Was anyone else long on Bitcoin Cash before today?

Hate to say this, but sort of like a pyramid, where if you own the top piece, and parts of each new layer created underneath?

 

thanks man. i knew like half of that (the way wallets work and the decentralization of computing power for ethereum and such). did NOT know about the algorithm solving differences. or transactions.


here's one thing... i "heard" (ie. i thought i read somewhere), that some of the tokens or cryptos were you basically lending out your computer power to an actual company(ies) for actual real world computing work, and the token you received was basically like digital payment for allowing your hardware to do work for them and continue/improve their business. so basically a version of cloud computing that you're getting paid for (in tokens). is that true at all?

cause the way your explanation reads, is that all 3 of those big guys are just solving their own algorithm? but to what end? just solving a long ass math equation for the sake of trying to find the end of the yellow brick road? maybe i'm thinking of "alogrithm" incorrectly from the stand point of making a trading algorithm where as in i'm just creating a complex formula for myself based on whatever parameters or patterns or restraints, but its a gigantic if/then equation FOR something.

if they're for decentralizing and "renting" computing power for companies, i see a real world value in that. if its the later (computing nonsense for the sake of computing to give weight to the effort used v. the reward (a token/coin), that seems kinda retarded to me even if its making people money obviously.

and so like was said above... why not just flock to the fastest/best one besides "marketing craze"? seems stupid, AND seems like there will always be somebody incrementally trying to beat the guy before them.

where do you find white papers on various coins/tokens? i have a few websites i've been reading, and some reddit stuff, but there's just SO MUCH horseshit out there its unreal. reading article comments and some sites feels like that scene in Wolf of Wall Street where they're selling pinksheets to dudes and Leo is like, "who buys this crap?" and the dude is like, "ohhh you know... mechanics, construction workers... postmen... always postmen..." basically, every sucker out there that has no idea what they're doing and didn't even have a single stock investment before 2 months ago.

i read "equal to 159 countries" today in a headline. at some point the retrieval of a single coin will be outweighed by the energy costs (unless you're stealing it for free in some 3rd world country).

 

Skynet is nearly self aware

 

I'd be interested to hear what Bitcoin's creator thinks of all of this.

Oh wait...

 

I wouldn't pick BTC over eth long term. BTC sucks from a tech standpoint and ETH eats its lunch. BTC just has the juice right now. In fact I moved out of BTC last night and into ETH at about 520USD/ETH.

 

If you think that is semantics then you haven't bothered to educate yourself in the slightest. It seems you are more interested in "being right" than actually learning something. If your response is "then teach me", I can't imagine why anyone would bother.

 

Why would you pick ETH vs LTC? Curious because I don't have a solid idea as to which is the better longterm option.

 

yea... ETH and LTC went NUTS today. IOTA last week. its just so fuckin bonkers, i'm still hesitant to pull the trigger and each passing day seems to make them less of a deal. ETH is double what it was when i first started looking not 2 months ago.

throwing darts at a dartboard with a blindfold on?

 

More support for that blockchain in the tech sector. The proof of stake model hodls more value for decentralized apps. The blockchain for ethereum is much more sophisticated than BTC/LTC (same tech)

 

Not if you work to stay educated. I still miss now and again but I'm right more than I am wrong.

BTC looked like a shit deal at 600 per coin once, too.

 

True, ETH is superior tech but no cap on the number. I think LTC is basically a Coinbase play.

I freely admit I made the wrong call on ETH last year. Had I held onto it my $400 play investment would be worth $24k today.

 

haha in all honesty... its kinda hard to be wrong right now.

 

But that doesn't change bitcoin, you hardfork into a different currency. So later this week when bitcoin takes a hard fork to superbitcoin, you'll now have superbit coin but BTC will still be around.

 

You certainly can sell your hashing power. Nice hash was a company that did that, you hooked into their network and they used your computing to mine every coin under the sun, whatever was most profitable at the time and they would pay you for the work in bitcoin. Nicehash had their bitcoin wallet hacked last week and 4500 coins stolen, glad I stopped using them a few days before that or I'd have lost everything.

Fuck, ok you are not giving computing power to some lab to find a cure for cancer. You are computing each block of transactions for the coin itself. it's is hard for me to grasp so I'm not going to try and explain it. but when you solve the block in the chain you get a reward for solving it. The first BTC transaction was 50 coins between two creators, I forget what the reward is but you get like 10 coins or some shit. The solution you found is incorporated to the chain and you need to to solve the next one, the code adjusts the difficulty over time to keep the the average time to find a block the same. What happens is the more people looking for the solution, the harder it gets, this is to keep people from buying up all the computers in the world and cornering the coin. Every transaction is public and part of the chain, because someone needs to maintain a log(the ledger) of all these transactions you get a reward for each block you solve. That's the incentive to be a part of maintaining the ledger is you get a reward for solving it.

