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[CNET] Bitcoin virtual heist shuts down bitfloor; $250k stolen.

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#26
The fact that none of you know what bitcoins really are or where the calculations go and for who makes me think this is gonna end in an FBI or Interpool raid eventually.
 
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#27
You can't raid someone for selling people dreams and BS. If that was the case, every advertising firm on the planet would be on their most wanted list.
 

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#28
For every 15 rhinocoins Ill trade you 1 mailman.
hrm, but what does 1 mailman buy me? 15 rhinoCoins are good for several "thanks" which make you look cool on tpu. what is more valuable than that?
 
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#29
hrm, but what does 1 mailman buy me? 15 rhinoCoins are good for several "thanks" which make you look cool on tpu. what is more valuable than that?
A custom TPU title which is work several thousand thanks.
 

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#30
how the fuck does someone steal bitcoins?
Bitcoin works like Prime95. You run calculations in the hopes that you get a "prime" number. That "prime" number is then saved, in it's original hash, to your bit wallet. your client tells the main server "Hey, I found a prime, here is the first few numbers"...and you then get a bitcoin assigned to the "prime" you "found", or calculated.

Those numbers are then encoded into your "wallet", which forms a numerical ID when encrypted. That means your wallet is an encryption wrapper for your numerical coins.

Should you lose the numerical value that associates with that coin, you lose the coin(or you trade those numerical values in for real money). So, to hack bitcoin, you steal the info for those coins, then delete them out of the repository.

Since each wallet is encrypted, what's actually inside is safe, kinda, but find out the numerical value of the coins, then add thsoe values to your own wallet, and you've created couterfit bitcoins. Transfer them around and cash out before the original coin holder, and you've successfully ripped someone off.


Of course, it's 100% trackable, yes millions of $$$ worth of bitcoins have been stolen so far, and not a single person has been busted for it yet, that I know of.

It's funny, becuase i mentinoed long ago that all it would take to drop the value down form the like $25 a coin it used to be to near nothing woudl be a successful hack, and that did happen just three days after. The value of the coins dropped ot like $8 a peice, and has hovered around there since.

HOlding onto bitcoins is not a good idea...crunching for them, and immediately cashing out...OK, maybe a half-way decent way to generate some funds, if you do not pay for electricity.
 

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#31
hrm, but what does 1 mailman buy me? 15 rhinoCoins are good for several "thanks" which make you look cool on tpu. what is more valuable than that?
looking cool is pretty valuable. but seriously. can you even make $$ I thought they were way harder to get now because GPUs we gobbling them up in the beginning? how do you steal them?
 
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#32
Bitcoin works like Prime95. You run calculations in the hopes that you get a "prime" number. That "prime" number is then saved, in it's original hash, to your bit wallet. your client tells the main server "Hey, I found a prime, here is the first few numbers"...and you then get a bitcoin assigned to the "prime" you "found", or calculated.

Those numbers are then encoded into your "wallet", which forms a numerical ID when encrypted. That means your wallet is an encryption wrapper for your numerical coins.

Should you lose the numerical value that associates with that coin, you lose the coin(or you trade those numerical values in for real money). So, to hack bitcoin, you steal the info for those coins, then delete them out of the repository.

Since each wallet is encrypted, what's actually inside is safe, kinda, but find out the numerical value of the coins, then add thsoe values to your own wallet, and you've created couterfit bitcoins. Transfer them around and cash out before the original coin holder, and you've successfully ripped someone off.


Of course, it's 100% trackable, yes millions of $$$ worth of bitcoins have been stolen so far, and not a single person has been busted for it yet, that I know of.

It's funny, becuase i mentinoed long ago that all it would take to drop the value down form the like $25 a coin it used to be to near nothing woudl be a successful hack, and that did happen just three days after. The value of the coins dropped ot like $8 a peice, and has hovered around there since.

HOlding onto bitcoins is not a good idea...crunching for them, and immediately cashing out...OK, maybe a half-way decent way to generate some funds, if you do not pay for electricity.
Ok fine but who is paying for these crunched "prime" numbers and why?
 

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#33
Ok fine but who is paying for these crunched "prime" numbers and why?
Don't care, I don't "mine" bitcoins.

