bitcoin

I have .0225 in bitcoin which was worth $15 mid-last year and now it's just over $6, woo?

Tulip Coin

Titcoin

I doubt i'll venture into bitcoin myself for a while, but I like the idea. Fiat currencies have their flaws (and imo they will become increasingly evident in coming decades as growth slows, which will butt up against inflationary policy, listen to me pretending to be an economist lawl), and there should be an alternative for those who wish to use it. Ultimately I see it as an experiment - how do non-fiat currencies fare in the modern age?

What happens to the super wealthy if most of the globe makes the leap to cryptocurrencies? Will they make the jump in time to spare their wealth or will they be left behind with useless fiat?

Governments and financial institutions would have to make the leap to cyber currencies for this to mean anything. And most of the globe doesn't even know cyber currencies exist.

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amazing. andreas antonopoulos explains to a room full of canadian senators why their attempts to regulate bitcoin will be futile.

What he actually says is: don't apply traditional regulatory oversight based on centralized networks with custodial accounts to Bitcoin.

He says don't regulate it yet, wait until we understand it better and the tech is more mature. He estimates 8 years to get to that point.

However, as smart as he is, he doesn't get the nature of the average person. End-user security means making sure your wallet is secure. We've seen how difficult it is to get people to act securely on the Internet.

8 years worth of non-regulated end-user security equals: a whole lot of people whose wallets have been hacked screaming for regulation.

After all, it's never their fault.

As long as the idea is to convert Bitcoin to other currencies, thereby making exchanges necessary, there are going to be vulnerabilities and there will be people eager to exploit those vulnerabilities, as we've already seen on numerous occasions.

The block chain is more interesting than crypto-currency in my opinion.

  On 3/26/2015 at 7:55 AM, chenGOD said:

What he actually says is: don't apply traditional regulatory oversight based on centralized networks with custodial accounts to Bitcoin.

He says don't regulate it yet, wait until we understand it better and the tech is more mature. He estimates 8 years to get to that point.

However, as smart as he is, he doesn't get the nature of the average person. End-user security means making sure your wallet is secure. We've seen how difficult it is to get people to act securely on the Internet.

8 years worth of non-regulated end-user security equals: a whole lot of people whose wallets have been hacked screaming for regulation.

After all, it's never their fault.

 

As long as the idea is to convert Bitcoin to other currencies, thereby making exchanges necessary, there are going to be vulnerabilities and there will be people eager to exploit those vulnerabilities, as we've already seen on numerous occasions.

 

The block chain is more interesting than crypto-currency in my opinion.

He actually says that, yes. You can tell he was being very careful about how he spoke to the senators though. He's been a lot more open in other talks about how governments will struggle to control a technology like bitcoin. What are their options anyway? Pursue the users? I feel that their attempts to "regulate" bitcoin will not work and as it grows it only becomes more stable and difficult to disrupt. Coin mixing services are already getting much more complex and can now completely sever the taint linking transactions.

from http://forum.watmm.com/topic/67429-stupid-first-world-problems-youre-dealing-with/?p=2308666

  Quote

 

Bitcoin is a silly idea as a currency. Limited resource with little oversight equals many unscrupulous people trying their best to scam the shit out of honest people. Because there is no regulation, there is no recourse to the justice system.

As an investment it might do alright, kind of like digital gold.

you're right. it is impossible to regulate pretty much. governments can exert control over the services that construct themselves around the bitcoin protocol. coinbase is abiding by american government rules right now, and i've read they are tight on them. if bitcoin were to grow enough in the usa that trust in the US dollar diminishes, the government in it's entirety would be unable to operate like they do now. that to me is either a very scary alternative future or a few inches closer to some kind of utopia.

i think bitcoin is a bit silly. it's novel and kinda cute, even the name. it exists only on my computer devices. all of of our computer devices globally use numbers to agree with each other and form a massive monolithic force of agreement, values, and record. how fucking weird is that? it's the same reason i threw my wallet away years ago now.

attempts to scam and fraud are inevitable i guess. bitcoin now requires considerably more understanding to use. gullible operators are going to get steamrolled still. on one extreme bitcoin can potentially be 100% anonymous, and at the same be very transparent for those willing. i can give you my addresses and you can watch my every move until i voluntarily sever taint.

i do like that i can create paper wallets, cold storage, etc.. oh and multi-signature escrow is a neat recent development. good luck anyone to anyone trying to steal from my paper wallet now. :) it's private key is generated by a random seed generated by questions only i can answer, all with impossibly high level of entropy. if threatened and i choose to enter the void anyway, my bitcoin will still be mine. in a way, bitcoin could offer very secure ways to make transactions and store currency for any average joe. just like cash, it's in anyone's best interest to be careful with it. perhaps bitcoin or another coin need time to make it's features accessible?

Aren't bit coins only used on the deep web to buy drugs and hire hit men? I don't see any practical use for them, I guess using bit coin for everything would be a tax dodger's dream

  On 4/3/2015 at 8:00 PM, Danny O Flannagin said:

Aren't bit coins only used on the deep web to buy drugs and hire hit men? I don't see any practical use for them, I guess using bit coin for everything would be a tax dodger's dream

nope! you can spend them a lot of places now, including some big name businesses.

newegg, overstock.com, dell, tigerdirect, a bunch of travel companies (including expedia), etc.. a lot of smaller retailers online are accepting bitcoin. you can use purse.io to save money on amazon purchases too (they act as a middle man between consumers and people who have unused gift cards). dish network is planning to accept bitcoin payments in the USA. treehouse, suicidegirls, okcupid, etc.. there's clearnet marketplaces too. humble bundles, overclockers.co.uk... the list goes on and on.

check https://spendabit.co/too.. their database currently shows approx 2.5 million different things you can buy with bitcoin.

and for the wealthy (bitcoin rich) there's https://www.bitpremier.com/. it looks like a joke, but it isn't. people are actually selling cars, homes, and yachts for bitcoin.

then lastly, there's small businesses all over the USA (i assume the UK is feeling this too) that are accepting bitcoin. coffee shops and restaurants. bitcoin is quite helpful for small businesses because they can avoid high transaction fees and chargebacks caused by customers using plastic cards.

Hmm, might consider this once it becomes less volatile and the value flattens out. It's obviously convenient for online transactions

https://youtu.be/IEcd_Ecntro