Bitcoin - Page 6 - KCSR

**JDLM** · 2017-01-05, 05:40 PM

Bitcoin dropped $200 in an hour this morning

Owning Bitcoin is always a rollercoaster ride of emotion and monetary loss, but this morning was particularly bad. Everyone’s favorite cryptocurrency started the day at $1,150 per Bitcoin, before dropping to a low of $887.47 by noon. At one point, people were selling so fast that the currency lost $200 in value in a single hour.

According to sources reached by CoinDesk, the price drop wasn’t the result of a few large players making moves or the fault of one particular exchange, as has happened in the past. Compared to the big price fluctuations a few years ago, the volume of Bitcoin being traded is far higher these days — 37 times higher than in 2013, according to Chinese bitcoin exchange Huobi.
That would indicate that the price fluctuations are an underlying feature of Bitcoin, rather than a teething problem. Price fluctuations have been Bitcoin’s biggest problem in making it mainstream: no retailer really wants to take payment in Bitcoin when the price can fluctuate by double digits in a single hour. It also puts off serious long-term investors, given the potential for an investment to be decimated in such a short space of time.
Despite the problems, however, Bitcoin has been having a good few months. The price of a single coin has been above $1,000 for weeks, matching the previous all-time highs in the early heyday of Bitcoin.

BlitzKrieg · 2017-01-11, 12:48 AM

I should've bought bitcoin when they were 10 cents a piece...

error4o4 · 2017-05-09, 07:11 PM

I hope some of y'all held on to your BTC... Price is over $1700 today. I've ventured into some altcoins, LTC and ETH, but sadly sold all my BTC.

Prolific · 2017-06-01, 01:56 PM

Holy shit, almost $2400 now.

mild83 · 2017-06-01, 02:25 PM

It is interesting to see a fiat currency pop up and be used around the globe. However, I can't help but think the major players of bitcoin will basically fuck the majority of smaller speculators.

**DIYAutoRepair** · 2017-06-01, 05:56 PM

Who are the largest owners of Bitcoin, World Bank? US Treasury? etc?

**JDLM** · 2017-06-01, 06:11 PM

FBI after their Silk Road sting

Idiot Stick · 2017-06-07, 09:50 PM

Ethereum for the win!!

LTe · 2017-06-12, 01:05 PM

So how does a guy actually make bitcoins? Do I have to build a super fast computer to mine them?

DanenGraham · 2017-06-12, 01:09 PM

You can't really do it anymore for bitcoin from my understanding. Some of the alt coins you could still try to get in on. But at this point buying and trading them I think is recommended.

**JDLM** · 2017-06-12, 01:29 PM

Quote:

Originally Posted by LTe

So how does a guy actually make bitcoins? Do I have to build a super fast computer to mine them?

more like warehouses upon warehouses of servers to create them

https://www.google.com/search?q=can+...ient=firefox-b

seawolfxix · 2017-06-12, 02:03 PM

Quote:

Originally Posted by LTe

So how does a guy actually make bitcoins? Do I have to build a super fast computer to mine them?

According to the various calculators out there, I think I would lose ~$150/year if I dedicated my RX480 graphics card to bitcoin mining...

My understanding is that you can invest in warehouses upon warehouses of servers (as JDLM suggests), or you can join a pool with other people and their rigs, and everybody splits the money based on individual contribution.

mild83 · 2017-06-12, 02:40 PM

I still don't get the "production" of the bitcoin.

**JDLM** · 2017-07-05, 09:20 PM

Yet another massive Bitcoin exchange has been hacked

Digital currencies like Bitcoin are very hot right now, and hackers are apparently looking to take advantage of that, as one of the largest Bitcoin exchanges in the world was just hacked.

Bitcoin and other cryptocurrencies surged in the past few months, which explains why people with malicious intentions would be looking to steal this precious virtual coin.
According to Yonhap News, hackers hit Bithumb, compromising 30,000 accounts. That represents 3% of the exchange’s customers. It’s unclear how much money, if any, was stolen, but some people said they lost money in the attack.
Bithumb realized last week that one of its employees’ home personal computers was hacked. That’s how the hackers may have stolen customer data. But that data does not include passwords, and the company said that digital wallets that contain Bitcoin and other coins were not emptied.
On any given day, Bithumb is the world’s third or fourth exchanges in the world by cryptocurrency trade volume, Business Insider explains.
A BraveNewCoin report says that Bithumb owns more than 75% of the South Korean Bitcoin market volume, and the exchange hosts 10% of the global Bitcoin trade. The same story notes that some 100 customers may have lost hundreds of millions of won, with one person having lost 1.2 billion won after the hack. To put things in perspective, 1 billion won is the equivalent of $870,000. Or nearly 340 Bitcoin at current prices — 1 Bitcoin costs $2,561.14 as of this moment.
Affected customers have already filed a complaint with the National Police Agency’s cybercrime report center.

