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#151 |
Scooby Specialist
Member#: 13485
Join Date: Dec 2001
Chapter/Region:
NESIC
Location: Denver, CO
Vehicle:OMG EJ22T FTW |
![]() My point is, the only valid point in here are the spoofing of false hashes. Which would require the rest of the system to be so insignificant in popularity that it wouldn't matter.
My understanding is limited, but it is vast compared to some vomiting in this thread. The coins are generated. There is no "spoofing" because to "spoof" a coin would be to generate it. And if it has already been generated, it is validated by the entire network and cannot be re-generated or stolen from another node that has validated it. "But I like my transactions being tracked.." Well then, cash isn't for you. If you want tracking with your cash, get a receipt. "What about if ninjas come in and steal your bitcoins?! That's so lame!" "What about if ninjas come in and steal your dollars/euros/yen?! That's so lame!" IT'S THE SAME CONCEPT! The anonymity, usefulness and "free"ness of cash. The only fees are in the exchange (ie, cash). I'm sure the early adopters had a chance to become "richer" than people coming in late. That is the nature of it. However, if that was the case the currency would have no value because no one would want it. Just like the currencies we use every day, it has value because people believe it does. We left the gold standard behind decades ago. The stock market relies on scarcity and belief. This is the same principle. This is VERY interesting to me and I am really glad I discovered this thread. I am truly fascinated in its implementation and future. But I also don't get the fractions of coins.
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#152 |
Scooby Specialist
Member#: 13485
Join Date: Dec 2001
Chapter/Region:
NESIC
Location: Denver, CO
Vehicle:OMG EJ22T FTW |
![]() I think fractions of bitcoins are handled by who possesses the bitcoins. So if 100 people possess one bitcoin, they all have 0.01 BTC and this is represented in the data blocks. Anyone?
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#153 |
Scooby Specialist
Member#: 8908
Join Date: Aug 2001
Chapter/Region:
SCIC
Location: state of oblivion
Vehicle:2012 Ford Raptor |
![]() the only real currency is 0days
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#154 |
Scooby Specialist
Member#: 5659
Join Date: Apr 2001
Chapter/Region:
NWIC
Location: 127.0.0.1
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![]() I FOUND A FAQ! hey everyone, I found a FAQ!!!
FAQ FAQ FAQ FAQ <punched in the face> ![]() https://en.bitcoin.it/wiki/Myths 21 million coins isn't enough, doesn't scale There are really 2,099,999,997,690,000 (just over 2 quadrillion) maximum possible atomic units in the bitcoin design. The value of "1 BTC" represents 100,000,000 of these. In other words, each is divisible by up to 10^8. As the value of the unit of 1 BTC grows too large to be useful for day to day transactions, people can start dealing in smaller units, such as milli-bitcoins (mBTC) or micro-bitcoins (μBTC). tada! -* |
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#155 | |
Scooby Newbie
Member#: 92399
Join Date: Jul 2005
Location: San Jose, CA
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![]() Quote:
The best source of information really is Satoshi Nakamoto's original paper, which you can find on the Wiki. If you understand CS or information theory, it has all the details. |
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#156 |
Scooby Newbie
Member#: 7003
Join Date: May 2001
Chapter/Region:
BAIC
Location: Rabid Fan
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![]() "Gold isn't backed by anything either"
Actually gold is backed by everything. |
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#157 |
Scooby Specialist
Member#: 32342
Join Date: Jan 2003
Chapter/Region:
International
Vehicle:13 BubblePrius 00 F150 |
![]() after reading through this thread, thanks for convincing my assumptions that this whole bitcoin thing will fail.
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#158 | |
Scooby Newbie
Member#: 176730
Join Date: Apr 2008
Chapter/Region:
TXIC
Location: The Land of Sugar
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![]() Quote:
![]() ![]() ![]() ![]() bitcoin users via google maps: http://maps.google.com/maps?q=https:...ts/bitcoin.kml http://i.imgur.com/x8gsC.jpg Also, check out this site: http://bitcoincharts.com/markets/ http://bitcoincharts.com/markets/mtgoxUSD.html |
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#159 |
Scooby Newbie
Member#: 93830
Join Date: Aug 2005
Chapter/Region:
South East
Location: Flori:derp:
Vehicle:'06 Silverado '19 STI |
![]() So, I can spend my BitCoins at a handfull of international stores! Nice!
