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Id like to see it as an official currency. Maybe we could find a few MMO developers and mount a kickstarter.
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Snowden has been confirmed as a reliable, trustworthy source with credible information. RSA recently denied the report, but the facts are damning. Im not shocked at this revelation, but its certainly newsworthy as the NSA also created SHA2, the foundation of Bitcoin. However, a great deal of academic research has proven that SHA256 is indeed secure and not possible to backdoor, unlike Dual EC DRBG: http://en.wikipedia.org/wiki/Dual_EC_DRBGhttp://en.wikipedia.org/wiki/SHA-2http://www.pcworld.com/article/2082720/report-on-nsa-secret-payments-to-rsa-fuels-encryption-controversy.htmlThe fact the the NSA is actively trying to set compromised encryption standards and subvert commercial cryptography is not shocking but should be a wakeup call to the world that you cannot and should not trust the US Government (among many others). In this future reality where the NSA knows and sees all, which is their goal, the role of Bitcoin is even more important. |
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They are encrypted in a wallet which Im sure he has backed up and waiting for his release, why would he admit to owning them? It cant help his criminal case. Im baffled...
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If anyone thinks the big banks and big governments are going to allow a decentralized currency commenced anonymously to overthrow the status quo or even allow the market to determine which system will prevail is delusional.
I think the only reason why some central banks or governments have allowed Bitcoin unrestricted is because they are hoping the market will reject Bitcoin. That and also because to restrict the use of Bitcoin would be inconsistent with the free growth of technology and the market. This, I fear, will change once Bitcoin starts becoming a more dominant presence.
No system of money or thought or religion or philosophy can expand without persecution.
The market for illegal drugs is countless billions of dollars. An incredible amount of concerted of enforcement/propaganda has not stopped the flow. You can make Bitcoin illegal, but you cant kill it. Its like Freddy or Jason. Trying to kill it is just gonna piss it off more...  |
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A little confused, but when I told them "its like gold, but on the internet" they got pretty excited. A couple of friends who learned about BTC from me but never bought any themselves went from skeptical to enthusiastic quite rapidly. I told them its theirs now, they can sell if it if they want to but my advice was to hold it for at least a year, and then start spending a fraction of it as a way to take some profit. https://www.bitcoinstore.com/ is a great place to start. But I think Overstock.com taking BTC in 2014 will be a really big deal, as its a huge site with awesome deals that already has a massive userbase. Im planning on buying an all new furniture set from them, I could spend fiat now but Id rather buy BTC with that $ and then take the furniture as profits later, because spending BTC adds a non-zero amount to the value of Bitcoin, while selling for fiat removes some value. |
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hold it for 3-5 years, then pay for a house with it
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Mining isnt per definition profitable. Thats what people need to understand. If you want Bitcoins, buy them. They are pretty cheap at under $1k USD.
Leave the mining to the professionals and people who want to do their part to help secure the network.
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DISCLOSURE: I dont believe Bitcoin is viable, even if it were allowed to compete.
Hate to break the news man, but Bitcoin is already viable. Its not some failed experiment. Its real and its valued in BILLIONS of fiat papers. |
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can we merge these "is bitcoin money? / what is currency?" threads into one big one? this is getting ridiculous
edit: I pm'd a mod
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Why paper wallet? Just use 20 character+ password and throw your wallet.dat on dropbox or googledrive.
Im actually curious, not trying to be flip...
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The reason why only a handful of altcoins are even worth the effort to purchase, is that most developers think like OP. Think about how many types of metal there are. Yet we only really use gold and silver as stores of value - everything else is dwarfed by those titans. For me, those titans in the digital world are Bitcoin and Litecoin. While coins like Primecoin, Peercoin, Namecoin, and others are interesting, Im not buying quite yet although I am trying to mine some Primecoin on my CPU (advice: dont bother, lol). In general I just prefer to buy if I see great value. Right now I see the most value in Litecoin, but Im still a believer that Bitcoin has to lead the way and be #1 for any other coin to ever succeed. So when I meet people new to crypto, I just act like Bitcoin is the only game in town. While thats not factually accurate, I think for all practical purposes for the general population, its best to leave altcoin discussions to the true hardcore cryptofreaks. Tacotime is trying to manage the development of a new alt, but its hard finding great talent so its been delayed: https://bitcointalk.org/index.php?topic=169204.0It will be interesting to see if they are able to implement all those innovations. The launch will set a new definition for fairness and transparency. |
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The issue is, that we would need some formal guaranties, that the Bitcoin network will always run properly, that it will not be switched off by whatever reason for example, will not be cracked, will work also with high volume of transactions, etc. If this is not guaranteed to a reasonable degree, it is not then a "store of value" - or at least the officials may claim that. Would you agree?
