patrick.net

For those who don’t know, the blockchain ledger is upheld and propagated by nodes, which are user machines that hold a copy of the current valid Bitcoin blockchain ledger. These nodes all work together to uphold the decentralized blockchain that we’ve come to love. Nodes receive new transactions from users’ wallets, have miners validate them, then receive mined blocks from miners to add to its ledger. The nodes then also immediately propagate these validated blocks out to other nodes across the Bitcoin network.

http://net-informations.com/q/mis/block.html

quincybatten says

For those who don’t know, the blockchain ledger is upheld and propagated by nodes, which are user machines that hold a copy of the current valid Bitcoin blockchain ledger. These nodes all work together to uphold the decentralized blockchain that we’ve come to love. Nodes receive new transactions from users’ wallets, have miners validate them, then receive mined blocks from miners to add to its ledger. The nodes then also immediately propagate these validated blocks out to other nodes across the Bitcoin network.

http://net-informations.com/q/mis/block.html

And this is what makes that shit so fucking slow.

Can anyone tell me what makes a unique string of zeros and ones intrinsically valuable? The only value left in US dollars is the faith and credit of the US government which is 20T in debt.

Bitcoin will go to infinity dollars when dollars go to zero. Until then let the fiat scam continue.

Hugolas_Madurez says

And this is what makes that shit so fucking slow.

Not so fast, I witnessed in real time how 600MD were transferred in 10 minutes.

Onvacation says

Can anyone tell me what makes a unique string of zeros and ones intrinsically valuable? The only value left in US dollars is the faith and credit of the US government which is 20T in debt.

Bitcoin will go to infinity dollars when dollars go to zero. Until then let the fiat scam continue.

Sure, what makes dollars valuable is that the US government demands that taxes be paid in dollars.

Dollars will never go to zero as long as men with guns can show up at your door if you fail to come up with enough dollars to pay your taxes.

There's a good anecdote about how the British had a hard time getting East African herders to obediently work for them until the British demanded that taxes be paid in British currency. The only way to get that was to work for British colonialists. Problem solved.

We are all the slaves of the Federal Reserve.

Sure, what makes dollars valuable is that the US government demands that taxes be paid in dollars.

Plus, government benefits and remits for goods and services are paid in dollars.

0ba4 says

Hugolas_Madurez says

And this is what makes that shit so fucking slow.

Not so fast, I witnessed in real time how 600MD were transferred in 10 minutes.

600 Macedonian Denars in 10 minutes? This is supposed to be impressive somehow?

3-5% of my portfolio will continue to be crypto.

Newbie123 says

That was an epic buying opportunity, no? Well, Yes.... for me :)

Yawn: there's always somebody coming out of the woodwork after shit goes up to claim he "loaded up" when the shit was down.

Eric Holder says

Newbie123 says

That was an epic buying opportunity, no? Well, Yes.... for me :)

Yawn: there's always somebody coming out of the woodwork after shit goes up to claim he "loaded up" when the shit was down.

Yup. And I'm sure he didn't buy any when it was $15k or higher either.... just non-stop great picks... never loses.

What I never get with the coin pumpers is, just show us your account or transactions you've made to show your track record. I thought one of the pros of bitcoin and others was the "safety" and "security" of it. There should be no way anyone could take it if you show us the account. I mean, I've never, ever heard of crypto coins ever being stolen...

spam

Newbie123 says

Big Daddy and the Alt's go parabolic.

Onvacation says

Can anyone tell me what makes a unique string of zeros and ones intrinsically valuable?

Anyone think it's going parabolic again? With BTC back at $8700, it could be ramping up to run again... or dump. Temping to buy a couple coins.

joshuatrio says

Anyone think it's going parabolic again? With BTC back at $8700, it could be ramping up to run again... or dump. Temping to buy a couple coins.

I don't claim to know it at all. And I'm cool with people that can make money off of it. If you can do it. There's not one person though that can give you actual advice that seriously knows what they're talking about. Play with fun money, but anyone telling you it's gonna do this or that is just throwing darts, blindfolded, trying to hit a dime from 30' away after spinning for 5 minutes.

