Major glitch in Bitcoin network sparks sell-off | Page 3 | TigerDroppings.com

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Broke
LSU Fan
AKA Buttercup
Member since Sep 2006
56622 posts

re: Major glitch in Bitcoin network sparks sell-off


What if we had to solve a complex algorithm before we got to eat every meal? frick that





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LSURussian
LSU Fan
Baton Rouge
Member since Feb 2005
82733 posts

re: Major glitch in Bitcoin network sparks sell-off


quote:

Dude, join a mining pool.
Says the guy who doesn't mine.....






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LSURussian
LSU Fan
Baton Rouge
Member since Feb 2005
82733 posts

re: Major glitch in Bitcoin network sparks sell-off








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WikiTiger
LSU Fan
Member since Sep 2007
40721 posts

re: Major glitch in Bitcoin network sparks sell-off


quote:

What's the need for it?


If you don't truly see a value in a decentralized, inflation-free currency and a transaction network that allows you to exchange this currency nearly instantly, with low to no transaction fees, and with anonymity if you choose, then I don't know what to tell you.

The truth is that many people now see and will see great value in that.

quote:

I can't wrap my mind around how this shite just shows up out of nowhere after a "mining" session.


What don't you grasp? I will do my best to explain it to you.

quote:

If a bunch of made up currency showed up at my house, the US Secret Service would be knocking.


Alternate currencies are not illegal in general. They are only illegal if they seek to mimic the dollar or cause confusion in people in thinking that they are US dollars. Bitcoins could in no way be confused with US dollars. So why do you think that there would be secret service at your door?

quote:

Consider me crazy but I enjoy the fact that the central bank controls currency instead of a Pentium 3.


That's fine. I don't fault you for that. But many people think currency competition is a very good thing. The thing is, no one is forcing you or anyone else to use bitcoins. The option is available to you, though. What's wrong with that?






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Lsut81
USA Fan
Member since Jun 2005
64931 posts
 Online 

re: Major glitch in Bitcoin network sparks sell-off


quote:

What if we had to solve a complex algorithm before we got to eat every meal? frick that



I'd be fricked... Once I run out of toes to count, my math limit has been reached.






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LSURussian
LSU Fan
Baton Rouge
Member since Feb 2005
82733 posts

re: Major glitch in Bitcoin network sparks sell-off


quote:

The option is available to you, though. What's wrong with that?

What's wrong is this option is a scam which is going to hurt a lot of innocent but gullible people.



This post was edited on 3/12 at 1:35 pm


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Broke
LSU Fan
AKA Buttercup
Member since Sep 2006
56622 posts

re: Major glitch in Bitcoin network sparks sell-off


quote:

inflation-free currency


Explain how you believe this is inflation free. Forever.

quote:

But many people think currency competition


We have that already no?






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WikiTiger
LSU Fan
Member since Sep 2007
40721 posts

re: Major glitch in Bitcoin network sparks sell-off


quote:

Explain how you believe this is inflation free. Forever.


There will never be more than 21,000,000 bitcoins. Ever. This is built into the protocol and enforced by every participant of the network. If someone attempts to change that, bitcoin will not change, they will only succeed in creating a "fork," which will essentially be a completely different currency. And since no one will be accepting that new currency, it will be worth zero.


quote:

We have that already no?


I guess. If you consider other fiats competition. I say there is a market for a bitcoin type currency.

It's ok if you don't value bitcoin. You don't have to. But many people do, and it's currently exchanging at $45.59.



This post was edited on 3/12 at 1:39 pm


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TigerDeBaiter
LSU Fan
Member since Dec 2010
2798 posts

re: Major glitch in Bitcoin network sparks sell-off


quote:

Yeah, NOOB




I bet he's still trying to mine with his GPU too.






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C
LSU Fan
The Woodlands, TX
Member since Dec 2007
21788 posts
 Online 

re: Major glitch in Bitcoin network sparks sell-off


quote:

Explain how you believe this is inflation free. Forever.


