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Old 01-05-2014, 03:31 PM   #851
RastaMon
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Quote:
Originally Posted by etothen View Post
I'll wait til they get back to $10, buy one as bit of digital memorabilia.
Might be waiting a while, perhaps dogecoin or kanyecoin is more suitable for your needs. Or good ol' dimoncoin.

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Old 01-05-2014, 03:58 PM   #852
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As soon as they cause significant problems for the US/EU/Russia/China or are in any way associated with terrorists moving money they will become worthless overnight.



If someone wanted to make them worthless all they have to do is email a few to some terrorist and the NSA will see it. Poof, no more crypto currency.
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Old 01-06-2014, 02:56 PM   #853
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You can buy virtual cows with your virtual money.

Zynga testing bitcoin payments.
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Old 01-10-2014, 01:04 AM   #854
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I just bought a wall sconce on overstock.com with bitcoins. My wife is suddenly interested...


http://www.wired.com/business/2014/0...-bitcoin-live/


Quote:
The Grand Experiment Goes Live: Overstock.com Is Now Accepting Bitcoins

Overstock.com is now accepting payments in bitcoin, making it the first major online retailer to embrace the increasingly popular but controversial digital currency.

Since December, Overstock’s free-thinking CEO and chairman, Patrick Byrne, has been telling anyone who would listen that his company would adopt bitcoin sometime in the next six months. But Byrne is an impatient man. Last Tuesday, the company struck a deal to handle bitcoin payments through a service operated by the suddenly hot San Francisco startup Coinbase, and since then, a team of Overstock engineers has worked almost every waking hour to prepare the site for what is undeniably a key moment in the digital currency’s short history.

“I felt I had tipped my hand,” Byrne says. “I didn’t want someone else to beat us.”

...

Last edited by dmross; 01-10-2014 at 01:15 AM. Reason: added news article
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Old 01-14-2014, 02:22 AM   #855
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A doomsday scenario that has long been dismissed by bitcoin’s biggest boosters is now a clear and present danger. At 3am ET this morning, a single bitcoin mining collective known as Ghash.io reached 45% of the computing power of all global bitcoin miners, just six points short of the 51% that would be required to break bitcoin by arbitrarily manipulating the record of future transactions upon which it rests. The result could be, at minimum, “double spending” of existing bitcoins, which would render the currency effectively unusable.
2
To put this in context: Imagine that tomorrow, a single corporate entity gained the ability to clone all of its dollars, and then immediately went on an asset buying spree. To say that it would undermine trust in the US dollar would be an understatement. That’s what could happen to bitcoin.
+
Update: Ghash.io has issued a press release on the potential for it to launch an attack on bitcoin. The mining pool says it is taking steps to make sure that Ghash.io never reaches 51% of the world’s bitcoin mining capacity, “as it will do serious damage to the Bitcoin community, of which we are part of.” Ghash.io also said that they will temporarily stop accepting new independent bitcoin miners in their pool, and will allow existing members of Ghash.io to mine bitcoins through other pools.
+
Update 2: Bitcoin magazine has weighed in, asserting that the success of Ghash.io is indicative of a larger problem in bitcoin: nearly unprecedented centralization of the mining upon which the currency’s security depends.
+
Update 3: Bitcoin entrepreneur Henry Brade weighs in on Ghash.io’s proposed solution, and finds it wanting. Quartz’s Ritchie King weighs in: No, bitcoin isn’t about to be taken over by a massive cartel.
+
Popular discussion boards devoted to bitcoin are freaking out about this possibility, and every post on the homepage of, for example, the portion of Reddit devoted to bitcoin is currently devoted to the dangerous rise of Ghash.io:

The entreaties of bitcoin fans on Reddit is having some effect: Between 3am ET and the writing of this article at 10am ET, the power of Ghash.io has diminished by seven points, to 38%, probably because of people leaving the collective in response to the backlash. But how close it came illustrates the long-term problem.
+
How this attack on Bitcoin works

