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Old 11-28-2011, 07:13 PM   #276
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That wired article is pretty good and fairly accurate. The thing is, the hacks have all been 3rd party. Bitcoin itself is incredibly secure.

I have some bitcoins stored at an address that is generated by the SHA256 hash of a passphrase that is in my head. No wallet exists. It is impossible to hack. This same concept is what allows those physical bitcoins to be possible - the numbers on the hologram give the address of the account where you can verify the balance. Peel off the hologram and you'll find a private key that you can use to create a wallet that can access the bitcoins associated with that address.

It transcends the way most people think about money. Money is just data. I trust data to cryptography more than I trust data in the hands of banks, credit card companies and governments.
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Old 11-28-2011, 07:57 PM   #277
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Quote:
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 01-15-2012, 06:22 PM   #278
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Originally Posted by etothen View Post
Haha Nelson, in 2011 bitcoin finished up over %1500 (12/31/2010 - 12/31/2011)

Currently trading at $7 again, around the same price as when I first posted this thread.

http://bitcoincharts.com



Also for anyone who watches "The Good Wife" on CBS, tonight's episode is "Bitcoin for Dummies" and stars Jason Biggs

http://www.avclub.com/articles/tonig...r-satos,67677/

Quote:
The Good Wife (CBS, 9 p.m.): We love Bitcoin at The A.V. Club. In fact, we’d pay everybody in Bitcoin if we could find a way to make it “legal.” So we’re pleased that tonight’s episode of everybody’s favorite ‘90s throwback legal drama is going to do a whole episode about the wacky virtual currency. David Sims, who is actually the shadowy and secretive Satoshi Nakamoto, inventor of the Bitcoin, will almost certainly call Alicia Florrick and the gang on all their technical inaccuracies.
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Old 01-15-2012, 06:52 PM   #279
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Hasn't BitCoin already been proven a (system run on some guy's server in China) and susceptible to easy hacking?
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Old 01-15-2012, 07:03 PM   #280
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Originally Posted by BigWrecKs View Post
Hasn't BitCoin already been proven a (system run on some guy's server in China) and susceptible to easy hacking?
Um, no. Perhaps you are thinking about one of the exchanges that was hacked a few months ago? (Mt. Gox, based in Japan)

https://en.bitcoin.it/wiki/How_bitcoin_works
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Old 08-02-2012, 02:23 PM   #281
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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.
Is that really far from reality. What are entry level bitcoin miners using? Graphics cards because of their speed in searching vs cpu's that are too cumbersome or FPGA's that are single use and become obsolute too fast.

Perfect ploy. Increase graphics card sales...... ATi is still AMD, right? They need help from somewhere.

.....and yes, I know....8 months and all......so sue me for 546 bitcoin.
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Old 08-02-2012, 03:20 PM   #282
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Wut??
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Old 08-02-2012, 04:16 PM   #283
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Yeah, well I have like 4500000 red Coke tabs from the 80's. They were like currency at once...who wants to trade or buy?
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Old 08-02-2012, 05:16 PM   #284
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Just checking to see if the "BitCoin is dead" news release was posted, guess not yet, but it is coming...
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Old 08-15-2012, 11:09 AM   #285
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Originally Posted by etothen View Post
Just checking to see if the "BitCoin is dead" news release was posted, guess not yet, but it is coming...
What would constitute "dead"? It's certainly been an interesting year on the exchanges... second bubble?

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Old 11-16-2012, 03:15 PM   #286
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Wordpress.com announced that they will start accepting bitcoin payments.

Quote:
Pay Another Way: Bitcoin

At WordPress.com, our mission is making publishing democratic — accessible and easy for anyone, anywhere. And while anyone can start a free blog here, not everyone can access upgrades (like going ad-free or enabling custom design) because of limits on traditional payment networks.

Today, that changes: you can now buy WordPress.com upgrades with bitcoins.

PayPal alone blocks access from over 60 countries, and many credit card companies have similar restrictions. Some are blocked for political reasons, some because of higher fraud rates, and some for other financial reasons. Whatever the reason, we don’t think an individual blogger from Haiti, Ethiopia, or Kenya should have diminished access to the blogosphere because of payment issues they can’t control. Our goal is to enable people, not block them.

