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Old 04-13-2013, 08:08 PM   #551
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Originally Posted by Indocti Discant View Post



75% of nasioc servers are used for bitcoin mining purposes.
Damn... Why didn't I think of that!
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Old 04-13-2013, 08:22 PM   #552
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Nick will you start accepting bitcoins for membership dues any time soon?
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Old 04-13-2013, 09:02 PM   #553
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Nick will you start accepting bitcoins for membership dues any time soon?
It's a very interesting idea... but there is no real way to integrate it with the server's automated system, so it would have to be totally manual.

Have to look into the logistics of it.
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Old 04-13-2013, 09:06 PM   #554
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Well fwiw I haven't bought a membership in a few years but totally would if you accepted bitcoins...
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Old 04-17-2013, 11:36 PM   #555
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Colberts opening segment right now is about bitcoins
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Old 04-29-2013, 11:57 AM   #556
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Darryl W. Perry says he's running for president in 2016 as a libertarian, and he's pledging to be the first White House hopeful to accept Bitcoin, the online currency currently en vogue in tech and libertarian circles.

Bitcoin appeals to libertarians who are skeptical of the Federal Reserve and other central banking institutions. As Jim Harper, the director of information policy studies at the Cato Institute, recently told Mother Jones, "There are types like me, libertarian gold-buggish folks," for whom "inflation is a constant worry" and who "see the cryptography in Bitcoin as insulation against inflation." The US Libertarian Party accepts Bitcoin donations on its website, and the Libertarian Party of Canada joined the Bitcoin bandwagon in March.

Perry laid out his decision to accept Bitcoin in a recent open letter to the Federal Election Commission, the nation's beleaguered elections watchdog. The Darryl W. Perry for President campaign, he said, will not accept any donations "in currencies recognized by the federal legal tender laws." The only currencies going into Perry's campaign war chest are Bitcoin, Litecoin (another online currency), and precious metals. "I am attempting to put into practice a belief that I hold that we should get rid of the Federal Reserve, which is a central bank," he recently explained. "And unlike some who want to get rid of the Fed, I don't want the government stepping in to fill the void."

Believe it or not, refusing to accept actual money may not be Perry's biggest obstacle to running for president. Unlike the Libertarian Party, Perry disavows the very existence of the FEC and denies its authority to regulate campaigns. Perry says he will not file any paperwork with the commission establishing his presidential campaign, nor will he disclose whom his bitcoin/litecoin/gold contributors are or how he spends their money. He ends his letter by writing, "I intend this to be the last communication I have with this commission as part of my campaign."

How serious is Perry's candidacy? His website is, well, far from inspiring, and there's one brief mention of him on the US Libertarian Party's website. But he's nonetheless one of the early Bitcoin adopters in politics, following candidates in North Dakota, Vermont, and New Hampshire who decided to accept the online currency. Provided Bitcoin doesn't bottom out in the months or years ahead—the price of a Bitcoin is vulnerable to wild swings, evidenced by a 60-percent drop a few weeks ago, quickly shedding $115 in value—I wouldn't be surprised to see more libertarian types embrace Bitcoin donations.

Therein lies a challenge: Explaining Bitcoin to the average voter is hard enough. If the FEC ever tried to regulate it, well, good luck.
http://www.motherjones.com/mojo/2013...-donations-fec
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Old 04-29-2013, 12:29 PM   #557
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So this couple of days ago.

Paypal: President thinking about bitcoin.

http://thenextweb.com/insider/2013/0...tual-currency/

Quote:
So I’ve been spending a lot of time looking at it, and it’s truly fascinating actually: the way that the currency’s been designed, and the way that inflation is built in to pay for miners, and all that is truly fascinating. I think that for us at PayPal, it’s just a question whether Bitcoin will make its way to PayPal’s funding instrument or not. We’re kinda thinking about it.
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Old 04-29-2013, 01:09 PM   #558
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Originally Posted by dmross View Post
The important thing to keep in mind about "mining":

mining = transaction processing

The creation of bitcoins is a reward for people who volunteer computing power to process transactions.

When people send each other bitcoins, the transactions are broadcast throughout the network. People "mining" coins are providing computing power to solve a math problem that takes pending transactions as a parameter. Whenever a miner solves the problem, the transactions are committed to the shared ledger and that miner is rewarded with newly created bitcoins. The network adjusts the difficulty of the math problem so that it is solved on a 10 minute interval average, so the rate of creation remains relatively constant.
Here's my question. These digital math problems and formulas the CPUs devote processing power to computer. Are these transactions of any actual use or are they the digital equivalent of meaningless work (i.e. digging a ditch and filling it in again, repeat).

