Yea I couldn't imagine the fukkery we'd see if Satoshi was publicly known
Bitcoin is a Ponzi
- Thread starter lib123
- Start date
levitate
I love you, you know.
What if it was Elon all along…?Yea I couldn't imagine the fukkery we'd see if Satoshi was publicly known
what the hell are you talking about. A stock buy back is the same thing as a dividend
levitate
I love you, you know.
No it’s not…
itsyoung!!
Veteran
Interesting. Because if i buy $100 of bitcoin, deposit it into a gambling site and profit $1400 off bets, then deposit the bitcoin back into my wallet and sell it (true story), which part was the pyramid 
To expand further, pyramid schemes offer almost nothing of tangible value. Where as with bitcoin, you can buy almost anything off the internet with it currently.
To expand further, pyramid schemes offer almost nothing of tangible value. Where as with bitcoin, you can buy almost anything off the internet with it currently.
buzzkill
All Star
these threads seem to always pop up when the market is down. Why are you anti crypto dudes always so quiet when the market is up?
I like the "Like I'm Five"-- Ok the WAY oversimplified explanation:
So every computer hooked up the "bitcoin network" (ie Miners) try to play "guess the answer to this question" Guesses are based on a math equation. First to solve the equation gets a reward out of thin air.Like bingo first to get a row stands up and yells bingo and everyone checks to make sure they have a bingo. Like Bingo, the computers get together and check and make sure the equation is correct and they announce a winner. This winner gets a certain amount of bitcoin(s). The more powerful the computer the more guesses that can be done. The difficulty of the equation is determined by how many guessers and how good those guessers are (computer hardware). Every 2 weeks the computers get together and decide how difficult to make questions. The difficulty is calculated to estimate 10 minutes to find the answer.
Edit for Visual aid:
https://www.blockchain.com/charts/difficulty
This charts the difficulty of the equation.
I have omitted a lot anything particular else that stands out as a difficult concept?
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yeah funny how that works huh???
No it’s not…
both are using profits to return value to shareholders
buybacks don’t create a taxable event and dividends do
Mike Nasty
Superstar
In your example bitcoin is just the medium. You spent $100 and made $1400, none of that had anything to do with bitcoin. I mean your $1400 would have lost 13% if you did this last week.
itsyoung!!
Veteran
I did it yesterday, which means if bitcoin goes back up, my winnings will go up
the gambling site, like most gambling sites now only accepts crypto to start, so bitcoin was needed, not a medium, otherwise i would of just used my debit card
Gambling sites only or encourage crypto because currently they dont need to report taxes/fill out forms on pay outs. Currently. Because of current laws
Crypto is also taxed as property, not finances, and you dont need to fill out where you received crypto currently to the IRS
so if I sent you $1 million USD youd have to tell the IRS why i gave you so much
but if i sent you $1 million worth of bitcoin and you transferred it to your bank (cashed out), you only need to pay property taxes on it, but not explain where it came from
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Only because I have nothing else to do this morning:
So when a reward is given a BLOCK is formed. The equation solved gives the winner the right to solve the equations for MOST of the transactions for the past 10 minutes. The winner gets a cut of the fees that people donate to get their transaction added to the block. You can CHOOSE how much of a fee to pay. There is only So much space in every block for ALL of the transactions in the world. Therefore, you can say "Hey software, when I win this block only do the transactions with the highest fees." Therefore there will be transactions that don't go into that block. They will sit until there is space available on the block. (like people on standby on a flight) they will sit there until either it times out (takes a few days) or they can squeeze into a block that isn't crowded by higher fee paying transactions.
Edited for visual aid:
mempool
On the top left those are the blocks waiting to be confirmed. You see multiple because those cheap b*stards won't fit into the next block.
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Most, cash out pretty quickly if they are sports bettors IE me.
I did it yesterday, which means if bitcoin goes back up, my winnings will go up
the gambling site, like most gambling sites now only accepts crypto to start, so bitcoin was needed, not a medium, otherwise i would of just used my debit card
Nitrogensports.eu. No conversion to Fiat "play in crypto, get in crypto" fastest withdrawals I know of. Bovada is crap sometimes they try to wait 24 hours to get the best Bitcoin price.