Bitcoin


#1

Heard about this recently. Did a search on here and didn’t find any previous mentions.

Anybody tried it out or have any thoughts on it? Seems interesting but many things to get get my head around.

bitcoin.org/


#2

bit-coin
noun* /bit koin/*

Paper currency backed by nothing but blind idiotic faith.

  • see also euro, dollar, pound, pyramid scheme, catastrophe, food kitchen

#3

faith
noun /fāTH/

Confident belief in the truth, value, or trustworthiness of a person, idea, or thing.

gold
noun, often attributive /'gōld/

A dense inert bright yellow element that is the most malleable and ductile metal, occurring in rocks and alluvial deposits.


#4

have done more reading since starting this thread. it’s fascinating and will definitely be interesting to watch.

the price of bitcoins has skyrocketed since I found out about them from just over US $1 to >$8 today. that’s in just over 1 month - that screams bubble but may not be.
bitcoincharts.com/charts/mtgoxUSD#rg60zczsg2011-03-31zeg2011-05-30zvztgSzm1g10zm2g25


#5

It’s a fascinating approach.


#6

Jon Matonis
blogger.com/profile/04111660030028727950

Here his is on Max Keiser’s show:

https://www.youtube.com/watch?v=2GiQEECNcZM

His blog:
themonetaryfuture.blogspot.com/


#7

If it can be coded, it can be decoded.

Put your money into this and some 14 year old Albanian kid with a PC and a grudge against the girl next door will ride you like youre coming in last in a donkey derby.


#8

You’re obviously not a great believer in cryptography so?


#9

14,15.

Its written by some anonymous person who probably coded backdoors into the system.

EDIT - just downloaded and installed it for shitzengigglez.
Started to use up 98% of my CPU…


#10

Ah, needle… :smiley:

8DD


#11

Maybe it has to hack all your passwords by brute force? NOW do you believe in cryptography? :mrgreen:


#12

It’s open source so you can see exactly what’s in there and how it works. Or at least you can trust that there have been many experts scrutinizing the code carefully to see that there’s no known weakness/backdoor etc. in it.

do you have the generate coins setting turned on? if you do I recommend you to turn it off as the mining code included in the standard client is very inefficient and you’re basically wasting your time. Most miners now are using high end GPUs to do the mining - there’s a whole mining sub-culture. Even talk of FPGAs and rumors of ASICS being developed. If you’re interested have a look at this forum forum.bitcoin.org


#13

Yeah, I’m sure its totally safe…

theregister.co.uk/2010/12/15 … oor_claim/

I’m sure that a made-for-money-laundering system like this is perfectly safe.


#14

TUG?

I need some patronising ignorance. Its been a whole 4 hours…


#15

The OpenBSD example is a sign of a bigger problem.

If the lads from L0pht are right, then nothing is safe - systems, information and all forms of digital money existing now. Bitcoin’s innovation being suspect would be completely irrelevant.

Cryptography is an amazing field and it’s a constantly evolving war. It’s all about adapting to emerging threats, defence in depth and maths (always the maths) magic.

Anyone I know in security assumes there are backdoors in most things (hardware and software) and has sniffers on the wire watching for “ET phone home” moments.


#16

Welcome to 1992.

Sniff my wire.
Its my hands {entirely differnt protocol} you should be watching…

Nothing to do with maths.
Maths is the language of possibility.
What will come is entirely arbitary.
This is the whole point of The Pin, no?
Whats coming is obvious in spite of the predictions.

Show me the equation for obvious.
Show me the equation for poverty.
Show me the equation for ‘I-got-a-fire-in-me-and-I-mean-to-burn’.


#17

Bitcoin, the Peer-to-Peer Currency that Hopes to Change the World -> thenextweb.com/industry/2011/06/ … the-world/

Basically:

  1. The “value” of bitcoins has already skyrocketed from cents on the $ to today’s **fourteen **$ per one Bitcoin!!!

  2. Due to this skyrocketing “valuation”, Bitcoin users are now **hoarding **the electronic digits!

  3. Furthermore, some people are claiming that Bitcoin is just another Ponzi scheme, whereby the early creators of this virtual currency are running up the “value” so that they can unload their Bitcoins on the Next Greater Fool.

  4. Bitcoin usage is not nearly as “anonymous” as purported by some. In fact, every single transaction one effects under the Bitcoin system is stored on their computer (including with whom.)

  5. Also the article makes clear that anybody can do a “man in the middle” snoop on your transactions and, at least, see with whom you’re transacting.


#18

#19

Have to laugh at this article

The establishment will be against bitcoin and it wouldnt cost to much for them to trash it, but the idea is cool and maybe its before its time but something might grow from it


#20

Yeah, the reason there’s a lot of buzz around it is that the crypto behind it appears to be quite innovative and cool (assuming it continues to stand up to scrutiny). But that doesn’t mean that applying the technology to a currency cut from whole cloth is a good idea. It would have been much more sensible if a bank or small country, or even a large corporation, had underwritten the currency. But hipsters will be hipsters.