It's probably RSA codebreaking or similar shit. But really for all anyone knows, F@H or any other DC app could be just as nefarious.


I think I'll ask W1zz to change your name to Chicken Little.


:nutkick:
 

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#34
Ok fine but who is paying for these crunched "prime" numbers and why?
i just realized you only live an hour from me (s. tampa) im going to come bother you soon.
 

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#35
Ok fine but who is paying for these crunched "prime" numbers and why?
good question. i have written a program that builds out massive prime numbers so they can be used for deciphering an encyption algorithm. obviously my program only deals with numbers smaller than 128 bits. if you could get tens of thousands of people to give you a bunch of 512/1024 bit prime numbers you could use those for some pretty powerful decryption programs...
 

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#36
good question. i have written a program that builds out massive prime numbers so they can be used for deciphering an encyption algorithm. obviously my program only deals with numbers smaller than 128 bits. if you could get tens of thousands of people to give you a bunch of 512/1024 bit prime numbers you could use those for some pretty powerful decryption programs...
its official bitcoins are a joke. hes actually having people build rainbow tables using distributed computing.
 
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#37
Ok fine but who is paying for these crunched "prime" numbers and why?
Original several people invested real money with the idea they would horde a bunch of the Bitcoins for themselves at the beginning. Then using their real money to create an exchange rate, try to push Bitcoins into being a universal digital currency. Basically trying to us $20,000 to engineer a new market space where they have $2 million dollars worth of the BS they are sell. Then when Bitcoin became independent of their financial backing, they cash out and make a huge profile. Issue was only private people joined into the idea and with no major corporate backer for the concept like ebay accepting Bitcoins or something of the like, the house of cards is crumbling.
 
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#38
i just realized you only live an hour from me (s. tampa) im going to come bother you soon.
Not sure you wanna do that good sir. ;) Ever seen "What about Bob"?
 

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#39
Not sure you wanna do that good sir. ;) Ever seen "What about Bob"?
oh imma getchya. Chief. Even if you dont tell me were to meet you or your address ill drive around crystal river screaming bit coins are SO AWESOME! and the first person to scream "your wrong" is you.
 
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#40
oh imma getchya. Chief. Even if you dont tell me were to meet you or your address ill drive around crystal river screaming bit coins are SO AWESOME! and the first person to scream "your wrong" is you.
You buy the beer you can say pretty much anything you want. :laugh:
 

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#41

Easy Rhino

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#42
oh imma getchya. Chief. Even if you dont tell me were to meet you or your address ill drive around crystal river screaming bit coins are SO AWESOME! and the first person to scream "your wrong" is you.
since mailman is a troll, more than likely he lives in Serbia and just tells people he lives in Florida so when they try to find him he can laugh.
 
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#43
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#44
Ok fine but who is paying for these crunched "prime" numbers and why?
A single bitcoin is worth more than the electricity to create it right now, and through most of its short history. The value of bitcoin is solely based off of the perceived value that the market puts on it. It has little practical purpose other than a store of value. There will only ever be 21million bitcoins, making it a deflationary currency. So in theory the price should trend higher. The people who pay for bitcoins is mostly speculators practicing currency trading and market arbitrage.

Some people say bitcoin is like the internet before the browser. I am not that optimistic but I am going along with the ride trying to make a little extra money.

There are many other digital currencies like bitcoin. I expect many of them to have started just like easyrhinos joke rhino coins. My favorite is bbqcoins. All of the alternate digital currencies have fallen flat except litecoin.

For those who want to know a bit more about bitcoin here is an easy to read source of information. http://bitcoinmagazine.net/category/bitcoin-newbies/.
There is even a forbes contributor practically dedicated to bitcoin.
 
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#45
The fact that none of you know what bitcoins really are or where the calculations go and for who makes me think this is gonna end in an FBI or Interpool raid eventually.
Its just calculation. Not for any particular thing. Your stuff just does a lot of hard math for the sake of doing it... cause hard math takes longer to do than easy math and is harder to crack.

What is mining?

