bit¢oin$

obvcoin

km otm tho, kodakcoin actually sounds like it might be... a good idea?

would be nice if someone or something that wasn't a big dying company would take the lead on it, though.

someone like... dan nainan?

he has youth on his side after all

i...must admit that that i have no idea who dan nainan is, but that name sounds fake

oh boy you’re in for a treat my dude

https://www.thedailybeast.com/dan-nainan-the-medias-favorite-millennial-is-55-years-old"> https://www.thedailybeast.com/dan-nainan-the-medias-favorite-millennial-is-55-years-old

find a nonce by shaking and blowing on your monitor

obligatory

https://media.giphy.com/media/ifxLK48cnyDDi/giphy.gif

https://media.giphy.com/media/ifxLK48cnyDDi/giphy.gif

goddammit. i don't know how the internet works.

buscemi__howdoyoudofellowkids.gif

i can see the two gifs

https://www.youtube.com/watch?v=cAuPmbF0tbY

km otm tho, kodakcoin actually sounds like it might be... a good idea?

― pee-wee and the power men (bizarro gazzara), Tuesday, January 9, 2018 3:14 PM (twenty-six minutes ago) Bookmark Flag Post Permalink

someone at work was making a case for blockchain-style auditing on scientific experiment data storage the other day and yeah, that's actually a good use case

Blockchain as an distributed asset register and tracking tool is legitimately a good use of the tech and there’s probably far more value in that use case in the long run than as a ‘currency’. The major downside of blockchain is that time to transact is almost always going to be slower Han with a centralised data store but for the asset management use case this isn’t necessarily that much of a downside.

i...must admit that that i have no idea who dan nainan is, but that name sounds fake

Karl you are going to love this guy

occurs to me that at current prices the mt gox hack may be the biggest robbery ever in the history of the world (depending on how u define robbery)

one of the funniest 2017 bitcoin news things to me was that ppl who had lost money held on mtgox ended up resuing them because they had their bankruptcy claims settled in yen and the btc that mtgox still held ended up being worth way more than the yen settlements made in 201X, meaning that mtgox ended up much better off than their former account holders

kinda got sucked into crypto cuz some of my coworkers are super into and have been trading a little, bought a cool cold wallet, which is a cool name

https://i.imgur.com/la4PbX5.jpg

^created bitcoin iirc

So if I understand correctly referring to blockchain transactions as 'currency' is roughly analogous to calling that device in your pocket a 'phone' even though communicating through it with your voice only accounts for like 7% of said device's total employment.

Hey I have an all-new cryptocurrency, it's called Chocolateraincoin, and it's a thing where I use blockchain to send you a video file of 'Chocolate Rain' and you send me a different video file in exchange. We gon be rich, my man.

Best to think of blockchain as a self replicating database that exists in a distributed form across the network. It has some really interesting applications as a transaction ledger, asset register and tracking tool. Every time there is a change that change can be recorded in the block chain. The idea being that sooner or later everyone with access to the blockchain has a copy of that information and this distributed ledger is really hard to corrupt because changes to one copy of the ledger won’t be proegated across the network so will stick out like a sore thumb.

I’m guess that Kodak’s blockchain stores some kind of fingerprint gat can be dervied from an image. Any time the image is used the fingerprint can be checked against the copy Store in he blockchain and the owner identified and compensated.

I had a very frustrating internal company hackathon just recently run by some blockchain consultants. I was there to give the coders something to work on and tried to get them to work on a distributed asset register system. Unfortunately the techbro consultant banged on for 20 minutes about coins vs fiat currency and we needed up with a blockchain based rewards programme.