They limit it's growth. So if it gains acceptance it will deflate. That's why it is the perfect ponzi scheme. "get in early or you are going have to pay more later." As there are very few legal transactions taking place that use bitcoins, that quote is why most have joined.






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TigerDeBaiter
LSU Fan
Member since Dec 2010
2798 posts

re: Major glitch in Bitcoin network sparks sell-off


quote:

it will be worth zero


So what prevents this from happening to the "real deal"






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WikiTiger
LSU Fan
Member since Sep 2007
40721 posts

re: Major glitch in Bitcoin network sparks sell-off


quote:

quote:

it will be worth zero




So what prevents this from happening to the "real deal"


Nothing at all.

If people lose faith in bitcoin, then it will be worth zero. Bitcoin's value is completely based on supply and demand.






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Broke
LSU Fan
AKA Buttercup
Member since Sep 2006
56622 posts

re: Major glitch in Bitcoin network sparks sell-off


quote:

And since no one will be accepting that new currency, it will be worth zero.


How do you know? They accepted this bull shite already (minimally).

quote:

It's ok if you don't value bitcoin.


I don't. It's cool. I'll stick to the old quarter in the pocket, dollar bill in the wallet method.

P.S. I want a bitcoin for my coin collection. I'll pay you $100 for one. How soon can you get it to me.



This post was edited on 3/12 at 1:42 pm


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WikiTiger
LSU Fan
Member since Sep 2007
40721 posts

re: Major glitch in Bitcoin network sparks sell-off


quote:

How do you know? They accepted this bull shite already (minimally).


Well, I don't actually know that. I do know that the original bitcoin would be unaffected.

If someone created a fork of bitcoin and got other people to accept it, then it could potentially have value.

There are other crypto-currencies based on bitcoin already in existance. The most popular is Litecoin, and it's currently exchanging at about $0.40 per litecoin (doubled in the last couple days)






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WikiTiger
LSU Fan
Member since Sep 2007
40721 posts

re: Major glitch in Bitcoin network sparks sell-off


quote:


P.S. I want a bitcoin for my coin collection. I'll pay you $100 for one. How soon can you get it to me.


I can get it to you instantly and securely. The bottleneck would be you getting me the $100.






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Lsut81
USA Fan
Member since Jun 2005
64931 posts
 Online 

re: Major glitch in Bitcoin network sparks sell-off


quote:

P.S. I want a bitcoin for my coin collection. I'll pay you $100 for one. How soon can you get it to me.


I don't know about bitcoins, but I'll sell you a Unicorn Fart for $100






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TigerDeBaiter
LSU Fan
Member since Dec 2010
2798 posts

re: Major glitch in Bitcoin network sparks sell-off


I guess you've never heard of quick pay. It's this super high tech method of instantly transferring real dollars. You should look into it. I think it's a game changer.





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Vols&Shaft83
Tennessee Fan
Member since Dec 2012
15880 posts

re: Major glitch in Bitcoin network sparks sell-off


quote:

I don't know about bitcoins, but I'll sell you a Unicorn Fart for $100


That's a bargain right there






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Broke
LSU Fan
AKA Buttercup
Member since Sep 2006
56622 posts

re: Major glitch in Bitcoin network sparks sell-off


quote:

The bottleneck would be you getting me the $100.


No problem. I can paypal it, wire it, ACH it, mail a check, mail cash or just drive it over to your house. Widely accepted for goods and services.

Seriously, I want my tangible bitcoin.






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Broke
LSU Fan
AKA Buttercup
Member since Sep 2006
56622 posts

re: Major glitch in Bitcoin network sparks sell-off


quote:

There are other crypto-currencies based on bitcoin already in existance. The most popular is Litecoin, and it's currently exchanging at about $0.40 per litecoin (doubled in the last couple days)


Do you honestly not see how this is going to burn a bunch of mother frickers?






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