I suspect it's the former and much like [email protected], people are volunteering their computer CPU cycle's to do someone else's computing work and being 'paid' in the form of bitcoins. But what are those applications/work? I inquire because it seems kind of sketchy to me (illegal/illicit work?).

Last edited by edkwon; 04-29-2013 at 03:07 PM.
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Old 04-29-2013, 01:21 PM   #559
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Originally Posted by Nick View Post
It's a very interesting idea... but there is no real way to integrate it with the server's automated system, so it would have to be totally manual.

Have to look into the logistics of it.
I don't buy it. Bitcoins are far too volatile to practically be used as currency. Might as well buy your membership with gold coins with the way the price fluctuates.
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Old 04-29-2013, 05:07 PM   #560
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doh!

should have gone all in at the $60 level.



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Old 04-29-2013, 05:13 PM   #561
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Originally Posted by edkwon View Post
Here's my question. These digital math problems and formulas the CPUs devote processing power to computer. Are these transactions of any actual use or are they the digital equivalent of meaningless work (i.e. digging a ditch and filling it in again, repeat).

I suspect it's the former and much like [email protected], people are volunteering their computer CPU cycle's to do someone else's computing work and being 'paid' in the form of bitcoins. But what are those applications/work? I inquire because it seems kind of sketchy to me (illegal/illicit work?).
Quote:
How bitcoin mining works

In order to keep a record of everything, bitcoin has a ledger known as the “block chain,” a shared database of all successful transactions. Every transaction that occurs must be broadcast to the bitcoin network and everyone connected to the bitcoin network has a copy of the block chain.



The purpose of bitcoin miners is to verify these transactions and then add groups of transactions, called blocks, to the block chain. This process occurs roughly every 10 minutes. For every block added, the successful miner receives a certain amount of bitcoins for his troubles, plus transaction fees. The reward started out at 50 bitcoins, but it's cut in half every 4 years. Right now, you get get 25 bitcoins for every block mined.

Anyone can technically become a miner. The software is ready to download, all you have to do is contribute raw computing power, which means your main recurring costs are electricity bills. If you solve the next block, the spoils are yours. The more processing power at your disposal, the greater your mining ability.

But here’s the kicker. Built into the model is a “difficulty” metric, which is recalculated whenever 2016 blocks are added. As the speed of mining goes up (as more processing power is added to the system), the difficulty will increase proportionately to compensate in order to maintain the rate of one block every 10 minutes.



What this means is that your ability to mine bitcoins isn’t necessarily about absolute computing power, but rather your computing power relative to other mines. Of course, in the end, that still means you’re going to want the most powerful hardware possible if you want to maximize your mining ability. But it also means that if you don’t keep pace, you’re going to be left behind. Which brings us to...
http://motherboard.vice.com/blog/a-g...ebay-for-20600
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Old 05-01-2013, 12:46 PM   #562
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Bitcoin drug den wants police help in arresting alleged blackmailer

http://bgr.com/2013/05/01/silk-road-...l-allegations/

Quote:
For reasons that are likely attributable to excessive use of illicit substances, online Bitcoin-accepting drug den Silk Road thinks that police will jump at the chance to help it track down an alleged blackmailer who is threatening to shut the site down unless he gets paid a certain amount of money. The Telegraph reports that Silk Road has been under constant DDoS attacks from a person who calls himself “Lance G” and who has been “threatening to crash the site unless it fronted the surprisingly small amount of $5,000.” As a result, Silk Road is offering a $5,000 reward for any “information that leads to the arrest and conviction of whoever is behind this extortion attempt.” As The Telegraph points out, however, most law enforcement officials are unlikely to devote significant resources toward making sure that a hub for online drug dealing stays online.
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Old 05-03-2013, 12:06 PM   #563
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Old 05-03-2013, 12:25 PM   #564
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That's really cool and a much needed next step for making the whole thing much more serviceable in the real world...
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Old 05-03-2013, 12:35 PM   #565
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sweet paper shredder
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Old 05-03-2013, 12:59 PM   #566
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My question is..... who do you buy the Bitcoins from?

Last edited by eNx; 05-03-2013 at 01:19 PM.
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Old 05-03-2013, 01:13 PM   #567
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Originally Posted by eNx View Post
My question is, who do you buy the Bitcoin from?
i was actually curious about that as well when i was reading about it.

are their people who volunteer their "wallets" for this? do they specify "i'll only take USD."? how does the cash end up in the hands of the individual who sold the bitcoins?
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Old 05-03-2013, 03:36 PM   #568
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Originally Posted by WRX300 View Post
So bitcoin miners are being paid in bitcoins to contribute CPU power to process & ecrypt previous bitcoin transactions....

