2012-07-11 aatcomment.org.uk - Digital currency: does virtual cash have real ...

[julz]

Article discusses Bitcoin,Ven,Flattr..

Digital currency: does virtual cash have real risks?

Digital currency is shaking up transactions on the internet – but for many, it remains mysterious. Matt Packer explains how it works

Matt Packer
2012-07-11

http://www.aatcomment.org.uk/aat-developing-your-business/technology/digital-currency

...
Bitcoin holdings are pictured on users’ desktop clients in the form of blocks in a chain, with the largest holdings rising to the top. It is this image – and accompanying notion of an inverted pyramid – that has led critics to label Bitcoin as a Ponzi scheme.
...

(Matt Packer is Online Editor at Think Publishing.)

About AAT Comment:

... offering you news and opinion on the world of business and finance from the Association of Accounting Technicians (AAT).

AAT is the UK’s leading qualification and membership body for accounting staff. We award around 90% of all vocational qualifications in accounting, and are sponsored by the chartered accounting bodies CIPFA, ICAEW, CIMA and ICAS. We are based in London, UK.

AAT has more than 120,000 members in more than 90 countries worldwide and includes students, people working in accountancy and self-employed business owners.

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[Foxpup]

Those 21m coins are the playground for Bitcoin traders, who build up their savings by ‘mining’ the currency from other users via networks of micro trades.

Bitcoin holdings are pictured on users’ desktop clients in the form of blocks in a chain, with the largest holdings rising to the top. It is this image – and accompanying notion of an inverted pyramid – that has led critics to label Bitcoin as a Ponzi scheme.

...

Digital currencies are underwritten by private companies rather than governments, so critics argue that one set of problems has been pretty much exchanged for another.

Aside from administrative matters, though, the biggest concern is that digital currencies are as vulnerable to cyberattacks as any other electronic infrastructure. Bitcoin, for example, has endured several hacks...

[organofcorti]

Those 21m coins are the playground for Bitcoin traders, who build up their savings by ‘mining’ the currency from other users via networks of micro trades.

Bitcoin holdings are pictured on users’ desktop clients in the form of blocks in a chain, with the largest holdings rising to the top. It is this image – and accompanying notion of an inverted pyramid – that has led critics to label Bitcoin as a Ponzi scheme.

...

Digital currencies are underwritten by private companies rather than governments, so critics argue that one set of problems has been pretty much exchanged for another.

Aside from administrative matters, though, the biggest concern is that digital currencies are as vulnerable to cyberattacks as any other electronic infrastructure. Bitcoin, for example, has endured several hacks...

[Realpra]

"Mined from other users" ... I suppose you COULD try to bruteforce keys instead of hashes...


Seriously don't be a journalist if you can't grasp a wiki article for your "research".

[John (John K.)]

Oh please. *insert facepalm pic here*
Seriously, he should do some research on what he's writing. "Mined from other users" LOL

[organofcorti]

Oh please. *insert facepalm pic here*
Seriously, he should do some research on what he's writing. "Mined from other users" LOL

Here, use one of mine:

[John (John K.)]

Oh please. *insert facepalm pic here*
Seriously, he should do some research on what he's writing. "Mined from other users" LOL

Here, use one of mine:

I got one now. 

[organofcorti]

Oh please. *insert facepalm pic here*
Seriously, he should do some research on what he's writing. "Mined from other users" LOL

Here, use one of mine:

I got one now. 

Oh, epic! We should swap religious facepalm pics some day.

[Spekulatius]

Oh please. *insert facepalm pic here*
Seriously, he should do some research on what he's writing. "Mined from other users" LOL

Here, use one of mine:

I got one now. 

Oh, epic! We should swap religious facepalm pics some day.

[LightRider]

[sadpandatech]

For those times when a single /facepalm just doesn't cut it;



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[rjk]

Fail, godaddy parking page

[sadpandatech]

Fail, godaddy parking page

here ya go

[rjk]

Fail, godaddy parking page

here ya go

hahahaha, all the extras and everyone facepalm with one eye open so they can see what's going on.

[kiba]

All these face palm are really uninformative.

[sadpandatech]

All these face palm are really uninformative.

well, it just did not seem prudent to explain all the fallacies in the wirter's article because the writer is not likely to ever read this.