Thread: RIP Bitcoin

Originally Posted by longway

Best to get it from the maker.

https://www.ledgerwallet.com/

Very good, cheers.

You can use BTC to order it.

Perfect.

Originally Posted by redhaze

I think that's a fair assessment Plan B.

I really think you're right in the sense that what you're really buying with these currencies is not a store of value or even a tradeable currency at all but a limited stake in the technology itself. I think that's worth something for sure, even if its mostly just potential at this point. The biggest problem I see is that you really don't know who the winner will be on the technology side (or if there will even be one/two winners). It might be bitcoin, might be another that doesn't even exist yet. At some point that is where the value will lie long term, owning a piece of the technology that winds up being used. The currencies themselves are basically an afterthought that you use to translate the value of the technology back to dollars. In my opinion.

Congratulations are certainly in order for all those who have made money thusfar. Any investment that makes money (and I'm talking dollars here) is a good one. I hope everyone that invests in this wins.

There is a decent block chain called XEM whose currency is currently worth $0.41. Why is BTC worth so much more? It will all collapse in the end. General block chains like BTC will have their flaws found out sooner or later. You can transfer funds using other block chains for fractions of pennies, and faster than BTC, and BTC costs thousands of times more to transfer funds, BTC is still way cheaper than standard bank transfers.

Transferring money is only the tip of the ice berg to what block chains can do. The currency in a block chain is only the fuel to make it function.

It could be that the sheer scale of the hash power can protect BTC from attacks and so make it a store of value, but who knows.

BTC is currently paying for renovations to my house. Thank you Mr. Satoshi, I will drink to you one night when all this comes to it's glorious conclusion.

Originally Posted by longway

Thank you Mr. Satoshi

you do realize it was a fictional character invented by some dodgy Australian guy who was co-developing Bitcoin cryptos

it's based on a fictional story,

got to admit, a brilliant execution, lord jesus would be proud

^ for sure it isn't a ladyboy who can stick its dick up your arse, so why do you care?

can you "keep" more than one type of crypto currency on those hardware wallets?

Originally Posted by redhaze

I think that's a fair assessment Plan B.

I really think you're right in the sense that what you're really buying with these currencies is not a store of value or even a tradeable currency at all but a limited stake in the technology itself. I think that's worth something for sure, even if its mostly just potential at this point. The biggest problem I see is that you really don't know who the winner will be on the technology side (or if there will even be one/two winners). It might be bitcoin, might be another that doesn't even exist yet. At some point that is where the value will lie long term, owning a piece of the technology that winds up being used. The currencies themselves are basically an afterthought that you use to translate the value of the technology back to dollars. In my opinion.

Congratulations are certainly in order for all those who have made money thusfar. Any investment that makes money (and I'm talking dollars here) is a good one. I hope everyone that invests in this wins.

Its the specialist block chains that will be the winners in the end imo. Its why I am buying into IOTA, XRP, CAT, BAT, STORJ, SC, MAID etc while they are cheap, most are still in alpha testing stage, so its not yet known whether they will have a viable product in the end.

Also worth hunting out good general block chains that are selling for pennies.

In the end its probably as much luck as judgement if you hit a winner, but this is the time to try your hand and HODL.

^^

"Ledger Nano S is a Bitcoin, Ethereum and Altcoins hardware wallet,"

"Ledger Nano S includes Bitcoin, Litecoin, Ethereum and Ethereum Classic companion apps, and other blockchain-based cryptocurrencies. "

Originally Posted by Maanaam The Big Downer

Hope you lose it all

That's not very nice.

Originally Posted by baldrick

All digital electronics are logic gates and a clock pulse

A cpu is made up of the same but it has a variety of gate arrangements called instruction sets. Your program uses the instruction sets required to do the computation needed at the time and the rest are dormant. Though more parallel programs are using more than one instruction set at the same time

Next up is the fpga. Field programmable gate array which you configure the gates as per the computation you are trying to perform which leads to more utilization of the total gates on the silicon but still means a lot of them are not utilized per clock pulse

An asic. Specific instruction computer has only the logic for one specific computation etched on the silicon and as many of those in parallel that will fit so that it is the most efficient at that one specific computation.

It the underlying algorithm is changed then the asic is worthless. This is the only way apart from memory requirements. Like ethereum. Can be called asic resistant

Now cue butterfly with his highly technical rebuttal and proving that my training in analog and digital fault finding and repair is non existent.

Not bad for a plumber.

Originally Posted by longway

They are the ladyboys of the crypto world.

you love that word, don't you

penis envy ? go for it and feel free

^ a nod to our resident degenerate.

I would buy Bitcoins if Smooci our TD sponsor would accept them for booking their ladyboys

Originally Posted by Luigi

"Ledger Nano S is a Bitcoin, Ethereum and Altcoins hardware wallet,"

"Ledger Nano S includes Bitcoin, Litecoin, Ethereum and Ethereum Classic companion apps, and other blockchain-based cryptocurrencies. "

thanks.

sorry, my question wasn't specific enough....can it hold these different cryptos at the same time?

Can imagine so, but best to send them an email with a list of all the currencies you want to hold on it, to be 100% certain.