Newbie123 says

Hell yes its going parabolic

Can you tell me why a string of zeros and ones has any intrinsic value?

Newbie123 says

...mainstream will buy in when big daddy hits 10k. CNBC and Co. will cover it non stop.

... and then it will crash again, the sheep will be fleeced again, rinse, repeat....

Newbie123 says

Eric Holder says

Newbie123 says

...mainstream will buy in when big daddy hits 10k. CNBC and Co. will cover it non stop.

... and then it will crash again, the sheep will be fleeced again, rinse, repeat....

crash....a retracement..... a correction....a buying opportunity! even if you would have bought at the last peak (19.9k) it will look cheap when Big Daddy reaches a 100k.

For anyone paying attention, we haven't been above 10k in Bitcoin for a while. I'm probably gonna wait and see if it breaks through 10k to buy into a trend, may wait till it sets a new high.

As an investment, my sources tell me ripple (sp?) is the way to go, w all the instant currency exchange infrastructure they are building.

Newbie123 says

Why dont you ask google for the intrinsic value of BTC?

All it has is the extrinsic value of a software constrained supply and "greater fool" demand.

Blockchain has uses but bitcoin is a fools game. There will be winners, but a lot more losers.

Newbie123 says

You let us make a killing

Sure. You go right ahead, buddy.

Newbie123 says

How about this: You let us make a killing with Bitcoin and we let you make up excuses not to buy the best performing asset in 2019, deal?

There are better performing options out their chief. You've got Bitcoin blindness going on. ANYONE, ANYTIME can make up a crypto currency. I could create ASSMONEY tomorrow and rip everyone off and it will all be stored on my digital wallet/spreadsheet. You have to understand you're being played by people that are substantially smarter than you.

Newbie123 says

Bitcoin is barely in the first inning. This bull cycle will be epic.

Do you consider bitcoin an asset or a currency?

Newbie123 says

In 2019 bitcoin has been the best performing asset class. You said there are better ones out there. Any backup? .... Thought so.

What are you talking about? Are you investing or trading? From the start of 2018 until now I could find thousands of stocks that outperformed your precious bitty. Are you being serious?

If you're talking short term, you're trading it and it's not an investment. You claim it's going to 50k with no supporting evidence. You do understand why everyone here would think you're just a pump and dumper, right?

While the politics here can go sideways, there's actually some smart people here that have made good picks and have given reasons why. You can say 50k as much as you want, doesn't mean it will happen. I do wish you luck, just know you're "investing" in Big Foot.

Newbie123 says

That’s what I thought. Because there isn’t a better performing asset class in 2019 than bitcoin:

https://www.google.com/amp/amp.coincodex.com/article/3641/bitcoin-is-the-best-performing-asset-class-of-2019/

Cool. Seems like a neutral source that would totally investigate all other asset classes. I'm sure they don't get any revenue from the fact bitcoin exists. Is this a fucking joke?

In my opinion it is a giant pyramid scheme that shouldn't be legal. Will not touch any made up currency backed by nothing. Even Warren Buffet stated that it's worth nothing due to no backing.

I never expected this thing to balloon, I don't know why it has ballooned to whatever it did. But I am 100%, in my own mind, confident that it will eventually crash and god help those who are holding the empty bag.

FortWayneIndiana says

In my opinion it is a giant pyramid scheme that shouldn't be legal. Will not touch any made up currency backed by nothing. Even Warren Buffet stated that it's worth nothing due to no backing.

I never expected this thing to balloon, I don't know why it has ballooned to whatever it did. But I am 100%, in my own mind, confident that it will eventually crash and god help those who are holding the empty bag.

Look at the chart: it already followed a classic bubble pattern to a t TWICE.

Newbie123 says

What would you do if it hits 100k per coin?

Shrug my shoulders and marvel at human stupidity.

Not care at all, or pity that idiot who put in 100k so that someone else could take it.

Newbie123 says

What would you do if it hits 100k per coin?

FortWayneIndiana says

pity that idiot who put in 100k

Bitcoin, like every ponzi scheme, requires ever greater fools to buy in so that the early adopters may profit.

