How many furries know what Bitcoin is?

[Foxy Emy]

I was curious about how much the furry fandom intersects with the world of blockchain tech.

Feel free to elaborate on your responses and/or ask me any questions you may have about it.

 

[Paolite]

I know that Bitcoin is a cryptocurrency. What does it do or what are its uses? I don't know. I'm not really into economics, I'm happy as long a I have enough money to live peacefully without worries.

 

[Fallowfox]

I've heard of bitcoin.

It's reputation as a cryptocurrency for criminals, and reports of content such as illegal pornography in the blockchain, don't exactly enamour me to it.

'Child porn links' on Bitcoin blockchain

 

[kidchameleon]

My understanding of bitcoin is that it's money in the same way that a tamagotchi is a pet. Except you can actually hold a tamagotchi.

 

[Fallowfox]

My understanding of bitcoin is that it's money in the same way that a tamagotchi is a pet. Except you can actually hold a tamagotchi.

Let's create a crypto currency tied to the popularity of tamagotchi. x3

 

[Foxy Emy]

I've heard of bitcoin.

It's reputation as a cryptocurrency for criminals, and reports of content such as illegal pornography in the blockchain, don't exactly enamour me to it.

'Child porn links' on Bitcoin blockchain

It surprises me how recent that article is. Most illicit stuff slowed down with the improvements in analytics making it easier to trace stuff like that.

 

[Fallowfox]

It surprises me how recent that article is. Most illicit stuff slowed down with the improvements in analytics making it easier to trace stuff like that.

I suspect bitcoin's always going to be like this. Cryptocurrencies that make it more difficult for transactions to be traced have a clear appeal to criminals.

 

[Simo]

Let's create a crypto currency tied to the popularity of tamagotchi. x3

Huh, do you think I can somehow monetize my 'likes' here on FAF, and make a Skunk Coin offering

 

[Foxy Emy]

I suspect bitcoin's always going to be like this. Cryptocurrencies that make it more difficult for transactions to be traced have a clear appeal to criminals.

It really isn't that difficult to trace because you can see which account number (address) sent what where and when they did it. The problem is that you need to figure out who those addresses belong to from another source. It is pseudonymous, not anonymous.

 

[Rassah]

There are actually few prominent people who are in bitcoin who are or were furries. Remember Butterfly Labs miners? One of their top guy was a furry. One of the developers for a top wallet who has a popular cryptocurrency YouTube channel is a furry. There's even a guy who is building a bitcoin bank who is a furry.

 

[Foxy Emy]

There are actually few prominent people who are in bitcoin who are or were furries. Remember Butterfly Labs miners? One of their top guy was a furry. One of the developers for a top wallet who has a popular cryptocurrency YouTube channel is a furry. There's even a guy who is building a bitcoin bank who is a furry.

Someone is well informed. Yes, I do remember Butterfly Labs. I have been involved with crypto stuff since late 2013/early 2014. I made a lot of money from very little by hodling and and not watching the prices too closely. I'm not wealthy by any stretch of the imagination but I have more than $100 to my name which I can't say was true when I started.

Also, I seem to have a knack for picking coins that last for more than a year.

 

[Deleted member 82554]

All I know is that it's a type of cryptocurrency, but I'm not entirely sure how it has any tangible value.

But I do know this for sure, where there is a Bitcoin thread, you will find Rassah. He knows all about that stuff and has managed to become fairly wealthy from it from my understanding.

 

[Foxy Emy]

All I know is that's it's a type of cryptocurrency, but I'm not entirely sure how it has any tangible value.

But I do know this for sure, where there is a Bitcoin thread, you will find Rassah. He knows all about that stuff and has managed to become fairly wealthy from it from my understanding.

I always reply to questions about cryptocurrencies having tangible value with a question. How does the U.S. Dollar have tangible value?

Good to know that I'm not alone here with crypto stuff here on FAF, though! In December, my holdings shot up to $75k USD worth but I spent a fair amount... and prices dropped... and I had to report the past 4 or 5 years worth of trading on my taxes so I suddenly owed a bunch of capital gains taxes. It is not nearly that much now, but I still have several times more than what I have put in overall, even after taking so much out.

 

[Picklepaige]

I've heard of it, but I do not understand it. At all. Like, the second I start to read about it, my eyes glaze over and my head gets fuzzy.

Looking me, breaking that "furries know everything about computers/the internet" stereotype!

 

[AppleButt]

I know it’s a crypto currency and it happens to be popular among the black market or something like that.

My friend almost invested 1,000 dollars in it in 2012 and decided against it. Has kicked himself in the rear ever since.

 

[Foxy Emy]

I've heard of it, but I do not understand it. At all. Like, the second I start to read about it, my eyes glaze over and my head gets fuzzy.

