Bitcoin

[Stu71584]

i dont understand the purpose for bitcoin in the real world, but its sorta interesting from a currency speculation standpoint. that said eff lapyap, i only use venmo (yes i know they are owned by lapyap) but it feels simpler and has less ability to have you get screwed over as it is solely for person to person payments.

 

[Scotchman]

Sorry for ruining your plan bro

Well, there was no "plan," other than spreading knowledge, which I think I've done. But before patting yourself on the back, maybe take some notes from the posts I've conveniently quoted for you below of people who introduced valid criticisms instead of just trolling presumably for their own selfish enjoyment.

You can try to create this strawman argument that I'm recruiting for some kind of, I don't even know? But I'll trust that anyone who actually reads what I posted will conclude that the only result will be a new program on their computer, and being $0.05 richer.

Talking to you has been a treat.

I've used lapyap for hundreds of purchases/sales (unrelated to cigars) for the last 10 years, if you don't add a note to the transaction making mention of what the item is how are they able to know that you're violating any of their policies while using their service?

Have they addressed the volatility issues of bitcoin? If I get $10 worth of bitcoin for cigars I sell today am I sure I will be able to buy $10 worth of product in the future? How is it pegged to the dollar and other currencies. Does it have an exchange rate or at least a subjective way to translate the value of bitcoin into government currency. I can see how it would be a benefit among friends basically using "clams or tokens" to keep track of their trades among themselves but what happens when the landlord asks for their rent and all you have is clams?

I’ve got no love for PP as they tried really hard to screw me a number of years ago and subsequently blacklisted me. That being said, I’ll use Venmo or Zelle in a heartbeat before going through the hassle of bitcoin. I just want easy...if I have to pay 2% for convince so be it.

 

[Scotchman]

i dont understand the purpose for bitcoin in the real world, but its sorta interesting from a currency speculation standpoint. that said eff lapyap, i only use venmo (yes i know they are owned by lapyap) but it feels simpler and has less ability to have you get screwed over as it is solely for person to person payments.

Happy to talk about that if you are interested, I listed a couple of the purposes earlier in the thread, but there are some really neat use cases. It is used a lot by migrant workers who want to send money home to their families in other countries. It is far cheaper than a Western Union or similar type of service. There are also potential uses for cheaply sending very small amounts of money instantly, which would be prohibitively expensive and take too long for fiat. One example would be instead of watching an ad before a video, or in a mobile game, you can click a button to send a penny or less to skip the ad. The value is there for you, its less than a penny, but the service provider collecting millions of pennies a day also succeeds.

These are just two uses, one happening today and one hypothetical. There is a lot of possibility. It is truly the Internet of money and it is still in its infancy.

 

[VeLoRoK]

Don't take it personal @Scotchman Chuck gonna Chuck. His MOS was bridge troll in the jarheads I mean Marines.

 

[ChuckMejia]

I don't hate lapyap, I've never had a problem with them directly.

Hehehe

 

[ChuckMejia]

I’m on my way home right now tho.... this crypto sham will have to wait.

Anybody up for some 1v1 tilted towers? No loot taking or spawn camping tho

Add me username @chuckruinedyourday

 

[xFreebirdx]

Oh you guys. I was all ready to let this go, and then you guys go and throw a bunch of patently false statements out there as fact. I'm not going to change your minds, I accept that, but what about the people reading, and not posting, today and in the future? I can't just let this stuff sit here going uncorrected. It's probably a personality flaw of mine.

• Bitcoin is not mined on GPUs. Other crypto is. $200 billion dollars is a lot to invest to sell some graphics cards.

It IS mined by the math co-processor in GPUs. Maybe not by you but the people who know do.

https://en.bitcoin.it/wiki/Why_a_GPU_mines_faster_than_a_CPU



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[Scotchman]

It IS mined by the math co-processor in GPUs. Maybe not by you but the people who know do.

https://en.bitcoin.it/wiki/Why_a_GPU_mines_faster_than_a_CPU



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This page was last edited on 8 January 2013, at 16:05.

Your information is heavily dated. The best GPU will earn pennies a year of Bitcoin. Bitcoin is mined on ASICs, dedicated hardware that is optimized to compute SHA-256 hashes, and nothing else. It was mined on GPUs years ago, and CPUs years before that.

 

[xFreebirdx]

Oh shit that guy said its a fad. Fuck. I guess $200 Billion dollars is wrong.

Let's name some other fads that were worth $200 Billion dollars, at any point. You go first.