Bitcoin is backed by nothing. There is no thing that you could hold in your hands. It is not an asset and it is a poor currency. It is virtually nothing but zeros and ones held on multiple storage devices.
Blockchain does have uses but "big daddy" bitcoin is nothing but a speculative gamble as the smarter players of btc on this forum have readily admitted.

Are there any other programmers on here that thinks bitcoin is an asset or a useful currency? Because that is what it is advertised as.

No one has answered the question:
Onvacation says

Can you tell me why a string of zeros and ones has any intrinsic value?

Onvacation says

Bitcoin, like every ponzi scheme, requires ever greater fools to buy in so that the early adopters may profit.

Hence all this FOMO-stoking droning of all the fanboi starting once the memory of the last crash is somewhat faded and the shit perks up a bit again.

Newbie123 says

You said there are others that performed better. We are still waiting. :)

You understand real estate is an asset class, right? There's probably 20,000 investors in California (and 100k country wide) that have flipped homes they bought in December of 2018 and are just closing now that have made 3-5x their money. Again, is this a joke? Bitcoin is far, far away from being the best performing asset class in 2019. This for sure is a bit at this point.

Newbie123 says

Yep, RE is included on the graph/comparison.

Comparison-shmaparison.... SHOW US YOUR FUCKING BITCOIN TRADES!

Newbie123 says

I knew you had to make something up and wouldn’t provide any backup/link.

Have fun with the bit. And yes there are probably easily 100,000 people worldwide, since the start of the year that have made 3-5x on a flip. I don't promote flipping, but you're naive to think bitcoin is doing better than other assets on a per capita basis. There are not 100k people that have had 3-5x return since the start of the year and if they bought at the beginning of 2018 they're broke likely. Unlike you I don't trust realtor.com for my real estate news like you do with your crypto crap.

And for fucks sake, Apple or Google could mine the rest of bitcoin in two weeks if they really wanted with their infrastructure. It would be more profitable than what they're doing now if it's going to 50k. Why has no big company done this? They're not stupid, that's why.

From the other thread, just show us any sale you've made with bitcoin. You certainly have sold some or at least made a transaction with it to show us you actually hold bitcoin.

Jesus. I'm done. For now...

WookieMan says

And for fucks sake, Apple or Google could mine the rest of bitcoin in two weeks if they really wanted with their infrastructure.

Why can't I access by favorite cat video Youtuber? The algorithm has determined that bitcoin mining is now more profitable than a MeowMix ad. Wait a minute... okay, we now return to our regularly scheduled programming.

Newbie123 says

Nice

https://www.coindesk.com/reuters-bloomberg-and-tradingview-to-add-new-cryptocurrency-index

Reuters and Bloomberg are adding a crypto index. Main stream media is adopting crypto more and more.

Quoting an index takes little effort, and exactly zero risk.

When legit exchanges list crypto futures, then we've made it

Newbie123 says

Nice

https://www.coindesk.com/reuters-bloomberg-and-tradingview-to-add-new-cryptocurrency-index

Reuters and Bloomberg are adding a crypto index. Main stream media is adopting crypto more and more.

One of the main reasons crypto exists is in spite of the main stream media, banks, government, etc. That was much of the point of its creation. Be careful what you wish for.

Also, why not link to those two media organizations and their reports on it? You consistently link to www.coin(somthing).com. Why is that?

I expect no answer and cannot believe I'm wasting my time, but I'm bored.

WookieMan says

One of the main reasons crypto exists is in spite of the main stream media, banks, government, etc.

Thats why crypto is valued in "fiat".

The current reality of crypto is not as a currency but as a speculative gamble. The HODL crowd will be sitting on crypto even as it aproaches zero. They will call it a buying opportunity.

Somebody has to be the last greatest fool!

Newbie123 says

bitcoin is the same as tulips.

Tulips are beautiful. You can wipe your butt with stocks bonds and cash.

Crypto is nothing but 0s and 1s on computers.

This is someones bitcoin wallet key.

EA2FEBC5BAC0D13E7AC0EAC1EB8C0AFE

How much food can you buy with it after a solar flare?

