2014-01-28 Will Canada Become 'The Silicon Valley Of Bitcoins?'

[freedomno1]

http://www.huffingtonpost.ca/2014/01/28/bitcoin-canada_n_4676044.html

n Leo Dominguez decided to sink his life savings — and a loan from his mother — into his bitcoin venture two years ago, his friends teased he was entering a Ponzi scheme. His father told him he was wasting his time and would lose all his money.

After the value of one bitcoin rose to $100 some five months ago, from $10 when he first invested, his long-time girlfriend Karen Williamson quit her insurance job to join him as a bitcoin entrepreneur.

“At that point, we knew were were on to something and it wasn’t just two years wasted,” Leo said.

[zeetubes]

Seems like a few countries want to be seen as the "silicon Valley" of bitcoin. And if it continues to grow, countries which are too busy trying to restrict those companies involved with bitcoins, by denying loans etc, will fall behind. It reminds me a little bit of stem cell research where the US blocked research because of religious and other objections, and other countries prevailed.

[bryant.coleman]

It'll be either Canada or Switzerland. Most of the other nations have declared themselves anti-Bitcoin.

[IamCANADIAN013]

http://www.huffingtonpost.ca/2014/01/28/bitcoin-canada_n_4676044.html

n Leo Dominguez decided to sink his life savings — and a loan from his mother — into his bitcoin venture two years ago, his friends teased he was entering a Ponzi scheme. His father told him he was wasting his time and would lose all his money.

After the value of one bitcoin rose to $100 some five months ago, from $10 when he first invested, his long-time girlfriend Karen Williamson quit her insurance job to join him as a bitcoin entrepreneur.

“At that point, we knew were were on to something and it wasn’t just two years wasted,” Leo said.

I live in a suburb of Vancouver and so many people are buying/selling stuff for Bitcoin.  We had the first atm.  Housing developers are accepting them for down payment.  It's been all over the news lately, guy is selling his house for just over 1600 Bitcoins.  BTW, thats actually close to what the property is worth money wise. It's really starting to take off here.

[Akka]

Haha, the comments!

There is one, that sums up all misunderstandings about Bitcoin in one single Post. Amazing.

Bitcoin is just another fiat currency with no backing of any sort. Just like the plain old CDN$, its value depends on global demand and nothing else, no gold, no silver, no nothing. The idea that it is de-centralized is foolish. Every currency has its own single issuing authority. Who decided that there will only ever be 21 million bitcoins? Who creates the puzzles one must solve to mine the coins? If it was truly de-centralized I could just create my own bitcoins out of thin air and use them to buy whatever I need. Given its increasing popularity, unless more are created, its value will rise even farther to the point that even big ticket items will be very hard to buy because a single bitcoin will be unaffordable. Also, being digital-only and internet-based, it only takes one teenage hacker in Russia to blow down this whole house of cards.

[IamCANADIAN013]

Haha, the comments!

There is one, that sums up all misunderstandings about Bitcoin in one single Post. Amazing.

Bitcoin is just another fiat currency with no backing of any sort. Just like the plain old CDN$, its value depends on global demand and nothing else, no gold, no silver, no nothing. The idea that it is de-centralized is foolish. Every currency has its own single issuing authority. Who decided that there will only ever be 21 million bitcoins? Who creates the puzzles one must solve to mine the coins? If it was truly de-centralized I could just create my own bitcoins out of thin air and use them to buy whatever I need. Given its increasing popularity, unless more are created, its value will rise even farther to the point that even big ticket items will be very hard to buy because a single bitcoin will be unaffordable. Also, being digital-only and internet-based, it only takes one teenage hacker in Russia to blow down this whole house of cards.

Sounds like a guy my g/f works with.  Thinks he knows all about it, but is totally clueless and on the other end of the scale.

The only thing I see there that I also wonder about, is, Who decided there will only ever be 21 million?  How much of a guarantee is that?

[Akka]

The only thing I see there that I also wonder about, is, Who decided there will only ever be 21 million?  How much of a guarantee is that?

That's part of the protocol. To increase that amount you would need to increase the amount of coins that a new block creates as a reward.

Everyone running a full client (you too if you run f.e. Bitcoin-QT) checks new blocks. If they woudn't work by the current Protocoll your client would rejeckt it and don't transmit it to other nodes.

Therefore, to increase the supply you would have to create a new client, that would be incompatible to all current clients and therefore won't be Bitcoin anymore, but just another alt coin.

Understood?

[IamCANADIAN013]

The only thing I see there that I also wonder about, is, Who decided there will only ever be 21 million?  How much of a guarantee is that?

That's part of the protocol. To increase that amount you would need to increase the amount of coins that a new block creates as a reward.

Everyone running a full client (you too if you run f.e. Bitcoin-QT) checks new blocks. If they woudn't work by the current Protocoll your client would rejeckt it and don't transmit it to other nodes.

Therefore, to increase the supply you would have to create a new client, that would be incompatible to all current clients and therefore won't be Bitcoin anymore, but just another alt coin.

Understood?

Yes and no, LOL!

Like everything Bitcoin related. It will make sense the more i think about it.

[seriouscoin]

Haha, the comments!

There is one, that sums up all misunderstandings about Bitcoin in one single Post. Amazing.

