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Offline Pete Svarrior

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Re: Ask Rushy about Bitcoins.
« Reply #500 on: July 13, 2017, 07:09:41 PM »
If I want to make an anonymous purchase, how is Bitcoin better than cash in most cases?
I'll take a stab at this one, even though I'm not Rushy.

In order to pay for something in cash, you have to come in some sort of direct contact with the person you're paying. You're probably meeting up, or the payee is naming a location to mail/drop off the money. In a situation where neither the payee nor the payer want to be identified (say you're buying something dodgy from Silk Road), this can be an issue.

I realise you said "in most cases", but honestly it depends on how you define "anonymous" in the first place. If you only want to be anonymous from third parties, cash is probably fine*, but if you also want to be anonymous from the other party directly involved in a transaction, Bitcoin wins easily.

* - obviously banknotes can be marked, so if you use a banknote that someone previously gave you, you are kind-of-sort-of-maybe identifying yourself. Bitcoin can naturally also be tracked in a similar way, but you are not physically present to make the transaction, so it can only be corroborated with any other information that accompanies the transaction, rather than the transaction itself.
« Last Edit: July 13, 2017, 07:13:18 PM by SexWarrior »
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Offline Rushy

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Re: Ask Rushy about Bitcoins.
« Reply #501 on: July 14, 2017, 05:58:47 PM »
Because Bitcoin is made to limit itself to 21 million total coins, coin loss is greater than zero, and demand is increasing faster than coins are being produced, Bitcoin is pretty much doomed to be permanently deflationary. If I own Bitcoins, why would I be eager to spend them if I know that they pretty much constantly increase in value right now? What value does Bitcoin have if it's now being used as a currency because of this pressure to save them?

This seems like a strange sentiment. Why would I ever keep my savings in USD if I know it'll devalue over time? I think the easiest answer would be that USD is convenient (and required, if you're a US citizen, to pay taxes). You don't see me spending all of my USD because I know it will be worth less later, likewise, I haven't saved 100% of my Bitcoin simply by virtue of knowing that it will be worth more later.

The blockchain is ever growing in size. If Bitcoin is going to survive for decades, how do we address the issue of the blockchain size? If Bitcoin were suddenly the size of Visa, how would it manage transactions?

The rate of storage costs decreases far faster than the rate of blockchain storage increases. The Bitcoin Blockchain is still under two hundred gigabytes, which is nothing in terms of data storage in this day and age. Also, Bitcoin, as it currently exists, will never support Visa-level amounts of transactions. It simply isn't capable of doing so and the core developers don't seem intent on ever trying to change that.

If I want to make an anonymous purchase, how is Bitcoin better than cash in most cases?

Well first off I'd like to point out that Bitcoin is pseudo-anonymous, not anonymous. You can always view transactions between addresses, so if you find out Person A owns Address A, you can rather easily start tying together what their payment history is like. If you want to use a Bitcoin-like system that is fully anonymous, then I'd suggest using Zcash or Monero, both of which have obfuscated blockchain histories that make watching transactions difficult (or even impossible in many cases).

SexWarrior touched on a few issues with cash, but I think an important one is that carrying large volumes of cash across borders is illegal or requires declaration in most countries (where 'large volume' is usually defined as $10,000 or greater). You also avoid things like losing whatever is carrying your cash or having it stolen out of luggage. Bitcoin as a cash substitute is much more secure from theft, though it certainly isn't immune from being stolen.
« Last Edit: July 14, 2017, 06:00:20 PM by Rushy »

Re: Ask Rushy about Bitcoins.
« Reply #502 on: July 14, 2017, 08:41:35 PM »
This seems like a strange sentiment. Why would I ever keep my savings in USD if I know it'll devalue over time

Well, first off, US dollars are not nearly as volatile as Bitcoin is right now, so the effects of it's perpetual inflation are not very noticeable. However, the Federal Reserve still seems to think that inflation encourages consumers to spend.

You don't see me spending all of my USD because I know it will be worth less later, likewise, I haven't saved 100% of my Bitcoin simply by virtue of knowing that it will be worth more later.

Well I didn't say all of your Bitcoin. But I have encountered many people online who treat Bitcoins like an investment, hoping they'll increase in value. And for those that have Bitcoin but aren't really "investing," I'd still think that it's deflation would create incentive to save, not spend. What's to stop Bitcoin from entering a deflationary spiral? Is Bitcoin just betting on this not existing?

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Online Hollocron

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Re: Ask Rushy about Bitcoins.
« Reply #503 on: August 01, 2017, 08:08:14 AM »
I am now the proud owner of .05 bitcoin. Mostly to be used for exchanging into shitcoins for fun.