A little background for the uninitiated: The way bitcoin works (see our recent explainer on the topic) is that computers “mine” for the currency by solving tough math problems. In the process, they verify all the recent transactions that have been made via bitcoin. This is part of the genius of bitcoin: The only way to produce new bitcoins is to create the computing infrastructure required to make bitcoin work.
1
Because so many different people mine for bitcoin by running bitcoin software and solving these hard math problems, the logic of bitcoin boosters has always been that the currency is safe because the bitcoin network is distributed across so many different computers. As long as at least 50% of the network is owned by “honest” bitcoin miners whose incentive is to keep bitcoin intact, no nefarious manipulations of the record of bitcoin transactions (known as the “blockchain”) will take place.
+
What the maker of bitcoin apparently did not anticipate is that many bitcoin miners might band together into “pools” in which their total computing power is harnessed together as if it were one giant supercomputer. Being part of a pool means sharing the profits of that pool, which can lead to a steadier stream of income for individual miners.
+
The potential danger of Ghash.io

We’ve reached out to the founders of Ghash.io and await their comment. In the meantime, many commenters are pointing out that in the past, someone using nothing but Ghash.io’s pool to mine bitcoin has already attempted to spend the same bitcoins twice, at a gambling site called Bitcoin Dice. Whether this person is a rogue actor or more intimately connected with the leaders of Ghash.io, it suggests that at least someone in this mining pool has already realized that they could make a temporary profit by gaming bitcoin, even if it threatens the currency itself.
+
A long-term threat the bitcoin community has yet to resolve

Even if Ghash.io doesn’t reach 51% of world capacity of bitcoin computation and mining, the fact that a single pool came this close illustrates that it’s at least possible. Worse, a November 2013 paper from computer scientists at Cornell illustrated that it might be possible to hijack bitcoin with far less than 51% of the world’s mining power, or as little as 33% of the global bitcoin computational pool, which Ghash.io is already well in excess of.
+
Currencies are based on trust. If community trust in bitcoin is destroyed, the “dreams” on which bitcoin is based might turn out to be only as robust as the real thing.
+
Hat tip: Christoph Möller, who brought this story to our attention
http://qz.com/165273/the-existential...s-now-at-hand/
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Old 01-14-2014, 02:32 AM   #856
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yeah i figure in a few years bitcoin will lose its luster due to some of its technical weakness, and something else will fill the void. The nice thing is bitcoin will have done the job of introducing the masses to crypto currencies (for better or worse).
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Old 01-14-2014, 06:21 AM   #857
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It's interesting that the .io domain is the British Indian Ocean Territory, which is basically Diego Garcia and a few smaller surrounding islands. It may be just a domain of convenience but if I were a collective like Ghash.io I would not set up my domain in a place that is basically run by the American and British intelligence gathering network. You can guarantee that intelligence agencies (e.g. NSA) have full access to the servers Ghash.io is using (assuming someone like the NSA aren't behind it in the first place).

Quote:
Originally Posted by Wiki - British Indian Ocean Territory
As a territory of the United Kingdom, the head of state is Queen Elizabeth II. There is no governor appointed to represent the Queen on the territory, as there are no longer any native inhabitants. The head of government is the commissioner, currently Dr. Peter Hayes , and administrator John McManus all of whom reside in the United Kingdom. The commissioner's representative in the territory is the officer commanding the detachment of British forces.

The laws of the territory are based on the constitution, set out in the British Indian Ocean Territory Order 2004, which gives the commissioner full powers to make laws for the territory. Applicable treaties between the United Kingdom and the United States govern the use of the military base. The United States is required to ask permission of the United Kingdom to use the base for offensive military action.
Besides Ghash.io sounds too pokemon. Ghash.ad or Ghash.uy sound much better.

Last edited by Howl; 01-14-2014 at 06:32 AM.
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Old 01-14-2014, 07:12 AM   #858
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So overstock does accept bitcoin... maybe it's about time I cash out a little bit and get me a new tv....
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Old 01-14-2014, 05:15 PM   #859
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If anyone here trades coins on Cryptsy, I developed an Android app to trade via the Cryptsy API.

https://play.google.com/store/apps/d...abs.cointrader
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Old 01-16-2014, 07:53 AM   #860
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Woot. New 47" LED TV on the way! Now all of my friends can't quit telling me Bitcoin isnt real caus the ****ing TV sitting in my living room will be proof lol.
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Old 01-16-2014, 11:52 AM   #861
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I wonder how this bull **** net neutrality ruling will affect bitcoin.
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Old 01-16-2014, 11:56 AM   #862
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maybe you pointed it out in the net neuter thread, but i thought that was very interesting.

