Bitcoin - Decentralized Digital P2P Cryptocurrency

reply to post by ChaoticOrder


Cpu and Gpu cycles are not transferrable, you can't hold them or touch them, I cant turn bitcoins back into Cpu or Gpu cycles.

reply to post by wiandiii

You obviously don't know how computer programs work. They can be modified at any time, the "network" is all code.

You obviously don't know that I'm a programmer. I most certainly do know how programs work, and you clearly don't even understand how the P2P network that Bitcoin uses functions. Do you think some one could simply change one line of the program and get free Bitcoins? It's not that simple. And the original creator of Bitcoin (known as Satoshi Nakamoto) designed it using cutting edge concepts that enables such a system that was previously unthinkable.

Originally posted by wiandiii
reply to post by ChaoticOrder

 

Cpu and Gpu cycles are not transferrable, you can't hold them or touch them, I cant turn bitcoins back into Cpu or Gpu cycles.

When they mine gold, do you ever think there's a need to place it back into the dirt?

reply to post by ChaoticOrder


I'm not saying they could get free bitcoins, but changing one value can raise the maximum allowed amount of them, dropping the value of all of them already in existence, and please give me a rebuttal as to why some large entity couldn't either mine away the qouta of bitcoins or buy them all up and shut it down. It might be expensive for us common folk to mine these things, but those with access to large servers could bust them out quick.

reply to post by wiandiii

I'm not saying they could get free bitcoins, but changing one value can raise the maximum allowed amount of them, dropping the value of all them already in existence, and please give me a rebuttal as to why some large entity couldn't either mine away the qouta of bitcoins or buy them all up and shut it down.

The value may possibly one day be changed in such a scenario as too many Bitcoins get lost or some one buys them all up (which is impossible considering they'd need to convince everyone to sell all their coins). But the procedure for implementing that change is no where near as easy as you would like to think, and it can't happen at the whim of some random programmer. And it most likely will never happen.

reply to post by wiandiii

It might be expensive for us common folk to mine these things, but those with access to large servers could bust them out quick.

Yes that is completely possible. If you can afford to invest in mining then you can make a good profit. Like anything really. But the total network hashing power is massive, and it's not feasible that one single entity will gain dangerous amounts of hashing power.

Were just gonna have to agree to disagree on this one bubba, getting tired. All I know is I would not trade any physical goods for some 1's and 0's generated on someones leftover clock cycles, I have plenty of those leftover to do my own "mining" but wouldn't bother as I see no value in it. It is a romantic idea to cut the big banks out of commerce, but the only fool proof way to do that at this point is local bartering.

reply to post by wiandiii

I would not trade any physical goods for some 1's and 0's generated on someones leftover clock cycles

Well when you put in such an arbitrary and uniformed way it does sound like a bad idea.

edit: consider this - Just because it is "virtual" doesn't make it less valuable than physical money which you can hold. The majority of "normal money" is actually stored on computers anyway, and all money is actually stamped with various codes and numbers which are stored on computers. The paper it is printed on is simply a way to let you make transactions, but most present day transactions can be done with plastic cards anyway. Bitcoins could easily be stored on electronic cards.

reply to post by ChaoticOrder


I know I hate the idea that all we are using is fiat currency that really lost its value in 1971. I don't subscribe to the US dollar as real currency either, the only difference between the two as you stated before is hardly anyone recognizes bitcoin as currency and won't take it.

reply to post by wiandiii

I don't subscribe to the US dollar as real currency either, the only difference between the two as you stated before is hardly anyone recognizes bitcoin as currency and won't take it.

You can't claim that being a new currency is an inherit flaw. Anything that is new will take time to gain recognition. Even so, there are plenty of ways you can use Bitcoin, you just haven't looked.

reply to post by wiandiii

Originally posted by wiandiii
reply to post by ChaoticOrder

 

Cpu and Gpu cycles are not transferrable, you can't hold them or touch them, I cant turn bitcoins back into Cpu or Gpu cycles.

of course you can turn bitcoins back into Cpu and Gpu cycles and with added value [data]


just rent a movie with them.

reply to post by DerepentLEstranger


Renting a movie has no value to me. There are plenty of legitimate places to stream media for free for alot less work by my own computer. Granted they are not always holywood blockbusters, but I rarely watch those. Another thing I would like to point out is that those of us in first world countries enjoy relative stability in our electric grid and internet connections. Not everyone in the world has these things, so not everyone can either mine bitcoins or participate by buying and selling them for goods online. People living in third world countries could not participate in this peoples currency. Almost seems like a kind of "technical discrimination". There is also the possibility of a SHTF scenerio in any country or a group of them, cutting people off from this "currency" by either internet or power blackouts, this is a conspiracy site after all :-).

reply to post by wiandiii

Another thing I would like to point out is that those of us in first world countries enjoy relative stability in our electric grid and internet connections. Not everyone in the world has these things, so not everyone can either mine bitcoins or participate by buying and selling them for goods online. People living in third world countries could not participate in this peoples currency. Almost seems like a kind of "technical discrimination".

