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-   -   Bitcoin: Or, How I Learned to Stop Worrying and Love the Cryptocurrency (http://www.discussworldissues.com/forums/general-discussion/119134-bitcoin-how-i-learned-stop-worrying-love-cryptocurrency.html)

kylsq0Ln 09-06-2012 05:53 AM

Bitcoin: Or, How I Learned to Stop Worrying and Love the Cryptocurrency
 
I posted the following post in another thread, but figured that I should start a generic Bitcoin thread, for discussion, questions, comments, criticisms, fun, entertainment, ballyhoo, tomfoolery, and general what-have-you.

Quote:

I have been a little loathe to seriously bring up bitcoin here, because it is still experimental, and it's easy to dismiss as "non-existent" compared to the tangibility of our beloved metals.

But in a nutshell... it is internet gold, (not like e-gold though) that you hold yourself with no fees and no middleman and no one can stop your transactions or freeze your accounts. You can even create a deterministic wallet that is based on a passphrase (or pass-sentence... hopefully with high entropy to cryptographically protect the keys).

Here's a thought... I could convert goods/metal/FRNs to bitcoins, then send the bitcoins to a certain address that corresponds with a private key that is created from a passphrase that exists only in my head. I can travel the world with millions "in my head", then, in a destination country, run a bitcoin client, and recover the private key from my passphrase when I want to spend the coins.

"I got my mind on my money and my money on my mind" as the old negro spiritual goes.

Bitcoins can be converted directly into gold and silver and vice verse, no FRN middleman.
People WANT bitcoin. They will steal and scam and extort to get them. You don't hear about many thefts of things that aren't valuable or aren't capable of transferring value.

I love gold and silver, but I can't transport them across the planet without taking them myself or trusting someone, and it certainly would not be within an hour... but bitcoin is different... I can send it virtually instantly anywhere in the world... there are services now that allow you to send them to cell phones and email addresses, although those systems rely on third-parties, and thus, trust.

You can't send value in the form of gold across the world without trust and you can't do it instantly, and of course, it could be seized.

You can't send value in the form of USD/FRN across the world without the same problems as with gold or without using the banking cartel as a middleman, who then decides when and if to process your transactions, and who can freeze funds and charge-back transactions on a whim.

Bitcoin puts you in the driver's seat in regards to transferring value instantly over the internet, without counterparty risk in the form of middlemen.

Bitcoins have risen from $0.001 to $30, to $10 currently, and the supply is mathematically limited to 21 million bitcoins total (they are currently divisible by 8 decimal places, which allows for a great deal of "units").

A couple years ago someone bought two pizzas for 10,000 BTC (which was a fair price at the time based on exchange value). As of RIGHT NOW, valued in USD at today's BTC exchange rate, that guy paid $107,500.00 for two pizzas.

bettingonosports 09-06-2012 06:00 AM

I would dispute whether there are counter-parties to bitcoin. If I recall, a bitcoin is said to be in one's possession only because other users recognise it as so. What has occurred is therefore a distribution of counter-party risk and the added element of algorithm risk.

Adfcvkdg 09-06-2012 06:09 AM

Quote:

I would dispute whether there are counter-parties to bitcoin. If I recall, a bitcoin is said to be in one's possession only because other users recognise it as so. What has occurred is therefore a distribution of counter-party risk and the added element of algorithm risk.
This is why the distribution of network nodes is important. If a single (or colluding) entity(s) were to obtain over half of the hashrate of the entire network, then they could refuse to process certain transactions, which would obviously not be very good, but they could not steal the coins held by others because they would still lack the private keys.
To help put it in perspective, even if one had control of the hashing power of the entire bitcoin network, which, to my knowledge, is by far the greatest known network of such a hashrate, then it would take about 10 billion years to crack one single bitcoin address/private key.

The other users recognize it as so because only the holder of a private cryptographic key can use that key to sign a message which demonstrates control over said key and the value associated with it, determined by the chain of transactions known as the blockchain. It is viewable here: blockchain.info

As far as algorithm risk, if the cryptography that holds bitcoin together is "cracked", then so is the cryptography of the global banking system.

Issuer 05-29-2018 03:10 PM

In https://bestmixer.io the order page is available on for 24 hours. I personally like this system because in case funds come at the generated BestMixer.io incoming address within 24 hours, the order page will be available until all conditions of the order, according to the preset settings for delayed delivery of the coin and the transfer amount partition to one or more wallets are performed.

Sinser 09-10-2020 07:21 PM

Do you use bitcoin mixers? Is it really necessary nowadays?

Offcins 09-11-2020 04:02 PM

Quote:

Originally Posted by Sinser (Post 2807364)
Do you use bitcoin mixers? Is it really necessary nowadays?

Good day. Yes, it is good decision to make your transactions anonymous. In such case attackers won't be able to trace your data. Talking about bitcoin mixing services, I can recommend to navigate here and research all necessary information. This service provide all necessary possibilities.

Sinser 11-16-2020 01:39 PM

Good day. I recently read about futures trading, did you have experience with this? As I know it can be really more profitable than cryptocurrency trading. I want to start, now I learn all necessary info. I even found free trading possibilities from Digitex platform!

Dossia 01-23-2021 09:36 PM

It's one of the biggest unknown to be discovered.

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