BitCoin
It's a fascinating technology designed as secure, unhackable and untraceable virtual P2P currency. The underlying tech and security mechanism is very interesting. I like it for it's potential revolutionary implications. :)
http://www.bitcoin.org/ |
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I wonder how long this will last before the Feds step in. Stealing is only illegal because the Feds hate competition.
Bob |
Subversively undermining governments through counter-economic revolution is fun. All the cool kids are doing it.
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Senators seek crackdown on Bitcoin Currency. http://www.reuters.com/article/2011/...7573T320110608 However, the the currencys depend on a P2P Tor network, and they won't take that down. Why? The feds use it for their own secure tunnels and it only works if there are tons of nodes on the network. It's wonderful when you can poke them in the eye with their own stick. Go Fu*k yourself Chuck. (Schumer, not you Chuck. lol). |
And Reuters can't even get their facts straight.
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A, it's more like $30 now. B, no. They can be generated. C. No. You can earn through your own business. It's a currency. It facilitates trade among market actors. But it is gloriously untraceable and has nothing to do with governments at all. Nakamoto-san :hail: |
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So each of these cyber coins are worth 30 bucks WTF? |
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I want some give me. Can I get em from my phone?
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BitCoin is used for a lot of things already. The Silk Road is just a pretense. Not that I care anyway. They're concern is competition to legal tender and money systems that make it easy to evade taxes. The gubment has shut down various forms of digital currencies in the past. The difference is those had centralized clearing houses which could be in some form physically seized. This one doesn't at all and will be far harder, maybe impossible to stop itself. We'll see how it goes. It's kind of unique in the history of money and difficult to clearly evaluate. |
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"BitCoin" and it's underlying decentralized network for control of money supply (the object of the technology), did not fail at all. NO ONE has found or even theorized a way to forge a coin or otherwise manipulate the supply. Do you understand this point? Unencrypted Wallets (accounts) were robbed and a massive attempted conversion to cash was halted by the exchange, causing a short term panic on that market. That's it. Nothing more. Considering that security risk can be stopped with merely encrypting one's wallet, it's not even a systemic problem of any kind to be concerned about. From the legal (and citizen boot-licker side) it is clear though, plenty of long knives out to try and stop BitCoin because the system is far more robust than anything tried before. As it becomes increasingly used as money directly, rather than trade to/from currency, it will be considerably stronger. The only thing events like this really show is that it is getting some scale and that's a good thing. Fact: The stock market has had actual massive systemic transaction failures in the past. Fact: The dollars in your bank account are losing purchasing power at a steady clip. It's a kind of stealth robbery via Cantillon effect. Fact: Not one (1) fiat currency in human history has stood the test of time. |
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Ben,
Do you have any bitcoins and if so how exactly does one acquire and spend them exactly? Links please and remember I am retarded so dumb it down for me. |
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#1 You can get them for free (free = the cost of running your computer) http://www.bitcoin.org/ Go there and download the bitcoin app and your computer will start mining. #2 You can buy/trade them from an exchange service. https://www.bitcoinmarket.com/ https://bitmarket.eu/ http://liliontransfer.org/ << A big exchange http://www.mtgox.com/ << also A big exchange Lots more are here https://en.bitcoin.it/wiki/Trade |
So, if I'm getting this right, you can basically mine free money? How does that equate to real dollar value?
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Moreover, it ain't free if you have to spend hundreds of hours of CPU time to generate the coins. There's quite a lot that goes into a theory of money here of why BitCoin is an interesting idea. It has characteristics that make it unique in history. It is virtual, that is not backed like a traditional commodity money, but is an intensely and systematically constrained supply. So it meets a key criteria of scarcity, but not of inherent (original use based value). My interests are that it is a systematically constrained money supply, that is immune to arbitrary increase in base money stock, and two, works on a peer to peer network which, unlike other attempts at creating competitive currencies, including digital currencies, is highly resistant to government attack because there is no central clearing house or physical entities to attack. (The government is a real monopoly that uses guns and cages to protect its racket.) This is quite a finger in the eye of the man and is a step in the direction of establishing resilient financial institutions for Agorists in particular. |
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Correct. 2 is the point, particularly as direct use as money. 1 is only the mechanism of creating the supply in the first place. There's an outside chance that if adopted and used more expansively, the relative value of BitCoin to USD could go sky high. |
Yeah if its free to get how will it ever hold a value?
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For those interested in understanding monetary theory at a deep level, why BitCoin is kinda unique, and why fiat currencies have the repeated problems they do, I suggest:
The Theory of Money and Credit It's heavy, but look at just the index and follow a subject if it peeks your interest. |
I just wanna say to all the people with the "if it's free to make how does it hold value" mentality: Ask the federal reserve, they've been doing it since 19...seventy...something. Look at the back of your USD currency, that shit is legal tender, it holds no actual value.
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"It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning." - Henry Ford What people really don't understand is that CB Fiat money is a kind debt instrument. It is fundamentally different than a commodity money (i.e., real money). BitCoin is a unique case because it is Fiat but there is no central anything and there is no arbitrary human control of supply, so while not commodity backed itself, it resembles far more in common with a commodity backed money and total free banking than any major existing currency. Which is why governments hate it. |
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I have had it running for like 3 days and don't have one it is stuck at 133758 blocks WTF?
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Nevertheless, like I've said a bunch of times. It's not free or easy! You may run for weeks and weeks before you pick up any. It's an emulation of prospecting for gold. You might get lucky and pick up a bunch in a hurry, it could be months. The point of this algorithm is to give a distributed constrained release of units into the market. If you want a guaranteed way to get some, offer your service as an electrician, or maybe some ammo :pot_stir:. Then with your EARNED money you can buy some LSD and put it in Sean's diet coke the next time you see him. Something fun like that. |
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We shall overcome.
Not only can you have LSD shipped to you using Bitcoins, now you can reserve rooms at a major hotel. http://hojomaingate.com/blog/now-acc...for-your-stay/ |
I don't know if you've been following BTC valuation but it has exploded recently. They're at about $80/BTC. Even some banks have started getting involved and the treasury has got their panties in a tight little wad over it being unregulated. Yeah. Suck a bag dicks fucktards.
They might be able to regulated transactions in/out across exchanges, but they can't touch direct (P2P) usage. They're powerless. |
Make that $91.25. Market cap is now past $1 billion. I remember when these were just a couple bucks. Hell a year ago they were like $10. Now, I didn't buy in, kind of wish I did!
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The rate of adoption is pretty rapid. Remember, while government can intervene to constrain exchanges, it can't do a damn thing to curtail P2P/direct usage of BTC. If BTC is broadly adopted, the need for exchanging to other currencies like USD falls dramatically.
http://www.businessweek.com/articles...to-main-street |
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