Buttcoin

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Cthulhu-chan
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Re: Buttcoin

Postby Cthulhu-chan » Wed Dec 17, 2014 3:40 am

Also now the xbone takes bitcoins in some fashion apparently?

http://www.theverge.com/2014/12/11/7375 ... n-payments
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ocksi
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Re: Buttcoin

Postby ocksi » Wed Dec 17, 2014 6:28 am

As with every other big retailer, they go through a broker who insures a fiat price from beginning to end of the transaction. The end of these transactions include the converting Bitcoin back to regular currency and leaving the broker to effectively sell on margin.

Basically using Bitcoin for legitimate purpose is a very roundabout way of spending regular dollars. The only major retailer I know of that keeps any money in BTC is Overstock, who keep something like 10% and convert the rest through broker immediately, just like everyone else.

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Caithness
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Re: Buttcoin

Postby Caithness » Wed Jan 14, 2015 2:30 pm

Honest Ponzi Scheme

I haven't laughed this hard in weeks.

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Mazian
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Re: Buttcoin

Postby Mazian » Tue Mar 24, 2015 9:16 pm



If you have a passing interest in computer security, reading their after-the-fact explanation is hilariously awful. Just to whet your appetite, their Wordpress installation and Bitcoin exchange were on the same server, not isolated from each other.


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Mongrel
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Re: Buttcoin

Postby Mongrel » Thu Dec 10, 2015 1:13 am

Vice: The Wired story about Craig Wright may be part of an elaborate hoax and the Gizmodo story may be wrong too.

This story is just getting murkier and murkier. How bizarrely fitting.
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Mongrel
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Re: Buttcoin

Postby Mongrel » Fri Jan 15, 2016 2:51 am

Major Bitcoin Dev argues that the Bitcoin experiment is over and that it is unquestionably a failure.

Not sure how "major" he is per se, but it's a comprehensive argument with good references and a good look at the state of the world's loopiest currency today.
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Thad
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Re: Buttcoin

Postby Thad » Fri Jan 15, 2016 12:56 pm

Aw, c'mon, Emperor Norton Day was last weekend!

zaratustra
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Re: Buttcoin

Postby zaratustra » Fri Jan 15, 2016 2:03 pm

Interesting factoid there: Bitcoin can handle up to 3 transactions per second.

Not a bitcoin node. Bitcoin in its totality.

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Mongrel
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Re: Buttcoin

Postby Mongrel » Fri Jan 15, 2016 2:10 pm

Bitstamp: Apparently that article caused Bitcoin to lose $485m in bitcoin value

The NYT has picked up on the story.

I fully expect this not to kill Bitcoin as nutty believers declare "Now is the time to buy!". It does appear to be taking a massive hit though and may never see its previous highs again.
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Mazian
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Re: Buttcoin

Postby Mazian » Sun Jun 19, 2016 10:36 am

There's a similar cryptocurrency by the name of Ether, which is different from Bitcoin only in that it involves different bearded white guys it has a lot of VC money behind it. Advertising all the same features, no human control, immutability of transactions, the usual.

Then someone exploited a bug last week and swiped 31% of their entire currency pool, leaving them with two choices: accept that, or have a sufficient fraction of investors vote to roll back the entire block chain, hence destroying all future trust in the "no human control" and "immutability of transactions" bit. Either way, I don't see much of a future for them.

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Thad
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Re: Buttcoin

Postby Thad » Sun Jun 19, 2016 1:07 pm

The attack most likely puts an end to the project, known as the Decentralized Autonomous Organization, which had raised $160 million in the form of Ether

[...]

It was funded by investors from around the world using Ether

[...]

Thousands of people around the world financed the project by sending in Ether.

[...]

By the time it was over, the hacker had managed to gain control of 3.6 million Ether

[...]

The price of Ether had been rising alongside Bitcoin over the last month, in part because of the interest generated by the D.A.O. On Thursday, both were up more than 60 percent over the previous month. But the attack Friday morning sent the price of Ether into a downward spiral.

By Friday afternoon, the price of Ether had fallen 33 percent from its high a day earlier, to around $13.


Oh, NYT, you are having fun with this.

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François
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Re: Buttcoin

Postby François » Sun Jun 19, 2016 1:48 pm

If I decided to start a cryptocurrency, I'd call it buttnuggets, just so I could find solace and mirth in the news reports following its inevitable collapse.

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