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Author Topic: 2012-07-11 aatcomment.org.uk - Digital currency: does virtual cash have real ...  (Read 1853 times)
julz
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July 11, 2012, 10:57:56 PM
 #1

Article discusses Bitcoin,Ven,Flattr..
Quote
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:
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... 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.

@electricwings   BM-GtyD5exuDJ2kvEbr41XchkC8x9hPxdFd
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Foxpup
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July 12, 2012, 08:06:18 AM
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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...


Will pretend to do unverifiable things (while actually eating an enchilada-style burrito) for bitcoins: 1K6d1EviQKX3SVKjPYmJGyWBb1avbmCFM4
organofcorti
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Poor impulse control.


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July 12, 2012, 08:37:06 AM
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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...




Bitcoin network and pool analysis 12QxPHEuxDrs7mCyGSx1iVSozTwtquDB3r
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Realpra
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July 12, 2012, 12:19:46 PM
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"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".

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John (John K.)
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Will read PM's. Have more time lately


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July 12, 2012, 02:01:26 PM
 #5

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

My BTC Tip Jar: 1Pgvfy19uwtYe5o9dg3zZsAjgCPt3XZqz9 , GPG ID: B3AAEEB0 ,OTC ID: johnthedong
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organofcorti
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July 12, 2012, 02:10:21 PM
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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:


Bitcoin network and pool analysis 12QxPHEuxDrs7mCyGSx1iVSozTwtquDB3r
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John (John K.)
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Will read PM's. Have more time lately


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July 12, 2012, 02:13:57 PM
 #7

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.  Tongue


My BTC Tip Jar: 1Pgvfy19uwtYe5o9dg3zZsAjgCPt3XZqz9 , GPG ID: B3AAEEB0 ,OTC ID: johnthedong
Escrow service is available on a case by case basis! (PM Me to verify I'm the escrow!)

organofcorti
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Poor impulse control.


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July 12, 2012, 03:30:49 PM
 #8

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.  Tongue



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

Bitcoin network and pool analysis 12QxPHEuxDrs7mCyGSx1iVSozTwtquDB3r
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Spekulatius
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July 12, 2012, 04:34:17 PM
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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.  Tongue



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

LightRider
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I advocate the Zeitgeist Movement & Venus Project.


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July 12, 2012, 08:53:12 PM
 #10


Bitcoin combines money, the wrongest thing in the world, with software, the easiest thing in the world to get wrong.
Visit www.thevenusproject.com and www.theZeitgeistMovement.com.
sadpandatech
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July 12, 2012, 09:01:46 PM
 #11

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



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.....................................`=-,...................,%`>--==``.......
........................................_\........ ..._,-%.......`\...............
...................................,<`.._|_,-&``................`\..............

If you're not excited by the idea of being an early adopter 'now', then you should come back in three or four years and either tell us "Told you it'd never work!" or join what should, by then, be a much more stable and easier-to-use system. - GA
It is being worked on by smart people. -DamienBlack
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July 12, 2012, 09:02:52 PM
 #12


Fail, godaddy parking page

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sadpandatech
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July 12, 2012, 09:06:31 PM
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here ya go


If you're not excited by the idea of being an early adopter 'now', then you should come back in three or four years and either tell us "Told you it'd never work!" or join what should, by then, be a much more stable and easier-to-use system. - GA
It is being worked on by smart people. -DamienBlack
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July 12, 2012, 09:20:03 PM
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hahahaha, all the extras and everyone facepalm with one eye open so they can see what's going on. Grin

Mining Rig Extraordinaire - the Trenton BPX6806 18-slot PCIe backplane [PICS] Dead project is dead, all hail the coming of the mighty ASIC!
kiba
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July 12, 2012, 09:22:52 PM
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All these face palm are really uninformative.

sadpandatech
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July 12, 2012, 09:25:18 PM
 #16

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.

If you're not excited by the idea of being an early adopter 'now', then you should come back in three or four years and either tell us "Told you it'd never work!" or join what should, by then, be a much more stable and easier-to-use system. - GA
It is being worked on by smart people. -DamienBlack
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