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Thread: Bitcoin has a lot of potential. Why aren't you using it?

  1. #31

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    Quote Originally Posted by ItsTime View Post
    You don't blame the entire commodity of gold just because a gold vault was robbed. derp.



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  3. #32
    Member Tod's Avatar
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    Would Bitcoin survive an EMP attack?
    "Sorry, guys, the rebellion is off. We couldn't get a rebellion permit."

  4. #33

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    I have two questions:
    - To what is Bitcoin linked to? (to gold?)
    - It seems you can run a server to be part of the Bitcoin server load and storage. But while you do that you "mine Bitcoins". Doesn't that inflate the currency?

  5. #34

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    Quote Originally Posted by Paladin69 View Post
    You don't blame the entire commodity of gold just because a gold vault was robbed. derp.
    The point is the second bit coin becomes a real threat the bankers will hack the exchanges and zero them out. You cant hack the gold in my house.

  6. #35

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    Erm,it doesn't exist.
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  7. #36

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    Quote Originally Posted by Nic View Post
    It's not relevant for my lifestyle at the moment. When I can pay for my gas or go to the grocery store and pay in bit coin, then I'll look into it. Until then, I'll continue to invest in tangible assets.
    Let's see how your objection sounds when I substitue bitcoins with gold:
    It's not relevant for my lifestyle at the moment. When I can pay for my gas or go to the grocery store and pay in gold, then I'll look into it. Until then, I'll continue to invest in tangible assets.

    How idiotic, am I right?

    Quote Originally Posted by ItsTime View Post
    When an online bank gets hacked, is that a fault of the dollar? I mean how idiotic can you get?

    Quote Originally Posted by Tod View Post
    Would Bitcoin survive an EMP attack?
    If it's not global - yes, if it is, well then, Bitcoin is the least of your problems. And for fuck sake, seriously? An emp? Why are you worried about them? Is it because we had oh so many go off on a daily basis? Talk about irrational response to something you don't understand.

    Quote Originally Posted by Appalachia View Post
    I have two questions:
    - To what is Bitcoin linked to? (to gold?)
    - It seems you can run a server to be part of the Bitcoin server load and storage. But while you do that you "mine Bitcoins". Doesn't that inflate the currency?
    To what is gold linked to?

    There are no servers in the peer to peer Bitcoin network, I mean you can participate but you do so equally as can anyone else. And yes, if you validate transactions via a cryptographic process there is a reward and it is how all bitcoins will be issued, and yes, while they are being issued their supply is inflating. It is fixed however, and there will never be more than 21mil, 10.746M have already been issued which is more than half which is why the reward for helping secure the network has already halved once.

    Quote Originally Posted by ItsTime View Post
    The point is the second bit coin becomes a real threat the bankers will hack the exchanges and zero them out. You cant hack the gold in my house.
    They can't hack the gold in your house? Really? I seem to remember something about confiscation and an artificially suppressed price through a fractional paper system. Good luck with just your gold when you need to spend it and it is illegal to do so.
    My personality type: INTJ - please forgive my weaknesses (Not naturally in tune with others feelings; may be insensitive at times, tend to respond to conflict with logic and reason, tend to believe I'm always right, tend to be unwilling or unable to accept blame )

  8. #37

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    It's really frustrating to see all of you uneducated idiots rejecting a solution just because you can't understand it.


    But that's ok, Bitcoin plows on.. with or without you. And one day, when a good chunk of world finance is done with it, you will have wished you listened to the more educated peers around you who were trying to tell you about this amazing new invention that you could have used and yet were to cowardly to even research. I mean I'd be perfectly happy if you did only that and brought some valid concerns and then declined to dabble in it instead of crack pot EMPs and local grocery stores.

    But no... you just stick with your fiat dollars getting robbed through inflation and taxation, I'll enjoy my gold/silver and bitcoins!
    Last edited by hazek; 02-05-2013 at 05:43 PM.
    My personality type: INTJ - please forgive my weaknesses (Not naturally in tune with others feelings; may be insensitive at times, tend to respond to conflict with logic and reason, tend to believe I'm always right, tend to be unwilling or unable to accept blame )

  9. #38

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    What's stopping there being a "bitcoin 2" that acts exactly like bitcoin?

    Bitcoin is interesting but I wouldn't save in bitcoins. I would much rather save in gold. I can hold on to gold and they can't print it or create it digitally on a computer.

  10. #39

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    Quote Originally Posted by matt0611 View Post
    What's stopping there being a "bitcoin 2" that acts exactly like bitcoin?

    Bitcoin is interesting but I wouldn't save in bitcoins. I would much rather save in gold. I can hold on to gold and they can't print it or create it digitally on a computer.
    No one is telling you otherwise. I definitely keep the majority of my savings in gold.

    But you can certainly use Bitcoin for your online purchases or to settle debts between your libertarian friends.
    My personality type: INTJ - please forgive my weaknesses (Not naturally in tune with others feelings; may be insensitive at times, tend to respond to conflict with logic and reason, tend to believe I'm always right, tend to be unwilling or unable to accept blame )

  11. #40

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    Quote Originally Posted by hazek View Post
    Let's see how your objection sounds when I substitue bitcoins with gold:
    It's not relevant for my lifestyle at the moment. When I can pay for my gas or go to the grocery store and pay in gold, then I'll look into it. Until then, I'll continue to invest in tangible assets.

