31–40 of 48 posts
Credit cards give me a lot of protection and I wouldn't want to shop online without that.
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So if it's the same as the status quo (only less flexible, usable, stable and secure) then which should I or anybody else care ? And this idea that governments couldn't control Bitcoin is just laughable. They could get into the mining business and distort the currency beyond repair. They could setup Bitcoin->USD/JP/etc exchanges to track people. They could simply unite together and declare it illegal internationally.…
>And this idea that governments couldn't control Bitcoin is just laughable. They could get into the mining business and distort the currency beyond repair. They could setup Bitcoin->USD/JP/etc exchanges to track people. They could simply unite together and declare it illegal internationally. Plenty of things. Getting into the mining business would only help bitcoin, by further securing the network. It certainly won't…
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>And this idea that governments couldn't control Bitcoin is just laughable. They could get into the mining business and distort the currency beyond repair. They could setup Bitcoin->USD/JP/etc exchanges to track people. They could simply unite together and declare it illegal internationally. Plenty of things. Getting into the mining business would only help bitcoin, by further securing the network. It certainly won't…
A big enough mining pool could DoS some or all users by consistently producing a longer block chain than anyone else's (which clients would accept as authoritative) while omitting any transactions they don't wish to let through.
However, even at today's difficulty levels, this attack would be very expensive to maintain. With the introduction of dedicated mining ASIC's coming soon, the difficulty will rise substantially, which will offer even more security against this type of attack.
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You know what all you delusional conspiracy theorists keep forgetting. That roughly the same financial system model in the US exists in many other countries. So does that mean that there is a mini-conspiracy in each country or is it between countries ? Anyway this whole government is scared of Bitcoin is ridiculous. They know, just like everyone else does, that Bitcoin is nothing but a modern day pyramid scheme that…
There's nothing theoretical about what's he's suggesting. You'd be referring to BIS.org, the central banker's bank, which was setup in 1930 for reparation payments to Germany. The bank was almost dissolved in 1944 after allegations it facilitated Nazi Germany's looting of other countries assets. Two of its directors were convicted at the Nuremberg trials and one owned the bank used by the Gestapo. But the modern fath…
I'm curious what licit, low volume, etc. products actually would make sense to sell in Bitcoin vs. something else. The best thing I can come up with is online-delivered services from non-US (and ideally, non-developed financial system) countries, to other non-developed-financial-system countries. Like, a guy in Zimbabwe who wants to provide an online service to someone from PNG. Which is really a stretch to imagine.
The advantage to using Bitcoin is that there are no payment processing fees. What we're able to cut with BitcoinStore is that 1-10% fee that Visa, PayPal, et al. charge especially when dealing with products that have a high chargeback risks. So the products that sell best when using Bitcoin have high chargeback risks associated with them.
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> pyramid scheme that disproportionally rewards early participants and relies on new entrants Only the miner who discovers new bitcoins gets "rewarded" by the system; every other person who receives the bitcoins later gets them in exactly the same ways that other people get currency -- by participating in economic transactions. So no, it doesn't rely on new entrants for anything; if people stopped joining tomorrow, o…
> Only the miner who discovers new bitcoins gets "rewarded" by the system And that reward is really just compensation for keeping the whole system difficult to attack. Mining is not cheap, you need expensive hardware and electricity. I like to think of a miner as a transaction notarizer (e.g. like a notary public). Miner is definitely the wrong term, IMHO.
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> Only the miner who discovers new bitcoins gets "rewarded" by the system And that reward is really just compensation for keeping the whole system difficult to attack. Mining is not cheap, you need expensive hardware and electricity. I like to think of a miner as a transaction notarizer (e.g. like a notary public). Miner is definitely the wrong term, IMHO.
Wasn't mining really cheap when it first started? Who owns all those bitcoins now? The early-adopters have the lion's share of the wealth.
https://en.bitcoin.it/wiki/Controlled_Currency_Supply
The real conspiracy theorists are the people who (seemingly without ANY experience and explanation) accuse Bitcoin of being a ponzi scheme or whatever else. Ask me a technical question about it and I can explain _anything_, after researching it casually for years.
This is open-source so you guys better be able to back up your accusations.
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The advantage to using Bitcoin is that there are no payment processing fees. What we're able to cut with BitcoinStore is that 1-10% fee that Visa, PayPal, et al. charge especially when dealing with products that have a high chargeback risks. So the products that sell best when using Bitcoin have high chargeback risks associated with them.
How do you fill the gap for me, the consumer, of not having chargebacks available? Chargebacks are a net plus for me.
This is very interesting, and I hope it is a success. Since the government can't shut down bitcoins by stealing them (how they ended the last attempt at a sound currency- the FBI perpetrated a heist where they stole $8M in Platinum, Gold and Silver).... they will have to take more direct methods, like passing a law, or calling this "money laundering". If they don't, then things like this will proliferate, and the onl…
You know what all you delusional conspiracy theorists keep forgetting. That roughly the same financial system model in the US exists in many other countries. So does that mean that there is a mini-conspiracy in each country or is it between countries ? Anyway this whole government is scared of Bitcoin is ridiculous. They know, just like everyone else does, that Bitcoin is nothing but a modern day pyramid scheme that…
I take issue with "disproportionately", because I know you cannot substantiate that, as it does not disproportionately reward anyone. The rules for reward and the value of the currency is entirely transparent.
Besides this, that is how all securities work. You have people who invest in it first (Bitcoin wouldn't have even worked without someone mining to protect the blockchain) and others who buy shares of those investments later by assessing the risks similarly, or also contributing to the mining (which will continue for more than another decade).
Turns out (gasp) the technology is perfectly sound and secure. It's open-source so you can take a look, or you can ask me any questions and I'll be able to explain it to you. It's just a transferable credit system that has gradually earned value through commerce, you don't need to be so cynical.