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05-16-2011, 06:13 PM | #26 |
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His vocabulary does not contain the contraction of "you are".
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05-16-2011, 06:14 PM | #27 |
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05-16-2011, 06:18 PM | #28 |
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I'm just gonna be quiet and keep reading.
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05-16-2011, 06:19 PM | #29 |
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This is how I'm seeing it. What exactly are our computers processing to get these coins, are they really just complex math problems, or is this just a ploy to get thousands of people to do work for you without having to actually buy the hardware or pay them?
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05-16-2011, 06:22 PM | #30 |
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I'll stick to WoW gold and Zynga credits to launder my drug money.
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05-16-2011, 06:22 PM | #31 |
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the **** is this ****?
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05-16-2011, 06:39 PM | #32 | ||||||
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This is untraceable currency that you can send to anyone from anywhere. I'm not promising to understand every aspect of it, but undermining it would involve figuring out a way to interject into the shared transaction stream or redefining the definition of a correct solution/coin. Quote:
This system provides circumvention around this blocking point. Quote:
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This is system to store and transfer money directly between parties. No transaction fee. No identification. No Freezing accounts. No bank statements. It's cash...but not as traceable or as restrictive as cash. So yeah...criminal elements will be the first to embrace this. If this doesn't take off, something very similar will at some point. -* |
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05-16-2011, 06:41 PM | #33 |
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05-16-2011, 06:44 PM | #34 |
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I, for one, am not entirely worried about my bank accounts getting frozen.
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05-16-2011, 06:51 PM | #35 |
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I'm not understanding all the jargon .... so in laymens term:
- I let them use my computer to process whatever it is they need to process - I get bitcoins for (X) amount of data processed - Trade bitcoins on clearinghouse for cash - XXX - Profit ??? |
05-16-2011, 06:54 PM | #36 |
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Very interesting reading some peoples comments on the BoingBoing.net article.
http://www.boingboing.net/2011/05/15....html#comments |
05-16-2011, 06:57 PM | #37 | ||||||||||||
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-Each bitcoin is independently stored and can eventually be copied/reproduced by a hacker. -Each bitcoin is tracked by some system. This is more likely because they 'know' how much of the currency is in circulation. This means that the Bitcoins are in fact traceable through that system, and that the system can be compromised. Quote:
Seriously, this is WoW money. Quote:
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Not to mention, there IS a transaction fee...when you get actual money. Quote:
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05-16-2011, 07:46 PM | #38 | ||||||
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I have been peripherally involved in Bitcoin since last December, so I will try and answer some of your questions.
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Paying a .65% conversion fee from Bitcoins to traditional currencies is very very cheap. When you consider that Visa takes a flat 3% off the top of every credit transaction, Paypal takes 3%, and most other electronic payment systems take several percentage points, a fee of .65% is pretty fantastic. Quote:
Bitcoin's goal is to make electronic payments as close to cash transactions as possible, so your criticism about anonymity regarding cash is appropriate. However, it's far more anonymous than all existing electronic payment systems. Most electronic payment systems are heavily tied into the banking infrastructure, which basically monitors your transactions 24/7 due to US government regulations on money laundering. There is already at least one drug dealer taking Bitcoins as payment, and I speculate that a significant portion of the total Bitcoins in circulation are used for drug trafficking. Not the best poster child for Bitcoin, but it's a very powerful example of the level of anonymity afforded. Quote:
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05-16-2011, 07:55 PM | #39 | |||
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Just wanted to tackle a few more:
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If you go to the Bitcoin wiki there is a better description of the process. |
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05-16-2011, 08:02 PM | #40 |
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How will this affect unemployment?
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05-16-2011, 08:48 PM | #41 |
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someone paypal me $1000 and i'll give you 8 bitcoins worth $1m
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05-16-2011, 09:11 PM | #42 |
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This is a pyramid scheme.
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05-16-2011, 09:23 PM | #43 | |
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And to starchild...currencies that are "untraceable" are only a concern for people involved in illegal activities...I don't care if someone traces that I bought a donut this morning...even if I don't have the receipt. |
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05-16-2011, 09:57 PM | #44 |
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did they remove the limit on the number of coins that could be generated/used in the "market place"?
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05-16-2011, 09:57 PM | #45 |
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Ok, so what companies currently take these so called "bitcoins"?
Edit: So I still don't get how these bitcoins have real world value. How can 1 bitcoin be worth $7 USD for something that has no intrinsic value? From what I've seen on the bitcoin site is only some odd "shops" accept these bitcoins for some odd useless product, if these have no real world value then where does the $7 per bitcoin come into play? Last edited by infox; 05-16-2011 at 10:28 PM. |
05-16-2011, 10:12 PM | #46 |
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It looks like DeBeers is branching out.
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05-16-2011, 10:57 PM | #47 |
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I was just trying to generate conversation. I'd only been reading about it for 10 or 15 minutes, but it was an interesting enough concept that I thought I'd try and defend/answerQuestions.
Unless I'm misunderstanding the fundamentals, this is what I find thought provoking: Someone has created a fiat currency where it is 'impossible' to create more money than has been defined by the equation; Bitcoins are limited because there are only a certain number of solutions that fit the pattern/definition-of-bitcoin. So I'm not some econ genius, but I don't understand the role of "coin mining rate". Each time a new coin-chunk was computed, it sounded as if it raised the value of the other coins in existence? It seems that it would have gone the other way since there is now more currency? (inflation?) -* |
05-16-2011, 11:02 PM | #48 | |
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'illegal'???? |
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05-16-2011, 11:10 PM | #49 | |
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Quote:
Typical currency: your 1 unit is a percentage of the total economic "pie". If you add some units to the pie, it decreases the percentage of each unit without changing the size of the pie. Nerd-tender: They are actually increasing the size of the pie while adding currency. |
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05-16-2011, 11:15 PM | #50 |
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A couple observations.
1. How are fractional coins handled? Given the anticipated inflation, a minimum transaction could end up being several hundred dollars fairly quickly. 2. 21 million coins is quite a small set compared to the size of the "real" economy of even a small town. See also, item #1. 3. Mining rate seems to be a function of the C/GPU power dedicated to mining. That power per CPU is doubling roughly every 18 months, and the installed base of gflops/sec is doubling even faster. Seems the economy will mine all available bitcoins at an increasing rate. Once the mine busts, inflation will rapidly take off. See also, items 1 and 2... 4. Exactly what problem is the mining solving? 5. What's the exchange rate between bitcoin 1.0's and bitcoin 2.0 with it's 500 quintillion possible coins (number pulled from ass). |
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