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The Bubbly Bitcoin Thread -- Merged Threads

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5 minutes ago, markyh said:

As a crypto optimist, corrected that. If they spend that FIAT and don't buy back in lower, how will they feel when in a few years XLM is ten times what he sold for? I would be sick as a dog.

The time frame mentioned it looks like he paid around $20k for them and sold up around $1.2m  under 2 months. 

would you feel sick as a dog turning 20k to 1.2m in less than 8 weeks?? 

There are over 500 pages but what i read he is still trading daily.

 

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12 hours ago, evetsm said:

0-conf is not trustless. Period. Why bother with mining and node verification if you can have trustless 0-conf ? It makes no sense. If it were that easy then why did it take 20 years and a system  of massive mining and node verification effort to get to the point of trustless decentralization ? They could have just made a central database and called it PayPal 2.0. Until your transaction is confirmed ie. included in a block, and preferably at least 6 blocks,  it is not immune from double spend ie. inflation of the coins.  Only the brain dead  Btrash dev(singular) and his co-hort of felons could make the leap that 0-conf is secure. It's a fraud and you'd have to be a dupe to believe it's not.

Just for clarity, I agree 0-conf isn’t trustless but is good enough for small purchases like coffee if there is a very high likelihood of the transaction getting into the next block. There is a chance of double spend, but it’s a small transaction. With a credit card there’s a chance of charge back. The problem these days is how to have confidence as the receiver that it will get in a block with the way fees work.

Also to clarify, there is no inflation of the coins. Double spend means two transactions spent the same coins but only one can ever get into a block. The problem is it might not be the transaction that paid the coffee shop.

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9 hours ago, dannyf said:

Just for clarity, I agree 0-conf isn’t trustless but is good enough for small purchases like coffee if there is a very high likelihood of the transaction getting into the next block. There is a chance of double spend, but it’s a small transaction. With a credit card there’s a chance of charge back. The problem these days is how to have confidence as the receiver that it will get in a block with the way fees work.

Also to clarify, there is no inflation of the coins. Double spend means two transactions spent the same coins but only one can ever get into a block. The problem is it might not be the transaction that paid the coffee shop.

If I have $1 and spend it twice then I have created an extra dollar. It's like fractional reserve banking, you take 1 ounce of gold and create 9 ounces of paper gold. There's still only 1 ounce of gold but 9 ounces have apparently been created and spent. That's inflation.

 

In crypto it may be worse, because colluding miners can potentially create more actual coins if there is no check on them. That's the job of nodes to verify and if you cannot afford to run a node yourself then you must trust the miners.

Edited by evetsm

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9 hours ago, longgone said:

https://www.usmarshals.gov/assets/2018/marchbitcoinauction/

 seized by DEA i would imagine 

 

 

No one ever mentions this. You cant seize Bitcoin. Unless all these wallets were not encrypted with a password. or left on an exchange (no key, no coin), then the only way to get access to them is with co-operation from the Fellon. 

So i can only assume all these criminals gave up their wallet passwords in return for a reduced sentance they were happy with? I also assume Btcoin "siezed" from an exchange is via a court order for exchanges based n the USA, and they comply.

I wonder if the criminals ever do the maths to give up their Bitcoin?  So you give up your passowrd for 100 BTC gained selling drugs in 2013-15, for a 50% reduced sentance (5 years off) in 2016, thinking it cost you $20k ($200 x 100), so $4k a year. 

Then in Christmas 2017 you are in prison realising you now gave up access to $2m, so your five years ealy cost you $400k a year.

Then by the time you get out n 2021, BTC is $100k and you gave up $10m , so it cost you $2m a year. 

More money than you would have ever earned in a lifetime as a small time drug dealer.  Then you hang yourself or go nuts and shoot up a school.

If it was me i would do some math's and tell them to go shove it. unless i was walking free from a lifetme or 30 year sentance i would keep the access to the Bitcoin thanks.

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9 minutes ago, markyh said:

No one ever mentions this. You cant seize Bitcoin. Unless all these wallets were not encrypted with a password. or left on an exchange (no key, no coin), then the only way to get access to them is with co-operation from the Fellon. 

So i can only assume all these criminals gave up their wallet passwords in return for a reduced sentance they were happy with? I also assume Btcoin "siezed" from an exchange is via a court order for exchanges based n the USA, and they comply.

I wonder if the criminals ever do the maths to give up their Bitcoin?  So you give up your passowrd for 100 BTC gained selling drugs in 2013-15, for a 50% reduced sentance (5 years off) in 2016, thinking it cost you $20k ($200 x 100), so $4k a year. 

Then in Christmas 2017 you are in prison realising you now gave up access to $2m, so your five years ealy cost you $400k a year.

Then by the time you get out n 2021, BTC is $100k and you gave up $10m , so it cost you $2m a year. 

