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Thread: OT: An unintended cpnsequence of Bitcoin and similar uses of Blockchain.

  1. #11
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    I don't think that bitcoin holders can ever feel secure in their accounts. There are possibilities of hackers getting into their digital accounts and draining them.

    https://cointelegraph.com/news/bitco...reless-network

  2. #12
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    Quote Originally Posted by Paul Alciatore View Post
    I have never seen a clear, concise explanation of what bitcoin is. It seems to be based on nothing other than a bunch of people saying that it exists. If a record of your bitcoin account is on enough hard drives (or is it cloud files now) then you are assumed to have that amount of bitcoin. No metal. No paper. Just computer records. And we are to assume that the hackers are not working on scamming this? Apparently there is a "mining" procedure for creating more of it, assuredly in your bitcoin account.

    Just where do you go to convert bitcoin to actual currency? Or to gold or silver? Is there any real bank that will give you dollars, yen, marks, pounds, euros, or some other hard currency for bitcoin? Is there a special bitcoin bank? Where? How about those companies with the endless TV commercials for gold or silver? Will they accept payment in bitcoin? And do I still get free shipping?

    I suspect that bitcoin is going to burst one of these days and all these bit-millionaires will be left with nothing. Except for the very few who started this BS and who have been taking the real value out of it in dollars or other hard currency all along.
    It's called crypto-currency because the hashes you spend money and time computing are real-world encryption that you are being paid to break.

    Right around the time crypto-currency came into being, our government smugly announced that they had broken the previously unbreakable RSA series encryption. And they allowed the export of RSA series encryption around the same timeframe.

    Most of us speculated that "the gobberment" had built some kind of ultramegahyper computer, something something quantum technology, somethingsomething distributed neural network, blah blah blah bull****.

    They simply tricked people into building a massive dedicated crypto-smashing distributed-processing computer network by offering people "value" in exchange for calculations.

    That's the long and short of it. It's not a big conspiracy, it's not a huge secret. Everyone who has heard this theory has had the light click on and they are "holy Toledo it's so obvious now."

    You want the impossible done, appeal to basic greed and the desire to accumulate status/wealth. That simple.

  3. #13

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    Quote Originally Posted by J Tiers View Post
    I was thinking of the EMP aspect.... not a ground burst, but at altitude. EMP to take out some of the electric grid.
    its not the electrical grid that will be taken out.

    Its every cable modem, every copper based piece of information infrastructure. anything electrically disconnected from the grid and has a fiber internet connection should survive.

    its the 1 meter distance between your computer monitor and your computer that suddenly has 50,000 volts between it and ground suddenly arrive in 10 nanoseconds. current is in the kiloamps... energy is in the 1 to 10 joules per square meter.


    you can buy chips that detect the neutron burst for a few hundred bucks. export restricted of course. they give you maybe 10 uS early warning. you can use that 10uS to blow silicon fuses, short the antenna to ground with a spark gap, etc, etc.


    if you're buried 10 feet deep in the ground you won't feel it. the initial pulse is so fast the skin depth of the earth is on the order of 10 feet. but its a reset to zero for 90% of the infrasturcture.

    but its not enough energy to actually do any damage to insulators, transformers, etc.



    the damn problem with all this emp nonsense is its getting mixup with solar flares. those are not emps. more like slowly moving a magnet the size of the earth across the earth at a few hundred miles an hour. a few volts dc per mile show up. that few volts is enough to push enough dc amps through your wye connected transformers (center grounded at both ends) and uh, oh my bad they saturate. and i had no way of detecting it. so 3 minutes later the copper is melting because the transformer's internally losses increased from .3% to 5%. and i didn't notice the bad power factor, third harmonic distortion either. because i'm too lazy to care.


    oh, and i'd like 150 million bucks from the feds to lift the ground on major transformers, and put a capacitor and a resistor in series instead.


    but as you've mentioned iirc, and some other people i've talked to, all the really major high voltage lines are delta connected, so it doesn't matter emp or solar flare, presumably they have a zig-zag tertiary winding that grounds both sides, i dunno.


    but a nuclear emp with enough energy to fry a transformer or "the electric grid" would probably be enough to cause every lightbulb in your house, every motor, electrical appliance to litterally explode.


    reset to stone age, just from loss of household refrigeration.

