Mt. Gox (Bitcoin) goes down

Discussion in 'BS Forum' started by soxxx, Feb 25, 2014.

  1. NotSatoshiNakamoto

    Joined:
    Oct 6, 2011
    Messages:
    16,184
    Likes Received:
    7,253
    Rockefeller getting into crypto
    http://fortune.com/2018/04/06/crypto-vc-venrock-coinfund/

    Soros getting into crypto
    http://fortune.com/2018/04/06/george-soros-cryptocurrency-hedge-fund-bitcoin/

    There isn't a lot of institutional money in crypto yet.
     
  2. SOXXX2

    SOXXX2 Member

    Joined:
    Nov 25, 2017
    Messages:
    23
    Likes Received:
    28
    Havent been around during this bearish market run. Not much to talk about on the tech side lately either.

    Just been buying more at these discounted prices =p
     
  3. NotSatoshiNakamoto

    Joined:
    Oct 6, 2011
    Messages:
    16,184
    Likes Received:
    7,253
    Some cool blockchain usage coming up ...

    https://tokenthusiast.com/2018/04/1...-up-to-build-real-metaverse-using-blockchain/

     
  4. NotSatoshiNakamoto

    Joined:
    Oct 6, 2011
    Messages:
    16,184
    Likes Received:
    7,253
    https://www.trustnodes.com/2018/04/...s-first-stock-company-focused-purely-ethereum
     
  5. jetophile

    jetophile Bruce Coslet's Daughter

    Joined:
    Oct 29, 2004
    Messages:
    7,252
    Likes Received:
    1,385
    Cryptocurrency investor Michael Mellon just died in Mexico, for what it's worth. He turned $2 million into over a $1 billion fortune and OD'd on painkillers. What the frig.

    I've read about Bitcoin so many times, and for the life of me, I still can't understand how it works. I'm stupid, I know.
     
  6. NotSatoshiNakamoto

    Joined:
    Oct 6, 2011
    Messages:
    16,184
    Likes Received:
    7,253
    Hopefully someone alive has his private keys or his BTC fortune will be forever locked.
     
  7. jetophile

    jetophile Bruce Coslet's Daughter

    Joined:
    Oct 29, 2004
    Messages:
    7,252
    Likes Received:
    1,385
    I'm sure, but magnets, how do they work?



    But locked by who? I just don't get it. Being serious now. You buy it online and then print it out and delete your trail? Put it in a safe on paper then can cash it in somehow and buy things with fake money? You're not trading commodities or stocks, but digital money that you can buy stuff with, like a car? I honestly don't understand it.

    I read about, what's his face, I can't remember his name now, who ran the Silk Road and is in prison for life and had a bunch of Bitcoin through the Dark Web. An FBI agent, Intelligence Agent, something like that who was investigating him on the Dark Web stole his Bitcoin and is also in jail for money laundering and was also involved in a murder for hire? I'm sure I have some of that skewed.

    I'm not being facetious, I just don't understand it. Private keys, make all of this simple for me, because I really am a simpleton on it; which basically means you can sell me fake real estate in Costa Rica if you tried hard enough.
     
    #467 jetophile, Apr 21, 2018
    Last edited: Apr 21, 2018
    abyzmul likes this.
  8. abyzmul

    abyzmul R.J. MacReady, 21018 Funniest Member Award Winner

    Joined:
    Jan 6, 2003
    Messages:
    43,084
    Likes Received:
    8,395
    I'm pretty sure you mean FUCKIN magnets, but I'll forgive that.
     
    NotSatoshiNakamoto likes this.
  9. NotSatoshiNakamoto

    Joined:
    Oct 6, 2011
    Messages:
    16,184
    Likes Received:
    7,253
    Bitcoin uses cryptography. A private key is sort of like a password (much more secure) that that allows you to "unlock" your encrypted wallet and spend your bitcoin. There is a public ledger that keeps track of every bitcoin address and transaction. No one can spend bitcoin associated with a wallet without the private key.