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#160 |
Scooby Newbie
Member#: 176730
Join Date: Apr 2008
Chapter/Region:
TXIC
Location: The Land of Sugar
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![]() Some issues I've seen with this whole thing, from my limited research:
1. If you park more than 10k and attempt to make a trade, you will likely move the market by 10% (see bid/ask chart on https://mtgox.com/trade/history) 2. Getting your money out isn't trivial. It's a multi-step process if you want cash. 3. Fees will be over 5% of the transaction. That said, the currency has risen from USD$0.06/bitcoin to USD$9.00/bitcoin in 9 months, or an increase of 14,900%. |
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#161 |
Scooby Newbie
Member#: 93830
Join Date: Aug 2005
Chapter/Region:
South East
Location: Flori:derp:
Vehicle:'06 Silverado '19 STI |
![]() Yeah, but that rate will not sustain forever. You'll burn the $9 in electricity mining the bitcoins.
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#162 |
Scooby Guru
Member#: 157348
Join Date: Aug 2007
Location: Hell and Jail
Vehicle:180+ IQ Genius Mindset Lifestyle |
![]() The current exchange rate is ฿1 = $8.40.
No thanks. |
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#163 |
Scooby Specialist
Member#: 57830
Join Date: Mar 2004
Location: Ontario CA
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![]() Any currency is only as good as whatever is backing it. Currency is actually an IOU. When you want to "cash-out" you can take to whoever is backing it and they will give you whatever they owe you. Most currency traders like to fall back on the $US because the American economy is the largest in the world and therefore if it fails it will take most of the rest of the world with it in which case nothing will be safe (cue gold-is-God people). Through-out history banks and in some cases stores have issued their own currencies. These have generally been looked on with great suspicion because bank and corporations can go belly up at ant time leaving the holders of their currency (e.g. IOU's) out of luck.
This Bitcoin thing doesn't seem to have any backing what-so-ever. What is sustaining it right now is the fact that some people find the concept "cool" and want to be part of it. As long as more and more people sign up for it it will keep growing in "value". Eventually however people will get bored with it and try to cash-out. Once some people start to cash-out other people will get nervous about their investment and they will try to cash-out too. That will lead to a run and very quickly Bitcoins will become worthless because NO ONE has promised to cover their value in all cases. Once the crash starts NO ONE will buy them. Whoever doesn't cash-out in the first few hours of the inevitable crash will be stuck holding worthless digital "credit". The biggest fools are the stores that except Bitcoins . . . that is assuming they are legitimate stores giving you an actual product. |
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#164 |
Scooby Newbie
Member#: 3436
Join Date: Jan 2001
Location: Bongistan
Vehicle:1987 Rockhopper Yellow |
![]() What is the Bitcoin-Beenz exchange rate? Flooz?
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#165 | |
Scooby Guru
Member#: 157348
Join Date: Aug 2007
Location: Hell and Jail
Vehicle:180+ IQ Genius Mindset Lifestyle |
![]() Quote:
Its a pyramid scheme. |
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#166 | |
Scooby Newbie
Member#: 17974
Join Date: Apr 2002
Chapter/Region:
MWSOC
Location: Chicago
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![]() Quote:
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#167 |
Scooby Newbie
Member#: 148117
Join Date: May 2007
Chapter/Region:
South East
Vehicle:05 |
![]() There are also sites on TOR that will deliver or drop the product at a GPS location, I find it pretty amusing.
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#168 |
Scooby Newbie
Member#: 17948
Join Date: Apr 2002
Chapter/Region:
SCIC
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![]() At this rate, folks who converts bit coins back to 'real' money are going to be arrested for money laundering.
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#169 |
Scooby Guru
Member#: 7022
Join Date: May 2001
Chapter/Region:
MWSOC
Location: Evanston
Vehicle:2001 Forester Arcadia green |
![]() Well I guess I know what site to check to tonight on my tor network
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#170 |
Scooby Specialist
Member#: 5659
Join Date: Apr 2001
Chapter/Region:
NWIC
Location: 127.0.0.1
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![]() ![]() Not that...I...uh...need... okay, i've said too much. -* |
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#171 | ||
Scooby Newbie
Member#: 17974
Join Date: Apr 2002
Chapter/Region:
MWSOC
Location: Chicago
|
![]() Quote:
Quote:
![]() *plans on firing up TOR for the first time in half a decade tonight* |
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#172 |
Scooby Guru
Member#: 133597
Join Date: Nov 2006
Chapter/Region:
SCIC
Location: Orange
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![]() I was just searching for this on here. Weird...
Soooooo, anybody buy any coke yet? |
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#173 |
Scooby Specialist
Member#: 131427
Join Date: Nov 2006
Chapter/Region:
SWIC
Location: zegema beach, outer rings
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![]() I would like 3 Jeffrey's please. Anyone down for a group buy?
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#174 |
Scooby Newbie
Member#: 17974
Join Date: Apr 2002
Chapter/Region:
MWSOC
Location: Chicago
|
![]() so I'm a bit amazed at whats for sale and the pricing of the products on that TOR site....
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#175 |
Scooby Specialist
Member#: 1165
Join Date: Mar 2000
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