    How idiotic, am I right?
    No. What's idiotic is for you to insinuate that it's idiotic to not be interested in a completely useless medium of exchange simply because you are interested in it.

  12. #41
    Member Luciconsort's Avatar
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    holds no value for me. when the lights go out you got nothin.... except your hand.
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  13. #42

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    Quote Originally Posted by Appalachia View Post
    I have two questions:
    - To what is Bitcoin linked to? (to gold?)
    - It seems you can run a server to be part of the Bitcoin server load and storage. But while you do that you "mine Bitcoins". Doesn't that inflate the currency?
    Bitcoin is linked to the security of its network and protected from any fraudulent bitcoins being introduced into the system. You can't fake a purchase. Mining machines across the globe check & double check to make sure bitcoins used in a transaction are real.

    The spot price fluctuates based on REAL bids & asks. Not paper manipulation that silver/gold is exposed to.

    Yes mining is increasing the supply, but it has already passed its first milestone called "halving day". That means only 25 coins per block can be mined now instead of 50. Halving day happens every 3-4 years until 21 million are mined out. After that point no more can be produced.

  14. #43

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    Quote Originally Posted by ItsTime View Post
    The point is the second bit coin becomes a real threat the bankers will hack the exchanges and zero them out. You cant hack the gold in my house.
    You can't hack bitcoin unless you command more processing power than the entire network itself. Right now bitcoin has more processing power devoted to it than any other system in the world because of the sheer amount of equipment running the software across the globe.

  15. #44

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    Quote Originally Posted by Luciconsort View Post
    holds no value for me. when the lights go out you got nothin.... except your hand.
    This I cannot argue with. Electricity & internet is needed.

    If one is so inclined to live their life like a scared rat in a cage until they die, then...yeah...bitcoin is not for them. I personally don't believe in the economic apocalypse happening at any point in my lifetime or yours.

    It took the west this long to own 60% of the world. There is still another 40% left to go. The elite still live in the developed world where we do. It is in their best interest to suck everyone else dry before turning on their own countrymen.

    That is just my opinion. All I offer is the chance for people to get involved with something that is just starting out. Bitcoin, IMO, is like a second chance at getting involved with something like Apple or Microsoft. It has all the fundamentals of a digital gold standard. And a lot of people are using it as evidenced by the daily volume and how well the spot price has stabilized and continues to grow.

  16. #45

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    Quote Originally Posted by matt0611 View Post
    What's stopping there being a "bitcoin 2" that acts exactly like bitcoin?

    Bitcoin is interesting but I wouldn't save in bitcoins. I would much rather save in gold. I can hold on to gold and they can't print it or create it digitally on a computer.
    There isn't anyone stopping a new currency from being created. It has already happened. Namecoin, Litecoin, Devcoin, etc...

    When there is a fork in the open source code, a new currency is created. The sheer amount of volume and interest in BTC over any other digital currency secures its place. And new versions can be implemented to compete with anything that actually poses a challenge.

    Bitcoin is trusted because it is open source. Therefore the code of an open source competing currency can be easily assimilated into the bitcoin code. An attempt at a competing currency that is not open source will not go very far because people wouldn't trust it.

  17. #46

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    The simple fact here is that at a spot price of $20+ it is a very real thing. And the fact that only 21 million can ever be produced should excite people.

    BTC is divisible by 8. 0.00000001 btc = one satoshi (named after the username of its original creator)

    There is a chance that one satoshi could be worth $1 some day. 21 million coins spread across an entire globe of people is a very amazing thing if you really think about it.

    Also diversification is a good thing. I'm not asking anyone to completely move their metal into btc. I still hold real physical metal of course.
    Last edited by Paladin69; 02-05-2013 at 10:16 PM.

  18. #47

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    I still don't know enough to be confident in it, and don't have spare FRNs to dabble around with. Maybe someday I'll try it.
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  19. #48

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    Quote Originally Posted by Paladin69 View Post
    You can't hack bitcoin unless you command more processing power than the entire network itself. Right now bitcoin has more processing power devoted to it than any other system in the world because of the sheer amount of equipment running the software across the globe.
    You can't hack Bitcoin, period.

    All that having more processing power than the entire network allows you to do is maybe double spend some of your own bitcoins and maybe temporarily block transaction. For the former it's hard to see how spending so much money could ever make it worth it just to double spend.. and for the second there is already a solution planed in case it's needed: http://gavintech.blogspot.com/2012/0...51-attack.html

    And this is just about the only major weakness Bitcoin has and is known to everyone: https://en.bitcoin.it/wiki/Weaknesses
    My personality type: INTJ - please forgive my weaknesses (Not naturally in tune with others feelings; may be insensitive at times, tend to respond to conflict with logic and reason, tend to believe I'm always right, tend to be unwilling or unable to accept blame )

  20. #49

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    Glad to hear about the contingency plans to prevent against the 51% attack. I wasn't aware of Gavin saying that. Now there is virtually nothing to be concerned about if a government tried to pull something like that off.
    Last edited by Paladin69; 02-06-2013 at 12:33 PM.

  21. #50

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    Yep...pretty secure I'd say...



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