/cyb/ - Cyberpunk Fiction and Fact

I can't into bitcoin. Could anybody explain its benefits to me?
How does bitcoin work, and why should I use it?

>>89
this, I'd like to understand better as well.

>>89
>>90
Oki, guess its up to me to spoonfeed. Gimme few hours and I will post here again with what I learned.

>>91
https://btc-e.com/exchange/btc_eur

This thing here says one bitcoin costs 2500 euros. Uh oh...

>>92
Actually, the one exchange website I was checking out just now, allows to buy fractions of bitcoins too.

So 10 euros would get me 0.00355967 bitcoins when trading with user carlocosta here: https://localbitcoins.com/ad/306395/purchase-bitcoin-sepa-eu-bank-transfer-portugal?amount=10

I still haven't learned enough to make full fledged quality post about bitcoins though.

>>93
Okay, so I haven't tried installing a wallet or buying BTC yet but following is what I learned...

Bytcoin is a cryptocurrency that doesn't actually exist. Nevertheless it still works, much like how many countries don't cover their paper money with gold but it still works. Its the trust in the value of currency that makes it usable.

First you need to get yourself a bitcoin wallet. Wallet can be stored on your mobile devices or computer in form of software, on your website account or on physical carrier hardware akin to USB flash keys.

Using wallet in form of software on mobile device or pc is most commonly used, as I understand it. Gives nice balance between security, privacy and ease of use.

Next would be physical bitcoin carries. They are designed from the root, meaning they cannont be reprogrammed or hacked. They are not connect to internet so this option is most secure but carriers can be costly, if you are particulary short on money.

Last option is creating account on bitcoin website and storing your bitcoins here. This option offers most vulnerablities and is generally not recommended.

I like the option of using bitcoin wallet as software on pc the most so I will further elaborate on this. There are few things that are good to take notice of when choosing this type of wallet.

-Wallet should give you full control over your bitcoins on it, meaning nobody else can freeze them or reverse transactions. To my understanding, there should be a possibility of reversing bitcoin transfers. It seems this is the reason why fees are being used and payment verification delay exists. Also generaly, you often get warned to do the business with trustworthy people and look for signs of scams like oddly low fees.
-Next you want the highest level of validation as you can get. You can get wallets with "full nodes" which work independently without third parties(most secure) but require 100 GB space. You can also get wallets partially dependent on third parties(less secure but I'd guess it is more lightweight too) or you can get wallet with centralized validation, fully depending on third party(meaning you gotta make sure that they are trustworthy).
-Wallets also differ the way their software is built. Bitcoin Knots and Bitcoin Core and some others are said to be open source and build deterministicaly which apparently means greater degree of transparency. Next there are wallets also open source but not build deterministicaly and lastly wallets using remote app which again depend entirely on third party. Open source is good because you can ask people understanding the code to verify if its legit wallet or whatever...
-Next is security. Most wallets don't support 2 step verifycation(using both pc and mobile device) except for Electrum wallet. 2 step verifycation can be compensated by using offline storage of wallet which is disconnected from internet like does Armory wallet.

Part 1.

>>94
-Next is privacy(main reason why I'd choose this payment method). Most secure wallets are those that:
1. make it hard to spy on balance of bitcoins in your wallet by rotating adresses.Rotating your bitcoin wallet address will help you to improve the security. If you use the same address over and over again, all transactions associated with it will be kept in a ledger forever.
!This makes you more vulnerable to fraudsters and scammers of all kinds, because using transaction details they can identify your personality and use this info for blackmailing or theft!
2. Don't share information with peers in network(people recieving or sending bitcoins to you)
3. Allow use of Tor as a proxy so internet providers or hackers won't find your real IP.(I wonder if other VPNs could do the job too)

-Next is control over fees. Fees are like tips to the waiter. Beside users in Bitcoin market who trade each other, there are also bitcoin miners. Basically they lend part of their processing power to solve processes of encrypting and decrypting transactions, after they solve the transaction, fee asociated with it is theirs for the taking. The bigger fee sender includes to the payment, the higher chance that transcations gets finished quicker.
Wallets tackle this in number of ways and often they suggest ideal fee so you can get transcation finished in timely manner and not pay too much either. These are generaly all good except wallets which don't give you suggestion so you will have to make your own estimates. Traditionally, the sender pays the full Bitcoin network fee; deducting the fee from the amount received by the recipient will often be considered an incomplete payment.