**JDLM** · 2018-04-24, 07:40 AM

What’s the Difference Between Bitcoin, Bitcoin Cash, Bitcoin Gold, and Others?

Despite their names, Bitcoin Cash, Bitcoin Gold, Bitcoin Diamond, Bitcoin Private, and others are not the same thing as Bitcoin. They’re based on Bitcoin, and are piggybacking on its name, but they’re different things. Here’s how to know which Bitcoin variant is which.

Bitcoin is a decentralized cryptocurrency based on open source code. Anyone can take the code, modify it, and release their own version. That’s exactly how these other coins were created.

What is a “Hard Fork” of Bitcoin?

In computer software, a “fork” occurs when developers take existing code, modify it, and then use it as the basis for their own project. That’s exactly what other projects with names like Bitcoin Cash (BCH) and Bitcoin Gold (BTG) are. The developers took the main Bitcoin (BTC) code, known as “Bitcoin Core,” and modified it.

They also chose to fork the Bitcoin blockchain, copying its transaction history and using it as the basis for their own blockchain. In other words, if you owned 10 Bitcoin at the time Bitcoin Cash was released, you’d end up with 10 Bitcoin and 10 Bitcoin Cash. However, that’s a one-way, one-time event. You can’t convert any Bitcoin Cash you own back to Bitcoin—not without selling your Bitcoin Cash at the market rate and then buying Bitcoin at its market rate. And, if you buy Bitcoin after the fork, you don’t get any free Bitcoin Cash.
Coins like Bitcoin Cash and Bitcoin Gold are known as “hard forks” because they create a permanent split in the block chain, as opposed to “soft forks” that only create a temporary split.
People often disagree on the design decisions made in the Bitcoin project, and these hard forks allow developers who disagree to modify Bitcoin in their preferred ways. They can bypass the usual process of gaining consensus in Bitcoin Core and implement their own ideas. These Bitcoin forks are altcoins—that is, non-Bitcoin cryptocurrencies—based on the Bitcoin code.
Critics argue that these coins are piggybacking on Bitcoin’s name and that many are launched just to make a nice profit for the developers and early adopters. Supporters argue that they can improve on Bitcoin’s weaknesses.
What Makes These Forks Have Any Value?

Like Bitcoin itself, these forks have value (or no value) based entirely on perception—they are worth however much people value them. Some Bitcoin purists believe that these forks have no value and are a distraction from Bitcoin, just as they believe altcoins are largely pointless. Other people believe that Bitcoin has too many problems and that these Bitcoin forks could be the future, just as some people believe that one or more altcoins will supplant Bitcoin as the premier cryptocurrency in the future.
In the end, Bitcoin and all its forks are priced by the market—in other words, what people are willing to pay for them. You can see how valuable people think these coins are at the moment by looking at a website like Coinranking.com.
Bitcoin Cash (BCH)

Bitcoin Cash was designed for low fees and quick transaction times. The name pitches it as a sort of “electronic cash” thanks to these features. Bitcoin Cash embraces a larger block size, which means the network can support more transactions. It’s currently the most valuable Bitcoin hard fork.

This sounded particularly compelling in December 2017, when Bitcoin’s high transaction fees topped out at over $40. It’s still a meaningful difference in April 2018, however. Bitcoin transaction fees are down to $1.15 or so, while Bitcoin cash fees are below $0.04.
Bitcoin proponents argue that Bitcoin Cash’s changes are unnecessary, that SegWit (Segregated Witness) has already helped bring transaction fees down, and that the Lightning network will bring cheap, near instant payments to Bitcoin in the future.
Critics have pointed out that Bitcoin Cash seems designed be confusing. Both bitcoin.com and the Twitter account @Bitcoin are both used to push Bitcoin Cash. But Bitcoin Cash (BCH) isn’t the same thing as the original Bitcoin (BTC.) The Bitcoin Cash website argues that Bitcoin Cash is the “real Bitcoin,” but the larger Bitcoin community doesn’t agree.
Bitcoin Cash is the fourth most valuable coin after Bitcoin, Ethereum, and Ripple as of April 16, 2018. You can buy Bitcoin Cash on Coinbase just as easily as you can buy Bitcoin.
This was the first big hard fork and took place on August 1, 2017, inspiring other hard forks of Bitcoin.
Bitcoin Gold (BTG)

Bitcoin Gold tackles another problem some see with Bitcoin: the increasing centralization of Bitcoin mining that requires specialized hardware and makes it impossible for the average person to mine. Specialized hardware known as application-specific integrated circuits (ASICs) is required to mine profitably. And those mining companies can wield power over the network thanks to their massive size.

