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  #1  
Old 01-15-2016, 11:00 AM
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Default BIT COIN DIED

https://medium.com/@octskyward/the-r...1f7#.48u9pdxtp

Basically, the exchange network is so congested that there's no way for the blockchain to get updated. Nobody can do bitcoin transactions.


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  #2  
Old 01-15-2016, 11:02 AM
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if a mod would change the thread title from "BITCOIN IS DEAD" to "BITCOIN DIED" I certainly wouldn't complain
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Old 01-15-2016, 11:02 AM
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rig suggestions for mining dogecoin??
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Old 01-15-2016, 11:10 AM
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LONG LIVE BITCOIN?
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  #5  
Old 01-15-2016, 11:19 AM
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Anybody doing crypto knowledge sharing can tell you, though, that if you've got more than 1/2 of your protocol group as bad actors then anything can happen and all your security is hosed -- hell, sometimes it doesn't even take more than 1/3. Consolidation of bitcoin power was inevitable because of how capitalism works, and from there the people who were in control of the bitcoin power could do anything they wanted.

Anyway, your basic summary of the problem is that the exchange traffic is so congested at this point because blockchain updates are cumulative and the blockchain is now too huge.
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  #6  
Old 01-15-2016, 11:20 AM
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Quote:
Originally Posted by JBear View Post
LONG LIVE BITCOIN?
The sassy Willy Wonka dank meme at the top of the bitcoin subreddit right now sure thinks so.
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  #7  
Old 01-15-2016, 11:47 AM
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So, how much money have the current holders of bitcoins lost in this little game? Does the "currency" still have any value, or did it vanish in a puff of [computer] logic?
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  #8  
Old 01-15-2016, 11:56 AM
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It's probably still in a better position than the Canadian dollar. :-/
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  #9  
Old 01-15-2016, 11:58 AM
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It's been that way for awhile now. And yet the faithful cling to their currency of the future.

Long Live Bitcoin.
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  #10  
Old 01-15-2016, 11:59 AM
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I only post because I would contest that Bitcoin never was alive.
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  #11  
Old 01-15-2016, 12:11 PM
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What never died lies dreaming in the endless dark
waiting for some intrepid soul to doom and damn us all
for those whose greed and blackness grows
salvation flies, a corpse to rise
a chain e'er unbroken
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  #12  
Old 01-15-2016, 12:30 PM
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This makes me really glad I had the foresight, on the day I first heard of Bitcoin, to write BITCOIN WILL FAIL on a card and place it in an envelope marked OPEN ONLY WHEN BITCOIN FAILS and hand it to someone, thereby generating one Vaeranwasrightcoin

the one true global currency
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  #13  
Old 01-15-2016, 12:33 PM
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Quote:
Originally Posted by Mightyblue View Post
What never died lies dreaming in the endless dark
waiting for some intrepid soul to doom and damn us all
for those whose greed and blackness grows
salvation flies, a corpse to rise
a chain e'er unbroken
What's this a quote from?
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  #14  
Old 01-15-2016, 12:34 PM
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It started life as a mangled Lovecraft quote that I turned into a bit of on the spot poetry.
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  #15  
Old 01-15-2016, 01:04 PM
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Quote:
Originally Posted by muteKi View Post
Consolidation of bitcoin power was inevitable because of how capitalism works, and from there the people who were in control of the bitcoin power could do anything they wanted.
system designed to offer massive first mover advantage winds up dominated by the self-interest of those first movers?

the deuce you say.
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  #16  
Old 01-15-2016, 01:37 PM
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Is this the rare instance whete smugness is actually the appropriate response?
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  #17  
Old 01-15-2016, 01:40 PM
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It is.
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  #18  
Old 01-15-2016, 01:44 PM
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  #19  
Old 01-15-2016, 01:47 PM
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Bitcoin was pretty much operating on the same principle as the Chuck-E Cheese tokens from John Wick, wasn't it?

Except without the actual financial worth that comes from being a coin made of solid gold?
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  #20  
Old 01-15-2016, 01:55 PM
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and not being used by cool people like lester freamon and al swearengen, but instead basically the all-the-way opposite end of the spectrum.
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  #21  
Old 01-15-2016, 02:31 PM
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Quote:
Why has Bitcoin failed? It has failed because the community has failed. What was meant to be a new, decentralised form of money that lacked “systemically important institutions” and “too big to fail” has become something even worse: a system completely controlled by just a handful of people.
shock and awe
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  #22  
Old 01-15-2016, 04:51 PM
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Quote:
Originally Posted by Octopus Prime View Post
Bitcoin was pretty much operating on the same principle as the Chuck-E Cheese tokens from John Wick, wasn't it?

Except without the actual financial worth that comes from being a coin made of solid gold?
But also a whole lot more Internet libertarians and ATI cards.
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  #23  
Old 01-15-2016, 05:52 PM
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it's dying, but its far too soon to dig the grave. dude who wrote this sounds salty as hell that they didn't use his plan for btc.
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  #24  
Old 01-15-2016, 07:23 PM
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bit coin was never born
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  #25  
Old 01-15-2016, 07:26 PM
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Quote:
Originally Posted by Mightyblue View Post
What never died lies dreaming in the endless dark
waiting for some intrepid soul to doom and damn us all
for those whose greed and blackness grows
salvation flies, a corpse to rise
a chain e'er unbroken
You really should have changed that last line.
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  #26  
Old 01-15-2016, 07:28 PM
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Quote:
Originally Posted by Torzelbaum View Post
You really should have changed that last line.
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  #27  
Old 01-19-2016, 09:38 AM
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Quote:
Originally Posted by muteKi View Post
if a mod would change the thread title from "BITCOIN IS DEAD" to "BITCOIN DIED" I certainly wouldn't complain
You people are horrible.
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  #28  
Old 01-19-2016, 04:19 PM
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But not as horrible as BITCOIN.

Which is dead.
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  #29  
Old 01-19-2016, 06:04 PM
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This schadenfreude is so rich and tasty, it simply must be fattening!
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  #30  
Old 01-19-2016, 06:12 PM
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bitcoin died as it lived: what the hell is bitcoin?
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