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Posted on 01/25/2014 6:25:34 AM PST by Errant
Bitcoin is here to stay and will continue to grow, according to experts speaking on separate panels at Money2020 in Las Vegas.
The recent prosecution of Silk Road, an underground online market for drugs that traded Bitcoins and the FBI’s confiscation of approximately $3.5 million in Bitcoins, looked like a severe blow to the virtual currency. But Carol Van Cleef, partner in Patton Boggs and moderator of a session on maths-based and virtual currencies, said the bust showed growing sophistication on the part of federal law enforcement agencies, reports Tom Groenfeldt.
“They decided to go not after the system itself, but after the parties who were using the system,” she said. Unfortunately federal prosecutors from the Southern District of New York, where the case was filed, were unable to travel to Las Vegas for the conference because of the budget shutdown in Washington.
“This is a great day for Bitcoin,” said Constance Choi, general counsel at Payward. “It was an opportunity to see how inconsequential their [Silk Road’s] criminal activity was to the protocol and to Bitcoin as a whole. They have done analysis on funds going through Bitcoin and determined that Silk Road represents a very small fraction of its use.”
(Excerpt) Read more at bankingtech.com ...
•Bitcoin’s Three Key Challenges in 2014
•Bitcoin Prices Becoming More Stable, ConvergEx Says
•Vegas-based CoinSeed plows $5M into bitcoin mining rigs, becomes an immediate market force
•Richard Branson: 6 Bitcoin Customers Confirmed for Virgin Galactic Space Flight
I have the idea, like the old Superman movie, that Richard Prior "mined" the .16% of a penny and diverted it to his dummy account and became very wealthy and a target for Robert Vaughn.
Is bitcoin the same ?
Or is it an entirely NEW invention ?
If it can't be explained in 25 words or less ... I relegate it to the same vague category as lawyers .... people that learn a different, dead language (latin) that you must hire so they can speak to YOU in English, something that is very easily understood in English, but that is THEIR job security.
If I have to have a computer "miner" that operates without my participation, and it operates on an inhuman level ... I don't see where this is even a viable thought ...
unless we HAVE crossed over into another world and human life is no longer something to live, but to manipulate.
I scare me sometimes.
It’s a digital form of S&H Greenstamps.
If others concur, that is a great help
And we all know where S&H is today ....
Right behind King Korn and Raliegh coupons.
(I hated those cigarettes, but it was what my mother smoked ... so the only ones we could steal .... )
I was being a little sarcastic but Greenstamps did have value at one time. You didn’t want to get between my mother and some greestamps. If Bitcoin gains wider acceptance it will be a success. Any currency’s value is based on peoples perception of it. Sea shells, beads, coins and fiat bills. The almighty Dollar reigns supreme for now but it’s doubtful that will last forever. Bitcoin has pluses and minuses but is off to a good start as an alternate currency.
“(I hated those cigarettes, but it was what my mother smoked ... so the only ones we could steal .... )”
My mom smoked Salems. Menthol, Bleck!
"Think of mining as processing Bitcoin transactions (like verification) on thousands and thousands of distributed ledgers while sharing in a limited number of reward points (i.e., Bitcoins) for doing so."
When I go to buy a chicken, I do not think in terms of a verified, processed transaction that is part of thousands and thousands of shared reward points.
When I go to work, I do not think in terms of my labor is a nanoparticle of a universal erwector set ...
All I do is trade ... and I argue, that is all ANYone does.
Except those that love to play with monkey wrenches ....
and I don't like monkey wrench throwers.
You don’t know bleck! until you’ve smoked a Raleigh plain end.
(Oh sure ... you can say that NOW ... but why were you so stupid back then ?)
Answer;
Television "doctors" advertised how cool and satisfying KOOLS were .. and a ton of et cetera's until 'habit' was ingrained.
Sorry for wrecking your works. Think S&H Green Stamps then... lol
Just to analyze (and throw one of MY wrenches ... /8^) ... )
do YOU trade your labor (think hours of your life, NEVER to be reclaimed ) for currency ?
Please forgive my ignorance, but I have a two part question:
Reference Bitcoin mining: What types of mathematical equations are solved during mining, and who benefits from the solution of the equation (other than the miner)?
Thanks in advance.
5.56mm
Not anymore. Not in over four years. Sometimes "currency" is the result of some of my labors of love (i.e., tinkering).
We tend to forget that "currency" is really only a medium of exchange. Hence many spend their entire lives trying acquire it and then looking for something they think will give them some measure of please to spend it on.
Governments and the elite have learned to control us by controlling the medium of exchange. Its not nearly as messy as outright slavery, though we are slaves to the system now. What's needed is for the medium of exchange to rightfully be controlled by the people, IMO.
But we shouldn't ever put love of money ahead of our love for life...
Who benefits, is everyone who uses Bitcoin or is involved in making its use possible. Instead of 3+% transactions fees charged by CC companies and etc., the charges become minimal to practically free if you aren't in a hurry to have your transaction processed.
When asked whether TigerDirect would seek out more alternative currencies, Leeds didn’t shy away from his answer stating that the company “wants to make it as easy as possible to shop” at its store, and that bitcoin and litecoin fans are the kind of passionate customers it goes after.
5.56mm
It is a peer to peer system where value is transferred between two parties without and intermediary. The transactions are posted to a public ledger so there can be no double spending or counterfeiting. There are a limited number of coins, which can be freely mined by anyone. That limit cannot be expanded by anyone, so hyperinflation is impossible. Finally, the entire system is open sourced, so changes cannot be made and applications can be built on top of it.
So, in 25 words: Open sourced, peer to peer system of secure, low cost transactions with no intermediary sucking fees that cannot be inflated.
Of course others will comeback with all of their tedious attacks disguised as questions. There are plenty of places to read about this.
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