will be interesting to watch.

with the corporate oligopoly it really is a stinky situation. if it was a competitive market, then if Comcast decided to throttle NFLX, I could just go to another provider. since that's not an option, well, huff dongs, etc.
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Old 01-16-2014, 11:56 AM   #863
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maybe you pointed it out in the net neuter thread, but i thought that was very interesting.

will be interesting to watch.

with the corporate oligopoly it really is a stinky situation. if it was a competitive market, then if Comcast decided to throttle NFLX, I could just go to another provider. since that's not an option, well, huff dongs, etc.
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Old 01-16-2014, 05:28 PM   #864
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Quote:
Originally Posted by nab911 View Post
Woot. New 47" LED TV on the way! Now all of my friends can't quit telling me Bitcoin isnt real caus the ****ing TV sitting in my living room will be proof lol.
How much did it cost you?

I don't mean in bitcoins, I mean in dollars. Did you mine your own coins? or did you buy coins?

Last edited by Howl; 01-16-2014 at 05:53 PM.
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Old 01-16-2014, 05:41 PM   #865
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NBA Sacramento Kings accept bitcoin.
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Old 01-16-2014, 06:15 PM   #866
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Quote:
Originally Posted by Howl View Post
How much did it cost you?

I don't mean in bitcoins, I mean in dollars. Did you mine your own coins? or did you buy coins?
Right under $520, all coins were mined. If you add up the computer I built and power costs, it probably came out about even, but now I also have a decent gaming rig.
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Old 01-16-2014, 06:24 PM   #867
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Over what length of time?
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Old 01-16-2014, 06:33 PM   #868
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Quote:
Originally Posted by nab911 View Post
Right under $520, all coins were mined. If you add up the computer I built and power costs, it probably came out about even, but now I also have a decent gaming rig.
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Old 01-16-2014, 06:43 PM   #869
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Quote:
Originally Posted by HighWayDrifter View Post
yeah i figure in a few years bitcoin will lose its luster due to some of its technical weakness, and something else will fill the void. The nice thing is bitcoin will have done the job of introducing the masses to crypto currencies (for better or worse).
Or reminding people that Nigerian bank scams have gotten much more clever.
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Old 01-20-2014, 01:20 PM   #870
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I don't know how much of this is true about Bitcoin tripled in value because of Silk Road 2.0

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Old 01-20-2014, 05:06 PM   #871
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"Deep Web" - AKA VPN

Every freaking company with more than 50 employees is probably part of the "Deep Web".
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Old 01-21-2014, 04:56 AM   #872
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Originally Posted by Howl View Post
"Deep Web" - AKA VPN

Every freaking company with more than 50 employees is probably part of the "Deep Web".
Umm...no.

1) The VPNs and proxies you need for secure TOR browsing have fees.

2) Your second line is just How many people, out of say, 500, do you think even KNOW about the dark web***, let alone can navigate it safely?

3) Companies in the larger range, 500-1000+, have actual IT departments that block / monitor traffic.

*** OK - it popped up on the recent Person of Interest, lol, as well as Bitcoin. That episode alone probably just pissed off a bunch of IT guys that manage small time firms.

My recent experience was with a dumbass brodog employee - he's a good guy, funny, but started asking me about the dark web, and TOR. He couldn't even figure out how to get to the point of downloading the browser. No way was I going to even hint at any way he could start down that road.
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Old 01-21-2014, 07:01 AM   #873
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Have a friend in security for a large financial company. He showed me some of the **** one day and it is truly ****ed up what you can buy down there. Still don't understand how you can have drugs delivered to your house and not get caught.
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Old 01-21-2014, 08:46 AM   #874
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Originally Posted by Howl View Post
"Deep Web" - AKA VPN

Every freaking company with more than 50 employees is probably part of the "Deep Web".
lolwut
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Old 01-21-2014, 09:34 AM   #875
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Originally Posted by nab911 View Post
Have a friend in security for a large financial company. He showed me some of the **** one day and it is truly ****ed up what you can buy down there. Still don't understand how you can have drugs delivered to your house and not get caught.
" I love my fed-ex guy cause he's a drug dealer and he doesn't even know it"

-Mitch Hedberg
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