The Bitcoin Gold hard fork tackles this problem by swapping out the SHA-256 mining algorithm in Bitcoin for another algorithm called Equihash. This is still a proof-of-work algorithm that requires an immense amount of electricity and computing power, but it’s made to be much more difficult for ASIC-based optimization. Bitcoin Gold is designed so that average people—or at least average people with powerful graphics processors (GPUs)—can mine Bitcoin on their PCs once again, making the network more decentralized.
As of April 16, 2018, Bitcoin Gold was the 26th most valuable coin and the third most valuable Bitcoin hard fork after Bitcoin Cash and Bitcoin Diamond, according to Coinranking.com.
The Bitcoin Gold fork took place on November 12, 2017.
Bitcoin Diamond (BCD)

Bitcoin Diamond mixes together a number of features to create a “better Bitcoin,” including Segwit and the Lightning network (from Bitcoin), larger block sizes (from Bitcoin Cash), and a GPU-optimized mining algorithm (similar to Bitcoin Gold). It also promises some privacy by encrypting the values of each transaction. People can’t see how much currency is being sent in any given transaction by examining the public blockchain.
This is the 16th most valuable coin and second most valuable Bitcoin hard fork and as of April 16, 2018, beating Bitcoin Gold.
The Bitcoin Diamond fork took place on November 24, 2017.
Bitcoin Private (BTCP)

This is a hard fork of Bitcoin, but it’s also a merge with the Zclassic cryptocurrency. It’s a “fork-merge.” In other words, anyone who owned either Bitcoin (BTC) or ZClassic (ZCL) received Bitcoin Private at a 1:1 ratio. So, if you had 10 Bitcoin and 10 Zclassic, you ended up with 20 Bitcoin Private as well.
Where Bitcoin allows people to view transactions on the public blockchain, Bitcoin Private is focused on privacy. As the project’s website puts it, “payments are published on a public blockchain, but the sender, recipient and other transactional metadata remain unidentifiable.”
This is the 37th most valuable coin and fourth most valuable Bitcoin hard fork as of April 16, 2018.
The Bitcoin Private fork took place on February 28, 2018.
There Are More Hard Forks Where These Came From

Unsurprisingly, these hard forks were all released in mid-to-late 2017 or early 2018, around the time of Bitcoin’s historical highs in December 2017. Lots of people want to get in on the hype. There are many, many other hard forks out there with names like Bitcoin Rhodium, Super Bitcoin, and Bitcoin Silver, too. You’ll probably see lots of hard forks released throughout 2018.
If it’s all becoming a blur at this point, that’s the idea. People will keep creating Bitcoin hard forks as long as Bitcoin is popular, attempting to add their own ideas to Bitcoin or just strike it rich by hoping their coin takes off. Slapping the “Bitcoin” name on something seems like a surefire people to get people to pay attention to your idea, while an altcoin without “Bitcoin” in the name may not grab as much attention. Just as anyone can create their own altcoin, anyone can create their own Bitcoin fork.
While we don’t recommend you put money into Bitcoin, we think you should be especially careful before putting money into Bitcoin hard forks or altcoins.

**JDLM** · 2018-06-22, 12:57 PM

Image Source: MAXIM SHIPENKOV/EPA-EFE/REX/Shutterstock

Bitcoin is tanking hard, taking every other coin along for the ride

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It’s another crypto bloodbath, Bitcoin fans. Very early on Friday, prices started dropping more than usual. It all seemed like just another regular start of the day. Bitcoin and the entire market have been on a continued downward trend for weeks, as the bears are still in control of the action.
It soon became clear that this wasn’t just another Friday. Bitcoin lost nearly $700, trading as low as $6,100 on some exchanges. And when Bitcoin drops, everything else follows.

