1 BTC = $8.2k, it’s up 735% this yr UPDATE 5/19: BTC @ $42k :damn:

[Ozymandeas]

@heisenburrr You dense as fukk I already explained in great detail. You responded with nonsense.

@Eternal Tecate I feel like I’m in the twilight zone here. I shouldn’t have to keep explaining something that’s easily understandable. If the Bitcoin network can’t run without miners, and mining coalesces around wealthy groups who can afford to run massive server farms, then how is power not being consolidated amongst them? This is 4th grade math. @heisenburrr going on and on about why would they do this, why would they do that and that would never happen is irrelevant and beside the point. My point is you have a bunch of nameless shadowy groups maintaining the infrastructure Bitcoin runs on. Thats not decentralization and we don’t know what the long term implications are. There’s nothing to argue. It’s a verifiable fact.

 

[heisenburrr]

@heisenburrr You dense as fukk I already explained in great detail. You responded with nonsense.

@Eternal Tecate I feel like I’m in the twilight zone here. I shouldn’t have to keep explaining something that’s easily understandable. If the Bitcoin network can’t run without miners, and mining coalesces around wealthy groups who can afford to run massive server farms, then how is power not being consolidated amongst them? This is 4th grade math. @heisenburrr going on and on about why would they do this, why would they do that and that would never happen is irrelevant and beside the point. My point is you have a bunch of nameless shadowy groups maintaining the infrastructure Bitcoin runs on. Thats not decentralization and we don’t know what the long term implications are. There’s nothing to argue. It’s a verifiable fact.

Miners are a transaction processing service. You've continuously failed to explain what they control and how they exert that control over Bitcoin.

Users have the nuke option of changing the protocol's hashing algorithm effectively bricking all miners investment.

Does the cashier control Starbucks because he processes my transaction?

In 2017 miners tried to go against users and refused to implement a protocol change. Users upgraded to a new version of the protocol that would effectively kick off the network any miner who didn't construct compliant blocks. Miners folded because their business was threatened and users got the upgrade they wanted

Miners collectively make $23M a day right now. That bounty is available to any miner who follow rules and order transactions into blocks accordingly.

If the "shadowy groups" were to turn malicious what would they do exactly? Again, how do they exert control?

Tell me how miners control anything. You know so very little

 

[Ozymandeas]

Miners are a transaction processing service. You've continuously failed to explain what they control and how they exert that control over Bitcoin.

Users have the nuke option of changing the protocol's hashing algorithm effectively bricking all miners investment.

Does the cashier control Starbucks because he processes my transaction?

In 2017 miners tried to go against users and refused to implement a protocol change. Users upgraded to a new version of the protocol that would effectively kick off the network any miner who didn't construct compliant blocks. Miners folded because their business was threatened and users got the upgrade they wanted

Tell me how miners control anything. You know so very little

You lack basic understanding of economics, human nature and with every post I read, crypto too. You talk about miners likes it’s millions of them and not a handful of large groups. Who the fukk do you think are processing these transactions? Where do you think the money comes from to do this? Have you never asked yourself that?

at the bolded. I don’t even know if I should respond anymore after that. It’s more akin to hackers running the VISA and MasterCard networks your credit card transactions run on. If it ever becomes advantageous, only a few of these miners would have to combine to have enough power to attack the network. This is a fact. You know it’s a fact. Everyone involved in crypto knows it’s a fact. We really have nothing to talk about. I don’t know why you keep responding

 

[the bossman]

more like fractional selling. I didn't know if once you hit whatever the 1 coin equivalent in value is it didn't consolidate into 1 share that couldn't be sold in fractions. I'm pretty sure you can sell but didn't want to make assumptions and don't even know how to begin wording that search in google to find my answer lol

Yes. It's better to look at your total in terms of the most basic unit of BTC (Satoshis). So you'd have 100 million Satoshis if you have 1 BTC.

