Bitcoin
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- drgs0
Top Chinese bitcoin exchange OKCoin has been accused of publishing fake trading data, artificially inflating the number of currency transactions it is handling.
http://www.ibtimes.co.uk/chinese…In November, Denmark-based Bitcoin Internet Payment System suffered a DDoS attack. Unfortunately for users of the company's free online wallets for storing bitcoins, the DDoS attack was merely a smokescreen for a digital heist that quickly drained numerous wallets, netting the attackers a reported 1,295 bitcoins — worth nearly $1 million — and leaving wallet users with little chance that they'd ever see their money again.
http://www.informationweek.com/s…Economist Edward Hadas writes in the NYT that developers of bitcoin are trying to show that money can be successfully privatized but money that is not issued by governments is always doomed to failure because money is inevitably a tool of the state. 'Bitcoin exemplifies some of the problems of private money,' says Hadas. 'Its value is uncertain, its legal status is unclear, and it could easily become valueless if users lose faith.' Besides, if bitcoin ever really started to take off, governments would either ban it or take over the system says Hadas. The authorities might be motivated by a genuine concern about the stability of a shadow monetary system or they might act out of self-preservation because tax evasion would be too easy in a parallel economy.
http://dealbook.nytimes.com/2013…"SF writer Charles Stross writes on his blog that like all currency systems, Bitcoin comes with an implicit political agenda attached and although our current global system is pretty crap, Bitcoin is worse. For starters, BtC is inherently deflationary. There is an upper limit on the number of bitcoins that can ever be created so the cost of generating new Bitcoins rises over time, and the value of Bitcoins rise relative to the available goods and services in the market. Libertarians love it because it pushes the same buttons as their gold fetish and it doesn't look like a "Fiat currency". You can visualize it as some kind of scarce precious data resource, sort of a digital equivalent of gold. However there are a number of huge down-sides to Bitcoin says Stross: Mining BtC has a carbon footprint from hell as they get more computationally expensive to generate, electricity consumption soars; Bitcoin mining software is now being distributed as malware because using someone else's computer to mine BitCoins is easier than buying a farm of your own mining hardware; Bitcoin's utter lack of regulation permits really hideous markets to emerge, in commodities like assassination and drugs and child pornography; and finally Bitcoin is inherently damaging to the fabric of civil society because it is pretty much designed for tax evasion. "BitCoin looks like it was designed as a weapon intended to damage central banking and money issuing banks, with a Libertarian political agenda in mind—to damage states ability to collect tax and monitor their citizens financial transactions," concludes Stross. "The current banking industry and late-period capitalism may suck, but replacing it with Bitcoin would be like swapping out a hangnail for Fournier's gangrene.""
http://www.antipope.org/charlie/…Bitcoin creator Satoshi Nakamoto could be a group from Europe which has a strong footing in the financial sector.
http://www.ibtimes.co.uk/bitcoin…
- inteliboy0
when people start throwing the word "libertarian" around I tune out. Don't drag bitcoin into some bullshit pick-a-side political view.
- CableStudios0
Bitcoins value is found in its utility. Not in short term noise or Polotics. Bitcoin just doesn't care.
- ukit20
Libertarians should stop trying to fight the system and go start their own country, maybe in the ocean somewhere...
- totally agree. Where are they at. lets fuk em upCableStudios
- :) I was making reference to this
http://hqdesktop.net…ukit2
- formed0
CS - you've posted videos that begin with "Ron Paul told me...."
Do you not recall that? Or did you not watch it?
From everything I read, it is a great possibility for exchange efficiencies and reducing transaction costs. Competition is good.
However, until there is stability, which, inherently, it doesn't seem like that'll happen for a while, it cannot be a currency. That's just not possible nor practical.
Propaganda - the videos CS keeps posting are gold related (and Libertarian biased, see above quote), and, looking at gold over the last few years, not exactly a safe haven it once was. Its the same story we've all heard for years now, what got the TP'ers and L's in power. So far, it is an old story that has little merit in reality (no one knows the future).
Companies like Zigna and Overstock have gotten great free publicity from this, as has some politicians. Its a hot topic and quite interesting (why I keep reading). But so far, there is no reason to think it is nothing more than speculation and a trading tool or commodity.
