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Fixing Double Spending: Why Bitcoin is Revolutionary
Coin Desk ^ | 18 January, 2014 | John Henderson

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 ...


TOPICS:
KEYWORDS: 51; advertizement; bitcoin; bsartcle; bsarticle; crypto; propaganda; protocol
Highly technical but good article.
1 posted on 01/18/2014 9:17:00 AM PST by Errant
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To: Lurkina.n.Learnin; nascarnation; TsonicTsunami08; SgtHooper; Ghost of SVR4; Lee N. Field; DTA; ...

Click to be Added / Removed.
2 posted on 01/18/2014 9:17:47 AM PST by Errant (Surround yourself with intelligent and industrious people who help and support each other.)
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To: Errant
Anything the big-government/big-corporate crony-fascist complex can't control is good.
3 posted on 01/18/2014 9:18:31 AM PST by E. Pluribus Unum (Who knew that one day professional wrestling would be less fake than professional journalism?)
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To: E. Pluribus Unum
Anything the big-government/big-corporate crony-fascist complex can't control is good.

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.

Revelation: 16-17


4 posted on 01/18/2014 9:22:32 AM PST by SkyPilot
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To: All
Other News:

Israeli Regulators Take “Wait and See” Approach on Digital Currencies

Italian Amendment Would Treat Bitcoin Like Cash

Could Bitcoin Transform America’s Political Fundraising?

UK Bows To Pressure, Likely To Reverse Course On Taxation Of Bitcoin: Will The US Be Next?

Lawyer for Winkelvoss Twins’ Bitcoin ETF Says SEC Review Going Smoothly

The U.S. government's bitcoin bonanza: How, where and when to sell?

5 posted on 01/18/2014 9:23:31 AM PST by Errant (Surround yourself with intelligent and industrious people who help and support each other.)
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To: Errant

http://en.wikipedia.org/wiki/Tulip_mania

Nothing new...


6 posted on 01/18/2014 9:25:16 AM PST by Snickering Hound
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To: SkyPilot
It won't be a bar code. It will be QR code.


7 posted on 01/18/2014 9:28:09 AM PST by E. Pluribus Unum (Who knew that one day professional wrestling would be less fake than professional journalism?)
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To: Snickering Hound
Nothing new...

Guess what, more tulips!

http://www.wheretomine.com/

8 posted on 01/18/2014 9:28:30 AM PST by Errant (Surround yourself with intelligent and industrious people who help and support each other.)
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To: E. Pluribus Unum

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”.


9 posted on 01/18/2014 9:31:09 AM PST by alloysteel (Obamacare - Death and Taxes now available online. One-stop shopping at its best!)
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To: E. Pluribus Unum

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.


10 posted on 01/18/2014 9:34:30 AM PST by fhayek
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To: Errant
Someone has to explain invented 'money' is revolutionary ?

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

11 posted on 01/18/2014 9:46:11 AM PST by knarf (I say things that are true .. I have no proof .. but they're true.)
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To: alloysteel
Who keeps tabs on the actual number of “bitcoins” that exist?

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:

http://blockchain.info/

12 posted on 01/18/2014 9:56:44 AM PST by Errant (Surround yourself with intelligent and industrious people who help and support each other.)
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To: knarf
Someone has to explain invented 'money' is revolutionary ?

Think Fractional Lending.

13 posted on 01/18/2014 9:56:53 AM PST by IllumiNaughtyByNature ($1.84 - The price of a gallon of gas on Jan. 20th, 2009.)
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To: knarf
Carbon Credits like Ocare requires a central government to enact laws and then force people to buy it/them.

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/

Just sayin'...

14 posted on 01/18/2014 10:04:18 AM PST by Errant (Surround yourself with intelligent and industrious people who help and support each other.)
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To: IllumiNaughtyByNature
Think Fractional Lending.

Why?

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

15 posted on 01/18/2014 10:06:48 AM PST by knarf (I say things that are true .. I have no proof .. but they're true.)
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To: E. Pluribus Unum
Anything the big-government/big-corporate crony-fascist complex can't control is good.

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.


16 posted on 01/18/2014 10:43:03 AM PST by Yo-Yo (Is the /sarc tag really necessary?)
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To: Errant
.....In 2013 the FBI shut down the Silk Road online black market and seized 144,000 bitcoins worth US$28.5 million at the time. In China, new rules restricted bitcoin exchange for local currency, and the European Banking Authority has warned that Bitcoin lacks consumer protections.....
Transactions do not explicitly identify the payer and payee by name......
.....transaction fees are lower than the 2–3% typically imposed by credit card processors.....

....Bank fees generally constitute a major portion of revenue for the banks....

