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BitCoin - A Decentralized Currency

 
Anonymous Coward
User ID: 32872223
United States
01/24/2013 02:04 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.
 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.
 Quoting: Anonymous Coward 32098210


It's vapor

What happens if electricity goes down. How are you supposed to whip out your bitcoin digital wallet if you can't get a connection?

If it's digital, it could disappear in the blink of an eye.
Anonymous Coward
User ID: 32872223
United States
01/24/2013 02:06 AM
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Re: BitCoin - A Decentralized Currency
If they wanted to put bit coins on every corner like redbox, only you could go and cash out your digital for physical silver, gold, platinum, or put any of those into the machine and get digital money at any time, then perhaps.
Anonymous Coward
User ID: 1521246
United States
01/24/2013 02:11 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.
 Quoting: Anonymous Coward 32872223
Not commonly used for buying peanuts and popcorn; can globally buy euros, us dollars, yen, gold and is crypto-secure that is what matters. Also there is nothing stopping anyone from using them for absolutely everything. Using my cell phone or computer by simply having the wallet code of the seller, like paypal uses email, I can send and verify payment to the seller in seconds.
Anonymous Coward
User ID: 1521246
United States
01/24/2013 02:17 AM
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Re: BitCoin - A Decentralized Currency
It's vapor

What happens if electricity goes down. How are you supposed to whip out your bitcoin digital wallet if you can't get a connection?

If it's digital, it could disappear in the blink of an eye.
 Quoting: Anonymous Coward 32872223
Nothing happens to them they are stored at thousands of nodes in the cloud and archived in the block chain, transactions can be done with a simple cell phone. What happens to the credit card networks when the power goes out? A lot worse.
Nyarlathotep (OP)

User ID: 20053617
United States
01/24/2013 02:49 AM

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Re: BitCoin - A Decentralized Currency
bump
Anonymous Coward
User ID: 32098210
Belgium
01/24/2013 07:19 AM
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Re: BitCoin - A Decentralized Currency
It's vapor

What happens if electricity goes down. How are you supposed to whip out your bitcoin digital wallet if you can't get a connection?

If it's digital, it could disappear in the blink of an eye.
 Quoting: Anonymous Coward 32872223

which is no different that your savings in the bank, which you access through debet and credit cards.
Anonymous Coward
User ID: 33374537
Argentina
02/08/2013 11:36 PM
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Re: BitCoin - A Decentralized Currency
What do you guys think?
 Quoting: Nyarlathotep


I think.. bitcoins are more revolutionaty than a civil war, and will do far more damage to TPTB who are fucking with our lives than any armed resistance. p.s. they know it too.

down here most bitcoiners stay hidden and quite and do not want other to know that they use it because it is quickly becoming the alternative currency answer to failing economies... and people fear that certain gubments will not hesitate to take them, and their users, outof circulation if they get too popular (especially people that remember what living in a tyranical police state is really like)
Anonymous Coward
User ID: 33374537
Argentina
02/08/2013 11:36 PM
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Re: BitCoin - A Decentralized Currency
It's vapor

What happens if electricity goes down. How are you supposed to whip out your bitcoin digital wallet if you can't get a connection?

If it's digital, it could disappear in the blink of an eye.
 Quoting: Anonymous Coward 32872223

which is no different that your savings in the bank, which you access through debet and credit cards.
 Quoting: Anonymous Coward 32098210


actually, they come in coin version as well
Anonymous Coward
User ID: 1521246
United States
02/09/2013 09:28 AM
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Re: BitCoin - A Decentralized Currency
1BTC=23.5USD today

hrmmm
Keep2theCode

User ID: 20545539
United States
02/09/2013 10:02 AM
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Re: BitCoin - A Decentralized Currency
I set up a BC wallet just to have one and know how to get it. It wasn't exactly easy or intuitive, or clear about what to do first. I had to get a Dwolla account in order to send dollars to the BC exchange I chose, so there's two accounts plus my wallet. Then you have to wait for validation, which for Dwolla can take weeks. I had trouble with the "key" and couldn't use the 2nd level login, so it's a little less secure than I'd like.

But...

