/biz/ - Business & Finance

Here with you anon

>>2227414
There's nothing difficult about the concept of a blockchain

I don't quite understand mining, though

buy red sell green

>>2227414

I lost literally everything I have. House, cars, wife. It's all gone.

>>2227443
This. I just stick to the top 20 coins and when one of my coins spikes I sell and buy the ones that's dipped

>>2227414
a blockchain is literally an excel spreadsheet. it just shows you the transactions going on. that's it. sounds really high tech. it isn't.

>>2227414

same lol

>>2227414

>>2227465
The way the transactions are verified and added to the blockchain is the clever part, not the list of transactions.

>>2227460
What about hope?

>MUH DISTRIBUTED LEDGER

>MUH SMART CONTRACTS

Lol me

>>2227414
>be programmer, understand blockchain
>mfw still at a net loss since i started trading
what am i doing wrong?

>>2227657
Just buy and hold. Vanguard that shit, motherfucker.

Have no idea just bought digibyte and doubled my money

>>2227414
>people refuse to trade crypto because they dont understand it
dont know dont care here
gettin cheese

>>2227657
You're probably too cautious on your trades
people here go all in on every coin

I used to do that. Go all in on all coin. Get amazing profit then get spook a few times and now trade cautiously. Making a lot less gains but still making enough

>Don't understand shit, just followed the happening /biz/ told me was occurring
>Could sell my ETH now and make a few thousand

Neat

No idea what the hell blockchains or smart contracts are. I've made profit however, mainly off Mooncoin haha. I've turned $275 into ~500. I feel like this is all incredibly lucky though, and only did it because of the whole mooncoin p/d. I dont think I'll be able to keep growing my money. I plan on investing in Kin as my next big investment. Any tips otherwise?

You didn't need to make this thread

99% of the board doesn't have a clue

yup, right on board with you OP. i have no idea what Ethereum does, what smart contracts are, or why it's "Web 3.0" but i still made a nice profit with it

>>2227414
i have literally no idea how any of this works but i'm making gains

>>2227414
Don't forget to BIP 148 yer bitcoins or else they'll make a *BIP* noise and disappear.

>>2227414
same. gonna set my mom up with an account tomorrow and she doesnt know either

>>2227414
Why this is a bubble 101

Guys I think I figured it out.

Recent transactions are gathered into blocks which are shared with all the computers running bitcoin mining software. These computers check the transactions to make sure they are valid.

They make a hash of the current block and the previous block. There is a special part of the current block that they can change. The hash has to start with a certain number of zeros, which makes it very hard to generate. The miner has to keep on changing the special part of the block until they get the right number of zeros in the hashes. Because each hash is based on the previous transaction, all the blocks are chained together.

If someone tried to change a past transaction to get their coins back, all the hashes that came after that block would have to be redone or else other miners would notice right away that something is messed up. Because of the leading zeros, this is too hard for anyone to do. If they did have the computer power necessary to change the past transaction, they would be better off just mining bitcoin instead.

Also, the necessary amount of leading zeros in the hash changes to control the rate that bitcoin is created.

When the special hash is done the block can be added to the blockchain, which is just an ever growing list of transactions. Each new block includes a transaction to the miner that verified it, which gives them new bitcoin.

The blockchain itself is copied on lots of the computers running the mining software, which makes it decentralized. The difficult hashes chaining the blocks together make it impossible to alter the blockchain.


Atleast I think so.

Got in in feb with €20k
Almost at €100k now lol

Kinda get the blockchain though

>>2227414
Blockchain = digital ledger.

I don't get why people think this is some revolutionary idea or hard to understand. An infant form of it was literally being done in South Africa in 2001.

Second, even if you don't understand, so what? Do you understand a combustion engine? No? You still drive though right? Okay. Do you understand how the Fed operates or fractional reserve banking? No? You still leave your money in the bank though right?

Buterin literally says it is unnecessary for people to understand what ETH is for them to use it. That's part of the point of ETH.

>>2227414
>coins
>do
wwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwww

>>2230219
>using a bank without understanding fractional reserve banking
lmao, it's pretty nuts that people do this

>>2230218
>fuck around with $30 bucks for shits and giggles
>follow some shill threads
>think its gg for my 30 bucks and was a nice experience with crypto
>check bittrex and my coins are up totaling $120

>>2230232
I only bought eth and btc though

Not nearly enough eth in hindsight but i'll either get filthy rich from this or it goes to zero. I'll ride this into the sunset

>>2230258
I'm with you all the way with my $120 burger bucks brotha lol.

>>2227414
...coins do things?