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BitCoin - A Decentralized Currency

 
Nyarlathotep (OP)

User ID: 20053617
United States
01/18/2013 09:12 PM

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Re: BitCoin - A Decentralized Currency
Bitcoin For Dummies:

Bitcoin is a decentralised computer currency designed by self-righteous Ayn Rand-reading nerds who despise looters and parasites like, er, you. It is used to purchase Internet services, illegal drugs and pictures of naked women holding video cards.

Bitcoin works by an emergent synergy of cryptography, peer-to-peer, anonymity, anarchism, libertarianism, wasting stupendous quantities of electricity, the marketing department at NVidia, the enduring exchange value of tulip bulbs and doing all of this instead of Folding@Home.

Bitcoin successfully harnesses a hitherto-unexploited Internet resource: the vast reserves of unexamined privilege amongst computer programmers. Coins are "mined" by stealing them from people who are able to comprehend this level of computer science but still keep their Bitcoin wallet in plain text on a Windows machine.

The Bitcoin system is robustly designed to continue past the collapse of the US dollar and the world economy, as the Internet, fast computers and reliable electricity are all expected to be readily available when barbarian hordes are wandering the burnt-out post-apocalyptic remnants of civilisation.

It is completely incorrect to describe Bitcoin as a "pyramid scheme." Technically, it's a "pump-and-dump."

Many common products are still inexplicably not purchasable with Bitcoins. "It's as if they don't understand the revolutionary wonder of Bitcoin," says Debian developer Hiram Nerdboy, 17. "I can't get chicks with Bitcoins either. Even with my slickest Pick-Up Artist techniques! It's as if my knowledge of economics and game theory didn't apply to real life. But that's impossible, of course. They're probably just theists. Hold on, I just gotta post to Slashdot about this."

Bitcoin was invented by Internet libertarians, in the spirit of freely-chosen individual interpersonal interactions that will bring about the utter collapse of the oppressive taint of the dead hand of government, in order to make money at your expense.
 Quoting: Anonymous Coward 32385632


Shill.

/
 Quoting: Anonymous Coward 961432


?

What's the problem, slave?
 Quoting: Anonymous Coward 32385632


Wow, I must hit a nerve :) Good. Obvious Shill is obvious.
AtsuiPanda
Viva la revolucion!

User ID: 16510251
United States
01/18/2013 09:12 PM

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Re: BitCoin - A Decentralized Currency
bitcoin is for deep/darknet really , some people farm them with botnets and make an ass of money
Anonymous Coward
User ID: 32512627
United States
01/18/2013 09:14 PM
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Re: BitCoin - A Decentralized Currency
Bitcoins will never become popular as the creators made everything too fucking hard to understand for the common person.
Nyarlathotep (OP)

User ID: 20053617
United States
01/18/2013 09:15 PM

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Re: BitCoin - A Decentralized Currency
bitcoin is for deep/darknet really , some people farm them with botnets and make an ass of money
 Quoting: AtsuiPanda


[link to en.bitcoin.it (secure)]

Yes, it is true that individuals that lurk in the deepweb utilize it primarily due to its anonymity and lack of a paper trail but many well intentioned individuals do accept it.

Last Edited by Nyarlathotep on 01/18/2013 09:19 PM
Nyarlathotep (OP)

User ID: 20053617
United States
01/18/2013 09:21 PM

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Re: BitCoin - A Decentralized Currency
bump
Anonymous Coward
User ID: 32385632
Belgium
01/18/2013 09:30 PM
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Re: BitCoin - A Decentralized Currency
Bitcoin For Dummies:

Bitcoin is a decentralised computer currency designed by self-righteous Ayn Rand-reading nerds who despise looters and parasites like, er, you. It is used to purchase Internet services, illegal drugs and pictures of naked women holding video cards.

Bitcoin works by an emergent synergy of cryptography, peer-to-peer, anonymity, anarchism, libertarianism, wasting stupendous quantities of electricity, the marketing department at NVidia, the enduring exchange value of tulip bulbs and doing all of this instead of Folding@Home.

