NiceHash hacked, Bitcoins worth $70mil gone

[Frolk]

WTF is a bit coin anyways? and why is fake money worth real money? da fuk?

what size/shape is the rock u live under?

[Easo]

There is a chance this might be inside job. So says the internet...

what size/shape is the rock u live under?

Honestly, I had the same question. By now it is really (emphasis) unbelievable not to know about it. I am betting that the "omfgreally" is not from a banana republic.

[AeneasBK]

There is a chance this might be inside job. So says the internet..

Across many social media platforms you can't go 5 posts without someone mentioning bitcoin. I'm a paranoid delusionist; but this to me is because people invested in it are desperate to trip more people into their bed. Good luck to them, only the greedy are gonna be punished.

[breadisfunny]

You know what's even funnier?
Valve complaining that BTC transaction costs $7 when they take 30% cut from every sold game. THIRTY PERCENT CUT.
At least Bill gates and Warren Buffet donated 99% of their riches, what's that fat fuck known as Gabe doing with his billions? Yeah complaining that he's not earning those $7 per transaction (like anyone's buying with Bitcoin anyway).

rich people aren't REQUIRED to donate money to anyone. by requiring it it no longer becomes charity and instead is mandatory. which defeats the purpose of charity and instead changes it to a handout.

[Molis]

Lets say I had one bitcoin

How do I actually turn that into cash?

[Jeezy911]

People still mine solo? Damn I did that in 2013 and it was basically dead money then, can't imagine how it looks now.

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Lets say I had one bitcoin

How do I actually turn that into cash?

Create a Coinbase account and connect your bank account. Fair warning though there is a 25 thousand dollar limit per day.

[Strawberry]

bitcoin is not compatible with our societies it will end up banned / illegal sure people will still use it the same way people buy illegal drugs but it will never be mainstream once the laws catch up

its just a matter of how long this will take

The society is moving in the opposite direction. China and South Korea banned it, but we'll see how long that ban will hold. Japan endorsed it. If the world is divided on it, some endorsing, some banning, it can never be completely banned.
Besides, you can still trade Bitcoin if you live in China, it's just that there are no Chinese exchanges.

[omfgreally]

what size/shape is the rock u live under?

It's profound. but really I've heard of bitcoins like ten-or-so years ago and thought it was shit and to ignore it.

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all money is fake, money works if enough people believe in it.

I know the dept backed federal reserve bank notes are truly worthless after we left the gold and other precious metals "Standard".

But you can't pay for gas at a truck stop with rocks...

[chazus]

So, bitcoins are worth 1500 dollars or so. How would you use it to buy games anyway? Are there bit pennies or something? Or you get change in some other currency?

They're worth abotu ~$16,000 now, per unit. But it's really just an exchange rate. Nothing is measured in bitcoins. You usually own a fraction of a BTC (Or, easier, just "Whatever the USD equivalent is". I don't own 0.09 BTC, I own $1500 worth of BTC)

Some places DO accept BTC, but not major retailers. You can exchange it for virtually any currency.

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Lets say I had one bitcoin

How do I actually turn that into cash?

Go to a website that does it, or go to a physical exchange store and exchange it.

[Deleted]

Let's just say you would literally be a millionaire if you gave 50 bucks 4 years ago. That's what a bitcoin is.

Right, so basically stocks. And once the ones holding 95% of them will decide to sell, BitCoin will be worthless once again as countless other things before.

It's just a scheme by billionaires to milk more money from average Joes, then fuck 'em up the butt.

[chazus]

Right, so basically stocks.

In observation, yes. In actuality, no. Stocks actually have a relevance to a product or business.

And once the ones holding 95% of them will decide to sell, BitCoin will be worthless

Y.. yes and no. When someone big sells, it will tank briefly. A lot of people will sell to try and get out before it dips too far, further dipping it. But at the same time, people will rush to buying it up while it's cheap, skyrocketing the price again, possibly even higher. The thing is, when someone sells, its a cash-out, not a bail out. They might have just wanted their money, rather than there actually being a problem and a reason to sell.

once again as countless other things before.

There really hasn't been anything before like this.

It's just a scheme by billionaires to milk more money from average Joes, then fuck 'em up the butt.

It's not. Or rather, that was not it's original design, anyway.

[Deleted]

HAHAHAHAHAHAHAHA. The whole bitcoin pyramid circus just got even funnier

How high do you think the fees are for trading shares?

[GreenJesus]

How high do you think the fees are for trading shares?

The whole point of bitcoin is that it is a currency you can buy groceries with. If a 25 dollar transaction at the super market costs 7 dollars and 3 days to process, and 7 days of a home's power to do it , then it doesn't seem like much of an efficient currency.

You proved my point by comparing bitcoin to stocks. It is only being used for speculative purposes as an investment not as a currency. The underlying technology is useful but it isn't quite ready to be called a currency yet.

[AeneasBK]

Then again, many stores also charge you for paying with EC cards when you shop for less than 10€ here. Wonder why that is...

It's not the 90's anymore or?

Some ATMs will charge, usually ones at 24hour garages and the like and some small cornershop style places may still try to charge for using a card, but its by no means "many" at this stage and hasn't been for, well at least a decade or two. I'm only talking UK here at least.

[Zan15]

Lets say I had one bitcoin

How do I actually turn that into cash?

you pray that one of the exchanges is actually open, not crashing long enough for you to actually trade and that your coins are not stolen during the whole process.


not to mention that there is actually a buyer on the other side.....

[AeneasBK]

Most grocery stores here (Germany) take a fee or decline EC below 10€ worth of items. With ATMs it's the norm here that you can withdraw for free at ATMs your bank put up or a third party that has an agreement with your bank, but you'll pay a small fee at all other ATMs. (Usually a few cents to 1-2€ for smaller amounts and a percentage on large withdrawls.) A lot of cornershops don't even give the option to pay with anything but cash. Then again, Germans are unusually strongly attached to cash in international comparison.

Fair cop. I didn't notice this when I was visiting Germany but I barely had to reach for my wallet when I was there so I guess it wouldn't have come up. Seems slightly dated, but I guess if the culture is to carry cash then it probably works out just as well

[minkage]

what size/shape is the rock u live under?

I dont think this is that weird of a question. Im pretty tech savvy and frequent the web every day but I have no knowledge of how bitcoins work or what alot of the terms such as mining mean. I doubt im in a minority when it comes to that.

[breadisfunny]

We're really dated in some areas you wouln'd think of with us and our reputation It's absolutely the norm here to have some cash on you when outside. Most will have somewhere between 10€-100€, usually 20€-30€ on them at all times. I'm an odd one that usually only has a bit of change and maybe a 5€ bill with me and pays almost always with EC. Then again, I usually go shopping less often but buy more, so I'm usually well above the 10€ limit. And since I can also withdraw cash from the grocery shops' cashiers I go to (if above 20€ of items, up to 200€ at a time), I'm not even much of an ATM user even if I need some more cash than usual.

our area does not accept electronic currency at all.

[Lahis]

So, bitcoins are worth 1500 dollars or so. How would you use it to buy games anyway? Are there bit pennies or something? Or you get change in some other currency?

It's just decimals.

To buy a $60 game, you would pay 0.003925 BTC for it.

[Xirrohon]

HAHAHAHAHAHAHAHA. The whole bitcoin pyramid circus just got even funnier

It will be fixed soon. They just finished their Lightening network which allows for nearly instant purchases for less than a penny.

https://www.financemagnates.com/cryp...-release-ever/