Bitcoin

[mwa102464]

Has anyone used Bitcoin yet to pay for anything to do with ecigs ? = http://www.bitcoin.org/

 

[AttyPops]

Sure you want to????? There's a lot of stories about inflation of bitcoin... also, virus rip-off schemes. Check google's tech news for bitcoin. IDK. I'm a wait and see on that one.

 

[mwa102464]

I think it's an exceptional concept, I hope it works out !

 

[Iffy]

Day-um, I'm just gettin' comfortable with e-cig jargon. Anyone find the Bitcoin Cliff Notes?

 

[MagnusEunson]

Bitcoin discussion should probably stay over in OUTSIDE! or as WTTF in Classifieds.

Some people dabble in it, some people don't trust it at all, market dynamics, etc.

There is no e-cig vendor yet listed on the official wiki at https://en.bitcoin.it/wiki/Trade .. and before Silk Road closed there were no e-cig suppliers there either. -Magnus

 

[fray]

I already have money that is not backed by anything

 

[cozzicon]

I think it's an exceptional concept, I hope it works out !

I do too. I've got about 1000Gh running right now on my mining system.

Had the extra hardware- so why the heck not.

 

[haft2doit]

I already have money that is not backed by anything

No country's money is backed by anything. We all just trade debt now

 

[kevbow]

Bitcoin discussion should probably stay over in OUTSIDE! or as WTTF in Classifieds.

Some people dabble in it, some people don't trust it at all, market dynamics, etc.

There is no e-cig vendor yet listed on the official wiki at https://en.bitcoin.it/wiki/Trade .. and before Silk Road closed there were no e-cig suppliers there either. -Magnus

There actually is an ecig vendor that uses bitcoin. Russ will talk about bitcoin and his experience buying ecigs using bitcoin on his show this Tuesday.

 

[AttyPops]

I agree that it's a neat concept. OTOH... I donate my cpu hours for charity.... using the World Community Grid.

I suppose I could use bitcoin mining instead. IDK what the bitcoin projects are tho... any links/info??????

Then there's this from the wiki:

The drawback is that the amount of work that has to be done for one bitcoin is currently over 500,000 times more than the amount of work at which the first bitcoins were going. As more people join, and also because of a reward function that halves the number of rewarded bitcoins every so many blocks, it becomes harder to "generate" bitcoins over time, using the same CPU/GPU power.

So... still unsure.

EDIT: well cozz.... some say the exchange rate for real USD went from 1.0 to 30.0 . lol. It's around 16ish now. IDK if you're sitting on $1,000.00 USD or $30,000 USD or somewhere in between. Wonder how it really works out???? What did you spend your CPU/GPU hours on.... Skynet? Who knows, maybe you helped cure cancer.

The whole thing reminds me of the real monetary system... we don't really know where all of it goes either!

 

[cozzicon]

I agree that it's a neat concept. OTOH... I donate my cpu hours for charity.... using the World Community Grid.

I suppose I could use bitcoin mining instead. IDK what the bitcoin projects are tho... any links/info??????

Then there's this from the wiki:


So... still unsure.

EDIT: well cozz.... some say the exchange rate for real USD went from 1.0 to 30.0 . lol. It's around 16ish now. IDK if you're sitting on $1,000.00 USD or $30,000 USD or somewhere in between. Wonder how it really works out????

Well... if bitcoins went to $0 I would have wasted some electricity. if they go to $40.... Well.. lets just say retirement is pretty darned close

 

[Thulium]

I suppose I could use bitcoin mining instead. IDK what the bitcoin projects are tho... any links/info??????

The beauty of the Bitcoin process is that processing is done to help keep the system secure. The more processing power that is used to mine for bitcoins and re-verify transactions, the more processing power would be required to crack it and the currency has a better chance of keeping its value.