Bitcoin successfully harnesses a hitherto-unexploited Internet resource: the vast reserves of unexamined privilege amongst computer programmers. Coins are "mined" by stealing them from people who are able to comprehend this level of computer science but still keep their Bitcoin wallet in plain text on a Windows machine.

The Bitcoin system is robustly designed to continue past the collapse of the US dollar and the world economy, as the Internet, fast computers and reliable electricity are all expected to be readily available when barbarian hordes are wandering the burnt-out post-apocalyptic remnants of civilisation.

It is completely incorrect to describe Bitcoin as a "pyramid scheme." Technically, it's a "pump-and-dump."

Many common products are still inexplicably not purchasable with Bitcoins. "It's as if they don't understand the revolutionary wonder of Bitcoin," says Debian developer Hiram Nerdboy, 17. "I can't get chicks with Bitcoins either. Even with my slickest Pick-Up Artist techniques! It's as if my knowledge of economics and game theory didn't apply to real life. But that's impossible, of course. They're probably just theists. Hold on, I just gotta post to Slashdot about this."

Bitcoin was invented by Internet libertarians, in the spirit of freely-chosen individual interpersonal interactions that will bring about the utter collapse of the oppressive taint of the dead hand of government, in order to make money at your expense.
 Quoting: Anonymous Coward 32385632


Shill.

/
 Quoting: Anonymous Coward 961432


?

What's the problem, slave?
 Quoting: Anonymous Coward 32385632


Wow, I must hit a nerve :) Good. Obvious Shill is obvious.
 Quoting: Nyarlathotep


But why? I didn't even write that piece.
Nyarlathotep (OP)

User ID: 20053617
United States
01/18/2013 09:39 PM

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Re: BitCoin - A Decentralized Currency
...


Shill.

/
 Quoting: Anonymous Coward 961432


?

What's the problem, slave?
 Quoting: Anonymous Coward 32385632


Wow, I must hit a nerve :) Good. Obvious Shill is obvious.
 Quoting: Nyarlathotep


But why? I didn't even write that piece.
 Quoting: Anonymous Coward 32385632


Then cite your source.
Anonymous Coward
User ID: 29430674
United States
01/18/2013 09:43 PM
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Re: BitCoin - A Decentralized Currency
What do you guys think?
 Quoting: Nyarlathotep


I think I don't understand it. What is the worth of a BitCoin based on? Where do you get any to start with? Do you buy them? If you buy, what do you buy it with?
Anonymous Coward
User ID: 8025116
United States
01/18/2013 09:45 PM
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Re: BitCoin - A Decentralized Currency
The basic kicker here is that this currency cannot be manipulated by governments or financial institutions.
 Quoting: Nyarlathotep


Untrue. Fractional reserve lending can be used to manipulate the prices of anything. It's just that there isn't any significant FRL of bitcoins right now.
 Quoting: Anonymous Coward 8025116


The real power of fractional reserve lending lies in legal tender laws. Via those laws the banks get implicit government backing for deposits and loans they have made (now investments in securities).

I am a hard core sound money enthusiast, but I see no problem whatsover with FRB as long as banks don't have backstopping by our government, that leads to massive fraud and racketeering sort of like our current financial system at large.

.
 Quoting: Anonymous Coward 961432


Are you using 'sound money' as a codeword for a gold standard? The banksters would love a gold standard. That's not the solution.

The FRB solution I posted will ONLY work if the banks are run by the local, state and national governments that are elected in fair elections by the people. FRB as it is now, with the banks being run by unelected profiteers and the elections being rigged, ends up making the problem worse.
Anonymous Coward
User ID: 32385632
Belgium
01/18/2013 09:45 PM
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Re: BitCoin - A Decentralized Currency
...


?

