The question is misleading. Bitcoin doesn't have backing. But other things may be backed by bitcoin.
Exactly. My favorite answer is: The same thing gold is backed by. |
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Fail, kim. Page is not loading and The URL says mobile undefined even on my iPad ...
It works for me but when I try to sign up it hangs and if I reload and try again the same thing happens. |
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Somehow I am a bit disappointed of Kim. After all his talk about getting rid of US dictated monopolies, like credit cards and Paypal, I at least would have expected SOME other option than that. Maybe direct bank wires or cash in mail or ANYTHING, but Paypal, Visa and Master all over again?
I'm starting to think more and more that Kim is just a stupid guy who happened to get lucky with his service. I mean he knows how to provide that service but other than that he is a moron. |
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Typical dinosaur's response..
The problem isn't that he disagrees with the validity of Bitcoin it's that he lacks the necessary concrete foundational knowledge that would allow him to even properly understand this highly abstract thing to begin with, I mean did you hear him say "they offered it at 20cents.." who does he think "they" is? Some company? A group of inventors? Not to mention that the fluctuating value as a reason for not holding it is complete hogwash, does gold not fluctuate??
He did raise one valid point about competing cryptocurrencies but even there a strong argument can be made that Bitcoin has a huge edge against any competitor simply because of the network effect and that a far superior cryptocurrency would have to enter which we should actually want regardless what happens to the value of our bitcoins.
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Am I wrong in saying Bitstamp should be on this list? Trade volume for the last 24 hours were 7752.92 BTC and they seem to be going up daily! Seems to be right up there on sales.
You are not wrong, given the current list Bitstamp should definitely be on it. |
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Dunno. Loaded okay for me just now. Probably just too many people eager to try it. Doesn't work for me right now. |
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Whats an EA dump?
Just ask this or IRC... Early Adopter... =) Early adopters sold long ago. My guess is that the vast majority of early adopters did sell the vast majority of what they had long ago. However I read something somewhere saying there's a good few big chunks of Bitcoin that haven't moved since day 1. Whilst I can accept most of that is likely to have been wiped from disks or forgotten about it is not inconceivable to me that a few may have held back what to you and me is a large sum with the intention of selling when the value has gone up sky high. My reason for thinking it's unlikely they'll have much of an impact on the market in the current flurry is if they've held out so far they're likely to be holding out for a lot more than $16/BTC and are more likely to dump (as quick as they can without bombing the price) at $100 or $1,000/BTC - and by then (if we ever get there) it's just as likely they'll be paying for their cars/houses/yachts etc. directly in BTC than having to sell for fiat in order to do so. Just another opinion to throw into the mix. You can see which bitcoins moved or didn't move yet or haven't moved since here: http://statistics.ecdsa.org/ |
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Can you explain a bit more how this is so?
The javascript is bundled with the app, so it is downloaded once when installed rather than being downloaded each visit from blockchain.info. The purpose of the verifier was to detect possible changes in javascript being served but since the js is no longer being downloaded its purpose is voided. There is the possibility that malicious changes can still be bundled within the extension but the same issue is possible with desktop clients. Automatic updates can be disabled also. I see. That really is an improvement in security. Can't wait for the firefox addon! |
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The cost to make something does not give it value.
I haven't read all the stuff here, but just about that: I would argue, that in the case of gold, bitcoin & co, it boils down to reduction of entropy. for gold, you have to find and combine all the tiny bits (atoms) to bigger chunks. That reduces the scattering, i.e. entropy. this needs energy! bitcoin: the low hash value is one of the purest forms of entropy reduction you can get. also needs energy. so, only the cost of making something doesn't count, but it counts if its goal is to make something "special" or "unique". Actually this is a really good point. Gold that is still in the ground isn't worth anything. It's only when it's dug up that it gets it's value because now someone put effort into transforming that lump of rock into something more pure and more beautifully shaped that the person who dug it up and other people now value. And this is as true today as it was back when the only use gold saw was as jewellery (imagine some guy finding a pretty rock and coming home and giving as a present to his wife saying "look what I found, isn't it pretty..). The same could be argued about the calculated hashes.. By themselves they are meaningless and worthless but it's because someone did the calculations and found those numbers and gathered them into a blockchain that they were valuable to them and then to others. |
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whereas a packaged extension is full proof.
Can you explain a bit more how this is so? |
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I speculate it has a lot to do with the notorious general lack of knowledge of the English language in these countries. |
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I will be attending the conference with several staff, We are also considering putting in a few nodes to contribute towards such an interesting project.
Quantum Kiwi - CEO - Logan
Awesome, can't wait to hear what his answer will be if you get the chance to ask him about Bitcoin. Good luck! |
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Internet points. Now you really can win "2 internets."
Yep, that is really the closest to what bitcoins actually are. Just points on a scale from 0 to just under 2,1 quadrillion. |
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The problem with taking in as much revenue as he would through Bitcoin is cashing it out. Totally impossible today, even if you utilized all the on and off-exchange markets...including Coinabul.
I don't think that's an accurate assumption. You forget that with the increased demand in order to pay for his service there would likely be an increased volume of trading.. |
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I cant see that happening, anytime soon. There's no way to prove they were actually stolen and insurance fraud would be rampant.
Unless the wallet client required a one-time code to be input which requires a user-specific physical offline component to generate. MMOs have been experimenting with this kind of security for a while now and I believe it's been working out relatively well. See: WoW authenticator https://us.battle.net/support/en/article/battle-net-authenticator-faqAny transaction made with the proper code would have to have been made by the person with the authentication device. I don't believe the odds of these offline authenticators getting cracked are very high, but I could be wrong. That is really interesting. Perhaps once hardware wallets are developed and for sale insurance on bitcoins might become viable. |
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how long till PC's are strong enough to guess private keys of bitcoin addresses. is this possible?
Not until "computers are built from something other than matter and occupy something other than space." (quote by renowned cryptographer Bruce Schneier) |
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What would people think to a remember password checkbox on the login page? The password could be stored in localStorage encrypted with a random string embedded in page itself.
I wouldn't risk it. It opens up way too many attack vectors, especially for the less security inclined.. |
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Actually although I do post about Bitcoin there quite a bit and I may have been the first person to start doing so way back in 2011, the above post is not mine and I can't take the credit for it or any of the effects it may have had. My dailypaul username is haze.  |
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