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Bitcoin - The Future of Digital Currency
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Spockie-Tech
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Bitcoin - The Future of Digital Currency

Well, how to say it..

This ...
http://www.bitcoin.org/

Have a read and a look and tell me what you think. I think its brilliant, and that you might just be looking at something that is seriously going to change the future of the world's money..

an Open-Source P2P Crytpographic Digital Virtual Currency that is launching like a rocket.

I'm no financial expert, so take anything I say with a grain of salt, but it looks to me that someone has finally invented a system that fixes *everything* that has been wrong with fiat currencies in the history of the world so far.

Ive done some serious research so far, and it all looks pretty damn good to me.. I'm in, and the coins I bought have increased in value over 300% since I bought them a few months ago. http://bitcoincharts.com/charts/ and I think they're going to keep on going up.

http://www.youtube.com/results?search_query=bitcoin&search=Search
http://www.google.com/trends?q=bitcoin

Anyone interested ? See any problems with it ?
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Post Sun May 01, 2011 12:03 am 
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Fish_in_a_Barrel



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Sure, it's free to jump on the bandwagon, I see no harm.

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Post Sun May 01, 2011 2:42 pm 
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Knightrous
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I had a quick look at the site, but couldn't find much information on the transaction process. Do you get a receipt of any sort that says you have sent/received money from someone, with a timestamp or transaction ID?

If there isn't any kind of records for it, I find it a bit akin to post cash in the mail, you could receive the cash and then not send the goods etc etc.
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Post Sun May 01, 2011 3:16 pm 
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kkeerroo
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I think I will stick with the current forex system. At least they are not making it up as they are going along.
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Post Sun May 01, 2011 4:43 pm 
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Spockie-Tech
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quote:
Originally posted by kkeerroo:
I think I will stick with the current forex system. At least they are not making it up as they are going along.


Want to bet ? "Making it up" is exactly what fiat currencies are designed to enable. Thats the whole point of Bitcoin. Its a currency where you *cant* just print more of it any time you feel like your economy needs a few billion more.

Thus avoiding the automatic devaluation of every poor sucker whose $ savings in the bank suddenly lost major chunks of its value any time the gov feels like it needs to spend some more or bail out some of their friends.

Decide for yourself whether you think its worthwhile or not.. I just thought I'd share a "hey, check this out" with you guys.

Ive been learning about it for a few months, studying the history of money, fiat currencies, gold backed currencies, transaction systems, historical value transfer systems (like Hawala and others), Government Fiscal Policies (haha), P2P distributed databases, Merkle Trees, Cryptography, and so on, and Im convinced its worth a shot. I imght be wrong, but nothing ventured, nothing gained. Up to you.

Someone put it this way - "Imagine a worldwide virtual community of thousands of geeks, coders, future economists , investors, and so on all working away to invent a better open-source monetary system for the digital age.. investing their time and $ into it. and you can buy stock in this company, just by buying some bitcoins"

Time will tell, but by then it will be too late to get in early. Bitcoins have already appreciated in value over 300% in the last 6 months and they just keep on going up.

I think theyre well worth looking at, and just thought Id share the possible opportunity with some friends, but read up on the forum and make your own decision if you are interested in holding what is now the second most valuable currency in the world.

@aaron. there are records in the blockchain, but they are relatively anonymous, so no, there are no "chargebacks".. this is digital cash.. sending bitcoins is the digital equivalent of handing over notes.. once they are in the other persons hand, theres nothing you can do about it.The way cash should be.

If you dont trust the person you are trading with, you do it via an escrow service like www.clearcoin.com. Chargebacks are what credit card companies and paypal do, and there is nothing to stop someone operating a credit-card service or "bank" on top of the bitcoin system, but this is about the currency itself, not the service beaureuas that operate within that currency.
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Post Sun May 01, 2011 6:52 pm 
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Valen
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Actually the current forex/general banking systems are just a giant big teetering pile of crap.
its layers of CSV, splattered on top of emulated VAX systems running unmaintained cobol and fortran applications pretending to read transactions off tape streams pretending to be punched tape.
Look at the giant stuffups that have happened in the past year with people not getting paid, getting paid twice etc etc.

