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

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drewid said:
OK then. Given that the recently set up and now shut down SheepMarrketplace was obviously insecure, (or possibly set up as a scam), which marketplaces are actually secure and why?
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Or possibly set up as a honey pot by the likes of the DEA/FBI, which is the most likely alternative, as the site was oriented toward illegal activities and broadcast in the open.

The question you pose is not the right question. The right question is in whose hands you would want to leave your money (here, bitcoin) and why?

With bitcoin, all you need to do is post the transaction with x number bitcoins and y private key to the blockchain. You are done. That money is secure as long as no one knows that private key, and since you can generate it yourself, there is no reason anyone should.

Then one might leave a few tenths of coins in a public wallet, for purposes of doing things, buying stuff that was good deals.

Safe wallet options are paper wallets, bitcoin-qt which would run on your computer and maintain the block chain database locally, armory, blockchain.info, coinbase. Pretty much in that order.
 
TubbaBlubba said:
The logic goes something like this: The algorithm makes it exponentially harder for coins to be mined.
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Of course! Declining levels of production are characteristic of all pyramid schemes. :rolleyes:

TubbaBlubba said:
When it was created, the creator (and perhaps his cohorts) had ample opportunity to mine a ton of coins, wait for it to go up and then dump.
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:dl:

TubbaBlubba said:
It's a "pyramid scheme" in the sense that the amount of coins and thus the value any given person can mine goes down exponentially as the idea is spread. But if enough people believe it an investment, it will temporarily go up, and the people "higher up" can cash out.
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Are you sure that isn't the definition of anti-semiticism or satanism?

Learn the proper meaning of words instead of making stuff up out of the top of your head.
 
jhunter1163 said:
Well, earlier in the thread I seem to recall Bitcoin's security and anonymity being trumpeted as points in its favor; this event would seem to indicate that Bitcoin's vaunted security isn't as secure as its proponents would have one believe. And since we merged the other Bitcoin thread into this one, it would seem that this thread has been deemed as the repository for all things Bitcoin, not just its use.
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Perhaps you might want to rename the thread appropriate to it's actual use, maybe say...

JHUNTER, Beer-Swill...(Optional, LOL..)'s Repository for all things Bitcoin

This thread reminds me of people in the 1990s who said "I'll never use a mouse, the keyboard is perfectly fine."

The attempts at trend reading in the charts are in particular, hilarious. Chart reading, so called 'technical analysis' is the Ouiji board of stocks.

Yes, bitcoin is in the stage of the Wild Wild West, and yes, there are people trying to rob the stagecoaches. That they would like to do so would seemingly disprove theories of a lack of value in the bitcoin. But rampant speculation on a subject poorly understood is without meaning, although it may have purpose.

The original paper by Satoshi Nakamoto

http://bitcoin.org/bitcoin.pdf

What is needed is an electronic payment system based on cryptographic proof instead of trust,
allowing any two willing parties to transact directly with each other without the need for a trusted third party.

Online wallets break this concept.
 
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jhunter1163 said:
It also puts the lie to the "security" and "trusted intermediary" thing, no?
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??? I have no idea what you are trying to say. In any system with money flows, the presence of "trusted intermediaries (TI)" is considered a fault, flaw, weakness. If you refer to some generic claim such as "Bitcoin is secure" that seems more of a bitstrawman, doesn't it?

Third party wallet operations MAY BE one such TI, although some of them can be used in fashions in which they are not such. An auction site where I buy Hulu+ acts as an escrow agent, paying the seller only when I agree the item has been delivered. That is a TI, operating for a business purpose and considered useful by both buyer and seller. If both buyer and seller used an insecure third party wallet, then including the escrow agent three 'trusted intermediaries' exist in the transaction.

The general topic of wallets and securing them is covered quite adequately on the bitcoin wiki. Yes, it may be that a lot of people don't read it, and do brash and foolish things. As they do in every aspect of their lives.

https://en.bitcoin.it/wiki/Main_Page

https://en.bitcoin.it/wiki/Securing_your_wallet
 
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psionl0 said:
If anybody wanted to make the most ignorant, ill-informed remarks about bitcoin possible .........
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Oh please. The only reason bitcoins gained traction as a currency in the first instance was due to Silk Road et al. I'm sorry your newest pet project (after FRB of course!) had/has such criminal beginnings.
 
Sceptic-PK said:
Your denial concerning the important role of drugs, child porn and guns in the expansion of legitimate uses for bitcoin is acknowledged.

http://en.wikipedia.org/wiki/Bitcoin#History
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of all the anti BTC arguments this is way out in front as the most moronic.

it's a shame we cant see the a running total spends on drugs, child porn and guns in USD, GBP and AUD to shoot this nonsense down for good.
 
kevsta said:
of all the anti BTC arguments this is way out in front as the most moronic.
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As I just posted (too soon for you to have noticed, I acknowledge) in no way am I making an "anti" btc argument. I don't care how the child ****ers are paying for their pursuits. I am simply making an objective remark about btc and crack whores. Mostly to annoy psi, but feel free to share in his annoyance. I enjoy that too.

kevsta said:
it's a shame we cant see the a running total spends on drugs, child porn and guns in USD, GBP and AUD to shoot this nonsense down for good.
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As above. Regardless, the total spending on those things in USD/GBP/AUD would still be dwarfed by the rest of the economy. Unlike bitcoins (well, until it became the popular commodity-currency-technology curiosity perhaps).

So yeah, mostly I say it to annoy the btc evangelists. And because it's true. BTC- drugs and kiddie ****ers.
 
Sceptic-PK said:
As I just posted (too soon for you to have noticed, I acknowledge) in no way am I making an "anti" btc argument. I don't care how the child ****ers are paying for their pursuits. I am simply making an objective remark about btc and crack whores. Mostly to annoy psi, but feel free to share in his annoyance. I enjoy that too.

As above. Regardless, the total spending on those things in USD/GBP/AUD would still be dwarfed by the rest of the economy. Unlike bitcoins (well, until it became the popular commodity-currency-technology curiosity perhaps).

So yeah, mostly I say it to annoy the btc evangelists. And because it's true. BTC- drugs and kiddie ****ers.
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trolling business as usual then.

what kind of proportion of the global guns drugs and kiddie fiddling annual fiat spend do you think BTC has now captured?

with a total market cap of 12billion (at BTC $1000) and a global total estimate of $320bn a year in just drugs if every single Bitcoin was involved in a drug trade it could transact 3.8% of the volume (with none left for weapons or porn)

therefore it would seem that Fiat users account for > 97% of drug-buying gun-toting kiddie fiddlers.
 
Sceptic-PK said:
Maybe you could tell me how many bitcoins the articles are worth.
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I don't know what the opinions of unknown journalists are worth but if the bitcoin algorithm was cracked, each satoshi would still be worth 1000 times anything you had to say. You just string random words together without having a clue what they mean.
 
ideogram said:
So there isn't an actual argument here that can be addressed, it seems.
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That's the case with a lot of the people who post on this forum. They just make it up.

Come to think of it, I don't know what you think of bitcoin yourself - except that you don't trust it (fair enough).
 
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