No company will keep any payment in Bitcoin, it would be immediately exchanged for $. Too much risk in the volatility.- see S curve
http://www.youtube.c…CableStudios - Perhaps, but until it stabilizes it can't be anything but a trade or transaction tool, NOT currencyformed
- also, why is he comparing to stocks? That would suggest it is an investment, not a currencyformed
- further, you could compare it to, uh, Zigna as well....that wouldn't look so prettyformed
- see S curve
- robthelad0
Bitcoins eliminate physical cash, and you can store them on your ID implant. Utopia awaits. Give up now.
- ukit20
So when a company like Zynga accepts Bitcoin payment...I wonder do they immediately convert to dollars? Because it seems like at this point you don't know what the value will be tomorrow or next week. I did use Bitcoin to buy some stuff last year but the price was a lot more stable back then.
- Of course they do, otherwise you'd be buying a game for $5...or $50...can't run a business like thatformed
- ESKEMA0
Right now, Bitcoin is rising. The need to convert to dollars is not immediate, but you need some management to convert at a good time. Meaning they can get a lot more money if they're smart enough (or loose some if they risk too much.. ) The point is, it can go both ways.
- CableStudios0
Most of Bitcoin’s critics are making a category error. They are taking aim at Bitcoin the currency, when in fact Bitcoin is much more than a currency, in the same way that the Internet is much more than the telecommunication services that preceded it. It may take some time, but we will likely one day look back at the critics’ current statements with as much derision as we do a comparison of the Internet to a fax machine.
- formed0
These comparisons to the "internet" is a little ridiculous. So is comparing it to Facebook. It is two things, yes? A transaction tool (that needs much refinement, now it is too slow to start...I, for one, would never try until it can all be instantaneous, no delays) and a wannabe currency.
It could change things, but the value is tied to demand, nothing more, so if it loses its "cool", it'll be worthless. I think these comparisons to a company that is making billions and something the majority of the world relies on daily is a little far fetched.
But who knows, all this is interesting, just as watching tech stocks, or commodities are. This is a traders dream.
Don't forget, the 'talk' is not any different than much of the promises in the dotcom era - lots of momentum and promise, but no true value or substance.
- True. And no one really knows. Just a lot of believers and a lot of naysayers making noise.inteliboy
- CableStudios0
Not to think too speculatively... As I see it; boil it down to what it is. The internet is a technology as is bitcoin. By that I mean I don't think bitcooin can be defined as a currency or commodity. i see the 'value' more in it's utility. Think of the currency aspect of it as an app. There will be more built on top of it in time. Thus is very under valued still.
- kind of sounds like a contradiction, but then I suppose it is..CableStudios
- See this as an example: http://boombustblog.…CableStudios
- I don't follow that logicformed
- @darenpa72: Possession of money is one way to be wealthy.
But currency is the opposite of possession.CableStudios
- instrmntl0
Bitcoin Becomes a Real Job and Wall Street Is Hiring
http://motherboard.vice.com/blog…
- chossy0
If bitcoin or crypto currency is taken seriously by government then you can instantly kiss goodbye to anonymous transactions and you can also instantly kiss goodbye to tax evasion.
Every single cent (read crypto) will be tracked accounted for put aside and portioned off for tax there will be no way on gods earth you can avoid that one.
- BabySnakes0
^ I would love to see government try and regulate open source currency. Not saying they couldn't but the effort would be quite entertaining.
- Krassy0
- ya i know, but talking about the same govt that can't even build a website for healthcare.BabySnakes
- cizo0
- CableStudios0
^
Well, a lot of people are arguing over it now. There’s debate between this and that economic school. Between politicians. Between programmers. Don’t listen to all of them though. Some people are smart. Some are misinformed. Some say the system is worth a lot, some say it’s actually worth zero. Some guy actually put a hard number: $1,300 per apple. Some say it’s digital gold, some a currency. Other say they’re just like tulips. Some people say it’ll change the world, some say it’s just a fad.
Opinions are my own. I put my money where my mouth is. It's still very undervalued! See why;
- What the fuck does that video have to do with anything?chossy
- This reads like comment form spam.hereswhatidid
- Video contains points I agree with. My opinion. Bitcoin up. In not neutral.CableStudios
- CableStudios0
$0.01
$0.1
$1
$10
$100
$1000 <--- You are here
$10000
$100000
$1000000
$10000000#bitcoin
- http://imgur.com/SPy…CableStudios
- that's a pretty genius graph. i'm soldtwooh
- lvl_130
dude, post something unrelated to bitcoin on this site.
otherwise your shit be stinkinzzzzzzzz
- wtf? I post a couple of BTC stories a day. Calm the fuk down.CableStudios