International transfers are so much worse than all that. A good % of them are processed by hand.
My missus works in the industry and tells me the stories, you would think that being a bank they would have everything *right* its not, they are some of the worst hodgepodges I've ever seen.
They have multiple databases, customers exist in them both, and its up to the customer service rep when dealing with a customer to keep them both in synch. IE a typo in one means the hole thing comes tumbling down then it comes time to send term deposit expiry letters out.
</rant>

Knightrous their website lacked the 25 words or less description I was looking for too which sucks.
Anyway my understanding is this.

Basically, they have these coins, which are treated the same as a physical coin (IE an asset), not like money in a bank account.
The whole way it works is the "transaction log" is public, and published.
So if I transfer a coin to you I tell the whole world that ownership of this coin is now passed to you, that way the whole world knows that its yours to spend. Every 10 minutes or so they bundle up into a block all the transactions that have happened in those 10 minutes and pass it around and sign it.
So essentially the "database" of accounts *is* the transaction log.
They say keeping track of all this isn't that hard, and it probably shouldn't be, My biggest concern would be with a bit of work it wouldn't be too hard to de-anonymise it all. Its a fairly detailed and statistical method and I'm not 100% on my understanding of the system before I call it but still.
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Post Sun May 01, 2011 11:10 pm 
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seanet1310



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Some of it sounds interesting.
I am not too sure on many parts of it so at best i would put a few $ not much.

Most of the inflation is within the last month where it took off so it is too soon to call such a trend as long term however it seams to indicate uptake is outstripping the new 'coins' created.

One of the largest uptakes of merchants who accept this are Gambling sites, a future worrying trend?

Anyway GL to them, I would rather stick with the many problems of our current banking system, at least if something fails we have some semi useful avenues to follow in the Australian system and as of yet it does not appear AusGov wishes to send our currency into freefall

I am half expecting this to fold like a tower of cards soon due to the lack of central backing and the nice supply vs demand curve currently produced. Where is all the money going for the newly generated coins that are not being traded around ? I do not have the time to hunt it down.
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Post Mon May 02, 2011 12:07 am 
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Spockie-Tech
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There has been a price spike in the last month due to a number of factors. Press Coverage, Cascade awareness and lots of online mentions in various forums, VC/Startup newsletters etc. Apparently one of the development team is being paid to go and give a talk to the American CIA on Bitcoin. (whooa)

Yes, apparently some of the Online Gambling websites that are under attack from the USGov have been looking into it as a future currency as well.

There is an 10 year experienced professional market analysis guy who has been tracking the growth of bitcoins and believes the outlook for them is very positive and issues regular reports on the market trends here http://blog.bitcoinwatch.com/

There is a lot of discussion on the forums over what the governments of the world (particularly the USGov) might do once they notice whats happening..

Theories range from "nothing, they are just digital tokens, no more illegal than trading in baseball cards" right up to "OMG, you guys are financial terrorists, tax evaders and drug dealers (the only scareword missing so far is kiddy porn) and are going to jail ! You're not allowed to do that to our money system !"

Everyone has an opinion.. Smile

I like it, because having done a moderate amount of research into the history of money, I have come away fairly appalled at just how badly/evilly nearly every currency in the history of the world has been "managed" - everything from hyperinflation, confiscation of gold, governments fiddling the books to allow themselves to keep spending money they havent got (placing future generations that havent even been born yet in their debt), war financing and profit and subtle manipulation designed to put invisible shackles around people's lives and freedoms.

If you dare opening your eyes and trying "The Red Pill", have a quick look around starting with this famous quote.

"Give me control over a nations currency and I care not who makes the laws"
-quote from one of the Rothschilds - the worlds biggest bankers

http://www.google.com/search?hl=en&client=opera&hs=t51&rls=en&q=i+care+not+who+makes+the+law&aq=f&aqi=&aql=&oq=

So far to me, Bitcoin looks like it might just be the first system with designed-in features to prevent the fiscal abuses of the past from happening again in the future.

