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Forum » MISC Crypto Crew (MCC) Vol: XIV: Scaling troubles and NFT bubbles
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Thread: MISC Crypto Crew (MCC) Vol: XIV: Scaling troubles and NFT bubbles

post 1640090303 06-03-2021, 07:39 PM
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#4771
  1. forthenoodz
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is this the place we ask stupid questions about crypto? or do we just get negged and ignored

anyway here goes.

i'm not really following how "proof of work" works.

understand that the blockchain = a chain of transactions, and new "blocks" are added onto the previous transaction after miners solve a complex mathematical equation and there's a limit to the number of transactions that can be verified every 10 mins or so.

Some questions:
1. How does a transaction be confirmed as "legitimate"? i.e. isn't it possible that i create a "fake transaction"? i.e. i enter into the system that miscer A gives miscer B, 1 bitcoin. how is this proven as a legit transaction or not? what exactly is the process that goes on to "verify" such a transaction? why does a miner need to "verify" such a transaction to enter it into the blockchain as if the "verification" adds legitimacy to the transaction?
2. doesn't this mean Bitcoin can be flooded with multiple minute transactions that just add onto the block and causing an insane queue to verify legit transactions? i.e. 1000 billion transactions of 0.000000001 bitcoin between 3 parties where the funds go in a cycle of A > B > C > A

and then there's "proof of stake" which i'm reading on right now but seems to allocate random validators the right to propose blocks, which does NOT sound like a good idea because if a frauder gets the right, then he just proposes wrong blocks and the whole system ****s up from that instance on

thanks boys

edit: have been reading stuff like

********************/coinmonks/simply-...n-611b143fc3e0
The protocol only considers the longest chain (one with the most “proof of work”) as valid and authentic. A fraudulent chain is impractical over the long term because a miner has a low probability of consistently winning the block reward to maintain the chain
can't the fraudulent chain just keep adding on legit transaction to mask the 1 fraudulent transaction? and even if it's impractical over the long term, it implies it's possible in the short term to have a fraudulent transaction and that sucks balls given that 1 single fradulent transaction of 10 bitcoin is sizeable (600k USD).
post 1640090883 06-03-2021, 07:47 PM
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#4772
  1. Barteh
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Originally Posted By forthenoodz⏩
is this the place we ask stupid questions about crypto? or do we just get negged and ignored

anyway here goes.

i'm not really following how "proof of work" works.

understand that the blockchain = a chain of transactions, and new "blocks" are added onto the previous transaction after miners solve a complex mathematical equation and there's a limit to the number of transactions that can be verified every 10 mins or so.

Some questions:
1. How does a transaction be confirmed as "legitimate"? i.e. isn't it possible that i create a "fake transaction"? i.e. i enter into the system that miscer A gives miscer B, 1 bitcoin. how is this proven as a legit transaction or not? what exactly is the process that goes on to "verify" such a transaction?
2. doesn't this mean Bitcoin can be flooded with multiple minute transactions that just add onto the block and causing an insane queue to verify legit transactions? i.e. 1000 billion transactions of 0.000000001 bitcoin between 3 parties where the funds go in a cycle of A > B > C > A

and then there's "proof of stake" which i'm reading on right now but seems to allocate random validators the right to propose blocks, which does NOT sound like a good idea

thanks boys
1) If there's no bitcoin on the sender's address then the blockchain will obviously see that it's not a legit transaction. It's like you going to your bank saying you wanna transfer 1mil to your uncle. Of course they'll first check if you actually have that amount in your account.
2) Technically this is possible, but it would cost a fortune in transaction fees so there's really no point in doing it. If you want to read about how to fuk with a blockchain try googling a bit about a 51%-attack. Technically that's the way to fuk the system, but the bigger it gets the harder it will get. It's pretty interesting stuff and it could possibly lead to a situation where a country would use it's national resources to take over the blockchain.
post 1640091153 06-03-2021, 07:52 PM
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#4773
  1. BetaAsPhuck
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  1. BetaAsPhuck
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Originally Posted By SUCIO⏩
Here we go again

Wyckoff accumulation phase confirmed.
If You Don't Like To Talk About Your Feelings, This Might Help...
https://forum.obnoxiousbrutes.com/showthread.php?t=178926621

The Most Heartbreaking Thing That I've Learned About 'The Elite'.
https://forum.obnoxiousbrutes.com/showthread.php?t=178536851

Bitcoin And 'The Elite' - Why Bitcoin Is Not Revolutionary
https://forum.obnoxiousbrutes.com/showthread.php?t=179820783
post 1640091513 06-03-2021, 08:00 PM
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#4774
  1. ProteinEnough
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Originally Posted By SUCIO⏩
Here we go again