Mining is the process of spending computation power to secure Bitcoin transactions against reversal and introducing new Bitcoins to the system.
Technically speaking, mining is the calculation of a hash of the a block header, which includes among other things a reference to the previous block, a hash of a set of transactions and a nonce. If the hash value is found to be less than the current target (which is inversely proportional to the difficulty), a new block is formed and the miner gets the newly generated Bitcoins (50 per block at current levels). If the hash is not less than the current target, a new nonce is tried, and a new hash is calculated. This is done millions of times per second by each miner.

Is mining used for some useful computation?

The computations done when mining are internal to Bitcoin and not related to any other distributed computing projects. They serve the purpose of securing the Bitcoin network, which is useful.

Is it not a waste of energy?

Spending energy on creating and securing a free monetary system is hardly a waste. Also, services necessary for the operation of currently widespread monetary systems, such as banks and credit card companies, also spend energy, arguably more than Bitcoin would.

Why don't we use calculations that are also useful for some other purpose?

To provide security for the Bitcoin network, the calculations involved need to have some very specific features. These features are incompatible with leveraging the computation for other purposes.

https://en.bitcoin.it/wiki/FAQ#What_is_mining.3F
 
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#46
Its just calculation. Not for any particular thing. Your stuff just does a lot of hard math for the sake of doing it... cause hard math takes longer to do than easy math and is harder to crack.

What is mining?

Mining is the process of spending computation power to secure Bitcoin transactions against reversal and introducing new Bitcoins to the system.
Technically speaking, mining is the calculation of a hash of the a block header, which includes among other things a reference to the previous block, a hash of a set of transactions and a nonce. If the hash value is found to be less than the current target (which is inversely proportional to the difficulty), a new block is formed and the miner gets the newly generated Bitcoins (50 per block at current levels). If the hash is not less than the current target, a new nonce is tried, and a new hash is calculated. This is done millions of times per second by each miner.

Is mining used for some useful computation?

The computations done when mining are internal to Bitcoin and not related to any other distributed computing projects. They serve the purpose of securing the Bitcoin network, which is useful.

Is it not a waste of energy?

Spending energy on creating and securing a free monetary system is hardly a waste. Also, services necessary for the operation of currently widespread monetary systems, such as banks and credit card companies, also spend energy, arguably more than Bitcoin would.

Why don't we use calculations that are also useful for some other purpose?

To provide security for the Bitcoin network, the calculations involved need to have some very specific features. These features are incompatible with leveraging the computation for other purposes.

https://en.bitcoin.it/wiki/FAQ#What_is_mining.3F

I call complete and absolute bullshit. It's either being used for something or its a currency backed by nothing at all, which in return isnt a currency and would already be dead.
 
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#47
I call complete and absolute bullshit. It's either being used for something or its a currency backed by nothing at all, which in return isnt a currency and would already be dead.
Exactly. Those calculations are valuable to someone.
 

cadaveca

My name is Dave
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#48
its a currency backed by nothing at all, which in return isnt a currency and would already be dead.
It's a currency backed by the illegal sale of drugs. Did you not know this?

:wtf:

The calculations are just BS to cover it.


The real backing is the drugs.


How come no one gets this?

:roll:
 
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#49
It's a currency backed by the illegal sale of drugs. Did you not know this?
:roll:
The silk road helps keep prices up yes, but it isn't all there is. There is super heavy speculation. The makers of the silk road also have a less popular gun seller to gun buyer service also. There are other businesses if you will call them that also. Several people sell honey, and honey based candies. Alpaca socks and other alpaca products. People sell coding and related services for bitcoins. ... and so much more.
https://en.bitcoin.it/wiki/Trade
Those are only the ones people added to the wiki.

Bitcoin is a very highly speculative market. The silk road is only the biggest business.
 

Kreij

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#50
Bitcoins, Rhinocoins, Mailmen ... BAH !!

Everyone knows that the real money is in KreijKoins.
It's simple. You enter one of my contests and you get one KreijKoin.
If you win the contest, that coin is immediately coverted to the prize and it's sent to you.
If you don't win the contest you lose the KreijKoin and have to start over with the next contest.

Don't be fooled by cheap imitators. Get your KreijKoins whenever you can !!!