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Pjay
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Joined: 18 Jan 2016
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PostPosted: 11:52 - 10 Jan 2018    Post subject: Reply with quote
Ste wrote:
https://www.deepdotweb.com/2018/01/08/research-47-bitcoin-transactions-involves-illegal-trading-mostly-darkweb/


That article is laughable.

Silk road was the height of darkweb trading and that finished in 2013.
I know this to be a fact, I've tried and failed to find a replacement site ever since.
Back in 2012, when Silk road was at its peak, there were less than 10,000 transactions a day.
In 2013, after the demise of Silk road there were around 50,000
Here in 2018 there are upwards of 400,000 transactions a day on the Bitcoin blockchain.

So, they would like us to believe that over 200,000 bitcoin transactions a day are on the dark web. I'm not convinced, not at all.
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Ste
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PostPosted: 12:13 - 10 Jan 2018    Post subject: Reply with quote
Silk Road was the height of dark web trading as it was run by an idealistic young guy who had no criminal history. Razz
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Ste
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Joined: 01 Sep 2002
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PostPosted: 14:18 - 11 Jan 2018    Post subject: Reply with quote
South Korea makes mumbling noises about banning cryptocurrencies, bitcoin price drops $2,000

https://www.coindesk.com/price/

Laughing
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Rogerborg
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Joined: 26 Oct 2010
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PostPosted: 15:33 - 11 Jan 2018    Post subject: Reply with quote
Kodak bet that bitcoin will drop in value by at least 2/3rds over 2 years.

You miner-fiddlers are good with numbers and that, figure it out.
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Pjay
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PostPosted: 20:36 - 11 Jan 2018    Post subject: Reply with quote
Ste wrote:
South Korea makes mumbling noises about banning exchanges, bitcoin price drops $2,000

https://www.coindesk.com/price/

Laughing


FTFY.
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Ste
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PostPosted: 21:00 - 11 Jan 2018    Post subject: Reply with quote
Quiet you, sensationalism is necessary to make Lord Percy as salty as is possible. Razz
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Pjay
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PostPosted: 21:05 - 11 Jan 2018    Post subject: Reply with quote
Good point.

As you were.
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Lord Percy
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PostPosted: 01:49 - 12 Jan 2018    Post subject: Reply with quote
Rogerborg wrote:
Kodak bet that bitcoin will drop in value by at least 2/3rds over 2 years.

You miner-fiddlers are good with numbers and that, figure it out.


Take-home information:

Quote:
"Storing the information in a blockchain doesn't protect your copyright any more than copyright law already does," commented David Gerard, author of Attack of the 50ft Blockchain.

"Notice how they're marketing it: they state a problem, then say the blockchain can solve it. But there's no mechanism by which the blockchain could do that.

"This doesn't do anything that signing up for Shutterstock or Getty Images wouldn't."


"Yeah but blockchain, maaaan!"

And also this:

Quote:
Any Bitcoins generated by Kodak KashMiner will be shared between the customer and the business.


Ah so this is yet another company meddling in pseudo-futurist crypto quackery just to skim profits off anyone who buys into shite like:

Quote:
At Bitcoin's current value, an up-front investment of $4,000 (£2,954) for 24 months of mining could earn a profit of $500 a month, Spotlite's Halston Mikail told the BBC.


Quote:
could earn a profit of $500 a month


Quote:
could
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The Artist
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Joined: 06 Jan 2008
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PostPosted: 03:22 - 12 Jan 2018    Post subject: Reply with quote
Lord Percy wrote:

Ah so this is yet another company meddling in pseudo-futurist crypto quackery just to skim profits off anyone who buys into shite like:


So what you are saying is that someone making a risky investment could make or lose money? The horror!

No one is under any illusion of the risk involved. Well maybe some people but not many.
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struan80
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PostPosted: 05:32 - 12 Jan 2018    Post subject: Reply with quote
Any currency is an I owe you.
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The Artist
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PostPosted: 06:08 - 12 Jan 2018    Post subject: Reply with quote
struan80 wrote:
Any currency is an I owe you.


Except cryptocurrency. Wink
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Rogerborg
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Joined: 26 Oct 2010
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PostPosted: 08:51 - 12 Jan 2018    Post subject: Reply with quote
Lord Percy wrote:
Take-home information

Is that $4000 up front "earns" you $12,000 over 2 years. At current BTC/USDollah rates.

Since Kodak are an honourable company and can be trusted on the numbers, why are they renting mining resources for 1/3rd of what they could make by mining for their own profit?
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Pjay
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Joined: 18 Jan 2016
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PostPosted: 11:35 - 12 Jan 2018    Post subject: Reply with quote
Rogerborg wrote:
Lord Percy wrote:
Take-home information

Is that $4000 up front "earns" you $12,000 over 2 years. At current BTC/USDollah rates.

Since Kodak are an honourable company and can be trusted on the numbers, why are they renting mining resources for 1/3rd of what they could make by mining for their own profit?


They are morons that have no idea about difficulty changes.
There is no way that a mining rig earns the same amount of money per month, let alone 24. The returns decrease every difficulty change.
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Sun Wukong
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Joined: 02 Nov 2014
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PostPosted: 11:36 - 12 Jan 2018    Post subject: Reply with quote
The Artist wrote:
struan80 wrote:
Any currency is an I owe you.


Except cryptocurrency. Wink


Yes, which is a "I don't owe you, and you may lose your whole investment"

Laughing
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Rogerborg
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PostPosted: 12:42 - 12 Jan 2018    Post subject: Reply with quote
Pjay wrote:
They are morons that have no idea about difficulty changes.

