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Old 08-15-2019, 09:47 AM   #76
hazel
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Yes and it has a huge carbon footprint too! Just what we all need right now.
 
Old 08-15-2019, 11:49 AM   #77
ondoho
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Quote:
Originally Posted by RomSh View Post
Here is just my subjective opinion:
Bitcoin is what the world needs, a decentralized uncensored asset and a protocol to build applications on top. Many guys fro [link removed] think the same way I do"
Some sort of semi-spammer at work here; about 50% of their posts just advertise some website.
I had a look at the one advertised here, through Tor; it isn't malware but some sort of fairly pointless syndication site and I'm sure RomSh has monetary motivation to spread links to that site and get people to click it.
Also see
https://www.linuxquestions.org/quest...2/#post6013323
https://www.linuxquestions.org/quest...ml#post6016611
Reported.
 
Old 08-15-2019, 01:10 PM   #78
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I, fairly recently, saw a video on YouTube which pretty much destryos Bitcoin as a currency: you can't move it without paying fees and it's only anonymous for a fee -- so it isn't a currency. Take one dollar to a market and you can buy and sell and, perhapsa, make a profit. Take a Bitcoin and every transaction will diminish your "money" by a percentage.
I'm all for telling banks to go F themselves but Bitcoin is just a lot of little banks.

i'd be interested to hear from anyone who has managed to buy bitcoin and spend it anonymously also, because I (and a poster in 2600 magazine) couldn't fid a way -- apart, of course, from buying it in one's own name then spending a lot of it in order to hide it to the seller. That's pretty stupid for something supposed to be outside of governments and liberal.
 
Old 11-05-2019, 10:38 AM   #79
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Personally I think that cryptocurrency has a big potential. And I'm talking not only about Bitcoin. Today the amount of digital currencies has been increasing, and some of them become more and more popular. I'm sure that in a few years we will have as valuable and strong cryptocurrencies as Bitcoin. I should say, I'm not alone. I look through [removed] from time to time and noticed that there are many other crypto users who think this way.
 
Old 11-05-2019, 11:01 AM   #80
hazel
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The blockchain idea is very interesting. It could in the future be applied to things other than currencies, for example house purchase. But cryptocurrencies cannot work until someone finds a way to stabilise their value. One of the most important jobs of a currency is to allow economic transactions to be spread out over time. For example, if the tailor wants a pair of shoes, he does not need to find a cobbler who needs a coat. He just needs to find someone who needs a coat and is willing to pay good money for it. He makes the coat, sells it and a couple of weeks later uses the money to buy his shoes.

Similarly I can earn money, save it up and later (perhaps much later) buy something with it or use it to finance my old age. But all of this will not work if the currency is constantly and wildly fluctuating in value. No one has found a way to stabilise the value of a cryptocurrency precisely because banks and governments have no control over it. Therefore it is not really a currency because it is incapable of being used like one.
 
Old 08-06-2020, 03:30 PM   #81
dugan
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There were obviously some Bitcoin investors in this thread. Are any of you willing to share how much you've made?
 
Old 08-06-2020, 08:05 PM   #82
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Quote:
Originally Posted by dugan View Post
There were obviously some Bitcoin investors in this thread. Are any of you willing to share how much you've made?
I don't think this is what you're looking for, but I'll share.

When BTC first came out, I dedicated a machine to mining them. They were worth very little and I managed to mine a total of 23 BTC in about a year, maybe 18 months. So, I turned that computer off and didn't think about it. They weren't worth anything notable. I should also mention that they were much easier to mine back then.

Later, probably several years later, /. (Slashdot) had an article that BTC was worth about $600 each. I think this was now 2011 or 2012. It was then that I remembered I'd mined some BTC. It took some effort to get the computer back up so that I could recover my wallet.

By the time I got the computer back up, 1 BTC was worth ~$400.

I had no idea how to work this into my taxes and my accountant wasn't familiar with BTC as an asset and which taxes applied, such as capital gains.

I asked around /. to see if anyone had any ideas and they weren't very helpful. Rather than realize the gains, I decided to donate them to EFF before the value dropped out. By not realizing the gains, I wasn't subject to taxation for them. As memory serves, I was also unable to write off the donation. I figured donating at that time was a great idea, because they'd soon be worth very little money.