Most of the complexity in setup is because other currencies are involved. If the day came when there was nothing but BC, it would be fairly simple especially compared to having a typical online banking account, PayPal, and credit card.

What I think most people don't understand about money is that you have to have a medium of exchange. Barter only works in small quantities for small groups of people locally, because you may wind up having to make eight trades just to get one thing you wanted. A medium of exchange is simply an agreed-upon store of "value" that is easy to carry or transfer. And there is no way to avoid hoarding; just as you can store up grain or tools, so also you can store up "value units" or money.

What BC has over other media of exchange is that it is transferable over distance without banks or governments, cannot be shut down unless life as we know it has ceased and nothing matters anyway, and is a universal store of value determined by everyone who uses it.
Have I now become your enemy by telling you the truth? (Gal. 4:16)
Xerces

User ID: 33518993
United States
02/09/2013 10:12 AM
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Re: BitCoin - A Decentralized Currency
...


Maybe for now, but just wait until all the capital controls come down and massive sales taxes for anything on line. Bit coin or another alternative system like it will act as the blood for the black market system. Black market meaning even a damn loaf of bread mate.

.
 Quoting: Anonymous Coward 961432


I would use another word other than black market. I would say "alternative" market as that is exactly what it is.
 Quoting: Nyarlathotep


It's as black of a market as you can get. Why pussyfoot around the wording?
 Quoting: Anonymous Coward 8025116


"A black market or underground economy is the market in which illegal goods are traded". While this is true, we also see legal goods being purchased with bitcoins all the time. I think I was just trying to point out that the term black market tends to shadow the good intentions of the currency itself. People buy and sell illegal items all the time with USD all the time... it just doesn't fit the criteria of underground
 Quoting: Nyarlathotep


Silk Road anyone?
"A truth's initial commotion is directly proportional to how deeply the lie was believed. When a well-packaged web of lies has been sold gradually to the masses over generations, the truth will seem utterly preposterous and its speaker, a raving lunatic."
-Dresden James

"All truth passes through three stages. First, it is ridiculed, second it is violently opposed, and third, it is accepted as self-evident."
-Arthur Schopenhauer
Anonymous Coward
User ID: 33568463
Belgium
02/09/2013 10:42 AM
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Re: BitCoin - A Decentralized Currency
I had trouble with the "key" and couldn't use the 2nd level login, so it's a little less secure than I'd like.
 Quoting: Keep2theCode

you can not have "trouble with the key"; either the key corresponds, or not. it is basic math.

how you store, acess, use and secure your keys, is of course entirely your own problem.
Anonymous Coward
User ID: 33568463
Belgium
02/09/2013 10:43 AM
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Re: BitCoin - A Decentralized Currency
and is a universal store of value determined by everyone who uses it.
 Quoting: Keep2theCode

with certain limitations to avoid artificial inflation.
Keep2theCode

User ID: 20545539
United States
02/09/2013 10:44 AM
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Re: BitCoin - A Decentralized Currency
I had trouble with the "key" and couldn't use the 2nd level login, so it's a little less secure than I'd like.
 Quoting: Keep2theCode

you can not have "trouble with the key"; either the key corresponds, or not. it is basic math.

how you store, acess, use and secure your keys, is of course entirely your own problem.
 Quoting: Anonymous Coward 33568463


The key I'm referring to is a little USB stick with a "touch" spot on it that's supposed to present one key for one short touch and a second key for a longer-held touch. The second one never worked; it was a hardware problem and not worth shipping the little USB stick back for.
Have I now become your enemy by telling you the truth? (Gal. 4:16)
free money
User ID: 1374013
Germany
02/24/2013 08:23 PM
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Re: BitCoin - A Decentralized Currency
[link to netlookup.se]

no bs. no ads.
Anonymous Coward
User ID: 35092908
United Kingdom
02/24/2013 09:28 PM
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Re: BitCoin - A Decentralized Currency
Bitcoin is bought with regular money or credits. This is just a means to end paper money and make money credit only, electronic money, just what the self chosen elite want.
Make it a currency in it's own right outside of the influence of the economy, then it may have some interest.
Anonymous Coward (OP)
User ID: 20053617
United States
02/24/2013 09:31 PM
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Re: BitCoin - A Decentralized Currency
Bitcoin is bought with regular money or credits. This is just a means to end paper money and make money credit only, electronic money, just what the self chosen elite want.
Make it a currency in it's own right outside of the influence of the economy, then it may have some interest.
 Quoting: Anonymous Coward 35092908