Newbie123 says

Folks, calls have been made. I called 50k (100k secretly ;)

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Economic Policy
Bitcoin isn’t the future of money — it’s either a Ponzi scheme or a pyramid scheme
By Matt O'Brien June 8, 2015

(Photo by Ethan Miller/Getty Images)
Sometimes it's hard to tell whether Bitcoin is more like Ponzi scheme or a pyramid scheme.

Whatever it is, though, it isn't a currency. It's a tech stock. Each Bitcoin is really a share in a system that seems to make it cheaper to transfer things online—money, stocks, bonds, even the deed to your house—by cutting out the middleman. Well, kind of. Bitcoin doesn't remove the middleman so much as replace him with middlemen who don't make you pay much, but make society as a whole do so instead. Is this progress?

It's supposed to be. Ever since the early days of the Internet, people have been trying to figure out how to transfer money online without having to go through the financial system. The problem, though, is if I send you money, how do you know I haven't already spent it or sent it to somebody else? You don't. So the only solution has been to have a trusted third-party, like a bank, sit in between us. I send the money to the bank, it verifies that I actually have this money to send, and then it sends it on to you, all for a 2 percent fee, of course.

Keep Reading


Bitcoin's breakthrough is to have a decentralized network of "miners" sit in between us instead. Now, remember, these miners are trying to win new Bitcoins by solving computationally-taxing math problems. The clever part, though, is that in the process of doing so, they also create a public ledger of every single Bitcoin transaction, what's called the blockchain. That includes every Bitcoin that's ever been won, every Bitcoin that's ever been used, and every Bitcoin that's ever been transferred. So now we don't need a bank to know that I have the money I'm sending to you, and that I'm only sending it to you. The miners confirm all this. And the best part is that instead of having to pay the bank myself to do this, the system pays the miners in new Bitcoins.

The question, though, is how you get people to mine Bitcoin to begin with. Sure, you can tell them that Bitcoin is digital money they can use to buy things online, but they already have money they can already use to buy things online. And while merchants would be more than happy to save the 2.5 percent they pay in credit card transaction fees, customers are a lot more more blasé since they don't pay them directly. The answer, then, was to do what makes anything popular: make it exclusive. Specifically, Bitcoin limits the total number of coins that will ever be created to 21 million. Now, for Bitcoin's first year and a half, as Nathaniel Popper documents in his page-turning history Digital Gold, there were still only a handful of people, if that, mining it. But that began to change when libertarians, who were convinced, just convinced, that the Federal Reserve's money-printing would mean the doom of the dollar, discovered Bitcoin and its non-inflatable money supply. A boom was born.

But what made people mine Bitcoins is what has kept from spending Bitcoins. Think about it like this. Bitcoin's finite supply means that its price should go up, and keep going up. So if you have dollars that are losing a little value to inflation every year and Bitcoins that are gaining it, which one are you going to use to buy things with? The question answers itself, and it raises another. Why would this ever change? Unless you can't buy something online with dollars—like drugs—you'd always want to use your dollars instead. Buying things with Bitcoin would be like cashing out your Apple stock in 1978 to go grocery shopping even though you have plenty of actual cash lying around.


"The catch-22 is people buy Bitcoins because they think the price will go to infinity and beyond once everybody uses them, but they don't spend their own Bitcoins because they think the price will go to infinity and beyond once everybody else uses them. And so nobody uses them. But if nobody uses them, then the price will stay stuck at something a lot less than infinity let alone beyond. So the Bitcoin faithful have tried to not only convert people, but also convince them to martyr themselves, financially-speaking, for the crypto cause. It goes something like this. Hey, do you want to hear about the future? It's a digital currency called Bitcoin that lets you spend or move your money online without paying any fees. Sounds great. How does it do that? Well, Bitcoin saves you money by making transactions irreversible. So ... if I get scammed, I got scammed? There's nothing I can do about it? Yes. Okay, but is it at least easy to use? The thing is, I don't actually use it. I just hoard it. I'm waiting for some greater fools to push up the price by using theirs. Oh. Yeah. So you should buy some Bitcoins and use yours. I'll get back to you on that."