You could send 1 million Satoshis(0.01 BTC) to someone and still have 99 million left (0.99 BTC)

 

[heisenburrr]

You lack basic understanding of economics, human nature and with every post I read, crypto too. You talk about miners likes it’s millions of them and not a handful of large groups. Who the fukk do you think are processing these transactions? Where do you think the money comes from to do this? Have you never asked yourself that?

at the bolded. I don’t even know if I should respond anymore after that. It’s more akin to hackers running the VISA and MasterCard networks your credit card transactions run on. If it ever becomes advantageous, only a few of these miners would have to combine to have enough power to attack the network. This is a fact. You know it’s a fact. Everyone involved in crypto knows it’s a fact. We really have nothing to talk about. I don’t know why you keep responding

1. You are confusing pools with miners
2. You admit they control nothing
3. You dont understand incentives.

I think we are done here

 

[bammtronics]

Since I just got to a computer might as well sort through this hot confused mess for everyone who cares.

>Vulnerable to professional hacks. If someone could gain 51% of the computing power, they can hack the entire system.

Miners can only double-spend transactions meaning you are at risk if you accept large transactions from a would-be miner entity who could potentially defraud you by rewinding the transaction and essentially getting the coins back. They cannot rewind any random transaction and send funds to themselves. That does not mean in any way that they "can hack the entire system". The cornerstone of the Bitcoin security model is the incentive for miners to continue mining rationally because that is the most profitable behavior for them. This is game theory and economics. To rewrite older transactions they'd have to maintain 51% over a long period of time which, at this point in the game, is just not happening.

>meaning there could be a handful of unsavory wealthy individuals who essentially control this internet money supply.

Miners do not control Bitcoin nor can they control the supply even if one person was to own 100% of the hashing power. Economic nodes decide the rules of the protocol and miners are paid to follow them.

>Tied to the electrical grid.

If electric grid goes down then everything is at risk. Bitcoin is not alone. Guns, bullets, food sure. Gold market would crater as well because it is highly reliant on global institutions nowadays so it wouldn't be much of a reliable option anyway.

sooo tldr Miners are on a leash. Bitcoin users pay them for their service and if they try to attack the hand that feeds them they'll just ruin themselves. The system is well designed to prevent that and it has worked superbly in practice for the last 10 yeras

Are you Eli?

 

[Ozymandeas]

1. You are confusing pools with miners
2. You admit they control nothing
3. You dont understand incentives.

I think we are done here

No fukking shyt, I only said so a hundred times I’m talking about the highest levels. Who else can afford a 80,000 square foot warehouse you dingbat. You keep trying to sound smart writing the most inane responses. We are done here.

 

[dterpsss]

Don’t sleep.

I hope yall didnt fall asleep , we are at 26K now and eth pushing for 750

 

[heisenburrr]

Don't be left holding the bag once Coinbase also delists them...

 

[ISO]

Threw in $100 cash today fukk it

 

[heisenburrr]

Ok breh. Let it be fugazi then. Am I paying you to give me financial advice? No... get off my dikk nikka.

All my crypto investments are up. As I said, xrp is a low risk move for me as I invested at $.18 not ath like some other did.

Maybe consider getting out while you still can

 

[heisenburrr]

Maybe consider getting out while you still can

For posterity sake I should say I wouldn't be surprised if this shyt beat the odds and rebound because you can never underestimate how irrational and dumb the crypto market can be but if trading is your thing it's probably worth moving to the sidelines while the dust settle at risk of re-entering a little higher

 

[old pig]

Maybe consider getting out while you still can

“buy the dip!”

I know there are dumbasses spread across slack/telegram/discord saying that retarded ass shyt

 

[---]

Maybe consider getting out while you still can

God Damn, when the SEC just mentions crypto or people involved in the Crypto space it is game over them.

Arthur Hayes
XRP


The messed up thing is XRP was overly compliant as well! No crypto organization will as much as a sniff American customers.

Coinbase is next mark my words.

 

[Supa]

Threw in $100 cash today fukk it

100 on what?