Part.2

some general concepts as i understand it:

the blockchain holds every transaction ever. to run a full node you keep a full copy of the blockchain on your computer hence the 100GB reference. or you depend on a third party to act for you (risky).

your wallet doesn't hold your balance, the blockchain is the definitive record of account, your wallet is your authorisation to access your coins on the blockhain to move them to other people (a payment). your wallet software will show your balance after reading the blockchain.

you can be paid without your wallet running because a payment is just an entry on the blockchain and the blockchain exists on other nodes while your computer is off. but to verify a payment to you, you would use your wallet.

you should keep your wallet offline except when making a payment or verifying a payment to you. if anyone has a copy of your wallet they can transfer your coins. you should backup your wallet, if you loose it, your account and coins are gone FOREVER. you can back it up once and use that for ever because it doesn't change, think of it as an access card not a money container.

anyone can run a node which is just software to share updates between other nodes about new transaction on the blockchain. each node records the updates on its copy of the blockchain.

every new transaction on the blockchain is cryptographically connected to the previous transaction. any hacking of the blockchain would break this maths, and therefore be detected, and rejected. furthermore a hackers blockchain would be unlike all the others and be rejected by all the other nodes.

https://archive.is/fU9J3
video source:
http://www.jns.org/latest-articles/2017/7/12/israeli-start-up-bancor-wants-digital-currency-to-go-mainstream#.WWZHq4VRWEc=
>“One year from now the Bancor Network will encompass a wide plethora of smart tokens, both user-generated and created by us and other companies…our network of token-changers will be the most efficient and low-cost method of exchanging cryptocurrencies directly with each other, independent of exchanges,”

https://archive.fo/F4sYj
How to Subvert the Bitcoin Network in 5 Easy Steps - A Banker's Guide to Stifling Cryptocurrency
1. Refuse to remove the "spam-limit" on on-chain transactions because of "centralization"
>Satoshi limited the block size to 1MB when Bitcoin was still in its infancy in order to thwart spammers. (((They))) scapegoated Miners as the evil money-grubbing source of "centralization". Any fair-minded User in the system should obviously despise these greedy monopolists!
2. Propose a solution that enables transactions to be diverted away from the blockchain and instead to your second layer hubs.
>Segwit is a technology championed by (((Blockstream))) who is funded by AXA Stragetic Ventures whose CEO is Henri de Castries, Chairman of the Steering Committee of the Bilderberg Group.
3. Once the community rejects your plan, set a date and tell them it's going to happen anyway regardless, ignoring the underlying network. Shill this idea on all the social media platforms that you control that the miners don't matter.
>BIP148 (User Activated Soft Fork or UASF) was pitched as a radical User revolt against the evil Miners but only shills and newfags payed any attention to it. And it was /pol-tier shilling (remember Bitcoin is a $50B+ industry) across twitter and r/bitcoin with heavy censorship on the board. Go r/bitcoin and you'll see it - the familiar appearance of near consensus support of an idea, but in reality, there is deep animosity between the two camps (r/bitcoin and r/btc).
4. Co-opt your friends to propose a "compromise" that gives you everything you want, while only slightly increasing on-chain space, or most likely not increasing it all. Most importantly, pretend you hate this "compromise" and that you had nothing to do with it so the community rallies for it.
>When it became clear that BIP148 had no real support, (((they))) benevolently compromised with the community on Segwit2x, which gives them everything they want anyway.
5. Profit
>As of August 1st, Bitcoin is ZOGcoin
CALL TO ARMS
The Bitcoin community is mainly comprised of ideological crypto-anarchists and libertarians who fundamentally despise the federal reserve and big banks but are either too afraid or too naive to name the jew. These folks are prime time for red pills and are already 75% of the way to our side.
1. meme the jewish-owned blockstream out of the shadows
2. connect them with the bilderbergers
3. bombard social media red pills
PEOPLE
Bitcoin core (most actively support Blockstream) - https://bitcoincore.org/en/team/
Blockstream - https://twitter.com/blockstream
Adam Back (Blockstream CEO) - https://twitter.com/adam3us
Luke Dashjr (Blockstream co-founder) - https://twitter.com/LukeDashjr
Jihan Wu (The main boss of the "evil Miners") - https://twitter.com/JihanWu
Roger Ver (an popular outspoken opponent of blockstream) - https://twitter.com/rogerkver
SOURCE
https://archive.fo/QxgEC

What are some other cryptoshekels worth investing in?

>>255
Bumping for this.
It looks like the Jews have already begun to wrap their claws around bitcoin.

>>256
Dash and Litecoin are maybes. I think gridcoin is pretty interesting too, but I don't know how secure it is.

What are some good sites where I can purchase cryptoshekels? Any out there that don't require me to give them my bank account?

>>598
My friend who recommended me good proxies is now trading with ethereum. Says its better. I heard that recently, China banned alternative coins like ethereum.

I became disappointed with bitcoins because its very hard to get it anonymously, without tracking.

Best options imo are using bitcoin ATM or exchanging cash for bitcoin IRL with other person(danger of scams and robberies). However, what I haven't yet tried is mining bitcoins. Maybe you could circumvent tracking like this.

