peter (OP)
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December 09, 2010, 05:39:48 PM |
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According to NIST and ECRYPT II, the cryptographic algorithms used in
Bitcoin are expected to be strong until at least 2030. (After that, it
will not be too difficult to transition to different algorithms.)
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kiba
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December 09, 2010, 05:40:10 PM |
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Supply and demand.
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peter (OP)
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December 09, 2010, 05:50:32 PM |
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Supply and demand.
So there is some kind of system that is calculating transations ? How I can be sure that system is working good ? no controled by anyone outside. Controled only by programist that creat it. |
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kiba
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December 09, 2010, 06:00:42 PM |
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So there is some kind of system that is calculating transations ? How I can be sure that system is working good ? no controled by anyone outside. Controled only by programist that creat it.
The price of bitcoin is determined by the market. You can inspect the source code yourself. However, the real control lies in those who run the software. The programmer may wrote the code, but it's the user who run bitcoin that decide if they want to use it. |
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peter (OP)
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December 09, 2010, 08:08:21 PM |
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So there is some kind of system that is calculating transations ? How I can be sure that system is working good ? no controled by anyone outside. Controled only by programist that creat it.
The price of bitcoin is determined by the market. You can inspect the source code yourself. However, the real control lies in those who run the software. The programmer may wrote the code, but it's the user who run bitcoin that decide if they want to use it. and If someone is greedy He can do it easy.... I can find a programmer in one day. That will write me program that will behave like eur/usd chart with some extra adds like day price close at...that will work on meta trader program used to play forex. But I will need something like bitcoin and users want to play  |
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FreeMoney
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Strength in numbers
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December 09, 2010, 08:08:39 PM |
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Supply and demand.
So there is some kind of system that is calculating transations ? How I can be sure that system is working good ? no controled by anyone outside. Controled only by programist that creat it. Maybe visiting mtgox.com will help you understand? Click "trade data" then "depth of market" to see some current bids (offers to buy coins) and asks (offers to sell coins). Every one of these offers is valid and current, if you accept it then it happens immediately. This is not the only place where prices are determined, people trade on bicoin-otc and bitcoinmarket and a few others. The prices tend to stay near each other because if they deviate there is a profit opportunity for anyone willing to do the arbitrage. |
Play Bitcoin Poker at sealswithclubs.eu. We're active and open to everyone. |
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peter (OP)
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December 09, 2010, 08:14:15 PM |
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Supply and demand.
So there is some kind of system that is calculating transations ? How I can be sure that system is working good ? no controled by anyone outside. Controled only by programist that creat it. Maybe visiting mtgox.com will help you understand? Click "trade data" then "depth of market" to see some current bids (offers to buy coins) and asks (offers to sell coins). Every one of these offers is valid and current, if you accept it then it happens immediately. This is not the only place where prices are determined, people trade on bicoin-otc and bitcoinmarket and a few others. The prices tend to stay near each other because if they deviate there is a profit opportunity for anyone willing to do the arbitrage. read my post up, program will behave like people are really buy/sell. If i can do it, just think what this japanese bitcoin father can do |
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kiba
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December 09, 2010, 08:20:52 PM |
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read my post up, program will behave like people are really buy/sell. If i can do it, just think what this japanese bitcoin father can do
This is a forum. You could at least clean up your writing up to my level. We called Satoshi the bitcoin founder, not "father". Father is weird, IMHO. |
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nanotube
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December 09, 2010, 08:31:55 PM |
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read my post up, program will behave like people are really buy/sell. If i can do it, just think what this japanese bitcoin father can do
indeed, it's possible that mtgox is filled with 'shill offers'... that doesn't really change anything. if a shill-offer is offering to sell bitcoins at .20 usd/btc... and you accept it, you just bought some btc at .20. it doesn't matter if it was from a 'real person' or some 'puppetmaster' who is orchestrating a bunch of shill offers. in fact, there probably are some offers being managed by trading bots... just like on "the real stockmarket". as long as trading is going on at price X, that is de-facto what the 'price' is. |
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FreeMoney
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Strength in numbers
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December 10, 2010, 03:17:06 AM |
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Supply and demand.
So there is some kind of system that is calculating transations ? How I can be sure that system is working good ? no controled by anyone outside. Controled only by programist that creat it. Maybe visiting mtgox.com will help you understand? Click "trade data" then "depth of market" to see some current bids (offers to buy coins) and asks (offers to sell coins). Every one of these offers is valid and current, if you accept it then it happens immediately. This is not the only place where prices are determined, people trade on bicoin-otc and bitcoinmarket and a few others. The prices tend to stay near each other because if they deviate there is a profit opportunity for anyone willing to do the arbitrage. read my post up, program will behave like people are really buy/sell. If i can do it, just think what this japanese bitcoin father can do Uh, will your program let everyone sign up and trade? |
Play Bitcoin Poker at sealswithclubs.eu. We're active and open to everyone. |
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peter (OP)
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December 11, 2010, 02:15:25 PM |
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Uh, will your program let everyone sign up and trade?