That's the point is to beat the next coin and create the best currency. The coding of some coins purposefully keeps them from being able to be mined too fast or from specialized machines from taking over. There are people that flock to the newest coins to mine a lot hoping to strike it rich

Bitcoin white paper
https://bitcoin.org/bitcoin.pdf

you'll also want to look for the coins "roadmap"

the smallest 159 countries I'm sure. but yes think about this, the most efficient miners use .25 watt per giga-hash the network is computing at 12,300 penta-hash which would be 12billion 300millon giga-hash, so even if every miner was the most efficient, fuck I'll let you do the calculations. some miners run 2-3 watts per G/h some as high at 7 watts G/h. Maybe thats 12.3 billion G/H divided by .25 watts? That equals 3 gigawatts?

 

Man accused of kidnapping friend, robbing him of $1.8M in cybercash

 

It depends. If a large majority of miners adopt the fork, its often a soft fork and that changes BTC itself. Soft forks are backwards compatible. Most groups can also decide to adopt a new version that is not backwards compatible and keep it as BTC, that's a hard fork.

If a group splinters off and creates or supports a 2nd coin, that's a hard fork which creates a 2nd crypto and network. It gets very political among the groups involved to decide if code applies to BTC, to Hardfork/splinter or to not do at all.

Another possibility is to set up an entire crypto from scratch using the open source code of BTC.

 

I feel a major hack coming on the horizon......

 

it was just as funny as i thought it would be hahaha

"A New Jersey man kidnapped his friend and stole $1.8 million in virtual money from the man, prosecutors said Tuesday."

i foreal lol'd in my office. interesting thought... given current volatility, is it actual theft until you cash it in? what if overnight BTC was erased and went to zero? did you actually steal anything? the armed robbery part probably negates any of that from mattering, but still funny to think about in that context.

 

ok ok... so essentially, some nerd somewhere (sorry ), literally dreamed of the exact scenario of finding, extracting, and obtaining literal gold from the ground, but virtually... even to the point of the resource becoming more scarce and harder to get (like gold is now) the more that's taken from the earth... but virtually? so the algorithms are PURELY an exercise in electronic futility... similar to me asking you to solve a riddle, then when you get that riddle i ask you to solve a harder one, and harder, and harder forever to test your brain power... that serve zero purpose at all besides simulating the increasing scarcity of a good... but in pretend virtual land. so the algorithm acts as your gold miner guy, literally digging in the ground with a pic-axe, and that hard work turns into a commodity (like gold) that then has value because people say it does. solving the block doesn't actually DO anything... you're just solving a puzzle for puzzle's sake and your reward is the token/coin.

so then my question is... besides a public and distributed ledger which is a nice security technology development potentially... what benefit is any of this doing for society? what efficiency or tangible creation is any of that making, besides just wasting physical energy resources? cause so far it all just sounds like a store of money, not a currency, but it was originally intended to be a currency, but it definitely is not behaving like one.

but that's most of my hesitation with jumping in still yet... i want to get to the root of the benefit and approach a long term(ish) choice logically. when the internet was in infancy, business models had not changed, strictly brick and mortar still, but now you had a website. there was no online buying or mass shipping or anything. you could still see though that there was the groundwork for a platform that increased customer information and access to a much larger potential buying group, than say... just your hometown patrons. now people all over the globe could find out about your good/service. that was a huge leap in the core foundation of how business was conducted. THAT is what i mean, i'm trying to get to the root of trying to anticipate what the lasting benefit or social/business change will be, who potentially will do it the best, and go from there.

so again then... besides the "trying to pick a penny stock and hope you strike it rich" ones... of like the Top 40-50... why pick any over any of the others if none of them are actually making anything real? like, why would i like Monero? why would i have wanted Litecoin yesterday besides the obvious doubling of value in a single day? people are just picking ones where they believe in the dev team and that they're not scam artists and that's good enough to throw down money? it can't all be just to hope to strike it rich.

you have a centralized place you look? or you're just looking around the internet or a coin's website or something?

this is most helpful filling in gaps. thanks.

 

The algorithm is the cryptographic Fort Knox and Army protecting your gold. Except everyone can see your gold in plain view.

Decentralized, public, and secure storage of assets. That's the value proposition for BTC.