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05-16-2011, 05:08 PM | #1 | |
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Bitcoin: global peer-to-peer currency system
No longer a fringe cyber idea. It's going viral.
http://launch.is/blog/l019-bitcoin-p...t-weve-ev.html Quote:
Relevant content starts at 7min mark (I've added a time seek to the url for your convenience) http://www.youtube.com/watch?v=TwNfBgwbqng#t=7m Official site: http://www.weusecoins.com/ CN: nerds create un-hackable (so far) peer-to-peer currency system with built in algorithm for scarcity, reality slowly becomes a 90's cyberpunk novel
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05-16-2011, 05:11 PM | #2 |
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I want to hear Q's take on this.
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05-16-2011, 05:13 PM | #3 |
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05-16-2011, 05:14 PM | #4 |
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05-16-2011, 05:15 PM | #5 |
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This thread isn't complete until MKS blows his chartload over it.
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05-16-2011, 05:27 PM | #6 |
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I don't get it...especially the mining part. And why are they not based on an actual current currency? Having common folk trying to determine if it is worth it to buy something for 3 bitcoins or buy it on Amazon for $10.
So far, it looks like the article in the OP is just hype or conspiracy theory crap. |
05-16-2011, 05:31 PM | #7 |
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How do I use this to get rich?
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05-16-2011, 05:33 PM | #8 |
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Sounds like something that no one besides nerdy people would trust, and is therefore doomed to stay small or fail.
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05-16-2011, 05:37 PM | #9 | |
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Quote:
It's a purely fiat currency, the algorithm ensures scarcity and market will determine value. It is real, it exists. One of the developers who is interviewed mentions that he is invited by the CIA to speak about it next month at an In-Q-Tel conference. |
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05-16-2011, 05:40 PM | #10 |
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I don't get it either. How do you create new bitcoins that have some value?
edit: I watched the video and read the mining section, but I still don't get it. All I got was that you create these somehow using a graphics card. Do you produce something with some real value, or is the "mining" just a way to limit supply? If the latter, how do you stop people with advanced computer skills from easily mass-producing bitcoins? To me, if you wanted to start a global cybercurrency, it would make more sense to have it based on gold stored in 1 or more secure locations. You would convert your USD, Euros, yen, or whatever at the current exchange rate and then have a credit at the bank that you could use to do exchanges with other members. One unit might be--just as an example--one gram of gold, or a "gramau," currently worth about $US50 |
05-16-2011, 05:43 PM | #11 | |
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Quote:
-It will be 'hacked' or otherwise undermined. -Like everything else on the internet, as soon as it becomes remotely popular, alternative 'Bitcoin' type services will become available, each competing and stealing business from another. -Obligatory no one cares about nerd money reason. Question...how and why is this at all dangerous? |
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05-16-2011, 05:45 PM | #12 |
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It seems that it's largely governed by the power costs of generating the bitcoins. I think folks are assuming that computing power is free, but they're talking about using a laptop to generate a block of 50 bitcoins taking 5-10 years. It's an investment opportunity to bind a ****-ton of GPUs together to create the currency. You better be really good at math to see if it's worth it or not
This is pretty interesting the more I look into it... -* |
05-16-2011, 05:46 PM | #13 |
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I don't understand it but I think it's cool.
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05-16-2011, 05:46 PM | #14 | |
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grain of wiki salt...
Quote:
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05-16-2011, 05:50 PM | #15 |
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**** this. I don't even like buying XBL points.
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05-16-2011, 05:52 PM | #16 |
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I don't get it.
So my computer needs to be processing _____ when not in use, like folding at home? And I can get free "money" by doing this... |
05-16-2011, 05:54 PM | #17 | |
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Basically you are trading "huge magic numbers". Since there are only a limited number of "solutions/coins" that fit the definition parameters, there is a potential market surrounding it. As long as enough people agree upon the value, this has potential to impact the use of regular currency.
Quote:
It's bit-torrent for money. There is no way to freeze accounts or stop the flow. I can give you something of value to someone on the other side of the planet with no one in between to monitor where it either side of the transaction took place or the real locations or identities of either party. This is pretty huge. -* |
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05-16-2011, 05:55 PM | #18 |
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It's interesting and seems to be entirely based on the belief of bitcoin value in that there's no exchange rates such as dollars to Euros. I know you could attempt to say that about dollars, but we know that if we bring cash to the store we can buy goods. If someone wants to send me 5 bitcoins for a guitar but I think bitcoins are rubbish, then it's a worthless system. They really have to get people to believe in these having any sort of value for them to be adopted in any real sense. Otherwise, it's all arbitrary.
Not having an actual account held anywhere but your hard drive is scary, too, with how often people recycle computers, hard drives fail, etc. If your bank account disappeared every time your computer **** the bed, you'd probably not use that bank account. |
05-16-2011, 05:55 PM | #19 | |
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Quote:
I still can't come up with a solution to this. |
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05-16-2011, 05:56 PM | #20 |
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So initially you can "mine" bitcoins based on how much computing power you have, but after all 21 million have been issued they can only be used as a medium of exchange. Their "value" will be entirely fiat (not based on any real economic good) and thus will fluctuate entirely according to whether other nerds are willing to accept them or not. It seems as if illiquidity could be serious problem, eg
"DanboTheManbo Dan Tren I'm desperate to shift the 867 #bitcoin I have - who'll give me $6700 for em?" |
05-16-2011, 06:06 PM | #21 |
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CN: if your not rich enough to have a nice computer your SOL.
So its kinda like our currency right now |
05-16-2011, 06:08 PM | #22 |
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05-16-2011, 06:09 PM | #23 |
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05-16-2011, 06:11 PM | #24 |
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05-16-2011, 06:11 PM | #25 | ||||
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Quote:
-If you use these to purchase a good or service...how does that in any way help the one providing it? A company can't pay their employees in bitcoins, they can't pay their bills in bitcoins...so unless some massive shift takes place, it is essentially an online-only barter system. Quote:
-You still didn't answer how this threatens that power base. The simple existence of another type of trade or currency does not threaten the rich. When Amazon started issuing 'amazon money'...gift cards...did the wealthy of the world start peeing their pants? Quote:
There are people in actual legitimate (and otherwise) professions, whose whole job every day is to move money electronically from one account to another. Quote:
It seems like the whole 'hugeness' of this whole thing is the hugeness of the assumptions that this is going to become a massively popular thing where people will be buying and selling actual goods and services using Bitcoin. |
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