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Author Topic: Bitcoin  (Read 81416 times)

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Alex Libman

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Re: Bitcoin
« Reply #30 on: March 23, 2011, 04:32:24 AM »

From Slashdot -- Google Engineer Releases Open Source Bitcoin Client --

Quote
angry tapir writes:

"A Google engineer has released an open source Java client for the Bitcoin peer-to-peer currency system [WP], simply called BitcoinJ.  Bitcoin is an Internet currency that uses a P2P architecture for processing transactions, avoiding the need for a central bank or payment system.  Cio.com.au also has an interview with Gavin Andresen, the technical lead of the Bitcoin virtual currency system."

Just don't say you're minting anything.

There was an empty link in the last sentence - perhaps the author wanted to link to a story about Liberty Dollar but screwed up.


(My fellow supporters of market-friendly free software licenses (as opposed to the commie GNU crap) will be happy to hear that BitcoinJ has an Apache license, and hopefully it will be able to run on the Apache Harmony JVM in addition to the restrictive GPL one from Oracle.  The original Bitcoin client also has a Copyfree license, but it has some restrictive dependencies (ex. wx) and it's a pain to install on *BSD.)
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anarchir

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Re: Bitcoin
« Reply #31 on: March 23, 2011, 05:17:55 AM »

That Silk Road tor/bitcoin market looks mighty interesting.
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Terror Australis

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Re: Bitcoin
« Reply #32 on: March 27, 2011, 06:51:25 AM »

http://forums.whirlpool.net.au/forum-replies.cfm?t=1663664

Just want to post this here to show how deeply the Australian population is brainwashed and how hard it is to convince people they are being conned.

The best quote I saw in the thread was someone saying "I love paying tax"

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dalebert

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Re: Bitcoin
« Reply #33 on: March 27, 2011, 09:28:01 AM »

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.

It comes in chunks after a long period of time.  Based on the mathematics and an average processor, you should get about 50 after a year and that number will go down over time in order to be a control on inflation.  I've heard there is a cap of about 24 million that can never be exceeded.  I don't think this is a hard cap on them because that's likely impossible with a distributed node system.  I think it's more of an asymptotic limit.

Turd Ferguson

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Re: Bitcoin
« Reply #34 on: March 27, 2011, 09:43:18 AM »

http://forums.whirlpool.net.au/forum-replies.cfm?t=1663664

Just want to post this here to show how deeply the Australian population is brainwashed and how hard it is to convince people they are being conned.

The best quote I saw in the thread was someone saying "I love paying tax"



Same goes with the American population.

Im at the point where I've given up all hope of ever educating the masses that they are being systematically screwed out of their own freedom.


Let them eat their cake.............. till theres none left.
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Turd Ferguson

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Re: Bitcoin
« Reply #35 on: March 27, 2011, 10:36:56 AM »

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.

It comes in chunks after a long period of time.  Based on the mathematics and an average processor, you should get about 50 after a year and that number will go down over time in order to be a control on inflation.  I've heard there is a cap of about 24 million that can never be exceeded.  I don't think this is a hard cap on them because that's likely impossible with a distributed node system.  I think it's more of an asymptotic limit.


In that case, I'd be better off taking that processing power and using it instead for charging batteries and selling them to someone at a flea market.  :lol:
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Lothar

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Re: Bitcoin
« Reply #36 on: March 28, 2011, 12:06:07 AM »

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.

It comes in chunks after a long period of time.  Based on the mathematics and an average processor, you should get about 50 after a year and that number will go down over time in order to be a control on inflation.  I've heard there is a cap of about 24 million that can never be exceeded.  I don't think this is a hard cap on them because that's likely impossible with a distributed node system.  I think it's more of an asymptotic limit.


My understanding is that there will only ever be 21,000,000 Bitcoins available.  10.5 million of them made in the first 4 years.  5.25 more in the next 4.  2.625 made in the next 4, and so on, until all 21 million are in distribution.  It will become possible to transact in as small as .00000001 Bitcoin (if I remember correctly) as needed.
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BonerJoe

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Re: Bitcoin
« Reply #37 on: March 29, 2011, 11:44:05 PM »

The only people that care about BitCoin are the speculators trying to make a shitload on their investment.