There's some discussion about bitcoin here: https://mlpol.net/mlpol/res/65927.html

>>255
Monero and Z-Cash are worth watching/investing in. They're privacy coins.

Hope none of you goys are too heavily invested in this Jew-infested crap.

>>617
Nope I plan to buy during the crash though

>>617
JP Morgan looks like they are getting ready to crash the market

>>88
>came to conclusion that bitcoin offers best privacy while doing so.
Just want to make it very clear. Unless you get your bitcoin via some safe method (which is hard unless you're ok with putting some trust in strangers on random forums), it's 100% traceable. Monero has some pretty cool inbuilt privacy protections tho: https://en.wikipedia.org/wiki/Monero_(cryptocurrency)#Architecture

>>612
this

Monero is way better than (((Buttcoins)))

>>1227
>Unless you get your bitcoin via some safe method
You also need to spend your (((buttcoins))) in a way that can't be linked to you (don't use your address, do so in a place without CCTV, use TOR, etc.)

>>1232
I just wish there was somewhere I could go to buy monero with cash and not have to eat 20% cuts

this has got to be the most hilarious thread on mlpol.net
>90% of posts are from 2017
>2020 someone says to buy monero
aight boys it's 20201, we all see the NWO coming, the JEWS doing everything they dreamed

BTC and the market has been booming as a direct result of tether funding, which a institution claiming there's 1USD backing up every 1tether, this is literally impossible and they are about to be sued heavily. they literally did a FED, printed a bunch of fake money people bought, and used it to stock themselves up on BTC which has made them rich. it's going to crash very soon when they face legal ramifications
https://www.chaia.io/blog/tetherusd-market-manipulation-bitcoin-bitfinex-helpful-illustrative-information/
the only coin that didn't boom with BTC was XRP/XLM, I heavily recommend researching XRP as it will be delisted from most american exchanges by the 13th making it hard to obtain
they have the foundation and partnership/contracts to instigate transactions between all governments and institutions as soon as their lawsuit is settled in the next month
at the moment it's being discouraged by 'them' with all the tactics, because it very well will become the backbone of global currency and worth quite a large amount

I believe the NWO is happening without a hitch and it's one of their objectives. banks and governments are already making partnerships, passing legislation, and settling legal definitions
this is the case being settled right now regarding XRP
https://www.sec.gov/news/press-release/2020-338
and today
https://www.crypto-news-flash.com/ripple-uks-hm-treasury-classifies-xrp-as-exchange-token-not-security/
US v. UK obviously
https://www.jpmorgan.com/solutions/cib/news/digital-coin-payments
https://news.bitcoin.com/new-draft-u-s-law-will-make-it-illegal-to-issue-stablecoins-without-federal-reserve-approval/
https://needtoknow.news/2018/10/goldman-sachs-launches-cryptocurrency-called-us-dollar-coin-usdc-company-owned-federal-reserve-will-regulate/
way I see it, each government and bank will develop their own coin for people to easily convert their fiat. then all these institutions will use the XRP network to exchange with one another
i.e. https://nowdigitalculture.com/2020/12/16/ripple-partner-euro-exim-bank-develops-xrp-based-platform-simplex/
most likely this will happen when tether is busted, financial institutions will announce this plan, and all the BTC money will flow into the ripple ecosystem
most profitable scenario at least
institutions just can't legally partner with it until it is legally defined, via the SEC case being resolved now. so while it is observed as a bad thing, this disincentives normie purchasing and keeps the price low while the institutions accumulate

>>1235
>create a bittrex account
>buy cardano/ada with instant debit
>send to your kraken ada address in funding
>exchange your cardano for bitcoin
>exchange your bitcoin for monero
>send to your monero gui wallet
>send to any exchange of your choosing as long as it isn't on a KYC exchange
Congratulations, you have secured yourself a coin that makes the DHS seethe and dilate while having accrued an untraceable capital gain. Ponified MoneroChan when?

>>1260
How does Dogecoin factor into this?

>>1262
The withdraw fees are 3 cents lower. However, I only use Cardano though for ADA -> BTC -> XMR since it's far less volatile than that reddit-tier meme coin. Don't buy any of that plebbit coin in large amounts or you might get wrecked.

>>1263
I rescind ADA. Go with Algorand instead. Bittrex is dying processing ADA orders.

The Perfect Crypto Meme.

>>1294
this except silver

>>1298
it's all to get people to accept the new central bank token they are cooking up, once they come out with it they won't allow bitcoin to exist and if they can't kill it completely they will make it illegal to use or tax the SHIT out of you if you do

>>1296
I want to love silver, I really do. but they won't let it spike in price like they will other stuff, silver is in the 20ish dollar range, the same as it was in 2008, you have lost money to inflation owning it because aside from a few big spikes here and there it trades flat for decades at a time