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Thread: Bitcoin

  1. #1
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    Default Bitcoin

    From the website

    Bitcoin is a peer-to-peer network based digital currency. Peer-to-peer (P2P) means that there is no central authority to issue new money or keep track of transactions. Instead, these tasks are managed collectively by the nodes of the network.

    Advantages:
    • Transfer money easily through the Internet, without having to trust middlemen.
    • Third parties can’t prevent or control your transactions.
    • Bitcoin transactions are practically free, whereas credit cards and online payment systems typically cost 1-5% per transaction plus various other merchant fees up to hundreds of dollars.
    • Be safe from the instability caused by fractional reserve banking and bad policies of central banks. The limited inflation of the Bitcoin system’s money supply is distributed evenly (by CPU power) throughout the network, not monopolized by the banks.


    Bitcoin is an open source project created by Satoshi Nakamoto, and is currently in beta development stage. Bitcoin development is hosted at SourceForge.

    Screenshots:




    Latest Version

    Discuss.

    EDIT: For those with compute enabled video cards, there are OpenCL and CUDA clients on the Bitcoin forums. With these, you can easily get 20-30x the hashrate of a CPU!
    Last edited by Smartzkid; 10-27-2010 at 03:12 AM.
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    i don't know what this is?
    is this real money to be used for public and private debts? Is this like a free paypal?
    Proud owner of "Efferator" my totally boted main account!
    "You see, sometimes, science is not a guess" -Xiaobing Zhou (my past physics professor, with heavy Chinese accent)

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    Quite, but there are no paypal-style refund scams to worry about! Once you have the money, you know it's yours.

    Additionally, it is completely anonymous and is P2P based so you can use it for whatever nefarious means you like and there is no way to shut it down!

    EDIT: Hah, system won't let me rep you
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    Wouldn't this greatly favor the seller? I mean its a great idea-- just would it not be easier to scam people through this? Send them a damaged item for some bitcoin, and once you have it... vanish?

    Someone please debunk me

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    That's what middlemen are for. Think of it as cash for the web.

    But you're right; without a middleman, buying actual goods from an unknown seller is a bad idea.
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    I read about this like a month ago. Seems interesting but there are some flaws to it and I don't think it'll go anywhere personally.

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    Better way to buy drugs?
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    I've worked with it a bit. Pretty nice idea, but I doubt it will go far.

    Also, it isn't fully anonymous, you bootstrap with other peers.


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    how do you get money onto it? connects to your bank account?
    Proud owner of "Efferator" my totally boted main account!
    "You see, sometimes, science is not a guess" -Xiaobing Zhou (my past physics professor, with heavy Chinese accent)

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    Isn't it possible to use some kind of Sybil-like attack to trick the system in having more money than you actually have? P2P sounds kinda fishy to me for this kind of stuff..
    edit: aha, computational problems. Still I wouldn't trust anything to this kind of stuff
    Last edited by Markus; 09-09-2010 at 03:49 PM.
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    Quote Originally Posted by Markus View Post
    Isn't it possible to use some kind of Sybil-like attack to trick the system in having more money than you actually have? P2P sounds kinda fishy to me for this kind of stuff..
    edit: aha, computational problems. Still I wouldn't trust anything to this kind of stuff
    Yeah, me neither...



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    How is the money transfered? Is it linked to your bank or what?
    Also I agree with Wizzup? and Markus, seems a bit off

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    Quote Originally Posted by Brain View Post
    how do you get money onto it? connects to your bank account?
    It's a currency. To get it, you'd have to buy it with a different currency/goods.

    Of course, if it catches on, there will be services that will allow you to connect to a bank account, etc, etc.

    EDIT: And nope, no sybil attacks here.
    Last edited by Smartzkid; 09-09-2010 at 11:57 PM.
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    so you buy fake money from a website to send to people online so they can send it to people online?
    How do you cash out? They send you real money for your fake money?
    Proud owner of "Efferator" my totally boted main account!
    "You see, sometimes, science is not a guess" -Xiaobing Zhou (my past physics professor, with heavy Chinese accent)

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    Sure, if we're talking simple wikipedia style. Note that there is no central organization with control over the currency. That's what makes it special - nobody can track how much money you have or what you do with it.
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    Quote Originally Posted by Smartzkid View Post
    Sure, if we're talking simple wikipedia style. Note that there is no central organization with control over the currency. That's what makes it special - nobody can track how much money you have or what you do with it.
    but... it's value-less...

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    Quote Originally Posted by TomTuff View Post
    but... it's value-less...
    I guess u can redeem for real $?
    Quote Originally Posted by irc
    [00:55:29] < Guest3097> I lol at how BenLand100 has become noidea
    [01:07:40] <@BenLand100> i'm not noidea i'm
    [01:07:44] -!- BenLand100 is now known as BenLand42-
    [01:07:46] <@BenLand42-> shit
    [01:07:49] -!- BenLand42- is now known as BenLand420
    [01:07:50] <@BenLand420> YEA

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    Quote Originally Posted by noidea View Post
    I guess u can redeem for real $?
    not according to what has been said in the thread.

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    google before just saying it's not in the thread next time?
    http://www.bitcoin.org/trade

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    Quote Originally Posted by TomTuff View Post
    but... it's value-less...
    The public's confidence in a currency is what gives it value.
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    Quote Originally Posted by Smartzkid View Post
    The public's confidence in a currency is what gives it value.
    I don't have very much confidence in this currency, so it has no value to me - oh well, i'm not trying to be facetious - I probably won't use this regardless.

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    Quote Originally Posted by TomTuff View Post
    I don't have very much confidence in this currency, so it has no value to me - oh well, i'm not trying to be facetious - I probably won't use this regardless.
    Just btw, facetious means sarcastic.
    Quote Originally Posted by irc
    [00:55:29] < Guest3097> I lol at how BenLand100 has become noidea
    [01:07:40] <@BenLand100> i'm not noidea i'm
    [01:07:44] -!- BenLand100 is now known as BenLand42-
    [01:07:46] <@BenLand42-> shit
    [01:07:49] -!- BenLand42- is now known as BenLand420
    [01:07:50] <@BenLand420> YEA

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    Quote Originally Posted by TomTuff View Post
    I don't have very much confidence in this currency, so it has no value to me - oh well, i'm not trying to be facetious - I probably won't use this regardless.
    This is precisely why I like it so much! It makes for a great micropayment currency - you can say "wow, that was a nice post!" and send someone some bitcoins as a way to say thanks without having to cringe at spending 'real' money to do so. Think of it as Flattr without the monthly fee.
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    So this is a payment method ?

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    Quote Originally Posted by tom99 View Post
    So this is a payment method ?
    Bitcoins are probably worth less than a Zimbabwe dollar, so not really.

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