And now, I want japanese food  edited to add: well done on the new job, t1000, and good luck on the Masters' Applications Frost000! Thank you Mistress. |
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The funny thing is that there are nearly no people that would store all of their "change" in BTC yet people keep complaining about early adopters being rewarded disproportionately...
I have a friend whom I am trying to convince to buy a few bitcoins but ... oh no ... he doesn't like he fact that early adopters get higher returns!!!! Foolish him! I have a friend whom I also tried to convince to try and get a few bitcoins but he wouldn't because a "whole bitcoin was just too expensive". That was when it was going from $800, then $900, then 1100. Now he probably thinks I am dodgy. |
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1BTC
In a few years people will be amazed to know somebody with 1BTC
Hopefully for the right reasons. |
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Do you remember any part of the new password?
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Successfully achieving stable containment of BTC0.01
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Hey, guys! Now Linux seems to be on par with Windows according to this vote (indeed it is by far superior strictly on technical terms only, see top500.org for a proof). Are bitcoiners pro-linux really?
People who are pro-bitcoin for ideological reasons are more likely to pro free software. Free as in freedom, not free beer. Linux is free software. You can get the source code, and you can change it to how you like it if you wish. You control your finance, your finance(Banks) do not control you. You control your software, your software(Digital handcuffs) don't control you. Here is Richard Stallman's talk on "Digital Freedom: the context for Bitcoin" http://www.youtube.com/watch?v=FN6Q--zqroM |
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1) I started my new job today.
2) I just had a celebratory Chinese take away for dinner. Now I am on here.
3) Off until the new year to start the new job proper. Tomorrow I will find things to do.
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I'm thinking their planned collapse will come before too long, we might look fondly back upon these times.  Stock up on... Food, Guns, Bullets, Gold, Silver, and Bitcoins... Not necessarily in that order...lol No gas?  |
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Linux ftw. All my mining rigs are running linux.
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An older and wiser friend of mine told me good business is seldom rushed, rushed business is seldom good.
I found it to be true time and time again. Every time I got scammed/got a bad deal, when I look back, it always felt rushed at the time.
If you feel that things are going too fast, it is best to walk away.
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best tip I got was "don't make eye contact" when passing though airport security.
Yea, I tried to be friendly and explain to the x-ray machine guy how I use my FPGA for cryptography. Almost got myself detained. |
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Yes you are absolutely right, I had intended to donate some BTC myself which I still will, just sort of rushed ahead with creating this post and didn't really think ahead. I will be sending 2BTC right now. I see it. You own 1MVb3rhB18WZKvh2FgskhjmmoAhB7th3Y1, right? What is the reason behind sending 2 BTC in 2 transactions of 1 BTC? It looks like this address, and 12dHgXQvYJmuogFbg84VR1DBK91rR3AxAn have seen lots of action. 1MVb3rhB18WZKvh2FgskhjmmoAhB7th3Y1 sends funds to 12dHgXQvYJmuogFbg84VR1DBK91rR3AxAn and vice versa. If these are yours you are richer than I am, and certainly richer than your friend. |
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And RIPEMD-160 would need to be broken too.
Not if someone has spent outputs with that address. Then public key for that address would be known. This is one reason you should not re-use addresses. |
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Bitcoin uses double-SHA256, which is not broken if SHA256 is compromised. But other financial and banking protocols (credit cards, wire transfers, etc) all use algorithms way, WAY weaker than SHA256, so they're in big trouble.
So, when SHA-256 is compromised, everybody will flee from fiat to Bitcoin.
And then, it will take several more years before before double-SHA256 is broken in any way, so we'll have plenty of time to switch to SHA3.
Bitcoin wins.
This, along with the fact that if SHA-256 is compromised, there are FAR more valuable targets than Bitcoin. 1) SHA-256 compromised as in there is a quick way to discover the nonce required to produce the valid block hash.
Assuming the discoverer is malicious and stupid:
2) Attacker zip through blocks, providing instant confirmation for his malicious activities.
3) Attacker tries to sell all the coins.
4) Exchanges freeze.
5) No one needs convincing that the hashing algorithm is really broken.
6) Bitcoin algorithm switched
7) Everyone agrees to rewind to a block before the attack
8 ) bitcoin continues.
Assuming the discoverer is malicious and smart:
2) Attacker zip through blocks at 5 minutes interval to avoid detection.
3) When this has happened for a while, more and more people will become suspicious
4) 5 - 8 will happen.
Assuming the discoverer is benevolent:
2) Research claims SHA-256 compromised
3) demonstrates this by zipping pass a few blocks.
