Bitcoin

[error]

Ahhh, 18th century thinking in the 21st century world. I wonder what Adam Smith or Murray Rothbard would have thought of the Internet.

[dalebert]

The Internet has no intrinsic value.  It's just bits.

[sillyperson]

The Internet has no intrinsic value.  It's just bits.

Ever been to a data farm, boy?
It's a hell of a lot of physical assets, paid for by people who want to buy services that, before computers, would have been "magic"

I see the intrinsic value here:


I see no intrinsic value in the number below, despite its fascinating mathematical qualities:
170141183460469231731687303715884105727

[Level 20 Anklebiter]

Bitcoin has a weakness: the wallets themselves. It's been discussed before by the developers that this is a big issue, so I suspect they'll either offer tools to encrypt or to store the wallets securely. Until then, I'd say steer clear of bitcoin. Also, where the hell are the big vendors at that support it? Oh wait, they don't exist, so it's not worth it as a service either. Sorry, for being a jerk about this, but lets be realistic: it's a neat exercise in a distributed monetization system, but it is not (nor ever will be) a replacement for cold hard cash (preferably the shiny yellow kind).

[freeAgent]

When the value of a currency, or any asset for that matter, is changing wildly as bitcoin has been, it's a red flag...especially when it's relatively new and untested.  You can hardly consider bitcoin a medium of exchange when the value is changing so much.  It's more of an investment, and that investment is backed by nothing except the network of machines participating in the bitcoin system.  There are no physical assets, and unlike USD, there are no guns forcing anyone to accept bitcoin.  Once the value stabilizes, I'll be more comfortable using bitcoin but for now it is far too volatile.

[anarchir]

Also, in an attempt to lighten the tone on this subject -

You read to much reddit/4chan

artoftrolling.memebase.com

[sillyperson]

Bitcoin would be a bad idea even if it were implemented well.
Unfortunately, however....


http://it.slashdot.org/story/11/06/17/141228/Trojan-Goes-After-Bitcoins

http://it.slashdot.org/comments.pl?sid=2247736&cid=36474542

I always thought that the actual money file was encrypted, and could have an arbitrary name. You know, like a truecrypt volume file. Then I find out it's by default a text file hanging out on your computer. Fine and dandy if you have 100% control over your computer at all times, but we all know that's never the case. And judging by the passwords people use, it will be easy to brute force most passwords.

Somehow, I think bitcoin is going to flame out in a rash of digital thievery when criminals realize that it is easier to steal someone's bitcoin file than it is to mine it or even look for credit card info.

[sillyperson]

http://www.schiffradio.com/

Today's guest is Donald Norman, co-founder of Bitcoin Consultancy, on why an online digital currency is the monetary system of the future. Peter is looking forward to your calls on politics, finance, and the economy.

SHOW HOURS: Weekdays, 10am-noon ET

[alaric89]

http://gizmodo.com/5813039/theres-a-virus-that-will-steal-all-your-bitcoins
I told you guys to buy silver.

[John Shaw]

I told you guys to buy silver.

*Looks over at some silver*

Nods sagely.

[Sam Gunn (since nobody got Admiral Naismith)]

I told you guys to buy silver.

*Looks over at some silver*

Nods sagely.

And I also was a doubter.

[Turd Ferguson]

http://gizmodo.com/5813039/theres-a-virus-that-will-steal-all-your-bitcoins
I told you guys to buy silver.

See, now they cant even track the stolen bitcoins down and return them to their rightful owners because they are just floating around the inter-t00bs. I wonder, does each bitcoin have its own individually identifiable serial number or something like that? Can they cancel the stolen ones out somehow, or make new replacements for those stolen ones?................... what a mess.

Just more evidence of how much nothing the bitcoin is.

[anarchir]

http://gizmodo.com/5813039/theres-a-virus-that-will-steal-all-your-bitcoins
I told you guys to buy silver.

See, now they cant even track the stolen bitcoins down and return them to their rightful owners because they are just floating around the inter-t00bs. I wonder, does each bitcoin have its own individually identifiable serial number or something like that? Can they cancel the stolen ones out somehow, or make new replacements for those stolen ones?................... what a mess.

Just more evidence of how much nothing the bitcoin is.

If they can manipulate it so much, well how can they NOT have eventual corruption.

[Turd Ferguson]

http://gizmodo.com/5813039/theres-a-virus-that-will-steal-all-your-bitcoins
I told you guys to buy silver.

See, now they cant even track the stolen bitcoins down and return them to their rightful owners because they are just floating around the inter-t00bs. I wonder, does each bitcoin have its own individually identifiable serial number or something like that? Can they cancel the stolen ones out somehow, or make new replacements for those stolen ones?................... what a mess.

Just more evidence of how much nothing the bitcoin is.

If they can manipulate it so much, well how can they NOT have eventual corruption.

yeah, I guess thats the catch isnt it.

[sillyperson]

On the Peter Schiff interview the Bitcoing guy (Donald Norman) kept saying over & over that he wanted more regulation for Bitcoins.

You people using these things are going to get screwed in every possible way.