That is ridiculous. Can people in a technical country easily mine real gold or create their own currency? At least Bitcoin gives as many people as possible a chance to create some of their own Bitcoins, instead of having a centralized banking institution that controls all production of the currency.

There is also the possibility of a SHTF scenerio in any country or a group of them, cutting people off from this "currency" by either internet or power blackouts, this is a conspiracy site after all

I bet some Governments will try to outlaw Bitcoin, but there are a lot of countries in the world my friend. That's the beauty of Bitcoin, it's a world wide P2P network, and they can't destroy it by banning it in certain places. And even in those places where it's banned it would be easy enough to use Bitcoin if you want to risk it.

reply to post by wiandiii


Just to let you know, bitcoins are not fiat currency. Fiat currency's are by definition currency's enforced by governments.

I've been with bitcoins since early may and its been a wild ride. I think the GLBSE is very interesting and will play a big role in the future of bitcoin. Its the Global Bitcoins Stock Exchange.

Raise capital for your ideas by issuing shares in bitcoins.

Lots of shady companies on there now, and a couple not so shady ones.

In my opinion the debate about Gold or Bitcoins is a lot like the apples or oranges debate. I think a combination of Bitcoins and Gold might be a good idea. The bitcoins will enable people to trade over the net without using payment processors that only siphon money on every transaction they make. Today we use credit-cards and these work only one way and has an annual fee on it. There is lots of dead-weight in this system. Lots of banks that gets money every time people uses money. Kind of stupid. And banks also can borrow money off every cent you have in the bank. That's also money that is being generated out of nowhere. On these scams the ones who already have money make more money. The thing that happens because of this is inflation, so the ones who don't have much money gets poorer every year. When you have gold, the banks don't make money on your gold. Gold works well for saving. It's been used like that through the entire human history. But, once you want to trade over the net, then gold is impractical. Bitcoins are far better. I would not have huge amounts of bitcoins, but I would like to have a small wallet of Bitcoins for when I trade. Also, with the advent of smart-phones it will just be a matter of time before Bitcoins can be used in stores. One smartphone at the counter, and one for each customer. If this gets more popular, perhaps each customer has her or his gadget that is only used for shopping. When inflation hits because of a financial crisis, then people can use the gold as leverage. In times of crisis, their savings will be worth more. That will funnel fresh investments into the market. And for SHTF scenarios there will always be gold-coins and actual goods. If all fiat-currencies crashes, the gold-price will go up anyway.

I've been using BitCoins for about a year now, and as long as you keep your coins in a secure wallet, you're fine.

The price is way down on them as of right now. I bought some a few months back and they was able to get almost 5 for $30.

yep im on TOR right now i use btc mainly for silk road

reply to post by ultimatefighter2014


You know it doesn't have to be used for such illegal dealings, right?

If I understnd correctly, the amount of bitcoins outstanding remains the same and their value is decreased in order to expand the currency. So as bitcoins get accepted they are worth less and less. Reminds me of another currency that we already use.

The problem with our current currency system is that currency can only be created by attaching debt. Wealth is derived from currency and other tangible assets one holds. Tangible asset values increase by inflation only, so no real wealth is gained. A bar of gold is still a bar of gold. A house is still a house, etc. This leaves currency as the only means to increase real wealth. Since all new currency is also debt, then amount of wealth derived from currency isssuance can only be negative in the sum, due to the attached interest. Thus we all our forced to fight over a smaller and smaller pot of real currency. Mathematically what is happening, has to happen.

We need to recognize that this is the case and change how we issue our currency. If they want to call it bitcoins instead of dollars, that is ok with me. We need to issue our currency into circulation, rather than borrow it. We need to ensure that the amount of debt free currency increases as our production and the size of our economy grows. We haven't seen any increase in real money outstanding since the fed reserve took over in 1913. They like to hoot and holler about the money printing machine, but that machine only prints negative wealth, so everyone is being deluded. Same goes for the fractional reserve banking system.

Allow our government to issue currency as neccesary without debt attached. Allow banks to only lend money they have on deposit. Fix these two things and you don't have to fix much else.