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Old 08-16-2011, 06:04 PM   #251
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Google bitcoin forums...
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Old 08-16-2011, 06:11 PM   #252
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Eh, all the topics seem to have been deleted, hence my asking. I think there's one in this thread though, I forgot to skim it before posting.
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Old 08-16-2011, 06:21 PM   #253
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Quote:
Originally Posted by Silverpike View Post
These hacks and compromises were bound to happen. These things won't be the demise of Bitcoin; in fact they are necessary. Bitcoin is such a new concept that it has to survive a lot of hacks and compromises before it can ever serve a large userbase. Stuff like this is going to happen until the Bitcoin players are able to resist these hack attempts.

It really only makes the network stronger than it was before.
I know this is from a few months ago...I was just checking in on your legs to see if they've recovered from all that backpedalling.

The 'totally secure and anonymous' currency is absolutely not, and the only way to get closer is to be the exact opposite? Okay.

At each end user there is a 'real world' counterpart. And the only way to gain security is to take away anonymity. In the end the transactions will look exactly normal bank transactions. Person buying the good will move from a named into a numbered account. Buy illicit good from false-front company, transaction is then routed to provider. Product is shipped to buyer.

The difference is that the bitcoins aren't backed by anything, and the supply is determined by a computer program which is itself prone to security breach. Oh yeah, and unless you've been mining, you will have paid for currency exchange too. Neat.

What again are the benefits of this?
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Old 08-17-2011, 02:19 AM   #254
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Originally Posted by Kebo View Post
bitcoins aren't backed by anything
Just like real [US] currency!
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Old 09-09-2011, 12:18 PM   #255
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Golden Cyberfetters
Over the past few months a number of people have asked what I think of Bitcoin, an attempt to create a sort of private cybercurrency. Now Alexander Kowalski at Bloomberg News directs me to this Jim Surowiecki article on Bitcoin, which is very interesting.

My first reaction to Bitcoin was to say, what’s new? We have lots of ways of making payments electronically; in fact, a lot of the conventional monetary system is already virtual, relying on digital accounting rather than green pieces of paper. But it turns out that there is a difference: Bitcoin, rather than fixing the value of the virtual currency in terms of those green pieces of paper, fixes the total quantity of cybercurrency instead, and lets its dollar value float. In effect, Bitcoin has created its own private gold standard world, in which the money supply is fixed rather than subject to increase via the printing press.

So how’s it going? The dollar value of that cybercurrency has fluctuated sharply, but overall it has soared. So buying into Bitcoin has, at least so far, been a good investment.

But does that make the experiment a success? Um, no. What we want from a monetary system isn’t to make people holding money rich; we want it to facilitate transactions and make the economy as a whole rich. And that’s not at all what is happening in Bitcoin.

Bear in mind that dollar prices have been relatively stable over the past few years – yes, some deflation in 2008-2009, then some inflation as commodity prices rebounded, but overall consumer prices are only slightly higher than they were three years ago. What that means is that if you measure prices in Bitcoins, they have plunged; the Bitcoin economy has in effect experienced massive deflation.

And because of that, there has been an incentive to hoard the virtual currency rather than spending it. The actual value of transactions in Bitcoins has fallen rather than rising. In effect, real gross Bitcoin product has fallen sharply.

So to the extent that the experiment tells us anything about monetary regimes, it reinforces the case against anything like a new gold standard – because it shows just how vulnerable such a standard would be to money-hoarding, deflation, and depression.
http://krugman.blogs.nytimes.com/201...-cyberfetters/

and Rasta has a crisis
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Old 09-09-2011, 04:12 PM   #256
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http://www.theatlanticwire.com/busin...ighting/42188/

Quote:
Bitcoin Cyber Geeks Outraged at Paul Krugman

JOHN HUDSON SEP 07
It's quite common for liberal economist Paul Krugman to ruffle the feathers of Republicans with his Keynsian-infused biweekly columns. But today, The New York Times columnist rattled a more obscure subset of society: the reclusive cyber geeks of the Bitcoin world, who are letting their outrage be known. For the uninitiated, Bitcoin is a digital currency that can be exchanged for goods and services at participating vendors (for practical purposes, there are very few well-known organizations that accept them outside of WikiLeaks). What does Krugman think of this novel currency, which has no transaction fees and doesn't rely on a central bank? After championing it as a "good investment" (its value has "soared" in comparison with the dollar), he dismisses the currency as a workable model for society.