Bitcoin is a digital currency that enables instant payments over the internet. Unlike credit cards and PayPal, Bitcoin has no central authority and no way to lock entire countries out of the network. Merchants who accept Bitcoin payments can do business with anyone.

...
http://en.blog.wordpress.com/2012/11...r-way-bitcoin/
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Old 02-05-2013, 03:38 PM   #287
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Bump for the birth of a new hardware industry -

http://www.theverge.com/2013/2/1/394...0-times-faster

Quote:
23-year-old releases new chips that 'mine' Bitcoins 50 times faster
By Evan Rodgers on February 1, 2013 05:50 pm

There's an entire industry of Bitcoin miners out there, people that set up specialized computer rigs to run 24 hours a day to mine the digital currency. Thanks to a 23-year-old kid from Brooklyn, this cottage industry is about to change. Yifu Guo, a digital media student on hiatus from NYU-Poly, has released the first batch of ASICs, which are chips custom-built to do one thing: mine Bitcoins.

These ASICs are capable of mining Bitcoins at a far higher rate than is possible with common computer equipment — Guo's design, called the Avalon V1, can mine Bitcoins about 50 times faster than a high-end rig, and offers a much more attractive price-to-performance ratio. ASICs also consume much less power than GPU-based machines, but they don't give miners the option to play the most demanding PC games.

...



On a related note bitcoins are currently trading for over $20 each on popular exchanges -

http://bitcoincharts.com/charts/mtgo...zm1g10zm2g25zv
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Old 02-05-2013, 03:42 PM   #288
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Digital Pogs.
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Old 02-05-2013, 03:52 PM   #289
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I still don't get bitcoins.


So you can buy a computer, and just make internet money?

How much money can you make per day on this new machine?
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Old 02-05-2013, 03:56 PM   #290
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Quote:
Originally Posted by Protege Menace View Post
I still don't get bitcoins.


So you can buy a computer, and just make internet money?

How much money can you make per day on this new machine?
You can buy Matrix clothes with them.
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Old 02-05-2013, 03:56 PM   #291
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It sounds like somebody has bitcoins confused with minecraft.
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Old 02-05-2013, 03:58 PM   #292
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It's simple really... you make as much "money" as the packets you turn over are mined. So in a day on a regular computer, you may only be able to mine .000075 of a Bitcoin. But first you have to catch up and download all the mined date thus far before you can contribute to the pool.
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Old 02-05-2013, 04:00 PM   #293
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Hmm, so the experts with this new machine make how much per day?
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Old 02-05-2013, 04:05 PM   #294
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Originally Posted by Keiji22 View Post
It's simple really... you make as much "money" as the packets you turn over are mined. So in a day on a regular computer, you may only be able to mine .000075 of a Bitcoin. But first you have to catch up and download all the mined date thus far before you can contribute to the pool.
It increases the bitcoin money supply or makes you bitcoins, and if so, this:

Quote:
Originally Posted by Protege Menace View Post
Hmm, so the experts with this new machine make how much per day?
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Old 02-05-2013, 04:45 PM   #295
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Bitcoins...the most confounded ****ing thing ever...
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Old 02-05-2013, 05:02 PM   #296
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I ain't dumb, and I have yet to understand where the value of bitcoins originated. I understand it works like money - as a means to simplify trade... but, an individual can't print money, so how can you manufacture bitcoins? where is the value created with the mining of bitcoins?
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Old 02-05-2013, 05:06 PM   #297
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Quote:
Originally Posted by richde View Post
It increases the bitcoin money supply or makes you bitcoins, and if so, this:

Quote:
Hmm, so the experts with this new machine make how much per day?
wiki

Quote:
Distribution
Unlike fiat currency, Bitcoin has no centralized issuing authority.[43][44][45] The network is programmed to increase the money supply as a geometric series until the total number of bitcoins reaches 21 million BTC, by issuing them to nodes that verify transaction records through intense bruteforce hashing with computing power.[2] As of December 2012 slightly over 10.5 million of the total 21 million BTC had been created; the current total number created is available online.[46] At November 2012 half of the total supply was generated, and by end of 2016, three-quarters will have been generated. To ensure sufficient granularity of the money supply, clients can divide each BTC unit down to eight decimal places (a total of 2.1 1015 or 2.1 quadrillion units).[47]

The network as of 2012 required over one million times more work for confirming a block and receiving an award (25 BTC starting from 28 November 2012[48]) than when the first blocks were confirmed.[49][dead link] The network adjusts the difficulty every 2016 blocks based on the time taken to find the previous 2016 blocks such that one block is created roughly every 10 minutes.

