There seems to be an instant hostility against anything questioning Bitcoins usefulness and integrity, even to messengers.
Well you said the article was good. That isn't a messengers job. And to top it off, the article sucks. The guy is commenting on something that he clearly doesn't even understand. I have instant hostility against ignorance pretending to be insightful. |
|
|
|
|
Search for "flexible mining proxy". That might be along the lines of what you are looking for.
|
|
|
|
Quite a good article exposing Bitcoin
Huh? He doesn't even understand Bitcoin and it's a good read? And his conclusion is ponzi scheme. How original. |
|
|
|
i got a little defensive about silver, my apologies.. but common people like me will have to use USD to buy bitcoins in the short term to medium term. not everyone knows how to build a website or have things to trade for BTC.. as for the relationship for the dollar goes; say china dumps 3 trillion or we print another 1-2 trill, commodities triple in 3-5 months. silver,grain,cotton,oil etc. i dont think people wont have the cash to buy btc or would want to when their worried about food,gas an other bills that you cant atm use to pay for. this whole model depends on new people coming into the market wanting the generated BTCs.. if this breaks out into interpersonal transactions on the spot, i see it being a good means of currency "IF" easily convertible for day to day goods. seems to me most that are buying now are just tiring to make some fast cash. you guys that got in at .10$-5$ even 15$ are sitting pretty. and should take some profit cause it could all come down at any moment if someone wanted to destroy this model.. im sure MIT and the gov are all over this.
No need to apologize! Just a friendly discussion here. I understand the concern you are posing about the dollar. I think the only answer to that is to have your ducks in a row before buying any store of value. You should have beans, bullets, bullion and bitcoin, in that order! In other words, don't buy bitcoin, or bullion, until you have food and other necessities taken care of first. If for some reason you had to change your location at a moments notice, it's pretty useful to have a large store of value on a USB key. And again, BTC doesn't depend on the dollar. Sure you might need to spend your USD to get BTC, but then what? If the dollar falls, you already have your BTC. Convert it to a more stable currency or trade it directly. In your scenario BTC is even more valuable in my mind. If things get so bad that access to the internet becomes a problem, well you have your bullion as well. Diversity is always important. |
|
|
|
The network's hashing power could be duplicated with less than $10M. The US government could absolutely break the 50% barrier.
Well, the good news is that the recent price increase is going to bring a surge of new hashing power. Get ready for people crying about the difficulty doubling every 2016 blocks.  |
|
|
|
And the negative connotations of all these posts helps that situation how?
If I was a newbie and read all these posts I would quit reading them rather quickly. The infinite creation of doom and gloom posts is not helpful and the informative stuff is buried in squabbling.
Just like I can't stop people from mining on deepbit, I can't stop people from being negative on the internet. I can only try to post what I think might help. If one newbie changes pools because of my posts, I've helped. We do what we can. If you have a better way for me to help, let me know. |
|
|
|
1) The network has too much vested-interested. If such an attack were suspected, many would be determined to prevent it.
2) The network being as vast as it is, such an attack would require an enormous investment.
well, clearly what we're talking about here is gov't intervention. they have unlimited USD's to "invest" if they want to shut it down with this method or am i missing something? The US Government has easier, less expensive ways if they are so inclined. Control the major mining pool through undercover force (basically control 1 guy). DDOS the next top 5. Network is damaged before miners of said major pool are out of their pajamas. Public image is injured. Bitcoin takes ages to recover, if ever. Tinfoil hat stuff of course.  We all know the US Government isn't coordinated enough to pull off such an attack.  In all seriousness, pools are becoming a centralized threat to a decentralized currency. What percentage of miners do you think have the knowledge to mine solo and are ready to do so at the drop of a hat? |
|
|
|
And others posted yesterday... (not this specific article, but similar) |
|
|
|
Honestly, how long do you expect the current market to hold up?
What percentage of the worlds population that has a use for Bitcoins have Bitcoins? |
|
|
|
This was mainly to shut up my wife.
I hope, for your sake, they don't hit $1000 a coin, or you will never hear the end of it, and it will be your fault! |
|
|
|
i buy gold and silver cause they cant be printed or created out of thin air. i believe in the silver story as a protection of wealth, im not a day trader or an investor an have no interest in doing them.value is subjective to the individual yes.but what do you think is going to happened if china dont "trust" our dollar and dump 3 trillion into the market?? again, its all about trust..
until interest rates out pace the real inflation ill be buying silver an gold.
You can buy Bitcoins for the same reason. Yes, they are inflating now, but it's a known rate and it will end. As far as trusting the dollar, what does that have to do with Bitcoin? |
|
|
|
unles your dumb enough Oh, the irony. |
|
|
|
The regulations mentioned were clearly related to bitcoin exchanges.
