Skip to comments.Fixing Double Spending: Why Bitcoin is Revolutionary
Posted on 01/18/2014 9:17:00 AM PST by Errant
There are many reasons to be excited about bitcoin: it could enable totally new business and technology models; it resembles the Internet in the early 90s in the sense that it is a network that no one owns and everyone can contribute to; it could revolutionise legal concepts of ownership; it could disrupt the payments industry; and it could even become a huge tax haven. It could also flop.
(Excerpt) Read more at coindesk.com ...
Don't worry, they will.
And he causes all, the small and the great, and the rich and the poor, and the free men and the slaves, to be given a mark on their right hand or on their forehead, and he provides that no one will be able to buy or to sell, except the one who has the mark, either the name of the beast or the number of his name.
Guess what, more tulips!
Just another kind of “paper gold”, certificates that are traded based on what is a presumed store of gold bars held in a vault somewhere.
We have only the word of the custodian of that vault that the gold is really there.
Who keeps tabs on the actual number of “bitcoins” that exist? Even easier to replicate than the “electronic dollars” the Fed is pumping into the favored few banks and other institutions “too big to fail”.
I sense a “con game”. Kind of like Al Gore’s “carbon credits”.
A currency must be hard to duplicate, but flexible to allow growth. Above all, what backs a currency is faith. Faith that it won’t be diluted haphazardly, or to benefit someone in power. I am not convinced that the people who created Bitcoin won’t succumb to greed and create a few million for their own account. Not yet anyway.
Maybe they have to explin how to get enough to actually be worth the trouble ... but not the fact itself
algore is SO pissed ... HE thought of carbon credits first ... I'll betcha' he'll sue for copyright infringement.
makin' popcorn right now
Answer: Anyone who wants to. The concept revolves around a distributed ledger that anyone can have access to call the blockchain. You can see the transactions as they occur in real time here:
Think Fractional Lending.
Crytocurrency (e.g., Bitcoin) is of the people, by the people, for the people.
And instead of making popcorn, you could be making one of these: http://www.wheretomine.com/
Why should I learn a new language to understand a fantasy ?
I was elected to the school board in November and I just attended my second meeting.
The priciple of the HS offered a "new" way of grading.
Instead of using "quality points" (yeah, I DID ask what they were .. ), he wants to take the number scores and average them, giving a student a real picture of his grade(s)
I welcomed him to 1959 and cautioned him that in a few years something very terrible will happen in America and he aught to prepare for it.
Yes I DID say that publically and got everyone's attention, their glance and a few supportive comments (later)
I'm going to like this school board thing
You really think that the U.S. Government couldn't build a bigger bit-mining supercomputer complex than any consortium of private programmers? Ha.
They're building one now in Utah.
To what avail? To reach the theoretical 51% control point, only to destroy the asset? Counter-intuitive.
"These goals have considerable support in Congress. Last November a bipartisan group of 24 senators sent a letter to President Obama urging him to approve continued funding through 2013 for the Department of Energys exascale computing initiative (the NSAs budget requests are classified). They cited the necessity to keep up with and surpass China and Japan. The race is on to develop exascale computing capabilities, the senators noted. The reason was clear: By late 2011 the Jaguar (now with a peak speed of 2.33 petaflops) ranked third behind Japans K Computer, with an impressive 10.51 petaflops, and the Chinese Tianhe-1A system, with 2.57 petaflops."
The latest data from http://bitcoinwatch.com/ gives the current processing power working just Bitcoin hashs at 185,509.82 PetaFLOPS with more processing power added daily.
Look at this chart from http://spectrum.ieee.org/computing/networks/bitcoins-computing-crisis posted on 31 Oct 2013:
Interesting curve to say the least.
Actually no it was not him...
It was the Enron goobers who came up with it first.
Anything the big-government/big-corporate crony-fascist complex can’t control is good.
but isn’t bitcoin controlled by the chinese?
But how can they tax and/or profit from it? And thus, sadly they combined to destroy it. And it was so, and the Darkness prevailed and there was much weeping and gnashing of teeth throughout the land.
Especially when you consider only data from about February of ‘13 to the end of October is shown.
I think I’ll stick with gold and silver. :-)
And diamonds I'd bet! ;)
FYI: Bitcoin hash rate today is almost 5 times what is was just on Oct 31 as shown by the chart above.
When the SHTF diamonds will not be a girls best friend. :-)
WTH is a "hash rate"?
A “hash” is a term used to refer to an encrypted string. A “hash rate” is a term used in Bitcoin vernacular to quantify processing capability. It refers to the number of hashes that can be processed per second. For example, an AMD 7970 GPU (a top-end graphics card) can process about 600 SHA-256 (type of encryption) encrypted Mh/s (Mega hashes per second) while consuming about 0.3 Kwhs of electricy. Then there are ASIC processors which can now process 60 Gh/s (Giga hashes per second) using about the same amount of electricity.
It's not a new language -- it's English.
Occasionally, you might want to learn some new English words, though. Things change. If you don't know the new words and the concepts they represent, you won't be able to make a sound judgement about the changes.
You may well be right about the Principal's new grading scheme; you may well be wrong about BitCoin.
Max Keiser on RT is all over this bitcoin business - he loves it - but today he was talking about some Chromcoin something or other - color-coded coins based on bitcoins - sounds suspiciously like mortgage derivatives to me - pretty soon everything’s so sliced and diced and traunched that people become unsure of what anything’s worth anymore - and we know what happened when that took over with mortgage derivatives......
There is a guy in Utah who also created a metallic coin tied to Bitcoin. He got a nasty letter from one of the government agencies and had to scale back his operation - a lot.
I don’t know about Max Keiser most of the time - but this was the segment I saw - like those Max was talking about, I’m still trying to get my mind around Bitcoins 1.0 - once that happens, I’ll work on understanding the derivatives - thanks for the link.....
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