Wow. Bitcoin is almost $1,500

[Printer Bandit]

 

[pandemonium]

Instructions unclear: penis stuck in exchange.

 

[Yakk]

So apparently the biggest exchange in the U.S. actually crashed under load, not DDoS like some others.

Guess there's still a bit of demand yet.

 

[ultimatebob]

Ah, fuck it. Go buy some more Bitcoin at $19,000, it can only go up from here!

 

[Yakk]

Ah, fuck it. Go buy some more Bitcoin at $19,000, it can only go up from here!

Actually, it's getting harder and harder... Some exchanges ran out of bitcoins and had to go into discovery mode to find some, which is sporadic at best like we saw earlier today.

Impressive stuff.

 

[brianmanahan]

as crazy as the price seems, i can see it going to 50$k or even 100$k per bitcoin before the next drop

i ain't man enough to put my own money on it though LOL

 

[Capt Caveman]

Ah, fuck it. Go buy some more Bitcoin at $19,000, it can only go up from here!

I thought I was crazy when I bought more at $9.5k last week. Gravy train...

 

[larciel]

I love watching this rollercoaster ride.

Some will come out like filthy riches.

Some will crawl and cry like losers.

Volatility. Is too much for me. Enjoy the ride ppl!

 

[William Gaatjes]

Imagine trying to signal a message to someone using the closing price of the DOW as the mechanism to seed a hash algorithm. You'd have to buy/sell every day to try and force it to come out to an exact predetermined number. If you were off by a penny, the message is indecipherable. But even if you have billions in reserve, there's no way you could succeed even a small percentage of the time, even a small number of transactions outside of your control would make the effort pointless. That's what it would be like trying to "hijack" the BTC mining network.

It is like reading the bitcoin wiki.

I get a scientology feeling, meaning there are firm believers.

Is mining used for some useful computation?
The computations done when mining are internal to Bitcoin and not related to any other distributed computing projects. They serve the purpose of securing the Bitcoin network, which is useful.

Is it not a waste of energy?
Spending energy on creating and securing a free monetary system is hardly a waste. Also, services necessary for the operation of currently widespread monetary systems, such as banks and credit card companies, also spend energy, arguably more than Bitcoin would.

edit: The last sentence, they forget to conveniently mention the scale of operations when comparing global monetary systems with bitcoin operations.


I am still trying to grasp it.
I always wonder what the original data is since with a hash and with the hash alghoritm alone one cannot determine what the original data was.
A man in the middle attack would not work. I agree

 

[William Gaatjes]

Until hash collisions are found which seems to be quite the computational problem.
The expectation is that only quantum computers can find collisions.
I wonder if the D-Wave computer can find collisions for SHA-2.


This also makes me wonder if there is a miner that actually is saving up to buy a D-wave computer.
I am sure that all the clients of D-wave computing are on a list that is closely monitored by the NSA.

https://www.dwavesys.com/quantum-computing

 

[purbeast0]

Saw it drop to $13,888 and decided to throw $5k into it. By the time I did that it was back at $14,111. I'm in for the ride now!

 

[tynopik]

i saw the subject and panicked, thinking i'd lost 90% of my investment

 

[Charlie22911]

Been mulling it over for a while now, itching to trade some bitcoin for a few gold bars from ampex... Anyone here deal with gold before?

 

[Charmonium]

I think this is what's called a feeding frenzy. Those always end well.

 

[Capt Caveman]

Saw it drop to $13,888 and decided to throw $5k into it. By the time I did that it was back at $14,111. I'm in for the ride now!

Nice, I should have bought more when it dropped down to $13.5k and it's back over $15k now.

 

[purbeast0]

Nice, I should have bought more when it dropped down to $13.5k and it's back over $15k now.

The only problem now is that I am looking at coinbase like 100 times already today

 

[Yakk]

Futures trading coming online soon, buckle your seatbelts!

 

[IronWing]

Shouldn't a futures market work to smooth out the daily trade market, moving the volatility into the future?

 

[Yakk]

Well, the futures market helped catapult BTC value to $15,000+ as they started to stock up on BTC. In this case I doubt futures will smooth out anything short term, first the introduction will create volatility, then BTC is 24/7 and if futures trading are stopped because of extreme volatility, BTC doesn't stop for anybody which might compound the difference. Not sure how that will work.

 

[JEDI]

Today is opening day for Bitcoin futures and crashed the servers at the Chicago exchange

 

[Yakk]

Even with servers crashing futures are hitting long % limit suspending futures trading. Beautiful, just beautiful.

 

[ViRGE]

Even with servers crashing futures are hitting long % limit suspending futures trading. Beautiful, just beautiful.

Aww here it goes...

 

[JSt0rm]

 

[purbeast0]

Is anyone here actually mining? I have been researching a bit this morning just to get a better understanding of everything and was just curious if anyone is using anything to mine at home like that Antminer S9. If so, how is it going and how much maintenance do you have to do? Do you just set it and forget it or is there stuff you have to regularly check/do? I was reading that these can generate like .25btc a year (obviously depending on difficulty and variables) but at the rate now, that would seem worth it.

 

[thraashman]

I've never bought a Bitcoin. I remember when I first read up on them and they were just below $50 and I was like "this is absurd, it's a waste of money and won't go anywhere"... Clearly I am not a good predictor of financial markets.