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Thread: Bitcoin

  1. #16
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    "That depends on what you mean by fail. If it becomes popular enough to warrant banning, then I think it should be able to carry on quite merrily afterwards. Past attempts to kill off P2P exchange of data representing illegal things haven't exactly been a blinding success have they? There's a possibility that such a move would massive increase their popularity via the publicity. Would depend on exactly how hard they came down on it. Unlike bit torrent there aren't any centralised trackers to go after so they'd have to pursue everyone individually."
    Well they pursue, say, internet kiddly fiddlers very aggressively and although it hasn't stamped them out I think that a similar level of aggression against users of Bitcoin would certainly make me think twice about using it.

    "I'm not sure about the limit thing. Ultimately, there is a fixed limit to the amount of gold in the world, so it also has a finite limit. The only difference is that we are more likely to actually get to the end of the bitcoins than we are the gold"
    Not just more likely, guaranteed, and we know precisely when I think.

    "Elaborate controls to make sure that currency is not produced in greater numbers is not something any other currency, like the dollar or the euro, has," says Russ Roberts, professor of economics at George Mason University. The consequence will likely be slow and steady deflation, as the growth in circulating bitcoins declines and their value rises. "That is considered very destructive in today's economies, mostly because when it occurs, it is unexpected," says Roberts. But he thinks that won't apply in an economy where deflation is expected. "In a Bitcoin world, everyone would anticipate that, and they know what they got paid would buy more then than it would now."
    Sure but that's another explanation of why it's not a problem, it's not a positive reason explaining why they chose it to be that way.

    "I'll download a miner tonight and get some, for the purposes of research and that"
    Cool, be interested to know how you get on.

  2. #17
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    If everything goes according to plan then the date is known yeah, but it's 2140 and to be honest I think there's likely to be a fair few bumps in the road between now and then. If nothing else, the nae oil apocalypse could increase the (quite substantial, and constantly increasing) electricity costs of generating them to the point where it's not economically feasible to continue.

  3. #18
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    Ah, I must have misread, I had it in my mind as 2030 or something for when it runs out. The longer date makes a psychological difference if nothing else.

  4. #19
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    I know this happened a couple of weeks back but I forgot to post it at the time. Guess that's it for Bitcoin anyway...

    http://www.guardian.co.uk/technology...f-bitcoin-hack

    Weird how they were bright enough to figure out how to hack the thing and get all the money but at the same time so dumb that they tried to cash it all in at once and smashed the bottom out of the market.

  5. #20
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    Should point out that mtgox (the exchange) only allows withdrawels of $1000 a day, so even though the market flatlined when the hacker tried to sell it all at once, the exchange was able to roll back almost all the transactions, so that relatively little damage was done.

    Was never a problem with bitcoin's security though, but rather mtgox's. To be vulnerable to an SQL injection was pretty amateur, as was having most user's passwords stored only as md5 hashes (most of which are trivial to decode).

  6. #21
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    But if compromising mtgox's security means that Bitcoin's security is compromised then it's the same thing isn't it? Good idea about the limit on withdrawals but if the hacker had been cleverer then they could have removed it piecemeal couldn't they? OK, would have taken ages to get through the lot but a thousand dollars every day isn't a bad haul.

  7. #22
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    = Title =

    Bitcoins, Money (and Credit)

    = Date/Time =

    Tuesday, 16.8.2011, 7pm

    = Location =

    LimaZulu
    Unit 3J, Omega Works,
    167 Hermitage Rd
    N4 1LZ London

    www.limazulu.co.uk
    twitter: @limazululondon
    reception@limazulu.co.uk
    02088007428

    = Content/Abstract =

    Bitcoin is a virtual currency whose claim to fame is that some US
    politicians became aware of its use to buy drugs on the
    Internet. However, the Bitcoin project is much more ambitious than
    merely providing a somewhat anonymous way to buy stuff on the
    Internet. Bitcoins are meant as a new currency: a new money for the
    Internet age. In fact, this new money is based on different
    principles than all modern currencies, i.e., credit money.

    Because of this ambition, the project provides splendid opportunity
    to ask what money is. That is, we claim that Bitcoin reflects on
    various qualities of money which are usually taken for granted by
    addressing them as "technical challenges". In particular, the Bitcoin
    design is an attempt to solve the "technical" problem of how to
    exclude people from social wealth and how to maintain a permanent
    conflict of interest. Hence, we want to present how Bitcoins work and
    discuss what these technical innovations imply about the social
    conditions known as the "free market".

    Furthermore, the Bitcoin protocol is an expression of scepticism
    against credit and credit money. For example, the total amount of
    currency that can ever be created is fixed to the arbitrary magnitude
    of 21 million. Hence, a lot of discussions about Bitcoin focus on the
    imminent "deflationary spiral". On the contrary, if there is time
    left, we want to discuss the question why all modern currencies are
    credit money. That is, why does capitalism lead to the development of
    a credit system and in the last instance credit money. Instead of
    discussing the advantages/disadvantages of a new gold standard we
    want to discuss why there is no gold standard any more.

    No prior knowledge of computer science, finance or Bitcoin is
    necessary to participate.

    = Format =

    London's Wine and Cheese Appreciation Society present an hour long breakdown
    of the workings of the bitcoin phenomena, with a structured analysis of its
    relationship to the gold standard and modern currencies. This will be followed
    by a facilitated discussion on the implications and possible applications of
    virtual currency exchange. We're not setting a time limit to the length of
    discussion - if necessary we'll run till the early hours.

    = Website =

    LimaZulu set up a Facebook event page at

    https://www.facebook.com/event.php?eid=245815378774307

    See also:

    http://limazulu.co.uk
    http://www.junge-linke.org/en/bitcoins-money-and-credit

    Cheers,
    interesting/boring?

  8. #23
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    Sounds interesting to me. Can't figure out where and when it is though from the link.

  9. #24
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    Oh it's on the other link. Cheers.

  10. #25
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    should be good (my friend is organising it). anyone thinking of coming?

  11. #26
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    Bitcoin in the Guardian again, still around it seems despite the naysayers. Hmmm

    http://www.guardian.co.uk/business/2...rrency-of-vice

  12. #27
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    May 2012
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    How Bitcoin could destroy the state (and perhaps make me a bit of money)

    http://www.spectator.co.uk/columnist...-bit-of-money/


    opinions?

  13. #28
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    Dec 2007
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    Quite a nice Bitcoin transaction (realtime) and trade visualiser.

    Listen to Bitcoin

  14. #29
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    Aug 2006
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    Has just hit $250
    http://mtgoxlive.com/orders#20130410

    A lot of people are going to lose a lot of money when the bubble bursts...

  15. #30
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    Aug 2006
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    Lo and behold...
    http://bitcoincharts.com/charts/mtgo...zm1g10zm2g25zv


    Imagine this will happen a fair few times before it settles down. Apparently the start of the crash was caused by MtGox going down due to the backlog of new accounts. Seems that this is the kind of thing BTC is supposed to avoid - i.e. being decentralised is meant to free it from reliance on a centralised authority! But this could well change over time as other exchanges build up reputations.

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