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Re: Ask Rushy about Bitcoins.
« Reply #504 on: August 01, 2017, 12:12:04 PM »
Slightly Tangential: Radiolab did a podcast on the creation of the Z-Coin cypher. Pretty interesting js
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Online Hollocron

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Re: Ask Rushy about Bitcoins.
« Reply #505 on: August 24, 2017, 08:03:19 PM »
I've now made a little over 500 trading shitcoins after really getting into it last week. When I get to 1 mil I'll cash out, pay my taxes like a good little sod and then teach you shmucks how to do it.

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Offline junker

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Re: Ask Rushy about Bitcoins.
« Reply #506 on: August 24, 2017, 08:12:04 PM »
ive got a data center available if anyone wants to go in on mining

literally free energy and bandwidth
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Online Hollocron

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Re: Ask Rushy about Bitcoins.
« Reply #507 on: August 24, 2017, 08:15:40 PM »
ive got a data center available if anyone wants to go in on mining

literally free energy and bandwidth

What kind of hash rate are we talking about?

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Offline junker

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Re: Ask Rushy about Bitcoins.
« Reply #508 on: August 24, 2017, 09:49:55 PM »
ive got a data center available if anyone wants to go in on mining

literally free energy and bandwidth

What kind of hash rate are we talking about?

At the moment, 0. I have a totally empty rack with 220V/30A power and 10Gb internal / 1Gb internet availability. I have a bunch of old servers but no GPUs or ASIC cards.
Please make sure to check out these resources to ensure that your time at tfes.org is enjoyable and productive.

1. The Rules

2. The FAQ

3. The Wiki

You're doing God's work, junker.

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Online Hollocron

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Re: Ask Rushy about Bitcoins.
« Reply #509 on: August 24, 2017, 10:08:19 PM »
ive got a data center available if anyone wants to go in on mining

literally free energy and bandwidth

What kind of hash rate are we talking about?

At the moment, 0. I have a totally empty rack with 220V/30A power and 10Gb internal / 1Gb internet availability. I have a bunch of old servers but no GPUs or ASIC cards.

That would be interesting. A TFES mining pool. I was planning on using bitcoin from trading to buy into a pool anyway.

Re: Ask Rushy about Bitcoins.
« Reply #510 on: August 31, 2017, 03:02:41 AM »
Should I buy some bitcoin? If I do what is the best way to go about it? I could just google it but I might get scammed.

The easiest to use in my experience is Coinbase. I've heard good things about GDAX too.

If you buy bitcoin prepared to lose all of it, as in literally all of it. View it less as free money, and more like you're throwing you're money into a black hole and hoping the Void Gods send you something back.

Thnx. I guess I might try some but I won't put all my eggs in the bitcoin basket.

You may as well just buy Google shares at this point. It would be safer. And cheaper.

https://www.wsj.com/articles/cmo-today-google-issues-fraud-refunds-got-finale-fever-a-lucrative-fight-1503922854

Quote
Google has spent the past several months grappling with a brand safety problem — and now it also has a fraud problem. According to Lara’s bombshell scoop Friday, the digital search and ad giant is issuing refunds to advertisers whose ads landed on sites with fake users, bringing to light the prevalence of one of digital advertising’s biggest flaws. Google’s refunds amount to only a fraction of the cost of the ads served to invalid traffic, which has left some advertising executives unsatisfied, CMO Today reports. Google offered to reimburse its “platform fee,” which ad buyers said typically ranges from about 7% to 10% of their total purchase, and said it’s developing a tool to give advertisers more transparency around their ad buys. The news may soften the blow, but the issue of ad fraud is far from solved. “It’s not that large in terms of a percentage of what people are buying,” Scott Spencer, director of product management for Google, told CMO Today, “but it can be a little bit scary to buyers, and our goal is to remove that to improve the trust overall in the ecosystem.”

https://github.com/dhowe/AdNauseam/wiki/Install-AdNauseam-on-Chrome-Without-Google's-Permission

« Last Edit: August 31, 2017, 03:04:21 AM by disputeone »

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Online Hollocron

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Re: Ask Rushy about Bitcoins.
« Reply #511 on: September 13, 2017, 12:42:05 AM »
Oh no google is going down oh no.

Re: Ask Rushy about Bitcoins.
« Reply #512 on: September 22, 2017, 09:36:44 AM »
What profit can I get with bitcoins? I would like to hear good advice on how to do it. My buddy recommended me to read this article https://bitcoinbestbuy.com/. It's written very well and has a lot of details, so I learned a lot of new things, but I want to know the sum of money.

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Offline Pete Svarrior

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Re: Ask Rushy about Bitcoins.
« Reply #513 on: September 22, 2017, 02:01:13 PM »
What profit can I get with bitcoins? I would like to hear good advice on how to do it.
Wait until it's cheap, then buy, then wait until it's expensive and sell.
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