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Author Topic: Bitcoin  (Read 85684 times)

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Lothar

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Bitcoin
« on: June 07, 2010, 04:29:16 PM »

Anarchir & John Shaw inspired me...

Bitcoin.  I think I understand it.  I'm intrigued.  Anyone use it?  Is there anyone out there who could describe it in layman's terms?
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atomiccat

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Re: Bitcoin
« Reply #1 on: June 07, 2010, 04:49:40 PM »

http://www.bitcoin.org/faq

You let them use your CPU power in exchange for bitcoins? then buy stuff with them from merchants I guess

or buy them

"Our maximum exchange per request is currently 2500 BTC or $10 LR USD

Our minimum exchange per request is currently 250 BTC or $1 LR USD"

only services available are Money exchange services and web hosting pretty much, and 1 game

http://www.bitcoin.org/trade

anarchir

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Re: Bitcoin
« Reply #2 on: June 07, 2010, 04:58:51 PM »

This interesting. I'm not sure how it works exactly upon scanning but I'll have a look at it later (gotta head to work :P).
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alaric89

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Re: Bitcoin
« Reply #3 on: June 07, 2010, 05:06:10 PM »

Is this a way of rewarding the more productive on the internet, while encouraging productive internet use in others by using information and bandwidth as "currency"?
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Terror Australis

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Re: Bitcoin
« Reply #4 on: June 08, 2010, 02:44:08 AM »

Anarchir & John Shaw inspired me...

Bitcoin.  I think I understand it.  I'm intrigued.  Anyone use it?  Is there anyone out there who could describe it in layman's terms?

It is a currency that governments can't control.Instead of a monetary system based on a central bank swindle it is distributed across peer to peer networks as "nodes".If you have ever heard of TOR (the onion router) it makes it impossible for the feds to track transactions.It uses pgp encryption to manage the transaction http://www.pgpi.org/doc/pgpintro/ .If this takes off the state will lose control of the monetary system,unless they stop all electricity generation and make us live in caves.

« Last Edit: June 08, 2010, 02:51:47 AM by Terror Australis »
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anarchir

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Re: Bitcoin
« Reply #5 on: June 08, 2010, 02:49:56 AM »

Anarchir & John Shaw inspired me...

Bitcoin.  I think I understand it.  I'm intrigued.  Anyone use it?  Is there anyone out there who could describe it in layman's terms?

It is a currency that governments can't control.Instead of a monetary system based on a central bank swindle it is distributed across peer to peer networks as "nodes".If you have ever heard of TOR (the onion router) it makes it impossible for the feds to track transactions.



Explain further please...
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Terror Australis

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Re: Bitcoin
« Reply #6 on: June 08, 2010, 02:52:51 AM »

Anarchir & John Shaw inspired me...

Bitcoin.  I think I understand it.  I'm intrigued.  Anyone use it?  Is there anyone out there who could describe it in layman's terms?

It is a currency that governments can't control.Instead of a monetary system based on a central bank swindle it is distributed across peer to peer networks as "nodes".If you have ever heard of TOR (the onion router) it makes it impossible for the feds to track transactions.



Explain further please...
sorry i was modifying what i wrote.
It is a currency that governments can't control.Instead of a monetary system based on a central bank swindle it is distributed across peer to peer networks as "nodes".If you have ever heard of TOR (the onion router) it makes it impossible for the feds to track transactions.It uses pgp encryption to manage the transaction http://www.pgpi.org/doc/pgpintro/  .If this takes off the state will lose control of the monetary system,unless they stop all electricity generation and make us live in caves.
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User generated content + bitcoin = http://witcoin.com

Terror Australis

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Re: Bitcoin
« Reply #7 on: June 08, 2010, 02:56:50 AM »

Think of it like this.....the current money supply is printed at the federal reserve and sent out to banks.Under bitcoin every bank now has its own printing press.....making it impossible for the federal reserve to corner the production.It is open source money supply and therefore stealing your money through inflation is impossible.
« Last Edit: June 08, 2010, 02:59:21 AM by Terror Australis »
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davann

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Re: Bitcoin
« Reply #8 on: June 08, 2010, 01:20:48 PM »

Think of it like this.....the current money supply is printed at the federal reserve and sent out to banks.Under bitcoin every bank now has its own printing press.....making it impossible for the federal reserve to corner the production.It is open source money supply and therefore stealing your money through inflation is impossible.

I don't get it. How is currency created? As in, how do I earn bitcoins? Also, what can I use earned bitcoins for? What is available for purchase. From what I understand, money requires a nearly universal acceptance of it value to be classified as currency. Screwing the current system seems kinda like putting the cart before the horse.
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atomiccat

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Re: Bitcoin
« Reply #9 on: June 08, 2010, 04:48:59 PM »

you can buy Bitcoins with USD or Generate coins by letting them use your PC processing power, in which you get very very lttle bitcoins this way, so the bitcoins are based on CPU cycles I guess, and there are a few places that accept bitcoins but not many, if people in Keene started using it to transfer money around and buy and sell it might be useful, and people Using TOR use bitcoins to buy and sell illegal items.

And if you believe bit coins is a good idea it could be a alternative way of protecting against inflation

Lothar

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Re: Bitcoin
« Reply #10 on: February 13, 2011, 10:59:11 AM »

I've intended to look into this further since I first heard about it... until I noticed this http://www.freetalklive.com/content/bitcoin_now_worth_more_us_dollar.  So now, finally, I decided to at least download the client, and start selling cycles.  I left my computer/bitcoin running overnight wondering if I'd wake up and see .01, or more, Bitcoin balance.  Still 0, at this point.  Anyone have any experience w/Bitcoin to share?

A while ago I saw a schedule describing how Bitcoins would be released into the market.  Perhaps this is one of the points after the current batch have been generated, and before the next batch begins?
« Last Edit: February 13, 2011, 12:31:12 PM by Lothar »
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Turd Ferguson

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Re: Bitcoin
« Reply #11 on: February 13, 2011, 02:32:31 PM »

Yeah, I tried it just for giggles. Left it running for almost 2 days just to see how much it generated. Not a single cent yet.

At that rate, you might get 25 cents by the year 2020..............sweet!!!
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Riddler

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Re: Bitcoin
« Reply #12 on: February 13, 2011, 02:46:57 PM »

nigga takes cash

take the rest of your shit to the curb
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Turd Ferguson

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Re: Bitcoin
« Reply #13 on: February 13, 2011, 03:03:50 PM »

nigga takes cash

take the rest of your shit to the curb

Oh come on gringo!! I trade you my seester!!!
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Lothar

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Re: Bitcoin
« Reply #14 on: February 13, 2011, 03:40:53 PM »

I just had a conversation with someone about any/all encryption in general.  The basic point was this; don't believe that anything is private, or secure.  US military, and therefore likely other intel agencies, have the ability to crack anything, and "in not much time", too.
« Last Edit: February 13, 2011, 03:42:31 PM by Lothar »
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