A fool and his not-really-money are soon parted
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@rhywden said in A fool and his not-really-money are soon parted:
Neuronal Nets
It's called Deep Learning now and it's currently bringing in more idiots, again. Sure, it's already been shown to have a lot of sweet applications, but right now the hype around it creates way too many stupid ideas what to do with it.
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@rhywden said in A fool and his not-really-money are soon parted:
c) "Let's use it for ALL THE THINGS!"
A recent example illustrates this. Your typical architecture astronaut will take a fact like “Napster is a peer-to-peer service for downloading music” and ignore everything but the architecture, thinking it’s interesting because it’s peer to peer, completely missing the point that it’s interesting because you can type the name of a song and listen to it right away.
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@blakeyrat said in A fool and his not-really-money are soon parted:
@rhywden said in A fool and his not-really-money are soon parted:
c) "Let's use it for ALL THE THINGS!"
Joel Spolsky
Co-founded Stack Overflow with the guy who, coincidentally, uses his forum software for bug tracking.
Nice.
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@topspin The interesting thing is that Joel actually made an actual bugtracker.
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@jbert Well yeah, I wasn't joking about Joel but about .
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@mikehurley said in A fool and his not-really-money are soon parted:
Just had an amusing observation about myself. I guess I'm getting old with technology. When I see articles about crypto currencies, I frequently think "Windows icon file" when I see ICO.
Same!
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... they have identified over 3,300 finns that should pay tax for cryptocurrency trading.
The estimated gains by residents of Finland amounts to a hundred Million euros for 2017. Roughly 30 Million of this should be paid to the state in the form of capital tax. These numbers are ten times higher than they were in 2016.
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@rhywden said in A fool and his not-really-money are soon parted:
"Let's use it for ALL THE THINGS!"
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Article quoted in said A fool and his not-really-money are soon parted:
identified over 3,300 finns that
But! But! Bitcoin is anonymous!!!
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@tsaukpaetra said in A fool and his not-really-money are soon parted:
Bitcoin is anonymous!!!
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The Federated Network Protocol is aware of the number of validators, and their health, at all times. This awareness allows Hadron to predict the point of failure on the network and prevent it by spinning up temporary validators that keep the network alive while participants are alerted to the imbalance and instructed to remedy it.
Uh huh. I'll wait to see what Jepsen says about this wonderful solution.
The main goal, Dukkipatty said, is to make managing a blockchain network a risk-free and seamless one-click experience.
This is why Elemential calls itself the "WordPress of blockchain," since - like WordPress did to blogging (increasing the ease of creating blogs which led to an explosion from 40 million in 2003 to more than 1 billion today) - Elemential plans to do for blockchain development.
WordPress also gave hackers a universal target with gaping security holes. Although security holes are everywhere in the cryptocurrency ecosystem already…
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@dcoder So, are hackers the backers?
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𝄞 Fork ETH baby one more time…
Ethereum's current consensus protocol - the way the network agrees to add a new block to the chain - is called proof-of-work and requires resources to be expended as its "proof."
Ethereum's creator Vitalik Buterin and other developers have discussed eventually moving to a proof-of-stake model, in which users lock ether up in special wallets and risk losing these "stakes" if they don't follow the consensus rules.
[…] if implemented, would be a first, partial step toward the full move to Casper, introducing a hybrid system that combines proof-of-work and proof-of-stake.
As Ryan suggests, the change will not be compatible with existing ethereum software, meaning that the network will have to undergo a hard fork to be implemented.
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@dcoder That's an interesting idea, but if I'm a (honest) miner, what's my incentive to switch from proof-of-work to proof-of-stake?
If there's a software error causing me to process a transaction wrong, with proof-of-work I might but out some time but I don't lose money. With proof-of-stake I'm out both.
(Sure I get that if a significant fraction of miners went to proof-of-stake the network would be faster, but I don't see how that could happen if none of those miners individually have an incentive to.)
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@blakeyrat said in A fool and his not-really-money are soon parted:
@dcoder That's an interesting idea, but if I'm a (honest) miner, what's my incentive to switch from proof-of-work to proof-of-stake?
As a miner, probably you have negative incentive: you invested in this expensive and specialised mining equipment, which now will be useless.
Proof of stake = those who have a lot of currency are now mining, following the usual rich get richer mechanism.
The proof-of-work miners probably don't hold onto the currency, but sell it and buy electricity.
