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Re: Cryptocurrencies & Dogecoin Explained

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francis147 is not online. francis147
Joined: 11 Nov 2008
Total Posts: 10674
06 May 2014 03:49 PM
Ok Cryptocurrencies are kind of an abstract though considering what we think of money today but I'm going to try to explain it. (Some of this might be a bit wrong as I myself am still not an expert on crpytos!)


A lot of the definitions you see about a crypto currency like Bitcoin, Litecoin, and of course Dogecoin, call it a 'peer to peer system' and all that means is that no one central server controls the system but rather it is shared by all of the users. Because there is no 'one server' that controls the system most cryptocurrencies are general called 'decentralized' unlike the Euro, Yen, or US Dollar, which are controlled by the government. To get dogecoins you must first have a wallet, which is named appropriately since it is the thing that stores your dogecoins. When you get a wallet it sync's to the Dogecoin network which is basically downloading the BlockChain.

The blockchain is REALLY Important, it is a ledger that records all of the transactions that have ever taken place on the network as well as the balance of all the wallets. The blockchain is the reason why you can't simply copy and paste dogecoins. When you send Dogecoins to any other wallet people called miners make sure your transaction is authentic. Miners are people who let their computer run a program that lets them do complicated math and make compare the blockchain to 'unconfirmed' transactions. If the program the miner is running sees that you are trying to send Dogecoins that you don't have it wont confirm the transaction. This makes it more or less impossible to copy and paste dogecoins (though there are special scenarios like a 51% attack).

When a miner is running a mining program he is also being rewarded DogeCoins for confirming transactions but mostly by finding things called blocks (blocks are basically really complex puzzles your computer needs to solve!), this is how people 'make money' from mining. Currently one of the most efficient ways to mine DogeCoins is to use your GPU (Graphics Processing Unit, the same thing that lets you play Battle Field 4 at Max Settings) though eventually, unless the devlopers of Dogecoin change something, Asics, which are special machines designed to Mine Cryptos will become much cheaper and more efficient than GPUs.


That's basically a summary of how most cryptos work, but it gets a lot more complicated when you start talking about the different algorithms used by diffrent coins (Like SHA256 for Bitcoin and Scrypt for Litecoin)
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Forestion is not online. Forestion
Joined: 09 Mar 2013
Total Posts: 15364
06 May 2014 04:17 PM
[ Content Deleted ]
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francis147 is not online. francis147
Joined: 11 Nov 2008
Total Posts: 10674
06 May 2014 04:20 PM
refer to my main group

<
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DynamicFail is not online. DynamicFail
Joined: 27 Dec 2010
Total Posts: 13618
06 May 2014 04:22 PM
[ Content Deleted ]
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blobbem is not online. blobbem
Joined: 28 Feb 2008
Total Posts: 35022
06 May 2014 04:22 PM
TL;DR version:

Money for scrubs who can't handle physical currency.
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DynamicFail is not online. DynamicFail
Joined: 27 Dec 2010
Total Posts: 13618
06 May 2014 04:23 PM
[ Content Deleted ]
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francis147 is not online. francis147
Joined: 11 Nov 2008
Total Posts: 10674
06 May 2014 04:24 PM
^
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blobbem is not online. blobbem
Joined: 28 Feb 2008
Total Posts: 35022
06 May 2014 04:25 PM
'you are either trying to start a flamewar or you are incredibly ignorant'

I can touch my money.

Checkmate.
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DynamicFail is not online. DynamicFail
Joined: 27 Dec 2010
Total Posts: 13618
06 May 2014 04:26 PM
[ Content Deleted ]
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blobbem is not online. blobbem
Joined: 28 Feb 2008
Total Posts: 35022
06 May 2014 04:27 PM
'that is the same as saying "i can touch my sword in reality so virtual swordfighting is stupid haha defeated you in the argument"'

Virtual swordfighting is stupid.

Checkmate x2.
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francis147 is not online. francis147
Joined: 11 Nov 2008
Total Posts: 10674
06 May 2014 04:27 PM
I can send my money half way across the world in 2 minutes with minuscule transaction fees.