I have to apply my personal believe of "I am living in the Inverted World"
Whatever they don't like I have to do.
I will look into 'BitMoney'

P.S....seized 144,000 bitcoins....
Ha, Ha that is funny, all they got was zeros and ones. 0010 0011 0010 1000 0000 = 144000

17 posted on 01/18/2014 11:04:58 AM PST by Koracan
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To: Yo-Yo

To what avail? To reach the theoretical 51% control point, only to destroy the asset? Counter-intuitive.


18 posted on 01/18/2014 11:12:15 AM PST by pingman (In the Land of the Perpetually Outraged, truth is the enemy.)
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To: Yo-Yo
I seriously doubt any government can match private enterprise in such a fast moving field as IT. The best public dope on the government's computing capabilities, I've found so far, is from this article by Wired: http://www.wired.com/threatlevel/2012/03/ff_nsadatacenter/5/.

"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 Energy’s exascale computing initiative (the NSA’s 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 Japan’s “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:


19 posted on 01/18/2014 11:43:44 AM PST by Errant (Surround yourself with intelligent and industrious people who help and support each other.)
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To: Errant

Interesting curve to say the least.


20 posted on 01/18/2014 11:44:51 AM PST by nascarnation (I'm hiring Jack Palladino to investigate Baraq's golf scores.)
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To: knarf
"algore is SO pissed ... HE thought of carbon credits first..."

Actually no it was not him...

It was the Enron goobers who came up with it first.

21 posted on 01/18/2014 11:49:01 AM PST by Mad Dawgg (If you're going to deny my 1st Amendment rights then I must proceed to the 2nd one...)
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To: E. Pluribus Unum

Anything the big-government/big-corporate crony-fascist complex can’t control is good.
/////////
but isn’t bitcoin controlled by the chinese?


22 posted on 01/18/2014 11:55:09 AM PST by ckilmer
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To: E. Pluribus Unum
"Anything the big-government/big-corporate crony-fascist complex can't control is good. "

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.

23 posted on 01/18/2014 11:58:00 AM PST by I am Richard Brandon (center)
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To: nascarnation

Especially when you consider only data from about February of ‘13 to the end of October is shown.


24 posted on 01/18/2014 11:59:44 AM PST by Errant (Surround yourself with intelligent and industrious people who help and support each other.)
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To: alloysteel

I think I’ll stick with gold and silver. :-)


25 posted on 01/18/2014 12:04:39 PM PST by Georgia Girl 2 (The only purpose of a pistol is to fight your way back to the rifle you should never have dropped.)
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To: Georgia Girl 2
I think I’ll stick with gold and silver. :-)

And diamonds I'd bet! ;)

26 posted on 01/18/2014 12:08:13 PM PST by Errant (Surround yourself with intelligent and industrious people who help and support each other.)
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To: Errant

FYI: Bitcoin hash rate today is almost 5 times what is was just on Oct 31 as shown by the chart above.


27 posted on 01/18/2014 12:17:58 PM PST by Errant (Surround yourself with intelligent and industrious people who help and support each other.)
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To: Errant

When the SHTF diamonds will not be a girls best friend. :-)


28 posted on 01/18/2014 12:24:12 PM PST by Georgia Girl 2 (The only purpose of a pistol is to fight your way back to the rifle you should never have dropped.)
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To: Errant
FYI: Bitcoin hash rate today is almost 5 times what is was just on Oct 31 as shown by the chart above.

WTH is a "hash rate"?

29 posted on 01/18/2014 12:35:50 PM PST by JimRed (Excise the cancer before it kills us; feed & water the Tree of Liberty! TERM LIMITS NOW & FOREVER!)
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To: JimRed

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.


30 posted on 01/18/2014 12:54:43 PM PST by Errant (Surround yourself with intelligent and industrious people who help and support each other.)
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To: knarf
Why should I learn a new language to understand a fantasy ?

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.

31 posted on 01/18/2014 4:18:34 PM PST by BfloGuy ( Even the opponents of Socialism are dominated by socialist ideas.)
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To: Errant

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......


32 posted on 01/18/2014 9:25:00 PM PST by Intolerant in NJ
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To: Intolerant in NJ
I don't know about Max Keiser sometimes... lol The market/exchanges seem to be doing a good job of Bitcoin price discovery. Don't worry too much about people becoming unsure due to schemes tied to Bitcoin.

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.

33 posted on 01/19/2014 8:22:13 AM PST by Errant (Surround yourself with intelligent and industrious people who help and support each other.)
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To: Intolerant in NJ
Is this what you were referring to?

Bitcoin 2.0, aka Ultra Coin: Bitcoin's Derivative Layer That Allows The Virtual To Control Real Things

34 posted on 01/19/2014 9:46:32 AM PST by Errant (Surround yourself with intelligent and industrious people who help and support each other.)
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To: Errant

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.....


35 posted on 01/19/2014 8:55:21 PM PST by Intolerant in NJ
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To: Errant

bookmark


36 posted on 01/20/2014 4:08:00 AM PST by Democrat_media (Obama ordered IRS to rig 2012 election and must resign)
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