The Glade 4.0

Posted without comment except to say I found it interesting.

They are making Bitcoin ATMs too now, the first will be in LA and Cyprus.

Also, someone hacked their servers yesterday.

Unrelated note, anyone heard from Lex lately?

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Yes, he's posted multiple times in the past few weeks.

Mostly about bitcoins. It's a lot like reading one of Taskiss's posts, only from the exact opposite end of the spectrum.

He's also been posting ridiculous pictures of himself on Facebook and going on about how many people are following his tumblr. Basically, the same Lex we all know and love.

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Buckle your pants or they might fall down.

Sounds like he might need his meds adjusted.

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Not in jail for hacking Bitcoin servers?

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There are no bitcoin servers to hack.

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"It's real, grew up in trife life, the times of white lines
The hype vice, murderous nighttimes and knife fights invite crimes" - Nasir Jones

Whatever phrase you want to use then.

http://www.cnbc.com/id/100615508

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Here's what I know. I know that you have no understanding of the bitcoin infrastructure. The reason I know this is because I read that article. That article is entirely nonsense. Reading that article gives you no greater understanding of anything, and in fact harms whatever understanding you may have already had, than you had prior to reading the article. That author needs to be arrested and told never to be seen attempting journalism around the vicinity again.

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True or false?

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In time, this too shall pass.

I can't wrap my head around this bitcoin stuff. What's backing it? How are they "generated"? For that matter, how are they "stolen"? What's to prevent someone from simply saying "I have eleventy bajillion-million bitcoins!"?

Bitcoins essentially exist as a distributed database of transactions. The history log of transactions are verified by peers which have to solve forced work problems generated by a hash function (using SHA-256 protocol) whenever a transaction occurs. The problems are generated from the transaction details of the public wallet keys (aka ID) of both the transmitter and the receiver as well as the transmitter's private key. The first node to solve the problem broadcasts the results to all clients. They verify the solution and this transaction is then appended to others as a block and becomes a part of the universal, distributed, peer-verified transaction history. As blocks are "generated", nodes are rewarded with BTC created out of thin air by the network (the distributed BTC code) for verifying the transaction. The current rate of generation is 25 BTC/ hour continuing to half until it caps the total at 21 million sometime in 2030s?

Essentially, in order to double spend or chargeback BTC, it would require coordinated computing power greater than the current sum of honest nodes verifying transactions to rebuild the current transaction log with false information and "overtake" the current block.

This summation may have omitted factual details or be incorrect in some aspects but I'm drunk and high right now and I'm still parsing the BTC open source and reading information about it.

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"It's real, grew up in trife life, the times of white lines
The hype vice, murderous nighttimes and knife fights invite crimes" - Nasir Jones

The stock market wasnt hacked somone hacked some poor sleb's e-trade account and sold off someones entire portfolio. The market merely reacted. Close enough?

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I prefer to think of them as "Fighting evil in another dimension"

I made $100k so far from Bitcoins, seems I'm doing just great without meds, thanks.

edit:

Technically I didn't make anything yet, but if I sold them that's how much I'd make before taxes.

Sell before the crash!

Also, I'm not sure what was up with all the uncalled for personal attacks on you, but glad to hear you are doing well.

I bet they're gonna go up to $2000 per BTC or so, then crash to $300. Just a prediction, but anything could happen.

Totally do not understand a word of this.

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"Hysterical children shrieking about right-wing anything need to go sit in the corner and be quiet while the adults are talking."

Just think of it like this:

Someone invented a new form of gold that is mined with computers. There's currently a gold rush going on. Only so much gold will ever be mined.

*headexplodes*

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"Hysterical children shrieking about right-wing anything need to go sit in the corner and be quiet while the adults are talking."

control "c" / control "v" !!

I just doubled my money!

I can't wait till they're at $1000, then I'll brag even more... muahaha.

What's that, you say? Bitcoins have been fluctuating wildly, losing up to 50% of their value?

True, but I bought them when they were $16. It might take a couple years for them to get a lot higher. I can wait.

I watched several lectures on both BTC, hash functions and forced work for it to make sense. Essentially, it is just a universally, open source, peer verified ledger of transactions. The forced work method is used to ensure that the large number of honest nodes participating can't be compromised by any number of smaller entities.

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"It's real, grew up in trife life, the times of white lines
The hype vice, murderous nighttimes and knife fights invite crimes" - Nasir Jones

I made this image. Watch me lose all my money, haha.

Litecoins are soon to be traded on Mtgox. So I predict their value will soar.

http://en.wikipedia.org/wiki/Litecoin

The wikipedia article was just created a few days ago. WP significance means the value will rise.

http://arstechnica.com/security/2013/04 ... -currency/



edit:

The pirate bay is now accepting Litecoin donations (scroll to the bottom). These are probably going to soar in value.

http://thepiratebay.is/

Of course, I could be wrong.