SatoshiDice.com is pretty cool for betting- odds and roles are provable using the blockchain transactions.
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To be perfectly fair, I can see how Erik feels the need to make Bitcoin seem like the ultimate thing with absolutely no flaws, seeing how he has a vested interest in seeing it prosper so that he can profit from the increased exchange rate.
Ahh! Heaven forbid one have a vested interest in building something! One ought not profit from what one builds! It is a crime against polite society to advocate superior alternatives, for by doing so, matters may be improved and people made better off! To be sure, the only projects worthy of advocacy are those which benefit no person at all, or better yet, let us strive to only advance the creations which reduce profits, wealth, and gains entirely! |
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I think if/when if happens, it'll fall in the category of "really crappy and inconvenient" but not "devastating." Bitcoiners will quite quickly move to other exchanges, though things would be a bit chaotic.
More import than "only using alternatives to gox so as to reduce reliance" is to make sure your financial exposure to Gox is always minimal. This means, don't keep all your BTC (or USD) there. If/when they are raiding, accounts will be frozen. So keep your money safe with yourself., and then the risk of using Gox is largely diminished. Don't let laziness be your excuse for keeping your funds in danger.
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Hey all,
BitInstant is showing here at NY Tech Day in Manhattan today. If any of you are in the area, stop by! Our booth is on the outer edge.
Address is The Armory, Lexington Ave and 25th.
It's amazing how few people have ever even heard of bitcoin - and these are tech types! Also amazing how much people love the casascius coins!
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I was trying to make the article somewhat future-proof (and had to keep it simple), so I didn't delve into nuances like this.
It's better to say nothing about wallet safety than to say things you know are factually incorrect and dangerous. I've been involved with Bitcoin for a year now. Never once have I used a wallet with more than 100 addresses. The average casual user will find out about the 100 addresses thing long before he puts himself at risk like that. The statement is not factually incorrect. You DO only need one backup of the wallet. .. there's just a caveat. The caveat is when you go over 100 addresses - and to try to explain every caveat and nuance of Bitcoin in an introductory article (that was already 14 pages single spaced) is going to be counter productive, don't you think? |
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Regarding the perceived security issues of sending Bitcoins via email, it's a service that needs to exist in Bitcoinland, and thus Coinapult is doing it. Anyone who is buying massive amounts of coins should probably not send to their email inbox, but for everyone else it's a very convenient new tool. As with all things Bitcoin, personal responsibility and risk tolerance (and understanding) need to be given due consideration.
And yes, the FinCEN registration for BitInstant is just one more step toward credibility that Bitcoin obtains with the establishment. I think it's very good for prominent Bitcoin companies to pursue "legitimacy" in this way, as it shields our organic growing economy from scrutiny, giving us all more time to build a system which stands up to scrutiny when it inevitably arrives.
Bitcoin's best interests are served by being friendly with the State for as long as possible.
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Just now getting around to reading it. This is one great article, albeit I did find an error. Bitcoin is thus the only currency and money system in the world which has no counter-party risk to hold and to transfer. This is absolutely revolutionary and you should read the preceding sentence again. Actually this particular paragraph might contain a slight overstatement: it's more accurate to write that bitcoin allows us for the first time in history to spread the counter-party risk on the entire community (of miners) instead of relying on a single counter-party (single point-of-failure). As such, bitcoin can be said the first ever "community based" monetary system, one that cannot be easily hijacked by a small group of people. I don't think the miners qualify as counter-party risk. In fact, if they all stopped, I could mine myself  Of course, we could also say Bitcoin has counter-party risk in the internet infrastructure itself... I rely on the cables and electricity and servers. But I think that starts becoming a meaningless definition of "counter party risk". It is the fact that no single entity or organization is vulnerable or can halt the payment or holding of Bitcoin. THAT is the breakthrough and I thus I think the statement "no counter party risk" is valid. |
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Maybe it will forever remain the "future" of money |
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Looks good! And nicely done video.
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LOL well thank you Bruno, I've made the change according to your recommended edit.
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Hehehe you guys know even if Bitcoin fails, this forum will become an extremely valuable source of eclectic rocket photos. And that's gotta be worth something!
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How the hell am I suppose to enjoy reading this diatribe if I keep finding errors. This is the second one found about 3/4 of the page down. You can assume no government wants you to adopt this system in any capacity, and for that reason alone it's worth consideration by honest, moral, and industrious people. (or is it: ...wants you adopting this system...?)Damn, I enjoy this article so, so much. ~Bruno~ Are you drunk Bruno?  |
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Regarding the node count decline, I think that can be almost completely justified by the creation and use of thin clients and ewallets. A year ago, to use Bitcoin one needed to use the client (or MyBitcoin (!)). Today, thankfully, there are all sorts of really good alternatives. The core nodes should be expected to decline as this happens.
Let's also remember that the entire software industry is moving away from client software to cloud-based software. Bitcoin needs to be understood in that context.
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I predict $15-$35 a year from now.
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There is always an issue when explaining Bitcoin: thoroughness vs simplicity. One cannot cover every nuance and still retain an audience. For example, I'll typically tell people Bitcoin has "no fees"... which is partly true, but there is a caveat as we all know. But going into every caveat on a first discussion is a great way to alienate the listener, and often too much info all at once has the effect of making the listener absorb less than otherwise. Bitcoin requires education, and that education has to occur in pieces. This is a challenge we all struggle with daily |
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Maybe it is smarter now and allocates 10K addresses for itself so that you don't need to be backing up all the time.
It does this, only with 100 keys. See wiki: key pool. Yeah the wallet has 100 addresses ready in its queue - most casual users are not going to use more than this (especially for a crucial savings wallet - it'll probably only have a few addresses used), and I'm quite sure the deterministic wallets will become standard, so the potential problem of which you speak should go away on its own. I was trying to make the article somewhat future-proof (and had to keep it simple), so I didn't delve into nuances like this. |
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<ArrestedDevelopmentVoice>
And THAT'S why you always use Bitcoin for illicit transactions!
</ArrestedDevelopmentVoice>
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If you can peg BTC to USD, then why not peg all currencies to USD? Let's have an exchange where EUR is pegged 1:1 with USD. Also, let's peg japanese yen at 1:1 with USD. Also, let's peg Zimbabwe dollars at 1:1 with USD Actually, why stop at currencies?! Let's peg all things together at 1:1, so that $1 buys one apple which buys one laptop which buys one house! As long as you have one of something, you could have one of anything! There is no difference between pegging houses to dollars at a 1:1 ratio vs. pegging Bitcoin to dollars at a 1:1 ratio. Both are equally absurd, and for the same reason. |
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If you pay with paypal, and the sellers send you Bitcoins, you can then cancel/refund the payment. You will then get the paypal money back, and you'll have the Bitcoin. This is why you cannot use Paypal to buy Bitcoin. Consider the opposite - would you sell your Bitcoins to a stranger via Paypal if you know they can just cancel the payment afterward? Then you'll have nothing |
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