What's the problem, slave?
 Quoting: Anonymous Coward 32385632


Wow, I must hit a nerve :) Good. Obvious Shill is obvious.
 Quoting: Nyarlathotep


But why? I didn't even write that piece.
 Quoting: Anonymous Coward 32385632


Then cite your source.
 Quoting: Nyarlathotep


Google:

"bitcoin for dummies talkgold"
Anonymous Coward
User ID: 32543703
Australia
01/18/2013 09:48 PM
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Re: BitCoin - A Decentralized Currency
So how do you cash in your BitCoins? Is there a way to redeem them or are you only able to cash them in by purchasing physical goods like pot or smack or child pornography? I haven't seen any conventional online retailers who accept BitCoin. So how DO you redeem your BitCoins? Don't counter with the whole "how do you redeem a dollar bill" argument, because you know full well I can go into any store and hand it over in person and it'll be accepted as 1 dollar's worth of value. I am pretty sure I cannot do this with BitCoin.
Nyarlathotep (OP)

User ID: 20053617
United States
01/18/2013 10:20 PM

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Re: BitCoin - A Decentralized Currency
So how do you cash in your BitCoins? Is there a way to redeem them or are you only able to cash them in by purchasing physical goods like pot or smack or child pornography? I haven't seen any conventional online retailers who accept BitCoin. So how DO you redeem your BitCoins? Don't counter with the whole "how do you redeem a dollar bill" argument, because you know full well I can go into any store and hand it over in person and it'll be accepted as 1 dollar's worth of value. I am pretty sure I cannot do this with BitCoin.
 Quoting: Anonymous Coward 32543703


Again, another individual who didnt watch the video in the link I provided. There are currency exchanges for bitcoin that let you convert into other currencies like USD, EURO, ETC. Also, if you would have actually read through my posts you would find that I linked to a number of links where vendors are already using it:

[link to en.bitcoin.it (secure)]
[link to www.spendbitcoins.com (secure)]

Also, last time I checked, people bought all those illegal things with regular currency anyways so that made no sense.
Nyarlathotep (OP)

User ID: 20053617
United States
01/18/2013 10:22 PM

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Re: BitCoin - A Decentralized Currency
So how do you cash in your BitCoins? Is there a way to redeem them or are you only able to cash them in by purchasing physical goods like pot or smack or child pornography? I haven't seen any conventional online retailers who accept BitCoin. So how DO you redeem your BitCoins? Don't counter with the whole "how do you redeem a dollar bill" argument, because you know full well I can go into any store and hand it over in person and it'll be accepted as 1 dollar's worth of value. I am pretty sure I cannot do this with BitCoin.
 Quoting: Anonymous Coward 32543703


Also here is an exchange page since you are apparently too lazy to actually investigate before throwing out snide remarks:

[link to mtgox.com (secure)]
Anonymous Coward
User ID: 32543703
Australia
01/18/2013 10:38 PM
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Re: BitCoin - A Decentralized Currency
So how do you cash in your BitCoins? Is there a way to redeem them or are you only able to cash them in by purchasing physical goods like pot or smack or child pornography? I haven't seen any conventional online retailers who accept BitCoin. So how DO you redeem your BitCoins? Don't counter with the whole "how do you redeem a dollar bill" argument, because you know full well I can go into any store and hand it over in person and it'll be accepted as 1 dollar's worth of value. I am pretty sure I cannot do this with BitCoin.
 Quoting: Anonymous Coward 32543703


Also here is an exchange page since you are apparently too lazy to actually investigate before throwing out snide remarks:

[link to mtgox.com (secure)]
 Quoting: Nyarlathotep


Merci beaucoup OP. That's all I wanted, just answers to my simple questions in my initial post. I wasn't going to waste my time investigating something which was probably bullshit.

You've provided links to back up your argument, and being the naturally lazy bastard I happen to be, I can now check it all out at my leisure. Thanks - I'll check it all out with an open mind and a pure heart. So far it's sounding like BitCoin may be a perfect framework for a shadow economy for those who want to opt out of the current financial paradigm as much as possible.

Never underestimate the power of subtly dissing someone's pet project when it comes to trolling for further, succinct information.