As of the time of this writing, all coins are plummeting and there’s no clear explanation as to what’s causing the new lows. Because yes, Bitcoin has reached a new low, trading for as much as $500 below the $6,600 price it hit back in March. At the time, that was the lowest price for the popular cryptocurrency since it climbed to all-time highs late last year.
Ethereum, Ripple, Bitcoin Cash, and EOS are all following Bitcoin’s lead, trading anywhere from 7% to 15% lower than yesterday at the time of this writing. Here’s how things are looking:

Image Source: CoinMarketCap
The entire crypto market lost more than $20 billion in value in a single day. Market cap alone doesn’t tell the whole story, but it does show how incredibly fickle cryptocoins are. Bitcoin and the entire market could rebound just as fast. That’s how Bitcoin trading works. The overall sentiment towards Bitcoin appears to be negative, however, and there’s no telling how long it’ll take until we see a sustained trend upwards.
Earlier this week, South Korean crypto exchange Bithumb reported a theft of around $30 million, which was the second crypto hack in a matter of weeks. However, that news did not seem to impact the price of Bitcoin as much as we’d have expected.
More recent events may have contributed to Bitcoin’s new crash. The Japan financial regulator Financial Services Agency (FSA) sent business improvements orders to six major crypto exchanges, per CoinTelegraph, including bitFlyer, Quoine, BTC Box, Bit Bank, Tech Bureau and Bit Point.
The FSA wants exchanges to identify their customers and take measures against money laundering schemes. In response, bitFlyer has already begun taking steps to address the concerns. One of the first orders of business was to stop new account registrations.
In China, meanwhile, authorities have seized 200 Bitcoin and Ethereum mining rigs, CCNreports, with a suspect having apparently having stolen 150,000 kW hours of electricity in just over a month. This isn’t as impactful as the FSA’s requirement, but it still shows that China is very much paying attention to what’s happening in the crypto space.

Oblique · 2018-06-23, 03:43 PM

Blockchain is going to replace Social Security Numbers it looks like. Seems like it's inevitable that cryptocurrency will be the future.

http://fortune.com/2018/01/11/blockc...dentity-theft/

https://www.bloomberg.com/news/artic...try-blockchain

http://bitcoinist.com/blockchain-tec...urity-numbers/

Now this is where it gets creepy for me. They are wondering where this information is going to be stored on someone and trying to work that out. A card can be lost and a phone can be hacked. Well look what this Israeli company is doing.

This article is from 2014
https://www.coindesk.com/israels-dna...es-blockchain/

This is from last month
https://techstartups.com/2018/05/10/...pression-tool/

Their official website.
https://www.dnatix.com/

Quote:

DNAtix has completed the first Proof Of Concept (POC) test by transferring the complete genome sequence of a virus over the Ethereum Blockchain. This test is a key milestone and the company believes that it is the first time that anyone has successfully transferred a DNA sequence over a blockchain.

mild83 · 2018-06-24, 09:31 AM

Quote:

Originally Posted by Oblique

Blockchain is going to replace Social Security Numbers it looks like. Seems like it's inevitable that cryptocurrency will be the future.

http://fortune.com/2018/01/11/blockc...dentity-theft/

https://www.bloomberg.com/news/artic...try-blockchain

http://bitcoinist.com/blockchain-tec...urity-numbers/

Now this is where it gets creepy for me. They are wondering where this information is going to be stored on someone and trying to work that out. A card can be lost and a phone can be hacked. Well look what this Israeli company is doing.

This article is from 2014
https://www.coindesk.com/israels-dna...es-blockchain/

This is from last month
https://techstartups.com/2018/05/10/...pression-tool/

Their official website.
https://www.dnatix.com/

Not sure I'm down with all of this 1984 shit.

Oblique · 2018-06-24, 09:37 AM

Quote:

Originally Posted by mild83

Not sure I'm down with all of this 1984 shit.

1984 doesn't have shit on this. This is full genetic enslavement of the entire human race if they go down this road and why wouldn't they? How many people do you think will just willingly go along with it and even be eager to because we've been conditioned to just accept any advancement in technology in the name of "progress"?

mild83 · 2018-06-24, 01:52 PM

Quote:

Originally Posted by Oblique

1984 doesn't have shit on this. This is full genetic enslavement of the entire human race if they go down this road and why wouldn't they? How many people do you think will just willingly go along with it and even be eager to because we've been conditioned to just accept any advancement in technology in the name of "progress"?

I gotta get off the grid

bonecrusher · 2018-08-10, 05:20 PM

Who are you guy using for bitcoin and similar crypto currencies?
Robinhood does not have it available for Kansas yet and some of the other trading platforms make you exchange $ for crypto and then send it to a different exchange to trade and both take a small portion for doing this.

