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Originally Posted by ragh_bhushan
(Post 4348945)
What currency or assets can be used to finance illegitimate activities? :deadhorse |
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Originally Posted by Rachit.K.Dogra
(Post 4348914)
As most people, I did some reading around this topic as well. My colleague got very pumped up and started following this concept a lot and eventually I took interest as well. However, there one thing which I am not able to understand. What complex problems are miners solving to mine a coin? What are these huge complex problems that need so much processing power? Who comes up with these problems? Are these problems of any significance to common man? Like maybe feather forecasting calculations? Rachit |
| Bitcoin has spectacularly 'died' several times 📉 - 94% June-November 2011 from $32 to $2 because of MtGox hack 📉 - 36% June 2012 from $7 to $4 Linod hack 📉 - 79% April 2013 from $266 to $54. MTGox stopped trading 📉 - 87% from $1166 to $170 November 2013 to January 2015 📉 - 49% Feb 2014 MTGox tanks 📉 - 40% September 2017 from $5000 to $2972 China ban 📉 - 55% January 2018 Bitcoin ban FUD. from $19000 to 8500 I've held through all the crashes. Who's laughing now? Not the panic sellers. Market is all about moving money from impatient to the patient. You see crash, I see opportunity. You - OMG Bitcoin is crashing, I gotta sell! Me - OMG Bitcoin is criminally undervalued, I gotta buy! N.B. Word to the wise for new investors. What I've learned over 7 years is that whenever it crashes spectacularly, the bounce is twice as impactful and record-setting. I can't predict the bottom but I can assure you that it WILL hit 19k and go further beyond, as hard as it may be for a lot of folks to believe right at this moment if you haven't been through it before. When Bitcoin was at ATH little over a month ago, people were saying, 'it's too pricey now, I can't buy'. Well, here's your chance at almost 60% discount! With growing main net adoption of LN, Bitcoin underlying value is greater than it was when it was valued 19k. |
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Originally Posted by Rachit.K.Dogra
(Post 4348914)
However, there one thing which I am not able to understand. What complex problems are miners solving to mine a coin? What are these huge complex problems that need so much processing power? Who comes up with these problems? Are these problems of any significance to common man? Like maybe feather forecasting calculations? Rachit |
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Originally Posted by ragh_bhushan
(Post 4349641)
Quoting reddit here: Bitcoin has spectacularly 'died' several times. Bitcoin is trading at $9,052 at the time of writing this after having plummeted to $7,600 4 hours ago. (More than 60% from the high) |
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Originally Posted by ragh_bhushan
(Post 4345108)
I agree with you that gold can be used as currency if required. So what is Bitcoin really? Digital gold perhaps? |
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Originally Posted by Samurai
(Post 4355306)
Jordan Belfort, on whom the movie Wolf of Wallstreet was made, says botcoin will crash soon. I guess we can all agree he knows a thing or two about trading and manipulation. |
| At the peak of the meme's popularity near the tail end of 2013, Palmer, an Australian marketer for one of the world's largest tech companies, made a joke combining two of the internet's most talked-about topics: cryptocurrency and Doge. It was a joke taking aim at the bizarre world of crypto and bitcoin's multiple derivatives. "Investing in Dogecoin," Palmer tweeted, "pretty sure it's the next big thing." The tweet got a lot of attention. For laughs, Palmer decided to keep the joke going. He bought the Dogecoin.com domain and uploaded a photoshopped Shibe on a coin. |
| He decided to take a weekend and do something weird. He tried to create his own cryptocurrency for "sillies," as he put it. Bells wasn't meant to be serious, it was a digital currency based on a video game about animals who live in a village and go fishing together. The cryptocurrency community didn't really get the joke. "People were just trashing it," laughs Markus, who quickly discovered there was very little crossover between crypto-obsessives and gamers. "I was like alright, I retire," says Markus. "I don't need to do this anymore." |
| "Dogecoin," says Markus, "from 'that seems like it's funny' to actually doing it, took about three hours. It's almost trivial to create a new cryptocurrency." It was a find-and-replace job. Ctrl+F 'Bitcoin,' replace with 'Dogecoin.' Markus freely admits to finding large chunks of bitcoin's source code completely incomprehensible, but knew enough to change a few core elements for Dogecoin. For example, Markus created 100 billion dogecoins (as opposed to bitcoin's 21 million) and made them easier to mine. (Dogecoin is already close to being mined out, while bitcoin's final coin will be mined in 2140.) He changed the font (to comic sans of course) and changed every mention of the word 'mine' to 'dig' (because dogs don't mine, they dig...). And then, during his lunch break, Markus set Dogecoin live. But Markus and Palmer didn't premine any Dogecoin. Because they weren't serious about launching a cryptocurrency. "We thought it was this big joke that would die off," laughs Palmer. And according to Markus, Palmer wasn't even sure how to mine a cryptocurrency. |
| Reddit was almost certainly the main driver in Dogecoin's rapid rise to crypto stardom. The Dogecoin subreddit exploded almost immediately, and with that explosion came the infrastructure any cryptocurrency needs if it is to become successful: mining pools, services. "It was moving at light speed," explains Markus. "Within minutes we were like, 'Wow, this is way out of our control." But it was the Reddit "tipping bot" that drove Dogecoin into the stratosphere. If a user posted something to the effect of, "hey 'dogebot' tip this person five dogecoin," that Reddit user would automatically receive five Dogecoin. |
| "We wanted to create something that was a force for good," explains Palmer. But as the community grew, the initial spirit in which Dogecoin was launched was difficult to preserve. People started to care about the price of Dogecoin. They were literally and figuratively invested in it. And that terrified Markus. "I don't mind if someone spends ten bucks and gets some Dogecoin," says Markus. "It's like buying a movie ticket or something, that's fun. "But when someone puts $20,000 in? That makes me really, really uncomfortable." Markus began clashing with members of the community. For him, Dogecoin was still crypto "for sillies," but here it was ballooning into a currency people were trading for real money. In his view Dogecoin was a silly thing that should remain silly. Many in the community disagreed. |
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Originally Posted by Samurai
(Post 4355306)
I was curious who was this woman he referred to as the creator of notorious Credit Default Swaps. Turns out it is Blythe Masters, just noticed she is one day younger than me. :) Now she is bullish on blockchain. |
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