Wow, this seems like the ultimate virtual currency based on no actual value except for a self-defined one, 'just because'. The only measurable money spend I can see are the value of goods/services purchased with bitcoins, the costs of building bitcoin mining machines, and the electrical costs running those machines.
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Old 05-03-2013, 04:06 PM   #569
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Originally Posted by Bochet View Post
i was actually curious about that as well when i was reading about it.

are their people who volunteer their "wallets" for this? do they specify "i'll only take USD."? how does the cash end up in the hands of the individual who sold the bitcoins?
https://localbitcoins.com/

is a site where you can meet in person with some random person and you give them cash and they send you bitcoins to your wallet address

to get cash out of bitcoins the easiest way to do it is to set up a bank account with a bank that allows transfers from one of the exchanges like mtgox or bitfloor or Dwolla. you put sell orders onto the market and when they're filled you're credited cash to the account and then you can just send a transfer using your account and routing numbers

https://en.bitcoin.it/wiki/Selling_bitcoins

Quote:
Originally Posted by edkwon View Post
So bitcoin miners are being paid in bitcoins to contribute CPU power to process & ecrypt previous bitcoin transactions....

Wow, this seems like the ultimate virtual currency based on no actual value except for a self-defined one, 'just because'. The only measurable money spend I can see are the value of goods/services purchased with bitcoins, the costs of building bitcoin mining machines, and the electrical costs running those machines.
yes, but then again most money only has inherent value because the people using it have agreed that it has value.
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Old 05-03-2013, 04:15 PM   #570
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Originally Posted by WRX300 View Post
yes, but then again most money only has inherent value because the people using it have agreed that it has value.
Sadly that is true, and the faith of 'government backed value' on national currency doesn't hold the confidence it used to.
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Old 05-03-2013, 04:22 PM   #571
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Originally Posted by WRX300 View Post
https://localbitcoins.com/

is a site where you can meet in person with some random person and you give them cash and they send you bitcoins to your wallet address
yea, but for the ATM, where do those bitcoins come from? i put in a hundred dollars cash, i get the equivalent amount of bitcoins transferred to my wallet.

where did those bitcoins come from?
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Old 05-03-2013, 04:26 PM   #572
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Magic





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Old 05-03-2013, 05:04 PM   #573
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Originally Posted by Bochet View Post
yea, but for the ATM, where do those bitcoins come from? i put in a hundred dollars cash, i get the equivalent amount of bitcoins transferred to my wallet.

where did those bitcoins come from?
the guy that owns the atm network probably has a cache of them like mtgox or any other exchange.

you put in $100 which gives you X amount of btc (whatever the current fx rate is at the time of purchase) enter your bitcoin wallet address on the terminal (something like: 31uEbMgunupShBVTewXjtqbBv5MndwfXhb) and the atm probably prints out a confirmation of the transfer like how mtgox does

like heres an old one from my mtgox confirming that I sent btc to a different address

Quote:
There has been a withdrawal from your Mt.Gox account:

Transaction reference: 45500807-b963-4af7-8802-5dfe7f0fe002
Date: 2013-02-14 17:07:50 GMT
IP: 166.137.97.22
at that point it will probably take 60-90 minutes for the coins to transfer as there needs to be 6 confirmations of the block chain. you can actually follow the confirmations from a block chain explorer using the sent/from bitcoin address

http://blockchain.info/
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Old 05-03-2013, 05:34 PM   #574
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NEW YORK (CNNMoney)
Here's a little-known quirk of cyber currency Bitcoin: There are coded messages hidden in the ledger that track bitcoin transactions.Most are innocuous, but this week, the discovery of a malicious transmission filled with porn links set the Bitcoin community abuzz.

Bitcoin, a four-year-old digital currency developed by a hacker who still remains anonymous, is a favorite plaything of libertarians and cryptography geeks. It burst into the mainstream this year when investors took note of its wild price swings. One bitcoin is now worth around $112, down from a record high of $266 last month, but up from $5 a year ago.

At the core of the bitcoin network is a database recording every single transaction.

Bitcoin enthusiasts have long known about a technical loophole that allows people to inject coded messages into the database.The trick is typically used for pranks or harmless notes, but Bitcoin discussion boards lit up on Monday with the news that someone took advantage of it for a nastier purpose: adding encoded links that claim to lead to porn sites, some featuring children. (CNNMoney verified that the links exist in Bitcoin's database, but did not check to see if they actually went to child porn sites.)