2017-01-05, 05:40 PM	#126
JDLM Schutzstaffel Join Date: Feb 2004 Location: Olathe Posts: 167,018 Post Thanks / Like	Bitcoin dropped $200 in an hour this morning Owning Bitcoin is always a rollercoaster ride of emotion and monetary loss, but this morning was particularly bad. Everyone’s favorite cryptocurrency started the day at $1,150 per Bitcoin, before dropping to a low of $887.47 by noon. At one point, people were selling so fast that the currency lost $200 in value in a single hour. According to sources reached by CoinDesk, the price drop wasn’t the result of a few large players making moves or the fault of one particular exchange, as has happened in the past. Compared to the big price fluctuations a few years ago, the volume of Bitcoin being traded is far higher these days — 37 times higher than in 2013, according to Chinese bitcoin exchange Huobi. That would indicate that the price fluctuations are an underlying feature of Bitcoin, rather than a teething problem. Price fluctuations have been Bitcoin’s biggest problem in making it mainstream: no retailer really wants to take payment in Bitcoin when the price can fluctuate by double digits in a single hour. It also puts off serious long-term investors, given the potential for an investment to be decimated in such a short space of time. Despite the problems, however, Bitcoin has been having a good few months. The price of a single coin has been above $1,000 for weeks, matching the previous all-time highs in the early heyday of Bitcoin. __________________ *B68 \| F82 \|///M \|* S55B \| NAV \| LED \| LKSW \| S2MKA \| S2VBA \| S2VFA \| S322A \| S3AGA \| S493A \| S4MCA \| S502A \|**

2017-01-11, 12:48 AM	#127
BlitzKrieg Join Date: Oct 2007 Posts: 1,593 Post Thanks / Like Thanks (Given): 2 Thanks (Received): 4 Likes (Given): 4 Likes (Received): 18 Dislikes (Given): 0 Dislikes (Received): 0	I should've bought bitcoin when they were 10 cents a piece... __________________ 1991 Nissan Sentra GXE - DD 1989 Jeep Cherokee Laredo SOLD

2017-06-01, 05:56 PM	#131
DIYAutoRepair Sponsor Join Date: Oct 2011 Posts: 5,489 Post Thanks / Like Thanks (Given): 25 Thanks (Received): 196 Likes (Given): 71 Likes (Received): 1350 Dislikes (Given): 1 Dislikes (Received): 25	Who are the largest owners of Bitcoin, World Bank? US Treasury? etc? __________________ DIY Auto Repair Fully equipped service bay rental by the hour We also offer full service automotive repairs along with paint and bodywork Visit us at http://diyautorepairkc.com/ or call (913) 226-3806 Favorite car from the past (73 Pinto)

2017-06-01, 06:11 PM	#132
JDLM Schutzstaffel Join Date: Feb 2004 Location: Olathe Posts: 167,018 Post Thanks / Like	FBI after their Silk Road sting __________________ *B68 \| F82 \|///M \|* S55B \| NAV \| LED \| LKSW \| S2MKA \| S2VBA \| S2VFA \| S322A \| S3AGA \| S493A \| S4MCA \| S502A \|**

2017-06-07, 09:50 PM	#133
Idiot Stick Join Date: Feb 2004 Location: Destin, Florida Posts: 3,439 Post Thanks / Like Thanks (Given): 46 Thanks (Received): 43 Likes (Given): 588 Likes (Received): 344 Dislikes (Given): 15 Dislikes (Received): 7	Ethereum for the win!! __________________ Just Chute Me! Parasail

2017-05-09, 07:11 PM	#128
error4o4 Join Date: Jul 2008 Location: Lawrence, KS Posts: 1,041 Post Thanks / Like Thanks (Given): 30 Thanks (Received): 41 Likes (Given): 275 Likes (Received): 135 Dislikes (Given): 15 Dislikes (Received): 4	I hope some of y'all held on to your BTC... Price is over $1700 today. I've ventured into some altcoins, LTC and ETH, but sadly sold all my BTC.

2017-06-01, 02:25 PM	#130
mild83 Join Date: Jan 2010 Location: cabrini green Posts: 14,684 Post Thanks / Like Thanks (Given): 941 Thanks (Received): 340 Likes (Given): 6528 Likes (Received): 2786 Dislikes (Given): 133 Dislikes (Received): 138	It is interesting to see a fiat currency pop up and be used around the globe. However, I can't help but think the major players of bitcoin will basically fuck the majority of smaller speculators.

2017-06-12, 01:05 PM	#134
LTe Join Date: Oct 2013 Location: Kehlsteinhaus Posts: 2,236 Post Thanks / Like Thanks (Given): 106 Thanks (Received): 59 Likes (Given): 835 Likes (Received): 297 Dislikes (Given): 24 Dislikes (Received): 10	So how does a guy actually make bitcoins? Do I have to build a super fast computer to mine them?