Maybe Im just being idealist, but a possible future currency that works on the same principles that Linux does (open source, community driven, P2P) appeals to me.

To the naysayers - consider that the idea that a free Operating System developed largely by a bunch of amateur volunteers (rather than a big corporation) that has similair principles could go from nothing 20 years ago to now running over 60% of the worlds servers, and a huge number of phones, embedded devices (my webcams run linux), supercomputers, movie rendering farms, and desktops around the world.. An idea that was inconcievable until the Internet made it possible.

Why shouldnt the ancient creaking corrupt money systems of the world get a similair network technology treatment ?
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Post Mon May 02, 2011 10:24 am 
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Glen
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http://www.libertariannews.org/2011/05/31/how-to-use-bitcoin-the-most-important-creation-in-the-history-of-man/

http://forum.bitcoin.org/index.php?topic=7269.0

Interesting pair of articles for the dunderheads amongst us. Outlining the basics

A line in there also reminds me of an article i read long ago, where the US allegedly sold tons (something like 470t) of gold bars to china that turned out to be tungsten coated in thin gold and plenty of people are trying to force an audit on fort knox to prove there is no gold left in the reserve. Probably all fanciful but i do like the mystique of a good conspiracy Smile


quote:

5. It is impossible to create salted Bitcoins or “shave the edges” off of them. There are wide spread rumors that the supply of gold that central banks are holding is loaded with tungsten bars coated in gold.


edit - Found it, Its a massively sensationalist neo-nazi site the below one, but anyway Razz

http://www.eutimes.net/2011/05/russia-says-imf-chief-jailed-for-discovering-all-us-gold-is-gone/

Some of the security things noted in the first article like encrypting everything blow straight over my head, but when things get a little more polished it certainly sounds like a good system. I shall read on Cool
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Post Thu Jun 02, 2011 9:22 pm 
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Spockie-Tech
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Bitcoin just cracked US$10 / coin !

http://bitcoincharts.com/charts

Anyone wishing they had listened when I told you about them at $3/coin just over 1 month ago now ?

Not often you get a chance to > *triple* your money in 1 month is it ?

I am not a financial adviser, but I am fairly confident that they will double in value again within the next month or three.. possibly more.. do your own research though.. I have been

Cool
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Post Thu Jun 02, 2011 9:59 pm 
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Knightrous
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Will be more interested when I can order car/robot parts online with bitcoins Smile
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Post Thu Jun 02, 2011 11:16 pm 
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Spockie-Tech
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That will come.. The average joe hasnt even heard of it yet. But they will.

How long did it take for "Bit-torrent" to gain mass recognition ? Give it a year or two. Have a look at the market pages and see how quickly the list of things you *can* buy with bitcoins is growing.

There is a guy starting a bitcoin hobby shop up.. Tell Jim (Robot Market Plac) about Bitcoins.. Given the high level of geeks in the Bot World, I'd bet they wont be too far away.
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Post Thu Jun 02, 2011 11:25 pm 
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Spockie-Tech
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Here you go. Hobby Parts for BTC
http://forum.bitcoin.org/index.php?topic=11304.new
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Post Thu Jun 02, 2011 11:51 pm 
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Knightrous
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http://arstechnica.com/tech-policy/news/2011/06/bitcoin-the-decentralized-virtual-currencyrisky-currency-500000-bitcoin-heist-raises-questions.ars

Well that's gotta be a bitch...
As cool as the bitcoin thing is, I do kinda like the security I have from my bank when it comes to someone stealing my wallet.
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Post Thu Jun 16, 2011 10:46 am 
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bytraper



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I've been thinking about supporting bitcoins, but with the value of them going up so high I don't know if it would be viable on high cost items.

I'm also worried at the value of them being so high. I don't think it will be sustainable.

Post Thu Jun 16, 2011 11:24 am 
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