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

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mhaze said:
here is the problem, you are trying to create a flawed solution in order to create something that could be controlled by UN. A worse solution.

A flawed solution likely simply will not work. All possible attacks to the system will be made and they will exploit its weakness and take it down.
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The UN controlled digital currency would be much better. Here is why:

Imagine that you want to buy something at Walmart with bitcoins. Soon you will have to pay transaction fees for bitcoin transactions! If that isn't horrible enough, you would also have to wait 10 minutes at the Walmart cashier before your bitcoin transaction gets through!

With uncoins the transactions are lightning fast since the cumbersome proof of work algorithm is replaced by an encryption function. And uncoin transactions would be free from transaction fees.

ETA: An also, at Walmart, how do you know how much your bitcoins are worth? The uncoins on the other hand would have an exchange rate that closely follows existing currencies such as the U.S. dollar.
 
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Anders Lindman said:
An internationally legally approved and agreed upon crypto peer-to-peer currency would probably outcompete bitcoin, especially when governments would begin to make bitcoin explicitly illegal. Isn't that unfair and skewed competition? Yes. :D That's what happens to toy experiments like bitcoin. Get ready for a REAL digital currency. :cool:
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So, you're just another "crypto"-fascist. Gee, I didn't see that coming. You advocate using the power of the state to make the acceptance of what is merely a digital ledger-entry, illegal. Sieg heil, bro. Sieg heil. Your post pretty much encapsulates what every statist is ultimately about: force.
 
Tippit said:
So, you're just another "crypto"-fascist. Gee, I didn't see that coming. You advocate using the power of the state to make the acceptance of what is merely a digital ledger-entry, illegal. Sieg heil, bro. Sieg heil. Your post pretty much encapsulates what every statist is ultimately about: force.
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The UN currency could probably be made anonymous, just like Bitcoin. The only difference would be that instead of miners generating new coins it would be the UN that has an interest-free exchange service. One question then is, how can different governments trust each other when doing transactions? The Chinese government will say: "You capitalist pigs, you will just cheat us!" And the U.S. government will reply: "You communist bastards can't be trusted to even manufacture toys for our kids!"

The solution is to have UN certified encryption nodes that handle the transactions. China can have several such nodes and the U.S. other such nodes, and each country can have their own nodes. And transactions are added to a block chain, just as in Bitcoin, so the governments of different countries can rely on that instead of having to trust each other.
 
Tippit said:
So, you're just another "crypto"-fascist. Gee, I didn't see that coming. You advocate using the power of the state to make the acceptance of what is merely a digital ledger-entry, illegal. Sieg heil, bro. Sieg heil. Your post pretty much encapsulates what every statist is ultimately about: force.
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Hey Tippit,
Interesting post!

You may not be aware, but the phrase "Sieg Heil" was used by the Nazi Party and use of it can tend to suggest a comparison. Obviously that's not what you meant, since the Nazis practiced genocide among other atrocities and it would be just a little insensitive to victims of genocide to go trying to connect anything you disagree with to something so horrific.

People might think you were batcrap insane and had no sense of perspective!

Haha, so I'm sure you didn't mean anything like that, since you're a reasonable educated person with a sober, fact-based economic argument rather than a raving loon making ridiculous emotional arguments like someone who would actually choose those words to try to make a Nazi reference in this context.

It's okay, language is hard sometimes, I'm sure you were completely unaware that your words seemed to do that and undercut any credibility you may have.
 
Cavemonster said:
Hey Tippit,
Interesting post!

You may not be aware, but the phrase "Sieg Heil" was used by the Nazi Party and use of it can tend to suggest a comparison. Obviously that's not what you meant, since the Nazis practiced genocide among other atrocities and it would be just a little insensitive to victims of genocide to go trying to connect anything you disagree with to something so horrific.
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The victims of the Nazi genocide were also victims of a particular mentality, which is all too common, and which I recognize frequently.

People might think you were batcrap insane and had no sense of perspective!

Haha, so I'm sure you didn't mean anything like that, since you're a reasonable educated person with a sober, fact-based economic argument rather than a raving loon making ridiculous emotional arguments like someone who would actually choose those words to try to make a Nazi reference in this context.
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Why thank you!

It's okay, language is hard sometimes, I'm sure you were completely unaware that your words seemed to do that and undercut any credibility you may have.
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I'm sure I don't need credibility with clowns on a forum. I'm also sure that the jews probably didn't step into those ovens by the power of suggestion. I'm sure there was quite a bit of force involved, which was the point of the reference.
 
mhaze said:
no, almost no bitcoin mining is done on malware compromised hosts.

Go work the numbers , production rate say for typical graphics card 300 mega hash per second. Compare to typical aggregate computations to yield a solution resulting in an award. You will see this is urban myth.

2nd assertion similar flaw in logic.
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Sadly no, botnets used for bitcoin mining is a major problem, one that I deal with all the time.
http://en.wikipedia.org/wiki/ZeroAccess_botnet
 
To those "investing" in Bitcoin, keep hoping there's a greater fool than you! That price will definitely keep going in one direction!