2017-06-12, 01:09 PM	#135
DanenGraham Join Date: Feb 2004 Location: Lee's Summit Posts: 3,405 Post Thanks / Like Thanks (Given): 1 Thanks (Received): 35 Likes (Given): 33 Likes (Received): 255 Dislikes (Given): 0 Dislikes (Received): 4	You can't really do it anymore for bitcoin from my understanding. Some of the alt coins you could still try to get in on. But at this point buying and trading them I think is recommended.

2017-06-12, 02:40 PM	#138
mild83 Join Date: Jan 2010 Location: cabrini green Posts: 14,684 Post Thanks / Like Thanks (Given): 941 Thanks (Received): 340 Likes (Given): 6528 Likes (Received): 2786 Dislikes (Given): 133 Dislikes (Received): 138	I still don't get the "production" of the bitcoin.

2017-07-05, 09:20 PM	#139
JDLM Schutzstaffel Join Date: Feb 2004 Location: Olathe Posts: 167,018 Post Thanks / Like	Yet another massive Bitcoin exchange has been hacked Digital currencies like Bitcoin are very hot right now, and hackers are apparently looking to take advantage of that, as one of the largest Bitcoin exchanges in the world was just hacked. Bitcoin and other cryptocurrencies surged in the past few months, which explains why people with malicious intentions would be looking to steal this precious virtual coin. According to Yonhap News, hackers hit Bithumb, compromising 30,000 accounts. That represents 3% of the exchange’s customers. It’s unclear how much money, if any, was stolen, but some people said they lost money in the attack. Bithumb realized last week that one of its employees’ home personal computers was hacked. That’s how the hackers may have stolen customer data. But that data does not include passwords, and the company said that digital wallets that contain Bitcoin and other coins were not emptied. On any given day, Bithumb is the world’s third or fourth exchanges in the world by cryptocurrency trade volume, Business Insider explains. A BraveNewCoin report says that Bithumb owns more than 75% of the South Korean Bitcoin market volume, and the exchange hosts 10% of the global Bitcoin trade. The same story notes that some 100 customers may have lost hundreds of millions of won, with one person having lost 1.2 billion won after the hack. To put things in perspective, 1 billion won is the equivalent of $870,000. Or nearly 340 Bitcoin at current prices — 1 Bitcoin costs $2,561.14 as of this moment. Affected customers have already filed a complaint with the National Police Agency’s cybercrime report center. __________________ *B68 \| F82 \|///M \|* S55B \| NAV \| LED \| LKSW \| S2MKA \| S2VBA \| S2VFA \| S322A \| S3AGA \| S493A \| S4MCA \| S502A \|**