Bitcoin is just another fiat currency with no backing of any sort. Just like the plain old CDN$, its value depends on global demand and nothing else, no gold, no silver, no nothing. The idea that it is de-centralized is foolish. Every currency has its own single issuing authority. Who decided that there will only ever be 21 million bitcoins? Who creates the puzzles one must solve to mine the coins? If it was truly de-centralized I could just create my own bitcoins out of thin air and use them to buy whatever I need. Given its increasing popularity, unless more are created, its value will rise even farther to the point that even big ticket items will be very hard to buy because a single bitcoin will be unaffordable. Also, being digital-only and internet-based, it only takes one teenage hacker in Russia to blow down this whole house of cards.

Sounds like a guy my g/f works with.  Thinks he knows all about it, but is totally clueless and on the other end of the scale.

The only thing I see there that I also wonder about, is, Who decided there will only ever be 21 million?  How much of a guarantee is that?

Wow the irony.... calling someone clueless yet you'r also clueless yourself.

Who decided there will only ever be 21 mill? Simple, Theymos... the admin of this forum decided that. Hes also the creator of bitcoin . Didnt ya know?

[exstasie]

http://www.huffingtonpost.ca/2014/01/28/bitcoin-canada_n_4676044.html

n Leo Dominguez decided to sink his life savings — and a loan from his mother — into his bitcoin venture two years ago, his friends teased he was entering a Ponzi scheme. His father told him he was wasting his time and would lose all his money.

After the value of one bitcoin rose to $100 some five months ago, from $10 when he first invested, his long-time girlfriend Karen Williamson quit her insurance job to join him as a bitcoin entrepreneur.

“At that point, we knew were were on to something and it wasn’t just two years wasted,” Leo said.

I live in a suburb of Vancouver and so many people are buying/selling stuff for Bitcoin.  We had the first atm.  Housing developers are accepting them for down payment.  It's been all over the news lately, guy is selling his house for just over 1600 Bitcoins.  BTW, thats actually close to what the property is worth money wise. It's really starting to take off here.

It definitely seems like the West Coast was the first to jump on the BTC bandwaggon.
I'm out in Toronto, and while it hasn't been anything like Vancouver, there definitely has been a lot more talk and discussion lately about BTC and cryptocurrencies.  We finally got our first ATM last month, and slowly are seeing more and more talk and trade for BTC. 
I work in payments, and the number of new merchants we are seeing that are buying/selling BitCoins has increased dramatically.  Definitely great to see and hope Canada continues to be on the forefront of this!

[lewisg]

Both Canada and Switzerland are Bitcoins best friends.

[Mowcore]

Wow the irony.... calling someone clueless yet you'r also clueless yourself.

Who decided there will only ever be 21 mill? Simple, Theymos... the admin of this forum decided that. Hes also the creator of bitcoin . Didnt ya know?

There's a big difference when one has a willingness to learn!

[zeetubes]

Wow the irony.... calling someone clueless yet you'r also clueless yourself.

Who decided there will only ever be 21 mill? Simple, Theymos... the admin of this forum decided that. Hes also the creator of bitcoin . Didnt ya know?

There's a big difference when one has a willingness to learn!

A moron is someone who doesn't know something I just learned 5 minutes ago.

[halcyon]

Both Canada and Switzerland are Bitcoins best friends.

just wait until countries like Argentina, Venezuela or Chile embrace the Bitcoin

[Onews1990]

Both Canada and Switzerland are Bitcoins best friends.

just wait until countries like Argentina, Venezuela or Chile embrace the Bitcoin

If they don't ban it  it looks like developing countries are doing mass bitcoin banning with china,india and the recent russia bitcoin bans.

[marcus_of_augustus]

It'll be either Canada or Switzerland. Most of the other nations have declared themselves anti-Bitcoin.

Yep, these are the places to be for Western bitcoin start-ups.

Prepare accordingly.

[IamCANADIAN013]

Haha, the comments!

There is one, that sums up all misunderstandings about Bitcoin in one single Post. Amazing.

Bitcoin is just another fiat currency with no backing of any sort. Just like the plain old CDN$, its value depends on global demand and nothing else, no gold, no silver, no nothing. The idea that it is de-centralized is foolish. Every currency has its own single issuing authority. Who decided that there will only ever be 21 million bitcoins? Who creates the puzzles one must solve to mine the coins? If it was truly de-centralized I could just create my own bitcoins out of thin air and use them to buy whatever I need. Given its increasing popularity, unless more are created, its value will rise even farther to the point that even big ticket items will be very hard to buy because a single bitcoin will be unaffordable. Also, being digital-only and internet-based, it only takes one teenage hacker in Russia to blow down this whole house of cards.

Sounds like a guy my g/f works with.  Thinks he knows all about it, but is totally clueless and on the other end of the scale.

The only thing I see there that I also wonder about, is, Who decided there will only ever be 21 million?  How much of a guarantee is that?

Wow the irony.... calling someone clueless yet you'r also clueless yourself.

Who decided there will only ever be 21 mill? Simple, Theymos... the admin of this forum decided that. Hes also the creator of bitcoin . Didnt ya know?

While I'm just trying to learn, he's already drawn conclusions without any basis, see the difference?

Calling me clueless because I ask questions is one of the reasons I was hesitant to learn about this stuff.

[halcyon]

Both Canada and Switzerland are Bitcoins best friends.

just wait until countries like Argentina, Venezuela or Chile embrace the Bitcoin

If they don't ban it  it looks like developing countries are doing mass bitcoin banning with china,india and the recent russia bitcoin bans.

i think bitcoin just needs more marketing in these countries... but as you said the governments will probably do what they
can in order to prevent people from moving money out of the country using BTC or other coins :-(