How wrong I was. Oh, how very wrong I was. I figured the spike was a one-off and wanted to donate them before they reverted to their previous values and became mostly worthless. I had no idea that they'd someday be valued in the five figure range. I figured the spike was a fluke.

So, I spent a year (maybe 18 months) mining them on an older computer - which was my cost in electricity and my time. Picture an electric bill for 24/7 with a P4 CPU that was pegged nearly all the time. That was what it cost me in dollars.

In return, EFF sent me a bumper sticker and I think they sent me a t-shirt, and an email thanking me for my donation.

Finally, yes. Yes, it's okay that you laugh at my mistakes.
 
Old 08-11-2020, 11:15 AM   #83
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The value of Bitcoin will eventually drop to near zero, albeit after some decaying fluctuations, because it cannot do transactions fast enough to have any real use.

A much better gamble would be buying stocks in high-growth companies like for example Apple Inc. or Tesla or others.

Last edited by grumpyskeptic; 08-11-2020 at 11:25 AM.
 
Old 08-11-2020, 11:43 AM   #84
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Quote:
Originally Posted by KGIII View Post
I don't think this is what you're looking for...my mistakes.
There was a man in the UK who mined a lot of Bitcoin, but threw away the hard-drive by mistake when prices were at their peak. Despite doing a lot of searching or digging at the garbage dump he was unable to find the hard drive, which would have been worth a fortune.

Edit: This chap: https://www.wired.co.uk/article/bitc...wport-landfill

Last edited by grumpyskeptic; 08-11-2020 at 11:45 AM.
 
Old 08-11-2020, 05:07 PM   #85
KGIII
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Quote:
Originally Posted by grumpyskeptic View Post
There was a man in the UK who mined a lot of Bitcoin, but threw away the hard-drive by mistake when prices were at their peak. Despite doing a lot of searching or digging at the garbage dump he was unable to find the hard drive, which would have been worth a fortune.

Edit: This chap: https://www.wired.co.uk/article/bitc...wport-landfill
Now that sucks. At least, in my case, I was able to gift them to EFF. They appreciated the donation.

What I'm not sure of is how they accepted the donation.

I don't think they (internally) just accepted the BTC. I think they used a 3rd party to transfer the BTC to USD, as opposed to holding onto it, letting it appreciate, and then turning it into USD.

I'm not sure what they did with it, but reading some commentary at /. makes me think they exchanged it for USD immediately. If they'd held onto it and let it appreciate further, they'd have ended up with a larger sum.
 
Old 08-12-2020, 04:42 AM   #86
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Why cannot lost or disused bitcoin be re-mined?

And, slightly off-topic, I thought that bitcoin was not anonymous because it recorded all the transactions, yet it seems to be favoured by crooks because they think it is anonymous?
 
Old 08-12-2020, 10:52 AM   #87
KGIII
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BTC isn't anonymous. You can make it *really* hard to find who is involved, however. You can 'wash' them for a fee. That means putting them into a pool of other BTC and getting back a fraction of what you put in, something like 9/10 of what you put in. In return, they mix them with others and you don't know who has what BTC. Then, beyond that, if it's something physical, you need to ensure a shipping method that doesn't actually point to you. It's really difficult to be anonymous with them. The idea that they're anonymous is wrong - but, curiously, many people seem to think they are. With digital goods, you can make it really difficult to find you. If anything, BTC is less anonymous than plain old paper currency. BTC keeps a transaction log. I have no idea why people think it's anonymous - but they do.

As for your question - I'm not actually sure how they could *reliably* determine which BTC were lost. If you have any ideas as to how they could do so with an acceptable confidence level, they may like to hear them.
 
Old 08-13-2020, 09:11 AM   #88
grumpyskeptic
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Cannot you just re-mine a lot of the easier to mine bitcoin, and throw away any that seem to exist already?
 
Old 08-13-2020, 03:53 PM   #89
KGIII
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The question comes down to what's a 'lost btc' and what is simply just sitting inactive in someone's wallet. We have no way of knowing which is which - at least as far as I understand it. They can't be re-released because they may not be actually lost, they may just be sitting idle. They can't just take the word of the claimant as factual, 'cause we humans kinda suck like that.
 
Old 08-19-2020, 02:10 AM   #90
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Would that be a way of sabotaging bitcoin, reducing its value to nothing, and hence stop the kind of crime that tries to get payment in bitcoin?

Last edited by grumpyskeptic; 08-19-2020 at 02:22 AM.
 
  


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