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@adynathos Well FORKING the currency indeed also has a huge negative incentive for almost everybody. That's why the Bitcoin fork "failed" (or at least failed to meet its goals). I wasn't even thinking about that.
I'm just thinking, "who wants to be put in a position where running buggy-ass Ethereum mining code could literally cost them money when a bug is triggered?"
That's like a new method of running Adobe Photoshop where you put up $500 and every time it crashes they charge you $100. Uh... but Photoshop crashes all the fucking time for reasons utterly out of your control, you'd be an utter dumbshit to take that deal.
Even worse for Ethereum, where you know there's a community where if one of these bugs are discovered, they'll spam it all over the network specifically to cost people money as a trolling effort. (Or, generously: as a grey-hat hacker effort.)
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@blakeyrat said in A fool and his not-really-money are soon parted:
running buggy-ass Ethereum mining code could literally cost them money when a bug is triggered
It already does, flaws and exploits are found not only in many contracts but even in the basic wallet implementation.
https://paritytech.io/security-alert/
https://paritytech.io/security-alert-2/Ethereum is built upon the idea of buggy, unreadable, easily-exploitable code losing your money.
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@blakeyrat this doesn't seem as crazy when you compare it to proof-of-work. If you end up sending a bad confirmation under POW, you've paid for electricity to mine/verify that transaction. With POS it seems like you'd offset the stake by having to spend less on mining equipment and electricity.
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@bb36e I guess if the price was right it could be beneficial compared to paying an electric bill.
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With the help of a magic called hashishing, it is not possible to change any existing data without this being detected by others
:D
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@boomzilla said in A fool and his not-really-money are soon parted:
@rhywden said in A fool and his not-really-money are soon parted:
"Let's use it for ALL THE THINGS!"
That question doesn't even make sense. Obviously, you'd have to HTML the blockchain first, then 3D print it into a bitcoin.
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Will be interesting to find out what AS announced those bogus routes.
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@cursorkeys said in A fool and his not-really-money are soon parted:
Will be interesting to find out what AS announced those bogus routes.
TFA says it was AS10297 (eNet). Also, the attackers pull all this off and they don't try and get a Let's Encrypt certificate with a DNS or HTTP challenge? Huh.
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Victims had to click through a HTTPS error message, as the fake MyEtherWallet.com was using an untrusted TLS/SSL certificate.
Yes, because blinding clicking through a HTTPS error is the intelligent thing to do. Herpderp. Shame it didn't happen to their real bank accounts, maybe the could have learnt a lesson in internet security. But probably not anyway.
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@atazhaia Which reminds me that for several of our contacts, when we connect to their VPN, we routinely click through "Hey, this certificate is self-signed" warnings. Phishing their VPN passwords out of us would be ridiculously easy (but hey, their fault for using self-signed certs in the first place... unless it turns out we were never actually talking to their network).
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@mikehurley said in A fool and his not-really-money are soon parted:
Just had an amusing observation about myself. I guess I'm getting old with technology. When I see articles about crypto currencies, I frequently think "Windows icon file" when I see ICO.
My brain keeps turning the O into a Q
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@onyx Uh oh!
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@onyx Now there's a name I've not heard in a long time. I can remember my 7 digit # but it was registered to a mailcity email address so no hope of password recovery.
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I wonder something.
With all this talk of "this person stole $30M in coins" and "this hacked emptied wallets of $15M" etc-- how the hell does what they stole actually become real actual cash money?
Like, if I pulled off a heist and now had a wallet full of $30M in ShitCoins, what do I do then? Is there an exchange that won't question suddenly cashing out $30M USD, especially since the coins can be traced right back to the theft?
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@lorne-kates You buy Doge-Coins, obviously. It's ShitCoins all the way down.
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@lorne-kates said in A fool and his not-really-money are soon parted:
Like, if I pulled off a heist and now had a wallet full of $30M in ShitCoins,
Sell them? If you're smart, not all at once.
Not sure where the confusion's coming from here.
@lorne-kates said in A fool and his not-really-money are soon parted:
Is there an exchange that won't question suddenly cashing out $30M USD, especially since the coins can be traced right back to the theft?
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We don't know the coins can be traced back to the theft; we don't know how many wallets the thieves used, AFAIK. I don't know how easy it is for the victims to trace Ethereum knowing their wallet address; it's relatively easy with Bitcoin, but Ethereum? I have no clue.