Originally Posted by longway

. Its why I am buying into IOTA, XRP, CAT, BAT, STORJ, SC, MAID etc while they are cheap

Originally Posted by longway

this going to spread money far and wide

Originally Posted by longway

There absolutely no point to a private block chain, anyone developing it is wasting their time. Their whole reason for existence is they are decentralised.

from what i've read over the last few years, crypto currencies will be just a small part of block chain's use in the future.

google search comes up with this:

https://www.forbes.com/sites/bernard.../#353cc3ef725b

How Blockchain Technology Could Change The World


The key here is that as well as something as basic as an indicator of value (as with Bitcoin), blockchains can be used to store any kind of digital information, including computer code. This code can be programmed to execute when two or more parties enter their keys – meaning that everyone agrees that a contract has been filled. It can also read from external data feeds – stock prices, weather reports, news headlines, or anything else that can be parsed by computer code – to create contracts which automatically “sign off” when stated conditions are filled. These are known as “smart contracts”.



Obviously the potential here is limitless. Applications could be developed which allow businesses to validate transfers based on delivery of service – for example a certain number of buying orders would signal to the blockchain-based smart contract that conditions had been filled for an invoice to be paid. The payment could then be made automatically through a blockchain based payment system. App ecosystems are already evolving, based around platforms such as Ethereum which aim to give businesses the toolsets necessary to get involved.


One theory even suggests that blockchain tech will provide the value “fuel” for the Internet of Things. Devices in the home and across industry could automatically pay for the energy they use by writing to the relevant blockchain, creating a transfer of value based on the precise usage of the device.


One project involves the creation of “smart” local power grids based on distributed blockchain technology. Of particular use in remote communities, such systems would allow the distribution, metering and billing of electricity to be administered within the community itself, rather than being reliant on external multinational power and finance institutions.


Another, ascribe, aims to use blockchain tech to solve intellectual property issues in the digital age. Blockchains can be used to create a permanent or transferable link between the owner and a piece of IP, handle licensing issues, and even create “limited editions” of digital information, securely limiting the amount of times a piece of information (for example an artwork) can be displayed, shared or copied.



There are, as I previously said, an almost limitless number of applications for the technology. Fraud-resistant voting systems to be put in place, where the owner of one private key is assigned one vote, and no third party referee is necessary. Censorship-resistant distribution of information. Decentralized reputation and recommendation engines, provably free of interference from intermediaries such as moderators or advertisers.


In my opinion, blockchain technology looks set to be one of the most impactful developments on the horizon. I often find myself writing about “buzzwords” – Big Data, machine learning, predictive analytic - and now undoubtedly “blockchain” will join that list. But remember that the word “internet” was a buzzword, too, not so long ago in objective terms (although it seems like another lifetime!). The fact is that with all these concepts, while there may be a lot of hype around them, the potential they offer for change is just too big to overlook

longway, while looking up etheruem (from your post), came across this quote (which is quite good, IMO):

“[Blockchain] is to Bitcoin, what the internet is to email. A big electronic system, on top of which you can build applications. Currency is just one.”

Sally Davies, FT Technology Reporter

Originally Posted by longway

the currency is fundamental to the tech.

well, in bitcoin's case (especially with mining), obviously, yes.

though, in general for blockchain's other uses, how do you figure?

Blind leading the Blind.

Why even bother WelshFly ?

Originally Posted by Farangrakthai

Obviously the potential here is limitless. Applications could be developed which allow businesses to validate transfers based on delivery of service – for example a certain number of buying orders would signal to the blockchain-based smart contract that conditions had been filled for an invoice to be paid. The payment could then be made automatically through a blockchain based payment system. App ecosystems are already evolving, based around platforms such as Ethereum which aim to give businesses the toolsets necessary to get involved.

Originally Posted by longway

a BC cant be run without its currency, the value of the currency depends on the immutability and transparency of the BC, and its utilities.

well, i'm just a novice, longway; but, i think you're confusing block chain's use in bitcoin/crypto curriences and its wider use:

https://www.cio.com/article/3194586/...nsactions.html

Cryptography secures the records in a blockchain transaction, and each transaction is tied (in the chain) to previous transactions or records. In addition, the transaction records are distributed among and viewable by all participants of a blockchain distributed ledger. An attempt to tamper with the data would require that the hacker also change all the previous records in the blockchain.


Moreover, blockchain transactions are validated by algorithms on the nodes (computers in the network of participants in the distributed ledger). A single entity cannot create a transaction. Finally, blockchains provide transparency, giving each participant the ability to monitor the transactions at any time.

Participants can opt to set up a private or public blockchain.

A private blockchain limits the number of participants that are verified and trusted.


Quite frankly, aside from someone cracking the cryptology, blockchain is one of the most secure digital capabilities available.

https://www.cio.com/article/3194586/...nsactions.html

Here are some of the most notable entities that have examined blockchain and are now moving to adopt it.

think of it as some kind of digital DNA or some type of digital fingerprint, for transactions

Originally Posted by Dragonfly

think of it as some kind of digital DNA or some type of digital fingerprint, for transactions

No need for that. They already have scans of my passport, photo, house book, bank book and account numbers.

So I can see and understand the attraction of Bitcoin and its acceptance but all these other cryptos surely they are just a scam or can you spend them too?