A technical analysis posted on BitcoinTalk.org delves into the details. There doesn't seem to be much danger for the casual bitcoin user. The porn links are concealed in hexadecimal code, and a decoder is needed to translate them into English. In other words, you'd really have to be looking for it.

But once a message makes it into the Bitcoin ledger, it can't be removed.

"There are very large ramifications to filtering out transactions, even ones that are obviously data spam," Jeff Garzik, a developer who works on Bitcoin's core software, wrote in a blog post responding to the porn discovery.

People have been sneaking messages into the ledger for years. Bitcoin's creator put a coded note into the very first recorded transaction, and in 2011, a crafty hacker embedded a tribute to a recently deceased friend, along with a rather accurate, pixelated image of Federal Reserve Chairman Ben Bernanke. Religious tracts, spam and random pronouncements like "I LIKE TURTLES" are some of the notes that turned up in 2012 file showing some of the encoded text. Last month, someone dropped in a large stash of Wikileaks cables.

But all this monkeying with the ledger is posing a problem for the pioneering currency, just as it's beginning to gain wider attention. Bitcoin advocates have worried for years about what would happen if someone tried to store illegal content in the ledger -- like, say, child porn, which is a U.S. federal crime to possess. That once-hypothetical threat is now real.

The porn: Every bitcoin user interacts with a portion of the currency's database, and many power users run software that stores the entire thing. Legally, bitcoin users who have the part of the ledger with the porn links seem to be in the clear. They are, after all, just words and text links -- not actual child porn images.

The U.S. Justice Department wouldn't comment on this specific case, but an agency spokesman pointed CNNMoney to the exact wording of the law, which states that the issue becomes a crime when a person "knowingly possesses, or knowingly accesses with intent to view" child porn. It doesn't appear that an unsuspecting user with these coded links sitting on their hard drive has much to worry about.

So is this a big deal or not? The Bitcoin community is divided.

Some think the links are being blown way out of proportion. They liken the coded messages in Bitcoin's ledger to graffiti, and say it's inevitable that someone would eventually inject something unsavory.

"All tech can be abused for weird stuff," Dan Kaminsky, the hacker who pulled off the Bernanke stunt in 2011, told CNNMoney.

Others would like Bitcoin's core developers to take action. "This is actually a big issue," one commenter wrote in a discussion thread on Hacker News. "I don't think we should avoid it."


Bitcoin's backers appear to be taking this seriously.

"It is an awful situation," the developer Garzik told CNNMoney. "The problem goes to the core of digital currency storage."

Because bitcoin transactions are anonymous, it's difficult to trace a malicious transaction back to its source. Theories about why someone would put the porn links in run the gamut. Perhaps it's anti-child porn activists who want the authorities to take more action. Perhaps it's people trying to shut down Bitcoin, or a group hoping to make money off a crash in the currency. It might just be pranksters looking for trouble.

Most of Bitcoin's users don't think it's actual pedophiles trying to distribute their contraband. There are better, more secure ways to store information, and injecting the porn links cost the perpetrator $50 or $60 in transaction fees.

Already, new versions of Bitcoin's core software are being developed that allow historical transactions to eventually be deleted.

"Once people get the idea that it's not a way to force lots of people to store your data forever, interest in it will go away," said Mike Hearn, a Bitcoin developer. "There might be occasional graffitis here or there, but we can tolerate that."

Another way to head off problems like this would be to increase the fees charged by bitcoin transaction processors, since these "data spam" interludes generally require dozens or hundreds of small transactions to complete. Or Bitcoin's network could start weeding out people who are making a rapid series of tiny transactions.

But both these options diminish some of Bitcoin's biggest selling points to begin with: its low transaction fees and lack of central authority.

"The answer is very complex," Garzik wrote in his blog post, "with implications that travel to the heart of Bitcoin's value."
http://money.cnn.com/2013/05/02/tech...orn/index.html

Last edited by Malfrag; 05-03-2013 at 05:45 PM.
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Old 05-07-2013, 05:05 PM   #575
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So i have about 75% of my mining cluster up and running now. just thought i'd check back in. i'm primarily targetting LTC since BTC is being taken over by ASICs... Anyways, I think LTC has a lot to offer as the best alternate crypto, what with the faster confirms (useful for *actually buying things from people*) and the fact that it is scrypt based.

It would make me warm n fuzzy to see LTC/USD hit $10 by the end of the year
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