Or are they smart predators looking to scalp money from morons?
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nowhere.elysium
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Joined: 02 Mar 2009
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PostPosted: 12:51 - 12 Jan 2018    Post subject: Reply with quote
Rogerborg wrote:
Lord Percy wrote:
Take-home information

Is that $4000 up front "earns" you $12,000 over 2 years. At current BTC/USDollah rates.

Since Kodak are an honourable company and can be trusted on the numbers, why are they renting mining resources for 1/3rd of what they could make by mining for their own profit?

Because Kodak has been on the ropes since the rise of digital photography. This is a last-gasp sort of action.
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Pjay
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Joined: 18 Jan 2016
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PostPosted: 12:52 - 12 Jan 2018    Post subject: Reply with quote
Rogerborg wrote:
Pjay wrote:
They are morons that have no idea about difficulty changes.

Or are they smart predators looking to scalp money from morons?

No, they are advertising wrong numbers, that just cant happen.
The ASA should be onto them soon enough, I'm sure someone will notify them of the blatantly misleading figures they are claiming.

If they sell any with those promises, they are soon going to be getting plenty of court papers in their mailbox.
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The Artist
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PostPosted: 12:54 - 12 Jan 2018    Post subject: Reply with quote
nowhere.elysium wrote:

Because Kodak has been on the ropes since the rise of digital photography. This is a last-gasp sort of action.


It is fairly obvious this isn't the same company/people as the camera company.
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nowhere.elysium
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PostPosted: 13:05 - 12 Jan 2018    Post subject: Reply with quote
The Artist wrote:
nowhere.elysium wrote:

Because Kodak has been on the ropes since the rise of digital photography. This is a last-gasp sort of action.


It is fairly obvious this isn't the same company/people as the camera company.

Yep, and the fact that it hasn't been taken down by Kodak proper rather underlines the accuracy of my previous statement.
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asta1
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Joined: 03 Dec 2015
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PostPosted: 13:50 - 12 Jan 2018    Post subject: Reply with quote
The Artist wrote:
nowhere.elysium wrote:

Because Kodak has been on the ropes since the rise of digital photography. This is a last-gasp sort of action.


It is fairly obvious this isn't the same company/people as the camera company.


It is actually. Kodak, the camera company went bankrupt in 2012, but the brand and most of the people went on as effectively a marketing and pr outfit, putting the Kodak name to anything even vaguely related to cameras like batteries and memory cards.

This is a last ditch attempty by them to make something of the brand by diversifying into 'cool' new business niches and models in the hope it'll drive up the stock price.

The most pertinent point for me was the comparison of traditional 90s firms rebranding as ".com" to get in on the tech boom then. It was actually quite successful and having a link, however tenuous to the latest bubble actually did lead to the companies climbing with it.

No reason to think that it won't work for Kodak now, and a decent lift in share price followed by an offering of more shares could gain them a decent bit of capital to fund their 'real' business, such as it were.
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Rogerborg
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PostPosted: 14:07 - 12 Jan 2018    Post subject: Reply with quote
Pjay wrote:
No, they are advertising wrong numbers, that just cant happen.

Oh, neat, I didn't realised that you'd done the sums.

What are the right numbers?
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Pjay
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PostPosted: 14:18 - 12 Jan 2018    Post subject: Reply with quote
Rogerborg wrote:
Oh, neat, I didn't realised that you'd done the sums.


If you know anything about mining you would know that returns decrease over time, they are advertising a set return each month.

No need to look past that to see it's incorrect.
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Lord Percy
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PostPosted: 14:49 - 12 Jan 2018    Post subject: Reply with quote
Pjay wrote:
Rogerborg wrote:
Oh, neat, I didn't realised that you'd done the sums.


If you know anything about mining you would know that returns decrease over time, they are advertising a set return each month.

No need to look past that to see it's incorrect.


Question

If you know anything about bitcoin mining Wink you would know it becomes more difficult only if more processing power is added to the network. Nothing to do with time.

Says so right here: https://blockchain.info/charts/difficulty?timespan=all

Quote:

A relative measure of how difficult it is to find a new block. The difficulty is adjusted periodically as a function of how much hashing power has been deployed by the network of miners.


So in theory if everyone but Kodak pressed pause on their mining operations, the Kodak setup would make bank* as the difficulty rating would shoot down.

*would make bitcoin bank**.

**not the same a real-coin bank.

Last edited by Lord Percy on 14:53 - 12 Jan 2018; edited 1 time in total
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Rogerborg
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PostPosted: 14:50 - 12 Jan 2018    Post subject: Reply with quote
Assuming $500 in month 12, what would you earn in months 1 and 24?

You know, right?
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Pjay
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PostPosted: 15:35 - 12 Jan 2018    Post subject: Reply with quote
Lord Percy wrote:
If you know anything about bitcoin mining Wink you would know it becomes more difficult only if more processing power is added to the network. Nothing to do with time.

Well network difficulty doesn't increase in fractions of time, but it does over time.

I don't see why you are trying to prove my point wrong with semantics.

It increases around 15% per month, looking at recent changes, but that's not set in stone by a any stretch of the imagination.
Rogerborg wrote:
Assuming $500 in month 12, what would you earn in months 1 and 24?

You know, right?


Well no you cant predict the difficulty changes as it's dependent on the hashrate of the network. Nobody knows what that will be in 3 months time. Which is why their projections are wrong. What you can predict is that returns will decrease somewhat, as they always have over any 24 month period in the past.
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