Elon Musk fukking us again!
post 1640093783 06-03-2021, 08:34 PM
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#4775
  1. KingSWRV
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  1. KingSWRV
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Who here knows the most obscure secret chit coins and tokens lol?
post 1640094383 06-03-2021, 08:46 PM
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#4776
  1. eternalone423
  2. The Jarl
  1. eternalone423
  2. The Jarl
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Elon deleted it lol
☼ "Don't stop. Never quit. No excuses." ☼
PAD ID: Lux@BB/PF 359,050,270

Motorcycle crew
BMW crew
Cryptocurrency crew
post 1640095533 06-03-2021, 09:10 PM
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#4777
  1. RyanT7
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Originally Posted By ProteinEnough⏩
Elon Musk fukking us again!
loool he literally replied to it just then with a meme about crying cuz of the sell loss

guy is openly just loling @ how easily he can manipulate the market now
I'll see you on Mount Olympus
post 1640096293 06-03-2021, 09:22 PM
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#4778
  1. forthenoodz
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Originally Posted By Barteh⏩
1) If there's no bitcoin on the sender's address then the blockchain will obviously see that it's not a legit transaction. It's like you going to your bank saying you wanna transfer 1mil to your uncle. Of course they'll first check if you actually have that amount in your account.
2) Technically this is possible, but it would cost a fortune in transaction fees so there's really no point in doing it. If you want to read about how to fuk with a blockchain try googling a bit about a 51%-attack. Technically that's the way to fuk the system, but the bigger it gets the harder it will get. It's pretty interesting stuff and it could possibly lead to a situation where a country would use it's national resources to take over the blockchain.
thanks.

1. assuming there's a legitimate address, what's to say what's a legitimate transaction or not? assuming you (Miscer A) has 1 bitcoin, and i send a msg to the bitcoin network, Miscer A to give Miscer B (me), 1 bitcoin because i sold him protein powder (even though i did not pass you the protein powder). does it go through? because, i literally could have sold you protein powder for 1 bitcoin and send the same msg to the bitcoin network. my point is, who is there to say it is fraudulent?

2. yes i've read about it, but i thought bitcoin had no transaction fees? i.e. that the fees are generated from bitcoins paid to the validators of the transaction? from my understanding the 51% attack is how to reliably **** the system over and over and destroy the integrity of it, but i haven't see people say how a one-off fraudulent transaction can be accurately detected and "removed" or not validated.

from my understanding, ether pays transaction fees due to the proof of stake method where they pay "gas" on each transaction.
post 1640098413 06-03-2021, 10:22 PM
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#4779
  1. Winston56432
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market went down 1k after elon's tweet


his powers are weakening

the next bull run is coming
post 1640100963 06-03-2021, 11:22 PM
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#4780
  1. dankydank
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Elon Cuck and these whales are ruining me boyos. My MARA calls were on pace for 300-700% gains then the flash crash happened. Might get like 10-50% now
post 1640102493 06-03-2021, 11:58 PM
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#4781
  1. RyanT7
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Originally Posted By Winston56432⏩
market went down 1k after elon's tweet


his powers are weakening

the next bull run is coming
didnt age well
I'll see you on Mount Olympus
post 1640103803 06-04-2021, 01:03 AM
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#4782
  1. WHYCANTILIFT
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can we please take away twitter from elon
post 1640104143 06-04-2021, 01:23 AM
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#4783
  1. xMetalocalypse
  2. Right Babe?
  1. xMetalocalypse
  2. Right Babe?
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Originally Posted By KingSWRV⏩
Who here knows the most obscure secret chit coins and tokens lol?
By the time you've heard about them the explosive growth has already ended.
***MISC CIGAR CREW***

Awkward ab genetics crew

Too many crews to include in signature crew

Poverty Lifts:
B - 200 (5X5)
S - 265 (5X5)
OHP - 125 (5X5)
post 1640104523 06-04-2021, 01:39 AM
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#4784
  1. lordpatrick
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Originally Posted By KingSWRV⏩
Who here knows the most obscure secret chit coins and tokens lol?
I know tons like most OGs in here, but it's pointless to shill something. Most of them are **** and it's a pump dump.

There are no "gems" anymore at this stage
post 1640107713 06-04-2021, 04:26 AM
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#4785
  1. BetaAsPhuck
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  1. BetaAsPhuck
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Originally Posted By WHYCANTILIFT⏩
can we please take away twitter from elon
Elon IMO is just a signaller.

BeforeElon's first FUD tweet about environmental concerns, there was amassiveamount of BTC that moved to exchanges. Which was a massive coincidence.