Cheers
Nyarlathotep (OP)

User ID: 20053617
United States
01/18/2013 10:45 PM

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Re: BitCoin - A Decentralized Currency
So how do you cash in your BitCoins? Is there a way to redeem them or are you only able to cash them in by purchasing physical goods like pot or smack or child pornography? I haven't seen any conventional online retailers who accept BitCoin. So how DO you redeem your BitCoins? Don't counter with the whole "how do you redeem a dollar bill" argument, because you know full well I can go into any store and hand it over in person and it'll be accepted as 1 dollar's worth of value. I am pretty sure I cannot do this with BitCoin.
 Quoting: Anonymous Coward 32543703


Also here is an exchange page since you are apparently too lazy to actually investigate before throwing out snide remarks:

[link to mtgox.com (secure)]
 Quoting: Nyarlathotep


Merci beaucoup OP. That's all I wanted, just answers to my simple questions in my initial post. I wasn't going to waste my time investigating something which was probably bullshit.

You've provided links to back up your argument, and being the naturally lazy bastard I happen to be, I can now check it all out at my leisure. Thanks - I'll check it all out with an open mind and a pure heart. So far it's sounding like BitCoin may be a perfect framework for a shadow economy for those who want to opt out of the current financial paradigm as much as possible.

Never underestimate the power of subtly dissing someone's pet project when it comes to trolling for further, succinct information.



Cheers
 Quoting: Anonymous Coward 32543703


hf
Nyarlathotep (OP)

User ID: 20053617
United States
01/18/2013 10:49 PM

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Re: BitCoin - A Decentralized Currency
Updated OP
Anonymous Coward
User ID: 9097418
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01/18/2013 10:50 PM
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Re: BitCoin - A Decentralized Currency
What do you guys think?
 Quoting: Nyarlathotep


It's not fair. The guys that created it kept a few bit coins for themselves that will make them trillionaires if it catches on.
Nyarlathotep (OP)

User ID: 20053617
United States
01/18/2013 10:51 PM

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Re: BitCoin - A Decentralized Currency
Updated OP
 Quoting: Nyarlathotep


Added two videos (one from a later post and two reference links to exchanges and places that accept bitcoin as a purchasing option.
Nyarlathotep (OP)

User ID: 20053617
United States
01/18/2013 10:52 PM

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Re: BitCoin - A Decentralized Currency
What do you guys think?
 Quoting: Nyarlathotep


It's not fair. The guys that created it kept a few bit coins for themselves that will make them trillionaires if it catches on.
 Quoting: Anonymous Coward 9097418


Care to cite your source, how they would indeed become millionares, etc? It's easy to boast.
Nyarlathotep (OP)

User ID: 20053617
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01/18/2013 10:56 PM

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Re: BitCoin - A Decentralized Currency
bump
Nyarlathotep (OP)

User ID: 20053617
United States
01/18/2013 11:18 PM

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Re: BitCoin - A Decentralized Currency
How many of you would vote for a decentralized currency system, bitcoin or not?
Anonymous Coward
User ID: 32567988
Germany
01/19/2013 05:41 AM
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Re: BitCoin - A Decentralized Currency
I've never had the inclination to look into BitCoin and how it works, but the idea is awesome - a peer to peer currency. Zero banking system involvement. Payments can't be shut down by oppressive regimes. It's attractive to the right wing and to the left wing. It's easy to set up and use. Looks good on screen.

When I do go and research it - and I will - there are a couple of key questions I will have in mind...

1. What determines the value of BitCoin? what is it backed by? Obviously not gold because there's no central issuing authority for BitCoin. If it's backed by the USD, Euro, GBP or Yuan then it's as susceptible to manipulation as those currencies are. And if that's the case, then why bother?

2. How do you redeem your BitCoins for hard physical currency? If it can't be redeemed for cash then it's not attractive to online retailers and service providers and it becomes little more than a barter token with no concrete value.

