The way that people are reacting to 00000000000000000021e800c1e8df51b22c1588e5a624bea17e9faa34b2dc4a is really sad. The bit about people thinking that there is a sha256 preimage attack on a quantum computer is just icing on the ignorance cake.
Bitcoin is a Cult
181–190 of 232 posts
Re: Bitcoin is a Cult
#182Bitcoin is for the paranoid and conspiracy theorists. The argument crypto currency supporters have is always Venezuela or the European banking crisis (hilarious because citizens didn't actually lose any money). If our banking system DOES collapse your crypto wallet won't save you.
Venezuela citizens didn't lose any money? are you serious? So you must be happy, since most Venezuelans may be millionaires now! (but let's just forget about the fact that 1M+ from their currency is valued as less than a dollar; and that this value loss have destroyed their lives)
Venezuela is irrelevant to the situation in most of the world, its an outlier. Thats why it is a stupid argument for bitcoin. It would be like preparing for volcanoes in Denmark.
Besides they are using USD and foreign banks in Venezuela not crypto currency. The rich in Venezuela haven't lost a cent I am willing to bet. And last but not least: bitcoin doesn't solve a single systemic problem Venezuela has. Its a corrupt failed state that could have been a South American Norway. Technology won't save it.
Re: Bitcoin is a Cult
#183I think people have largely missed the point of the article. This is specifically in relation to a "magic hash" on a block that was mined on June 19, 2018 with the hash: 00000000000000000021e800c1e8df51b22c1588e5a624bea17e9faa34b2dc4a The leading zeros are the "proof-of-work". The bitcoin mining algorithm tries various nonces and generates many hashes until it finds one with (currently) 18 leading zeros. Surprisingly…
In this type of scenario (be it bitcoin hashes, serial numbers elsewhere, etc), the real question is how many possible "vanity" hashes exist. The odds of this specific one are not interesting, it's the space of all of them that is. It's pretty much always infeasible to enumerate that space, but generally speaking there are a looooot of things that could qualify as special-looking enough to be included. All forms of e…
This is like a variation of the birthday problem. Finding someone who shares your birthday is difficult, but finding any two people who share birthdays is almost inevitable. Trying to generate one vanity hash is almost impossible, but having a large number of interesting vanity hashes will help you find a few easily.
Re: Bitcoin is a Cult
#184Earlier quoted context omitted.
That’s media sensationalism. BTC is not remotely anonymous and is useless as a tax evasion mechanism. Your money still has to go through someone to turn into BTC, and that’s the same as any other money laundering operation. Once their books are audited, your “safe haven” is worth nothing.
I don't completely agree, you can move BTC around, mix it and exchange it for other cryptocurrencies while leaving only a very small trail. You don't have to involve other people directly, you don't have to carry duffel-bags of cash across borders etc... Of course if your money starts in your "books" before being converted into cryptocurrency then yeah, it's useless. But that's not the use case, it's more about laund…
If you got the bitcoin originally through mining, then it never has to be converted from another currency. Bitcoin is anonymous, but only if you mine instead of purchasing on an exchange.
Re: Bitcoin is a Cult
#185Earlier quoted context omitted.
What Apple Pay transaction fees? They’re exactly the same standard credit card transaction fees because they ARE standard credit card transaction fees. Apple doesn’t take a cut.
"they ARE standard credit card transaction fees" Creditcards are robbery, they are not very populair and cost retailers money. Why does everyone want to make money from transactions? We are talking about a basic service that costs less than a cent.
Not very popular? They seem extremely popular to me.
Re: Bitcoin is a Cult
#186I think people have largely missed the point of the article. This is specifically in relation to a "magic hash" on a block that was mined on June 19, 2018 with the hash: 00000000000000000021e800c1e8df51b22c1588e5a624bea17e9faa34b2dc4a The leading zeros are the "proof-of-work". The bitcoin mining algorithm tries various nonces and generates many hashes until it finds one with (currently) 18 leading zeros. Surprisingly…
Ascribing a religious aspect to weird things isn’t that weird. Think humans have an innate and slightly flawed sense of probability and statistics, so events that are very rare on the flawed model are often ascribed causation by divine intervention. Mutations might be worshipped, uncommon geological formations considered holy or god-wrought, and uncommonly lucky people being ascribed divine characteristics. Rare hashes are the digital equivalent.
Re: Bitcoin is a Cult
#187Earlier quoted context omitted.
My kids used to celebrate "holimoments" (after the pattern of "holiday"). These were occasions when they'd look at the digital clock on the microwave and see something that didn't quite look random, like "10:01" or "12:34". They had a little ceremony when they saw one of these, pretending to take pictures with an invisible camera and doing a dance which involved wiggling their butts (because butts are always funny).…
Hah! That is incredibly endearing. I've also had friends remark (more joking than serious) that if you happen to glance at a clock that reads 11:11 to make a wish because it's lucky. I have obsessive compulsive disorder, so unfortunately these cosmic peccadillos really throw my brain for a loop!
I've seen the 11:11 and 1:11 come up a lot in random people's Facebook posts and memes. Or, driving around, they'll tell you to make a wish.
Re: Bitcoin is a Cult
#188The Bitcoin community has changed greatly over the years; from technophiles that could explain a Merkle tree in their sleep, to speculators driven by the desire for a quick profit & blockchain startups seeking billion dollar valuations led by people who don’t even know what a Merkle tree is.
I'm not sure which version of history this guy was on, but it clearly hasn't been the one I followed. He's describing a past that never was.
Read the old Bitcoin Talk posts. It took years for Bitcoin's technical ideas to become well-understood by even a fraction of the user base.
Pick any year after 2010 and you'll find that the vast majority of Bitcoin users were in it to: (1) stick it to the man; (2) make a buck; or both.
Interest in the technology itself motivates only a tiny fraction of users.
Re: Bitcoin is a Cult
#189Earlier quoted context omitted.
My kids used to celebrate "holimoments" (after the pattern of "holiday"). These were occasions when they'd look at the digital clock on the microwave and see something that didn't quite look random, like "10:01" or "12:34". They had a little ceremony when they saw one of these, pretending to take pictures with an invisible camera and doing a dance which involved wiggling their butts (because butts are always funny).…
Hah! That is incredibly endearing. I've also had friends remark (more joking than serious) that if you happen to glance at a clock that reads 11:11 to make a wish because it's lucky. I have obsessive compulsive disorder, so unfortunately these cosmic peccadillos really throw my brain for a loop!
Read this comment, then checked my clock. It was 11:11. This will be a lucky day.
Re: Bitcoin is a Cult
#190Bitcoin and other crypto currencies are not a store of value. They are a store of hype and momentum. Right now they have none, hence the steady decline.