If You Don't Like To Talk About Your Feelings, This Might Help...
https://forum.obnoxiousbrutes.com/showthread.php?t=178926621

The Most Heartbreaking Thing That I've Learned About 'The Elite'.
https://forum.obnoxiousbrutes.com/showthread.php?t=178536851

Bitcoin And 'The Elite' - Why Bitcoin Is Not Revolutionary
https://forum.obnoxiousbrutes.com/showthread.php?t=179820783
post 1640107883 06-04-2021, 04:29 AM
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#4786
  1. BDSMBBW
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I think the next time btc tests 30k it might break. bear pennant - but breakout direction can go either ways.
post 1640109163 06-04-2021, 05:26 AM
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#4787
  1. iifymbro
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why does elon keep rekting his own investment at crucial moments, dude needs to stop sniffing rocket fuel
**MFC**
**Barbara Palvin is my 10/10 crew**
post 1640110053 06-04-2021, 05:51 AM
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#4788
  1. BetaAsPhuck
  2. Wage Cuckin' It
  1. BetaAsPhuck
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Originally Posted By iifymbro⏩
why does elon keep rekting his own investment at crucial moments, dude needs to stop sniffing rocket fuel
1) After buying and hyping BTC the price pumped. TESLA reported "extraordinary earnings" that quarter, which qualified Elon for an $11 billion payout. He made his personal money.

https://www.reuters.com/business/aut...ut-2021-04-26/

2) Look at this huge 'coincidence'. BEFORE Elon's first FUD tweet, 19259 Bitcoin moved onto exchanges...



I believe Elon's tweets are likely signals to 'those in the know', of when to pump and when to dump. Like many others.... I believe we are in a Wyckoff accumulation phase.

3) Bitcoin is now 'institution coin'. The Digital Currency Group that has Coindesk, Coinbase, Kraken, and Lightning labs in it's portfolio is partly owned by Mastercard. Proof that Bitcoin is institution coin. A wolf in sheep's clothing...

https://www.youtube.com/watch?v=5pHGi0nQMqs

Elon Musk is only pseudo rebel of the establishment.
If You Don't Like To Talk About Your Feelings, This Might Help...
https://forum.obnoxiousbrutes.com/showthread.php?t=178926621

The Most Heartbreaking Thing That I've Learned About 'The Elite'.
https://forum.obnoxiousbrutes.com/showthread.php?t=178536851

Bitcoin And 'The Elite' - Why Bitcoin Is Not Revolutionary
https://forum.obnoxiousbrutes.com/showthread.php?t=179820783
post 1640111613 06-04-2021, 06:30 AM
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#4789
  1. JoshSP1985
  2. Anti-Circumcision
  1. JoshSP1985
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Anyone know anything about FIL? It's way off ATH and it's the only thing green in a sea of red right now.
*PUREBLOOD CREW*
*DAD CREW*
*SUPER STRAIGHT*
*NATURAL DICK CREW*
*CCW*
post 1640113563 06-04-2021, 07:02 AM
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#4790
  1. im2manly
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Fomo'd into 12 MINA. Lambos next year?
post 1640115933 06-04-2021, 07:42 AM
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#4791
  1. 2020Wellness
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  1. 2020Wellness
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Originally Posted By JoshSP1985⏩
Anyone know anything about FIL? It's way off ATH and it's the only thing green in a sea of red right now.
It has one of the higher interest rates on Gemini Earn. Plenty of people are likely buying and holding.
trainingwithryan.substack.com
post 1640118073 06-04-2021, 08:10 AM
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#4792
  1. Barteh
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Just logged into the old school slack group from 2017. Last message from may 10th, rip.
post 1640124123 06-04-2021, 09:21 AM
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#4793
  1. SomeGains
  2. (ง ͠ ͟ʖ ͡)ง
  1. SomeGains
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boyos buy as much theta/tfuel before mainnet 3.0 launches
(�_�)
∫\ \___( �_�)
_∫∫ _∫∫ɯ \ \

BENCH(paused): 115kgx1
SUMO DEADLIFT: 230kgx1
SQUAT: 180kgx3
OHP: 67.5kgx3
post 1640129973 06-04-2021, 10:32 AM
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#4794
  1. BetaAsPhuck
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  1. BetaAsPhuck
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Might as well critique Bitcoin Maximalism in the bear market:

Ethereum > Bitcoin...


Bitcoin has had 2 inflation bugs. (The first BTC developers rolled back the chain, and the other was caught by a Bitcoin Cash developer who rather than tank BTC, he simply told BTC developers to fix their code.)

Bitcoin has no bug bounty problem.

Bitcoin is a speculative asset.

