Bitcoin at all time high

[El Gallo]

I find it bizarre people take at face value there are only 11M of these in circulation. Says who? Some random ghost on the internet? This shit has Mafia written all over it. It already looks as a long planned orchestrated scheme. There is no reason for bicoins to exist other than for shady shit.

Its a theoretical ceiling of 21M unique bitcoin hashes iirc and I believe that ceiling is the product of a mathematical limitation in the hash generation algorithm, but someone mathy is going to have to yay or nay that definitively.

You are correct on the 21 million limitation. They can always modify the algorithm which is part of what bothers me. Each bitcoin is basically an algorithm generated by another algorithm. I do a lot of that for work, the problem is the original algorithm can be changed and generate "new" more expensive bitcoins. Kind of like making different dinominations where their shouldn't be. I've looked into it quite a bit, and its very intriguing but I don't see how you secure it or stop it from over complicating itself.

[sonatine]

thats extremely interesting... i wish i knew enough about crypto to understand how a modified algorithm can generate both the current hashs and hashs that extend beyond the 21m boundary without being able to be disqualified mathematically..

[garrett]

thats extremely interesting... i wish i knew enough about crypto to understand how a modified algorithm can generate both the current hashs and hashs that extend beyond the 21m boundary without being able to be disqualified mathematically..

What's really fascinating, is that a few wizards put this whole scheme together, and got so many to buy into it.

Guess it will always have value, especially on the black market, but the whole creation is amazing.

[JUSTIFIEDhomicide]

What are BTC at now, and how do I follow them? Is it a stock?

[Beebs9Dizzle]

What are BTC at now, and how do I follow them? Is it a stock?

Last price:$94.97921
High:$124.11298
Low:$85.50000

Weighted Avg:$107.11319

[tony bagadonuts]

What are BTC at now, and how do I follow them? Is it a stock?

Just google it Weiss.

[Rollo Tomasi]

What are BTC at now, and how do I follow them? Is it a stock?

Last price:$94.97921
High:$124.11298
Low:$85.50000

Weighted Avg:$107.11319

[El Gallo]

thats extremely interesting... i wish i knew enough about crypto to understand how a modified algorithm can generate both the current hashs and hashs that extend beyond the 21m boundary without being able to be disqualified mathematically..

Exceptions. That's the simple explanation. Also not all bitcoins have been mined.

[TheXFactor]

Micon's Future Account Balance...-$126,699.00

CNBC is now talking about Bitcoins, this is usually the time when the shit hits the fan...SELL,SELL,SELL!!!

Mt. Gox and other Bitcoin exchanges have been repeatedly suffering from DDOS attacks.

Bitcoin is NOT a currency, it's just a virtual collectable that will soon be completely worthless.

[sonatine]

thats extremely interesting... i wish i knew enough about crypto to understand how a modified algorithm can generate both the current hashs and hashs that extend beyond the 21m boundary without being able to be disqualified mathematically..

Exceptions. That's the simple explanation. Also not all bitcoins have been mined.

i totally get that there are tons of bitcoins yet to be mined, but crypto really is a weak point for me. i dont get how the alg that generates 21m can be modified to support a larger number where either the initial hash batch retains validity or the secondary hash batch is valid according to the initial one, you know?

like if its anything like the physics behind hash collisions, its completely beyond the real of feasibility to obtain a significant amount of extra hashs...

[Corrigan]

Micon's Future Account Balance...-$126,699.00

CNBC is now talking about Bitcoins, this is usually the time when the shit hits the fan...SELL,SELL,SELL!!!

Mt. Gox and other Bitcoin exchanges have been repeatedly suffering from DDOS attacks.

Bitcoin is NOT a currency, it's just a virtual collectable that will soon be completely worthless.

you're about 4 days too late, which doesn't really surprise me

[phantom]

just saw a bitcoin article on my local news site and thought i better check in for some cliffs

did micon blow up huge like in 06?
:howmuch

[Deal]

i totally get that there are tons of bitcoins yet to be mined, but crypto really is a weak point for me. i dont get how the alg that generates 21m can be modified to support a larger number where either the initial hash batch retains validity or the secondary hash batch is valid according to the initial one, you know?

like if its anything like the physics behind hash collisions, its completely beyond the real of feasibility to obtain a significant amount of extra hashs...

It is a hard ceiling. Similar to how there are only 100 whole numbers that can be represented with 2 digits in the decimal scale. No nerd can change that ceiling.

[Baron Von Strucker]

just saw a bitcoin article on my local news site and thought i better check in for some cliffs

did micon blow up huge like in 06?
:howmuch

More importantly, cliffs on Martha's titties?

[The_PHA]

I've read a few bitcoin forums, and what tilts the fuck out of me is people comparing this fucking scam to gold. Gold is a precious metal that has been around since the beginning to time. People have been collecting it, fighting over it and making things out of it since man stood upright. Gold has tremendous value.

