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Bitcoin?

SuperRobotWars
Posts: 3,906
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7/16/2011 7:21:32 PM
Posted: 5 years ago
Can someone here explain to me the specifics of Bitcoin and how it gains value? Many have been saying it is based on nothing but other say the contrary so I want to know the specifics on its value and how it works.
Minister Of Trolling
: At 12/6/2011 2:21:41 PM, badger wrote:
: ugly people should beat beautiful people ugly. simple! you'd be killing two birds with the one stone... women like violent men and you're making yourself more attractive, relatively. i met a blonde dude who was prettier than me not so long ago. he's not so pretty now! ha!
:
: ...and well, he wasn't really prettier than me. he just had nice hair.
Ragnar_Rahl
Posts: 19,297
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7/16/2011 7:36:49 PM
Posted: 5 years ago
Its creation becomes slow because you need to dedicate more processing power over time to "mine"one. It doesn't have any genuine value but trust though. That's about all I know.
It came to be at its height. It was commanded to command. It was a capital before its first stone was laid. It was a monument to the spirit of man.
SuperRobotWars
Posts: 3,906
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7/16/2011 7:53:51 PM
Posted: 5 years ago
At 7/16/2011 7:36:49 PM, Ragnar_Rahl wrote:
Its creation becomes slow because you need to dedicate more processing power over time to "mine"one. It doesn't have any genuine value but trust though. That's about all I know.

Thanks for the info! Does anyone else have more data to add?
Minister Of Trolling
: At 12/6/2011 2:21:41 PM, badger wrote:
: ugly people should beat beautiful people ugly. simple! you'd be killing two birds with the one stone... women like violent men and you're making yourself more attractive, relatively. i met a blonde dude who was prettier than me not so long ago. he's not so pretty now! ha!
:
: ...and well, he wasn't really prettier than me. he just had nice hair.
Ragnar_Rahl
Posts: 19,297
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7/16/2011 7:54:30 PM
Posted: 5 years ago
Oh yeah, and if you set up TOR, you can go to a place called The Silk Road and buy drugs with them. :)
It came to be at its height. It was commanded to command. It was a capital before its first stone was laid. It was a monument to the spirit of man.
SuperRobotWars
Posts: 3,906
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7/16/2011 9:40:25 PM
Posted: 5 years ago
At 7/16/2011 7:54:30 PM, Ragnar_Rahl wrote:
Oh yeah, and if you set up TOR, you can go to a place called The Silk Road and buy drugs with them. :)

o.0 I'll keep that in mind. *calls FREEDO & el-badgero up and tell them a new way to get weed and crack*
Minister Of Trolling
: At 12/6/2011 2:21:41 PM, badger wrote:
: ugly people should beat beautiful people ugly. simple! you'd be killing two birds with the one stone... women like violent men and you're making yourself more attractive, relatively. i met a blonde dude who was prettier than me not so long ago. he's not so pretty now! ha!
:
: ...and well, he wasn't really prettier than me. he just had nice hair.
darkkermit
Posts: 11,204
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7/17/2011 12:32:20 AM
Posted: 5 years ago
At 7/16/2011 9:40:25 PM, SuperRobotWars wrote:
At 7/16/2011 7:54:30 PM, Ragnar_Rahl wrote:
Oh yeah, and if you set up TOR, you can go to a place called The Silk Road and buy drugs with them. :)

o.0 I'll keep that in mind. *calls FREEDO & el-badgero up and tell them a new way to get weed and crack*

Surprisingly FREEDO actually doesn't do drugs. He's really like that.
Open borders debate:
http://www.debate.org...
Puck
Posts: 6,457
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7/17/2011 3:43:41 AM
Posted: 5 years ago
"What we've got here is an artificial digital commodity created by solving computerized math problems. It is akin to owning prime numbers, and finding ever larger prime numbers is computationally hard and the difficulty increases monotonically. (that is an analogy) The supply of bitcoins is inflation proof. There is no central server validating bitcoins. The math problem selected is hard to solve but easy to check and each transaction is checked for validity by the first trading partner and eventually the entire network.

Once created, the bitcoins themselves are passed around in a public/private key encrypted peer-to-peer network dedicated to bitcoin transactions. It is like each bitcoin of this digital commodity has your name on it both when you get it and when you pass it along to another. Of course it does not have a name on it, but rather a PGP hash key. Anonymity is possible with precautions, but it is usually possible to link specific personal identities to particular hash keys. The bitcoins effectively lengthen the more transactions they participate in because PGP hash keys are appended onto the coin, and each coin is its own record of the transactions it has been in. Apparently there is a provision in the bitcoin software to compact the bitcoins at some point so they do not increase in length without bound.

The worth of bitcoins is completely determined by its moment to moment exchange rate, and there is no particular reason volatility should be damped. Bitcoin trading volume is still thin and the total number of bitcoins low. Bitcoins would appear to make a poor long term store of value, but a good speculative opportunity. Given the poor long term prospects of fiat money regimes the world over, bitcoins seem to be a very good speculative opportunity. Another use of bitcoins is to move money around circumventing transaction fees.

Another use of bitcoins is to participate in gray and black markets and to launder money. This is not fool-proof because of the transaction chain attached to each coin, but there are already U.S. Senators looking to shut down bitcoins permanently. International cooperation will be required to accomplish that however, and due to the way Bernanke and the Obama administration have mismanaged U.S. finances cooperation on financial matters will be hard to obtain with China, Russia, Isreal, Arab countries, African countries, and anybody looking to remove the U.S. dollar's reserve currency status. Furthermore, there is no central authority to go after. Individual exchanges can be targeted as Pirate Bay was for its bit torrent activity but bit torrent as network can not be stopped by taking down nodes one at a time, and neither can the bitcoin network.

Bitcoins are not like fiat money in two important respects. Bitcoins are not legal tender for anything, and the supply of them is objectively limited by the algorithm governing their creation. Bitcoins is a digital property system that does not require trust in any central authority.

While the bitcoin network itself seems to have solved the major potential security problems relating to double-spending (i.e. counterfeiting), or concentrated attacks on the network, there are problems for users managing their bitcoin hash keys. Anyone that has the hash keys of a bitcoin can spend it as if it was theirs, leading to a new revenue opportunity for makers of viruses, trojans and keyloggers. Secure bitcoin wallet management is a hassle many (most?) computer users are not capable of performing safely. (Wikipedia: Up to one quarter of all personal computers connected to the internet are in a botnet.)"

http://forum.objectivismonline.net...
SuperRobotWars
Posts: 3,906
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7/17/2011 11:07:07 AM
Posted: 5 years ago
At 7/17/2011 12:32:20 AM, darkkermit wrote:
At 7/16/2011 9:40:25 PM, SuperRobotWars wrote:
At 7/16/2011 7:54:30 PM, Ragnar_Rahl wrote:
Oh yeah, and if you set up TOR, you can go to a place called The Silk Road and buy drugs with them. :)

o.0 I'll keep that in mind. *calls FREEDO & el-badgero up and tell them a new way to get weed and crack*

Surprisingly FREEDO actually doesn't do drugs. He's really like that.

O.O
Minister Of Trolling
: At 12/6/2011 2:21:41 PM, badger wrote:
: ugly people should beat beautiful people ugly. simple! you'd be killing two birds with the one stone... women like violent men and you're making yourself more attractive, relatively. i met a blonde dude who was prettier than me not so long ago. he's not so pretty now! ha!
:
: ...and well, he wasn't really prettier than me. he just had nice hair.