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/777/ - crypto
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Satoshi 18/02/27(Tue)01:36 No. 6 ID: 0c2267
6

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alright someone explain what all this bitcoin and cryptocurrency stuff is because i'm totally lost


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Satoshi 18/03/01(Thu)03:44 No. 9 ID: 9385b6
9

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What do you want to know?
Here is a good intro.
https://blockgeeks.com/guides/what-is-cryptocurrency/

tl;dr
It's not specifically money, some ppl use them as a store of value and they are traded on a daily basis. Many cryptocurrencies have goals they want to be used for. Some countries are starting to create their own cryptos.


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Satoshi 18/03/03(Sat)13:36 No. 10 ID: 590f5b
10

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Cryptocurrency is used to purchase illegal goods and services as well as receive ransom payouts from the victims of your illegal activities. Who you then screw over and don't help because you're a worthless scumbag.

Its used as a tenet of faith by true believers. First World Problems meets Privileged Suburban Kids kind of believers.

And of course its used for speculative investing by people who want to take advantage of the gullible believers before the walls come crashing down on top of them like inevitably happens to all card houses.

Aside from that there's not much use for most cryptocurrencies on a day to day basis.

They are lots of people looking into using blockchain technology for all kinds of interesting things... cryptocurrencies themselves aren't particularly interesting beyond the sociological angle.


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Satoshi 18/03/03(Sat)16:25 No. 11 ID: 5fc56a
11

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>>10
Nice FUD spreader


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Satoshi 18/03/06(Tue)06:08 No. 15 ID: 4f87d4

>>11
Doesn't hurt that 99.99% of it is true


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Satoshi 18/03/06(Tue)15:50 No. 16 ID: 50bd8f
16

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>Cryptocurrency is used to purchase illegal goods and services

Bitcoin in particular has been losing traction for illegal uses, as it is not 100% anonymous.
"We have some figures for malware ransoms paid in bitcoin (as, again, those payments are visible on the blockchain): About $1 billion in 2016 according to one report." If bitcoin's legitimate use is over $16billion/year, the U.S. dollar is more of a "currency of criminals".

>Aside from that there's not much use for most cryptocurrencies on a day to day basis.

Cryptocurrencies do have everyday uses, you can get a btc debit card, as well as use them on many sites. People are even purchasing property with bitcoin.

>They are lots of people looking into using blockchain technology for all kinds of interesting things

Blockchain technology is still growing, it could see many use cases. From a Sexual Consent blockchain (https://legalfling.io/) to a decentralized voting system (https://followmyvote.com/). Even AI blockchains.

>cryptocurrencies themselves aren't particularly interesting beyond the sociological angle.

Cryptocurrency/Blockchain technologies are the future. Not sure the "house of cards" is coming down any time soon. Unless a huge protocol failure occurs. Even if bitcoin fails, other cryptocurrencies have large enough communities to stay afloat.


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a+prson 18/03/24(Sat)02:19 No. 23 ID: dcd045

:7::7::7:


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Satoshi 18/03/24(Sat)09:05 No. 24 ID: 195cb2
24

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>>16
>thinks the only illegal use of bitcoin is ransomware payments
Yep, there's a reason you're a bitcoin user


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Satoshi 18/04/27(Fri)01:11 No. 27 ID: a870df

Looks like everyone who's downloaded the entire blockchain recently can be charged with possession of CP.
https://www.theguardian.com/technology/2018/mar/20/child-abuse-imagery-bitcoin-blockchain-illegal-content

If only there was a way to have a public comment period before things are implemented so these kinds of problems can be hashed out before rollout.


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Satoshi 18/04/27(Fri)03:44 No. 28 ID: 1e52d0

>>27
Would they really be able to arrest that many people though?


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Satoshi 18/04/30(Mon)08:59 No. 29 ID: 37f869

>>28
Now they have an excuse to arrest anyone who downloaded the affected portions of the blockchain at any time with a "get out of probable cause" free card.

Sleep tight.


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Satoshi 18/05/05(Sat)03:52 No. 30 ID: 546dd1

>>6
Well first, let me ask you what it is exactly you'd like to learn about?


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Satoshi 18/05/08(Tue)22:43 No. 34 ID: 61bde4
34

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Ok, long story short

Think of it as a note passing system, where notes are passed in bulk shipments. The notes are sent after theoretically anyone solves the theoretically random password which will deliver the notes, and the one who does receives a reward, based on how many notes were sent, or the net worth of each shipment. There is a limited quantity of notes that can be sent but each piece of the note can be sent an unlimited number of times.
If this sounds like a definitive shell game or pyramid scheme to you...
You might have been paying attention.


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Satoshi 18/06/12(Tue)17:43 No. 40 ID: 9c72ea

>>34
You tried. I think, if you're going to use a metaphor, you need to stay in it; not mix it up with what you're actually talking about. Like this:

Think of like passing notes in class--hard mode. There are a limited number of sheets of paper that can be used for writing notes, but each piece of paper can be torn into many smaller pieces to write notes on. Each note, however large or small, is wrapped in a complicated, origami envelope so the teacher can't make heads or tails of them. Notes can always be rewritten, rewrapped, and sent again.

In order to pass each note, the kids in between have to make sure of who the notes are from and who they are for without talking about it out loud. Unwrapping the notes takes a long time, so there are some small pieces of blank note paper in each wrapper for the kids who unwrap them and pass them on. Sometimes, when unwrapping a big pile of notes, a kid might find a whole new sheet of paper that hasn't been written on yet.

The kids passing the notes get into it to find new sheets of paper, but they will always get a few pieces of paper for passing notes even after all the sheets have been found. If every kid in class starts sending notes back and forth, the kid who unwraps the most of them stands to get a lot of spare note paper. The more notes they pass per school day, the more note paper they can get, the more they can write their own notes, and the more popular they will be in school.

tl:dr, if this sounds like a Ponzi scheme to you, perhaps you should consider that currency itself is a Ponzi scheme.


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Satoshi 18/06/13(Wed)05:45 No. 41 ID: 175905

How often are crypto currencies used for legitimate transactions versus how often they are used for illegitimate transactions?


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Satoshi 18/07/09(Mon)16:09 No. 42 ID: 4d899a

>>41
At this point it doesn't really matter. The cancer killing cryptocurrency is that it has become a new form of stocks and bonds, more often being traded than actually used as a currency. This is the cause of the sudden rise in value and it will be the cause of the total destruction of all currently in-use cryptocoins.



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