Those who chose to put computational and electrical resources toward mining early on had a greater chance at receiving awards for block generations. This served to make available enough processing power to process blocks. Indeed, without miners there are no transactions and the bitcoin economy comes to a halt, though it's planned to have small transaction fees pay for processing when mining becomes unprofitable.


So, as of November 2012 there was ~10.5M BTC still 'left' to be 'generated'

mtgox.com is the largest market and considering todays high/low value per $

Quote:
Last price:$20.50102 High:$20.79000 Low:$19.85502 Volume:36123 BTC Weighted Avg:$20.42555
theres a theoretical ton of money to be made if you have the hardware and can overcome the energy v profit equation
Quote:
Originally Posted by Matt A View Post
I ain't dumb, and I have yet to understand where the value of bitcoins originated. I understand it works like money - as a means to simplify trade... but, an individual can't print money, so how can you manufacture bitcoins? where is the value created with the mining of bitcoins?
realistically, the ONLY thing driving its acceptance originally and into other areas now is, The Silk Road

Quote:
We've noted before that the cryptocurrency Bitcoin has been adopted enthusiastically by those engaged in legally dubious pursuits like gambling and drug purchases. Forbes points us to a new study that backs up this proposition with hard data.

Nicolas Christin, a researcher at Carnegie Mellon, monitored the online marketplace Silk Road over a period of months. The research turned up some striking statistics about the volume and distribution of transactions made on the secretive site, which primarily facilitates drug deals.

Silk Road sellers have collectively had around $1.9 million of sales per month in recent months. Almost 1,400 sellers have participated in the marketplace, and they have collectively earned positive ratings from 97.8 percent of buyers. And the service is growing, with Silk Road's estimated commission revenue roughly doubling between March and July of this year.
http://arstechnica.com/tech-policy/2...in-drug-sales/

not that I've ever, um, tested the concept just to see how easy it is or anything...
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Old 02-05-2013, 05:10 PM   #298
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my friend is OBSESSED with bitcoins. That's all he ever ever wants to talk about.

Hey do you want to get dinner?
"did you see the new article on bitcoins? bitcoins are SOOO awesome look at this it's peer to peer"
I already told you 500 times I don't give a ****.
"no seriously look at this chart"


He spent 3000 some US dollars on integrated circuits to 'mine them' or whatever .. and 6 months later he still doesn't have them or any receipts or anything. scammed .. big time.

If I had only bitcoins I'd starve to death, so I agree it's internet coke can tabs


Oh, and they're already starting to arrest people using the silk road. There was an article about it just the other day

buying drugs anonymously online
shipping drugs through the mail to a mailbox

one of these things is not like the other....

Last edited by jim_newton; 02-05-2013 at 05:15 PM.
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Old 02-05-2013, 05:14 PM   #299
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So basically it's an inefficient way of converting electricity into money.
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Old 02-05-2013, 05:18 PM   #300
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Quote:
Originally Posted by banman View Post
So basically it's an inefficient way of converting electricity into money.
basically. at least until consumption tests for these new proc's get tested out. I mean if it costs 1/10000th of what it does to run a motherboard with a dozen 5GB DDR5 SLI XFIRE SLR LF-A 2.5RS vid cards its possible to end up on top

of if youre a researcher keeping the coins made on your uni's power supply.

until then its currency thats good for buying drugs online, and thats about it

Quote:
Originally Posted by jim_newton View Post
buying drugs anonymously online
shipping drugs through the mail to a mailbox

one of these things is not like the other....
I dont think any reasonable person assumes its anonymous, but I'm curious how old you are and if you remember PC Shopper and tales of 'carding' from thirty years ago? same principles on drop locations and **** would apply.
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