WordPress.com accepts Bitcoin • Hacker News Board

Re: WordPress.com accepts Bitcoin

#121

Post by JoeAltmaier » Fri, Nov 16, 2012, 5:03 PM UTC

paddy_m wrote: post #114

JoeAltmaier wrote: post #111

Earlier quoted context omitted.

"Whenever they want" says it all. When its needed. Bitcoins work on an algorithm, that is insensitive to need. Which allows boom-and-bust coinage. Here in the US Midwest, in museums there are old coupons, tokens, wooden nickels printed by local banks, business, bars(!) and pressed into service in the 1800's when coins became scarce. The US Mint didn't respond for years, leaving us essentially without money. Caused a…

For monetary policy to respond properly the fed has to read aggregate demand and react accordingly as quickly as possible. There are extreme incentives for the fed to keep interest rates low to encourage borrowing and economic growth, there is little encouragement to think long term and turn up the interest rates so that currency is protected. Bitcoin may be flawed, but at least its obviously and predictably flawed.…

Opposite of stability, in the presence of changing demand, geometrically growing population using it for a growing number of uses.

Re: WordPress.com accepts Bitcoin

#122

Post by nitrogen » Fri, Nov 16, 2012, 6:06 PM UTC

wcoenen wrote: post #109

smsm42 wrote: post #89

Earlier quoted context omitted.

Personally, I like the idea of digital currency, but the knowledge that it is based on completely useless computations (gold at least has many practical applications and looks nice) annoys my programmer side. I know money do not have to be otherwise useful, but still the feeling is there.

In a completely distributed system where malicious participants are trying to attack the system, you need some kind of mechanism to get a consensus about the state of the world. Obviously, a simple majority vote wouldn't work because an attacker could cheaply spawn many nodes on the network. In bitcoin this is solved by tying the "vote" to proof of work: the explicit assumption is that the majority of the computing p…

In bitcoin this is solved by tying the "vote" to proof of work: the explicit assumption is that the majority of the computing power is controlled by participants who aren't trying to attack the system.

...and if these Bitcoin-mining ASICs are primarily purchased by people trying to attack the system?

Re: WordPress.com accepts Bitcoin

#123

Post by beering » Fri, Nov 16, 2012, 7:54 PM UTC

jacquesm wrote: post #34

beering wrote: post #18

Aren't there regulations around trade with certain countries? Can anybody speak to the issues around a US company accepting payments from people in countries that aren't too friendly with the US?

How will you prove that you traded with a country, company or individual that is embargoed?

Easy: some blogger in an embargoed country gains some notoriety, and then somebody else notices that they have a premium WP.com subscription. That's probably enough suspicious evidence to cause some headaches for the service provider.

Re: WordPress.com accepts Bitcoin

#124

Post by jacques_chester » Sat, Nov 17, 2012, 1:03 AM UTC

jacquesm wrote: post #113

jacques_chester wrote: post #80

Earlier quoted context omitted.

I'll take that bet. I'll accept payment of US$250 or €250, whichever is the higher value.

Will you take bitcoin ;) ?

thatsthejoke.jpg

Re: WordPress.com accepts Bitcoin

#125

Post by [deleted] » Sat, Nov 17, 2012, 1:03 AM UTC

jacquesm wrote: post #113

jacques_chester wrote: post #80

Earlier quoted context omitted.

I'll take that bet. I'll accept payment of US$250 or €250, whichever is the higher value.

Will you take bitcoin ;) ?

[deleted]

Re: WordPress.com accepts Bitcoin

#126

Post by smsm42 » Sat, Nov 17, 2012, 8:39 AM UTC

mtgx wrote: post #110

smsm42 wrote: post #89

Earlier quoted context omitted.

Personally, I like the idea of digital currency, but the knowledge that it is based on completely useless computations (gold at least has many practical applications and looks nice) annoys my programmer side. I know money do not have to be otherwise useful, but still the feeling is there.

Compared to the Federal Reserve that creates money out of thin air, whenever they want, and dilute the value of the currency in the same time? That doesn't worry you at all?

How you reached this conclusion? Is there any limit of what one person is allowed to be worried about and I was unlucky to get only one worry subject allotted to me?

It is fascinating how people may misconstrue the plainest topics to turn them into something completely different. The subject of Fed creating the money has very little to do with current topic, and I did not express any indication that I somehow not worried about it (if you want to know so badly, yes, I am worried, very much, are you happy now?). However both nature of this problem and its causes are completely different from the topic at hand - and I specifically only compared bitcoin to gold and not paper money to avoid any temptation to this completely irrelevant turn. Of course, I was destined to fail.

Re: WordPress.com accepts Bitcoin

#127

Post by weinzierl » Sat, Nov 17, 2012, 6:04 PM UTC

Jach wrote: post #108

weinzierl wrote: post #91

Earlier quoted context omitted.

I have a fourth fear with Mt. Gox. For a European the only way to directly buy Bitcoins there is a SEPA transfer. Mt. Gox will only accepts this after I send a scanned identification document and a proof of residency without ANY alterations. I understand why they need this and I appreciate that they are thorough in their measures to prevent fraud and money laundering. I even sent my passport to other companies, but o…

I worried about the same thing about sending something that exposed my Social Security Number. So I submitted my driver's license and car insurance policy for identity and residence respectively. (It was kind of a pain to find a proof of residence they accepted since I had no bills in my name.) For anyone browsing the thread, this is part of an email their support desk sent me for accepted documents, which is signifi…

Thanks, I think I'm much more comfortable with sending a copy of my Driver's license.

Re: WordPress.com accepts Bitcoin

#128

Post by wcoenen » Mon, Nov 19, 2012, 7:53 PM UTC

nitrogen wrote: post #122

wcoenen wrote: post #109

Earlier quoted context omitted.

In a completely distributed system where malicious participants are trying to attack the system, you need some kind of mechanism to get a consensus about the state of the world. Obviously, a simple majority vote wouldn't work because an attacker could cheaply spawn many nodes on the network. In bitcoin this is solved by tying the "vote" to proof of work: the explicit assumption is that the majority of the computing p…

In bitcoin this is solved by tying the "vote" to proof of work: the explicit assumption is that the majority of the computing power is controlled by participants who aren't trying to attack the system. ...and if these Bitcoin-mining ASICs are primarily purchased by people trying to attack the system?

Then the assumption would become invalid, obviously.

Re: WordPress.com accepts Bitcoin

#129

Post by [deleted] » Mon, Nov 19, 2012, 7:54 PM UTC

nitrogen wrote: post #122

wcoenen wrote: post #109

Earlier quoted context omitted.

In a completely distributed system where malicious participants are trying to attack the system, you need some kind of mechanism to get a consensus about the state of the world. Obviously, a simple majority vote wouldn't work because an attacker could cheaply spawn many nodes on the network. In bitcoin this is solved by tying the "vote" to proof of work: the explicit assumption is that the majority of the computing p…

In bitcoin this is solved by tying the "vote" to proof of work: the explicit assumption is that the majority of the computing power is controlled by participants who aren't trying to attack the system. ...and if these Bitcoin-mining ASICs are primarily purchased by people trying to attack the system?

[deleted]