    To spend bitcoin you send whatever amount to another wallet address. That transaction gets recorded on the public ledger and the entire bitcoin network has a copy of it. You can create a "paper wallet" if you want to store your bitcoin safely offline. The paper wallet is basically all the necessary information to generate the private and public cryptographic keys and access the wallet. This basically makes you your own bank - you are responsible for safely storing the paper wallet, probably in multiple safe locations in case of disaster. If you were storing large sums of bitcoin I would strongly recommend doing this as anything online is vulnerable.

    Unless you're very careful about hiding your identity online Bitcoin transactions are traceable. That's why privacy coins like monero are gaining popularity.

    All money is fake - it's valued at what society agrees it is valued at. Same is true for bitcoin and other crypto currencies.

    That's a quick high level for you - hope it helps.

     
    #469 NotSatoshiNakamoto, Apr 22, 2018
    Last edited: Apr 22, 2018
    Sam Hammer and FJF like this.
  10. jetophile

    jetophile Bruce Coslet's Daughter

    Joined:
    Oct 29, 2004
    Messages:
    7,252
    Likes Received:
    1,385
    Yes, of course that's what I meant. : ) I either type words twice (including entire paragraphs) or leave words out altogether. Brain thing. If I ever finish The Next Great American Novel, good luck to my editor. They're going to need it.

    EDIT & P.S.: Edited for fun! ; )
     
    #470 jetophile, Apr 22, 2018
    Last edited: Apr 22, 2018
  11. NotSatoshiNakamoto

    Joined:
    Oct 6, 2011
    Messages:
    16,184
    Likes Received:
    7,253
    https://www.cnbc.com/2018/04/20/amazon-web-services-launches-blockchain-templates.html
     
  12. NotSatoshiNakamoto

    Joined:
    Oct 6, 2011
    Messages:
    16,184
    Likes Received:
    7,253
  13. jetophile

    jetophile Bruce Coslet's Daughter

    Joined:
    Oct 29, 2004
    Messages:
    7,252
    Likes Received:
    1,385
    What?
     
  14. NotSatoshiNakamoto

    Joined:
    Oct 6, 2011
    Messages:
    16,184
    Likes Received:
    7,253
    http://www.businessinsider.com/goldman-sachs-bitcoin-trading-desk-new-hire-2018-4
     
  15. GordonGecko

    GordonGecko Well-Known Member

    Joined:
    Aug 14, 2009
    Messages:
    3,140
    Likes Received:
    890
    In a nutshell - basically bitcoins are a collection of encrypted code chunks that are all saved together in a giant file called the blockchain. Everyone on the internet has a copy of that blockchain file, but can't take out any of the bitcoins without the right password. If you want one of those bitcoin chunks, you have to get it from someone else by paying them or asking nicely. When they give you the bitcoin that creates a new transaction which is recorded in the blockchain and a different password is created.

    The price of the bitcoin is determined by how much a person is willing to give it to you for, just like any good or service
     
  16. NotSatoshiNakamoto

    Joined:
    Oct 6, 2011
    Messages:
    16,184
    Likes Received:
    7,253
    still time for your mother in law to get in cheap
     
  17. NotSatoshiNakamoto

    Joined:
    Oct 6, 2011
    Messages:
    16,184
    Likes Received:
    7,253
    https://www.cnbc.com/2018/04/25/nasdaq-is-open-to-becoming-cryptocurrency-exchange-ceo-says.html
     
  18. GordonGecko

    GordonGecko Well-Known Member

    Joined:
    Aug 14, 2009
    Messages:
    3,140
    Likes Received:
    890
    Amazon just announced the support for generic blockchain architectures on their AWS platform. Hyperledger now supported for things way beyond currencies
     
  19. NotSatoshiNakamoto

    Joined:
    Oct 6, 2011
    Messages:
    16,184
    Likes Received:
    7,253
    See post 471
     
  20. NotSatoshiNakamoto

    Joined:
    Oct 6, 2011
    Messages:
    16,184
    Likes Received:
    7,253
    Any market TA guys here? I haven't a clue whether these type of analysis are worth shit.

     

Share This Page