Viewing profile — mbmott

Princeton prof ARVIND NARAYANAN - wrote an excellent introductory book on Bitcoin. https://freedom-to-tinker.com/blog/randomwalker/the-princeto...

Bitcoin definitely attracts fraud, but it's also teaching many people an important lesson in trust. Trust code and math as these things are ultimately verifiable.

What is "valid payment data"? How do they validate this data? You need to have a valid payment method. I'm not sure how better to explain this... a credit card or paypal account et…

Bitcoin's utility is being a global currency. Like I said, Bitcoin will scale like the internet scaled which is in direct proportion to demand. Blocks aren't often full and if you …

That was pretty much my point. Bitcoin has a solid use case (being a global currency) and Steam is exploiting it.

I call it a DOS attack because blocks aren't regularly full anymore and the transaction data showed that the flood of transactions were "peeling chains", meaning they mostly had th…

As far as I know you can't make a purchase without having valid payment data. There might be a work around, but probably not via Bitcoin payments. Bitpay is definitely subject to K…

This is a valid point, but there are far sharper criticisms out there than Mike Hearn's. I find that following the code and not the community is the way to go in Bitcoin-land.

I follow you guys. Looking forward to trying yours out!

The Bitcoin network works perfectly fine and always has. The issue you are referring to was during a DOS attack on the network, which still wasn't an issue if you paid slightly hig…

I could see this as Steam testing the Bitcoin waters. Steam games created an entirely new market of digital items changing hands for real world money, and this is done globally acr…

A $100 cellphone isn't a decentralized peer to peer network. You are comparing apples to nose-hairs. Bitcoin will scale in the same way the internet scaled... slowly and then sudde…

Not the case. The bitcoin you paid in and the bitcoin refunded to you are tied directly to your real identity, so I'm not sure what value "laundering" would have. There are no dirt…

It doesn't currently approach that balance, but there are plenty of initiatives that are in the concept stage that would go a long way.