Bitcoins/Litecoins/Virtual Currencies

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Tuco

Tuco

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Thanks for the corrections.

That's kind of annoying that the prevalence of BTC increases the price which will increase the amount of energy and hardware the BTC mining community puts into mining coins.
 
Arative

Arative

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Tuco_sl said:
Thanks for the corrections.

That's kind of annoying that the prevalence of BTC increases the price which will increase the amount of energy and hardware the BTC mining community puts into mining coins.
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That's the point of ASIC's, more computing power for less energy and hardware. Though when the reward drops to 12.5 coins in a few years, most of those ASIC will be turned off and thrown out probably.
 
Tuco

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Arative_sl said:
That's the point of ASIC's, more computing power for less energy and hardware. Though when the reward drops to 12.5 coins in a few years, most of those ASIC will be turned off and thrown out probably.
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I don't see a point in time where BTC is valuable and an enormous amount of computing power is not directed toward mining BTC.


In other news, BTC touched 700USD today.
 
Eidal

Eidal

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Juvarisx_sl said:
Bitcoin bank Flexcoin shuts down after $600,000 theft - Business - CBC News

And another one down
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I don't understand why anyone would keep cryptocurrency in an "online bank". For small amounts, a smart-phone is fine... and if you're holding serious bitcoin wealth, one would THINK that you'd be saavy enough to set up paper wallets for your own security. I at least understand trader's perspective who get fucked when an exchange goes down -- they have to have their currency exposed to trade. But a goddamn bank? Whyyyy.
 
Arative

Arative

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The only place I have any bitcoins stored is at the pool I'm mining with or in my own encrypted wallet. I couldn't imagine using a place like flexcoin.
 
Tuco

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Both a "Look how annoying BTC proponents are" and a "list of reasons why BTC could succeed"
 
O

Ortega

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First video reminded me of my boss. He sold 1200 bitcoins at $10.00!

I find myself wishing I would've kept mining when the bitcoin thread was started on FoH. I mined for like two days and realized it would take roughly 20 days on my computer to get one coin and said fuck it.
 
Arative

Arative

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I'm sure I've said a few of things to people while trying to explain what bitcoin is about.
 
Tripamang

Tripamang

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Dabamf_sl said:
Anyone?
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My understanding of blockchain is that there are two levels of security with it. The first is the login to your actual wallet, the second is another password you use to protect it (it's required for all transactions). You can request a backup of your wallet from blockchain that you can use to restore your account to anywhere, even if blockchain goes down. The risks come from the transmission of your wallet password even via SSL which could make you susceptible to a man in the middle attack, or key loggers. If you use their on screen keyboard for your secure password you're not as susceptible key loggers.

Other risks would be if blockchain gets hacked, if they used weak encryption to encrypt the wallet or if you used an easy to guess password your account could be emptied. But really if they have access to the machine, setting up something to just lift the passwords as they're submitted to the server would be the most likely attack.

I wouldn't store any sizeable amount of bitcoins in an online wallet.
 
L

Luthair

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Tuco_sl said:
Someone can correct me if I'm wrong:
Coins are transferred via cryptography. Basically I have a coin and only I know its private key. I need the private key to transfer ownership to you. When I transfer ownership to you, a new private key is generated that only you know. This process is managed and recorded by a network of computers called blockchain.
Bitcoin Block Explorer - Blockchain.info

The large calculations done by miners are NOT the transaction verifications (which are trivial to do). The mining is the discovery of new coins. It's like the difference between me handing you a gold nugget and you digging in the dirt to find a gold nugget. The computational requirements to transfer a coin should be irrespective of the number of coins.
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It is however impacted by the number of transactions - you need to ensure the person isn't using a coin they already gave to someone else.
 
Tuco

Tuco

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So the BTC community has long suspected that a cache of 200k BTC is either owned by MTGOX/Mark Kerples or is owned by whomever stole all the BTC from MTGOX (most suspect the former).

Those 200k btc were mostly stached away and left alone but over the last couple days they have started to move. They're being distributed into many wallets (Apparently using an algorithm that was found on MTGOX's leaked website source, lolphp).

There is also a 20k btc withdraw from MTGOX:
Mt.Gox Withdrawals - Coinsight.org

Someone made a map of the currently distributed coins:
I made a network map of where the coins went from 1KecDYadohxk8MCDqKF8SBEMhCUNveAsCj - looks like a binary tree : Bitcoin
sn7VsAJ.png
 
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