I think some people are under the impression that Bitcoin exchanges equal Bitcoin network. well, they certainly enable price discovery which encourages more participation, more price discovery, which strengthens the network, etc. their importance shouldn't be minimized either. Indeed. I find them quite a useful tool. But they are not necessary for me to use Bitcoin. |
|
|
|
The regulations mentioned were clearly related to bitcoin exchanges.
I think some people are under the impression that Bitcoin exchanges equal Bitcoin network. It doesn't matter. It's people trading their property at their leisure. Nobody is entitled to a single drop of it. To regulate it in the name of safety, is to claim people do not know what is best for themselves. Bitcoin is supposed to only further rectify man's own right to his own life and its fruits. God damn every parasite out there who claims Bitcoin in any of its forms should be subject to regulation! Subject to the thieving regimes: even a single drop of the Bitcoin economy! Bitcoin will destroy these structures all in good time and there is nothing you can do about it! All you do is hinder our revolution and its scope when you ask for the state's approval of how we use our property and labor! I hope all of you apologists suffer when the time comes! The state along with your brown-nosing attitude will be buried! Long-live a new tomorrow! Look dude, you are preaching to the choir (after all you quoted me). I don't care about the exchanges because I don't use them or plan to ever use them. Regulate all day long, and people like me will avoid it like the plague. Try to regulate Bitcoin and expect forks. This is my point, regulators can regulate to their hearts content. It indeed doesn't matter. If one trades Bitcoin for FRN or any other fiat, one would be mad to expect lack of regulation, after all, one would be trading for the currency of the regulators! |
|
|
|
The regulations mentioned were clearly related to bitcoin exchanges.
I think some people are under the impression that Bitcoin exchanges equal Bitcoin network. |
|
|
|
eah, as a student of austrian economics for the last 4 years this goes against the number one principle, an thats is its backed by nothing by trust. im just going to arbitras this to get more silver. ive gotten 20btc this morning @23 an hope to gain 40 oz out of it. a lot of these guys on here dont understand economics. they just say its rare, its valuable. which is true if people want it, an they do...
You could say the same about silver and gold. Value is subjective. Do you buy gold because of it's industrial properties or because it is a store of value that you trust other people will recognize? Same for silver. |
|
|
|
I don't know for sure but it would be the cheapest way to destroy bitcoin and put a damper on any other virtual currency being adopted.
What happens if there are people who use Bitcoin that won't exchange it for fiat currency? That is the true purpose of it (just buy things with it) but at this time unless you're a miner you're not getting any without cash (sure you could sell something for it) The masses have decided this is a get rich quick vehicle or a store of wealth and they are all piling in right now running up the price too fast. The inefficiency of the major exchange is also causing the price to run up too quick. Look at the posts of people being pissed because it takes too long to get accounts funded and how they watched the price increase as they waited days to make a trade. Once they get their money in the account they pull the trigger because they just watched it go up 75% in 12 hours. This inefficiency in the exchange will have the same effect on the downside as people won't be able to fund their accounts fast enough to buy bitcoins and defend it's price. The recent rise in the last day is a recipe for disaster. Nothing but speculative. These new people don't give a rats ass about bitcoins or buying things with bitcoins. These people have $ signs in their eyes. If these new people lose money bitcoins will be dragged through the mud and masses may never adopt a virtual currency. Maybe. And maybe the publicity from the speculation, and even the speculators themselves, will realize the benefits of Bitcoin and even a market crash will not kill this once it's out of the bag. I lean more towards the positive outcome, Bitcoin has many useful properties and that point won't be lost in the frenzy. |
|
|
|
well, I can tell you that many people are pissed off about the ability to get money into the system, mtgox or any other exchange.
dwolla sucks, liberty reserve sucks, bank wire sucks, it all blows, the private markets are lurky and murky . Ive been trying to buy since 9 and have witnessed a 20 point move. That is aggravating to say the least, considering its all upon the middlemen, which is the whole point of establishing BTC, get rid of these controlling middlemen.
The craziness, all goes back to what I said earlier, that people here brushed off or didnt understand. The float on BTC is so small that the volitility on BTC will be insane. and it is. Programmers are not economists and I dont feel that the community understands the dynamics of markets, float, volume etc. Ive been a trader in various professional markets for 16 years, and I tell you now, the insanity is just beginning because of the very limited float. MTGox is in over their head, and will become more so as things proceed. My guess is that the mob in russia is attempting to corner the market and with this float it wont be that hard. There are so many variables here, that the community doesnt understand, but I think the education is starting.
It seems like there is a huge opportunity for someone to provide an easy way to buy Bitcoins and make a ton of money from it. |
|
|
|
|
Show Posts