Shitcoins is nothing more that some algorithm. It has no value.

But you know what the stark difference between gold and bitcoins are? If you have a bitcoin and your hard-drive crashes, the bitcoin is gone. Period. Once gold is mined, it will never go away. It is in the economy forever.

[sonatine]

i totally get that there are tons of bitcoins yet to be mined, but crypto really is a weak point for me. i dont get how the alg that generates 21m can be modified to support a larger number where either the initial hash batch retains validity or the secondary hash batch is valid according to the initial one, you know?

like if its anything like the physics behind hash collisions, its completely beyond the real of feasibility to obtain a significant amount of extra hashs...

It is a hard ceiling. Similar to how there are only 100 whole numbers that can be represented with 2 digits in the decimal scale. No nerd can change that ceiling.

This stops being accurate when you reach a certain level of mathematical complexity; a "hash collision" is where two diverse collection of values produce the same output, or for the purpose of bitcoin validation, ostensibly produce a bc hash that passes muster.

This is how the counterfeit Microsoft certificates were generated for Stuxnet, for example. Supposedly it took $80million worth of hardware running for some years to accomplish, plus a lot of crypto theory that was probably classified by the time it ended up on a whiteboard. But less complicated algorithms require significantly fewer computational resources to 'counterfeit' using collisions.

That said; if you or anyone else tells me this doesnt apply to bitcoins, Im in no position to assume you arent right.

[Deal]

It is a hard ceiling. Similar to how there are only 100 whole numbers that can be represented with 2 digits in the decimal scale. No nerd can change that ceiling.

This stops being accurate when you reach a certain level of mathematical complexity; a "hash collision" is where two diverse collection of values produce the same output, or for the purpose of bitcoin validation, ostensibly produce a bc hash that passes muster.

This is how the counterfeit Microsoft certificates were generated for Stuxnet, for example. Supposedly it took $80million worth of hardware running for some years to accomplish, plus a lot of crypto theory that was probably classified by the time it ended up on a whiteboard. But less complicated algorithms require significantly fewer computational resources to 'counterfeit' using collisions.

That said; if you or anyone else tells me this doesnt apply to bitcoins, Im in no position to assume you arent right.

I see your point. You are not questioning the ceiling of unique bitcoins, that is a mathematical certainty, but if there is a theoretical way to counterfeit a bitcoin. I can't say with certainty. We can assume that they best criminal minds are working hard on the problem though.

[The_PHA]

This stops being accurate when you reach a certain level of mathematical complexity; a "hash collision" is where two diverse collection of values produce the same output, or for the purpose of bitcoin validation, ostensibly produce a bc hash that passes muster.

This is how the counterfeit Microsoft certificates were generated for Stuxnet, for example. Supposedly it took $80million worth of hardware running for some years to accomplish, plus a lot of crypto theory that was probably classified by the time it ended up on a whiteboard. But less complicated algorithms require significantly fewer computational resources to 'counterfeit' using collisions.

That said; if you or anyone else tells me this doesnt apply to bitcoins, Im in no position to assume you arent right.

I see your point. You are not questioning the ceiling of unique bitcoins, that is a mathematical certainty, but if there is a theoretical way to counterfeit a bitcoin. I can't say with certainty. We can assume that they best criminal minds are working hard on the problem though.

LOL.

Exactly, and there is no governing agency to prevent it either. The irony is the unregulated economy bitcoiners brag about will be the reason they eventually lose a lot of money.

[Crowe Diddly]

just saw a bitcoin article on my local news site and thought i better check in for some cliffs

did micon blow up huge like in 06?
:howmuch

More importantly, cliffs on Martha's titties?

Surprisingly, the Baron has raised an excellent question.

[sonatine]

This stops being accurate when you reach a certain level of mathematical complexity; a "hash collision" is where two diverse collection of values produce the same output, or for the purpose of bitcoin validation, ostensibly produce a bc hash that passes muster.

This is how the counterfeit Microsoft certificates were generated for Stuxnet, for example. Supposedly it took $80million worth of hardware running for some years to accomplish, plus a lot of crypto theory that was probably classified by the time it ended up on a whiteboard. But less complicated algorithms require significantly fewer computational resources to 'counterfeit' using collisions.

That said; if you or anyone else tells me this doesnt apply to bitcoins, Im in no position to assume you arent right.

I see your point. You are not questioning the ceiling of unique bitcoins, that is a mathematical certainty, but if there is a theoretical way to counterfeit a bitcoin. I can't say with certainty. We can assume that they best criminal minds are working hard on the problem though.

The argument could be made that the best criminal minds have migrated to the shorter path between two points and simply set up bitcoin exchange sites.