  4. #14
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    Quote Originally Posted by Paul Alciatore View Post
    I have never seen a clear, concise explanation of what bitcoin is. It seems to be based on nothing other than a bunch of people saying that it exists. If a record of your bitcoin account is on enough hard drives (or is it cloud files now) then you are assumed to have that amount of bitcoin. No metal. No paper. Just computer records. And we are to assume that the hackers are not working on scamming this? Apparently there is a "mining" procedure for creating more of it, assuredly in your bitcoin account.

    Just where do you go to convert bitcoin to actual currency? Or to gold or silver? Is there any real bank that will give you dollars, yen, marks, pounds, euros, or some other hard currency for bitcoin? Is there a special bitcoin bank? Where? How about those companies with the endless TV commercials for gold or silver? Will they accept payment in bitcoin? And do I still get free shipping?

    I suspect that bitcoin is going to burst one of these days and all these bit-millionaires will be left with nothing. Except for the very few who started this BS and who have been taking the real value out of it in dollars or other hard currency all along.
    Bitcoin IS based on bunch of people claiming it exist and has value - like almost every currency on the world. This value lies in fact that there are people ready to exchange saus currency for goods - food, energy, services etc. Other factor - it's amount must be limited and it's not easy to fake. In case of "normal" currency amount is controlled by central bank and "faking" is limited by the fact that if you get caught penalty is very high (and bills have some security features). In case of bitcoin amount and "faking" is controlled by mathematical mumbo-jumbo
    You may think that bitcoin is not "real" since it's just a few bits on someone's computer - but what intrinsic value has a paper bill?
    Current price of bitcoin baffels me - my "pet theory" is that someone dumped a lot of nirmal cash in it - for example to hide it from prosecution (someone from this Dubai hotell for example) or it's a simple bubble - people see that price goes up so they buy increasing price further - till the bubble bursts. I would like to jump in and make easy money but my guts tell me the bubble is about to burst...

    Wysłane z mojego GT-N7100 przy użyciu Tapatalka

  5. #15
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    So bitcoin just broke the 10K mark, I look now on google and it is at 15K already? How does this value get driven up? Who says "hey, that fake coin is worth more now"? What do they go off of to tell what the value of a bitcoin is? What some yahoo says he'll pay for it?

    I am still waiting to see someone cash in and get real cash.
    Andy

  6. #16
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    "Fake money"?

    All money is fake. Even gold.

    Money is just something we agree to use to represent the value of work. Any actual value it has for another purpose is irrelevant, really, but is good to stop people from calling it "fiat currency".

    I suppose that oats or wheat would be a currency, somewhat bulky, that had "actual value".

    I opened a new business account recently. Bank asked me if I would be trading in bitcoin. If I was, no account would be opened. Also asked if I would be involved in growing marijuana, etc, ditto.

    As for "EMP", one has to look at the device yield, and see what it is capable of producing in energy, to determine what it can do. Also where the energy is going, as not all appears in a form to produce EMP. Many scenarios are really for close in areas, and not relevant to more distant locations.
    Last edited by J Tiers; 12-07-2017 at 10:37 AM.
    1601

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  7. #17
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    Quote Originally Posted by Bob Engelhardt View Post
    Be sure to read the comments. The author is very confused about bitcoin.
    I 'm very confused about it too. Can we buy machines with it???

    JL................

  8. #18
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    Quote Originally Posted by JoeLee View Post
    I 'm very confused about it too. Can we buy machines with it???

    JL................
    Yes but that would be a big mistake. You should sell your machines and buy bitcoins.
    When in doubt, doubt your doubt.
    www.metalillness.com

  9. #19
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    Is bitcoin taxable & how so?
    You can lead people to knowledge but you can't make them think.
    "Lead, follow, or get out of the way."-Thomas Paine

  10. #20
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    Quote Originally Posted by flylo View Post
    Is bitcoin taxable & how so?
    Taxable based on your capital gain over base cost, if you buy and then sell, like any investment.

    I doubt you can pay taxes with them. Maybe you can with the new "petro" cryptocurrency in Venezuela.
    1601

    Keep eye on ball.
    Hashim Khan

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