Bitcoins

Um...you can’t mine ripple...

One big argument against the likelihood of bitcoin taking off is that it depends on a degree of consensus at a time when consensus reality is unraveling.

xp - yeah, because it was 'premined.' The people behind it just did the mining.

Xpost yeah the 75% is a more than decent pay rate for the project by itself. The crypto part will just be a novelty for me.

I feel like bitcoin is too elaborate to have been dreamed up purely as a fraud.

James Mickens' bit about BitCoin is good/funny:

https://youtu.be/tF24WHumvIc?t=825

I feel like bitcoin is too elaborate to have been dreamed up purely as a fraud.

― IF (Terrorist) Yes, Explain (man alive), Saturday, 3 February 2018 1:40 PM (eight hours ago) Bookmark Flag Post Permalink

It feels like an elaborate social science experiment, like if L Ron Hubbard was an economist and someone bet him if he could start his own currency.

Nail square on the head!

milo

so the way you’re using mining doesn’t make any sense under any definition to be quite honest

to me, ripple is a less decentralized system (some would say centralized). bitcoin is the decentralized system by which all other systems are measured, so you need actual miners to keep it running

you can be part of a bitcoin network and get paid to be a miner and all that, but the difference is that in ripple there is no miner needed to actually create a new xrp, and not based on the open-source bitcoin blockchain -- the actual term in the ripple/xrp ecosystem is “create an xrp token.” but even xrp tokens do not mean exactly the same thing as other cryptocurrency "tokens." one absolute is that ripple tokens are not "coins," or at least that is what ripple has publicly stated

just so we’re on the same page, mining is a very specific word, and simply put, it means to put a bunch of transactions or strings together to create another btc. the miner then proposes that and it either gets accepted or declined, depending on whether or not it fits the previous transaction on the blockchain, based on a bunch of parameters. if accepted, a new btc is created. this putting-together-of-strings from the wild and submitting it, called "proof of work," is not done when creating xrp tokens. ripple uses its own voting/consensus-based method called ... ripple protocol consensus algorithm: https://ripple.com/files/ripple_consensus_whitepaper.pdf

ripple the company owns, last i checked, ~60% of xrp tokens, and while they can technically pull the plug on the company and potentially all xrp would become obsolete, they drip supply into the ecosystem as they get more deals from trusted financial institutions and to gauge public interest. so far it's doing pretty well, but it is a more conservative way of operating. it would be scammy/sketchy if they flooded the market with xrp tokens, which they can easily do, by, say, 10+ times the current price, but the way they are handling it now seems reasonable to me

another fundamental difference is that ripple has stated it is meant to digitalize transactions when dealing with credit card companies and banks, not as pure "digital money" whereas bitcoins rely heavily on trader-to-trader, ripple relies on trader-to-official institution, if you will, with a product like xrapid that banks are already using. here's my theory: ripple wants to gauge public interest and investment from the average person. once it is sustainable and steady, which it needs to build trust not only among traders but with financial institutions, more banks and financial services will adopt xrp and will be able to trade in it across the globe. i'll give you an example, there are a lot of people in india that want to transfer money to their families in the usa. using a company like western union is very costly and slow. with financial services using xrp in both countries, transferring xrp-to-fiat is now a hell of a lot easier, quicker and way cheaper

milo, i just think the way you're using ‘pre-mined’ is very loaded (i kind of want to say bizspeak too but, i’m willing to hear you out), and, if i’m understanding you correctly, in the sense that you're using it in, can be used to mean almost any and all fiat money -- we’re talking us dollar, the euro, etc. so i mean, to me, saying ‘pre-mined’ misses the point

there’s also questions as to whether or not ripple is an actual cryptocurrency. this all comes down to comparing cryptocurrencies to bitcoin’s model, in my view. bitcoin’s blockchain ledger is easily accessible and decentralized. ripple’s is absolutely not. it is definitely more traditional than other big cryptocurrencies, and having ripple the company be very selective with who gets access to the blockchain, not only makes it way less decentralized/open, but i do agree that in some ways it favours institutions like banks and “trustees.” but in return, you get a stronger, more efficient blockchain, so it’s a trade-off. right now it’s looking like more of a “digital payment protocol”

in my view, as a society, going from traditional fiat money to slightly progressive cryptocurrency combined with a fiat money model is less of a jump/risk, than going from fiat money to a pure decentralized, open-source, super progressive blockchain ledger where trader-to-trader is nearly a free-for-all. which do you think the average person feels more comfortable adopting? most people aren’t high risk-takers

I'm meaning mining quite literally - the people behind it 'mined' the coins in essentially the same way decentralized cryptos are mined, they just did it in advance. If you just want to call it centralized, okay, it doesn't really change the issue.

I'd call centralized cryptocurrencies closer to Amazon gift cards than fiat currency - issued by a central authority, who can parcel it out as it suits them (but without any of the societal investment or oversight and regulation). The US Mint and Treasury Department don't have the same kind of profit motive that a private entity issuing currency does, for that matter.

This is also why they smack of pyramid scheme more than decentralized cryptos, one body holds all the cards from the start and take the fiat currency that everyone actually uses to live on while doling out their coin, if they sell through and it falls to zero they've got their money.

the people behind it 'mined' the coins in essentially the same way decentralized cryptos are mined, they just did it in advance.

