steemit.com cryptocurrency whatsit

[pErvinalia]

Is that a spam link?

I'm not posting my content here until I get ratzcoinz for it...

[pErvinalia]

Is that profile picture there really you? If yes, you look really handsome. I would have imagined something completely else. As for problems regarding cryptocurrencies: China has all the necessary means to completely control them...

No they don't. You are thinking of one particular big coin (bitcoin, if I'm remembering correctly), where 75% of the miners are. This is just yet another problem with blockchains that create coins by what is known as "Proof Of Work" (i.e. mining). Most of the better coins now use a different mechanism to create coins and manage the blockchain. Again, Bitcoin is a geeks folly that has got totally out of hand. It's probably the worst example of crypto that you could come up with. It's basically fucked. It's just a matter of how long until the fucking starts.

Edit: Oh, yeah, I am very handsome.. That was from about two years ago. I've fallen to bits considerably since then.

[NineBerry]

What does steemit use as proof of work? China has the resources to do any work faster than anyone else.

[pErvinalia]

It uses what's called Delegated Proof Of Stake. These crypto geeks are always coming up with silly names that reference the original Proof Of Work concept. Basically, the "miners" are voted into their positions by the community (who can withdraw or change their votes whenever they want and as often as they want). These "witnesses" run the distributed nodes that the blockchain resides on. They get paid in the crypto currency depending on how much work they do (and by work, I mean actual work maintain and running the blockchain, not just factoring large numbers like miners do in PoW). The anarcho-capitalist element really kicks in when you consider that it's not one person one vote. It's one dollar of 'stake', one vote. So those with the biggest stakes on the platform have more power and also can more easily earn income. But there's a fair social libertarian / anarchist movement there, so it's not all about a few people raping the rewards pool. There's actually quite a strong ethic about essentially philanthropy and redistribution of the skewed wealth divide there. Most of the most active big players there are actively creating and contributing to projects to address the inequality. Most interestingly, in the last week or so, there's been a massive battle about "reward pool raping" being waged by a member called @berniesanders. Ironically he's part of the 1% on the platform, but possibly seems to play the roll of a benevolent dictator in removing the rewards from people he views as scamming the reward pool. He's removed tens of thousands of dollars from one particular member in the last few weeks who was posting 5 or 6 times a day for rewards of $500 a pop, most of them being given to him by a single anonymous "whale" (another 1%er). Of course, there's a possibility he's doing it to stop this new guy from benefiting so much at the expense of the older bigger players. It's all a bit hard to tell at the moment. It's devolved into a shitfight of epic proportions, and it's getting harder to discern fact from fiction...

[NineBerry]

So, it's not actually distributed but has central servers administrated by elected administrators

China can manipulate digital elections easily...

[Brian Peacock]

Is that profile picture there really you? If yes, you look really handsome....

You like a bad boy, don't you?

[Brian Peacock]

So, it's not actually distributed but has central servers administrated by elected administrators

China can manipulate digital elections easily...

Let's join up. I'll vote for your wealth if you vote for mine!

[JimC]

The only real wealth is created by the honest toil of the horny-handed working man, before it is stolen by the capitalist running dogs.

[pErvinalia]

So, it's not actually distributed but has central servers administrated by elected administrators

China can manipulate digital elections easily...

No, it's literally distributed.

The potential for subversion of the voting on the platform is real, though, and it's one of the fears I mentioned in that article. I think there's a lot of naive libertarians involved in the crypto world.

[pErvinalia]

Bought $50 of a real shitcoin today. There's been heaps of hype and also heaps of shit said about it in the last few days/weeks. They are due to announce something big in a few days. if it happens, BOOM. If it doesn't happen, or it is not what is expected. BANG. My feeling is that the shit has been purposely propagated to drive the price down to a lower level so those in the know can grab even more before the big announcement. It seems there's heaps of this sort of "insider trading" shit going on in the crypto world. Well, that's what you get, you anarcho-capitalist cockbags. No regulation - people are free to take advantage of other people's naivety. I wonder if these people will ever learn that reasonable regulation is necessary.

[Cunt]

Lex interviews Silvio Micali on crypto.

https://podcasts.google.com/feed/aHR0cH ... HQAAAAAQAg

It's 2 hours, and no I won't summarize it for you. I'm going to listen, and thought I would check here to see if pErv got to be a bitcoin billionaire

[pErvinalia]

I wound up getting some free bitcoin. So far they are up 500%.

[Cunt]

Fucking sweet, dude.

I'm doing a sort of mining, going through an old pc looking to see if there is some. I hope the owner is filthy rich when I find some, and I hope there isn't any to find, because I don't know how to turn it from crypto into groceries and shelter for her.

Yet.

[pErvinalia]

Hive price chart. See the flat bit? That's when I sold some of my stake.

[pErvinalia]

I just sold a small amount that I had available (not staked for the standard 13 weeks).

The likely reason for the spike is the same as the spike a few weeks ago (before the flat bit in the graph above). And that is the game Splinterlands on the blockchain. It's been discovered so people are going mad for it. It's a magic like card game in which the cards are one of the first examples of NFT's in the world. That is, you own the cards and they are cryptographically limited editions. I started playing the game when it came out about three years ago or so. I took the last year and a half off from the game as I got bored. So with the recent booming of the game I logged back in to play and discovered that my card collection is worth over US$2000! I've never paid one cent for any cards. All cards I've earned in game. I'm now wishing I didn't take the last year and a half off, as I would have earned heaps more cards. You get cards through completing daily 'quests', and also buying booster packs (which I buy with in-game earnt currency). Just read a post on Hive where one guy sold US$184,000 of cards this week. He did invest his own money to buy some of those cards, but still impressive what's changing hands.

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