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pheoxs
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quote:

Originally posted by Sugarphreak
I don't fully understand how bitcoins can't just be copied endlessly. Can somebody school me in Coles?



Waves near the 69th C-train has one you won't get mugged at



It comes down to asymmetric encryption and the bitcoin network.

The former means that each bitcoin wallet is comprised of two keys. One key is private (only you should have it and never ever share it) and the other is public and anyone can know it and it doesn't matter.

The way the keys work is based on a one way encryption algorithm (known as asymmetric encryption) that the public key is used to encrypt messages but only the private key can decrypt the message. There is only one unique key pairing possible.

When I decide to send you money my client takes your public key (your wallet address) and my private key and generates a message to send to the bitcoin network. Let's say I make up a transaction ID as "XYZ123". Now I take that number and decrypt it with my private key and it spots out the word "HELLO".

So now I put together the bitcoin transaction. Send 1 coin from my address 'qwerty123' to your address 'dvorak0987', the transaction ID is XYZ123 and I sign it with the word HELLO.

Now anyone can see that message within the bitcoin network. Anyone can take my address and the word HELLO and run it through the encryption algorithm and it will spit out XYZ123 so people know it is actually me. So then the bitcoin miners can confirm that as a legitimate transaction and include it in the next block. To prevent roque miners screwing with stuff, each block is re-verified. So 10 minutes in my transaction shows verified blocks: 1, after 20 minutes: 2, etc. A lot of websites require a minimum of 3 transactions before they release the funds or accept is as legitimate.

Now what about brute force cracking the algorithm? That is entirely possible but the size of the encryption means you're looking at the worlds most powerful supercomputers taking many many years upon years to build everyone possible combination.

However what is more common is that people steal the private key. If your personal computer gets hacked or you are using a cloud based service and they get hacked, all your money can be drained instantly (similar to if someone finds out your banking login information). The one nice thing is the system uses push transactions rather than pull transactions which means it is much safer for the users.

Push transactions means I have to sign every transaction with my device for it to work. Pull transaction means anyone can look at my credit card and see the numbers and then enter fake purchases easily. If a Chinese site gets my credit card info they can use it anywhere else. Whereas I can send bitcoins to the most sketchy of sites and its impossible for them to steal anything more than only what I sent.

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Last edited by pheoxs on 04-03-2017 at 03:39 AM

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Old Post 04-03-2017 03:36 AM
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revelations
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quote:

Yep, another bubble for BTC .... 1900$ CAD for one BTC today.

More countries are starting to notice - even Russia is backtracking their policy.

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Old Post 05-03-2017 07:38 PM
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pheoxs
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quote:

Originally posted by revelations
Yep, another bubble for BTC .... 1900$ CAD for one BTC today.

More countries are starting to notice - even Russia is backtracking their policy.



Fuuuu wish I didnt spend all mine a few months back.

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Old Post 05-03-2017 07:56 PM
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spike98
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quote:

I was hanging onto my last bit and was trading alts with it during the last crash until the most recent jump. Spent it on a kegerator system...not even mad.

Ill buy more at the next dip.

Last edited by spike98 on 05-03-2017 at 08:12 PM

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Old Post 05-03-2017 08:09 PM
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revelations
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quote:

Fuck, I just logged into BTCe for the first time in a year and I noticed that my estimated total funds where about 7000$ CAD....almost fell out of my chair.

Last time I checked I MAYBE had 300$ worth of coins there. Turns out I had old wallets of BTC, Dashcoin and ETH that I had forgotten all about.

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Old Post 05-03-2017 08:31 PM
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Kobe
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quote:

Just a headsup - SEC will be reviewing the ETF decision on may 15th,

Pretty big news why BTC has been going up..

http://www.zerohedge.com/news/2017-...ocking-decision


Sick to have Dash and ETH the two that have been doing the best.. I got into ETH @ around 20 and sold off around 45..


I really don't see a dip till May 15th if it gets declined again or a massive skyrocket if it gets approved..

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Originally posted by beemerm3
so if we only seen 5 % of the oceans why not drain them or somethin lol or can u even transfer water from one ocean to another??? think of all the stuff u'd find treasures n eerything.

