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Also, if someone is using something like the Electrum wallet then are there any differences?
Electrum's private keys are generated from a seed. Then you can get back your funds if you got that seed or the derived private key. |
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The only thing needed to recover your funds is the private key. So yes, you would have your 100BTC back.
All the other stuff like booting from a live CD are just precautions to prevent others stealing your private key.
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Welp, it looks like Gox might finally be biting the dust. BTC is spiraling downward, and soon, we'll all be "early adopters" again.
So you're all in the club now....congrats, I guess.
It seems that the lowest price isn't that extreme. It is already going up again. Bitcoin is more resilient than the media wants to make us believe. I don't think we going to get to the "early adopters price level" phase again. |
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The bitcoins belong to them and not to you. They are no longer "your" bitcoins. In return, they offer you a promise that they will send an equal amount of their bitcoins wherever you ask them to whenever you ask them to. You've chosen to trust them to deliver on that a promise.
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It's striking sometimes how much similarities it has compared with a bank. |
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We humans exist in and are a part of nature. Everything we do is governed by the laws of nature and is by definition natural. We could no more destroy nature than a javascript app could kill javascript. I think you are equating nature with pre-existing conditions. Anyway, your argument doesn't interest me. If you have a better way of building a cryptocurrency, just go do it. It is insane to waste energy on mining bitcoin in the age of peak oil where greedy energy companies destroy nature for profit.
And only a king can destroy a monarchy? Of course not. |
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Don't use URL for username and password?
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I just wan't to say that I'm dissapointed. Ever since the beginning of Mt.Gox fiasco, half the posts of this forum have been things like:
- "I want to kill Karpeles!"
- "Good riddance Mt.Gox! Die in a fire!"
- "LOL people who had coins in Mt.Gox! You were stupid. You deserved it."
- "Fuck the foundation!"
- etc...
I get it that people are angry... But still. It has been two weeks since all this begun. Also, NOBODY should ever wish somebody else's death.. Ah, Karpeles has lost all our trust, and will never get it back, but I don't want him dead even if I had some coins on Gox. Killing him won't get your coins back! Nor would hitting it in the nuts or bitch-slapping him
And the thing is, we are all early adopters of bitcoin. We all embarked on this adventure quite recently, and we all are partners in this adventure. We should support each other, and project to the outsiders a positive image of the community if we hope that Bitcoin gets more adoption. Not laugh at each other!
Finally, we should focus on the future now instead of going over and over the past. Shit happened. Bad calls were made. But it's done now, and nothing cannot be done about it. What -should- be done now is focussing how we can rebuild the trust of the people into Bitcoin, and further expanding it. And it is not by sending threath to Karpeles we can do that.
Ah, an intelligent post. Remember that its the internet, and most of us are anonymous. Doesn't mean that we should post such an awful things, but a lot of people are angry or just trolling. Enjoy 40000 years of civilization! |
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Impressive...
Now go back to the dark ages.
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If the OP wants to do something about wasting natural resources or destroying earth, he better start somewhere else. If Bitcoin is considered wasteful, it is really a tiny part of everything. Nice thing about us humans is that we do something about problems when it's already too late. Everybody knows we harm nature, but do we drive less? Do we buy less? Do we go on vacation less? Do we build smaller houses? Do we buy less electrical equipment? Etc. The answer is no, because nobody wants less welfare. Nobody wants to have less luxury, especially compared to their neighbors. Nobody want to do a few steps back. Including myself, its just human nature. I didn't even mention that in 2100 the earth is populated with 10 billion people. And guess what. They all would like to live like people do now in the western world. I'm no green fool, this is just all common sense. 1. Bitcoin mining is much more energy efficient now with asics
2. payment networks like visa and mastercard have thousands time bigger carbon footprint, but nobody blames them?
If bitcoin replaces traditional payment networks, much much less energy will be used.
Quite right, if anything Bitcoin is lowering energy waste. That is if it becomes successful. |
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Maybe they've been told, it's a small world at the top, people know each other. The statement has already changed a few times, not sure what is going on there.
But I think no statement from gox can be expected soon, no company will just vanish if it has only some minor problems.
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The other exchanges want Bitcoin to succeed because it's their business, I suppose.
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Probably part of that BTC is already spend. To clear that transaction see this. |
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Yes please. I always have an open mind for both sides of the story. Maybe I change my opinion if I think it has a point.  |
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This is how it's calculated for now in the Bitcoin client. They try to make it dynamic in the next versions. In general transaction fees should go down if more people started to use Bitcoin, because income of more users would increase faster than cost of processing I think. I don't know for sure what happens if more miners enter the game. Maybe fees go up, because if they find block less and less often, they only include the transactions with the highest fees. Don't know if this is treated in an other thread yet.
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The money supply in the world is growing faster than the economy, because money is made out of money. It misses every correlation with the real world economic activity.
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The 21 million BTC supply should not be a problem. Just give it a different name and redefine it so it looks familiar in everyday life.
Deflation is only a matter of getting used to. In the eighteen hundreds people also experienced deflation, we just have never seen that before.
I don't see a real advantage of a little bit faster confirmation time. That can also be handled by companies or another layer of software or build in the business model to take the risk.
Why should micro-transactions be allowed with Bitcoin? It's not really necessary, you also don't make a bank transfers of 0.00000001 dollar.
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The ponzi scheme accusation highlights one of it's major shortcoming: There is no correlation between it's perceived value and the amount of economic activity.
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Also true for fiat currency. |
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Contract, Each coin is a unique contract where the issuer promises to hold a certain amount of an asset for each coin issued, for example 1 oz gold The dollar was a contract where the issuer promised to hold a certain amount of an asset for each bill issued at some point. And look at it now. A currency is not a commodity and therefore doesn't need intrinsic value in the form of a backing asset. Agreed. - On top of that, a backing asset can become more available or scarcer. That in turn influences the value of the coin.
- Every coin in circulation has an asset sitting somewhere doing nothing.
- If for example gold is the most used asset, not everybody finds it equally valuable. Hungry people can't eat it.
- The coins would be a promise to pay the asset. So not the assets make the system work, but the reliability of promises to pay the asset. In turn not assets or needed to have a working currency.
- Some people could issue contract or promises resembling too much value in comparison to the assets backing it up. After all, if people used this system they probably would never claim the backing assets, and thus it can be fiddled with.
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