...
Quote:
This is the same "economist" that still doesn't understand Bastiat's broken window fallacy.

If Krugman's against it, Bitcoin must be absolutely amazing!!
I agree with that post. Krugman doesn't understand bitcoin at all and he contradicts himself. Inflation and deflation rules don't apply to bitcoin in the same way as cash because the amount of currency is fixed, or gold because it has value through more than "rarity" in providing the mechanism of instant pseudo-anonymous digital transfer through an open decentralized network.

The best thing about the BTC value drop is that no bitcoin fat-cat can buy out a central issuing authority and have them initiate "price stability controls". That is one of the main factors that makes it appealing. The only people who are upset about it are those that were looking to speculate and make a fortune. It's still in a bubble and will go down much further. More people will spend them as the value drops, which is the only way the bitcoin economy will grow. Pure market forces at work.
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Old 09-09-2011, 07:26 PM   #257
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Originally Posted by Kebo View Post
I know this is from a few months ago...I was just checking in on your legs to see if they've recovered from all that backpedalling.
Oh look, a troll.

Quote:
The 'totally secure and anonymous' currency is absolutely not, and the only way to get closer is to be the exact opposite? Okay.
What the hell are you talking about?

Quote:
At each end user there is a 'real world' counterpart. And the only way to gain security is to take away anonymity. In the end the transactions will look exactly normal bank transactions. Person buying the good will move from a named into a numbered account. Buy illicit good from false-front company, transaction is then routed to provider. Product is shipped to buyer.
Pretty much yes.

Quote:
The difference is that the bitcoins aren't backed by anything, and the supply is determined by a computer program which is itself prone to security breach. Oh yeah, and unless you've been mining, you will have paid for currency exchange too. Neat.
Are you aware of such a "security breach"? If so, by all means let us know.

Are you also mad that you pay transaction fees too?


Can you please simplify your incoherent ranting into something readable?

Quote:
What again are the benefits of this?
At this point, there aren't many benefits. Bitcoin can be beneficial depending on how fiercely you believe in Libertarian ideals (e.g. willingness to put money in a system with controlled inflation, no regulatory body, and pure cash-like behavior). I'm not big on any of this personally. Bitcoin has more value to me as a working cryptocurrency, which is itself an important concept. Cryptocurrencies may or may not be directly linked to real currencies. This one happens not to be. :shrug:
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Old 09-09-2011, 10:16 PM   #258
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I'd consider having ~$500k worth stolen on a thumb drive to be a security breach

:shrug:
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Old 09-09-2011, 10:41 PM   #259
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Quote:
Gavin Andresen, Principal of the BitCoin Virtual Currency Project, talks with EconTalk host Russ Roberts about BitCoin, an innovative attempt to create a decentralized electronic currency. Andresen explains the origins of BitCoin, how new currency gets created, how you can acquire BitCoins and the prospects for BitCoin's future. Can it compete with government-sanctioned money? How can users trust it? What threatens BitCoin and how might it thrive?
http://www.econtalk.org/archives/201...en_on_bit.html
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Old 09-09-2011, 11:06 PM   #260
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Quote:
Originally Posted by WRX300 View Post
I'd consider having ~$500k worth stolen on a thumb drive to be a security breach

:shrug:
I agree. However, Bitcoin is designed from the start to be a digital replacement for cash. You can steal it as easily as ordinary cash can be stolen.

The thing which annoys me the most is people equating the compromise of exchange websites, theft of wallet files, giving money to scammers equivalent to "Bitcoin doesn't work". What people are really saying is "I don't like Bitcoin". OK, fantastic!

The only relevant issue is whether the core algorithm of Bitcoin has been compromised. This is the only thing worth worrying about. I was actually hoping there would be more direct attacks on the blockchain, because if a vulnerability were found there it means Bitcoin itself would become unusable. Without the existence of any direct attacks, we don't know if Bitcoin is secure ("if you haven't tested it, it's broken"). Without direct testing, it becomes security through obscurity, which is dangerous.
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Old 09-10-2011, 12:44 AM   #261
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Quote:
Originally Posted by dmross View Post
http://www.theatlanticwire.com/busin...ighting/42188/




I agree with that post. Krugman doesn't understand bitcoin at all and he contradicts himself. Inflation and deflation rules don't apply to bitcoin in the same way as cash because the amount of currency is fixed, or gold because it has value through more than "rarity" in providing the mechanism of instant pseudo-anonymous digital transfer through an open decentralized network.
The reason it doesn't apply is because it's a currency of convenience.
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Old 10-18-2011, 02:50 PM   #262
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Who didn't see this coming?

