[breaking] NiceHash hacked, ~60 Million USD in Bitcoin Stolen - Sensationalist Headlines

[QUOTE=Weirdo009;52954456]Why not store your stuff on your own wallet? I don't use coins but you should value your money more and not just trust it to anyone.[/QUOTE] Do a bit of background research. You can normally only transfer it to your own personal wallet once you hit a certain amount. Nicehash should have lowered that threshold in the past. They've learnt the hard way.

[QUOTE=frogy1289;52953963]With the introduction of segwit and a wallet that allows you to set a custom fee (transaction priority), and soon lightning network for offchain transactions that will be a thing of the past. Blockchain technology is actually pretty great, altcoins are making deals with companies to use them to handle data and calculated predictions. From what I've heard examples are Ripple and banks/transactions, Iota recently with Microsoft and weather/air predictions, Toyota is supposedly looking into blockchain tech for self driving vehicles, and bank of america (i think that's the financial institution) recently filed a patent on a form of blockchain technology to use amongst their network. Bitcoin is the golden key to trading any of these coins on a lot of markets giving it inherent value, and its a great way to store value and be an international currency if on the move. Or your government is retarded with the economy, see Venezuela and Zimbabwe. Cryptocurrency market cap broke 400 billion dollars tonight, it aint going away anytime soon in my opinion.[/QUOTE] I have no idea how any of that actually helps its value for normal people as that just sounds deals to help offload costs from corporations to people who seem to think speculating on cryptocurrencies is actually worth something.

[QUOTE=frogy1289;52953963]With the introduction of segwit and a wallet that allows you to set a custom fee (transaction priority), and soon lightning network for offchain transactions that will be a thing of the past. Blockchain technology is actually pretty great, altcoins are making deals with companies to use them to handle data and calculated predictions. From what I've heard examples are Ripple and banks/transactions, Iota recently with Microsoft and weather/air predictions, Toyota is supposedly looking into blockchain tech for self driving vehicles, and bank of america (i think that's the financial institution) recently filed a patent on a form of blockchain technology to use amongst their network. [B]Bitcoin is the golden key to trading any of these coins on a lot of markets giving it inherent value, and its a great way to store value and be an international currency if on the move.[/B] Or your government is retarded with the economy, see Venezuela and Zimbabwe. Cryptocurrency market cap broke 400 billion dollars tonight, it aint going away anytime soon in my opinion.[/QUOTE] But these are its worst qualities when it comes to actually being money? We abandoned the gold standard for a good reason. Largely due to its deflationary nature, and its commodity-money status not allowing for necessary control to deal with economic crises. Blockchain's future doesn't have much to do with being used as decentralized money. Although yeah, maybe in Venezuela it's better than nothing, although you're going to have a hard time actually using it there since the government are jerks.

[QUOTE=PyroCF;52954501]Do a bit of background research. You can normally only transfer it to your own personal wallet once you hit a certain amount. Nicehash should have lowered that threshold in the past. They've learnt the hard way.[/QUOTE] Why would you use a site like this to begin with? Why not mine them yourself or just buy them?

[QUOTE=Weirdo009;52955273]Why would you use a site like this to begin with? Why not mine them yourself or just buy them?[/QUOTE] Pools are more reliable if you're mining, like it's less pay but the pay is more consistent iirc.

[QUOTE=Weirdo009;52955273]Why would you use a site like this to begin with? Why not mine them yourself or just buy them?[/QUOTE] Because they pay out best, simple as that. They automatically mine the best coin to mine all the time.

[QUOTE=Weirdo009;52955273]Why would you use a site like this to begin with? Why not mine them yourself or just buy them?[/QUOTE] NiceHash made every aspect of it easy. You could download their mining program, it would benchmark your system, then mine using the most profitable algorithm for your system. Of course I'll be doing my own thing now but NiceHash was a decent service for what it was.

[QUOTE=PyroCF;52955526]NiceHash made every aspect of it easy. You could download their mining program, it would benchmark your system, then mine using the most profitable algorithm for your system. Of course I'll be doing my own thing now but NiceHash was a decent service for what it was.[/QUOTE] Sounds nice but not secure, trading security for usability and accessibility.

I seriously can't grasp how people look at bitcoin's recent growth, lack of physical value, transaction fees, susceptibility to legislation and continuing exponential rocket climb making it useless to actually make transactions with (props to people who held for a few years and cashed out though) and still go "[I]no it's not a bubble, it's the future.[/I]" Add on that there's no real way to insure it if you lose your key as far as I can tell. I doubt crypto will ever die, I just think this speculative explosion is gonna be pretty nasty when it finally corrects. Maybe I'm just upset miners wrecked the GPU market though. :v:

[QUOTE=Doom14;52960122]I seriously can't grasp how people look at bitcoin's recent growth, lack of physical value, transaction fees, susceptibility to legislation and continuing exponential rocket climb making it useless to actually make transactions with (props to people who held for a few years and cashed out though) and still go "[I]no it's not a bubble, it's the future.[/I]" Add on that there's no real way to insure it if you lose your key as far as I can tell. I doubt crypto will ever die, I just think this speculative explosion is gonna be pretty nasty when it finally corrects. Maybe I'm just upset miners wrecked the GPU market though. :v:[/QUOTE] What do you mean "useless to actually make transactions with"? There's a ton of sites out there that let you purchase with Bitcoin. I can list off a few from different backgrounds such as: Humble Bundle Newegg Stripe (big payments handling company) MovieTickets Dish Network PizzaForCoins (Domino's Pizza) This is definitely more than a little burst before it corrects itself. Bitcoin is exploding right now and companies are riding the train out. The more companies that adopt it, the more popular it becomes, the more Bitcoin grows. It's a continuous cycle, and one that I wouldn't expect to break at any point in the near future. We're seeing the correction from the NiceHash hack already, but BtC prior to the correction had already grown by ~$4k since I posted the previous picture. The value is skyrocketing though. [t]https://i.imgur.com/kesFIti.png[/t]

[QUOTE=WitheredGryphon;52961380]What do you mean "useless to actually make transactions with"?[/QUOTE] Riddle me this. If you've seen your currency gain $5000 / 50% in about a [B]week[/B], why the [highlight]FUCK[/highlight] are you going to buy anything with it? This isn't a "dude buys a pizza that now would be worth a couple million lol" scenario. This is a "the instant I make a purchase with and lose my ("investment"), I might be out upwards of 50% return next Friday." Bitcoin as a currency is borderline useless during periods like this with insane growth and insane volatility. [quote]Bitcoin is exploding right now and companies are riding the train out. The more companies that adopt it, the more popular it becomes, the more Bitcoin grows. It's a continuous cycle, and one that I [U]wouldn't expect to break at any point in the near future[/U].[/quote] And this is the part people don't get. You can never properly predict these things from the inside, as they happen. Doesn't matter if your trading Bitcoin, Tulips, or Railroad shares. Bitcoin lacks physical value, but there's quite a load in the concept which is why I doubt it will really die, but the current valuation is red-flag central, along with companies needlessly adding "bitcoin" and "blockchain" to their name to increase share prices. When less educated "investors" flock to a situation like this hoping to strike it as rich as the people who rode out from 2011 to today, it's really indicative of a problem.