That is not the only way. You can be a bitcoin miner. look it up.
Anonymous Coward (OP)
User ID: 20053617
United States
02/24/2013 09:42 PM
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Re: BitCoin - A Decentralized Currency
Bitcoin is bought with regular money or credits. This is just a means to end paper money and make money credit only, electronic money, just what the self chosen elite want.
Make it a currency in it's own right outside of the influence of the economy, then it may have some interest.
 Quoting: Anonymous Coward 35092908


That is not the only way. You can be a bitcoin miner. look it up.
 Quoting: Anonymous Coward 20053617


also it is decentralized which OPPOSITE ofwhat the elite want
FREE BITCOINS FOR ALL!!!!
User ID: 25602913
United States
02/25/2013 08:56 AM
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Re: BitCoin - A Decentralized Currency
[link to www.bitcrate.net]



[link to netlookup.se]



STOP FAPPING TO HENTAI AND MAKE SOME MONEY!!!!!!
Anonymous Coward
User ID: 35133947
Romania
02/25/2013 09:04 AM
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Re: BitCoin - A Decentralized Currency
What do you guys think?
 Quoting: Nyarlathotep


great waiting for more alternatives :)
Anonymous Coward
User ID: 35416865
United States
03/04/2013 05:07 PM
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Re: BitCoin - A Decentralized Currency
What do you guys think?
 Quoting: Nyarlathotep


I think the value of bitcoin doubled this month, thats what
Anonymous Coward
User ID: 35573828
Germany
03/04/2013 05:09 PM
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Re: BitCoin - A Decentralized Currency
Bitcoin works quite well. I use it for small payments on the net.
Anonymous Coward
User ID: 1521246
United States
03/05/2013 03:03 AM
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Re: BitCoin - A Decentralized Currency
$39.50 USD now to buy 1 BTC

[link to bitcoincharts.com]
Anonymous Coward
User ID: 35416865
United States
03/05/2013 12:28 PM
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Re: BitCoin - A Decentralized Currency
In the wake of the economic turmoil that we've been seeing throughout the years it begs to wonder why we still stay centralized on anything that includes the masses.
 Quoting: Nyarlathotep


Bitcoins Hit Peak As Real Currencies Flounder
[link to www.iexpats.com]
Anonymous Coward
User ID: 1403333
United Kingdom
03/05/2013 12:38 PM
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Re: BitCoin - A Decentralized Currency
Like all investments its a risk, I had 22btc before xmas which i spent on the road, if i'd kept them I'd have tripled my money. I treat them the same as silver, worth having a few dozen for an emergency, and with the way the market is you can always make a few quid by selling them on ebay in 0.1 or 0.25 increments, and buying as the price moves, it moves up and down throughout the day too.
hf
Anonymous Coward
User ID: 35416865
United States
03/05/2013 03:04 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.
 Quoting: Anonymous Coward 32512627


Bitcoin passed $40 today, libtard
Anonymous Coward
User ID: 35416865
United States
03/06/2013 04:19 PM
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Re: BitCoin - A Decentralized Currency
What do you guys think?
 Quoting: Nyarlathotep


Anonymous Coward
User ID: 1521246
United States
03/06/2013 04:58 PM
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Re: BitCoin - A Decentralized Currency
$49.10 USD now to buy 1 BTC

[link to bitcoincharts.com]

market traded in all major currencies
Anonymous Coward
User ID: 35416865
United States
03/09/2013 12:41 PM
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Re: BitCoin - A Decentralized Currency
the idea of a decentralized currency is on the right track. The more correct way to do it is to have city, state and national banks that create and destroy currency in a decentralized fashion by way of fractional reserve lending.
 Quoting: Anonymous Coward 8025116


Anonymous Coward
User ID: 25421564
United States
03/13/2013 09:52 AM
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Re: BitCoin - A Decentralized Currency
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