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Forums - PC Discussion - i just bought 100 dollars in bit coin stuff, now what?

nanarchy said:
SickleSigh said:
The brilliance of Bitcoin is the lack of a Federal Reserve staffed by shysters that lend currency to a govt. with debt. Easy to see how all money is meaningless beyond the value society shares. A delusion we all willingly go along with, but when it becomes arbitrary with inflation or deflation that delusion can't persist. Post WW1 Weimar Germany would pay employees at start of day and let them shop, as bread would be 5x more expensive at end of day. People used currency as wall paper.
The public ledger available for all to see and unable to be manipulated creates a free market currency that bankers don't control. No wonder China is trying so hard to kill it.

except of course 80% of hashing power is currently controlled in Chinese hands and hence at risk of manipulation should they choose to do so. The myth that Bitcoin is somehow immune to manipulation is riduculous, it is actually far easier and cheaper for them to manipulate bitcoin than it is a currency at the moment, The current fights over Bitcoin cash split highlight this issue.

I was under assumption the "split" was from the ledger not being able to cope with transactions, so a tweaking of the platform fixed it. The split is between those who want to remove the public ledger and later making it public and those who want to increase data per chain and leave it public. India also removed it's most used note out of circulation rendering it meaningless. Venzeuela had their currency devalued to a point where food is the new currency. Considering the alternatives at least this was public and resolved by more than technocrats.



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unless you just want to gamble with the money get rid of it. 100 dollars isn't much so if that's what you want to do it's fine. Don't put anything in there you can't afford to lose.



currently playing: Skyward Sword, Mario Sunshine, Xenoblade Chronicles X

SickleSigh said:
nanarchy said:

except of course 80% of hashing power is currently controlled in Chinese hands and hence at risk of manipulation should they choose to do so. The myth that Bitcoin is somehow immune to manipulation is riduculous, it is actually far easier and cheaper for them to manipulate bitcoin than it is a currency at the moment, The current fights over Bitcoin cash split highlight this issue.

I was under assumption the "split" was from the ledger not being able to cope with transactions, so a tweaking of the platform fixed it. The split is between those who want to remove the public ledger and later making it public and those who want to increase data per chain and leave it public. India also removed it's most used note out of circulation rendering it meaningless. Venzeuela had their currency devalued to a point where food is the new currency. Considering the alternatives at least this was public and resolved by more than technocrats.

resolved??? wtf? you call a split, that appears to be a failure so far a resolution. The split is mainly led by chinese miners and increasingly the control of the bitcoin chain is being pulled into china. the current situation is an absolute mess, you have what appears to be a failed split combined with the status quo still left with the core technical problems and limitations. And if you think that using the  strawman argument of comparing bitcoin against failed economies like venezula is smart then maybe you might want to go and look at all the cyptocoins that have failed as well. So yes it is public but so far NOTHING has been resolved at all.



How does China being the majority of miners create a problem? They provide a service required for the currency to function. Much like everything else, China is taking the reigns of global power. It's not a manipulation in anyway. It's an occupation. Like the kids who make our phones.



SickleSigh said:
How does China being the majority of miners create a problem? They provide a service required for the currency to function. Much like everything else, China is taking the reigns of global power. It's not a manipulation in anyway. It's an occupation. Like the kids who make our phones.

It means control is centralised in a single country and hence subject to that countries policies, laws, influence and potentially manipulation. China for the most part is no worse than any other country but you see all these people arguing that the strength of bitcoin is it is not in any single governments control and influence when that could not be any further from the truth.



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nanarchy said:
SickleSigh said:
How does China being the majority of miners create a problem? They provide a service required for the currency to function. Much like everything else, China is taking the reigns of global power. It's not a manipulation in anyway. It's an occupation. Like the kids who make our phones.

It means control is centralised in a single country and hence subject to that countries policies, laws, influence and potentially manipulation. China for the most part is no worse than any other country but you see all these people arguing that the strength of bitcoin is it is not in any single governments control and influence when that could not be any further from the truth.

How do they control it? All they provide is computing power and logging of public transactions independently, completely random based on a separate transaction. The ledger would log if transactions were occurring on the same IP to receive a payout from logging it. Its really a stretch to say it would even be a net increase after increased power consumption to generate enough to control something that random.



"any blockchain has a specified algorithm for scoring different versions of the history so that one with a higher value can be selected over others. Blocks not selected for inclusion in the chain are called orphan blocks.[35] Peers supporting the database don't have exactly the same version of the history at all times. Instead, they keep the highest scoring version of the database that they currently know of. Whenever a peer receives a higher scoring version (usually the old version with a single new block added) they extend or overwrite their own database and retransmit the improvement to their peers. There is never an absolute guarantee that any particular entry will remain in the best version of the history forever. Because blockchains are typically built to add the score of new blocks onto old blocks and because there are incentives to work only on extending with new blocks rather than overwriting old blocks, the probability of an entry becoming superseded goes down exponentially[37] "

It's actually been called "Blockchains are secure by design and are an example of a distributed computing system with high Byzantine fault tolerance. Decentralized consensus has therefore been achieved with a blockchain."



The seeders of the torrents of porn I download don't control the porn. They provide their cpu to distribute it.



SickleSigh said:
nanarchy said:

It means control is centralised in a single country and hence subject to that countries policies, laws, influence and potentially manipulation. China for the most part is no worse than any other country but you see all these people arguing that the strength of bitcoin is it is not in any single governments control and influence when that could not be any further from the truth.

How do they control it? All they provide is computing power and logging of public transactions independently, completely random based on a separate transaction. The ledger would log if transactions were occurring on the same IP to receive a payout from logging it. Its really a stretch to say it would even be a net increase after increased power consumption to generate enough to control something that random.

well firstly China force a large amount of control on all companies in china. more than 80% of hashing power is chinese based, you only need 51% to exploit/attack/destroy the blockchain, therefore bitcoin operates on the goodwill of the chinese government. Secondly bitcoin on the global or even chinese scale is small change, they could crash or hyper inflate the value at will for very little cost (certainly far cheaper than doing it with real currency).



SickleSigh said:
The brilliance of Bitcoin is the lack of a Federal Reserve staffed by shysters that lend currency to a govt. with debt. Easy to see how all money is meaningless beyond the value society shares. A delusion we all willingly go along with, but when it becomes arbitrary with inflation or deflation that delusion can't persist. Post WW1 Weimar Germany would pay employees at start of day and let them shop, as bread would be 5x more expensive at end of day. People used currency as wall paper.
The public ledger available for all to see and unable to be manipulated creates a free market currency that bankers don't control. No wonder China is trying so hard to kill it.

Bitcoin is nice beta test for governments before they lauch their own cryptocurrencies and kill off decentralized cryptos.