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re: Want to really understand how bitcoin works? Here’s a gentle primer
Posted on 12/17/17 at 3:50 pm to fightin tigers
Posted on 12/17/17 at 3:50 pm to fightin tigers
quote:
If you aren't putting every dime into it you either believe it is a scam at heart and you don't believe in what it is.
Well no. I don't invest every dime I own in anything one vehicle. Not my rental homes, index funds, stocks, cryptocurrency etc.
1
Posted on 12/17/17 at 3:51 pm to fightin tigers
I'd love more examples of how it is a Ponzi based on the actual structure or anything money related. Not just how people speak about it.
Posted on 12/17/17 at 3:52 pm to MrSmith
quote:
There is no such thing as counterfeit on the blockchain
Bitcoin have been proven to be easier than thought to counterfeit. They aren't part of the blockchain, thats what makes them counterfeit.
Admittedly, it has become increasingly harder.
Posted on 12/17/17 at 3:53 pm to MrSpock
quote:
. I don't invest every dime
Precisely.
Posted on 12/17/17 at 3:54 pm to fightin tigers
quote:
I'm fine with people throwing money into it like beanie babies, just don't sell the decentralized shite like that is what is making it valuable.
That's not what makes up 100% of its value, of course. Most of the people you interact with are day traders.
You're saying day traders don't invest based on specific technologies of an investment? Come on man. That's how day trading works.
Posted on 12/17/17 at 3:55 pm to fightin tigers
Lol at all the gains you missed out on. It’s okay sweet prince, it’s not too late
Posted on 12/17/17 at 3:57 pm to MrSmith
Day trading is all about buying and pumping a stock just to dump.
No one doubts you can make money with bitcoin. It's volatile, thus the potential is there.
The idea behind bitcoin isn't what is making the value skyrocket though.
No one doubts you can make money with bitcoin. It's volatile, thus the potential is there.
The idea behind bitcoin isn't what is making the value skyrocket though.
Posted on 12/17/17 at 3:58 pm to fightin tigers
quote:
Bitcoin have been proven to be easier than thought to counterfeit. They aren't part of the blockchain, thats what makes them counterfeit.
That literally makes no sense. If you tried to send me "counterfeit" Bitcoin, I would have no way to receive it and you would have no way to send it. Bitcoin is not an item like a physical dollar bill. It's an allocation of specific transactions written in time to a specific wallet hash.
Posted on 12/17/17 at 4:00 pm to fightin tigers
quote:
Day trading is all about buying and pumping a stock just to dump.
Day trading is not pumping and dumping...
quote:
The idea behind bitcoin isn't what is making the value skyrocket though.
I actually agree with you there. That's not what's making it skyrocket right now. I've never made that argument.
Posted on 12/17/17 at 4:05 pm to MrSmith
quote:
That literally makes no sense. If you tried to send me "counterfeit" Bitcoin, I would have no way to receive it and you would have no way to send it.
That is factually not true, but explaining exactly how is above my knowledge level of the blockchain or how exactly they are doing it. Fake bitcoins have been created and used, shutting down some exchanges years back.
Best I remember they take several parts of the blockchain combine and "wash them creating a bitcoin that will verify, but is not real.
I don't pretend to have in depth knowledge, but have looked into risks of bitcoin outside of the volatility of the "investment currency"
This post was edited on 12/17/17 at 4:05 pm
Posted on 12/17/17 at 4:17 pm to fightin tigers
quote:
Precisely.
Huh?
Posted on 12/17/17 at 4:18 pm to fightin tigers
quote:
That is factually not true, but explaining exactly how is above my knowledge level of the blockchain or how exactly they are doing it. Fake bitcoins have been created and used, shutting down some exchanges years back.
Best I remember they take several parts of the blockchain combine and "wash them creating a bitcoin that will verify, but is not real.
You're confusing people tumbling their bitcoins for anonymity with counterfeiting bitcoins.
Again you're completely wrong here. There is no possible way to make counterfeit Bitcoin. It's logically not a thing that could happen because a Bitcoin is not a thing. It's abstract.
No exchange has ever been shutdown because of counterfeit Bitcoin. The power of hashing is actually what's stopping this here.
Posted on 12/17/17 at 4:22 pm to fightin tigers
quote:
I don't pretend to have in depth knowledge, but have looked into risks of bitcoin
So you admit you're making an argument About something you don't understand. At least that gives you an excuse.
Posted on 12/17/17 at 4:28 pm to MrSmith
You made the argument that they couldn't be counterfeit when there is plenty of evidence it can be.
At least I admit my ignorance. You're still going on believing you have all the knowledge.
At least I admit my ignorance. You're still going on believing you have all the knowledge.
Posted on 12/17/17 at 4:30 pm to fightin tigers
I have no knowledge but I like the money I've made 
Posted on 12/17/17 at 4:36 pm to fightin tigers
Show me the evidence that you have. I know how the technology works. I'm starting to think you're using the word counterfeit to describe something different
ETA: I'm not claiming to have "all" of the knowledge either. This is pretty basic. I have written blockchain applicatIons at a fortune 500 company though so I'd hope I understand the core concepts behind the technology.
ETA: I'm not claiming to have "all" of the knowledge either. This is pretty basic. I have written blockchain applicatIons at a fortune 500 company though so I'd hope I understand the core concepts behind the technology.
This post was edited on 12/17/17 at 4:42 pm
Posted on 12/17/17 at 4:39 pm to MrSmith
Off the top of my head it was Mt Gox I believe that was tricked.
Posted on 12/17/17 at 4:44 pm to fightin tigers
Nope. The money was stolen from the company, likely by the owner. That has nothing to do with counterfeit. Next?
Posted on 12/17/17 at 4:54 pm to MrSmith
I guess that's why so many users are still trying to recoup their money. Because it was stolen from the company.
Posted on 12/17/17 at 4:59 pm to fightin tigers
Stealing money is not counterfeiting money...
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