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Old Post 05-03-2017 08:46 PM
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revelations
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quote:

Yea I was pondering (years ago) of becoming a DASH master-node but you needed 1000 DASH to do this, which would have been 2-3000$ when I looked into it, but couldn't justify it ...... (now it would cost 82,000$)

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Old Post 05-03-2017 08:48 PM
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Kobe
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quote:

Originally posted by revelations
Yea I was pondering (years ago) of becoming a DASH master-node but you needed 1000 DASH to do this, which would have been 2-3000$ when I looked into it, but couldn't justify it ...... (now it would cost 82,000$)



Might be a reallly n00b question BUT i'm heading out for a week or so and ws thinking about mining ETH on my comp.. I'm just not sure if my settings are correct, thought you might know if it looks good?


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Originally posted by beemerm3
so if we only seen 5 % of the oceans why not drain them or somethin lol or can u even transfer water from one ocean to another??? think of all the stuff u'd find treasures n eerything.

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Old Post 05-16-2017 08:20 PM
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revelations
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quote:

For starters, have you done the calcs regarding the financial break-even point? (electricity, components, etc.)

Ideally you would have the rig setup outside in a detached garage for eg. where I essentially heated the thing with my 3 GPU bitcoin rig..... didnt have to use the baseboard heaters at all and kept it above 0 on most days.

Its been years since I optimized a rig. I had to write a small program in Python to do this.:

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Old Post 05-16-2017 08:58 PM
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ickyflex
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quote:

Originally posted by revelations
Fuck, I just logged into BTCe for the first time in a year and I noticed that my estimated total funds where about 7000$ CAD....almost fell out of my chair.

Last time I checked I MAYBE had 300$ worth of coins there. Turns out I had old wallets of BTC, Dashcoin and ETH that I had forgotten all about.



You must be happy lately

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Old Post 05-23-2017 11:03 PM
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revelations
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quote:

I would say that I am more shocked. I was expecting slow growth, not exponential.

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Old Post 05-24-2017 04:12 PM
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ickyflex
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quote:

Originally posted by revelations
I would say that I am more shocked. I was expecting slow growth, not exponential.



do you own ethereum as well

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revelations
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quote:

I did .... and DASH too .... sold them last month for BTC.

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Old Post 05-24-2017 04:25 PM
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jacky4566
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quote:

Originally posted by revelations
I would say that I am more shocked. I was expecting slow growth, not exponential.



My uneducated guess would say that we are in the early adopter phase of the adoption curve. So a steep price curve is expected. If I were to poll any random group I would about 20% know about bitcoin right now?

As with any new game it could all go up in flames if a major flaw is exposed but it super exciting to be here in the early stages of something with the potential to change our society so fundamentally.

Also dug out my old blockchain.info account and found 0.3 coins! Bonus!

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Old Post 05-24-2017 04:52 PM
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Kobe
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quote:

Originally posted by revelations
For starters, have you done the calcs regarding the financial break-even point? (electricity, components, etc.)

Ideally you would have the rig setup outside in a detached garage for eg. where I essentially heated the thing with my 3 GPU bitcoin rig..... didnt have to use the baseboard heaters at all and kept it above 0 on most days.

Its been years since I optimized a rig. I had to write a small program in Python to do this.:


Ahh makes sense yah I ended up heading out to the states and just left it on but it didnt really mine crap.. Oh wellz

Originally posted by jacky4566


My uneducated guess would say that we are in the early adopter phase of the adoption curve. So a steep price curve is expected. If I were to poll any random group I would about 20% know about bitcoin right now?

As with any new game it could all go up in flames if a major flaw is exposed but it super exciting to be here in the early stages of something with the potential to change our society so fundamentally.

Also dug out my old blockchain.info account and found 0.3 coins! Bonus!



This is def not the early adaptor stage anymore IMO (That was the first massive upswing to $1,200? before it dropped to 200-400 for a couple years..

This is the second stage now...

Major flaws have been exposed such as time it takes to send the coins and what not, why the price was swinging so hard recently with the hard fork possible...

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Originally posted by beemerm3
so if we only seen 5 % of the oceans why not drain them or somethin lol or can u even transfer water from one ocean to another??? think of all the stuff u'd find treasures n eerything.

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Old Post 05-25-2017 02:57 AM
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pheoxs
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quote:

My guess is we're getting close to seeing a pullback in value. The average transaction fee is now 3$. Bitcoins lost its utility as a payment service and is now just climbing on speculation

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Old Post 05-25-2017 02:32 PM
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revelations
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quote:

Yea thats my take as well. Nothing about this growth is sustainable.

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Old Post 05-25-2017 04:41 PM
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