 

[Thank You]

No country's money is backed by anything. We all just trade debt now

hahahaha good one

 

[bassworm]

The very way the bitcoin key's work is insecure, since they have to be available on the internet at all times, what you need to do is after you generate a coin, or key for a coin, and you are not going to transfer its value , you need to move that information into an encrypted storage container until you are ready to use it ( there was a good twitter conversation between some infosec pros about this )

I downloaded the bitcoin application but have yet to mine or anything, my understanding is its assumed by "agents" if you are trading with bitcoin you are doing it for very nefarious purposes -- My understanding is you want to use a currency exchange such as Liberty Reserve to transfer in and out of bitcoin, but yeah, bitcoin is a really cool concept and I hope it catches on.

 

[MagnusEunson]

The very way the bitcoin key's work is insecure, since they have to be available on the internet at all times, what you need to do is after you generate a coin, or key for a coin, and you are not going to transfer its value , you need to move that information into an encrypted storage container until you are ready to use it ( there was a good twitter conversation between some infosec pros about this )

I think you misunderstood something. After any given transaction or generation is validated you can move your wallet offline. The information remaining out among the peers cannot be used to do anything with it. And you can generate as many bitcoin addresses (one per transaction if you want) as you want. There has been talk of adding a default step of signing your wallet and your transactions but that would be at the cost of reducing anonymity. Since the BTC isn't entirely anonymous, it's possible that these variants will catch on. Are you talking about Halvar's tweets on the topic?

I downloaded the bitcoin application but have yet to mine or anything, my understanding is its assumed by "agents" if you are trading with bitcoin you are doing it for very nefarious purposes -- My understanding is you want to use a currency exchange such as Liberty Reserve to transfer in and out of bitcoin, but yeah, bitcoin is a really cool concept and I hope it catches on.

I think such assumptions are part of the politics of it and while that's certainly a use, just as many of us use it for the same purposes we'd use USD for.

Conceptually, as a first pass virtual P2P currency, it already shows a lot of promise. What evolves from here will be most interesting! -Magnus

 

[TNT]

Well... if bitcoins went to $0 I would have wasted some electricity. if they go to $40.... Well.. lets just say retirement is pretty darned close

I'd suggest doing some profit-taking at the first available opportunity. It seems as though the entire point behind bitcoin is to purposely create a scarce commodity (what could possibly go wrong with that?), thereby triggering deflation (one way to look at that is: a rise in value of a currency). The problem is, bitcoins will never be scarce, mostly because if they disappear tomorrow, or 20 years from now, only a very few people in the world would care. (Unlike, say, if the dollar or Euro would collapse, in which case, pretty much 6 billion people would immediately feel the effects.)

They are more like collecting and trading Beanie Babies than they are currency trading, except if bitcoins fail, you won't even have a stuffed animal to sit around the house.

 

[haft2doit]

Seems like just a new way to generate money that doesn't exist. The whole "economic" system is just broken. Once people started treating money as a commodity in itself the economy is doomed to fail. Good luck with this.

 

[6pointprime]

I went to bitvapes.com and placed an order for some eGos using bitcoins. If you want to hear about what happened, I'll be talking about it on my show tonight, June 28th at 9PM EST. See you there! If you missed the show this link will still work in the future for a replay of the show.

33 1/3 minutes with dumwaldo and a .357 announcement 06/28 by kevbow | Blog Talk Radio

 

[bassworm]

I very well could have misunderstood something, thanks for elaborating, ill have to do more research on this when my time frees up.

I think you misunderstood something. After any given transaction or generation is validated you can move your wallet offline. The information remaining out among the peers cannot be used to do anything with it. And you can generate as many bitcoin addresses (one per transaction if you want) as you want. There has been talk of adding a default step of signing your wallet and your transactions but that would be at the cost of reducing anonymity. Since the BTC isn't entirely anonymous, it's possible that these variants will catch on. Are you talking about Halvar's tweets on the topic?



I think such assumptions are part of the politics of it and while that's certainly a use, just as many of us use it for the same purposes we'd use USD for.

Conceptually, as a first pass virtual P2P currency, it already shows a lot of promise. What evolves from here will be most interesting! -Magnus

 

[MagnusEunson]

An interesting paper (download the PDF) on why decentralized currencies may never work, and it applies to Bitcoin, I think it's still a concept that will last but this a good counterpoint worth reading. -Magnus

Links » Decentralised Currencies Are Probably Impossible (But Let’s At Least Make Them Efficient)