Ethereum and BNB has more adoption than Bitcoin, as evidenced by more transaction volume.

Ethereum has been used to make more purchases than Bitcoin (digital products e.g. NFTs, and services e.g. paying using ETH to use DApps).

DApps and Smart Contracts are more interesting to talk to normies about than "number might go up".


This video will Red Pill you on the flaws of Bitcoin...

https://www.youtube.com/watch?v=KmgT2DoFeTQ
If You Don't Like To Talk About Your Feelings, This Might Help...
https://forum.obnoxiousbrutes.com/showthread.php?t=178926621

The Most Heartbreaking Thing That I've Learned About 'The Elite'.
https://forum.obnoxiousbrutes.com/showthread.php?t=178536851

Bitcoin And 'The Elite' - Why Bitcoin Is Not Revolutionary
https://forum.obnoxiousbrutes.com/showthread.php?t=179820783
post 1640168403 06-04-2021, 06:49 PM
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#4795
  1. RyanT7
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Musk back with the laser eyes on twitter lol
I'll see you on Mount Olympus
post 1640173943 06-04-2021, 08:19 PM
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#4796
  1. DavidL913
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Originally Posted By RyanT7⏩
Musk back with the laser eyes on twitter lol
dude is shaking out ppl and scooping BTC cheap.
***Los Angeles MISC Crew***

***Misc Crypto Crew***
post 1640178383 06-04-2021, 09:44 PM
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#4797
  1. BDSMBBW
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elon musk endorsing cum rocket now lmfao.
post 1640178883 06-04-2021, 09:57 PM
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#4798
  1. buckeyenutz
  2. ɪɴᴛᴊ
  1. buckeyenutz
  2. ɪɴᴛᴊ
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Originally Posted By BetaAsPhuck⏩
Might as well critique Bitcoin Maximalism in the bear market:

Ethereum > Bitcoin...


Bitcoin has had 2 inflation bugs. (The first BTC developers rolled back the chain, and the other was caught by a Bitcoin Cash developer who rather than tank BTC, he simply told BTC developers to fix their code.)

Bitcoin has no bug bounty problem.

Bitcoin is a speculative asset.

Ethereum and BNB has more adoption than Bitcoin, as evidenced by more transaction volume.

Ethereum has been used to make more purchases than Bitcoin (digital products e.g. NFTs, and services e.g. paying using ETH to use DApps).

DApps and Smart Contracts are more interesting to talk to normies about than "number might go up".


This video will Red Pill you on the flaws of Bitcoin...

https://www.youtube.com/watch?v=KmgT2DoFeTQ
The biggest flaw with DeFi in general isn’t the technology, it’s that one person can manipulate a global market without consequence.
ʙ ᴜ ᴄ ᴋ ᴇ ʏ ᴇ ✭ ɴ ᴀ ᴛ ɪ ᴏ ɴ
post 1640191993 06-05-2021, 05:19 AM
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#4799
  1. BetaAsPhuck
  2. Wage Cuckin' It
  1. BetaAsPhuck
  2. Wage Cuckin' It
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Originally Posted By BDSMBBW⏩
elon musk endorsing cum rocket now lmfao.
I FOMO'd.

If Elon is going to start memeing it, I want in.
If You Don't Like To Talk About Your Feelings, This Might Help...
https://forum.obnoxiousbrutes.com/showthread.php?t=178926621

The Most Heartbreaking Thing That I've Learned About 'The Elite'.
https://forum.obnoxiousbrutes.com/showthread.php?t=178536851

Bitcoin And 'The Elite' - Why Bitcoin Is Not Revolutionary
https://forum.obnoxiousbrutes.com/showthread.php?t=179820783
post 1640192093 06-05-2021, 05:22 AM
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#4800
  1. BetaAsPhuck
  2. Wage Cuckin' It
  1. BetaAsPhuck
  2. Wage Cuckin' It
  3. Join Date: Mar 2014
  4. Posts: 34,506
  5. Rep Power: 127306
Originally Posted By buckeyenutz⏩
The biggest flaw with DeFi in general isn’t the technology, it’s that one person can manipulate a global market without consequence.
I don't believe he is doing it alone, based on the Wyckoff theory.

Have you seen this video made in April?


If You Don't Like To Talk About Your Feelings, This Might Help...
https://forum.obnoxiousbrutes.com/showthread.php?t=178926621

The Most Heartbreaking Thing That I've Learned About 'The Elite'.
https://forum.obnoxiousbrutes.com/showthread.php?t=178536851

Bitcoin And 'The Elite' - Why Bitcoin Is Not Revolutionary
https://forum.obnoxiousbrutes.com/showthread.php?t=179820783
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