Anyone looking to buy some fancy tulips to diversify? :D
 
AdMan said:
Just wait for them. It won't be long.

Or do you really think that history will be different this time?
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Why wait for the facts? They are already here.

Not that you have the slightest interest in facts. You prefer some fantasy scenario where bitcoin is in a temporary price bubble and everybody who buys any immediately offloads them onto the next buyer. What you are doing is telling fibs.
 
psionl0 said:
Facts anyone?
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The sane thing for those of you who are convinced that Bitcoin is the greatest investment opportunity ever is to keep this knowledge to yourselves, put all your money into Bitcoin, and hope the market doesn't find out about it, because the market will just even it out for everybody.

Why are you so concerned with convincing everybody else? :D

Looking for the greater fool? ;)
 
psionl0 said:
You prefer some fantasy scenario where bitcoin is in a temporary price bubble and everybody who buys any immediately offloads them onto the next buyer. What you are doing is telling fibs.
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And what you are doing is not understanding what the "greater fool" theory refers to and building a straw man.
 
Anders Lindman said:
Ha! I just learned that as the number of bitcoins possible to mine reduces, there will be a shift to transaction fees. Transaction fees! That totally sucks. With uncoins there would be no transaction fees, and instead of bitcoin miners there would be UN certified encryption nodes adding transactions to the block chain.
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And no, the shift to transaction fees does not totally suck. Those are very, very low fees.

Excuse me. I earlier made up a term, Uncoin, but erred in my spelling. I meant to write Unicoin, an abbreviation of Unicorn - coin.

Because your idea is in the fairy tale land of Unicorns. But keep it up,you may arrive at the Obamacare of electronic currencies.

:)
 
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portlandatheist said:
Sadly no, botnets used for bitcoin mining is a major problem, one that I deal with all the time.
http://en.wikipedia.org/wiki/ZeroAccess_botnet
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No, you are wrong. You are dealing with various botnets, yes, but they are not doing any productive bitcoin mining. Your article is dated, and it's reference is from 2012.

As an example, mining difficulty in April 2013 (not 2012, note) was something like 7,800. Today it is over 600 million. This means that neither CPU computing power or graphics card hardware can effectively be used for mining.
CPU will produce 25-50 megahash/second, graphics cards 100-300 mhash typical.

Special ASIC chips are required today for bitcoin mining - large arrays of them. Even if, as the reference in your article assumes, 2,500,000 megahashes were available for bitcoin mining in said zombie machine population using CPU and GPU....where your article estimates the yield would be about $1M per day, today, using the same method of calculation, it would be one or two thousand USD per day.

For example say you desired to mine bitcoins, and used the Blades purchased at $250USD, each does 13 gigahash. You buy two hundred blades for $50k investment. You have - today - 2,600,000 megahashes....

If someone says 'go work the numbers', don't reply with a linky. What you want to say is simply that botnets are a major problem, and perhaps that they have been used for bitcoin mining in the past.
 
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AdMan said:
Just wait for them. It won't be long.

Or do you really think that history will be different this time?
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This -- the spike is too fast and too sharp. Anyone purchasing Bitcoin right now without the intent of immediately getting out on short-term gains is an idiot, plain and simple. Even the ones who think they'll buy at $1000 and sell at $1100 are fools. I will admit that this current influx of idiots has definitely 'saved' the original idiots who bought in at $200, but this pattern is historically classic and it's just a matter of guessing when the crash comes now, and where Bitcoin will land when it stops.

Something occurs to me though... and sure enough, that's exactly what I thought:

https://www.mtgox.com/press_release_20130620.html

MtGox in June said:
Over the past weeks Mt. Gox has experienced rising volumes of deposits and withdrawals from established and upcoming markets interested in Bitcoin. This increased volume has made it difficult for our bank to process the transactions smoothly and within a timely manner, which has created unnecessary delays for our global customers. This is especially so for those in the United States who are requesting wire transfer withdrawals from their accounts. We are currently making improvements to process withdrawals of United States Dollar (USD) denominations, and as a result are temporarily suspending cash withdrawals of USD for the next two weeks.
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https://www.mtgox.com/press_release_20130704.html

MtGox in July said:
Progress in the Previous Two Weeks
While we announced that there would be a temporary hiatus on withdrawals, during our testing over the past two weeks we managed to process over $1,000,000 USD to customers. As this required a great deal of manpower and was not a perfect solution, we are quite happy with the progress made despite the conditions.
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Is it even possible right now to cash out Bitcoins to USD with BTC at this level? Where would the money come from for such a transaction, I wonder? I'll bet that Mt. Gox doesn't have anywhere NEAR the USD required to cover Tippit's "friend's" holdings if he were to try to cash all $30m out at once. They were barely able to cover $1m back in July.

This commodity is currently based on nothing and, most importantly, has nothing backing it to guarantee its value. What's going to happen the first time someone can't get their money back out of Bitcoin? :D
 
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