2018-04-24, 07:40 AM	#140
JDLM Schutzstaffel Join Date: Feb 2004 Location: Olathe Posts: 167,018 Post Thanks / Like	What’s the Difference Between Bitcoin, Bitcoin Cash, Bitcoin Gold, and Others? Despite their names, Bitcoin Cash, Bitcoin Gold, Bitcoin Diamond, Bitcoin Private, and others are not the same thing as Bitcoin. They’re based on Bitcoin, and are piggybacking on its name, but they’re different things. Here’s how to know which Bitcoin variant is which. Bitcoin is a decentralized cryptocurrency based on open source code. Anyone can take the code, modify it, and release their own version. That’s exactly how these other coins were created. What is a “Hard Fork” of Bitcoin? In computer software, a “fork” occurs when developers take existing code, modify it, and then use it as the basis for their own project. That’s exactly what other projects with names like Bitcoin Cash (BCH) and Bitcoin Gold (BTG) are. The developers took the main Bitcoin (BTC) code, known as “Bitcoin Core,” and modified it. They also chose to fork the Bitcoin blockchain, copying its transaction history and using it as the basis for their own blockchain. In other words, if you owned 10 Bitcoin at the time Bitcoin Cash was released, you’d end up with 10 Bitcoin and 10 Bitcoin Cash. However, that’s a one-way, one-time event. You can’t convert any Bitcoin Cash you own back to Bitcoin—not without selling your Bitcoin Cash at the market rate and then buying Bitcoin at its market rate. And, if you buy Bitcoin after the fork, you don’t get any free Bitcoin Cash. Coins like Bitcoin Cash and Bitcoin Gold are known as “hard forks” because they create a permanent split in the block chain, as opposed to “soft forks” that only create a temporary split. People often disagree on the design decisions made in the Bitcoin project, and these hard forks allow developers who disagree to modify Bitcoin in their preferred ways. They can bypass the usual process of gaining consensus in Bitcoin Core and implement their own ideas. These Bitcoin forks are altcoins—that is, non-Bitcoin cryptocurrencies—based on the Bitcoin code. Critics argue that these coins are piggybacking on Bitcoin’s name and that many are launched just to make a nice profit for the developers and early adopters. Supporters argue that they can improve on Bitcoin’s weaknesses. What Makes These Forks Have Any Value? Like Bitcoin itself, these forks have value (or no value) based entirely on perception—they are worth however much people value them. Some Bitcoin purists believe that these forks have no value and are a distraction from Bitcoin, just as they believe altcoins are largely pointless. Other people believe that Bitcoin has too many problems and that these Bitcoin forks could be the future, just as some people believe that one or more altcoins will supplant Bitcoin as the premier cryptocurrency in the future. In the end, Bitcoin and all its forks are priced by the market—in other words, what people are willing to pay for them. You can see how valuable people think these coins are at the moment by looking at a website like Coinranking.com. Bitcoin Cash (BCH) Bitcoin Cash was designed for low fees and quick transaction times. The name pitches it as a sort of “electronic cash” thanks to these features. Bitcoin Cash embraces a larger block size, which means the network can support more transactions. It’s currently the most valuable Bitcoin hard fork. This sounded particularly compelling in December 2017, when Bitcoin’s high transaction fees topped out at over $40. It’s still a meaningful difference in April 2018, however. Bitcoin transaction fees are down to $1.15 or so, while Bitcoin cash fees are below $0.04. Bitcoin proponents argue that Bitcoin Cash’s changes are unnecessary, that SegWit (Segregated Witness) has already helped bring transaction fees down, and that the Lightning network will bring cheap, near instant payments to Bitcoin in the future. Critics have pointed out that Bitcoin Cash seems designed be confusing. Both bitcoin.com and the Twitter account @Bitcoin are both used to push Bitcoin Cash. But Bitcoin Cash (BCH) isn’t the same thing as the original Bitcoin (BTC.) The Bitcoin Cash website argues that Bitcoin Cash is the “real Bitcoin,” but the larger Bitcoin community doesn’t agree. Bitcoin Cash is the fourth most valuable coin after Bitcoin, Ethereum, and Ripple as of April 16, 2018. You can buy Bitcoin Cash on Coinbase just as easily as you can buy Bitcoin. This was the first big hard fork and took place on August 1, 2017, inspiring other hard forks of Bitcoin. Bitcoin Gold (BTG) Bitcoin Gold tackles another problem some see with Bitcoin: the increasing centralization of Bitcoin mining that requires specialized hardware and makes it impossible for the average person to mine. Specialized hardware known as application-specific integrated circuits (ASICs) is required to mine profitably. And those mining companies can wield power over the network thanks to their massive size. The Bitcoin Gold hard fork tackles this problem by swapping out the SHA-256 mining algorithm in Bitcoin for another algorithm called Equihash. This is still a proof-of-work algorithm that requires an immense amount of electricity and computing power, but it’s made to be much more difficult for ASIC-based optimization. Bitcoin Gold is designed so that average people—or at least average people with powerful graphics processors (GPUs)—can mine Bitcoin on their PCs once again, making the network more decentralized. As of April 16, 2018, Bitcoin Gold was the 26th most valuable coin and the third most valuable Bitcoin hard fork after Bitcoin Cash and Bitcoin Diamond, according to Coinranking.com. The Bitcoin Gold fork took place on November 12, 2017. Bitcoin Diamond (BCD) Bitcoin Diamond mixes together a number of features to create a “better Bitcoin,” including Segwit and the Lightning network (from Bitcoin), larger block sizes (from Bitcoin Cash), and a GPU-optimized mining algorithm (similar to Bitcoin Gold). It also promises some privacy by encrypting the values of each transaction. People can’t see how much currency is being sent in any given transaction by examining the public blockchain. This is the 16th most valuable coin and second most valuable Bitcoin hard fork and as of April 16, 2018, beating Bitcoin Gold. The Bitcoin Diamond fork took place on November 24, 2017. Bitcoin Private (BTCP) This is a hard fork of Bitcoin, but it’s also a merge with the Zclassic cryptocurrency. It’s a “fork-merge.” In other words, anyone who owned either Bitcoin (BTC) or ZClassic (ZCL) received Bitcoin Private at a 1:1 ratio. So, if you had 10 Bitcoin and 10 Zclassic, you ended up with 20 Bitcoin Private as well. Where Bitcoin allows people to view transactions on the public blockchain, Bitcoin Private is focused on privacy. As the project’s website puts it, “payments are published on a public blockchain, but the sender, recipient and other transactional metadata remain unidentifiable.” This is the 37th most valuable coin and fourth most valuable Bitcoin hard fork as of April 16, 2018. The Bitcoin Private fork took place on February 28, 2018. There Are More Hard Forks Where These Came From Unsurprisingly, these hard forks were all released in mid-to-late 2017 or early 2018, around the time of Bitcoin’s historical highs in December 2017. Lots of people want to get in on the hype. There are many, many other hard forks out there with names like Bitcoin Rhodium, Super Bitcoin, and Bitcoin Silver, too. You’ll probably see lots of hard forks released throughout 2018. If it’s all becoming a blur at this point, that’s the idea. People will keep creating Bitcoin hard forks as long as Bitcoin is popular, attempting to add their own ideas to Bitcoin or just strike it rich by hoping their coin takes off. Slapping the “Bitcoin” name on something seems like a surefire people to get people to pay attention to your idea, while an altcoin without “Bitcoin” in the name may not grab as much attention. Just as anyone can create their own altcoin, anyone can create their own Bitcoin fork. While we don’t recommend you put money into Bitcoin, we think you should be especially careful before putting money into Bitcoin hard forks or altcoins. __________________ *B68 \| F82 \|///M \|* S55B \| NAV \| LED \| LKSW \| S2MKA \| S2VBA \| S2VFA \| S322A \| S3AGA \| S493A \| S4MCA \| S502A \|**