More money than you would have ever earned in a lifetime as a small time drug dealer.  Then you hang yourself or go nuts and shoot up a school.

If it was me i would do some math's and tell them to go shove it. unless i was walking free from a lifetme or 30 year sentance i would keep the access to the Bitcoin thanks.

Well as you said co-operation could result in a reduced sentence. no co-operation guarantees an increased sentence. 

They might have played a blinder, a 10 year reduction in jail time for bitcoin at today's value only for it to plummet to a few cents, still resulting in a reduced sentence. 

not that it makes any difference as i doubt the DEA will be holding onto assets they will have to sell them a bit like our police force.

DEA win every time, less costs to keep the perb housed also.   

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18 hours ago, markyh said:

As a crypto optimist, corrected that. If they spend that FIAT and don't buy back in lower, how will they feel when in a few years XLM is ten times what he sold for? I would be sick as a dog.

Yeah the 26x you replied to isn't really spectacular gains in crypto and there will always be people who got lucky going balls deep in some random alt, for every person who got lucky though there is probably 100 people who blew out. Wake me up in 5 years ... 

Edited by goldbug9999

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On 02/05/2018 at 09:48, markyh said:

Christmas coin (peaked on 25th December) after that it was on the "Verge" of collapse! 😁

I’ve done well with Verge. Bought some too early, but then bought a lot more for $0.022 which I sold in the day the mystery partner was announced.

Also doing well on Bytecoin, which cost me $0.0018 or something like that.

My current recovery play is Bitcoin Private. This was being dumped massively following forked coins being offloaded - I got in few days back when I got in on the LTC pairing for $30.

Once each of them quadruples, I  then switch  into XRP. 

Edited by Mikhail Liebenstein

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1 hour ago, Mikhail Liebenstein said:

I’ve done well with Verge. Bought some too early, but then bought a lot more for $0.022 which I sold in the day the mystery partner was announced.

Also doing well on Bytecoin, which cost me $0.0018 or something like that.

My current recovery play is Bitcoin Private. This was being dumped massively following forked coins being offloaded - I got in few days back when I got in on the LTC pairing for $30.

Once each of them quadruples, I  then switch  into XRP. 

Well done. I haven't yet claimed any bitcoin or litecoin or Ethereum forks since Bitcoin cash, so have several to claim. As everything has been on Ledger Nano S since January it's not so easy but there are ways I think. 

Bitcoin Gold, Bitcoin Diamond, Bitcoin Private, Litecoin Cash, the Ether one (I forget). Need to claim them all but I think I will wait for a BTC recovery past previous highs to bother then look to sell them.

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price is looking good, mining is very profitable also. 

I suspect we may get some smallish falls for a while and then the price may carry on, wonder how long it will take until it gets overheated and the hype starts again into another bull blown bubble.

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22 minutes ago, jiltedjen said:

price is looking good, mining is very profitable also. 

I suspect we may get some smallish falls for a while and then the price may carry on, wonder how long it will take until it gets overheated and the hype starts again into another bull blown bubble.

Yep i'm back to $100 per week mining gross profit for this week. Slap your wrists, there was no "bubble". BTC was just overbought through FOMO  November / December and corrected. £10k should have been the normal high price for 2017, then a pull back then a recovery to new highs, and we are testing $10k again so about on track where we would have been without all the FOMO panic buyers who got burned.

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2 hours ago, markyh said:

Well done. I haven't yet claimed any bitcoin or litecoin or Ethereum forks since Bitcoin cash, so have several to claim. As everything has been on Ledger Nano S since January it's not so easy but there are ways I think. 

Bitcoin Gold, Bitcoin Diamond, Bitcoin Private, Litecoin Cash, the Ether one (I forget). Need to claim them all but I think I will wait for a BTC recovery past previous highs to bother then look to sell them.

Don't you just need to use the same private, albeit some may need format converting.

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43 minutes ago, markyh said:

Yep i'm back to $100 per week mining gross profit for this week. Slap your wrists, there was no "bubble". BTC was just overbought through FOMO  November / December and corrected. £10k should have been the normal high price for 2017, then a pull back then a recovery to new highs, and we are testing $10k again so about on track where we would have been without all the FOMO panic buyers who got burned.

What are you mining with?

Antminer?   How many are you using?

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9 hours ago, Mikhail Liebenstein said:

What are you mining with?

Antminer?   How many are you using?

GPU rig Built in Feb, specs are on here somewhere from back then. Don't mine BTC direct but get paid in BTC via Nicehash.

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4 hours ago, markyh said:

GPU rig Built in Feb, specs are on here somewhere from back then. Don't mine BTC direct but get paid in BTC via Nicehash.

could a portable mining rig be built so i could take advantage of free leccy. 