4) 4-8 in the stupid attacker case happens.
I have left out the other serious implications of the complete breakdown of SHA-256.
If someone malicious or dishonest broke SHA-256, why would they mine blocks when they would have the private key to every wallet? Because they wouldn't have the private key. For that they will need to compromise ECDSA too. We are talking about having SHA-256 compromised only. |
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From his last post, it doesn't sound like he was anticipating going away. He was just releasing 0.3.19 and he said there was more work to do. |
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I save about 10-15% of my income every month. It used to be in UK investment trusts, but it's now all going to bitcoin. I have played with the idea of maybe investing some in gold coins, but I don't trust the government to not confiscate it when the economy implodes because of the massive national debt burden and a time when treasury prices go no-bid. Having said that, predatory governments could say "Give me your bitcoin or go to jail", but I think that's unlikely.
I am now wondering if I should cash out a good portion of my investment trusts and convert to bitcoin. Not sure yet.
its harder for them to prove you have any BTC " or go to jail " even if they can prove you bought some ,you could have accidently deleted your wallet.dat or had a hdd crash  a lot safer than silver /gold in that respect I have thought about gold and silver too, but it is much harder to prove they are what they are when you buy or sell, than crypto. This is reflected in the overhead involved. 1)It is harder to convince a buyer a random lump of gold or silver is real and as pure as you claim, than a gold or silver bar/coin engraved with company names and serial numbers, in a sealed case, so there goes the fungibility. Even different make fetches different prices. 2)There are horror stories of people finding tungsten bars in their gold, even in gold from reputable companies like pamp suisse, serial numbered. So you have to do things like ultra sound scanning to check it. If you melt it down, see 1). 3)There is no way to verify whether physical pm backing paper pm instruments are really really there. So for all we know paper could be dragging physical price down. (paper gold inflation) With a bitcoin, you know what you have is 100% pure and its all bitcoin inside. I am sticking to crypto for now. |
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I've been thinking hard today about the issue of "intrinsic value of bitcoin", whether it does have it or not.
I have found out somewhat dubious (at first sight) quote in one older Bussiness Insider article:
"[...]fiat currencies have tremendous intrinsic value because governments say they do. That's why they're called fiat currencies. They have value by government fiat."
According to the dictionary, intrinsic means "belonging to the essential nature of a thing", so initially I though that there is a contradiction in that sentence - intrinsic means something "innate", and not that someone external (government) declared that it has the value. Because, fiat is just that, a declaration.
But thinking about it more, the sentence is actually correct: the government declared how that fiat currency will work, and maintains the rules and the technology surrounding it, so it can be successfully used as a medium of exchange and a store of value. So, the intrinsic value of state money, like USD for example, is not that it can be exchanged for other thing, the intrinsic value is indeed the fiat itself, and its other characteristics are just a consequence of this government backing. The fiat is an innate characteristics of the fiat currency.
Now, my main understanding is this: fiat currency is to government what bitcoin currency is to the bitcoin community. Government gives intrinsic value to currency by issuing fiat, and the bitcoin community (mostly the main developers) gives intrinsic value to bitcoin currency by issuing the source code of the bitcoin network. To simplify it a bit, this is the corresponding relationship:
fiat money - bitcoin
fiat, government laws - bitcoin source code
government officials, bankers - bitcoin programmers, miners
Now, if I am reading this correctly, since both fiat money and bitcoin can be used as a medium of exchange and a store of value, it's now more clear to me, that the bitcoin network is basically a direct competition to the government in the area of finance, in exactly the same way as for example email is a competition to a postal service. If both options will be freely available in the future (fiat and crypto-currencies), everyone will have to decide whom one believes more, government or bitcoin network, or how much trust one gives to each one.
To sum it up, intrinsic value of the bitcoin currency lies in the bitcoin technology, the same way as the intrinsic value of dollar lies in the government fiat. Or if we take the more strict definition of the word "intrinsic", neither dollar nor cryptocurrency has any. But there isn't any fundamental, "intrinsic" difference between them.
Now of course I don't say I am correct, it's just my current understanding, but at least let's agree, that we need to differentiate between Bitcoin currency as one thing, and Bitcoin network (technology+people running it) as another thing. Many people jumble these two things together and then can't come up with logical conclusions.
We are in agreement. If we had to find intrinsic value in them, this would be it. If this isn't it, then the intrinsic value of something like gold is much less than its valuation today. |
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I've already lost a couple hundred bucks because of waiting. Next time do your homework. There is a reason why it is said that knowledge is valuable: it is true So true. |
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