Possibly only funny to aus peeps re our tax system but this is gold:

http://www.betootaadvocate.com/humans-of-betoota/local-cryptopreneur-learn-capital-gains-tax/

(Betoota is a local Onion site in case that wasnt obvious)

the kodak one would make sense from an attribution standpoint but I'm wondering how long it'd be until someone determines how it's either storing a key in the image, the image metadata, whatever, and someone writes a tool that scrambles it

of course this is my random speculation based on how I think it'd work, they might have a better solution

lmao this threads ~thoughts~ on kodakcoin when compared to what kodak is actually doing is the perfect microcosm of the bitcoin hypecycle

Kodak is selling a Bitcoin miner where you pay for a two year contract and “make a profit”. (*at current prices, Kodak gets half of all bitcoin you produce.) This is the dumbest shit I’ve ever seen at CES. pic.twitter.com/rbzECVEMn7

— Chris Hoffman (@chrisbhoffman) January 9, 2018

and obvs obvs OBVS even if they ever do develop a photo attibution/payment coin no one will ever use it in a million years lol cmon

client ok can i paypal you

actually download this crypto wallet then........

itd be funny to play the blockchain dreams game except with relational databases, u cld really accomplish a lot of stuff the future is limitless

the cool thing abt the blockchain is that everyone gets to be a database admin

a guid for you, a guid for you... guids for everyone!

https://pbs.twimg.com/media/DTMU1P7X0AM5KZN.jpg

finally

So if I understand correctly referring to blockchain transactions as 'currency' is roughly analogous to calling that device in your pocket a 'phone' even though communicating through it with your voice only accounts for like 7% of said device's total employment.

it's been a while since i've read the whitepaper (which i recommend: it's a surprisingly easy read), but iirc part of the whole deal with the currency is that it's an incentive to uphold the current consensus blockchain

even the currency part is really more like a commodity or an old fashioned commodity backed currency eg the gold standard than it is like a currency as we understand it today, which its no surprise this scheme was developed by libertarians who are insanely stupid and wrong headed about this sort of thing

So if I understand correctly referring to blockchain transactions as 'currency' is roughly analogous to calling that device in your pocket a 'phone' even though communicating through it with your voice only accounts for like 7% of said device's total employment.

but anyway no blockchain isnt being used for many non currency things some unclear if anyone is actually using smart contract functionality aside the world changing potential of the blockchain is pure thought leader coke dreams at this point, and i havent read the bitcoin whitepaper but i have seen a bunch of those satochi emails and it seems pretty clear from those that the point of developing the blockchain was to support cryptocurrency with an explicitly political goal of undermining governmental/banking monopolies on money

currency is, at its root, cash that's issued and verified by a central authority. any paperless transaction is handled by financial institutions that, again, are regulated and government by that authority

blockchain currency has some great selling points for asset management in that there's a commodity that has a known scarcity (a "coin"), absolutely everyone knows where every single coin is at every point in time because there's a ledger that shows the current assigned owner and absolutely every transaction back to when it was created.

so using "coins" as a marker of assets is completely linked to trust in the distributed ledger system. the problem with using it as currency, actually buying things that aren't agreed to have a value in a certain number of coins, is that you introduce intermediaries to let you trade in fractional coins.

bitcoin is basically a really halfassed gold standard. I have a brick of gold, I hand it to a guy who holds on to it, and he'll let me pull it back out, pay me for it, or (uh oh) spend a fraction of that brick. Any fractional trading is now 100% based on trust in this guy who has my brick -- it's his brick now, possession is 9/10th etc. So now your faith is transferred to an intermediary keeping track of things. It's someone running a gold standard bank, you trust that they have the gold bricks in the back room. any time someone trades less than a full bitcoin they're doing this, and the blockchain may not even be touched

transactions against the actual blockchain, that's trading in full bricks of gold. if it's assigned to your account and you maintain ownership of your keys, it's 100% yours -- you can load up the ledger and do your own transactions. But doing transactions against the ledger is now a pain the the ass because of the amount of space it takes and the computing power/time investment. so I decide to use an intermediary to handle transactions for me. again, this is giving some of my trust to a third-party, and they're using my authority on my behalf

Bitcoin is divisible to like 8 places though. theoretically there's no difference between 1 BTC and 0.01 BTC.

still, that does touch on a major issue with any cryptocurrency - there's no failsafe, if I've got $50k in BTC and I lose the private key (or, more likely, trust it to a bad exchange), it's just gone forever. once those systems get built in you're left with a really inefficient and less safe version of the monetary system we have now.