AOL
Beta max
Maybe not 200 billion but comparable by their decade

Bit coin vault GOX goes Belly-up After Losing A Billion Dollars Without Noticing. <<<<<<< I guess that's chump change.




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[Scotchman]

AOL
Beta max
Maybe not 200 billion but comparable by their decade

Bit coin vault GOX goes Belly-up After Losing A Billion Dollars Without Noticing. <<<<<<< I guess that's chump change.




.

Sigh. Ok let's break this down.

We are talking about technologies (home movies, cryptocurrency). $200 Billion is the market cap of all cryptocurrency, not one coin. Beta Max was a competitor to VHS, which DID stick around. The home movie technology succeeded. Bitcoin may fail, but if Ethereum, or Litecoin, succeeds, cryptocurrency would have succeeded. So no points on this one (close but no cigar? Can we say that here? )

AOL was a business related to the Internet. It failed, the Internet succeeded.

Also, the original premise was fads, not individual companies within a space. You would be arguing that home movies and the Internet were fads, here.

Mt Gox (and a bunch of other exchanges and Bitcoin-related businesses) have failed. Continuing the analogy, this would be like saying Speed 2: Cruise Control was a failure of a movie, so VHS failed as a technology. Just because a business that gets involved in Bitcoin fails, does not mean that Bitcoin failed. And again, cryptocurrency as a whole.

 

[xFreebirdx]

Your information is heavily dated. The best GPU will earn pennies a year of Bitcoin. Bitcoin is mined on ASICs, dedicated hardware that is optimized to compute SHA-256 hashes, and nothing else. It was mined on GPUs years ago, and CPUs years before that.

The bit coin masses are still using more GPUs

https://itsblockchain.com/asic-vs-gpu/
October 13, 2017
Despite GPUs comparatively slower speed, they are highly sought after. Financial affordability is a direct factor for it, but indirect financial advantages are also high for them. GPUs have a big market, high resale value and a three-years warranty period. This makes using and reselling them more affordable. Programmers usually buy and use GPUs in the initial years to recover its cost and make profits, and before the guarantee period ends, they resell it. In contrast, ASICs only have a guarantee period of three months and have lower demand. GPUs have high demand due to their multi-purpose tasks. ASICs solely exist for Bitcoin and thus generates less demand and makes reselling difficult.

ASIC’s mining power usage is more than GPU, which makes mining via ASIC costly. ASIC miners are known to be notoriously noisy due to loud sounds produced by its fan. They create too much heat and require a cooling system. So, they are difficult to handle. More importantly, upgrading chips, which is essential to improve mining, is constantly getting difficult. While Graphic cards easily get updated, ASICs require a whole new computer to be upgraded, which is generally not feasible. In the worst case scenario, if the difficulty increases beyond a certain point, the ASICs completely become useless due to their single-dimensional usage.



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[Scotchman]

The bit coin masses are still using more GPUs

https://itsblockchain.com/asic-vs-gpu/
October 13, 2017
Despite GPUs comparatively slower speed, they are highly sought after. Financial affordability is a direct factor for it, but indirect financial advantages are also high for them. GPUs have a big market, high resale value and a three-years warranty period. This makes using and reselling them more affordable. Programmers usually buy and use GPUs in the initial years to recover its cost and make profits, and before the guarantee period ends, they resell it. In contrast, ASICs only have a guarantee period of three months and have lower demand. GPUs have high demand due to their multi-purpose tasks. ASICs solely exist for Bitcoin and thus generates less demand and makes reselling difficult.

ASIC’s mining power usage is more than GPU, which makes mining via ASIC costly. ASIC miners are known to be notoriously noisy due to loud sounds produced by its fan. They create too much heat and require a cooling system. So, they are difficult to handle. More importantly, upgrading chips, which is essential to improve mining, is constantly getting difficult. While Graphic cards easily get updated, ASICs require a whole new computer to be upgraded, which is generally not feasible. In the worst case scenario, if the difficulty increases beyond a certain point, the ASICs completely become useless due to their single-dimensional usage.



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This is a very quickly moving space. GPUs are NOT power efficient or cost efficient for mining Bitcoin. I can get out a calculator and show you what they produce, but they work in the order of Megahashes (million hashes per second), while modern ASICs operate in the order of Terahashes (trillion hashes per second). They are not that different in price, an Antminer S9 can be had for $300 on eBay and does 13.5TH/s. The best GPUs are going to do less than a couple hundred megahashes.