*STARES AT SOMEONE IN THIS THREAD*
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anarchir

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Re: Bitcoin
« Reply #38 on: March 30, 2011, 12:05:55 AM »

The only people that care about BitCoin are the speculators trying to make a shitload on their investment.

*STARES AT SOMEONE IN THIS THREAD*

Its a good point. The only reason I'd buy any at this point would to specifically buy something like for instance from the silkroad site.
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yamnuska

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Re: Bitcoin
« Reply #39 on: March 30, 2011, 05:35:36 AM »

A suggested thread on anonymity..

http://www.bitcoin.org/smf/index.php?topic=241.0

Someone said "I'm not saying that it's not something worth working on, but we shouldn't prioritize anonymity features ahead of basic functionality, ease-of-use, and driving adoption.".  I disagree with that.  If it's secure, and anonymous, "driving adoption" won't be an issue.

I strongly agree, there is a huge market for people to go online and trade anonymously, and not for evil purposes either. People just want government free transaction possibilities, especially since every other online currency is bending over and doing whatever the government wants. I think we'll gradually see more currencies like bitcoin pop up and become linked to each other and the markets, people will do it and governments will jump up and down and be able to do absolutely NOTHING about it. I don't like calling bitcoin an alternative currency either, it's a currency, we need to call it such, to do so otherwise demeans the whole idea.
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phonon

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Re: Bitcoin
« Reply #40 on: May 19, 2011, 09:44:55 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.

It comes in chunks after a long period of time.  Based on the mathematics and an average processor, you should get about 50 after a year and that number will go down over time in order to be a control on inflation.  I've heard there is a cap of about 24 million that can never be exceeded.  I don't think this is a hard cap on them because that's likely impossible with a distributed node system.  I think it's more of an asymptotic limit.


My understanding is that there will only ever be 21,000,000 Bitcoins available.  10.5 million of them made in the first 4 years.  5.25 more in the next 4.  2.625 made in the next 4, and so on, until all 21 million are in distribution.  It will become possible to transact in as small as .00000001 Bitcoin (if I remember correctly) as needed.


Since the code is open source, would it be possible for someone to modify the program to where it would create lots of bitcoins quickly? If this version of the program becomes popular it seems that bitcoins would become worthless relatively quickly.
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Lothar

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Re: Bitcoin
« Reply #41 on: May 19, 2011, 09:55:21 PM »

It's been a while since I had a grasp as to why, but no.  Every transaction, and each client, has a record of every other transaction.  Theoretically, if everyone stopped generating, or if the internet kill switch was thrown, the chain could be "hijacked".

Sorry I can't explain any better, but someone included a podcast earlier in the thread where they went into detail, I believe.
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dalebert

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Re: Bitcoin
« Reply #42 on: May 20, 2011, 10:25:21 AM »

If you're not a math and/or software expert, it's going to be really hard to fully grasp the concept.  In the meantime, it's probably not unreasonable to have some faith in a bunch of experts who insist that the system has been pretty fully vetted for such things.

anarchir

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Re: Bitcoin
« Reply #43 on: May 21, 2011, 02:32:59 AM »

If you're not a math and/or software expert, it's going to be really hard to fully grasp the concept.  In the meantime, it's probably not unreasonable to have some faith in a bunch of experts who insist that the system has been pretty fully vetted for such things.

Sort of like how people dont ynderstand credit cards and the like,
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BonerJoe

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Re: Bitcoin
« Reply #44 on: May 21, 2011, 08:59:03 AM »

Sort of like how people dont ynderstand credit cards and the like,

I took a pair of shoes in to get repaired. The repair guy is like 45 or so. We chit chat, and he mentions my shoe size. He says "Gotta be hard finding those." I'm like "Not really, just order them off the internet."

He says "Oh, I keep forgetting you can do that."

Maybe its all the vapors from the shoe polish.
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