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Cryptobollocks

Started by touchingcloth, April 11, 2022, 11:17:15 PM

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JesusAndYourBush

Quote from: MojoJojo on May 14, 2022, 07:15:55 PMOne gets added to the node that successfully worked out the hash of the new block.

So the new coin is conjured out of nowhere?, like when you get a loan from the bank, aaah!

Consignia

Quote from: JesusAndYourBush on May 14, 2022, 10:36:38 PMSo the new coin is conjured out of nowhere?, like when you get a loan from the bank, aaah!

More like when the Bank of England adds pounds to those that are already in circulation.

It goes like:
  • There are 50 Bitcoins in existance
  • Person A solves the current puzzle first
  • Everyone agrees that person A solved the current puzzle and their Bitcoin wallet it changed from x Bitcoin to x+1 Bitcoin
  • There are now 51 Bitcoins in existence.

It gets a bit more complicated because there is a built in cap to the number of Bitcoins that can ever be created. But yeah, it's effectively automated quantitive easing.

touchingcloth

Quote from: Consignia on May 15, 2022, 12:22:59 AMIt gets a bit more complicated because there is a built in cap to the number of Bitcoins that can ever be created. But yeah, it's effectively automated quantitive easing.

It is pretty much like getting a loan from a bank, though - banks creating money that way through loans is what led to the rounds of QE in 2008.

Captain Z

Apparently they are very close to finding out what is inside a bitcoin.

Dog Botherer

Quote from: Captain Z on May 15, 2022, 01:57:09 AMApparently they are very close to finding out what is inside a bitcoin.

it is cum

imitationleather

I fucking wish mate.

Replies From View

Do bitcoins have foil exteriors that you can peel off before you eat the delicious semeny insides?

Pinball

Full of hot air. Woosh and it's gone. But not before planet burn is complete.

JamesTC

I heard it is full of popping candy.

JesusAndYourBush

Quote from: Replies From View on May 15, 2022, 07:45:39 AMDo bitcoins have foil exteriors...

You've made me remember a news story from a few years ago where a guy was detained at customs, taken to a back room, the whole rubber glove treatment, and for a short time he was in big trouble for smuggling a large amount of bitcoins in his luggage... it turned out what he had was a load of badges with the bitcoin logo on them that the customs people thought were the coins themselves.

Replies From View

Quote from: JesusAndYourBush on May 15, 2022, 03:22:44 PMYou've made me remember a news story from a few years ago where a guy was detained at customs, taken to a back room, the whole rubber glove treatment, and for a short time he was in big trouble for smuggling a large amount of bitcoins in his luggage... it turned out what he had was a load of badges with the bitcoin logo on them that the customs people thought were the coins themselves.

And when you say 'in his luggage' you mean 'up inside his arse with some of the pins self-opened', correct?

JesusAndYourBush

Ha no.  They were stacked in long cardboard tubes.  Up his arse.

Dex Sawash

bitcoin is back, in suppogsitory form

Gurke and Hare

There are Sex Pistols NFTs now, because of course there are.

Sebastian Cobb



Love it when one of these clowns imagine something as good, that Star Trek have already shown to be bad.
https://en.m.wikipedia.org/wiki/A_Taste_of_Armageddon

Martin Van Buren Stan

Quote from: Consignia on May 15, 2022, 12:22:59 AMMore like when the Bank of England adds pounds to those that are already in circulation.

It goes like:
  • There are 50 Bitcoins in existance
  • Person A solves the current puzzle first
  • Everyone agrees that person A solved the current puzzle and their Bitcoin wallet it changed from x Bitcoin to x+1 Bitcoin
  • There are now 51 Bitcoins in existence.

It gets a bit more complicated because there is a built in cap to the number of Bitcoins that can ever be created. But yeah, it's effectively automated quantitive easing.

What are the puzzles like, and are they generated automatically?

Blumf

Quote from: Martin Van Buren Stan on June 10, 2022, 10:41:19 AMWhat are the puzzles like, and are they generated automatically?

Doing a load of SHA-256 hash calculations until you find one that looks a certain way.

MojoJojo

The puzzle is "this is a list of requested transactions, and the hash of the previous block. What is the hash of a new block that includes the requested transactions". The hash is designed so that it takes a lot of work to calculate it, but it's very easy to check it's correct once you have it.

kittens

look, no-one knows how it works. it's just a magic thing that gives you money if you have an enormous bulging brain and big muscles. that's literally all there is to it.

The Ombudsman

Quote from: Martin Van Buren Stan on June 10, 2022, 10:41:19 AMWhat are the puzzles like, and are they generated automatically?

This is a quite useful writeup you may mind useful.

http://www.righto.com/2014/09/mining-bitcoin-with-pencil-and-paper.html

canadagoose

New S4C idea: an cryptobollocks restaurant. The dishes have loads of individual NFTs associated with them (e.g. a single baked bean = 1 NFT) which are destroyed as you eat them. You can order a steak on a hot computer, whose NFT is generated on the computer and whose heat cooks the steak to your liking. Then you pay the bill in dogecoin or litecoin or coins full of cumb or whatever.

Stigdu

I hate all this Cryptocurrency nonsense. I was scammed out of £250 and tried for 6 months to get a refund from my credit card company, and the company and I bought the voucher from. No joy. I was livid.

Quote from: canadagoose on June 10, 2022, 12:17:53 PMNew S4C idea: an cryptobollocks restaurant. The dishes have loads of individual NFTs associated with them (e.g. a single baked bean = 1 NFT) which are destroyed as you eat them. You can order a steak on a hot computer, whose NFT is generated on the computer and whose heat cooks the steak to your liking. Then you pay the bill in dogecoin or litecoin or coins full of cumb or whatever.



FredNurke

Quote from: canadagoose on June 10, 2022, 12:17:53 PMNew S4C idea: an cryptobollocks restaurant. The dishes have loads of individual NFTs associated with them (e.g. a single baked bean = 1 NFT) which are destroyed as you eat them. You can order a steak on a hot computer, whose NFT is generated on the computer and whose heat cooks the steak to your liking. Then you pay the bill in dogecoin or litecoin or coins full of cumb or whatever.

They've definitely gone downhill since they made Superted.


touchingcloth

Why do they make you sole puzzles for getting crypto coins? If they made you solved tasks then they could put it on the telly and get extra money from that.

If they must be puzzles, why don't they make them more interesting like killer sudokus and those crosswords where the letters of all of the words ending on the bottom row spell out DE A N GAF FN E Y?

C_Larence

Quote from: Stigdu on June 10, 2022, 02:45:18 PMI hate all this Cryptocurrency nonsense. I was scammed out of £250 and tried for 6 months to get a refund from my credit card company, and the company and I bought the voucher from. No joy. I was livid.
How did you get scammed?

Stigdu

Quote from: C_Larence on June 11, 2022, 04:08:39 AMHow did you get scammed?

I went along with an investment for £250. Was looking for a way to earn a quick buck as I'm up to my eyeballs in debt, and they took the money, showed me the investment software, then never came back to me again. I couldn't find any way of contacting them - emails bounced back, website login didn't work, phone calls ringing out.

The bank and the company I bought the investment voucher from both said they'd refund me, but in the end they refused to.

And to add insult to injury, when I had a load of calls coming in to say they're my new account manager, one of them simply said "well done, you've just been scammed" and hung up.