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  1. #81
    Herald of the Titans Iamanerd's Avatar
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    Quote Originally Posted by breadisfunny View Post
    because no one would ever think to steal all your hard drives. NOPE. get back to me when its a federally insured currency like fiat money is.

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    if a robber wants something bad enough he's gonna get it.i think your underestimating the resourcefulness of criminals. the amount of bitcoin worship in this thread is fucking astounding in how you are all just ignoring it's downsides.
    Encryption, ever heard of it? Anyone worth their salt with crypto has a lot of safeguards in place.
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  2. #82
    Quote Originally Posted by GreenJesus View Post
    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.
    That's an interesting angle. Has there been any work on the effect of bitcoins on global warming and power consumption/costs?

  3. #83
    Quote Originally Posted by Iamanerd View Post
    Encryption, ever heard of it? Anyone worth their salt with crypto has a lot of safeguards in place.
    Or you just buy a trezor if you are serious about storage?

  4. #84
    Herald of the Titans Iamanerd's Avatar
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    Quote Originally Posted by Barnabas View Post
    Or you just buy a trezor if you are serious about storage?
    I use a hardware wallet myself, but in regard to my response above the person was talking about drives being stolen etc. Even ignoring Crypto being on a drive, if you have anything you don't want stolen always have backups and at least in my case encrypt your drives.
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  5. #85
    Herald of the Titans GreenJesus's Avatar
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    Quote Originally Posted by Raybourne View Post
    That's an interesting angle. Has there been any work on the effect of bitcoins on global warming and power consumption/costs?
    https://arstechnica.com/tech-policy/...ion-explained/

    The skyrocketing value of Bitcoin is leading to soaring energy consumption. According to one widely cited website that tracks the subject, the Bitcoin network is consuming power at an annual rate of 32TWh—about as much as Denmark. By the site's calculations, each Bitcoin transaction consumes 250kWh, enough to power homes for nine days.
    Last edited by GreenJesus; 2017-12-10 at 05:19 AM.

  6. #86
    Quote Originally Posted by omfgreally View Post
    WTF is a bit coin anyways? and why is fake money worth real money? da fuk?
    All money is "fake" its only real because we assign a value to it. Chocolate used to be used as money.

  7. #87
    Moderator chazus's Avatar
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    Quote Originally Posted by breadisfunny View Post
    if a robber wants something bad enough he's gonna get it
    Incorrect.

    It is, for all mathematical intents and purposes, impossible to 'steal' a properly stored offline wallet.
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  8. #88
    Quote Originally Posted by breadisfunny View Post
    because no one would ever think to steal all your hard drives. NOPE. get back to me when its a federally insured currency like fiat money is.

    - - - Updated - - -



    if a robber wants something bad enough he's gonna get it.i think your underestimating the resourcefulness of criminals. the amount of bitcoin worship in this thread is fucking astounding in how you are all just ignoring it's downsides.
    Um go ahead and steal my hardrives, I have backups and passwords. It doesn't work against smart people.

  9. #89
    The Lightbringer Logwyn's Avatar
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    Quote Originally Posted by Jeezy911 View Post
    Um go ahead and steal my hardrives, I have backups and passwords. It doesn't work against smart people.
    Famous last words!

  10. #90
    Nice. I had a feeling if anything could prompt outcry over blockchain currencies, it would be this.

    Ammo for the left to rail against a favored tool of its globalist masters.
    F2P: If you don't think it's worth my money, I don't think it's worth my time.

  11. #91
    @Saucerian

    Ultimate edit: Scrap that. Forgot to factor in the amount of people. Yes, energy cost is currently quite high. But I also fully expect bitcoin to run its course in the not too distant future, mostly because of that effect. But I also expect cryptos that were designed to better cope with this shortcoming to thrive for a long time in the future.
    Bitcoin is basically the tens of gallons per few miles guzzling first automobile. The models will evolve, but the concept is here to stay. Firmly.
    Last edited by Medium9; 2017-12-11 at 11:21 PM.

  12. #92
    Quote Originally Posted by Medium9 View Post
    @Saucerian

    Ultimate edit: Scrap that. Forgot to factor in the amount of people. Yes, energy cost is currently quite high. But I also fully expect bitcoin to run its course in the not too distant future, mostly because of that effect. But I also expect cryptos that were designed to better cope with this shortcoming to thrive for a long time in the future.
    Bitcoin is basically the tens of gallons per few miles guzzling first automobile. The models will evolve, but the concept is here to stay. Firmly.
    If its efficiency can be improved, great, I guess, but I wonder if as Bitcoin runs its course so too will all the others, as they get cheaper to create and more nations / entities say "us too" and institute their own, as some have started to. They'll just be fiat currencies like we have now, just using bits rather than paper.

    If I had to guess I'd say the ones that stay will be the ones backed by stable governments or commodities, as now.
    F2P: If you don't think it's worth my money, I don't think it's worth my time.

  13. #93
    Over 9000! Deruyter's Avatar
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    They have been printed out by now and shipped to Panama, no doubt.
    I believe that people make their own luck by great preparation and good strategy!

  14. #94
    Quote Originally Posted by Saucerian View Post
    If its efficiency can be improved, great, I guess, but I wonder if as Bitcoin runs its course so too will all the others, as they get cheaper to create and more nations / entities say "us too" and institute their own, as some have started to. They'll just be fiat currencies like we have now, just using bits rather than paper.

    If I had to guess I'd say the ones that stay will be the ones backed by stable governments or commodities, as now.
    That's what I've been saying in another thread here, too. Cryptos will eventually succumb to government regulations, and being free of them currently is the only thing that makes them interesting as a distinct thing from regular currencies. Once the tech is mainstream, its value will behave a lot more like the money we have today.
    It then will remain to be seen if the advantages of the concept are enough to warrant them as alternative currency, or maybe even replace the old systems (in the far future, I don't expect to be alive until this could happen).
    I also fully expect that only a hand full of cryptos will survive in the long run, essentially forcing more regions to share one currency and one market. (And I don't really expect Bitcoin to be among them, unless it gets rather big structural changes. Which would beg the question if it's really the same thing as before, but that's almost a philosophical question.) They are, in a way, thus a possible means to further globalisation even more, if things play out that way.

    For the time being, I'm happy to having been able to make a bit of profit with the system. Not too much to get into trouble with cashing out, but not too little to mean nothing. A mistake a lot of people make when discussing the matter is to assume extreme cases to be the norm. The VAST majority of BC owners deal within totally reasonable and tame boundaries - not tiny cent-wise transations, and certainly not many are multiple millionares. Many of the "issues" that are raised don't remotely concern the average BC owning small man and are mostly irrelevant to the concept as a whole. It works well so far, within reason and certain constraints. "Real" money isn't much different, but has its limitations in other spots. We just don't really percieve them as such, since we all grew up through generations of using this system and having all processes tailored to it.

  15. #95
    All crypto currency is a sham... having a currency that can be hacked is such a bad idea not that I prefer the current fiat currencies.

    We should all go back to using copper, silver and gold coins and stop using this essentially worthless paper money.
    "Every country has the government it deserves."
    Joseph de Maistre (1753 – 1821)

  16. #96
    Quote Originally Posted by Amalaric View Post
    All crypto currency is a sham... having a currency that can be hacked is such a bad idea not that I prefer the current fiat currencies.
    By that measure you should favor cryptos over fiat, as they are vastly more robust to hacking.

    We should all go back to using copper, silver and gold coins and stop using this essentially worthless paper money.
    Sure, wire Steam some silver next time you quickly want to buy a game to play in a few minutes...

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