Yet another reason that occurs to me as to why bitcoin will never see widespread adoption: no one is going to make people do it, so only true believers will ever use it. People use US currency because (1) it's what they get paid in (2) you can pay for goods with it everywhere and (3) you HAVE TO pay your taxes in it. Even if lots of retailers start accepting bitcoin, I don't see 1 and 3 changing. I don't even think a substantial minority of people will ever adopt some crazy newfangled currency that no one forces them to use.

xp yeah, I botched that part of the explanation

the problem with allowing fractional trading is the number of transactions increases exponentially, leading to case #2 there where no one can handle their own transaction

tbh there are some real-world paper currencies that have less faith than bitcoin

and never forget the giant shipping containers of US dollars that were sent to buy off warlords in afghanistan, etc.
those dudes were not using them for american taxes per se

I mean, bitcoin is garbage, but every form of currency is garbage to some extent

xp sure but ultimately the value of dollars still stems from its use as the world's reserve currency, which stems from it being the currency issued by the most powerful country in the world. There is no case for bitcoin ever reaching anything close to that status, only libertarian weirdos, black market transactors, money launderers and people trying to escape restrictions on moving their money abroad seem to have actual use for bitcoin, with the rest just being speculation and manipulation.

Thanking u guys, I will try to parse your explanations but I'm pretty dumb so we'll see.

Yet another reason that occurs to me as to why bitcoin will never see widespread adoption: no one is going to make people do it, so only true believers will ever use it. People use US currency because (1) it's what they get paid in (2) you can pay for goods with it everywhere and (3) you HAVE TO pay your taxes in it. Even if lots of retailers start accepting bitcoin, I don't see 1 and 3 changing. I don't even think a substantial minority of people will ever adopt some crazy newfangled currency that no one forces them to use.

this is pretty much OTM and why I can't see another currency whose value fluctuates relative to USD ever working without some sort of major systematic collapse. BTC's massive rise is even more confusing since it's actually being used LESS now - all the random retailers and coffee shops that used to accept BTC don't anymore, since the transactions can take a long time and barely anyone ever wanted to use it. there are all sorts of logistical problems inherit in BTC ever seeing widescale adoption - it still does not fundamentally scale, if even 1% of all transactions done on a given day were done in BTC the entire system would slow to a crawl and transactions may not get processed until weeks later, which can be abused in a number of ways.

still, that does touch on a major issue with any cryptocurrency - there's no failsafe, if I've got $50k in BTC and I lose the private key (or, more likely, trust it to a bad exchange), it's just gone forever. once those systems get built in you're left with a really inefficient and less safe version of the monetary system we have now.

― frogbs, Wednesday, January 10, 2018 12:27 PM (three minutes ago) Bookmark Flag Post Permalink

yeah the no recourse nature of the system is pitched as a feature when its obviously a huge bug, like what do u do if you order something online with bitcoin and it never comes, nothing! unless theres some sort of third party..... intermediary

hilarious thing abt smart contracts being the first blockchain dream to actual exist is the first big test case for them was an investment pool that was immediately compromised and had all their money stolen lol

its interesting that these ppl who develop extremely technically complex systems are so bad at understanding other ostensibly technical concepts like money and contracts, like if you ask a lawyer what a contract is they will tell you its a meeting of minds, its what all parties to the contract agreed upon, which is why you cant be held to a contract that you were tricked into signing, but blockchainist just go ahead and take the tv show version of a contract where youre held to exactly what it says on the paper, and then as soon as they try it someone smarter than them at contracts steals all their money, they think theyre cutting lawyers out of the loop when really theyre inventing a class of super predator lawyers/programers lol

oh yeah, you're banking on high value actual transactions occurring in the system to prop up its value

faith in the black market or the US government, take your pick (for the record the latter is better for me, but I'm relatively above board)

the speculators are big liars but want in on this
The estimated amount of money laundered globally in one year is 2 - 5% of global GDP, or $800 billion - $2 trillion in current US dollars.

I mean, bitcoin is garbage, but every form of currency is garbage to some extent

― mh, Wednesday, January 10, 2018 12:35 PM (ten minutes ago) Bookmark Flag Post Permalink

uh no many currencies have armys to ensure that ppl respect them