Our server costs ~$56 per month to run. Please consider donating or becoming a Patron to help keep the site running. Help us gain new members by following us on Twitter and liking our page on Facebook!
Current time: March 29, 2024, 10:16 am

Thread Rating:
  • 0 Vote(s) - 0 Average
  • 1
  • 2
  • 3
  • 4
  • 5
Bitcoin ?
#21
RE: Bitcoin ?
(November 30, 2017 at 10:49 pm)AtlasS33 Wrote:
(November 29, 2017 at 2:17 pm)Aoi Magi Wrote: The concept of cryptocurrency is great and I support it but personally I'm gonna wait for things to stabilize a bit

With all the economical wars and crisis between countries and business men; I think it's very logical to doubt it. Cryptocurrency looks fantastic but still: on paper only. So I agree with you; we'll have to wait.

(November 29, 2017 at 2:18 pm)purplepurpose Wrote: Credit cards look similar.

From what I understand, credit card's are backed by "Fiat" toilet paper -I mean cash- that you are promised to get gold for its worth; right?
Bitcoin tears down that concept.

(November 29, 2017 at 3:02 pm)vorlon13 Wrote: I remain skeptical it's secure and/or can't be snooped thru via the CIA or Mossad or KGB  . . .

If somebody hacked the Blockchain, then they can do whatever they want.. I wouldn't trust it no matter what. Hackers can be purchased now in a rate easier than ever.

(November 29, 2017 at 3:58 pm)pocaracas Wrote: When you understand that money in a regular bank is just a number on a database, bitcoin becomes just another currency... just another number.

There used to be an age when the money available to banks was related to the amount of actual valuable metal (or other commodities) that the bank possessed. The money we used, coins and bank notes, were backed by something that was actually worth something.
Nowadays, our bank notes are backed by promises of future profits... and last 2008 we saw just how feeble that system is. And it's heading there again.

What makes something valuable?
What makes money valuable? The fact that everyone agrees to exchange it for goods? That some goods are valued a particular amount, others are valued at another amount, and so on and so forth.

Bitcoins are being valuable because some people are interested in them... they attributing value to them. As long as someone is willing to exchange regular currency for bitcoins, they will be valuable. As soon as people stop that, bitcoins will become like credits on an online game.

The fashion of "substituting gold for services" is one wicked trick. I think it was the biggest robbery in the history of mankind.
Fiat money is actually your worth in the new world; without the government that printed it, it's....toilet paper.

I understand that the "some people" you mean, are not the users of the currency; but fat cats lurking in the dark?

(November 29, 2017 at 4:53 pm)dyresand Wrote: Well, there is Cryptonote based currency which is untraceable XMR (Monero) is one of the most popular crypto-based currencies out now.
And it's a forked version of ByteCoin BNC. All transactions themselves are secure and untraceable I.E. third parties such as domesticated spying or otherwise
cannot track down where the coin is coming or going.

Let me guess: deep web?

(November 29, 2017 at 5:14 pm)paulpablo Wrote: I started a thread like this a while back asking about the same topic and I'm still not much clearer about it.

I mean some of it is straight forward but I still don't get the bitcoin mining process, what value is the mining providing in order to gain bitcoin?

I'll take a look at it, did a minor reading today and still not getting all of its concept.
1 thing: who's generating it? I mean bank notes were backed by gold; then oil, but what is bitcoin's backbone?

(November 29, 2017 at 5:29 pm)Brian37 Wrote: Yea and that is the rub considering hacking worldwide. While physical paper and coin are tracked by banks, they have far more stability. And you have paperwork and bank insurance too. While online technology has helped, just like your physical house, you cant live in a virtual house. At some point representation still gets physical.

I don't trust it, seems like virtual gambling, and from what I see from Wall Street outside this idea, right now, I think it is playing with fire.

It can't be trusted, because no matter how closed the system was; a hacker might be able to step in and take it all out.

(November 29, 2017 at 5:36 pm)dyresand Wrote: Bitcoin mining is like digital record keeping and that's as simplified as i can get really.


Unlike with the dollar or coins bitcoins as well as any cryptocurrency, in general, it cannot be counterfeited. I mean looking at bitcoins current value... at 10k+
I'm really shaky on whether or not it will stay stable at this point due to its rapid growth.

I heard its value dropped by 20% today after the peak it reached earlier.
Very unstable; IDK


I am a holder of various different cryptocurrencies and just sitting on them before i sell. I will say you can do legal stuff with cryptocurrency there is places and even hotels are starting to take them. Here is one of them https://www.cryptocoinsnews.com/booking-...-bytecoin/ 
Then with cryptonote-currencyi guess you can say deepweb stuff but the link above does accept cryptonote based currency. As far as bitcoin hacking goes it would be really hard not impossible because every bitcoin wallet is encrypted and same goes with cryptonote as well but you get that added layer of security.
Atheism is a non-prophet organization join today. 


Code:
<iframe width="100%" height="450" scrolling="no" frameborder="no" src="https://w.soundcloud.com/player/?url=https%3A//api.soundcloud.com/tracks/255506953&amp;auto_play=false&amp;hide_related=false&amp;show_comments=true&amp;show_user=true&amp;show_reposts=false&amp;visual=true"></iframe>
Reply
#22
RE: Bitcoin ?
I'm a Bitcoin holder (since 2013) so maybe I can help explain a few things.

(November 29, 2017 at 3:02 pm)vorlon13 Wrote: I remain skeptical it's secure and/or can't be snooped thru via the CIA or Mossad or KGB . . .

The entire point of Bitcoin is that transactions are public. Everything is held in a publicly available "ledger" which can be checked by anyone. The benefit is that addresses are anonymous. Of course, addresses can be linked to a person if you put enough effort in (i.e. if I buy a product on overstock.com, then my physical address has been linked to the Bitcoin address I used).

As far as security goes, it's based on cryptography and mathematics which have stood the test of time. It's more secure than regular banking, that's for sure.

(November 29, 2017 at 5:14 pm)paulpablo Wrote: I started a thread like this a while back asking about the same topic and I'm still not much clearer about it.

I mean some of it is straight forward but I still don't get the bitcoin mining process, what value is the mining providing in order to gain bitcoin?

In order to mine a new Bitcoin, miners must find a certain value that is based off the previously mined block. The find this value by adding data to a block and checking whether the value generated matches the expected pattern. If it doesn't, they have to modify the block, try again. The data they add is transactions (i.e. people sending bitcoin to each other). So without miners, nobody would be able to send Bitcoin.
Reply





Users browsing this thread: 1 Guest(s)