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Author Topic: Bitcoin is only good as digital gold and black-market currency.  (Read 1388 times)
Anonymous
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July 02, 2011, 10:45:49 PM
 #1

In its current form, Bitcoin is only practical as a store-of-value and for use in markets that require anonymity such as online black markets like SilkRoad. If you're betting on it being the general currency of the future, you have little ground to stand on.

I am working on a solution as we speak. See Codename: EasyCoin. Otherwise, don't hold your breath.

I'm done here.
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dinzy
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July 02, 2011, 10:53:13 PM
 #2

Or, we need to get more people to use it to buy drugs so the value of our digital stockpiles rise. 
BCwinning
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July 02, 2011, 10:57:36 PM
 #3

In its current form, Bitcoin is only practical as a store-of-value and for use in markets that require anonymity such as online black markets like SilkRoad. If you're betting on it being the general currency of the future, you have little ground to stand on.

I am working on a solution as we speak. See Codename: EasyCoin. Otherwise, don't hold your breath.

I'm done here.
1) it's beta still
2) due to the above it hasn't been widely adapted
3) still plenty of ways to do the above with fiat
The list could go on
but good luck

https://www.rixty.com?ref=1337507 sign up for rixty
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cloud9
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July 02, 2011, 11:07:24 PM
 #4

In its current form, Bitcoin is only practical as a store-of-value and for use in markets that require anonymity such as online black markets like SilkRoad. If you're betting on it being the general currency of the future, you have little ground to stand on.

I am working on a solution as we speak. See Codename: EasyCoin. Otherwise, don't hold your breath.

I'm done here.

Wow! How's that for someone who has invested "17 days, 6 hours and 40 minutes." into bitcoin.org to this day ( http://forum.bitcoin.org/index.php?action=profile;u=3278;sa=statPanel ).

Bitcoin digital good commodity (also used as currency / medium of exchange in barter transactions for other goods / services / currency) are being produced by a capital intensive network of computing power, human endeavor with accompanying running and maintenance cost to the beat of ~12 THash/sec, making it a VERY secure cryptographic key pair signing network.  This may be compared to an average laptop signing security of 600 kHash/sec - the Bitcoin network thus equates the calculation security of ~20 million laptops.  This network signs 50 new Bitcoins approximately every ~10 minutes with a precious unique cryptographic keypair that as a difficulty adjustment in its intrinsic value (that has been sieved and extracted to be mathematically pure amongst the numerous rubish combinations of 0's and 1's).

Gold physical commodity are being prospected, excavated and extracted at a similar high cost to its value.  It is increasingly more difficult to extract gold from the earth's crust.  Early humans have collected it from the surface, today some humans enter the bowls of the earth up to 3km in depth to collect the precious cargo, before it gets sieved and extracted to be 99,99% pure gold atoms.

As a question - how secure will your EasyCoin be - will it be very easy to counterfeit or will its value roughly equal its production cost.  Or will EasyCoin not be a digital commodity like Bitcoin (although it is also used as currency/medium of exchange , among its other uses like message signing, secure web identification, or message encryption) but just a script/promissary note currency, not having intrinsic cryptographic value?  If this is the case, wouldn't your project not be falling within the realms of digital manufactured goods and communications technology - but within the realms of financial services?

Disclaimer:  Postings of Cloud9 are only individual views of opinion and/or musings and/or hypothesisses.  On a non-authoritative, peer-to-peer public forum, you do not need permission from Cloud9 to derive your own conclusions or opinions, so please do.  Calculations and assumptions to be verified.
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July 02, 2011, 11:07:32 PM
 #5

Atlas, you are not alone, who worked on fast, anonymous currency backed by bitcoins. Interesting, who will first came with at least alpha version.
Ah, yes... That other guy`s , they are for real WORKING on it.

We will  meet in not-so-distant future.
Today`s strange music :
http://www.youtube.com/watch?v=V8mCgjbBPMk
Yesterday`s  strange music:
http://www.youtube.com/watch?v=-uCTyC1FGLw
Oldminer
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July 02, 2011, 11:38:32 PM
 #6

Or, we need to get more people to use it to buy drugs so the value of our digital stockpiles rise. 

 Grin

If you like my post please feel free to give me some positive rep https://bitcointalk.org/index.php?action=trust;u=18639
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Anonymous
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July 02, 2011, 11:42:21 PM
 #7

In its current form, Bitcoin is only practical as a store-of-value and for use in markets that require anonymity such as online black markets like SilkRoad. If you're betting on it being the general currency of the future, you have little ground to stand on.

I am working on a solution as we speak. See Codename: EasyCoin. Otherwise, don't hold your breath.

I'm done here.

Wow! How's that for someone who has invested "17 days, 6 hours and 40 minutes." into bitcoin.org to this day ( http://forum.bitcoin.org/index.php?action=profile;u=3278;sa=statPanel ).

Bitcoin digital good commodity (also used as currency / medium of exchange in barter transactions for other goods / services / currency) are being produced by a capital intensive network of computing power, human endeavor with accompanying running and maintenance cost to the beat of ~12 THash/sec, making it a VERY secure cryptographic key pair signing network.  This may be compared to an average laptop signing security of 600 kHash/sec - the Bitcoin network thus equates the calculation security of ~20 million laptops.  This network signs 50 new Bitcoins approximately every ~10 minutes with a precious unique cryptographic keypair that as a difficulty adjustment in its intrinsic value (that has been sieved and extracted to be mathematically pure amongst the numerous rubish combinations of 0's and 1's).

Gold physical commodity are being prospected, excavated and extracted at a similar high cost to its value.  It is increasingly more difficult to extract gold from the earth's crust.  Early humans have collected it from the surface, today some humans enter the bowls of the earth up to 3km in depth to collect the precious cargo, before it gets sieved and extracted to be 99,99% pure gold atoms.

As a question - how secure will your EasyCoin be - will it be very easy to counterfeit or will its value roughly equal its production cost.  Or will EasyCoin not be a digital commodity like Bitcoin (although it is also used as currency/medium of exchange , among its other uses like message signing, secure web identification, or message encryption) but just a script/promissary note currency, not having intrinsic cryptographic value?  If this is the case, wouldn't your project not be falling within the realms of digital manufactured goods and communications technology - but within the realms of financial services?

I am going to have a business plan up soon. Just wait until then. Haha.
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July 02, 2011, 11:51:03 PM
 #8

Bitcoin value isn't rising fast enough for you so now you start bashing it as a usefull payment system and make your own?
Adios Atlas...

14b8PdeWLqK3yi3PrNHMmCvSmvDEKEBh3E
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July 02, 2011, 11:55:39 PM
 #9

In its current form, Bitcoin is only practical as a store-of-value and for use in markets that require anonymity such as online black markets like SilkRoad, or organizations that official power structures that control the flow of currency want to starve and strangle. If you're betting on it being the general currency of the future, you have little ground to stand on.

I am working on a solution as we speak. See Codename: EasyCoin. Otherwise, don't hold your breath.

I'm done here.

Fixed that for you.
AtlasONo
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July 03, 2011, 03:18:32 AM
 #10

"I'm done here."

I wish!  Cheesy
FlipPro
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July 03, 2011, 04:17:18 AM
 #11

Disappointed in you Atlas  Sad SMH .

LEASE THIS SIGNATURE OUT WEEKLY/MONTHLY.

PM ME FOR DETAILS
NghtRppr
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July 03, 2011, 04:23:38 AM
 #12

Otherwise, don't hold your breath.

Even if it happens tomorrow, I wouldn't advise holding your breath that long.
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