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2 hours ago, longgone said:

could a portable mining rig be built so i could take advantage of free leccy. 

yes a load of low profile cards in a suitcase.

nothing too powerful or you could kill the plug socket your connected to.

not really worth the few £ you make lugging it around. 

university students with free electric do run rigs but i think that golden age is coming to an end as its becoming more well known

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4 hours ago, longgone said:

could a portable mining rig be built so i could take advantage of free leccy. 

Define "portable" ? Hand portable? Incogneto portable as jiltedjen suggests?   My home made mining rig with ATX mobo, five cards, SSD and 1500w PSU is all contained within a 50cm x 30cm x 30cm aluminium angle constructed frame. 

You could easily move it in a sturdy cardboard box, probably weighs around 10kg. But you need a screen, keyboard and mouse too to set it running. One mining they don't have to remain plugged in.

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2 hours ago, markyh said:

Define "portable" ? Hand portable? Incogneto portable as jiltedjen suggests?   My home made mining rig with ATX mobo, five cards, SSD and 1500w PSU is all contained within a 50cm x 30cm x 30cm aluminium angle constructed frame. 

You could easily move it in a sturdy cardboard box, probably weighs around 10kg. But you need a screen, keyboard and mouse too to set it running. One mining they don't have to remain plugged in.

Something more powerful than a laptop but not much bigger. 

Pretty sure I could build something.

No screen needed I could remote into the unit from my phone once the software has been tinkered with.  I guess a matx system could be built 

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you can get 6 or 12 inch mini HDMI and USB powered touch screens as used with rasp pi's, useful to see the screen so you can at least get it onto the local wifi (or you cant remote in anyway)

but anything small and quite enough to take to say a coffee shop, and be able to mine without blowing the socket up or causing a fire, wont really be powerful enough to mine anything worth while.

You buy £10 coffee and thats like a days worth of mining. 

people have been fired from jobs from hiding rigs at work.


 

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56 minutes ago, longgone said:

Something more powerful than a laptop but not much bigger. 

Pretty sure I could build something.

No screen needed I could remote into the unit from my phone once the software has been tinkered with.  I guess a matx system could be built 

You want laptop sized tech at desktop sized power. Not possible. Even a GTX 1080ti powered Alienware Laptop woul only make you £2-£3 a day gross profit and would most likely fall over every few hours from overheating. 

You have to appreciate GPU on mining rigs are running 100% flat out use 24/7/365 so the cooling fans are often running at 75% speed or higher. I have additional 100mm fans blowing cold air at the GPU and a 12" 240v desktop fan blowing full speed at the whole rig, and my rigs temps still run in the mid to high 60 degrees, sometimes low 70's.

What you need is a small USB ASIC but they were invented back in 2013/14 for Bitcoin and you had to be a first adoptor to get an ROI within a few months back then. These days they will make pennies of BTC a month and cost more in leccy to run then the mine.

You also have to know that most new Altcoins where specially designed to be ASIC proof by having dynamic difficulty adjustment every 5 mins to 1 hour. This way any massive amount of dedicated powerful hashpower optimised for an Altcoin just causes the difficulty to adjust up and up and up within hours until the ASIC no longer can make a profit. 

Most of the Altcoin market wants GPU miners decentralised all over the world providing their hashpower and running their transactions so they are designed to be ASIC proof with dynamic difficulty. I'm sure some Altcoins have Forked from their launch code because ASIC raped them so they changed to code to make them ASIC proof, got the backing of the majority GPU miners and left the ASIC miners in te shit on a fork where the old coin wasn't the main fork anymore and therefore a pile of worthless junk no one wants to buy.

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Also no one serious mines over wifi. If you are serois and want minimal downtime you connect via a Lan and CAT5/6 cable, maybe network switch. 

My Rig is in my garage on a network switch feed from a 20m Cat6 weatherproof cable that goes from my modem Router in my man cave, through the wall, down the drive to the garage and to the 5 port network switch to the rig. in three months never had any downtime due to failed internet connection, and i'm only on SKY fibre unlimited.

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mines been stable over wifi, but i dont risk mining when im away at work dont want to burn the place down if i have done something wrong. Nice that nicehash payments have been held and now worth quite a bit.

aparently equihash is having a new ASIC which is a shame as its one of the main things i mine although cryptonightV7 is still great.

even in my short time mining for a few months you can see how suddenly things can change. It's nicely profitable at the moment and thankfully im finding the heat is not bothering me at all, i thought i would reach this time of year and be turning off.

i personally see the bitcoin price at the moment as just part of a longer correction, but its nice to see it higher for a bit. Really we need to see it break out of that longer falling channel and carry on upwards to break the 2013 shape we seem to be seeing right now.

feeling its 50/50, the hype the recent bubble caused might have finally given bitcoin true escape momentum, but we could still be waiting until 2020 for £50/60k a bitcoin. Apart from mining and holding thats it for me, for everyone who doesn't own any its worth having a small punt of a tiny % of your net worth.

 

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