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Everybody's going to question selling $30 million of anything at once, duh. However putting it in 20 exchanges and selling $50,000 in each probably won't raise any eyebrows. Nor will using an additional $50,000 or so to trade for other cryptocurrencies.
There is a risk that Ethereum will fork and make your stolen goods useless (it's happened once before), but the risk is low, due to reason 1) above. Either way you'd also want to exchange as much as feasible into other cryptocurrencies (which raises WAY less scrutiny than cashing out) as soon as possible to diversify.
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Another crypto fuckup and MongoDB at the same time
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... someone might have just ordered an Antminer B3...
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@blakeyrat Ok well my bank did the money transfer, so I have one of these beasts winging its way to me:
According to asicminervalue.com, these machines are predicted to bring in about $300/day, and ROI in 11 days: https://www.asicminervalue.com/miners/bitmain/antminer-b3-780hz
Now I just need to figure out how to muffle the noise, since Bitmain asics are notoriously obnoxiously loud.
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@blakeyrat have you figured out how to sell the bitcoins for actual money yet?
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@jaloopa said in A fool and his not-really-money are soon parted:
@blakeyrat have you figured out how to sell the bitcoins for actual money yet?
The key is to get it into a reputable exchange like Coinbase, and from there you can do pretty well. I haven't figured out exactly how that's going to work with Bytom, but it looks like Bitmain's own Antpool will support it soon so at least I have a reputable mining pool I can work with.
Not a lot of exchanges are set up to work with Bytom yet, and one that is is very disreputable (my buddy has had a siacoin transfer blocked by their incompetence for like 3 weeks now). I'm not worried because I'll probably mine to a private wallet and Bytom has a lot of ASIC/Exchange/Pool support, tons of people are excited about it, some ASIC makers are already taking payments in Bytom and it's only been publicly available about a week.
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@blakeyrat said in A fool and his not-really-money are soon parted:
I have one of these beasts winging its way to me
Looks like you bought the last one
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@timebandit They were sold out in seconds. I actually grabbed one of the ones that was sold out from the initial batch, then put back on sale due to some other sucker's payment falling-through.
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@blakeyrat The current estimation is that these machines will bring up $105k a year. Holy shit. It'll be like having almost a second salary.
(Of course once a lot are in the wild the price will drop, but still I'm excited as fuck.)
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@blakeyrat said in A fool and his not-really-money are soon parted:
these machines will bring up $105k a year.
Does that account for how they do the difficulty scaling?
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@tsaukpaetra said in A fool and his not-really-money are soon parted:
Does that account for how they do the difficulty scaling?
No! But don't piss on my parade!
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@blakeyrat said in A fool and his not-really-money are soon parted:
@tsaukpaetra said in A fool and his not-really-money are soon parted:
Does that account for how they do the difficulty scaling?
No! But don't piss on my parade!
Hey now, piss can be useful sometimes! :)
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@blakeyrat said in A fool and his not-really-money are soon parted:
@blakeyrat Ok well my bank did the money transfer, so I have one of these beasts winging its way to me:
Wait . . . what ?????
The person who started a thread called "A fool and his not-really-money are soon parted" just got separated from $2500.
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@el_heffe Yeah you have a chance to see some money-parting in real time as it happens.
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@el_heffe The difference is that @blakeyrat perceives himself to not be a fool. And he is one, but not when it comes to cryptocurrency if this thread is anything to go by.
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@pie_flavor Greater Fool Theory.
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@el_heffe said in A fool and his not-really-money are soon parted:
got separated from $2500
Holy shit, that's a lot of money to speculate with. I hope it goes well.
I looked at the specs to try to see if it really was an ASIC or just a mask FPGA and it looks like it is a true ASIC on quite a modern process. The amount of money Bitmain are plowing into ASIC development must be staggering.
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@cursorkeys said in A fool and his not-really-money are soon parted:
The amount of money Bitmain are plowing into ASIC development must be staggering.
ASICs are not that expensive. The masks are the expensive bit, a few million, but they're highly reusable; if they can ship a few tens of thousands of units — not too difficult, I think — they'll make a ton of money without the risk of direct exposure to cryptocurrency markets. It's like selling shovels to gold miners.
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@dkf I'd love to see the books on how much each of these machines cost Bitmain. I'm sure they're raking in the dough. They sell based on the machine's income potential, their pricing has nothing to do with the materials or labor used to build them.