The Bitcoin Thread

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biometrics said:
No, just overvalued. A lot of it is trash.
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All crappy coins aside, referring now to the real deal.

Specifically the idea behind this, Bitcoin will be replaced and its replacement will be replaced, but the idea behind cryptocurrencies do you think that is a fad?
 
Thor said:
All crappy coins aside, referring now to the real deal.

Specifically the idea behind this, Bitcoin will be replaced and its replacement will be replaced, but the idea behind cryptocurrencies do you think that is a fad?
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I don't see bitcoin being replaced, to be honest. The fad is the sudden interest in making big profits quickly through short term trading of crypto-currencies, most of which are basically inherently worthless.
 
biometrics said:
No, just overvalued. A lot of it is trash.
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A LOT of them are trash indeed. I invested R10k into a s£€ty coin named DMB. It's now worth R400, lol. I'm glad I went through that.

I hope you're not one of those people who wait for the green light from Warren Buffet or Business Day newspaper before you partake in cryptocurrenies.
 
Sly21C said:
A LOT of them are trash indeed. I invested R10k into a s£€ty coin named DMB. It's now worth R400, lol. I'm glad I went through that.

I hope you're not one of those people who wait for the green light from Warren Buffet or Business Day newspaper before you partake in cryptocurrenies.
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How'd your Coinye investment go? Dogecoin? ****coin? T1tcoin? etc. etc.

IMO what the system lacks right now is a human friendly interface for transfer. I mean, I get that the address has to be unique and all, but a shorter address coupled with a second or maybe third vector, such as the recipient's email address and their own unique code for the address would be more helpful. It's the difference between being able to dictate someone's physical address and postal code vs their GPS co-ordinates over the phone... I know which is likely to be more accurate.
Until that is resolved, the system will remain a geek / millennial and later friendly offering.
 
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Sabre Wulf said:
How'd your Coinye investment go? Dogecoin? ****coin? T1tcoin? etc. etc.

IMO what the system lacks right now is a human friendly interface for transfer. I mean, I get that the address has to be unique and all, but a shorter address coupled with a second or maybe third vector, such as the recipient's email address and their own unique code for the address would be more helpful. It's the difference between being able to dictate someone's physical address and postal code vs their GPS co-ordinates over the phone... I know which is likely to be more accurate.
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Lol! You're mistaking me for someone else, I never invested in any of the coins you listed.
 
Sabre Wulf said:
How'd your Coinye investment go? Dogecoin? ****coin? T1tcoin? etc. etc.

IMO what the system lacks right now is a human friendly interface for transfer. I mean, I get that the address has to be unique and all, but a shorter address coupled with a second or maybe third vector, such as the recipient's email address and their own unique code for the address would be more helpful. It's the difference between being able to dictate someone's physical address and postal code vs their GPS co-ordinates over the phone... I know which is likely to be more accurate.
Until that is resolved, the system will remain a geek / millennial and later friendly offering.
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Not only does it have to be unique, but it has to fulfill certain requirements. When creating a bitcoin address, a 256bit random number is generated. This becomes your private key. This is then applied to the RSA algorithm which generates your public key. Your public key is then hashed twice, a (zero value) byte is added and then it is hashed again. The 1st 32 bits of this last hash is added as a checksum, and the whole string is converted to base58.
You sign a transaction with your private key, and provide your public key. The miner which verifies the transaction can also verify that the public key is linked to your bitcoin address.

TL;DR: It is not possible to choose a bitcoin address - you can only choose a private key, and from that your public key and bitcoin address is derived.
 
Sly21C said:
Lol! You're mistaking me for someone else, I never invested in any of the coins you listed.
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Sure, just pointing out what's already been said. Lots of fly-by-nights and get rich quick attempts. It stands to reason given the movement in the markets.
 
balky said:
Not only does it have to be unique, but it has to fulfill certain requirements. When creating a bitcoin address, a 256bit random number is generated. This becomes your private key. This is then applied to the RSA algorithm which generates your public key. Your public key is then hashed twice, a (zero value) byte is added and then it is hashed again. The 1st 32 bits of this last hash is added as a checksum, and the whole string is converted to base58.
You sign a transaction with your private key, and provide your public key. The miner which verifies the transaction can also verify that the public key is linked to your bitcoin address.

TL;DR: It is not possible to choose a bitcoin address - you can only choose a private key, and from that your public key and bitcoin address is derived.
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Sure, but you can use the blockchain to store user defined vectors along side the unique key to give you a unique way of identifying an address by the vectors. It's a great practical application of blockchain technology.
 
Thor said:
Common sense needs to be applied.
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Your common sense is not my common sense. No offense, just saying it's not always as common as we assume.
Tell me, what's wrong with the Electron Cash Wallet (just one example in an entire ecosystem)?
How much do you know about Eth? What would happen to your cash if Vitali copped it tomorrow?
All I'm saying is these aren't well established organizations by a long shot and some are being run by people with little business experience, especially at the scale that so many of these projects are ascending to. Do they have safety nets - can someone else take over if they're gone? Are the legal channels in place for sustainability? I know these things aren't unique to crypto startups, it's just that the speed at which they're popping up and making money is outside the norm and untested.
 
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Thor said:
All crappy coins aside, referring now to the real deal.

Specifically the idea behind this, Bitcoin will be replaced and its replacement will be replaced, but the idea behind cryptocurrencies do you think that is a fad?
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It seems blockchain tech is here to stay though there is a lot of thrashing around trying to find uses for it.

As to cryptocurrencies, if bitcoin was like $100 I'd buy some, but that ship has sailed, so I'll pass.
 
biometrics said:
It seems blockchain tech is here to stay though there is a lot of thrashing around trying to find uses for it.

As to cryptocurrencies, if bitcoin was like $100 I'd buy some, but that ship has sailed, so I'll pass.
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...I said something similar in 2010, 2011, 2012, 2013... etc.
 
biometrics said:
I'm not into gambling.
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Do you invest at all? Scrap that question. We all gamble, we just either convince ourselves nothing will ever go wrong or we come to terms with the reality that it can. Some of us spend more time investigating the risks and some of us have more means to support risk taking... you also get those who don't count the cost and do things blindly... but we all gamble.
 
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Sabre Wulf said:
Do you invest at all? Scrap that question. We all gamble, we just either convince ourselves nothing will ever go wrong or we come to terms with the reality that it can. Some of us spend more time investigating the risks and some of us have more means to support risk taking... you also get those who don't count the cost and do things blindly... but we all gamble.
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I'm a serial entrepreneur (started five companies in 27 years) so I know all about gambling. But it's a type of gambling I'm comfortable with. Crypto currencies at the current prices, no way.
 
biometrics said:
I'm a serial entrepreneur (started five companies in 27 years) so I know all about gambling. But it's a type of gambling I'm comfortable with. Crypto currencies at the current prices, no way.
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Totally legit. Different strokes for different folks.
 
Just some food for thought. In dollar terms bitcoin is up 4X from January. From now on if it doubles every year for the next 8 years it will be worth 1 million dollars, probably about 20 million rand. If it goes up 4X per year for the next 4 years.... 1 million dollars.

I'm not saying it will go that high, it all depends where on the S-curve we are currently. The S-curve will probably flatten out long before we reach that amount.
 
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