the year, bitcoins were worth $1,000 apiece, and all bitcoins in circulation were worth around $15 billion—still quite small as global financial assets go. Today, each bitcoin is worth $17,000, and all bitcoins in circulation are worth a much more substantial $280 billion. That seems like a lot for a payment network that only processes about four transactions per second.

Meanwhile, there are growing signs that ordinary, unsophisticated investors may be getting in over their heads...

...It also means the value of all bitcoins is about one-fifth the value of all gold held for private investment, which is around $1.5 trillion. That, too, seems about right. Bitcoins seem to be evolving into a kind of digital gold, but it doesn't seem likely that people around the world will want to hold more of their wealth in bitcoins than gold any time soon...

...The thing that worries me the most about bitcoin's current boom is the democratization of bitcoin investing. In 2013, 2015, and even 2016, bitcoin was still a pretty obscure topic. It was widely discussed in the technology and financial press, but most normal people weren't paying attention. In 2017, things are different...

...This suggests that the current bubble is different from earlier "bubbles" in 2011 and 2013. The average sophistication of investors is lower. Many of those "buy bitcoin with credit card" investors will be easily spooked if the price starts to decline.

This also means that there's limited room left for speculation-driven gains. The cycle that has driven bitcoin price gains so far—a rising price driving media attention, which drives further price gains—only works if there's a large pool of people out there who haven't heard about bitcoin yet. And that pool is dwindling fast.

In the long run, of course, these speculative forces won't matter. The big question is what will people use bitcoin for, and how big will the resulting markets be?
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Re: Bitcoin: Censorship-Resistant Digital P2P Currency

Post by Matrix »

Sorry everyone, I was Mia. Let's jump right into it, bit coin is exploding from latent institutional money. Usually it's a gateway to get into the market for big players. There are over 100 hedge funds all throwing money into this, and more are coming. At this point market is predicted of all crypto to hit 1-2 trillion ( this number comes directly from conference wall street for blockchain that I attended last month, it was mentioned number of times at various points) . And by the looks of it, it will take much less time then most have anticipated (certainly not me, I didn't expect such fast growth) Moliere how is your trading? I still hold my position in eth.
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Re: Bitcoin: Censorship-Resistant Digital P2P Currency

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Enlarge Image
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Re: Bitcoin: Censorship-Resistant Digital P2P Currency

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Moliere wrote: Wed Dec 13, 2017 10:30 am Enlarge Image
Perfect. Not sure anything could sum up my feelings on bitcoin any more succinctly.

And as for institutional money being driven into bitcoin, if I found out that any of my 401K is in bitcoin, I will be making some changes in my portfolio.
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Re: Bitcoin: Censorship-Resistant Digital P2P Currency

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"The world is suffering more today from the good people who want to mind other men's business than it is from the bad people who are willing to let everybody look after their own individual affairs." - Clarence Darrow
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Re: Bitcoin: Censorship-Resistant Digital P2P Currency

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https://www.bloomberg.com/news/articles ... 2-700-jump
U.S. regulators temporarily suspended trading in an obscure digital currency company due to concerns that its stock is being manipulated after the shares surged more than 17,000 percent in less than three months, making paper billionaires out of top executives.

In a Tuesday order halting buying and selling of The Crypto Co., the Securities and Exchange Commission said it was worried investors aren’t getting accurate disclosures or enough information about the company. Questions have also arisen about “potentially manipulative transactions” involving the Malibu, California-based company’s shares, the SEC said.

Crypto appears to be a beneficiary of the digital-currency fever that has gripped markets in 2017. Despite losing more than $2.7 million this year and posting just a few hundred thousand dollars of revenue, the company’s market capitalization exceeds $11 billion. Its lofty valuation has made a billionaire out of President James Gilbert, who held a stake worth nearly $4.2 billion based on Monday’s closing price.
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Re: Bitcoin: Censorship-Resistant Digital P2P Currency

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Totally legit.


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Re: Bitcoin: Censorship-Resistant Digital P2P Currency

Post by pr0ner »

Let's all watch the crypto market come crashing down now that the SEC says they're going to seriously start cracking down.

Bitcoin's value has crashed from a high of almost $20k on Sunday to somewhere around $12k, depending on where you check the price.

The Bitcoin Investment Trust, ticker GBTC, has crashed from $2,245 a share at open yesterday to $1,490 a share in pre market trading.

That sound you here is a lot of millennial investments going *poof*.

Edit to add - bitcoin's price is now at $11,330 according to Google. That's $1k gone in about 5 minutes.
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Re: Bitcoin: Censorship-Resistant Digital P2P Currency

Post by LawBeefaroni »

I thought it was an onion!

Of course it craters before the masses can short it. Futures sellers making a killing a week after futures trading started but before the shirt ETF goes live. Fleece them on the way up and the way down.
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Re: Bitcoin: Censorship-Resistant Digital P2P Currency

Post by Moliere »

And it's already recovering. Your gloating might have to wait a bit longer.

1 Bitcoin $12,942.90
2 Ethereum $640.78
3 Bitcoin Cash $2,322.52
4 Ripple $0.981204
5 Litecoin $235.80

In the last hour all the top currencies are up 10-30%.
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Re: Bitcoin: Censorship-Resistant Digital P2P Currency

Post by LawBeefaroni »

I'm not really gloating. I'd go short if I could safely but I'm not on either side right now. I will say this, the volatility is what makes it a poor investment, not the direction of movement.
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Re: Bitcoin: Censorship-Resistant Digital P2P Currency

Post by Moliere »

LawBeefaroni wrote: Fri Dec 22, 2017 12:22 pm I'm not really gloating. I'd go short if I could safely but I'm not on either side right now. I will say this, the volatility is what makes it a poor investment, not the direction of movement.
Shouldn't a certain percentage of your investments be in highly volatile things? Why not risk $1k to make $20k. Shrug it off if it loses or go on vacation if it wins.
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Post by LawBeefaroni »

Moliere wrote: Fri Dec 22, 2017 12:26 pm
LawBeefaroni wrote: Fri Dec 22, 2017 12:22 pm I'm not really gloating. I'd go short if I could safely but I'm not on either side right now. I will say this, the volatility is what makes it a poor investment, not the direction of movement.
Shouldn't a certain percentage of your investments be in highly volatile things? Why not risk $1k to make $20k. Shrug it off if it loses or go on vacation if it wins.
Nothing wrong with speculation. Gambling is fine. Just don't call it an investment. Or at least not a good one.
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Re: Bitcoin: Censorship-Resistant Digital P2P Currency

Post by RunningMn9 »

LawBeefaroni wrote: Fri Dec 22, 2017 12:35 pmNothing wrong with speculation. Gambling is fine. Just don't call it an investment. Or at least not a good one.
Risk is fine, as long as the risk is understood. This is straight up gambling. Which is still fine. As long as you understand that's what it is.
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Make up bags of change
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Re: Bitcoin: Censorship-Resistant Digital P2P Currency

Post by Moliere »

Most stock market investments are straight up gambling. But I agree, cryptocurrencies take it to another level. That's certainly the way I treat it.
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Re: Bitcoin: Censorship-Resistant Digital P2P Currency

Post by RunningMn9 »

Moliere wrote: Fri Dec 22, 2017 12:54 pmMost stock market investments are straight up gambling.
I mean, they can be. But that's because the investor isn't doing their due diligence.
And in banks across the world
Christians, Moslems, Hindus, Jews
And every other race, creed, colour, tint or hue
Get down on their knees and pray
The raccoon and the groundhog neatly
Make up bags of change
But the monkey in the corner
Well he's slowly drifting out of range
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