If the above questions can be answered satisfactorily, then there is a possibility that BitCoin, as a distributed currency, could be successfully used as the basis of a "shadow economy" operating in tandem with the traditional exploitative economy we have now, but unlike the traditional economy, profit is not the currency's reason for existing. It is for fair exchange between agreeing parties. No money market roulette and no interest accrued or payable - there's no need for that horseshit because there's no middleman to pay. This would be seriously limit the opportunities for TPTB to suck us dry.
 Quoting: Anonymous Coward 32543703


To answer this Questions:

1. Bitcoin isn't backed by anything. It's the ease of use, the anonymity, finite amount, and the fact that they can't be controlled by anyone but their owner that gives them value. And it's not tied to any currency, it's the free marked that determines their price.

2. There are a number of exchanges: [link to en.bitcoin.it (secure)]

and there are even payment services that enable merchants to get $, € ect. directly for bitcoin payments like bitpay.

Most questions can be answered by reading in the Bitcoin wiki: [link to en.bitcoin.it (secure)]
Anonymous Coward
User ID: 32098210
Belgium
01/19/2013 08:02 AM
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Re: BitCoin - A Decentralized Currency
Its value is driven by people's desire to trade drugs on the silk road. Without the silk road, bitcoins have little reason to exist.
 Quoting: Anonymous Coward 8025116

dude please....
i actually bought some of the bitcoin-famous excellent alpaca socks with my first bitcoin gains. i like the outdoors but i hate cold feet, and such socks are hard find in europe. they are cheap and very high quality. in a weird way, bitcoins allowed me to score a very nice exclusive product for next-to-nothing.

the fact that i bought them quasi anonymously with a pseudonymous currency is a nice plus.

the fact that i could combine this with other technology, and buy all kinds of drugs and weapons entirely anonymously, is just a huge surplus.
Anonymous Coward
User ID: 31082534
Australia
01/19/2013 08:20 AM
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Re: BitCoin - A Decentralized Currency
How do you earn bitcoin?

Who issue bitcoins must be making heaps of money..?
Anonymous Coward
User ID: 1561325
United States
01/19/2013 08:26 AM
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Re: BitCoin - A Decentralized Currency
What do you guys think?
 Quoting: Nyarlathotep


I think it's strange the ban on talk about BitCoins has been lifted too.

hiding
Anonymous Coward
User ID: 32390079
United States
01/19/2013 08:29 AM
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Re: BitCoin - A Decentralized Currency
It's the same old shit fraught with the same old problems of hoarding, usury and eventually corruption. if you're going to reinvent money, reinvent the system of money. Study on what currency Demurrage is.
Anonymous Coward
User ID: 32098210
Belgium
01/19/2013 02:22 PM
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Re: BitCoin - A Decentralized Currency
It's the same old shit fraught with the same old problems of hoarding, usury and eventually corruption. if you're going to reinvent money, reinvent the system of money. Study on what currency Demurrage is.
 Quoting: Anonymous Coward 32390079

not when it's digital, and held together with mathematics that are loosely distributed across all users of the currency.

bitcoins, as an infrastructure, have simplistic costs: electricity, which results in computing power. but even that is largely irrelevant: bitcoin leverages existing network infrastructure. only the people who want to add to this currency (mine coins), have to calculate the cost of additional computing power into it.
winsoar

User ID: 32725881
United Kingdom
01/21/2013 10:50 AM
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Re: BitCoin - A Decentralized Currency
You can get free BTC in return for doing online surveys etc. at [link to www.earnthebitcoin.com]
Self employed internet marketing consultant from Nottingham, England. I love driving, holidays, eating out, cups of tea, fish and chips, self improvement.
Anonymous Coward
User ID: 1521246
United States
01/24/2013 01:57 AM
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Re: BitCoin - A Decentralized Currency
just hit 19 USD per BTC was 6 USD per BTC for two years

wtf? global financial meltdown
Anonymous Coward
User ID: 32872223
United States
01/24/2013 02:02 AM
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Re: BitCoin - A Decentralized Currency
I didn't see anything that would allow me to buy guns, ammo, or survival food.

Please correct me if I'm wrong.

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