Looking me, breaking that "furries know everything about computers/the internet" stereotype!

Hahaha! I was the same way at first but I found it very fascinating so I kept reading... and kept reading... and kept reading...

I joined forums and asked questions... and more questions... and more questions...

Eventually I learned enough and became well respected enough in certain crypto communities that I had the opportunity to have an op-ed published on The CoinTelegraph, one of the largest cryptocurrency news websites out there. It was a very controversial call for developing new consensus mechanisms besides the two that existed at the time: Proof-of-Work and Proof-of-Stake (you don't have to know what those are, but @Rassah will).

I took a hiatus because the stress of authoring a controversial got to me. By the time I came back to the community, there were several active projects working on new consensus mechanisms and even a couple touting new database structures (most cryptocurrencies use a blockchain but now a few use directed acyclic graphs or "DAGs" for short).

I also predicted that "smart contracts" would be a driving force in the technology while Ethereum's smart contract platform was still just a proposed improvement. I'm proud of that one.

 

[Foxy Emy]

I know it’s a crypto currency and it happens to be popular among the black market or something like that.

My friend almost invested 1,000 dollars in it in 2012 and decided against it. Has kicked himself in the rear ever since.

I first saw BTC when you could buy 3 of them for a penny on Mt. Gox and totally dismissed it as "magic internet money" and quickly forgot about it; I am still kicking myself for that one. I didn't bother to read about what it was or how it worked until around 2013/2014.

 

[Deleted member 82554]

I always reply to questions about cryptocurrencies having tangible value with a question. How does the U.S. Dollar have tangible value

All currency is valued by the amount of belief we have in it, none of it having any real value otherwise. I suppose the difference with actual money is that it's been around for longer and is something you can actually hold, but still governed by the belief it has any real value.

Cryptocurrency is a good alternative, but feels less trustworthy.

 

[zenmaldita]

it turned my initial investment of $20 to $140 at the height of it's popularity last year but now it's just $80 :\

we hit a real financial crisis last year and my mom was hellbent on getting as much money as possible so we turned to cryptocurrency for a while.
it didnt really work out lmao
however I'm not touching my investment in hopes that maybe someday, it will spike up again.

 

[Foxy Emy]

All currency is valued by the amount of belief we have in it, none of it having any real value otherwise. I suppose the difference with actual money is that it's been around for longer and is something you can actually hold, but still governed by the belief it has any real value.

Cryptocurrency is a good alternative, but feels less trustworthy.

It depends on how much people trust their government's financial system. Some people trust cryptocurrency more than their local fiat currency; this is especially true in countries that are in the middle of a financial crisis or have frequent financial crisis due to hyperinflation.

it turned my initial investment of $20 to $140 at the height of it's popularity last year but now it's just $80 :\

we hit a real financial crisis last year and my mom was hellbent on getting as much money as possible so we turned to cryptocurrency for a while.
it didnt really work out lmao
however I'm not touching my investment in hopes that maybe someday, it will spike up again.

I always hold long term positions myself but I am careful to research the development teams and the tech behind the cryptos I invest in. To be frank, I am happy it crashed so hard even though it sucks for me and a lot of other people, it was inflating too fast and there was too much FOMO and not enough informed decisions driving the inflation.

 

[Rassah]

I've heard of it, but I do not understand it. At all. Like, the second I start to read about it, my eyes glaze over and my head gets fuzzy.

I tried explaining it as simply as possible here www.reddit.com: r/explainlikeimfive - ELI5: How bitcoins work- mining them and spending them.
Basically it's just everyone having a list of everyone's balances, and transactions is just passing around messages telling everyone how to update those balances. It's a very basic and simple system, with just a lot of very complex math to keep it working.

 

[Foxy Emy]

I really like this kind of discussions, this is really interesting to read people's opinions regarding this subject, opinions which are already 2 years old. Right now, the bitcoin has reached it's top, the peak and the biggest possible level actually. It is almost 30.000 bucks, that is just insane. So, those people who actually thought that the bitcoin would not be living more, so what do you think about it today?

I regretfully had to sell low. It didn't bounce back as fast I had hoped and I needed the liquidity if cash.

That said, I still realized a lot of gains overall, in spite of some sizable losses detracting from that in the Crypto Winter.

I knew it was only a matter of time before institutional investors jumped on board once regulators started coming in and clarifying things like how the heck to report it on your taxes.

I still predict that a government sponsored distributed ledger will be a thing in the not so distant future. It is just a mater of burocracy catching up with technology.

 

[Cockynoob666]

Its a e currency... it once was crazy but in days it wnt to pennies

 

[Foxy Emy]

Its a e currency... it once was crazy but in days it wnt to pennies

Not exactly... and it is crazy now. 1 BTC is approx. $28000.

 

[Cockynoob666]

WAT