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Thread: Bitcoin

  1. #81
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    Quote Originally Posted by Subteigh View Post
    I doubt proof of work is the future of cryptocurrencies. It just should not be an essential part of a currency. What utility does it offer?



    I said valuation, not price. It seems clear to me you're not a value investor, so hopefully you place great importance on quality. Maybe I'm unduly skeptical of the approach of invested purely on what the crowd is or isn't doing, although I do think momentum is important to some degree at least in determining when to buy or sell.

    If a golden goose is worth $1 million but you pay $2 million, then you're not a value investor. If you don't have a value in mind for Bitcoin at the moment, then there's a danger you could buy or sell at any price.

    “Price is what you pay. Value is what you get.” ― Warren Buffett

    You could for example assess the value of a company by its Book value: the value of its assets minus its liabilities. If the stock market prices the company lower than this, then by Book value, it may be worth investing in.

    You could also for example assess the value of a company by its price to earnings - the stock market price of the company divided by its total earnings for the last year - with a lower ratio being better value by this metric.
    There is a difference between trading and investing. I consider myself more of a trader than an investor but I do have long term investments as well. I definitely wouldn't pay any price for something I dunno where you're getting that bullshit from I've explained the value of BTC in my previous posts you should read them sometime.
    "Precision beats power and timing beats speed"

  2. #82
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    Quote Originally Posted by Subteigh View Post
    I doubt proof of work is the future of cryptocurrencies. It just should not be an essential part of a currency. What utility does it offer?
    So how can the network function without proof of work? you must be a great software engineer. I asked Chat GPT for you say thank you.

    Proof of work (PoW) is the consensus mechanism used by Bitcoin to validate transactions and add them to the blockchain. In the PoW system, miners compete to solve a complex mathematical puzzle using their computing power, and the first miner to solve the puzzle is rewarded with a certain amount of Bitcoin.
    The mathematical puzzle that miners must solve is known as a cryptographic hash function. A hash function takes an input and produces an output that is a fixed length and unique to that input. In the case of Bitcoin, the input is a block of transactions, and the output must meet a certain difficulty level set by the network. The difficulty level is adjusted every 2016 blocks to ensure that a block is added to the blockchain roughly every 10 minutes.
    To solve the hash function, miners use their computing power to repeatedly guess inputs until they find one that produces an output that meets the difficulty level. This process is known as mining. The miner who finds the solution first broadcasts it to the network, and other nodes on the network verify that the solution is correct. Once a solution is verified, the miner who found it is rewarded with newly minted Bitcoin and transaction fees.
    The PoW system ensures that the Bitcoin network is secure by making it difficult for attackers to tamper with the blockchain. To tamper with the blockchain, an attacker would need to have more computing power than the rest of the network combined, which is known as a 51% attack. This would be extremely difficult and expensive to accomplish, making the Bitcoin network very secure.
    "Precision beats power and timing beats speed"

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    Yo, bro! Let me tell you about Bitcoin. It's like the digital gold, you know what I'm saying? The first and most popular cryptocurrency, created by some mysterious dude named Satoshi Nakamoto. Bitcoin is decentralized, meaning no government or financial institution controls it, making it free from manipulation and censorship. It uses a complex algorithm to verify transactions and record them in a public ledger called the blockchain. Bitcoin has been volatile, bro, with some people making big profits while others lost big time. But with its limited supply and growing adoption, Bitcoin has the potential to revolutionize the financial world and check into crypto mixing bro. So, what do you say? Wanna join the Bitcoin craze?
    Last edited by Martex; 04-29-2023 at 01:10 PM.

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    Quote Originally Posted by Martex View Post
    Wanna join the Bitcoin craze?
    The main positive side as a currency and not another pyramid alike gambling is higher anonymity, which is valued in criminal activity.

    > meaning no government or financial institution controls it

    Anything what acts in Internet has a control or an abbility for this.

  5. #85
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    Quote Originally Posted by Sol View Post
    The main positive side as a currency and not another pyramid alike gambling is higher anonymity, which is valued in criminal activity.

    > meaning no government or financial institution controls it

    Anything what acts in Internet has a control or an abbility for this.
    Shit i agree with you on something
    "Precision beats power and timing beats speed"

  6. #86
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    Quote Originally Posted by Amoeba View Post
    There is a difference between trading and investing. I consider myself more of a trader than an investor but I do have long term investments as well. I definitely wouldn't pay any price for something I dunno where you're getting that bullshit from I've explained the value of BTC in my previous posts you should read them sometime.
    No, you gave me the recent range of the PRICE. Price and value are two completely different things.

  7. #87
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    Quote Originally Posted by Amoeba View Post
    So how can the network function without proof of work? you must be a great software engineer. I asked Chat GPT for you say thank you.

    Proof of work (PoW) is the consensus mechanism used by Bitcoin to validate transactions and add them to the blockchain. In the PoW system, miners compete to solve a complex mathematical puzzle using their computing power, and the first miner to solve the puzzle is rewarded with a certain amount of Bitcoin.
    The mathematical puzzle that miners must solve is known as a cryptographic hash function. A hash function takes an input and produces an output that is a fixed length and unique to that input. In the case of Bitcoin, the input is a block of transactions, and the output must meet a certain difficulty level set by the network. The difficulty level is adjusted every 2016 blocks to ensure that a block is added to the blockchain roughly every 10 minutes.
    To solve the hash function, miners use their computing power to repeatedly guess inputs until they find one that produces an output that meets the difficulty level. This process is known as mining. The miner who finds the solution first broadcasts it to the network, and other nodes on the network verify that the solution is correct. Once a solution is verified, the miner who found it is rewarded with newly minted Bitcoin and transaction fees.
    The PoW system ensures that the Bitcoin network is secure by making it difficult for attackers to tamper with the blockchain. To tamper with the blockchain, an attacker would need to have more computing power than the rest of the network combined, which is known as a 51% attack. This would be extremely difficult and expensive to accomplish, making the Bitcoin network very secure.
    There are mining alternatives to "proof of work" that are a lot more energy efficient, that you can easily find out about if you search. Aside from that, mining isn't necessary if you must use a cryptocurrency.

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    Quote Originally Posted by Subteigh View Post
    There are mining alternatives to "proof of work" that are a lot more energy efficient, that you can easily find out about if you search. Aside from that, mining isn't necessary if you must use a cryptocurrency.
    Yes it's called proof of stake. But proof of stake isn't as reliable as proof of work that's where I was going with this.
    "Precision beats power and timing beats speed"

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    I see trading Cryptocurrency as freedom, but Hodling alone and not trading is similar to Banking which is slavery, but then again im a bipolar autist...
    Last edited by tripod; 04-28-2023 at 11:49 PM.

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    Quote Originally Posted by Subteigh View Post
    There are mining alternatives to "proof of work" that are a lot more energy efficient, that you can easily find out about if you search. Aside from that, mining isn't necessary if you must use a cryptocurrency.
    It's pretty fascinating how miners compete to solve those cryptographic puzzles and secure the blockchain. The difficulty level adjustments make sure everything keeps ticking along smoothly. You're right; PoW is energy-intensive, and there are more energy-efficient alternatives out there, like PoS. It's always good to explore different perspectives on the crypto world. Also, if you're into crypto, you might want to look into a crypto wallet as a service. I've recently tied it, and so far, I can say that it can help keep your digital assets safe and sound.

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