How To Use Bitcoin – The Most Important Creation In The History Of Man

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jhunter1163 said:
Down to 103.2 in just over three hours. I guess knowing that you're not nearly as anonymous as you might have believed has a chilling effect on Bitcoin trade.
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psionl0 said:
Ross Ulbricht almost certainly has backups of his file somewhere. The challenge will be for him or his cronies to cash in any of the bitcoins without the FBI swooping in.
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The other challenge will be for him to avoid revealing the keys necessary to decrypt the file. I note from the comments that there's a great deal of babble about the strength of the encryption and attempts to crack it, and yet the best decryption technique still remains a rubber hose and thirty minutes of "alone" time.
 
remirol said:
The other challenge will be for him to avoid revealing the keys necessary to decrypt the file. I note from the comments that there's a great deal of babble about the strength of the encryption and attempts to crack it, and yet the best decryption technique still remains a rubber hose and thirty minutes of "alone" time.
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Thirty seconds with correctly attached electrodes.

Maestro said:
I'm surprised this hasn't been posted yet.

Bitcoin ATM to open Tuesday
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How long still the first mugging?

Belz... said:
http://preev.com/


And now 200.
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Hopefully the FBI liquidate their holdings soon.
 
To be fair, he didn't actually use bitcoins to buy the apartment, but rather traded them in for Danish Kroners. I suspect bitcoins would not have been accepted directly, which actually speaks against their usefulness as a currency.
 
remirol said:
The other challenge will be for him to avoid revealing the keys necessary to decrypt the file. I note from the comments that there's a great deal of babble about the strength of the encryption and attempts to crack it, and yet the best decryption technique still remains a rubber hose and thirty minutes of "alone" time.
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No. That's not a generally accepted technique for decryption. What I think you will find is one of the following events:

A. He talks, to get a lighter sentence or plea bargains. They get the codes.
B. They can't figure out the codes.

But the security of his wallet is unrelated to the cryptographic security of the bitcoin algorithm. It may be trivial to break into his wallet, or totally impractical.

Let's see...bitcoin has just about doubled since we last chatted.

Interesting.

timhau said:
... not to mention the question whether we really want a currency in which some change that you forgot in your jeans pocket can buy you a condo 4 years later.
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I routinely buy starbucks cards with bitcoin at a sizable discount. Even then it's hard to part with them, because you just know....

https://www.youtube.com/watch?v=NG1qooBzE2w
 
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remirol said:
The other challenge will be for him to avoid revealing the keys necessary to decrypt the file. I note from the comments that there's a great deal of babble about the strength of the encryption and attempts to crack it, and yet the best decryption technique still remains a rubber hose and thirty minutes of "alone" time.
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And he makes a lot more back when he sues them for torture (as well as the money being inadmissible in court due to the FBI using torture).
 
timhau said:
... not to mention the question whether we really want a currency in which some change that you forgot in your jeans pocket can buy you a condo 4 years later.
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WE want you to have a currency which we print, more and more and more of, that's useful to you when you get it, but less useful later, after we've bought our mansions and jets with the money we printed that depreciated the money in your pocket.

Currencies that don't allow this are of course bad.
 
gnome said:
I haven't heard anyone argue that. I've heard people argue that it's bad for other reasons.
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It's "bad" because you can bypass the banks and governments can't control it (SACRILEGE!!!)

If its value didn't rise so rapidly it would make an ideal medium of exchange.
 
Yeah, it's an amazing medium of exchange asides from the fact you can't actually buy anything with it. Well, other than drugs and child pornography I mean.
 
I don't think that really matters. You gave one condition for bitcoin to be an "ideal medium of exchange". I pointed out that no, there are other conditions. ie people have to actually give a damn about it. But, if you'd like me to rephrase: Bitcoin wouldn't be an ideal method of exchange if its value would only stop increasing.

Additionally, your assertion was incorrect. Its value is volatile. That is what makes it bad for use as a medium of exchange. You know, along with a million other reasons. Bitcoin would be an ideal medium of exchange if everything that was wrong with it, wasn't.
 
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