― louise ck (milo z), Saturday, February 3, 2018 12:05 PM (forty-two minutes ago) Bookmark Flag Post Permalink

no, actually, bitcoin uses proof of work. ripple uses ripple protocol consensus algorithm, which uses a consensus-based method. like i said:

just so we’re on the same page, mining is a very specific word, and simply put, it means to put a bunch of transactions or strings together to create another btc. the miner then proposes that and it either gets accepted or declined, depending on whether or not it fits the previous transaction on the blockchain, based on a bunch of parameters. if accepted, a new btc is created. this putting-together-of-strings from the wild and submitting it, called "proof of work," is not done when creating xrp tokens. ripple uses its own voting/consensus-based method called ... ripple protocol consensus algorithm: https://ripple.com/files/ripple_consensus_whitepaper.pdf

― infinity (∞), Saturday, February 3, 2018 10:58 AM (one hour ago) Bookmark Flag Post Permalink

I'm... completely unsure what your point is? The how is pretty irrelevant to the problem of a profit driven central body holding all the coins.

How the mining occurs doesn't really change that it's called mining anyway?

https://www.google.com/search?q=premined+ripple&oq=premined+ripple

About 139,000 results (0.65 seconds)

down 55% in the last 30 days

it's around 7,400 dollar now, it has already lost 63% from the high (19,800) in december. the bitcoin run is going on...

i know someone who literally put her entire inheritance into bitcoin approx 8 months ago

She has still probably doubled to triple her money, maybe she should get out.

always good to stake everything you have on one particular thing iirc

brb gonna remortgage to invest in fedora futures

just like i said above with xrapid and all of that a few days ago, it is exactly what ripple said it wanted and is continuing to do:

https://www.express.co.uk/finance/city/914301/cryptocurrency-news-national-bank-abu-dhabi-ripple-transactions

The move, by the United Arab Emirates biggest lender, will further legitimise and prove Ripple’s business and its bid to make cross border transfers quicker and free.

plus the news of bank of china: https://coinsforest.com/p/6440/

with the news of btc on freefall, ripple has got to somehow disconnect itself from it

pretty interesting!

A worrying analysis suggests Bitcoin’s crashing price could fall lower. Tether, a crypto-token tied to the value of a U.S. dollar, is revealed in a new report as having a strong relationship to the price of bitcoin. What’s worse, the current slide in the value of bitcoin seems tied to news around the controversial token.

https://qz.com/1196866/bitcoin-prices-could-be-40-lower-because-tether-propped-it-up/

https://www.inverse.com/article/40944-bitcoin-tether-80-percent-price-drop-cryptocurrency

Wow, Civil.

"Sustainable newsmaking backed by ethical AI, smart contract collaboration and crypto-sponsorships" something something disrupt something

How soon till "First Fleet Newsmaker" SFJ tries to pay for a lap dance in 75% fiat, 25% CVL?

as soon as the robots get here

https://www.youtube.com/watch?v=ZZUG3S-fgf4

coin bros are the best act of 2018

https://www.youtube.com/watch?v=WV-vdI2CzMc

https://coingape.com/hodl-in-us-senate-thanks-to-cftc-chairman-christopher-giancarlo/

https://www.youtube.com/watch?v=iWQmQ_0Ovxs

https://pbs.twimg.com/media/DVsIPD0VoAAkMF1.jpg:large

is that related to this
https://www.wired.com/story/classic-scam-steals-bitcoin-on-twitter/amp

lol i have no idea, i don't really look for narrative logic connecting the various snapshots i get of mcafee's life

he's like the quincy jones of literally nothing makes sense any more

if nothing else, mcafee succeeds in intimidation. i would never, ever approach his house in TN, he's fucking crazy

Salon.com supposedly now uses its visitors' CPU cycles to mine Bitcoin:
https://www.ft.com/content/acc26c6a-10a1-11e8-8cb6-b9ccc4c4dbbb
(paywalled)

maybe I'm using the term "cpu cycle" wrong. They're mining cryptocurrency with their visitors' computer processors.

mookie posted about that in the other thread earlier today. speaking of, it's kind of hilarious and appropriate for bitcoins and cryptocurrency discussion that we have a Bitcoins thread and a bit¢oin$ thread, both with well over 1000 posts

yea the thread forked, sorry guys

btw just lol if you don't think ilxor.com is doing this

that's... fucking crazy

what's crazier is that i have an anti-mining extension installed along with my ad-blocker already. 2018 holla

Ah! I thought I was on the other thread, sorry! Should have known it would have already been posted

oh no worries, i get the two threads confused all the time!

https://i.imgur.com/9gf7ZG4.gif

"there's got to be a better way"

btw just lol if you don't think ilxor.com is doing this

― frogbs, Tuesday, February 13, 2018 9:03 AM (four hours ago) Bookmark Flag Post Permalink

is it rly? that's... kind of outrageous if true

it is not

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The coiin so libertarian they had to put two i’s in it

biitcoiin will be along in a couple of weeks, championed by chuck norriis

Siign me up, his sidekick was brutal, you know the coin will deliver

bitcoiin desiigner

i stayed out of bitcoin, dogecoin, litecoin and etherium, but i'm probably going to dump my savings into bitcoiin. the extra I stands for "imazing"

a new Biitcoin2Gen will be minted every time steven seagal punches someone in the face and/or achieves a zenlike trance state

Crypto-currency craze 'hinders search for alien life'

on the shelf next to my gaming station, you will find my segal tapes. the glimmer man vhs case has a false bottom. within it's hidden chamber, you'll find a private key for my bitcoiin2gen investments, north of 6 million dollars. my entire estate. i knew that you, my children, would not dream of throwing out or selling my precious segal tapes after I passed.