My money isn't based of off how trustworthy a government is.
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DynamicFail is not online. DynamicFail
Joined: 27 Dec 2010
Total Posts: 13618
06 May 2014 04:29 PM
[ Content Deleted ]
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blobbem is not online. blobbem
Joined: 28 Feb 2008
Total Posts: 35022
06 May 2014 04:30 PM
'I can send my money half way across the world in 2 minutes with minuscule transaction fees.'

My online banking account does that, too.

Checkmate x3.


'My money isn't based of off how trustworthy a government is.'

I have good government.

Checkmate x4.


'so you are saying we all should swordfight in reality, risking serious injury or death'

Yes. Man up.

Checkmate x5.
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DynamicFail is not online. DynamicFail
Joined: 27 Dec 2010
Total Posts: 13618
06 May 2014 04:32 PM
[ Content Deleted ]
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francis147 is not online. francis147
Joined: 11 Nov 2008
Total Posts: 10674
06 May 2014 04:32 PM
"my online banking"

banking company = escrow (ever hear of a bank run?)

I have good government. = People thought they had a good government/currency in Germany until paper marks became worthless
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blobbem is not online. blobbem
Joined: 28 Feb 2008
Total Posts: 35022
06 May 2014 04:34 PM
'sorry are you asking a 3 month old to "man up" on a site for children'

You're 3 months old?


'also why are you putting "checkmate" on the end of every half-assed argument you say as if this were a game of chess'

Because I am winning.

Checkmate x6.
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blobbem is not online. blobbem
Joined: 28 Feb 2008
Total Posts: 35022
06 May 2014 04:36 PM
'People thought they had a good government/currency in Germany until paper marks became worthless'

Still better than a currency named after a crappy meme.

Checkmate x7.
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DynamicFail is not online. DynamicFail
Joined: 27 Dec 2010
Total Posts: 13618
06 May 2014 04:38 PM
[ Content Deleted ]
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francis147 is not online. francis147
Joined: 11 Nov 2008
Total Posts: 10674
06 May 2014 04:39 PM
@blobbem

mfw you can't come up with a good comeback

( ͡° ͜ʖ ͡°)
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blobbem is not online. blobbem
Joined: 28 Feb 2008
Total Posts: 35022
06 May 2014 04:39 PM
'on the internet, nobody knows you are 3 months old'

At least you're not denying it.


'according to you'

I am always right.
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blobbem is not online. blobbem
Joined: 28 Feb 2008
Total Posts: 35022
06 May 2014 04:41 PM
'mfw you can't come up with a good comeback'

Still using crappy memes.

Here, let me converse by using a crappy meme, too:

"Well, well, well... It seems as though you have one again, despite your best efforts, become a pawn in one of my rather elaborate ruses, and it seems as though the end result of said ruse has left your state of being of a lesser quality than before you were dealt the card hidden up my sleeve, while being none the wiser! And yes, while it is true that you will eventually recover from this recent turn of events, it remains unclear whether or not your social status on this website will remain at its current level, or if it will take a turn for the worst! After all is said and done, at the end of the day, you will have to accept the fact that you got the short end of the deal! I hold no remorse or regret, for I am and always shall be a master ruseman!"
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francis147 is not online. francis147
Joined: 11 Nov 2008
Total Posts: 10674
06 May 2014 04:41 PM
mfw you don't know how to use copypastas

( ͡° ͜ʖ ͡°)
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blobbem is not online. blobbem
Joined: 28 Feb 2008
Total Posts: 35022
06 May 2014 04:45 PM
'mfw you don't know how to use copypastas'

You're implying there's an alternative method of using "copypastas", other than to copy and paste?
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francis147 is not online. francis147
Joined: 11 Nov 2008
Total Posts: 10674
06 May 2014 04:48 PM
top lel new friend

just posting copy pastas without any subtlety is silly
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blobbem is not online. blobbem
Joined: 28 Feb 2008
Total Posts: 35022
06 May 2014 04:50 PM
'just posting copy pastas without any subtlety is silly'

I'm on an entire new level of copypastas.

Ensure that you are, too, on par with my skill.
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