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Mining Bitcoin with pencil and paper: 0.67 hashes per day (2014)

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Re: Mining Bitcoin with pencil and paper: 0.67 hashes per day (2014)

#151

Post by fjsolwmv »

55555 wrote: post #138
asteli wrote: post #136

Earlier quoted context omitted.

the inferred reference you're missing is the 'all asians are good at math' stereotype.

East asians are good at math. Look at rankings by country. Obviously no one would actually do this, but if you were going to, China would be a great place to set up shop.

Youbate referring to a popular worldwide math test. There's no reason to believe those test scores aren't gamed, especially in Communist China where information is highly censored in general and the known "sampled" locations where the tests are given is highly suspect

Re: Mining Bitcoin with pencil and paper: 0.67 hashes per day (2014)

#152

Post by fjsolwmv »

asteli wrote: post #136
monochromatic wrote: post #131

Earlier quoted context omitted.

Labor is cheap in China. It’s not racism to make factually accurate observations.

the inferred reference you're missing is the 'all asians are good at math' stereotype.

You shouldn't project your own stereotypes onto other people. China is the current king of labor-intensive low-cost mass production

Re: Mining Bitcoin with pencil and paper: 0.67 hashes per day (2014)

#153

Post by fjsolwmv »

monochromatic wrote: post #147
kazga wrote: post #141

Earlier quoted context omitted.

>It’s not racism to make factually accurate observations. That is not as true as it sounds at first glance. For example, a statement like "blacks are more violent and less educated than whites" is factually accurate, but frames the situation in a definitely racist way if you just leave it at that because without elaboration, it makes it sound like a fact of nature. This is the problem with "facts and statistics can't…

> That is not as true as it sounds at first glance. No. It is exactly as true as it sounds. The conclusions one draws from facts are whatever they are. But the facts themselves are not racist, and it is not racist to say things that are factually correct. Ever. Full stop. Also it’s ok to be white. Saying that it’s ok to be white is not racist.

It's creepy to say irrelevant weird things, though.

Re: Mining Bitcoin with pencil and paper: 0.67 hashes per day (2014)

#154

Post by fjsolwmv »

john_moscow wrote: post #103
m3kw9 wrote: post #91

Earlier quoted context omitted.

If bitcoin price is derived from the bid ask, most of the worlds money would have to be parked in bitcoin, does that even make sense?

Except it isn't parked in any way. The money goes from the hands of the optimistic buyers into the hands of those who decided to cash out just now. The only asset "backing" Bitcoin is the people willing to buy it.

It's weird to complain that because btc is backed by no set, it it not really worth it's process in USD, which is also backed by no asset.

USD is backed by "the full faith and credit of the US government". BTC is backed by the Internet and meme magic.

Re: Mining Bitcoin with pencil and paper: 0.67 hashes per day (2014)

#155

Post by fjsolwmv »

croon wrote: post #38
dvfjsdhgfv wrote: post #20

Earlier quoted context omitted.

Well, the Paypal button actually works! I wonder if someone ever placed an order though...

There was a much lower price point originally, before he got sort of famous from the book, and subsequently a TV-show (Going Deep). The current price is basically to keep people from ordering, but still having it open if someone REALLY wants to get one.

I assume the price is set by the same logic as any other price: enough to make it worth his while to close the deal.

Re: Mining Bitcoin with pencil and paper: 0.67 hashes per day (2014)

#156

Post by vinceguidry »

monochromatic wrote: post #147
kazga wrote: post #141

Earlier quoted context omitted.

>It’s not racism to make factually accurate observations. That is not as true as it sounds at first glance. For example, a statement like "blacks are more violent and less educated than whites" is factually accurate, but frames the situation in a definitely racist way if you just leave it at that because without elaboration, it makes it sound like a fact of nature. This is the problem with "facts and statistics can't…

> That is not as true as it sounds at first glance. No. It is exactly as true as it sounds. The conclusions one draws from facts are whatever they are. But the facts themselves are not racist, and it is not racist to say things that are factually correct. Ever. Full stop. Also it’s ok to be white. Saying that it’s ok to be white is not racist.

Facts themselves are not racist. The person uttering them can be.

Re: Mining Bitcoin with pencil and paper: 0.67 hashes per day (2014)

#157

Post by jjeaff »

glenneroo wrote: post #148
vinceguidry wrote: post #98

Earlier quoted context omitted.

If the market can't clear, the price will drop until it does. Saying bitcoin has reached a certain price carries with it the implication that the market is clearing at the price, i.e. that people are indeed buying. Million-USD transactions already occur in BTC all the time.

To support your argument, according to this[0] the largest recent transaction about 3 hours ago was almost 25 million USD. 5 other transactions also exceeded 1 million USD in the last hour or so. [0]: https://blockchain.info/largest-recent-transactions

I could be wrong, but I read somewhere that almost all of those large transactions are inter or intra exchange movements simply moving money around into different wallets. Also, they only indicate a transfer, it seems very unlikely that anyone has cashed out $25m all at once with bitcoin.

Re: Mining Bitcoin with pencil and paper: 0.67 hashes per day (2014)

#158

Post by jjeaff »

celticninja wrote: post #142
astrodust wrote: post #122

Earlier quoted context omitted.

All it takes is a single trade at a $100M valuation and, for that nanosecond, that's the value of Bitcoin.

Yes but no one really considers that to be the market price.

Yes, the exchanges would, at least until a bunch more lower transactions took place.

Re: Mining Bitcoin with pencil and paper: 0.67 hashes per day (2014)

#159

Post by jjeaff »

__alias wrote: post #119
vinceguidry wrote: post #98

Earlier quoted context omitted.

If the market can't clear, the price will drop until it does. Saying bitcoin has reached a certain price carries with it the implication that the market is clearing at the price, i.e. that people are indeed buying. Million-USD transactions already occur in BTC all the time.

There's a VR webapp that was shared recently that shows live btc transactions. Just thought i'd share that for the 10 minutes I watched it the other day I saw numerous 10M+ transactions

Those are transfers, not necessarily transactions. No one probably traded 10m in bitcoin for USD. If an exchange transfers btc from one wallet to another for holding, it will show up on the transactions list.

Re: Mining Bitcoin with pencil and paper: 0.67 hashes per day (2014)

#160

Post by jjeaff »

vinceguidry wrote: post #98
jjeaff wrote: post #93

Earlier quoted context omitted.

Only in the most theoretical sense. Since there is no underlying asset, you are going to run out of buyers real fast at that amount.

If the market can't clear, the price will drop until it does. Saying bitcoin has reached a certain price carries with it the implication that the market is clearing at the price, i.e. that people are indeed buying. Million-USD transactions already occur in BTC all the time.

You can't really know that except for a few publicized ones. Those "transactions" you see are simply transfers. They "could" be a transfer to someone in exchange for USD. Or, as they are in almost all cases, they are transfers from one wallet to another both owned by the same person or exchanges that are holding large amounts of BTC moving money around internally as well.
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