The person writing this article may be correct that more people are running GPUs than ASICs (I don't know, I'd be surprised though), but I would bet a Bitcoin that the total hashing power of the network is 95% or more ASICs. There aren't enough GPUs in the world to make up for the order of magnitude difference in capability.

To illustrate the point of how quickly this moves, in the beginning of 2013, the entire hashing power of the entire Bitcoin network world wide was 26TH/s, which is equivalent to two of these now outdated Antminer S9s you can get for $300 each. Source: https://www.blockchain.com/charts/hash-rate

But why are we even arguing about this. Your original point was Bitcoin is a fad to promote the sale of GPUs. Instead of defending GPUs for mining Bitcoin, which is a provably losing argument, why not just pivot to "Bitcoin is a fad to promote the sale of dedicated ASIC mining equipment that can't be used for anything other than mining Bitcoin". That would be a point I would surrender to you.

You can have that one for free

PS
I'll also add that GPUs are extremely sought after for mining other coins. Most non-Bitcoin coins purposefully use mining algorithms that are ASIC-resistant to avoid the situation Bitcoin is in where all the mining requires dedicated investment in hardware. So much so that AMD and Nvidia both produce GPUs specifically designed for mining now. But we are talking about Bitcoin, and so none of this applies here. If you wanted to argue that altcoins are a fad, we might have a lot to agree on

 

[xFreebirdx]

Dude you can tap dance all around this all you want. Talk about all the bells and whistles, show how shiny and cool it is.
But it seems to me, that in this forum in this decade. You have a better chance at selling beach front property in the Florida pan handle today.

 

[Scotchman]

I completely agree

The only reason I'm still replying is to correct incorrect statements people are making. You believe X, and Chuck may believe Y, but at some point, now or years from now, someone might read this to learn and form an opinion, and I don't want uncorrected misinformation here. Read you loud and clear on this not being the right audience for this in 2018.

I am not trying to sell this as much as I want to present a clear picture for the reader to decide. Whether you like it or not, you are all going to be using some form of this technology some day, if you live long enough. It is not a fad, I think I can pretty conclusively show that, and have. There are lots of arguments you could make that can't be readily defeated, and if you made one, I might want to discuss it, but I would accept it. The things I'm correcting here are not debatable.

 

[Merovius]

I’m a very likable person.

I sure like you Chuck

Chuck's ok, tolerable comes to mind.

@Scotchman Dont feed the trolls.

I too wish Bitcoin was more widely accepted; Ive found several instances where it was & would have been preferred over archaic banking and transfer methods. I also had the good fortune of buying quite a lot of it in April '17 when it was under $1200. It ripped then dove. Its volatility is a huge turn off for people. If youre going to have a serious conversation with people about converting it will be one that is centered around convincing them to take on a high level of risk. Obviously an outlier but look what happened to the price in 24 hours yesterday.

 

[xFreebirdx]

Chuck's ok, tolerable comes to mind.

@Scotchman Dont feed the trolls.

I too wish Bitcoin was more widely accepted; Ive found several instances where it was & would have been preferred over archaic banking and transfer methods. I also had the good fortune of buying quite a lot of it in April '17 when it was under $1200. It ripped then dove. Its volatility is a huge turn off for people. If youre going to have a serious conversation with people about converting it will be one that is centered around convincing them to take on a high level of risk. Obviously an outlier but look what happened to the price in 24 hours yesterday.

Ummm don't call me a troll. Ever.

 

[ChuckMejia]

Ummm don't call me a troll. Ever.

Troll

 

[Cigary43]

One who posts last on Bitcoin.......wins!

I prefer to use my Travel Credit Card and get 7 points per dollar and then get free vacations like the one Im using in Key West for 5 nights at the Hilton...5 nights would usually be over $1000 but mine will be free....my Rental Car ( Mercedes Benz.....free with points ) and $200 in free meals courtesy Hilton Points....pretty sure that beats Bitcoin!

 

[ChuckMejia]

One who posts last on Bitcoin.......wins!

I prefer to use my Travel Credit Card and get 7 points per dollar and then get free vacations like the one Im using in Key West for 5 nights at the Hilton...5 nights would usually be over $1000 but mine will be free....my Rental Car ( Mercedes Benz.....free with points ) and $200 in free meals courtesy Hilton Points....pretty sure that beats Bitcoin!

They just implemented a smoke free facility policy.

Enjoy

 

[ofmic3andm3n]

Pokémon

Lulz

https://variety.com/2018/gaming/news/pokemon-go-2-years-1-billion-1202867409/