2018-06-22, 12:57 PM	#141
JDLM Schutzstaffel Join Date: Feb 2004 Location: Olathe Posts: 167,018 Post Thanks / Like	Image Source: MAXIM SHIPENKOV/EPA-EFE/REX/Shutterstock Bitcoin is tanking hard, taking every other coin along for the ride Share Tweet It’s another crypto bloodbath, Bitcoin fans. Very early on Friday, prices started dropping more than usual. It all seemed like just another regular start of the day. Bitcoin and the entire market have been on a continued downward trend for weeks, as the bears are still in control of the action. It soon became clear that this wasn’t just another Friday. Bitcoin lost nearly $700, trading as low as $6,100 on some exchanges. And when Bitcoin drops, everything else follows. As of the time of this writing, all coins are plummeting and there’s no clear explanation as to what’s causing the new lows. Because yes, Bitcoin has reached a new low, trading for as much as $500 below the $6,600 price it hit back in March. At the time, that was the lowest price for the popular cryptocurrency since it climbed to all-time highs late last year. Ethereum, Ripple, Bitcoin Cash, and EOS are all following Bitcoin’s lead, trading anywhere from 7% to 15% lower than yesterday at the time of this writing. Here’s how things are looking: Image Source: CoinMarketCap The entire crypto market lost more than $20 billion in value in a single day. Market cap alone doesn’t tell the whole story, but it does show how incredibly fickle cryptocoins are. Bitcoin and the entire market could rebound just as fast. That’s how Bitcoin trading works. The overall sentiment towards Bitcoin appears to be negative, however, and there’s no telling how long it’ll take until we see a sustained trend upwards. Earlier this week, South Korean crypto exchange Bithumb reported a theft of around $30 million, which was the second crypto hack in a matter of weeks. However, that news did not seem to impact the price of Bitcoin as much as we’d have expected. More recent events may have contributed to Bitcoin’s new crash. The Japan financial regulator Financial Services Agency (FSA) sent business improvements orders to six major crypto exchanges, per CoinTelegraph, including bitFlyer, Quoine, BTC Box, Bit Bank, Tech Bureau and Bit Point. The FSA wants exchanges to identify their customers and take measures against money laundering schemes. In response, bitFlyer has already begun taking steps to address the concerns. One of the first orders of business was to stop new account registrations. In China, meanwhile, authorities have seized 200 Bitcoin and Ethereum mining rigs, CCNreports, with a suspect having apparently having stolen 150,000 kW hours of electricity in just over a month. This isn’t as impactful as the FSA’s requirement, but it still shows that China is very much paying attention to what’s happening in the crypto space. __________________ *B68 \| F82 \|///M \|* S55B \| NAV \| LED \| LKSW \| S2MKA \| S2VBA \| S2VFA \| S322A \| S3AGA \| S493A \| S4MCA \| S502A \|**

2018-08-10, 05:20 PM	#146
bonecrusher Join Date: Oct 2004 Location: kansas Posts: 14,873 Post Thanks / Like Thanks (Given): 7 Thanks (Received): 40 Likes (Given): 88 Likes (Received): 354 Dislikes (Given): 8 Dislikes (Received): 20	Who are you guy using for bitcoin and similar crypto currencies? Robinhood does not have it available for Kansas yet and some of the other trading platforms make you exchange $ for crypto and then send it to a different exchange to trade and both take a small portion for doing this.