This didnt require its own thread as its nearly identical to another on BTCT, but yes, Bitcoin has "formal guarantees" in the form of math:  If you wake up tomorrow, and 2+2=3, then we are going to have much bigger problems than finding all our bitcoins. Also, you make it seems like its an either/or proposition, when its not. Bitcoin can be functional currency and store of value while being imperfect. |
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Mining equipment will continue to become more powerful and efficient, but most importantly the ever increasing competition will make them cheaper. So in six months you may be able to get a 3-5 TH miner for the $1500. I do agree though, that the current exponential rate of increasing difficulty does not incentive the average miner to reinvest BTC in upgraded hardware..
lol, no, just no. Remember what BFL did? They RAISED their prices Spring2013 and delivered (albeit very late) lower hashrate and higher power costs. Remember, its a free market. If someone bids up a miner on ebay and immediately pays after winning, thats actually how much that miner is worth. Not everyone is sophisticated in their knowledge of and approach to BTC mining. Sadly, many people see it as a get rich quick scheme. Although, I kind of appreciate these people who calculate the ROI for their ebay miner in fiat, because: they mine at a loss or breakeven. Admirable. "OMG BFL Monarch Cards shipping Nov/Dec2013 Im gonna be printing up dem internet webmoneycoinz like hotcakes next month! Yeehaw!" *checks out with a few Monarchs and picks up a Jupiter on ebay* (cause this buyer is impatient, and they just raised his VISA credit limit) |
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Mt Gox hasnt been the standard for quite some time. I use Coinbase or Bitstamp price, thats the "real" price in the circles I travel.
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Im a fan of this thread and as entertaining for me as that sequence was, Im sure not everyone found it in good taste and its certainly getting off topic.
Anyway, lets think not just think bigger guys, lets think better. Bitcoin has the ability to create freedom. Freedom is extremely powerful.
Having a lot of money means yes, you can do whatever you want - but its also a great responsibility which you need to prepare for.
Not just being responsible to your own person, it means being responsible towards those around you, and your fellow man across the world.
Im sure not everyone feels this way, but being in a position to help others get clean drinking water, decent food, medical care, freedom is a great gift.
For those who hold more than just a few BTC, I believe it is our responsibility to use this gift for the greater good, not just ourselves.
We can feed people. Clothe them. Get people internet access. We can create freedom. We can improve humanity. We can shape the future.
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1000%+ ROI. Ridiculous question. Also #1 and #2. And what the banker above me said.
Ridiculous question? I think you need to spend a lot more time around here if you think we are all here for the same reasons as you. For a lot of us, Bitcoin has massive political implications. Its also one of the greatest pieces of technology man has ever created. Hope you "win a lambo" though bro. That would be sick. |
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Yes. I think giving friends and family BTC is hugely important, it is in fact essential to continual Bitcoin growth and increasing awareness, and no, it doesnt need to be much, at all. Shit, it doesnt even need to be Christmas!
Especially young people, ages 15-25. These open minded people are the future of our world and they need to get involved with Bitcoin asap.
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No, because low margin retailers will truly realize how screwed they were getting by credit card companies. They will flock to adopt BTC payment. And for every 1 person buying some BTC and spending a small % of it online at Overstock.com, thereby getting the wheels rolling on our new digital economy, there are 10 who just buy and hold, mine and hold, one guy lost his wallet, another forgot her password, another gambled it away on dice and poker... etc etc Cliff notes: in terms of active, ready-to-spend BTC, there arent as many people or as much BTC as you would think. I like the idea of paying employees with it, even if its only a small %. That could be huge. Im definitely shopping at Overstock.com in 2014  |
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I wonder if there is any animosity regarding the fact the creator has a Japanese name - they aren't the best of friends the Chinese and Japanese.
With a traditional computer that is essentially true - but couldn't a quantum computer perform an infinite amount of computations in a finite time? Or have I misunderstood the principle of quantum computing. I wouldn't put it past the NSA having this technology. Alternatively they may have a back door into the current encryption method - which is probably worth more to them not to reveal.
OK, welcome to the forums glad you made it. So please dont take this the wrong way: You need to read more on here (lurk) and use the search function before you start posting these brain farts of yours all over the place. All of these points you mentioned have been discussed ad nauseam on BTCTalk. By people with IQs much higher than you or me. BTCTalk is a great place to learn and remember what being a student is like: Be quiet in class, listen carefully to the teachers and smart kids and DO YOUR HOMEWORK! |
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