BitCoin down 90% since June

(*point to Bitcoin owners and insert Nelson "ha-ha" GIF here*)
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Old 10-18-2011, 07:05 PM   #263
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If BitCoins stop being used will they become collector items?
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Old 10-18-2011, 07:13 PM   #264
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Yeah, I am gonna bronze my bitcoin.
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Old 10-18-2011, 10:23 PM   #265
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I find it interesting that people are claiming Bitcoin is "dead" because a speculative bubble burst. It's certainly dead to greedy people who hoped to be crypto-currency billionaires overnight.

If it does die out, history would suggest that some alternative "Bitcoin 2.0" will show up shortly, with all kinds of corporate back-door influence.
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Old 10-18-2011, 10:24 PM   #266
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Originally Posted by Daggah View Post
Who didn't see this coming?

BitCoin down 90% since June

(*point to Bitcoin owners and insert Nelson "ha-ha" GIF here*)
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Old 10-19-2011, 12:04 AM   #267
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Originally Posted by dmross View Post
If it does die out, history would suggest that some alternative "Bitcoin 2.0" will show up shortly, with all kinds of corporate back-door influence.
Have you considered maybe bitcoin was just a corporate experiment from the beginning?
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Old 10-19-2011, 12:35 AM   #268
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Bitcoin is out there and will always exist as long as the stream exists. Necessity may drive people towards it in the future and will give it true value through a true market.

-*
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Old 10-19-2011, 01:20 AM   #269
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Great, now how am I going to get my black tar heroin shipped to my door?
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Old 10-19-2011, 09:08 AM   #270
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Quote:
Originally Posted by Gilla-Machster View Post
Have you considered maybe bitcoin was just a corporate experiment from the beginning?
That would make an awesome book. ATI hires a super hacker from MIT to create bitcoin as a hedge against their new graphics card architecture, then uses it as a bargaining chip during a high-stakes corporate acquisition negotiation with AMD.
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Old 10-19-2011, 12:27 PM   #271
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Quote:
Originally Posted by dmross View Post
That would make an awesome book. ATI hires a super hacker from MIT to create bitcoin as a hedge against their new graphics card architecture, then uses it as a bargaining chip during a high-stakes corporate acquisition negotiation with AMD.


I think it's more interesting summing it up like you did. that would prob be a boring book.

-*
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Old 10-25-2011, 05:23 PM   #272
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physical bitcoins

https://www.casascius.com/

lol wut
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Old 11-28-2011, 04:49 PM   #273
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Bitcoin featured on FreedomWatch with Napolitano (Fox News)

http://www.youtube.com/watch?&v=W3s6R23vmRY

Second speculative bubble coming in 3... 2... 1...
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Old 11-28-2011, 05:32 PM   #274
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http://www.wired.com/magazine/2011/11/mf_bitcoin/all/1

Quote:
Sure enough, as the price headed upward, disturbing events began to bedevil the bitcoiners. In mid-June, someone calling himself Allinvain reported that 25,000 bitcoins worth more than $500,000 had been stolen from his computer. (To this day, nobody knows whether this claim is true.) About a week later, a hacker pulled off an ingenious attack on a Tokyo-based exchange site called Mt. Gox, which handled 90 percent of all bitcoin exchange transactions. Mt. Gox restricted account withdrawals to $1,000 worth of bitcoins per day (at the time of the attack, roughly 35 bitcoins). After he broke into Mt. Gox’s system, the hacker simulated a massive sell-off, driving the exchange rate to zero and letting him withdraw potentially tens of thousands of other people’s bitcoins.
Hackers be hackin'
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Old 11-28-2011, 06:13 PM   #275
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Quote:
Originally Posted by dmross View Post
Bitcoin featured on FreedomWatch with Napolitano (Fox News)

http://www.youtube.com/watch?&v=W3s6R23vmRY

Second speculative bubble coming in 3... 2... 1...
Hey, I'd love a second speculative bubble. By June of next year I'll be able to upgrade my video card(s) for cheap when the bubble bursts (again) and the bitcoin miners get rid of their equipment again!
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