[/quote]
what u mean ? you can sign up and trade on bitcoin
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kiba
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December 11, 2010, 02:47:22 PM |
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Uh, will your program let everyone sign up and trade?
what u mean ? you can sign up and trade on bitcoin [/quote] Dude, nobody understands what you're saying. You don't even understand bitcoin! |
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nanaimogold
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December 12, 2010, 12:59:41 PM |
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Guns don't kill people.
I kill people.
;-)
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FreeMoney
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Strength in numbers
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December 12, 2010, 01:44:13 PM |
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Uh, will your program let everyone sign up and trade?
what u mean ? you can sign up and trade on bitcoin Lol, he failed at quoting me asking him that after he seemed to be saying he could make a fake MtGox. |
Play Bitcoin Poker at sealswithclubs.eu. We're active and open to everyone. |
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Bimmerhead
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December 12, 2010, 08:27:30 PM |
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I'm not exactly sure what he's saying, but it sounds like something I've heard from people who don't have a firm grasp on the concept of personal responsibility.
I think he is saying that someone could easily 'manipulate the market' for bitcoin. The implication being that you will 'overpay' or be 'under compensated' when you buy or sell your bitcoins. This of course assumes that someone is holding a gun to your head and forcing you to buy/sell.
It's a worse case of the type of thinking that says insider trading must be banned to 'level the playing field', as if we were all in some sort of race when we buy or sell stocks. Of course this type of state intervention leads to more imperfect information in the market and the jailing of people for what is probably the most victimless crime possible. For not only is their arguably no victim, the rest of society actually benefits when an insider trade takes place as the insider is freely offering information into the system.
Sorry for the tirade, but I just listened to CBC News this afternoon and they were even more appalling than usual so I'm a bit worked up.
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FreeMoney
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Strength in numbers
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December 12, 2010, 10:20:59 PM |
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I'm not exactly sure what he's saying, but it sounds like something I've heard from people who don't have a firm grasp on the concept of personal responsibility.
I think he is saying that someone could easily 'manipulate the market' for bitcoin. The implication being that you will 'overpay' or be 'under compensated' when you buy or sell your bitcoins. This of course assumes that someone is holding a gun to your head and forcing you to buy/sell.
It's a worse case of the type of thinking that says insider trading must be banned to 'level the playing field', as if we were all in some sort of race when we buy or sell stocks. Of course this type of state intervention leads to more imperfect information in the market and the jailing of people for what is probably the most victimless crime possible. For not only is their arguably no victim, the rest of society actually benefits when an insider trade takes place as the insider is freely offering information into the system.
Sorry for the tirade, but I just listened to CBC News this afternoon and they were even more appalling than usual so I'm a bit worked up.
+1 for insider trading. |
Play Bitcoin Poker at sealswithclubs.eu. We're active and open to everyone. |
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nanaimogold
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December 14, 2010, 06:00:19 AM |
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...
Sorry for the tirade, but I just listened to CBC News this afternoon and they were even more appalling than usual so I'm a bit worked up.
Sounds like you need some mental floss. It's true that the btc traders can see their own influence because the market is so very tiny. A recent joke was about the fat amoebae in the tiny droplet who dreamed of being a big fish in a little pond. Fortunately there is no apparently malicious intent. A lot of people have put a lot of effort into this solution and none of us want to break it. The OP clearly does not know what bitcoin is and, even so, made his post in a denigrating manner. I imagine there is an ad hoc think tank calculating the destruction of Bitcoin right now. Possibly your tax dollars at work. |
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FreeMoney
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Strength in numbers
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December 14, 2010, 09:09:47 AM |
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I imagine there is an ad hoc think tank calculating the destruction of Bitcoin right now. Possibly your tax dollars at work.
I hope they hurry so it won't cost too much of my money  |
Play Bitcoin Poker at sealswithclubs.eu. We're active and open to everyone. |
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Vinnie
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December 16, 2010, 07:08:39 AM |
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I get what he's trying to say. The programist father can get make bit users pay.
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Sultan
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January 16, 2011, 02:24:48 PM |
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I suppose the real answer to the OP, and I apologise if I'm just simply recycling previous posts, is you need to ask the question: "How much am I willing to buy/sell BitCoins for?"
That is your personal exchange rate, if somebody else agrees with you, then you have a sale.
As said before, it doesn't matter if all the offers there are artificially inserted by the exchange themselves. The only problem comes is if they are selling BitCoins they don't have, in which case the problem is something else entirely, and not manipulation of the market.
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